Global Partners Lp · NYSE:GLP
Global Partners Lp — Q2 2026 Earnings Presentation
25 slides from Global Partners Lp's earnings presentation, 2026
Slide 1: Global Partners LP Q2 2026 Investor Presentation
Global Partners LP Q2 2026 Investor Presentation
Slide 2: Forward-Looking Statements
2 Forward - Looking Statements Certain statements and information in this presentation may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looki
Slide 3: Use of Non-GAAP Financial Measures
3 Use of Non - GAAP Financial Measures This presentation contains non-GAAP financial measures relating to Global Partners. A reconciliation of these measures to the most directly comparable GAAP measures is available in the Appendix to this presentation. For additional detail regarding selected item
Slide 4: Global at a Glance
4 Global at a Glance • Master Limited Partnership (NYSE “GLP”) that • Dedicated storage at 54 liquid energy terminals completed its initial public offering in 2005 spanning from Maine to Florida and into the U.S. Gulf States • One of the largest independent owners, operators and/or • Leading wholesa
Slide 5: Investment Highlights
5 Investment Highlights • Demonstrated track record of successfully acquiring, integrating, and optimizing terminal and retail fuel assets • Vertically integrated business model enhances throughput volumes and supports margin expansion • Robust balance sheet provides strategic flexibility and suppor
Slide 6: DNA and Strategy
6 DNA and Strategy Integration: We operate a uniquely integrated refined products distribution system through our terminal network, wholesale market Sourcing and Logistics presence and large portfolio of retail Origin and Transportation - Delivery and Storage gasoline stations. This integrated model
Slide 7: Acting Thoughtfully and Sustainably for our Stakeholders
7 Acting Thoughtfully and Sustainably for our Stakeholders FUELING THE FUTURE ENERGY EFFICIENCY AND CONSERVATION • Years of experience in the sourcing and • Deploy advanced remote-energy monitoring distribution of biofuels technology to audit and optimize terminal and c-store electricity usage • Con
Slide 8: Segment Overview
GLOBAL PARTNERS Segment Overview
Slide 9: Business Overview by Segment
9 Business Overview by Segment Gasoline Distribution & Wholesale Commercial Station Operations Retail gasoline sales Bulk purchase, Sales and deliveries to end user – Branded and unbranded movement, storage, and sale of: customers of: Rental income from: – Gasoline and gasoline blendstocks – Unbrand
Slide 10: GDSO: One of the Largest Gasoline and Convenience Store Operators in the Northeast
10 GDSO: One of the Largest Gasoline Large gasoline station and C-store portfolio and Convenience Store Operators Supply 1,505 locations in the Northeast • Own or control 779 sites; ~49% owned 86 89 31 New-to-industry and organic projects • Retail site development and expansion 359 54 • Merchandisin
Slide 11: GDSO – Competitive Strengths
11 GDSO – Competitive Strengths Strategic Advantages Multiple Brands Integrated Business: Integration between supply, terminalling, and wholesale businesses and gas station sites Scale: 1,505 sites with volume of 1.4 billion gallons (TTM 6/30/2026) Preeminent locations: Portfolio of “best-in-class”
Slide 12: JV with ExxonMobil
12 JV with ExxonMobil Expands Global’s Reach into the Large and Growing Houston Market • Houston is 4th largest city in the U.S., with approximately 7 million residents • Over the past decade Houston has added 1.1 million new residents, making it the fastest- growing city among the 10 most populous
Slide 13: GDSO – Opportunities
