Global Partners (GLP) Investor presentation summary

Q3 and YTD financial performance

• Q3 2026 product margin $329.1M vs $303.9M; gross profit $296.0M vs $271.4M; net income $52.4M vs $29.0M.

• Q3 2026 EBITDA $120.8M vs $97.1M; adjusted EBITDA $122.9M vs $98.8M; DCF $70.1M vs $53.0M; adjusted DCF $70.3M vs $53.3M.

• Q3 segment product margin: GDSO $210.6M vs $218.9M; Wholesale $111.4M vs $78.0M; Commercial $7.1M vs $7.0M.

• Q3 Wholesale benefited from more favorable market conditions, primarily in gasoline and distillates; GDSO was affected by lower gasoline distribution fuel volume.

• 9M 2026 product margin $1,056.4M vs $898.2M; net income $193.5M vs $72.9M; adjusted EBITDA $411.5M vs $288.2M; adjusted DCF $259.6M vs $152.1M.

Business model and operating footprint

• Vertically integrated operations connect sourcing, logistics, terminals, wholesale distribution and retail stations to generate product margin across the value chain.

• As of September 30, 2026: 283 company-operated convenience stores, ~1,600 fueling stations owned, leased or supplied, 54 liquid energy terminals and ~22.3M barrels of storage capacity.

• GDSO supplied 1,489 locations and owned or controlled 773 sites, including 283 company-operated stores; site volume was 1.4B gallons TTM through September 30, 2026.

• Wholesale handles bulk purchase, movement, storage and sale of gasoline, distillates, oils, crude oil, renewable fuels and feedstocks; Commercial serves end users and provides marine bunkering.

• Houston joint venture with ExxonMobil expands retail reach in a market with approximately 7M residents; the partnership strengthens a long-standing alliance with the energy brand.

Strategy and capital position

• Strategic priorities include integrating and optimizing terminal and retail fuel assets, leveraging the vertically integrated model, maintaining balance-sheet flexibility and continuing distribution growth.

• Completed redemption of all outstanding 9.50% Series B preferred units in July; extended the credit agreement maturity to October 2031 and maintained $1.5B of revolving credit facilities in October.

• Combined Total Leverage Ratio was ~2.79x as of September 30, 2026; $99.0M, or 7%, of total debt was under the working capital facility.

• Remaining assets included $1.7B of conservatively valued fixed assets, including strategically located terminals and gas stations; $1.4B, or 93%, of total debt related to terminal infrastructure, acquisitions and capital expenditures.

• Retail growth opportunities include acquisitions and consolidation in a fragmented convenience-store market; 69% of industry operators had 50 or fewer stores.