Global Partners Lp · NYSE:GLP
Global Partners Lp — Q2 2025 Earnings Presentation
26 slides from Global Partners Lp's earnings presentation, Aug 7, 2025
Slide 1: Global Partners LP Q2 2025 Investor Presentation
Global Partners LP GLOBAL Q2 2025 Investor Presentation PARTNERS
Slide 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-looking statements, which are genera
Slide 3: 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 items impacting comparability, please visit
Slide 4: Master Limited Partnership (NYSE "GLP") that completed its IPO in 2005
• 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 wholesale distributor of pro
Slide 5: Demonstrated track record of acquiring, integrating, and optimizing terminal and retail fuel assets
• 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 supports continued growth init
Slide 6: Acquired and integrated liquid energy terminals
Acquired and integrated 25 liquid energy terminals from Motiva Enterprises for $313MM in cash • Strategically located on the Atlantic Coast, the Southeast, and in Texas, with 8.4MM bbls of aggregate shell capacity • Backed by minimum take-or-pay throughput agreement with Motiva that includes minimum
Slide 7: We operate a uniquely integrated refined products distribution system
Integration: We operate a uniquely integrated refined products distribution system through our terminal network, wholesale market presence and large portfolio of retail Origin and Transportation - Delivery and Storage gasoline stations. This integrated model drives product margin along each step of
Slide 8: Years of experience in the sourcing and distribution of biofuels
• 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 • Concentrated efforts to expand EV charging access across current retail locations and • Purchase net metering credit
Slide 9: Segment Overview
GLOBAL PARTNERS Segment Overview
Slide 10: Gasoline Distribution & Station Operations; Wholesale; Commercial
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 – Unbranded gasoline – Dealers – Distill
Slide 11: Large gasoline station and C-store portfolio
Large gasoline station and C-store portfolio Supply 1,553 locations • Own or control 783 sites; ~49% owned 88 96 32 New-to-industry and organic projects • Retail site development and expansion 368 54 • Merchandising and rebranding 295 118 324 • Co-branding initiatives 13 68 Site Type (as of 6/30/202
Slide 12: Strategic Advantages; Multiple Brands
Strategic Advantages Multiple Brands Integrated Business: Integration between supply, terminalling, and wholesale businesses and gas station sites Scale: 1,553 sites with volume of 1.6 billion gallons (TTM 6/30/2025) Preeminent locations: Portfolio of “best-in-class” sites in Northeast and Mid-Atlan
Slide 13: Expands Global's Reach into the Large and Growing Houston Market
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 U.S. metropolitan mark
Slide 14: C-Store Market Remains Fragmented with Significant Opportunity for Consolidation
501+ Stores 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 Chain Size(1) • Strong track
Slide 15: ~21.8 million bbls of terminal capacity
Amounts in Barrels* New Haven, CT (3): 1,168K 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: 200K Bainbridge, GA: 261K P
Slide 16: Delivered fuel business and bunkering
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 terminal dock to ship
Slide 17: Financial Overview
GLOBAL PARTNERS Financial Overview
Slide 18: Q2 2025 financial results and drivers vs. Q2 2024
($ in millions) Q2 2025 Q2 2024 Distillates & Other Oils 11% Product margin(1) $305.7 $319.6 Gross profit $272.4 $287.9 Wholesale GDSO 68% 30% Net income $25.2 $46.1 Station Operations EBITDA(1) $95.7 $118.8 Gasoline and 23% Gasoline Blendstocks 19% Adjusted EBITDA(1) $98.2 $121.1 Maintenance capex
Slide 19: 1H 2025 financial results and drivers vs. 1H 2024
($ in millions) 1H 2025 1H 2024 Distillates & Other Oils 12% Product margin(1) $594.4 $563.6 Gross profit $527.6 $503.0 Wholesale GDSO 67% 31% Net income $43.9 $40.5 Station Operations EBITDA(1) $187.6 $175.7 Gasoline and 22% Gasoline Blendstocks 19% Adjusted EBITDA(1) $189.4 $177.3 Maintenance cape
Slide 20: C-Store & Sundry; Retail CPG consistency and variability
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 gallon) 40 36.5 36.9 35.7 $350.0 3
Slide 21: Balance sheet and debt as of June 30, 2025
(as of June 30, 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 • $198.5M (13%) of total debt under working capital fac
Slide 22: Appendix
GLOBAL PARTNERS Appendix
Slide 23: Reconciliation of gross profit to 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, 2020 2021 2022 2023 2024 2024 2025 2024 2025 2025 Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks $ 101
Slide 24: Reconciliation of net income (loss) to EBITDA and adjusted EBITDA
(In thousands) (Unaudited) Three Months Ended Six Months Ended Year Ended December 31, June 30, June 30, 2020 (2) 2021 (3) 2022 2023 2024 2024 2025 (4) 2024 2025 (4) Reconciliation of net income (loss) to EBITDA and adjusted EBITDA Net income (loss) $ 101,682 $ 60,796 $ 362,207 $ 152,506 $ 110,327 $
Slide 25: Reconciliation of net income (loss) to distributable cash flow
(In thousands) (Unaudited) Three Months Ended Six Months Ended Year Ended December 31, June 30, June 30, 2020 (4) 2021 (5) 2022 (6) 2023 2024 2024 2025 (7) 2024 2025 (7) Reconciliation of net income (loss) to distributable cash flow and adjusted distributable cash flow Net income (loss) $ 101,682 $
Slide 26: Balance sheet as of June 30, 2025
(as of June 30, 2025) (In thousands) (Unaudited) Liabilities and partners' equity Assets Current liabilities: Current assets: Accounts payable $ 590,352 Cash and cash equivalents $ 16,097 Accounts receivable, net 563,964 Working capital revolving credit facility - current portion 98,500 Accounts rec