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Superior Plus (SPB) investor relations material
Superior Plus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
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.
Centralized functions, AI-driven distribution, and a 12% reduction in non-field workforce have been implemented, incurring ~$11 million in severance and $20 million in total restructuring costs, with $5 million annual savings expected from Q2 2026.
Certarus (CNG) faced pricing headwinds and lower EBITDA, but remains profitable, expanding into new markets such as data centers and regional hubs.
Management highlights ongoing operational improvements, new contract wins in CNG, and the appointment of a new Chief Commercial Officer.
Financial highlights
Year-to-date Adjusted EBITDA increased 2% to $301.6 million, driven by higher U.S. and Canadian Propane results, offset by a small CNG decline; Q3 Adjusted EBITDA was $7.6 million, down $9.8 million year-over-year.
YTD Adjusted EBITDA per share rose 15% to $0.91; Free Cash Flow per share tripled to $0.51; Q3 per-share metrics declined due to seasonality and operational changes.
Q3 2025 revenue was $338.0 million, down from $359.4 million in Q3 2024; YTD revenue was $1,769.6 million, up from $1,680.0 million.
Q3 net loss was $101.1 million (loss per share $0.47); YTD net earnings were $30.6 million (earnings per share $0.07).
Certarus Adjusted EBITDA for nine months was ~$108 million, flat year-over-year, with industrial and renewable revenues up 24% and 42%, respectively.
Outlook and guidance
2025 Adjusted EBITDA growth target revised down from 8% to 2% due to CNG pricing, one-time delivery tool costs, and a refinery supply disruption.
Superior Delivers run rate target for 2027 increased from $70 million to $75 million, reflecting incremental savings from restructuring.
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.
Leverage expected to finish 2025 at 4.0x, with a target of 3.0x by end of 2027.
Quantify impact of wellsite pricing on CNG EBITDA
Breakdown Superior Delivers' $75M EBITDA target
What caused the 2025 leverage target increase?
Prevent future AI delivery tool missteps
Certarus data center strategy for long-term supply
2026 guidance: more conservative assumptions?
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Next Superior Plus earnings date
Q4 202527 Feb, 2026
Next Superior Plus earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Superior Plus Corp distributes and markets propane and distillates to residential, commercial, and industrial customers. The company also produces and distributes specialty chemicals, including sodium chlorate and chlor-alkali products. It operates across Canada and the United States. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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