Superior Plus (SPB) investor relations material

Market position and business overview

• Holds a top 3 market position in North American retail propane distribution and is the largest provider of CNG across the continent.

• Operates with a diversified asset base: ~600 locations, ~2,100 delivery vehicles, and ~710,000 customers as of year-end 2025.

• Market capitalization is approximately $1.1B and enterprise value is $3.2B as of March 2026.

• Propane market share is 6% and CNG market share is 44%, with stable or growing market volumes expected.

Financial performance and outlook

• 2025 Adjusted EBITDA was $463.5M, up 1.8% year-over-year, with U.S. and Canadian propane segments showing growth and CNG slightly declining.

• 2026 Adjusted EBITDA is expected to grow by approximately 2%, with propane growth partly offset by a 4–9% decline in CNG.

• Free cash flow per share nearly doubled in 2025, driven by higher EBITDA and lower capex and share count.

• Leverage ratio improved to ~4.0x in 2025, with a target of 3.5x by 2027 through debt repayment and EBITDA growth.

Strategic initiatives and transformation

• Superior Delivers transformation targets $75M+ incremental Adjusted EBITDA by 2028, with $50M expected in 2026.

• Key drivers include $40M from cost-to-serve improvements, $30M from customer growth, and $5M from wholesale business by 2028.

• Focus on route optimization and data analytics to reduce delivery costs by up to 50% and increase customer lifetime value.

• CNG strategy centers on defending wellsite share, expanding industrial and utility segments, and reducing operating costs by 5% annually.