Global Partners Lp · NYSE:GLP
Global Partners Lp — Q4 2025 Earnings Presentation
26 slides from Global Partners Lp's earnings presentation, Feb 27, 2026
Slide 1: Global Partners LP Q4 and FY 2025 Investor Presentation
Global Partners LP Q4 and FY 2025 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: Proven Acquire–Integrate–Optimize Strategy
6 Proven Acquire –Integrate - Optimize Strategy Motiva Terminal Portfolio (Q4 2023) • 25-terminal portfolio across the Atlantic Coast, Southeast, and Texas with 8.4MM barrels of aggregate shell capacity • Backed by a minimum take-or-pay throughput agreement with Motiva that includes minimum annual r
Slide 7: DNA and Strategy
7 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 8: Acting Thoughtfully and Sustainably for our Stakeholders
8 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 9: Segment Overview
GLOBAL PARTNERS Segment Overview
Slide 10: Business Overview by Segment
10 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 – Unbran
Slide 11: GDSO: One of the Largest Gasoline and Convenience Store Operators in the Northeast
11 GDSO: One of the Largest Gasoline Large gasoline station and C-store portfolio and Convenience Store Operators Supply 1,524 locations in the Northeast • Own or control 782 sites; ~49% owned 87 91 31 New-to-industry and organic projects • Retail site development and expansion 361 53 • Merchandisin
Slide 12: GDSO – Competitive Strengths
12 GDSO – Competitive Strengths Strategic Advantages Multiple Brands Integrated Business: Integration between supply, terminalling, and wholesale businesses and gas station sites Scale: 1,524 sites with volume of 1.5 billion gallons (TTM 12/31/2025) Preeminent locations: Portfolio of “best-in-class”
Slide 13: JV with ExxonMobil
13 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 14: GDSO – Opportunities
14 501+ 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 15: Wholesale Terminal Network
15 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 16: Commercial Segment
16 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 17: Financial Overview
GLOBAL PARTNERS Financial Overview
Slide 18: Q4 2025 Financial Performance
18 Q4 2025 Financial Performance Product Margin Q4 2025 ($ in millions) Q4 2025 Q4 2024 Distillates & Other Oils 10% Product margin(1) $295.7 $302.0 Gross profit $263.1 $268.8 Wholesale 20% Net income $25.1 $23.9 Station GDSO 78% Operations EBITDA(1) $94.1 $94.6 22% Gasoline and Gasoline Blendstocks
Slide 19: FY 2025 Financial Performance
19 FY 2025 Financial Performance Product Margin FY 2025 ($ in millions) FY 2025 FY 2024 Distillates & Other Oils 10% Product margin(1) $1,193.9 $1,184.0 Gross profit $1,062.0 $1,057.9 Wholesale Station 27% Net income $98.0 $110.3 Operations GDSO 71% 23% Gasoline and EBITDA(1) $378.8 $389.4 Gasoline
Slide 20: Volume and Margin History
20 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 21: Balance Sheet Highlights
21 Balance Sheet Highlights (as of December 31, 2025) • Liquid receivables and inventory comprising 28% of total assets • Remaining assets are comprised primarily of $1.7B of conservatively valued fixed assets • Strategically located, non-replicable terminals and gas stations • $226.1M (14%) of tota
Slide 22: Appendix
GLOBAL PARTNERS Appendix
Slide 23: Financial Reconciliations: Product Margin
23 Financial Reconciliations: Product Margin (In thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2022 2023 2024 2025 2024 2025 Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks $ 86,289 $ 106,982 $ 105,165 $ 181,
Slide 24: Financial Reconciliations: EBITDA & Adjusted EBITDA
24 Financial Reconciliations: EBITDA & Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 (2) 2022 2023 2024 2025 (3) 2024 2025 Reconciliation of net income to EBITDA and adjusted EBITDA Net income $ 60,796 $ 362,207 $ 152,506 $ 110,327 $ 97,977 $
Slide 25: Financial Reconciliations: Distributable Cash Flow
25 Financial Reconciliations: Distributable Cash Flow (In thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 (4) 2022 (5) 2023 2024 2025 (6) 2024 2025 Reconciliation of net income to distributable cash flow and adjusted distributable cash flow Net income $ 60,796 $ 3
Slide 26: Balance Sheet
(as of December 31, 2025) 26 Balance Sheet (In thousands) (Unaudited) Assets Liabilities and partners' equity Current assets: Current liabilities: Cash and cash equivalents $ 12,243 Accounts payable $ 573,202 Accounts receivable, net 530,142 Working capital revolving credit facility - current portio