Slide 1: Superior Raises Medium-Term Growth Outlook; Announces Q1 2026 Results
Superior Raises Medium-Term Growth Outlook; Announces Q1 2026 Results All dollar amounts are in USD unless otherwise noted and changes in performance are relative to comparable period of 2025 unless otherwise noted Superior is increasing its expected 2027 Adjusted EBITDA growth rate to 5% from 2%
Slide 2: Segmented Information
Segmented Information Three Months Ended March 31 (millions of dollars) 2026 2025 (1) U.S. Propane Adjusted EBITDA 158.7 163.6 Canadian Propane Adjusted EBITDA(1) 55.9 49.1 (1) CNG Adjusted EBITDA 38.4 55.1 (1) Adjusted EBITDA from Operations 253.0 267.8 (1) Corporate Operating Costs (7.1) (7.3) (1)
Slide 3: Updated Outlook
Updated Outlook Given CNG’s growing data center business, Superior plans to invest an additional $70 million of capital in 2026, bringing total expected capital expenditures in 2026 from approximately $160 million to $230 million. Recently announced data center work is expected to begin contributi
Slide 4: Quarterly Dividend
Quarterly Dividend Superior is declaring a quarterly common share dividend of C$0.045 per share, payable to shareholders of record as of June 30, 2026. The common share dividend will be payable on July 15, 2026 Debt, Leverage and the Preferred Shares Outstanding The Company’s Q1 2026 leverage ra
Slide 5: Forward-Looking Information
initiatives in 2026 and $75+ million by 2028, commissioning and commencement of operations at a new CNG supply hub, expected Adjusted EBITDA contribution from CNG data center contracts beginning in 2027, increase in allocation of capital to capital expenditures, in connection with CNG data center co
Slide 6: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and therefore may not be comparable to simi
Slide 7: Management's Discussion and Analysis
MANAGEMENT’S DISCUSSION AND ANALYSIS THREE MONTHS ENDED MARCH 31, 2026 AND 2025 This Management’s Discussion and Analysis (“MD&A”) contains information about the performance and financial position of Superior Plus Corp. (“Superior”) as at and for the three months ended March 31, 2026 and 2025, as we
Slide 8: Overview of Superior and Basis of Presentation
requirements and timing of projects associated with CNG data center contracts, expected average weather, no material acquisitions or divestitures, anticipated financial performance, including management’s estimates and expectations in relation to future economic and business conditions and the resul
Slide 9: Financial Results
FINANCIAL RESULTS The following summary contains certain Non-GAAP financial information. See “Non-GAAP Financial Measures and Reconciliations” beginning on page 26 for more information about these measures. Summary of Adjusted EBITDA Three Months Ended March 31 (millions of dollars, except per share
Slide 10: CNG Adjusted EBITDA
CNG Adjusted EBITDA was $38.4 million, decreased by $16.7 million or 30% primarily due to the impact of lower ancillary revenue due to decreased utility winter standby services that did not occur in the current period, and to a lesser extent, lower realized prices in the wellsite business. U.S. Prop
Slide 11: U.S. Propane Adjusted Gross Profit
U.S. Propane Adjusted Gross Profit Three Months Ended March 31 (millions of dollars) 2026 2025 (1) Propane distribution 277.4 279.6 Realized (loss) gain on derivatives related to commodity risk management (1) (0.5) 4.8 Adjusted gross profit related to propane distribution 276.9 284.4 (1) Other servi
Slide 12: U.S. Propane Sales Volumes
from the prior year quarter. Commercial volumes decreased by 6 million gallons or 9% compared to the prior year quarter. The decrease in both residential and commercial sales volumes is due to the impact of reduced delivery capacity, limiting the company’s ability to respond to propane demand in the
Slide 13: Canadian Propane
CANADIAN PROPANE Canadian Propane’s operating results: Three Months Ended March 31 (millions of dollars) 2026 2025 Revenue 216.3 249.3 Cost of Sales (112.9) (154.1) Gross profit 103.4 95.2 (1) Realized (loss) gain on derivatives related to commodity risk management (0.1) 0.3 (2) Adjusted gross profi
Slide 14: Canadian Propane Sales Volumes
Canadian Propane Sales Volumes Volumes by End-Use Application Three Months Ended March 31 (millions of gallons) 2026 2025 Residential 20 19 Commercial 76 79 Wholesale 23 28 Total 119 126 Volumes by Region (1) Three Months Ended March 31 (millions of gallons) 2026 2025 Western Canada 56 57 Eastern Ca
Slide 15: Canadian Propane Outlook
of Canadian denominated transactions; the impact of a higher legal settlement related to the prior period and an increased investment in systems partially offset by cost saving initiatives including reduced headcount related costs. SD&A includes amortization, depreciation, and transaction, restructu
Slide 16: CNG Gross Profit
