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Global Partners (GLP) investor relations material

Global Partners Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Net income for Q2 2025 was $25.2M, down from $46.1M in Q2 2024, while first-half 2025 net income rose 8% year-over-year to $43.9M, reflecting strong execution and benefits from recent terminal acquisitions.

  • Total sales for Q2 2025 increased 5% to $4.6B, driven by higher volumes, but gross profit and product margins declined due to less favorable market conditions.

  • Major events included a $450M 7.125% senior notes issuance due 2033, redemption of $400M of 2027 notes, and a credit facility amendment extending maturity to 2028.

  • Board approved a quarterly cash distribution of $0.75 per unit, marking the fifteenth consecutive increase, payable August 14, 2025.

  • Strategic focus remains on growth, sustainability, and market consolidation, with investments in terminal acquisitions and renewable fuels.

Financial highlights

  • Q2 2025 net income: $25.2M (down 45% year-over-year); adjusted EBITDA: $98.2M (down 19%); distributable cash flow: $52.3M (down 30%).

  • Q2 2025 sales: $4.6B (up 5% year-over-year); six months: $9.2B (up 8%).

  • Q2 2025 gross profit: $272.4M (down 5% year-over-year); product margin: $305.7M (down from $319.6M).

  • Q2 2025 EPS: $0.55 (down from $1.11 year-over-year); six months: $0.92 (up from $0.74).

  • Trailing 12-month distribution coverage as of June 30, 2025 was 1.81x (1.75x after preferred distributions).

Outlook and guidance

  • Maintenance capex for 2025 projected at $60–70M; expansion capex at $65–75M, focused on gasoline station and terminal investments.

  • Expansion capex midpoint reduced by $10M from prior guidance due to project timing.

  • Management expects continued volatility in petroleum markets, with margins impacted by forward pricing curves and hedging costs.

  • Sufficient liquidity is expected from operations, credit facilities, and potential debt/equity issuance.

  • Emphasis on continued growth through acquisitions and organic expansion in the fragmented C-store market.

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Frequently asked questions

Global Partners LP operates as a midstream logistics and marketing company in the United States and Canada. The company operates through three segments: Wholesale, Logistics, and Retail. The Wholesale segment primarily engages in the wholesale of gasoline, distillates, residual oil, and renewable fuels to retailers, independent marketers, educators, state and local governments, regional transit authorities, airports and commercial accounts; selling electricity to retail customers; and selling blendstock. The company was incorporated in 2005 and is based in Waltham, Massachusetts.

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