Superior Plus (SPB) Q3 2026 earnings summary

Executive summary

• Q3 gross profit rose 13% to $215.8M and adjusted EBITDA increased 16% to $8.8M, led by record Certarus results and partly offset by weaker propane performance.

• 2026 adjusted EBITDA guidance shifted from ~2% growth to ~2% decline as CNG growth is expected to be outweighed by lower North American Propane results.

• 2027 adjusted EBITDA growth of ~5% remains expected from the lower 2026 base, with most growth from CNG.

Financial highlights

• Q3 revenue was $380.1M vs. $338.0M; gross profit was $215.8M vs. $191.5M.

• Q3 net loss was $52.7M vs. $101.1M; basic and diluted loss per share was $0.27 vs. $0.47.

• Free cash flow was negative $100.4M vs. negative $70.9M, reflecting higher Certarus growth CapEx.

• Consolidated CapEx was $81.9M vs. $33M; 2026 CapEx remains expected at $230M.

• Superior Delivers generated $3M of Q3 adjusted EBITDA and $20M year to date; 2026 contribution is expected at ~$30M.

Outlook and guidance

• 2026 adjusted EBITDA is expected to decline ~2%; Certarus adjusted EBITDA growth is expected at ~5%, while North American Propane is expected to decline ~5%.

• 2027 adjusted EBITDA growth of ~5% is expected; 2027 year-end leverage is forecast at 3.8x, or ~0.5x higher if preferred shares are redeemed with incremental debt.

• 2026 CapEx including lease additions remains expected at ~$230M; 2027 CapEx is currently expected at similar levels, with the budget due for update in February.

• Elevated CapEx is expected through mid-2027; higher cash flow is anticipated by Q4 2027 as CNG project EBITDA ramps up.

• Superior Delivers is expected to contribute at least $75M in 2028.