Superior Plus (SPB) Investor presentation summary

Strategic positioning and market overview

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

• Operates with a diversified asset base, including ~600 locations, ~2,100 delivery vehicles, and ~710,000 customers.

• Market capitalization is approximately $1.2B, with an enterprise value of $3.2B.

• Propane and CNG markets are stable and fragmented, with significant growth opportunities, especially in CNG for data centers and industrial segments.

Operational performance and growth initiatives

• 2026E Adjusted EBITDA is projected at $473M, with a focus on cost-to-serve improvements and customer growth.

• Superior Delivers transformation targets $75M+ incremental Adjusted EBITDA by 2028, driven by density, pricing, and wholesale advantages.

• Data-driven route optimization has reduced delivery costs by up to 50%.

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

Segment highlights

• Propane business serves ~710,000 customers, generating $246M in Adjusted EBITDA, with a strong presence in both the U.S. and Canada.

• CNG segment (Certarus) leads in over-the-road CNG, with 879 MSUs, 21 hubs, and $143M in Adjusted EBITDA.

• CNG business is shifting its mix toward data center and industrial markets, targeting 5% annual cost reductions.