Superior Plus (SPB) Q3 2025 earnings summary

Executive summary

• Transformation initiatives, including Superior Delivers, are driving operational efficiency, customer growth, and technology adoption, though Q3 results do not yet reflect full progress and were impacted by one-time costs and supply disruptions.

• Adjusted EBITDA for the first nine months of 2025 was $301.6 million, up 2% year-over-year; Q3 Adjusted EBITDA was $7.6 million, down $9.8 million due to lower propane volumes and CNG pricing pressures.

• Free Cash Flow per share YTD was $0.51, up from $0.16; Q3 Free Cash Flow per share was $(0.32), down $0.03 year-over-year.

• The company repurchased 15.4 million shares YTD (6.5% of float) and 26 million shares (10.8%) over the past year.

• Net earnings for the nine months were $30.6 million, reversing a net loss of $22.1 million in the prior year; Q3 net loss widened to $101.1 million from $62.0 million last year.

Financial highlights

• Q3 2025 revenue was $338.0 million, down 6% year-over-year; YTD revenue was $1,769.6 million, up 5%.

• Q3 gross profit was $191.5 million, down 8%; YTD gross profit was $919.3 million, up 1%.

• Adjusted Net Earnings per share YTD was $0.04, up from $(0.07); Q3 Adjusted Net Loss per share was $(0.41), down from $(0.36).

• Capital expenditures for Q3 were $24.9 million, down from $48.3 million last year, mainly due to reduced CNG spending.

• Q3 Adjusted EBITDA from operations was $14.2 million, down from $25.2 million; YTD Adjusted EBITDA from operations was $322.0 million, up from $316.6 million.

Outlook and guidance

• 2025 Adjusted EBITDA growth target revised down from 8% to 2% due to lower CNG pricing, one-time delivery tool costs, and propane supply disruption.

• Superior Delivers transformation expected to generate at least $75 million incremental Adjusted EBITDA by 2027.

• Leverage ratio expected to end 2025 at ~4.0x, with a target of 3.0x by 2027.

• 2025 EBITDA per share expected to grow 15%, and Free Cash Flow per share by ~70% versus 2024, driven by reduced share count and CapEx.

• Share repurchases to continue at approximately C$135 million annually.