Slide 1: Superior Reports Second Quarter 2026 Results; Certarus Launches Mobile CNG Fleet Fueling
Superior Reports Second Quarter 2026 Results; Certarus Launches Mobile CNG Fleet Fueling and Signs First Contract All dollar amounts are in USD unless otherwise noted and changes in performance are relative to comparable period of 2025 unless otherwise noted. • Certarus announces the launch of Mobil
Slide 2: Segmented Information and Financial Overview
Segmented Information Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 U.S. Propane Adjusted EBITDA(1) (5.1) – 153.6 163.6 Canadian Propane Adjusted EBITDA(1) 15.7 12.6 71.6 61.7 CNG Adjusted EBITDA(1) 33.6 27.4 72.0 82.5 Adjusted EBITDA from operations(1
Slide 3: Propane Distribution Results and Superior Delivers
Propane Distribution Results and Superior Delivers (changes in performance are relative to the same period of 2025) • Q2 Adjusted EBITDA(1) across propane operations decreased $2.0 million, or 16%, primarily driven by a decline in U.S. Propane, partially offset by an increase in Canadian Propane • S
Slide 4: Superior Plus Corp.
networks. The company is headquartered in Toronto, Ontario, and trades on the Toronto Stock Exchange (“TSX”) under the symbol SPB. Superior has approximately 4,400 employees located in Canada and the United States. FOR MORE INFORMATION Superior Plus Corp. Website: www.superiorplus.com E-mail: invest
Slide 5: Forward-Looking Information
cost-savings and synergies from acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk
Slide 6: Adjusted Net Earnings for Q2 2026
Adjusted Net Earnings for Q2 2026 is calculated as segment profit for the period ($36.8 million) and adjusting for depreciation and amortization ($63.5 million), current taxes ($3.3 million), gain (loss) on disposal ($2.6 million), finance expense ($21.0 million) and the preferred share dividend pai
Slide 7: Management's Discussion and Analysis
MANAGEMENT’S DISCUSSION AND ANALYSIS THREE AND SIX MONTHS ENDED JUNE 30, 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 and six months ended June 30, 2026 a
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 Summary of Adjusted EBITDA
• Superior’s Q2 2026 leverage ratio of 3.6x decreased from 3.8x at Q2 2025. • Superior’s net loss of $59.8 million for the three months ended June 30, 2026, increased by $45.1 million compared to the net loss of $14.7 million in the prior year quarter. (1) These amounts are Non-GAAP financial measur
Slide 10: Results for the three months ended June 30, 2026
Results for the three months ended June 30, 2026 Adjusted EBITDA for the three months ended June 30, 2026, was $36.8 million, an increase of $3.3 million or 10% compared to the prior year quarter Adjusted EBITDA of $33.5 million primarily due to higher Adjusted EBITDA in CNG and Canadian Propane par
Slide 11: Results of Superior's Operating Segments: U.S. Propane
RESULTS OF SUPERIOR’S OPERATING SEGMENTS Superior’s operating segments consists of U.S. Propane, Canadian Propane, CNG and Corporate. U.S. PROPANE U.S. Propane’s operating results: Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 Revenue 207.7 216.1 767.8
Slide 12: U.S. Propane Adjusted Gross Profit
U.S. Propane Adjusted Gross Profit Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 (1) Propane distribution 88.7 87.8 366.1 367.4 Realized (loss) gain on derivatives related to commodity risk management (1) (0.4) 0.3 (0.9) 5.1 Adjusted gross profit relat
Slide 13: U.S. Propane Volumes and Margins
locations. Wholesale sales volumes increased by 4 million gallons or 7% from the prior year quarter due to wholesale customer growth. Adjusted gross profit related to propane distribution for the three months ended June 30, 2026, was $88.3 million, an increase of $0.2 million from the prior year qua
Slide 14: Canadian Propane
