Superior Plus (SPB) Investor Day 2025 summary

Strategic transformation and future vision

• Announced a comprehensive transformation strategy focused on sustainable, profitable growth, leveraging existing assets, and creating a new operating model to position for long-term incremental profitability.

• Launched Superior Delivers, a transformation program with over 100 initiatives targeting cost-to-serve, customer growth, and wholesale advantage, aiming for CAD 70 million+ incremental EBITDA by 2027.

• Emphasized a shift from historical M&A-driven growth to organic growth, with a disciplined, data-driven approach and a world-class leadership team combining industry veterans and transformation experts.

• Outlined a mission to become North America's best-in-class energy solutions provider, with a relentless focus on safety, customer retention, and operational excellence.

• Committing to a culture of execution, accountability, and performance management with clear KPIs and incentive alignment.

Operational initiatives and technology investments

• Implemented advanced analytics, real-time data tools, and route optimization pilots to reduce delivery costs, improve asset utilization, and enhance customer experience.

• Focused on reducing inefficient deliveries, optimizing scheduling, and rationalizing plant networks, with early pilots showing significant cost reductions and efficiency gains.

• Enhanced commercial excellence with improved pricing, new product suites, proactive retention, and geo-targeted marketing to deliver $30M+ incremental EBITDA.

• Strengthened wholesale supply chain by moving to direct procurement, leveraging scale, and deploying innovative data tools for $5M+ incremental EBITDA.

• Investing in customer experience through digital engagement, self-service portals, and real-time insights to support growth and retention.

Financial guidance and capital allocation

• Raised Superior Delivers target to CAD 70 million+ incremental EBITDA by 2027, projecting 25% EBITDA growth, nearly 200% increase in free cash flow, and a 300 basis point improvement in return on invested capital.

• 2027 financial targets include Adjusted EBITDA of ~$570M, Adjusted EBITDA per share of ~$2.05, FCF per share of ~$1.10, and Adjusted EPS of ~$0.65.

• Planning to repurchase ~C$400M of shares and repay $275M of debt from 2025-2027, reducing leverage from 4.1x to below 3.0x.

• Committed to disciplined investment, with transformation costs of CAD 10–15 million per year in 2025 and 2026, and a focus on returns and shareholder value.

• Sufficient liquidity and attractive debt maturity profile support execution of the strategic plan.