(2) The sum of the above amounts and the balances included in the U.S. Propane, Canadian Propane, CNG and the Corporate segments are included in SD&A and are disclosed in Note 14 or Note 18 of the unaudited condensed consolidated financial statements as at and for the three months ended March 31, 20
Slide 17: Operating Costs
Operating costs for the three months ended March 31, 2026 were $71.1 million, an increase of $5.3 million or 8% from the prior year quarter primarily due to increased sales volumes and higher trucking costs. On a per-unit basis, operating costs increased to $7.58 per MMBTU from $7.45 per MMBTU in th
Slide 18: Chemtrade Ruling and Capital Expenditure Summary
million for the three months ended March 31, 2026, an increase of $19.9 million from a recovery of $9.6 million in the prior year quarter primarily due to a recovery recorded as part of transaction, restructuring and other costs, in the prior year partially offset by the above reasons. The recovery
Slide 19: Financial Overview - GAAP Financial Information
FINANCIAL OVERVIEW - GAAP FINANCIAL INFORMATION Consolidated Statements of Net Earnings Three Months Ended March 31 (millions of USD dollars, except per share amounts) 2026 2025 Revenue 897.4 1,008.4 Cost of sales (includes products and services) (405.0) (509.5) Gross profit 492.4 498.9 Expenses Sel
Slide 20: Income Taxes
INCOME TAXES Consistent with prior periods, Superior recognizes a provision for income taxes for its subsidiaries that are subject to current and deferred income taxes, including Canadian, U.S., Hungarian, and Bermudian income tax. Total income tax expense for the three months ended March 31, 2026,
Slide 21: Compliance
unaudited condensed consolidated financial statements and notes thereto as at and for the three months ended March 31, 2026. See Note 18 of the unaudited condensed consolidated financial statements. Compliance Superior must maintain certain covenants and ratios that represent Non-GAAP financial meas
Slide 22: Shareholders' Capital
consolidated financial position or results of operations. Superior records costs as they are incurred or when they become determinable. SHAREHOLDERS’ CAPITAL Superior’s previous normal course issuer bid (“NCIB”) authorized the purchase of up to 24,117,330 common shares and expired on August 6, 2025,
Slide 23: Summary of Cash Flow
SUMMARY OF CASH FLOW Superior’s primary sources and uses of cash are detailed below: Three Months Ended March 31 (millions of dollars) 2026 2025 Cash flows from operating activities 138.4 151.5 Cash flows used in investing activities (17.2) (20.0) Cash flows used in financing activities (107.8) (115
Slide 24: Financial Instruments - Risk Management
FINANCIAL INSTRUMENTS – RISK MANAGEMENT Financial and non-financial derivatives are used by Superior to manage its exposure to fluctuations in foreign currency exchange rates, interest rates, share-based compensation and commodity prices. Superior assesses the inherent risks of these instruments by
Slide 25: Effectiveness
Effectiveness An evaluation of the design effectiveness of Superior’s DC&P and ICFR was conducted as at March 31, 2026 by and under the supervision of Superior’s management, including the CEO and CFO. Based on this evaluation, the CEO and CFO have concluded that Superior’s DC&P and ICFR were designe
Slide 26: Seasonality
Fluctuations in Superior’s individual quarterly results are subject to seasonality. Propane sales typically peak in the first quarter when approximately one-third of annual propane and gross profits are generated due to the demand of heating from end-use customers. They then decline through the seco
Slide 27: Non-GAAP Financial Measures
Non-GAAP financial measures are identified and defined as follows: Adjusted EBITDA and Adjusted EBITDA per share Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction, restructur
Slide 28: Adjusted Gross Profit
equity derivatives, Superior now includes these unrealized gains/losses as part of Corporate operating costs. See Adjusted Gross Profit below for a reconciliation of gains (losses) on derivatives and foreign currency translation of borrowings included in Adjusted EBITDA. Adjusted Gross Profit Adjust
Slide 29: Adjusted Net Earnings and Free Cash Flow
Three Months Ended March 31 (millions of dollars, except per share amounts) 2026 2025 Segment Profit 245.9 260.5 Depreciation (64.6) (63.6) Current income tax expense (7.6) (10.3) Gain on disposal of assets 0.4 1.2 Finance expense (22.4) (24.6) Preferred share dividends (4.7) (4.7) Adjusted net earn
Slide 30: Net Debt and Leverage Ratio
Net Debt is calculated by the sum of borrowings and lease liabilities before deferred financing fees reduced by Superior cash and cash equivalents. Net Debt is used by Superior to calculate its Leverage Ratio. Leverage ratio is determined by dividing Superior’s Net Debt by Pro Forma Adjusted EBITDA.
