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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Superior Plus
Superior Plus (SPB) investor relations material
Superior Plus Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
Q3 gross profit rose 13% to $215.8M and adjusted EBITDA increased 16% to $8.8M, led by record Certarus results and partly offset by weaker propane performance.
2026 adjusted EBITDA guidance shifted from ~2% growth to ~2% decline as CNG growth is expected to be outweighed by lower North American Propane results.
2027 adjusted EBITDA growth of ~5% remains expected from the lower 2026 base, with most growth from CNG.
Financial highlights
Q3 revenue was $380.1M vs. $338.0M; gross profit was $215.8M vs. $191.5M.
Q3 net loss was $52.7M vs. $101.1M; basic and diluted loss per share was $0.27 vs. $0.47.
Free cash flow was negative $100.4M vs. negative $70.9M, reflecting higher Certarus growth CapEx.
Consolidated CapEx was $81.9M vs. $33M; 2026 CapEx remains expected at $230M.
Superior Delivers generated $3M of Q3 adjusted EBITDA and $20M year to date; 2026 contribution is expected at ~$30M.
Outlook and guidance
2026 adjusted EBITDA is expected to decline ~2%; Certarus adjusted EBITDA growth is expected at ~5%, while North American Propane is expected to decline ~5%.
2027 adjusted EBITDA growth of ~5% is expected; 2027 year-end leverage is forecast at 3.8x, or ~0.5x higher if preferred shares are redeemed with incremental debt.
2026 CapEx including lease additions remains expected at ~$230M; 2027 CapEx is currently expected at similar levels, with the budget due for update in February.
Elevated CapEx is expected through mid-2027; higher cash flow is anticipated by Q4 2027 as CNG project EBITDA ramps up.
Superior Delivers is expected to contribute at least $75M in 2028.
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Latest events from Superior Plus
- Propane growth initiatives and data center CNG demand underpin the 2026 outlook.SPB
Investor presentation - Top-three propane and largest CNG distributor targets EBITDA growth and capital efficiency.SPBInvestor presentation
- Q2 Adjusted EBITDA up 10% to $36.8M, driven by record CNG and Certarus growth; CapEx ramps for expansion.SPBQ2 2026
- 2025 Adjusted EBITDA rose 2% to $463.5M; 2026 outlook sees modest growth and lower leverage.SPBQ4 2025
- Strong H1 earnings growth, with Q2 impacted by propane volume and supply headwinds.SPBQ2 2025
- Transformation targets $50M+ EBITDA by 2027, with dividend cut and share buybacks prioritized.SPBQ3 2024
- Q2 Adjusted EBITDA up 47% to $43.3M; 2024 guidance reaffirmed at $500M Adjusted EBITDA.SPBQ2 2024
- Record Q1 Adjusted EBITDA of $260.5M, strong segment growth, and robust share repurchases.SPBQ1 2025
- 2025 outlook targets 8% EBITDA growth, major share buybacks, and operational transformation.SPBQ4 2024
Next Superior Plus earnings date
Q4 202617 Feb, 2027
Superior Plus
Next Superior Plus earnings date
Q4 202617 Feb, 2027
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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.