Superior Announces Q3 and Nine Month 2025 Results

November 14, 2025

All dollar amounts are in USD unless otherwise noted and changes in performance are relative to same period of 2024 unless otherwise noted

Adjusted EBITDA⁽¹⁾ in the first nine months of the year (YTD) was approximately $301.6 million, an increase of 2%. Third quarter 2025 (Q3) Adjusted EBITDA⁽¹⁾ of $7.6 million was down $9.8 million due to lower propane volumes and lower pricing at Certarus
YTD Adjusted EBTDA per share⁽¹⁾ of $0.91 was up $0.12. Q3 Adjusted EBTDA per share⁽¹⁾ of ($0.05) was down $0.02
YTD Free Cash Flow per share⁽¹⁾ of $0.51 increased $0.35. Third quarter Free Cash Flow per share⁽¹⁾ of ($0.32) decreased by $0.03
Superior is revising its 2025 expected Adjusted EBITDA⁽¹⁾ growth rate from 8% to approximately 2% due to lower expected adjusted EBITDA from the CNG and propane segments. The decrease in the expected growth rate for CNG is driven by lower pricing in the wellsite business and the reduction in propane is primarily driven by unexpected one-time costs associated with the newly implemented delivery technology and a temporary wholesale supply disruption
YTD the company repurchased approximately 6.5% of the outstanding common shares. Over the past year, the company has repurchased approximately 26 million common shares, or 10.8% of common shares outstanding
Superior is in the process of applying to the TSX for renewal of its normal course issuer bid (“NCIB”) and continues to expect to allocate approximately C$135 million annually to share repurchases

⁽¹⁾ Adjusted EBITDA, Adjusted EBTDA per share, Adjusted Net Earnings (loss) per share and Free Cash Flow per share are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Ratios” section below.

TORONTO–(BUSINESS WIRE)–Superior Plus Corp. (“Superior” or “the company”) (TSX: SPB) today released its third quarter results for the period ended September 30, 2025.

“Since April, Superior Plus has made tremendous progress implementing generational change within our business,” said Allan MacDonald, President and Chief Executive Officer. “Superior Delivers, our propane transformation, is having a substantial impact on everything we do. While there are always lessons learned, the work we’ve accomplished in Q3 will deliver financial benefits for years to come.”

“I remain encouraged by the actions we are taking in our CNG business, including executing our expansion strategy, improving operational efficiency and securing new contracts for Certarus,” continued MacDonald. “Although current challenges in the oil and gas sector are tempering near-term results, our disciplined approach to cost management, capital allocation and long-term growth is strengthening the business to maximize value for our shareholders as market conditions improve.”

Segmented Information

	Three Months Ended		Nine Months Ended
	September 30		September 30
(millions of dollars)	2025	2024⁽²⁾	2025	2024⁽²⁾
U.S. Propane Adjusted EBITDA⁽¹⁾	(14.0)	(7.9)	149.6	145.6
Canadian Propane Adjusted EBITDA⁽¹⁾	2.5	2.8	64.2	62.0
CNG Adjusted EBITDA⁽¹⁾	25.7	30.3	108.2	109.0
Adjusted EBITDA from operations⁽¹⁾	14.2	25.2	322.0	316.6
Corporate Operating Costs⁽¹⁾	(6.6)	(7.8)	(20.4)	(20.3)
Adjusted EBITDA⁽¹⁾	7.6	17.4	301.6	296.3

Note: Beginning in Q1 2025, the contribution from wholesale activities has been rolled into the U.S. and Canadian Propane segments to better reflect how the business operates.

⁽¹⁾ Adjusted EBITDA from operations, Corporate Operating Costs and Adjusted EBITDA are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Ratios” section below.

⁽²⁾ Comparative figures have been restated to be consistent with Superior’s segment disclosure. See “Overview of Superior and Basis of Presentation” for more information about the change in segment reporting.

Financial Overview
	Three Months Ended				Nine Months Ended
	September 30				September 30
(millions of dollars, except per share amounts)		2025		2024		2025		2024
Revenue		338.0		359.4		1,769.6		1,680.0
Gross Profit		191.5		209.1		919.3		909.5
Net earnings (loss) for the period		(101.1)		(62.0)		30.6		(22.1)
Net earnings (loss) for the period attributable to Superior per share, basic and diluted	$	(0.47)	$	(0.27)	$	0.07	$	(0.15)
Adjusted Net earnings (loss) per share⁽¹⁾⁽²⁾	$	(0.41)	$	(0.36)	$	0.04	$	(0.07)
Adjusted EBITDA from operations⁽¹⁾		14.2		25.2		322.0		316.6
Adjusted EBITDA⁽¹⁾		7.6		17.4		301.6		296.3
Adjusted EBITDA per share⁽¹⁾⁽³⁾	$	0.03	$	0.06	$	1.16	$	1.06
Adjusted EBTDA per share⁽¹⁾⁽³⁾	$	(0.05)	$	(0.03)	$	0.91	$	0.79
Free Cash Flow per share ⁽¹⁾⁽²⁾	$	(0.32)	$	(0.29)	$	0.51	$	0.16