Slide 31: Condensed Consolidated Balance Sheets
Superior Plus Corp. Condensed Consolidated Balance Sheets As at As at March 31 December 31 (Unaudited, millions of United States dollars “USD”) Note 2026 2025 Assets Current Assets Cash and cash equivalents 2(c) 39.1 23.8 Trade and other receivables 4 340.7 305.8 Prepaids and deposits 50.9 62.1 Inve
Slide 32: Condensed Consolidated Statements of Changes in Equity
Superior Plus Corp. Condensed Consolidated Statements of Changes in Equity Accumulated Non- Share Other controlling Capital Contributed Total Comprehensive Interest (Unaudited, millions of USD) (Note 13) Surplus Capital Deficit Loss (Note 13) Total As at January 1, 2026 2,447.0 1.2 2,448.2 (1,622.2)
Slide 33: Condensed Consolidated Statements of Net Earnings
Superior Plus Corp. Condensed Consolidated Statements of Net Earnings and Total Comprehensive Earnings Three Months Ended March 31 (Unaudited, millions of USD, except per share amounts) Note 2026 2025 Revenue 14, 16 897.4 1,008.4 Cost of sales (includes products and services) 14 (405.0) (509.5) Gros
Slide 34: Condensed Consolidated Statements of Cash Flows
Superior Plus Corp. Condensed Consolidated Statements of Cash Flows Three Months Ended March 31 (Unaudited, millions of USD) Note 2026 2025 OPERATING ACTIVITIES Net earnings for the period 126.9 146.4 Adjustments for: Depreciation of property, plant and equipment included in SD&A 36.9 35.6 Depreciat
Slide 35: Notes to the Condensed Consolidated Financial Statements
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited, all amounts including tabular amounts are stated in millions of USD, except per share amounts and unless otherwise stated) 1. ORGANIZATION Superior Plus Corp. (“Superior” or the “Company”) is a diversified business corporation, inc
Slide 36: Standards Issued But Not Yet Effective
solely payments of principal and interest criterion and add disclosure requirements for financial instruments with certain contingent features and for equity investments designated at fair value through other comprehensive income. The amendments apply retrospectively, with an adjustment to the openi
Slide 37: Allowance for Doubtful Accounts
Superior’s trade receivables are stated after deducting the below allowance for doubtful accounts: March 31 December 31 2026 2025 Allowance for doubtful accounts, beginning of the period/year (12.8) (10.2) Impairment losses recognized on receivables (3.5) (10.2) Amounts written off during the period
Slide 38: Claims and Potential Claims
Superior is subject to various claims and potential claims in the normal course of business. The outcomes of all the proceedings and claims against Superior are subject to future resolution that includes the uncertainties of litigation. It is not possible for Superior to predict the result or magnit
Slide 39: Borrowings
9. BORROWINGS A summary of borrowings is as follows: Year of Effective Interest March 31 December 31 Maturity Rate 2026 2025 Revolving Term Bank Credit Facilities Canadian Overnight Repo Rate Average (“CORRA”) loan (March 31, 2026 - C$nil and December 31, 2025 - Floating CORRA C$188.0 million)(1) 20
Slide 40: Financial Covenants
Superior is subject to various financial covenants, including a total debt to EBITDA ratio and restricted payment tests, which are measured on a quarterly basis. As at March 31, 2026, Superior is in compliance with all of its financial covenants. Future required repayments of borrowings before defer
Slide 41: Lease Liabilities
The present values of lease payments are as follows: Minimum Rental Present Value of Minimum Payments Rental Payments March 31 December 31 March 31 December 31 2026 2025 2026 2025 Not later than one year 50.4 52.2 43.7 45.0 Later than one year and not later than five years 89.5 92.8 76.3 79.3 Later
Slide 42: Fair Value Hierarchy
March 31, 2026 Level 1 Level 2 Level 3 Total Assets Foreign currency forward contracts 0.2 – – 0.2 Equity derivative contracts – 0.2 – 0.2 Cross-currency interest rate swaps 4.7 – – 4.7 Propane, West Texas Intermediate (“WTI”), heating oil and diesel purchase and sale contracts – 11.0 3.6 14.6 Total