CANADIAN PROPANE Canadian Propane’s operating results: Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 Revenue 113.5 117.5 329.8 366.8 Cost of Sales (60.3) (63.6) (173.2) (217.7) Gross profit 53.2 53.9 156.6 149.1 Realized gain on derivatives related to
Slide 15: Canadian Propane Adjusted Gross Profit
Canadian Propane Adjusted Gross Profit Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 Propane distribution (1) 51.0 51.2 151.8 144.2 Realized gain on derivatives related to commodity risk management (1) 5.8 1.0 5.7 1.3 Adjusted gross profit related to p
Slide 16: Canadian Propane Compared to Prior Year Quarter
compared to the prior year quarter. Wholesale sales volumes decreased by 1 million gallons or 8% from the prior year quarter due to the loss of a wholesale customer. Average propane sale margins were 89 cents per gallon, an increase of 7 cents or 9% from 82 cents per gallon in the prior year quarter
Slide 17: CNG
CNG CNG’s operating results: Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 Revenue 113.8 97.5 243.6 245.7 Cost of Sales (9.8) (14.0) (30.1) (41.3) Gross profit 104.0 83.5 213.5 204.4 SD&A (91.1) (75.9) (183.4) (162.6) Add back (deduct): Amortization an
Slide 18: CNG Sales Volumes
CNG Sales Volumes Volumes by Country Three Months Ended Six Months Ended June 30 June 30 (thousands of MMBtu) 2026 2025 2026 2025 United States 7,080 6,059 14,390 12,799 Canada 1,324 1,127 3,396 3,215 Total 8,404 7,186 17,786 16,014 Included in revenue are sales related to natural gas distribution a
Slide 19: CNG Earnings and Financial Outlook
Earnings before income tax was $12.6 million for the three months ended June 30, 2026, an increase of $6.1 million over the prior year quarter earnings of $6.5 million, for the above reasons and the absence of an unrealized loss on foreign currency recognized in the prior year quarter. Financial Out
Slide 20: Consolidated Capital Expenditure Summary
CONSOLIDATED CAPITAL EXPENDITURE SUMMARY Superior’s capital expenditures are as follows: Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 U.S. Propane 10.6 6.0 17.0 11.6 Canadian Propane 4.8 5.5 6.1 7.9 CNG 20.4 8.4 31.7 24.3 Capital expenditures prior to
Slide 21: Financial Overview - GAAP Financial Information
FINANCIAL OVERVIEW - GAAP FINANCIAL INFORMATION Consolidated Statements of Net (Loss) Earnings Three Months Ended Six Months Ended June 30 June 30 (millions of USD dollars, except per share amounts) 2026 2025 2026 2025 Revenue 435.4 423.2 1,332.8 1,431.6 Cost of sales (includes products and services
Slide 22: GAAP Financial Information Not Disclosed in Segments
Below is GAAP financial information not disclosed in Superior’s operating segments for the six months ended June 30, 2026: Net earnings for the six months ended June 30, 2026, were $67.1 million, compared to $131.7 million net earnings in the prior comparable period. The decrease in net earnings was
Slide 23: Net Debt and Borrowing
Net Debt balances are down $210.4 million or 11% from December 31, 2025 due to the seasonality of the business, the impact of the weaker Canadian dollar on the translation of U.S. denominated debt and the impact of the suspended share buy-back program. Net Debt, Pro forma Adjusted EBITDA and Leverag
Slide 24: Contractual Obligations and Other Commitments
Contractual Obligations and Other Commitments (1) Twelve Months ended June 30 2027 2028 2029 2030 2031 Thereafter Total Borrowings before deferred financing fees and discounts(2) 1.9 353.2 788.0 8.4 375.4 0.2 1,527.1 (3) Lease liabilities 42.0 27.6 19.7 13.4 9.5 25.7 137.9 Interest payments on borro
Slide 25: Common Shares Repurchased
For the six months ended June 30, 2026, 4.2 million common shares were repurchased for $22.0 million (C$29.6 million), including commission and taxes, at a volume weighted average cost of approximately $5.24 per common share (approximately C$7.03 per common share). The repurchased shares with a tota
