Outperform rating by National BankParkland Corporation PKI (TSX): C$40.76 Stock Rating: Outperform Target: C$45.00 Q2 2021 Results: First Take – Largely in-line results; upwardly revised guidance in accordance with our view Results Summary: • Q2/21 EBITDA was largely in line with our view and slightly ahead of consensus. Relative to NBF, Supply and International were slightly ahead, while Canada was light; USA was largely in line. • Q2/21 adj. EBITDA was $322 mln vs. NBF at $324 mln and consensus at $311 mln; last year was $191 mln. • Canada EBITDA was $101 mln vs. NBF at $109 mln; last year was $93 mln. Supply EBITDA was $154 mln vs. NBF at $149 mln; last year was $35 mln. USA EBITDA was $31 mln vs. NBF at $29 mln; last year was $27 mln. International EBITDA was $66 mln vs. NBF at $62 mln; last year was $54 mln. • Management raised its 2021 EBITDA guidance by $50 mln to $1.25 bln +/-5% ($1.19 bln to $1.31 bln); NBF is currently $1.31 bln, above consensus at $1.25 bln. In addition, 2021 capex guidance was reduced by $50 mln to $350 mln - $500 mln; growth capex is now at $150 mln - $250 mln, and maintenance capex is now at $200 mln - $250 mln. The reduction in capex guidance largely reflects re-prioritization and deferral of certain growth capital projects (COVID-19 related).