Cash dividends declared per share on common shares	C$	0.045	C$	0.18	C$	0.135	C$	0.54

⁽¹⁾ Adjusted EBITDA from operations, Adjusted EBITDA, Adjusted EBTDA per share, Adjusted Net Earnings (loss) per share and Free Cash Flow per share are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Ratios” section below.

⁽²⁾ The basic weighted average number of outstanding shares for the three and nine months ended September 30, 2025 was 223.3 million and 228.9 million (three and nine months ended September 30, 2024 was 248.6 million and 248.6 million). The preferred share dividends are deducted from the numerator in this calculation.

⁽³⁾ The diluted weighted average number of outstanding shares for the three and nine months ended September 30, 2025 was 253.3 million and 258.9 million (three and nine months ended September 30, 2024 was 278.6 million and 278.6 million). The diluted weighted average number of shares assumes the exchange of the issued and outstanding preferred shares into common shares. There were no other dilutive instruments for the three and nine months ended September 30, 2025 and 2024.

Updated 2025 Expectations

Superior is revising its expected 2025 Adjusted EBITDA⁽¹⁾ growth target from 8% down to 2% compared to 2024 Adjusted EBITDA⁽¹⁾ of $455.5 million. See below for the previous and current key assumptions related to this revision:

	Previous	Current
North American Propane Adjusted EBITDA⁽¹⁾ (including Superior Delivers)	5% to 10%	3% to 5%
U.S. Propane Distribution Adjusted EBITDA⁽¹⁾	1% to 5%	0% to 2%
Canadian Propane Distribution Adjusted EBITDA⁽¹⁾	-1% to -5%⁽²⁾	-2% to 0%⁽²⁾
Superior Delivers Adjusted EBITDA⁽¹⁾⁽³⁾ (not included in segments)	~ $20 million	~ $10 to 15 million
CNG Adjusted EBITDA⁽¹⁾	5% to 10%	-5% to 0%
Capital Expenditures Including Lease Additions ⁽¹⁾	~ $150 million	~ $150 million
Corporate Operating Costs⁽¹⁾	~ $25 million	~ $25 million
sShare Repurchases	~C$135 million	~C$135 million
Leverage Ratio⁽¹⁾	~ 0.5x reduction	~ 0.1x reduction

⁽¹⁾ Adjusted EBITDA, Capital Expenditures and Corporate Operating Costs are Non-GAAP Financial Measures. Leverage Ratio is a Non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” section below.

⁽²⁾ Previous Canadian growth assumption assumed a CAD/USD exchange rate of 1.45 and Current growth assumes a rate of 1.39

⁽³⁾ The expected contribution from Superior Delivers is broken down as follows: 1) 75% to 80% U.S. Propane Distribution, 20% to 25% Canadian Propane Distribution)

The decrease in the expected growth rate for CNG is driven by lower pricing in the wellsite business. The decrease in the expected growth rate for propane is driven by unexpected one-time costs associated with calibrating the company’s newly implemented delivery technology and a temporary wholesale supply disruption.

Propane Distribution Results and Superior Delivers (changes in performance are relative to the same period of 2024)

YTD adjusted EBITDA⁽¹⁾ across propane operations increased by $6.2 million, or 3%, driven by strong volumes in Q1 and contribution from Superior Delivers, offset by lower volumes in Q2 and Q3.
Q3 Adjusted EBITDA⁽¹⁾ across propane operations decreased by $6.4 million due primarily to the impact from the lower volumes combined with a decline in retail margins to improve the value proposition for customers.
Superior Delivers contributed $5 million to Adjusted EBITDA⁽¹⁾ YTD and a nominal contribution in Q3 as the transformation benefits were offset by the aforementioned one-time costs associated with implementing the new delivery technology.
Within the Customer Growth pillar, the company continues to advance new pricing strategies and is making progress with its enhanced customer conversion initiatives.
Through the Cost-to-Serve pillar, the scheduling optimization tools have been successfully deployed to all markets and are expected to result in greater cost efficiencies as the company enters its peak delivery season. The company’s delivery efficiency tools are also performing well with fill rates per delivery increasing during the quarter.
During the quarter, the company reduced its non-field workforce by approximately 12% and revised internal lines of reporting to better address the needs of the business. These changes resulted in a one-time cost of approximately $11 million and are expected to generate incremental savings of approximately $5 million annually, beginning in Q2 2026.
With the additional $5 million of savings related to the workforce reduction, the company now expects Superior Delivers to generate at least $75 million of incremental Adjusted EBITDA⁽¹⁾ by 2027.