13 501+ Stores GDSO – Opportunities 1-10 Stores 22% of Operators (34,042) 63% of Operators (95,946) C-Store Market Remains Fragmented with Significant Opportunity for 201-500 Stores Consolidation 3% of Operators (4,502) 51-200 Stores U.S. Convenience Store Composition 6% of Operators (8,694) By Chai
Slide 14: Wholesale Terminal Network
14 Wholesale Terminal Network Amounts in Barrels* New Haven, CT (2): 1,080 Greensboro, NC: 252K Wethersfield, CT: 183K Fayetteville, NC: 215K Bridgeport, CT: 110K Apex, NC: 214K Port Everglades, FL (3): 1,864K Stampede, ND: 452K Tampa, FL: 599K Beulah, ND: 280K Doraville, GA (3): 658K Clatskanie, OR
Slide 15: Commercial Segment
15 Commercial Segment Delivered fuel business – Commercial and industrial customers as well as federal agencies, states, and municipalities – Through competitive bidding process or through contracts of various terms Bunkering – Marine vessel fueling – Custom blending and delivered by barge or from a
Slide 16: Financial Overview
GLOBAL PARTNERS Financial Overview
Slide 17: Q2 2026 Financial Performance
17 Q2 2026 Financial Performance Product Margin Q2 2026 ($ in millions) Q2 2026 Q2 2025 Product margin(1) $362.2 $305.7 Distillates & Other Oils 8% Gross profit $328.9 $272.4 Station Wholesale Net income $71.0 $25.2 Operations 29% 20% GDSO 68% EBITDA(1) $146.0 $95.7 Gasoline and Adjusted EBITDA(1) $
Slide 18: 1H 2026 Financial Performance
1H 2026 Financial Performance 18 Product Margin 1H 2026 ($ in millions) 1H 2026 1H 2025 Product margin(1) $727.3 $594.4 Distillates & Other Oils 11% Gross profit $661.1 $527.6 Station Wholesale Net income $141.1 $43.9 Operations 36% 18% EBITDA(1) $288.1 $187.6 GDSO 61% Gasoline and Adjusted EBITDA(1
Slide 19: Volume and Margin History
19 Volume and Margin History Consistency Variability • Driving cars and trucks • Market and economic conditions • Heating buildings and homes • Weather • Term contracts • Seasonality • Rental income and C-Store sales C-Store & Sundry Rent Total CPG Retail CPG* $400.0 ($ in millions) (Cents per gallo
Slide 20: Balance Sheet Highlights (as of June 30, 2026)
20 Balance Sheet Highlights (as of June 30, 2026) • Liquid receivables and inventory comprising 32% of total assets • Remaining assets are comprised primarily of $1.7B of conservatively valued fixed assets • Strategically located, non-replicable terminals and gas stations • $174.6M (12%) of total de
Slide 21: Appendix
GLOBAL PARTNERS Appendix
Slide 22: Financial Reconciliations: Product Margin
22 Financial Reconciliations: Product Margin (In thousands) (Unaudited) Trailing Twelve Three Months Ended Six Months Ended Months Ended Year Ended December 31, June 30 June 30, June 30 2021 2022 2023 2024 2025 2025 2026 2025 2026 2026 Reconciliation of gross profit to product margin Wholesale segme
Slide 23: Financial Reconciliations: EBITDA & Adjusted EBITDA
23 Financial Reconciliations: EBITDA & Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended Six Months Ended Year Ended December 31, June 30, June 30, 2021 (2) 2022 2023 2024 2025 (3) 2025 2026 2025 2026 Reconciliation of net income to EBITDA and adjusted EBITDA Net income $ 60,796 $ 362,20
Slide 24: Financial Reconciliations: Distributable Cash Flow
24 Financial Reconciliations: Distributable Cash Flow (In thousands) (Unaudited) Three Months Ended Six Months Ended Year Ended December 31, June 30, June 30, 2021 (4) 2022 (5) 2023 2024 2025 (6) 2025 2026 2025 2026 Reconciliation of net income to distributable cash flow and adjusted distributable c
Slide 25: Balance Sheet (as of June 30, 2026)
(as of June 30, 2026) 25 Balance Sheet (In thousands) (Unaudited) Assets Liabilities and partners' equity Current assets: Current liabilities: Cash and cash equivalents $ 23,913 Accounts payable $ 714,317 Accounts receivable, net 706,324 Working capital revolving credit facility - current portion 74