Parkland aims to resume retail network growth in 2025
The company revealed it will invest $1.3 billion in opening 100 new locations and expanding its EV charging reach.
Parkland Corporation has revealed its plans for 2025 and reaffirmed its 2028 ambitions to grow its retail network across North America.
To support this initiative, the company will invest approximately $1.3 billion of growth capital expenditures throughout this period to expand and upgrade its retail network. Over 100 new to industry sites are part of this project, alongside raze and rebuild operations.
In addition, it expects to complete more than 175 ON the RUN conversions and install approximately 1,800 additional electric vehicle (EV) charging ports.
"Next year, despite anticipating lower than mid-cycle refining margins, Adjusted EBITDA from our retail and commercial businesses are expected to increase by approximately five percent, in line with our growth commitments. The Parkland team will continue to focus on growing our customer volumes while achieving the synergies and efficiencies from previous acquisitions," said Bob Espey, President and Chief Executive Officer of Parkland.
Consistent with its strategy laid out in November 2023, the company expects to double cash flow per share to $8.50 and grow adjusted EBITDA to $2.5 billion by 2028 through continued organic growth.
In September, Parkland announced the divestment of its Florida-based retail and commercial businesses to support this strategy.