Q3 CNG Results (changes in performance are relative to the same period in 2024)

YTD Adjusted EBITDA⁽¹⁾ decreased by 1% to $108.2 million; Q3 Adjusted EBITDA⁽¹⁾ decreased 15% to $25.7 million due to pricing pressures in the wellsite business as the result of lower activity in the oil & gas sector, partly offset by strength in other end-markets.
Q3 volumes of 7,112,000 MMBtu increased 1% despite the activity downturn in CNG’s largest end market, reflecting resilience in wellsite market share coupled with accelerating growth in both industrial and renewable segments.
Revenue from industrial and renewable volumes increased 29% and accounted for just over a third of revenue during the quarter.
During the quarter, Certarus signed a supply agreement with a large-scale data center operator to bridge the facility to a permanent pipeline connection.
Certarus executed site and gas supply agreements for a new hub location in Florida, which is expected to be fully operational before year-end, targeting utility, pipeline, and other industrial applications.
The company’s efficiency improvement actions drove a decrease of approximately 5% in operating cost per MMBtu during the third quarter.
Certarus continues to exercise capital discipline and drive free cash flow with YTD capex down more than $50 million, to $33 million, while maintaining EBITDA approximately flat over the same time frame.

Management Update

Superior recently appointed Deena LaMarque Piquion to the role of Chief Commercial Officer, North American Propane, replacing Rick Carron. Ms. LaMarque Piquion will play a key role in advancing Superior’s commercial strategy and customer growth initiatives.
Ms. LaMarque Piquion most recently served as Chief Growth and Disruption Officer at Xerox Global and brings more than 20 years of global leadership in operations and sales to Superior, including extensive P&L ownership and go-to-market experience.

Common Share Repurchases

Consistent with its previously communicated capital allocation strategy, Superior currently expects to allocate approximately C$135 million to share repurchases in 2025.
In early Q3, Superior purchased an additional 1.8 million common shares, or approximately 1% of its outstanding shares, at an average cost of C$7.44 for total consideration of C$13.4 million, acquiring the maximum number of shares permitted under the normal course issuer bid commenced November 13, 2024.
YTD, Superior repurchased 15.4 million common shares, or approximately 6.5% of its outstanding public float, at an average price of C$7.10 per share for a total of approximately C$107.3 million, or C$109.4 million including related taxes.
Over the past year, the company has repurchased approximately 26 million common shares, or 10.8% of shares outstanding.

Quarterly Dividend

Superior is declaring a quarterly common share dividend of C$0.045 per share, payable to shareholders of record as of December 31, 2025. The common share dividend will be payable on January 15, 2026.

Debt and Leverage

The company’s Q3 2025 leverage of 3.9x was down slightly compared with 4.0x at Q3 2024. Superior now expects to end 2025 with a Leverage Ratio of ~4.0x, up from its original target of 3.6x, due to the downward revision to Adjusted EBITDA as well as currency impacts on Canadian dollar debt. The company expects to achieve its 3.0x leverage target in 2027.

⁽¹⁾ Adjusted EBITDA and Leverage Ratio are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Ratios” section below

MD&A and Financial Statements

Superior’s MD&A and the unaudited condensed Consolidated Financial Statements as at and for the quarter ended September 30, 2025 provide a detailed explanation of Superior’s operating results. These documents are available online on Superior’s website at Superior Plus Financial Reports and on Superior’s profile at SEDAR+.

2025 Third Quarter Conference Call

A conference call and webcast to discuss the 2025 third quarter financial results will be held at 8:30 AM EDT on Friday, November 14, 2025. To register as a participant, please use the following link: Register Here. The webcast will be available for replay on Superior’s website at: https://www.superiorplus.com/ under the Events section.

About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 750,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers low carbon¹ fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance.

¹Superior defines ‘low carbon’ and ‘lower carbon’ fuels as those with a lower carbon intensity than fossil fuels that may be utilized in the same application (e.g. diesel, gasoline).

