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 operations and partially offset by a 4% decline in CNG Adjusted EBITDA; Q4 Adjusted EBITDA was $161.9 million, up 2% year-over-year.

• Net earnings for 2025 were $79.7 million, a significant turnaround from a net loss of $17.9 million in 2024.

• Superior Delivers transformation is underway, with full benefits now expected over three years and $75 million in targeted benefits by 2028.

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

• 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

• Revenue for 2025 was $2,460.6 million, up 3% from $2,382.3 million in 2024; gross profit increased to $1,297.6 million.

• Adjusted EBITDA per share was $1.80, up from $1.64; Adjusted Net Earnings per share was $0.31, up from $0.16.

• Free Cash Flow per share for 2025 was $0.87, up from $0.46, aided by lower CapEx and share repurchases.

• Superior Delivers contributed $16.2 million to full-year results and $11.2 million in Q4.

• Q4 2025 Adjusted EBITDA was $161.9 million, up 2% year-over-year.

Outlook and guidance

• 2026 Adjusted EBITDA is expected to grow by 2% to ~$473 million, with propane up 3%-8% and CNG down 4%-9% due to continued pricing pressure.

• Superior Delivers program is expected to contribute at least $75 million in incremental Adjusted EBITDA by 2028, with full benefit delayed from 2027.

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

• Share repurchases planned in the range of $50–$100 million in 2026.

• Leverage ratio targeted at 3.8x by end of 2026 and 3.5x by end of 2027, assuming shift from share repurchases to debt reduction.