Slide 1: Investor Update June 2025
an “ Superior Plus INVESTOR UPDATE June 2025
Slide 2: Forward-Looking Statements and Information and Non-GAAP Financial Measures
Forward-Looking Statements and Information and Non-GAAP Financial Measures This presentation contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this presentation, the words “may”, “will”, “should”
Slide 3: Leading Position in North American Energy Distribution
Leading Position in North American Energy Distribution Focused on Propane and Compressed Natural Gas (CNG) Key Company Stats ~$1.3B $3.4B ~$490M ~500 2,100+ ~750K Market Enterprise 2025E Adj. EBITDA Locations Delivery Vehicles + Customers Capitalization1 Value (US $M)2 MSUs Superior’s Advantages Div
Slide 4: Our Markets Present Significant Longevity and Long-Term Opportunity
Our Markets Present Significant Longevity and Long-Term Opportunity Propane Market Volume Expectations1 CNG Market Volume Expectations2 ~10.7B ~10.7B Gallons Gallons Stable ~9% CAGR 2020 2022 2024 2026E 2028E 2030E 2020 2022 2024 2026E 2028E 2030E Stable, Fragmented Market, Growing Share Growing Mar
Slide 5: Leading North-American Propane Business
Leading North-American Propane Business Superior Propane Superior Propane US Canada Segment Overview 345M 267M ▪ Leading distributor with expansive Residential & Commercial Residential & Commercial 9.5B Gallons 1.2B Gallons footprint and whitespace to grow 1 1 Total Market Gallons 295M Total Market
Slide 6: Virtuous Cycle for Unlocking Differentiated Growth in Propane
Virtuous Cycle for Unlocking Differentiated Growth in Propane Propane Industry has Superior Delivers – a Plan for Historically Failed to Unlocking Significant Value for Capitalize on Opportunities Customers and Shareholders $35M+ $30M+ $5M+ 1,2 1,2 EBITDA EBITDA EBITDA1,2 e De ns prov i ty Im Short-
Slide 7: Cost to Serve Example – Optimized Route Planning
Cost to Serve Example – Optimized Route Planning Customer Illustration Legacy Route Optimized Route Data-Driven Route Optimization Enabled Delivery Delivery Cost-to-Serve ~50% Cost-to-Serve A USD / gallon A USD / gallon Estimated Reduction 3.00 in Cost-to-Serve Customer A 1.50 Bulk Plants Customers
Slide 8: Playing the Long Game with Customer Lifetime Value
Customer Growth Example Playing the Long Game with Customer Lifetime Value Customer A Customer A (Same) Margin per Gallon ($) Margin per Gallon ($) Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Lifetime Value ($) Lifetime Value ($) Year 1 Year 2 Year 3 Ye
Slide 9: Market Leader in Over-the-Road CNG
Market Leader in Over-the-Road CNG 2024 Key Stats 29.4M $148M $192K >700 ~5 Years 842 20 Volume Adj. EBITDA Adj. EBITDA Employees Average MSU Fleet Count Total Hubs (MMBtu) (US $M)1 (US $)1 / MSU Age of MSUs MSU Fleet 2024 Sales Volume 2024 Adj. 842 Breakdown Gross Profit1 Segment Overview ($381M) ▪
Slide 10: CNG: Strong Growth within Core Wellsite Business
CNG: Strong Growth within Core Wellsite Business Wellsite Background Frac Fleet Market Forecast1 (% Composition of Fleet) ▪ Displace diesel with CNG for dual-fuel drilling and completions (frac) equipment 29% 26% 22% ▪ Provide CNG for electric turbines or power 39% generation units for electric frac
Slide 11: Pursue Targeted Expansion in New Industrial Markets and Geographies
Pursue Targeted Expansion in New Industrial Markets and Geographies Current Market Market Growth Opportunities Share Size2 Growth3 Returns Utility Resiliency Market Size (MMBtu / yr1 ) Wellsite ~50% ~60M ~5-10% >15% +15% 67M ▪ Bulk trailer leasing CAGR agreements with major utility clients 33M ~12%
Slide 12: Financial Overview
Financial Overview wn « Superior Plus
Slide 13: First Quarter 2025 Results
First Quarter 2025 Results Dollar amounts are expressed in millions of U.S. dollars, except per share amounts Q1 2025 Q1 2024 YoY Change Key Drivers of Results ▪ Record Adj. EBITDA1 driven by Adjusted EBITDA1 260.5 235.6 10.6% higher volumes, pricing discipline, U.S. Propane Adjusted EBITDA1 163.6 1
Slide 14: 2025 Financial Outlook - Strong Business at a Compelling Valuation
2025 Financial Outlook - Strong Business at a Compelling Valuation 2025 Expectations North American Propane Adjusted EBITDA1 Including $20 million from Superior Delivers 5% to 10% U.S. Propane Distribution Adjusted EBITDA1 1% to 5% 2025 Expectations -1% to -5% Canadian Propane Distribution Adjusted
Slide 15: Exceptional Growth Driving Shareholder Value
Key Assumptions Exceptional Growth Driving Shareholder Value ▪ Interest rates flat ~$570M ~$240M ~$145M ~7% 2025-2027 600 $30 0.00 $2 $12 0 $0.7 5 8.0 % ▪ Minimal investment ~8% 2.4 17. 0% in working capital 550 ~55% $0.6 5 7.0 % ~300 ~40% $1 CAGR $10 0 BPS ▪ 50M shares $25 0.00 2.2 500 CAGR $1 CAGR
Slide 16: Clear Capital Allocation Priorities
Clear Capital Allocation Priorities Share Repurchases Capital Allocation Driving ~2% Shareholder Value Dividends ▪ Capacity to repurchase ~10% ~C$400M of shares Dividends ~20% outstanding from 2025-2027 Share CAPEX ▪ Repaying ~$275M of debt, Capital ~25% Repurchases Capital ~40% contributing to de-l
Slide 17: Strengthening Balance Sheet and Increasing Financial Flexibility
Strengthening Balance Sheet and Increasing Financial Flexibility Debt Maturity Schedule (US$ M)1 No near-term debt maturities $700 $600 $348 Attractive rates and 2025E 2026E 2027E 2028E 2029E maturity profile ~5.50%2 Credit Facility (Drawn) ~4.25% CAN Unsecured Debenture ~4.50% US Unsecured Debentur
Slide 18: Experienced Management Team
Experienced Management Team Executive Leadership Business Unit Leadership Allan MacDonald Grier Colter Darren Hribar Dale Winger Tommy Manion President and CEO EVP and Chief Financial Officer SVP and Chief Legal Officer President of Certarus COO, North American Propane Joined as President and CEO in