Slide 26: Summary of Cash Flow
SUMMARY OF CASH FLOW Superior’s primary sources and uses of cash are detailed below: Three Months Ended Six Months Ended June 30 June 30 (millions of dollars) 2026 2025 2026 2025 Cash flows from operating activities 127.6 114.8 266.0 266.3 Cash flows used in investing activities (23.6) (17.3) (40.8)
Slide 27: U.S. Dollar Forward Contracts
As at June 30, 2026, a summary of the net notional amounts of Superior’s U.S. dollar forward contracts and the offsetting amounts for the rolling twelve months is provided in the table below. Twelve Months ended June 30 2027 2028 2029 2030 2031 Thereafter Total USD-foreign currency forward sales con
Slide 28: Critical Accounting Policies and Estimates
CRITICAL ACCOUNTING POLICIES AND ESTIMATES The significant accounting policies are described in the audited consolidated financial statements for the year ended December 31, 2025, except for changes disclosed below. Certain of these accounting policies, as well as estimates made by management in app
Slide 29: Quarterly Financial and Operating Information
QUARTERLY FINANCIAL AND OPERATING INFORMATION (millions of dollars, except per share amounts) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Revenue 435.4 897.4 691.0 338.0 423.2 1,008.4 702.3 359.4 Gross profit 247.8 492.4 378.3 191.5 228.9 498.9 374.9 209.1 Net (loss) earnings (59
Slide 30: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Throughout the MD&A, Superior has used the following terms that are not defined by IFRS, but are used by management to evaluate the performance of Superior and its business. These measures may also be used by investors, financial institutions and credi
Slide 31: Per MSU amounts
Per MSU amounts Per MSU amounts represent the operating results of CNG divided by the average number of MSUs for the period. Superior uses per average MSU amounts to evaluate operating productivity. Per MSU amounts are presented in thousands of dollars. Adjusted EBITDA per average MSU Adjusted EBITD
Slide 32: Adjusted net earnings per share
For additional details on Superior’s financial instruments, including the amount and classification of gains and losses recorded, summary of fair values, notional balances, effective rates and terms, and significant assumptions used in the calculation of the fair value of Superior’s financial instru
Slide 33: Free Cash Flow and Net Debt Reconciliation
Three Months Ended Six Months Ended June 30 June 30 (millions of dollars, except per share amounts) 2026 2025 2026 2025 Adjusted EBITDA 36.8 33.5 282.7 294.0 Interest expense (19.8) (20.7) (41.0) (44.3) Taxes paid (14.6) (10.6) (18.1) (16.8) Capital expenditures net of proceeds on dispositions (32.5
Slide 34: Reconciliation of Net Debt and Pro Forma Adjusted EBITDA
Reconciliation of Net Debt and Pro Forma Adjusted EBITDA June 30 December 31 (in millions) 2026 2025 Current borrowings 1.9 5.2 Current lease liabilities 42.0 45.0 Non-current borrowings 1,516.0 1,701.6 Non-current lease liabilities 95.9 109.0 1,655.8 1,860.8 Add back: deferred financing fees and di
Slide 35: Condensed Consolidated Balance Sheets
Superior Plus Corp. Condensed Consolidated Balance Sheets As at As at June 30 December 31 (Unaudited, millions of United States dollars “USD”) Note 2026 2025 Assets Current Assets Cash and cash equivalents 2(c) 27.0 23.8 Trade and other receivables 4 225.6 305.8 Prepaids and deposits 48.4 62.1 Inven
Slide 36: Condensed Consolidated Statements of Changes in Equity
Superior Plus Corp. Condensed Consolidated Statements of Changes in Equity Accumulated Share Other Non-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 37: Condensed Consolidated Statements of Net (Loss) Earnings