Forward-Looking Information

This news release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this presentation, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to Superior or an affiliate/subsidiary of Superior are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, information and statements relating to: Superior’s future financial position, the anticipated initiatives, impact of, and our ability to successfully execute on the Superior Delivers transformation, expected 2025 EBITDA growth, expected 2025 Adjusted EBITDA growth of $10-15 million attributable to Superior Delivers initiatives in 2025 and $75+ million by 2027, expected allocation of capital to share repurchases in 2025, anticipated increases in shareholder value and expected Leverage Ratio at 2025 and the company’s mid-term target leverage ratio.

Forward-looking information is provided to provide information about management’s expectations and plans for the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions, and expectations that Superior believes are reasonable in the circumstances, including assumptions about our ability to execute on the goals and targets of the Superior Delivers transformation, including $40 million in Adjusted EBITDA growth from cost-to-serve improvements, $30 million in Adjusted EBITDA growth from customer growth initiatives; and $5 million in Adjusted EBITDA growth from the company’s wholesale business activities, in each case, from 2025 to 2027; foreign exchange rates; competition; expected average weather; interest rates remaining flat with the current level; expected renewal of its NCIB in 2025; number and average acquisition price of common shares repurchased; management’s estimates and expectations in relation to future economic and business conditions and the resulting impact on growth and accretion in various financial metrics; the absence of significant undisclosed costs or liabilities associated with acquisitions; and other assumptions disclosed in Superior’s 2025 Q3 MD&A available at SEDAR+ at www.sedarplus.ca and on Superior’s website at http://www.superiorplus.com/investor-relations/financial-reports/. No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third-party industry analysts and other third-party sources, and the historic performance of Superior’s businesses and businesses it has acquired. Superior cautions that the assumptions used to prepare such forward-looking information, including estimated financial guidance, could prove to be incorrect or inaccurate.

The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s actual performance and financial results may vary materially from those estimates and expectations contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include the success and of, and timing to achieve, the initiatives being pursued pursuant to the Superior Delivers program, ongoing capital requirements of the businesses, weather differing materially from the five year average weather, market conditions, demand and competition for CNG in jurisdictions where CNG operates, economic activity in the oil and gas sector, commodity prices, risks relating to incorrect assessments of value when making acquisitions, failure to realize expected cost-savings and synergies from acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities and equipment, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our 2024 Annual MD&A under the heading “Risk Factors” and (ii) Superior’s most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, Superior does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

The estimates and targets regarding Superior’s future financial performance, including, but not limited to, estimated target of incremental Adjusted EBITDA of $75+ million from the Superior Delivers transformation by 2027, are provided herein to assist readers in understanding Superior’s estimated and targeted financial results, and such information may not be appropriate for other purposes. Superior and its management believe that such information has been prepared based on assumptions that are reasonable in the circumstances, reflecting management’s best estimates and judgements, and represents, to the best of management’s knowledge and opinion, Superior’s estimated and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Non-GAAP Financial Measures and Ratios

Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and, therefore may not be comparable to similar financial measures disclosed by other issuers. Information to reconcile these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s condensed consolidated financial statements as at and for the three months ended September 30, 2025 (“Q3 2025 Financial Statements”) is provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2025 Third Quarter MD&A dated November 13, 2025, available on www.sedarplus.com.

Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the Financial Statements. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, and CNG Segment profit (loss). Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares.

Adjusted EBTDA is calculated as Adjusted EBITDA less interest on borrowings and interest on lease liability. Adjusted EBTDA per share is calculated by dividing Adjusted EBTDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares.

Corporate Operating Costs are defined as Corporate Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the condensed consolidated financial statements as at and for the three months ended September 30, 2025.

Capital Expenditures are inclusive of purchases of property, plant and equipment and intangible assets and lease additions.

Leverage Ratio is determined by dividing Superior’s Net Debt by its Pro Forma Adjusted EBITDA, both of these components are Non-GAAP Financial Measures. Proforma Adjusted EBITDA is Adjusted EBITDA calculated on a 12-month basis giving effect to acquisitions, if any, to the first day of the calculation period. Proforma Adjusted EBITDA was calculated by taking the sum of the year ended December 31, 2024 Adjusted EBITDA ($455.5 million) and the Adjusted EBITDA for the nine months ended September 30, 2025 ($301.

Contacts

Superior Plus Corp.
Website: www.superiorplus.com
E-mail: investor-relations@superiorplus.com
Toll-Free: 1-866-490-PLUS (7587)

Chris Lichtenheldt, Vice President, Investor Relations

Tel: (905) 285-4988

Carolyn Skinner, Senior Manager, Corporate Communications

Tel: (416) 428-9186

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