Slide 43: Valuation Techniques and Inputs
The following table outlines quantitative information about how the fair values of these financial and non-financial assets and liabilities are determined, including valuation techniques and inputs used: Notional Effective Valuation Technique(s) and Description Amounts Term Rates/Prices Key Input(s)
Slide 44: Classification and Measurement of Financial Assets
The following summarizes Superior’s classification and measurement of financial assets and liabilities: Classification Measurement Financial assets Cash and cash equivalents Loans and receivables Amortized cost Trade and other receivables Loans and receivables Amortized cost Derivative assets FVTPL
Slide 45: Credit Risk
Credit Risk Superior utilizes a variety of counterparties in relation to its financial derivative and non-financial derivative instruments in order to mitigate its counterparty risk. Superior assesses the creditworthiness of its significant counterparties at the inception and throughout the term of
Slide 46: Commitments and Purchase Obligations
In addition to the commitments mentioned above, Superior has entered into purchase orders and contracts during the normal course of business related to commodity purchase obligations transacted at market prices. Furthermore, Superior has entered into purchase agreements that require it to purchase m
Slide 47: Normal Course Issuer Bid
Superior’s previous normal course issuer bid (“NCIB”) authorized the purchase of up to 24,117,330 common shares and expired on August 6, 2025, the date on which Superior had acquired such maximum number of common shares. The current NCIB commenced on November 19, 2025 and will terminate on the earli
Slide 48: Preferred Shares
The Preferred Shares may be exchanged, at the holder’s option, into 30 million common shares of Superior (“Common Shares”), or at Superior’s option, if the volume weighted average price of Superior’s Common Shares during the then-preceding 30-consecutive-trading-day period, converted to U.S. dollars
Slide 49: Supplemental Disclosure of Condensed Consolidated Statements
14. SUPPLEMENTAL DISCLOSURE OF CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS Three Months Ended March 31 2026 2025 Revenue Revenue from products(1) 847.1 939.5 Revenue from the rendering of services 23.0 29.1 Tank and equipment rental 27.3 39.8 897.4 1,008.4 Cost of sales Cost of products and se
Slide 50: Net Earnings Per Share, Basic and Diluted
15. NET EARNINGS PER SHARE, BASIC AND DILUTED Three Months Ended March 31 Net earnings per share 2026 2025 Basic Net earnings for the period attributable to common shareholders 122.2 141.7 Dividends declared to common shareholders 7.1 7.2 Excess earnings allocated to common shareholders 101.1 120.0
Slide 51: Disaggregation of Revenue
16. DISAGGREGATION OF REVENUE Revenue is disaggregated by primary geographical market, type of customer and major product and service lines. For the Three Months Ended March 31, 2026 Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 212.3 548.3 (8.8) 751.8 Revenue from
Slide 52: Segment Results by Business
Three Months Ended U.S. Canadian Total Inter- Total March 31, 2026 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 559.1 208.5 129.8 – 897.4 – 897.4 Inter-segment 1.0 7.8 – – 8.8 (8.8) – Total revenue 560.1 216.3 129.8 – 906.2 (8.8) 897.4 Cost of sales (include
Slide 53: Three Months Ended March 31, 2025
Three Months Ended U.S. Canadian Total Inter- Total March 31, 2025 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 633.1 227.1 148.2 – 1,008.4 – 1,008.4 Inter-segment 1.2 22.2 – – 23.4 (23.4) – Total revenue 634.3 249.3 148.2 – 1,031.8 (23.4) 1,008.4 Cost of sa
Slide 54: Capital Expenditures
U.S. Canadian Propane Propane CNG Corporate Total Capital expenditures for the three months ended March 31, 2026 Purchase of property, plant and equipment and intangible assets 6.4 1.3 11.3 – 19.0 Vehicle lease additions 0.4 2.1 – – 2.5 Capital expenditures, excluding other lease liabilities 6.8 3.4