Global Partners Lp · NYSE:GLP
Global Partners Lp — Q2 2026 Earnings Presentation
24 slides from Global Partners Lp's earnings presentation, Aug 7, 2026
Slide 1: Global Partners LP Investor Presentation
Global Partners LP Q1 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 1,513 locations in the Northeast • Own or control 781 sites; ~49% owned 86 91 31 New-to-industry and organic projects • Retail site development and expansion 360 53 • 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: 1,513 sites with volume of 1.5 billion gallons (TTM 3/31/2026) 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: Q1 2026 Financial Performance
17 Q1 2026 Financial Performance Product Margin Q1 2026 ($ in millions) Q1 2026 Q1 2025 Product margin(1) $365.1 $288.6 Distillates & Other Oils 14% Gross profit $332.2 $255.2 Station Wholesale Net income $70.1 $18.7 Operations 42% 17% GDSO 55% EBITDA(1) $142.1 $91.9 Gasoline and Adjusted EBITDA(1)
Slide 18: Volume and Margin History
18 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 19: Balance Sheet Highlights
19 Balance Sheet Highlights (as of March 31, 2026) • Liquid receivables and inventory comprising 35% of total assets • Remaining assets are comprised primarily of $1.7B of conservatively valued fixed assets • Strategically located, non-replicable terminals and gas stations • $408.3M (23%) of total d
Slide 20: Appendix
GLOBAL PARTNERS Appendix
Slide 21: Financial Reconciliations: Product Margin
21 Financial Reconciliations: Product Margin (In thousands) (Unaudited) Trailing Twelve Three Months Ended Months Ended Year Ended December 31, March 31, March 31, 2021 2022 2023 2024 2025 2025 2026 2026 Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blends
Slide 22: Financial Reconciliations: EBITDA & Adjusted EBITDA
22 Financial Reconciliations: EBITDA & Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended Year Ended December 31, March 31, 2021 (2) 2022 2023 2024 2025 (3) 2025 2026 Reconciliation of net income to EBITDA and adjusted EBITDA Net income $ 60,796 $ 362,207 $ 152,506 $ 110,327 $ 97,977 $ 18
Slide 23: Financial Reconciliations: Distributable Cash Flow
23 Financial Reconciliations: Distributable Cash Flow (In thousands) (Unaudited) Three Months Ended Year Ended December 31, March 31, 2021 (4) 2022 (5) 2023 2024 2025 (6) 2025 2026 Reconciliation of net income to distributable cash flow and adjusted distributable cash flow Net income $ 60,796 $ 362,
Slide 24: Balance Sheet
(as of March 31, 2026) 24 Balance Sheet (In thousands) (Unaudited) Assets Liabilities and partners' equity Current assets: Current liabilities: Cash and cash equivalents $ 18,373 Accounts payable $ 749,817 Accounts receivable, net 772,949 Working capital revolving credit facility - current portion 3