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Superior Plus (SPB) investor relations material
Superior Plus Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Transformation strategy and Superior Delivers initiative drove strong first half results, with H1 2025 adjusted EBITDA up 5.4% to $294 million, despite Q2 being seasonally low and impacted by propane supply disruptions.
Superior Delivers contributed $5.0 million to H1 adjusted EBITDA and $2.7 million in Q2, supporting operational efficiency and customer service improvements.
CNG business offset wellsite headwinds with growth in industrial, RNG, and hydrogen segments, which now represent 31% of CNG revenues, up from 22% a year ago.
H1 adjusted EBITDA per share increased 16% to $0.95, adjusted net earnings per share up 48% to $0.43, and free cash flow per share up 80% to $0.81 year-over-year.
Nearly $190 million of free cash flow generated in the first six months.
Financial highlights
H1 2025 revenue was $1,431.6 million, up from $1,320.6 million; Q2 revenue was $423.2 million, nearly flat year-over-year.
H1 adjusted EBITDA rose 5.4% to $294 million, driven by strong Q1 performance; Q2 adjusted EBITDA was $33.5 million, down $9.8 million year-over-year, mainly due to U.S. Propane decline and supply disruption.
H1 adjusted net earnings per share up $0.14 to $0.43; Q2 adjusted net loss per share of $(0.25), down $0.02 from last year.
H1 free cash flow per share up $0.36 to $0.81; Q2 free cash flow per share improved $0.02 to $(0.14).
Q2 cash dividends declared per share were C$0.045; H1 cash dividends per share were C$0.09.
Outlook and guidance
Majority of annual EBITDA expected in Q4 due to seasonality and transformation benefits; reaffirmed 2025 adjusted EBITDA growth rate guidance of 8%.
Superior Delivers expected to contribute $20 million in adjusted EBITDA in 2025 and at least $70 million by 2027.
Full year CapEx expected to be around CAD150 million.
Year-end leverage forecasted at 3.7x, slightly above prior target due to currency effects; mid-2027 target remains 3.0x.
RNG and hydrogen segments expected to grow over 20% year-over-year.
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