Superior Plus Corp. Condensed Consolidated Statements of Net (Loss) Earnings and Total Comprehensive (Loss) Earnings Three Months Ended Six Months Ended June 30 June 30 (Unaudited, millions of USD, except per share amounts) Note 2026 2025 2026 2025 Revenue 14, 16 435.4 423.2 1,332.8 1,431.6 Cost of
Slide 38: Condensed Consolidated Statements of Cash Flows
Superior Plus Corp. Condensed Consolidated Statements of Cash Flows Three Months Ended Six Months Ended June 30 June 30 (Unaudited, millions of USD) Note 2026 2025 2026 2025 OPERATING ACTIVITIES Net (loss) earnings for the period (59.8) (14.7) 67.1 131.7 Adjustments for: Depreciation of property, pl
Slide 39: 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 40: Accounting Policy Amendments
payment system. The amendments also clarify the requirements for assessing whether a financial asset meets the 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
Slide 41: Allowance for Doubtful Accounts, Inventories, Provisions
Superior’s trade receivables are stated after deducting the following allowance for doubtful accounts: June 30 December 31 2026 2025 Allowance for doubtful accounts, beginning of the period/year (12.8) (10.2) Impairment losses recognized on receivables (8.5) (10.2) Amounts written off during the per
Slide 42: Claims and Contingencies
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 43: Borrowings
9. BORROWINGS A summary of borrowings is as follows: Year of Effective Interest June 30 December 31 Maturity Rate 2026 2025 Revolving Term Bank Credit Facilities Canadian Overnight Repo Rate Average (“CORRA”) loan (June 30, 2026 - C$nil and December 31, 2025 - Floating CORRA C$188.0 million)(1) 2030
Slide 44: Financial Covenants and Leasing Arrangements
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 June 30, 2026, Superior is in compliance with all of its financial covenants. Future required repayments of borrowings before deferr
Slide 45: Present Values of Lease Payments
The present values of lease payments are as follows: Minimum Rental Present Value of Minimum Payments Rental Payments June 30 December 31 June 30 December 31 2026 2025 2026 2025 Not later than one year 48.2 52.2 42.0 45.0 Later than one year and not later than five years 81.7 92.8 70.2 79.3 Later th
Slide 46: Fair Value Hierarchy of Financial Instruments
June 30, 2026 Level 1 Level 2 Level 3 Total Assets Foreign currency forward contracts 0.4 – – 0.4 Equity derivative contracts – 1.1 – 1.1 Propane, West Texas Intermediate (“WTI”), heating oil and diesel purchase and sale contracts – 3.6 0.4 4.0 Total assets 0.4 4.7 0.4 5.5 Liabilities Foreign curren
Slide 47: Fair Value 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 48: Gains and Losses on Derivatives
Six Months Ended June 30 2026 2025 Realized Realized Unrealized (Loss) Unrealized Description (Loss) Gain (Loss) Gain Total Gain (Loss) Gain Total Foreign currency forward contracts (0.2) 0.4 0.2 (1.2) (0.5) (1.7) Cross-currency interest rate swaps – 0.3 0.3 – – – Equity derivative contracts - long-
Slide 49: Financial Instruments – Risk Management
Financial Instruments – Risk Management Market Risk Financial derivatives and non-financial derivatives are used by Superior to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices. Superior assesses the inherent risks of these instruments by gr
Slide 50: Liquidity Risk and Contractual Obligations
Superior manages its overall liquidity risk in relation to its general funding requirements by utilizing a mix of short- term and long-term debt instruments. Superior reviews its mix of short-term and long-term debt instruments on an ongoing basis to ensure it is able to meet its liquidity requireme
Slide 51: Income Taxes
12. 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 taxes. Total income tax for the three and six months ended June 30, 2
