About Parkland Corporation Pursuant to the Plan of Arrangement, in exchange for each Company Share, Parkland shareholders can elect to receive one of the following three options: The Cash Elected Consideration and Unit Elected Consideration are subject to proration, maximum amounts and adjustments in accordance with the Plan of Arrangement. If a registered shareholder does not deposit a properly completed Letter of Transmittal prior to the deadline to make an election in respect of the consideration receiva ...

Financial Performance - Ultrapar reported strong operating cash generation of R$ 1.8 billion[5], with R$ 0.9 billion used to reduce debt[5] - Net income increased by 47% to R$ 1.151 billion[23] - EBITDA increased by 15% to R$ 1.468 billion[23] - Recurring EBITDA increased by 55% to R$ 2.070 billion[23] Debt and Leverage - Net debt increased to R$ 12.635 billion[26], primarily due to the consolidation of Hidrovias' debt[30] - The company reduced the draft discount by R$ 909 million[5, 23, 30] - Financial leverage (Net debt + draft discount / LTM EBITDA) was 1.9x[26] Segment Performance - Ipiranga's EBITDA decreased by 13% to R$ 678 million[34] due to irregularities in the fuel sector and international prices under Petrobras prices[32, 38] - Ultragaz's total EBITDA increased by 11% to R$ 442 million[42] driven by better sales mix and greater efficiency in the bulk segment[43] - Ultracargo's EBITDA decreased by 15% to R$ 141 million[47] due to lower m³ sold and costs related to expansion[45, 48] - Hidrovias' recurring EBITDA was R$ 348 million[57], with R$ 234 million consolidated into Ultrapar's EBITDA[59]

Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The leverage at the end of the quarter was just under 4.2 times [4] - A distribution of $90.88 per common unit was declared, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [6][7] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company continues to see solid demand across its system despite macro volatility, with gross profit supported by longer haul tariffs and strong agricultural demand in the Midwest [9] - The overall market for fuel distribution remains flat, but the company expects to leverage its investments for increased volume and EBITDA in the second half of the year [8][10] Company Strategy and Development Direction - The company aims to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with all three business segments performing well [12] - The company anticipates a strong second half of the year, outperforming the first half, driven by organic growth and acquisitions [12][14] - Recent macro developments, such as the expiration of the federal EV tax credit, are expected to support robust refined product demand for decades [16] Other Important Information - The company spent approximately $120 million on growth capital and $40 million on maintenance capital in the second quarter [3] - The company is on track to meet its 2025 projected capital spend, which includes at least $400 million of growth capital [3] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident in achieving $250 million in synergies by year three and maintaining a long-term leverage target of four times within twelve to eighteen months [21][24] - The recent budget bill is expected to minimize cash tax leakage and maintain parity dividends [25][26] Question: Expectations for fuel margins in the second half of the year - Management indicated that the fundamentals for the fuel distribution business remain healthy, with expectations for noticeable volume growth and healthy margins in the second half [31][33] Question: Capital allocation post-Parkland and Tanguid acquisitions - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage [44] - The company will assess market opportunities for growth after achieving integration and synergies [44][46] Question: Seasonal slowdown in fuel distribution volumes - Management confirmed expectations for a strong second half of the year, driven by organic investments and roll-up acquisitions [51][53]

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The distribution declared for the second quarter was $90.88 per common unit, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] - Leverage at the end of the quarter was just under 4.2 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [5][6] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company noted solid demand across its system despite macro volatility, with some minor impacts from planned turnaround activity on its crude system [8] - The overall market for fuel distribution remains flat, but the company has consistently grown its volume and fuel profit dollars over the last twelve to eighteen months [6][7] Company Strategy and Development Direction - The company expects to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA guidance and expects the second half of the year to outperform the first half [12] - The company believes that refined product demand will remain robust for decades, supported by recent macro developments [16] - Management is optimistic about the integration of Parkland and the expected synergies, estimating $250 million in synergies by year three [22] Other Important Information - The company plans to close the acquisition of Tainquid terminal assets in Germany and Poland in early Q4 [14] - The regulatory process for the Parkland acquisition is proceeding as expected, with a close date estimated for Q4 [47] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident about achieving $250 million in synergies by year three and maintaining a strong balance sheet [22] - Tax planning indicates that Suncorp dividends will remain at parity with Sunoco LP distributions well past the two-year period [24] Question: Expectations for fuel margins in the second half of the year - The company anticipates a strong second half driven by organic investments and roll-up acquisitions, despite the absence of higher-margin businesses in reported numbers [30][51] Question: Capital allocation post-Parkland and Tanguid - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage ratio [43] - The company will assess market opportunities for future growth after achieving these priorities [44]

