Superior Plus (SPB) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA for 2025 was $463.5 million, up 2% year-over-year, driven by 4% growth in propane and offset by a 4% decline in CNG; Q4 Adjusted EBITDA was $161.9 million, up 2% year-over-year.

• Superior Delivers initiative contributed $16.2 million to full-year results and $11.2 million in Q4, with full benefits now expected over three years, targeting $75 million by 2028.

• Free Cash Flow per share surged 89% to $0.87, and adjusted net earnings per share rose 94% to $0.31, aided by lower CapEx and share repurchases.

• 8% of outstanding shares were repurchased in 2025; since November 2024, 13% have been repurchased.

• The company faced execution challenges due to a difficult winter and macroeconomic headwinds, particularly in the CNG segment, but maintained operational continuity and made progress in delivery optimization.

Financial highlights

• FY25 revenue grew to $2,460.6 million from $2,382.3 million year-over-year.

• FY25 net earnings were $79.7 million, reversing a loss of $17.9 million in FY24; Q4 net earnings reached $49.1 million, up from $4.2 million.

• FY25 Adjusted EBITDA per share rose 15% to $1.46; Q4 Adjusted EBITDA per share up 12% to $0.55.

• Free Cash Flow per share for 2025 was $0.87, up from $0.46 in 2024; Q4 was $0.37, up from $0.30.

• Adjusted Net Earnings per share for 2025 was $0.31, up from $0.16 in 2024; Q4 was $0.27, up from $0.23.

Outlook and guidance

• 2026 Adjusted EBITDA is expected to grow by 2%, with propane up 3%-8% and CNG down 4%-9% due to continued pricing pressure and reduced ancillary revenue.

• Superior Delivers program now targets $75 million incremental Adjusted EBITDA by 2028 (previously 2027).

• Compound annual Adjusted EBITDA growth forecast at 2% (2024–2027), down from prior 8%.

• Capital expenditures for 2026 are projected at $160 million, up from $140 million in 2025, mainly for U.S. propane fleet updates and modest CNG investment.

• Share repurchases of $50–$100 million are planned for 2026, with leverage ratio targeted to decline to 3.8x by end of 2026 and 3.5x by end of 2027.