Slide 52: Share Capital and Preferred Shares
APP liability as at June 30, 2026. The value of the APP as at December 31, 2025, in the amount of $15.3 million (C$21.0 million), has been reversed to deficit in the current period. Preferred Shares of Superior Plus U.S. Holdings The preferred shares issued by Superior’s subsidiary (“Preferred Share
Slide 53: Supplemental Disclosure of Statements of Net (Loss) Earnings
14. SUPPLEMENTAL DISCLOSURE OF CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) EARNINGS Three Months Ended Six Months Ended June 30 June 30 2026 2025 2026 2025 Revenue Revenue from products(1) 390.4 381.6 1,237.5 1,321.1 Revenue from the rendering of services 24.4 21.8 47.4 50.9 Tank and equipment r
Slide 54: Net Earnings Per Share, Basic and Diluted
15. NET EARNINGS PER SHARE, BASIC AND DILUTED Three Months Six Months Ended Ended June 30 June 30 Net (loss) earnings per share 2026 2025 2026 2025 Basic Net (loss) earnings for the period attributable to common shareholders (64.5) (19.4) 57.7 122.3 Dividends declared to common shareholders 6.9 7.4
Slide 55: Earnings Allocation per Equity Instrument
c) The total amount of earnings or loss allocated to each class of equity instrument is divided by the weighted- average number of outstanding instruments (and dilutive potential common shares for diluted earnings per share) to which the earnings are allocated to determine the earnings (loss) per sh
Slide 56: Revenue Disaggregation and Segment Information
For the Six Months Ended June 30, 2025 Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 358.7 824.9 (31.3) 1,152.3 Revenue from delivery of CNG 36.4 132.4 – 168.8 Revenue from services 9.5 41.4 – 50.9 Tank and equipment rental 9.8 49.8 – 59.6 Total revenue 414.4 1,048
Slide 57: Three Months Ended June 30, 2026
Three Months Ended U.S. Canadian Total Inter- Total June 30, 2026 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 207.1 114.5 113.8 – 435.4 – 435.4 Inter-segment 0.6 (1.0) – – (0.4) 0.4 – Total revenue 207.7 113.5 113.8 – 435.0 0.4 435.4 Cost of sales (includes
Slide 58: Six Months Ended June 30, 2026
U.S. Canadian Total Inter- Total Six Months Ended June 30, 2026 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 766.2 323.0 243.6 – 1,332.8 – 1,332.8 Inter-segment 1.6 6.8 – – 8.4 (8.4) – Total revenue 767.8 329.8 243.6 – 1,341.2 (8.4) 1,332.8 Cost of sales (in
Slide 59: Three Months Ended June 30, 2025
Three Months Ended U.S. Canadian Total Inter- Total June 30, 2025 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 213.2 112.5 97.5 – 423.2 – 423.2 Inter-segment 2.9 5.0 – – 7.9 (7.9) – Total revenue 216.1 117.5 97.5 – 431.1 (7.9) 423.2 Cost of sales (includes p
Slide 60: Six Months Ended June 30, 2025
U.S. Canadian Total Inter- Total Six Months Ended June 30, 2025 Propane Propane CNG Corporate Segments segment Consolidated Revenue External customers 846.3 339.6 245.7 – 1,431.6 – 1,431.6 Inter-segment 4.1 27.2 – – 31.3 (31.3) – Total revenue 850.4 366.8 245.7 – 1,462.9 (31.3) 1,431.6 Cost of sales
Slide 61: Net Working Capital, Total Assets, Total Liabilities and Capital Expenditures
Net Working Capital, Total Assets, Total Liabilities and Capital Expenditures U.S. Canadian Propane Propane CNG Corporate Total As at June 30, 2026 Net working capital (deficit)(1) (36.7) (4.9) 49.9 (23.1) (14.8) Total assets 1,763.6 650.7 896.5 62.9 3,373.7 Total liabilities 406.9 145.2 141.1 1,564
Slide 62: Geographical Information
19. GEOGRAPHICAL INFORMATION Total U.S. Canada Other Consolidated Revenue for the three months ended June 30, 2026 298.4 137.0 – 435.4 Revenue for the six months ended June 30, 2026 954.6 378.2 – 1,332.8 Property, plant and equipment as at June 30, 2026 484.6 693.7 – 1,178.3 Right-of-use assets as a