Core Insights - Parkland Corporation reported a record second quarter Adjusted EBITDA of $508 million, reflecting the strength and run rate potential of its diversified business [1][11] - The company is advancing the Sunoco Transaction, which is valued at approximately U.S.$9.1 billion, including assumed debt [5][6] - Parkland's Canadian and International businesses demonstrated resilience, with strong supply optimization and operations at the Burnaby refinery contributing to above mid-cycle refining margins [2][11] Financial Performance - For Q2 2025, total sales and operating revenue was $6,874 million, down from $7,504 million in Q2 2024 [10] - Adjusted EBITDA increased slightly from $504 million in Q2 2024 to $508 million in Q2 2025, driven by strong operations at the Burnaby Refinery and robust performance in Canada [11] - Net earnings rose significantly to $172 million ($0.99 per share) compared to $70 million ($0.40 per share) in Q2 2024 [11][12] Segment Highlights - Canada segment delivered Adjusted EBITDA of $190 million, up from $168 million in Q2 2024, attributed to stronger fuel unit margins and volume growth [11] - International segment's Adjusted EBITDA was $168 million, down from $180 million in Q2 2024, impacted by lower unit margins due to market instability [11] - USA segment's Adjusted EBITDA decreased to $26 million from $47 million in Q2 2024, primarily due to lower fuel unit margins and reduced retail volumes [11] Sunoco Transaction Update - Parkland shareholders approved the Sunoco Transaction with over 93 percent of votes in favor, and the transaction is expected to close in Q4 2025 [6][7] - The company has received necessary regulatory approvals, including from the Court of King's Bench of Alberta and Competition Act (Canada) clearance [6][7] 2025 Guidance - Parkland remains on track to meet its 2025 Adjusted EBITDA Guidance range of $1,800 to $2,100 million and Capital Expenditure Guidance range of $475 to $525 million [8]

Second Quarter 2025 Earnings Call July 31, 2025 www.world-kinect.com Copyright © 2025 World Kinect Corporation. All rights reserved. Disclaimer and Cautionary Note Regarding Forward-Looking Statements Certain statements, including comments about World Kinect Corporation's expectations regarding future plans, performance and acquisitions are forward-looking statements that are subject to a range of uncertainties and risks that could cause World Kinect's actual results to materially differ from the forward-lo ...

Company Overview - CrossAmerica Partners LP is a leading wholesale distributor of motor fuels and convenience store operator, formed in 2012 [5] - The company distributes branded and unbranded petroleum for motor vehicles across approximately 1,600 locations and owns or leases over 1,000 sites [5] - CrossAmerica Partners has a geographic footprint covering 34 states and maintains relationships with major oil brands including ExxonMobil, BP, Shell, Marathon, Valero, and Phillips 66 [5] - The company ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and is in the top 10 for additional brands [5] Upcoming Earnings Announcement - CrossAmerica Partners will release its second quarter 2025 results after the market closes on August 6, 2025 [2] - A conference call will be hosted by management on August 7, 2025, at 9:00 a.m. Eastern Time [2] - The conference call can be accessed via phone at 800-990-4333 or 646-769-9600, with a passcode of 280060 [3] Investor Relations - A live audio webcast of the conference call and related earnings materials will be available on the investor section of the CrossAmerica website on the same day [3] - An archive of the webcast will be accessible within 24 hours after the call for a period of sixty days [4]

Company Overview - Global Partners operates approximately 1,700 fueling stations[14] - The company has 54 liquid energy terminals with approximately 21.9 million barrels of storage capacity[14] - The company owns or controls 786 retail sites, approximately 48% of the 1,561 supplied locations[42] Financial Performance (Q1 2025 vs Q1 2024) - Product margin increased to $288.6 million from $244.1 million[63] - Net income improved to $18.7 million from a loss of $5.6 million[63] - EBITDA increased to $91.9 million from $56.9 million[63] - Adjusted EBITDA increased to $91.1 million from $56.0 million[63] - Distributable Cash Flow (DCF) increased to $45.7 million from $15.8 million[63] - Adjusted DCF increased to $46.4 million from $16.0 million[63] Strategic Initiatives - The company is expanding into the Houston market through a joint venture, targeting a population of approximately 7 million residents[48, 50] - The company is focused on expanding EV charging access across retail locations[30]