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Superior Plus
Superior Plus (SPB) investor relations material
Superior Plus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Adjusted EBITDA for 2025 was $463.5 million, up 2% year-over-year, driven by 4% growth in propane operations and partially offset by a 4% decline in CNG Adjusted EBITDA; Q4 Adjusted EBITDA was $161.9 million, up 2% year-over-year.
Net earnings for 2025 were $79.7 million, a significant turnaround from a net loss of $17.9 million in 2024.
Superior Delivers transformation is underway, with full benefits now expected over three years and $75 million in targeted benefits by 2028.
8% of outstanding common shares were repurchased in 2025; 13% since November 2024.
The company faced execution challenges due to a difficult winter and macroeconomic headwinds, particularly in the CNG segment, but maintained operational continuity and made progress in delivery optimization.
Financial highlights
Revenue for 2025 was $2,460.6 million, up 3% from $2,382.3 million in 2024; gross profit increased to $1,297.6 million.
Adjusted EBITDA per share was $1.80, up from $1.64; Adjusted Net Earnings per share was $0.31, up from $0.16.
Free Cash Flow per share for 2025 was $0.87, up from $0.46, aided by lower CapEx and share repurchases.
Superior Delivers contributed $16.2 million to full-year results and $11.2 million in Q4.
Q4 2025 Adjusted EBITDA was $161.9 million, up 2% year-over-year.
Outlook and guidance
2026 Adjusted EBITDA is expected to grow by 2% to ~$473 million, with propane up 3%-8% and CNG down 4%-9% due to continued pricing pressure.
Superior Delivers program is expected to contribute at least $75 million in incremental Adjusted EBITDA by 2028, with full benefit delayed from 2027.
CapEx for 2026 is projected at $160 million, up from $140 million in 2025, mainly for U.S. propane fleet updates and modest CNG investment.
Share repurchases planned in the range of $50–$100 million in 2026.
Leverage ratio targeted at 3.8x by end of 2026 and 3.5x by end of 2027, assuming shift from share repurchases to debt reduction.
Superior Delivers: What operational issues extended the timeline?
Detail capital allocation shift: buybacks to debt
Certarus: How to offset wellsite pricing pressure in 2026?
How are delivery tool issues being resolved?
Certarus: how will industrial growth offset wellsite?
What are the options for preferred share redemption?
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Next Superior Plus earnings date
Q1 202613 May, 2026
Superior Plus
Next Superior Plus earnings date
Q1 202613 May, 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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