Superior Plus (SPB) Investor presentation summary

Market position and business mix

• North American propane and CNG distribution platform; ~710K customers, ~600 locations and ~2,100 delivery vehicles and MSUs. 2026E Adjusted EBITDA: ~US$473M.

• Propane has a top-three North American retail position; CNG is the continent’s largest provider, with vertically integrated operations from midstream to customers.

• Propane served ~550K customers in the U.S. and ~160K in Canada at year-end 2025; segment Adjusted EBITDA was $246M and $100M, respectively.

• CNG 2025 scale: 31.3M MMBtu volume, $143M Adjusted EBITDA, 879 MSUs, 21 hubs and more than 700 employees.

Growth strategy

• Transformation targets from 2025 to 2028 include $40M in Adjusted EBITDA growth from cost-to-serve improvements, $30M from customer growth initiatives and $5M from wholesale activities.

• Route optimization example estimates ~50% lower delivery cost-to-serve, from $3.00 to $1.50 per gallon.

• CNG priorities: defend wellsite, grow industrial and data center markets, develop new hubs, expand mobile fleet fueling and target 5% annual operating-cost reductions.

• Data center and power CNG market growth is shown at more than 100%, with target returns above 15%; wellsite market growth is 0–5%, with returns above 15%.

Q2 2026 performance and outlook

• Q2 Adjusted EBITDA was $36.8M versus $33.5M YoY, up 9.9%; leverage ratio was 3.6x versus 3.8x.

• Canadian Propane Adjusted EBITDA rose 24.6% to $15.7M and CNG rose 22.6% to $33.6M; U.S. Propane Adjusted EBITDA was $(5.1)M.

• 2026 outlook: consolidated Adjusted EBITDA growth of ~2% versus 2025’s $463.5M; North American Propane growth of 3%–8%, including $50M from the transformation plan, partly offset by CNG decline of 4%–9%.

• 2026 capital expenditures, including lease additions, are expected at ~$230M; 2027 consolidated Adjusted EBITDA is expected to decline 5%, with leverage at 3.5x.