Superior Plus (SPB) investor relations material

Strategic positioning and market overview

• Holds a top-three market position in North American retail propane distribution and is the largest CNG provider across the continent.

• Operates a diversified asset base with approximately 600 locations, 2,100 delivery vehicles, and 710,000 customers as of year-end 2025.

• Market capitalization is around $1.1 billion, with an enterprise value of $3.0 billion.

• Propane and CNG markets present stable, long-term growth opportunities, with CNG expected to grow at a 6-7% CAGR.

Operational performance and business segments

• Propane business serves both residential and commercial customers, leveraging data analytics for retention and operational efficiency.

• CNG segment is a market leader in over-the-road delivery, with a fleet of 879 MSUs and 21 hubs, focusing on wellsite, industrial, and data center markets.

• Cost-to-serve improvements, such as optimized route planning, have reduced delivery costs by up to 50%.

• Customer lifetime value initiatives have shifted from negative to positive through improved retention and margin strategies.

Financial results and outlook

• Q2 2026 Adjusted EBITDA was $36.8 million, up 9.9% year-over-year, with CNG and Canadian Propane segments showing strong growth.

• 2026 Adjusted EBITDA is expected to grow by approximately 2% to $473 million, with propane growth partly offset by a CNG decline.

• Capital expenditures for 2026 are projected at $230 million, with a leverage ratio reduction to 3.6x.

• Free cash flow per share declined due to higher capex and taxes, despite a lower share count.