Superior Plus Corp

SPB

Equity

ISIN null / Valor 4884656

Toronto Stock Exchange (2026-02-23)

CAD 6.36-1.85%

Superior Plus Corp
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About company

Superior Plus Corp is a prominent North American company specializing in the distribution of propane, compressed natural gas (CNG), renewable natural gas (RNG), hydrogen, and related energy products and services. It caters to a diverse clientele, including residential, commercial, utility, agricultural, and industrial sectors, across approximately 936,500 customer locations in the United States and Canada. The company's operations focus on delivering clean-burning fuels, particularly to customers without access to pipeline connections, thereby supporting the transition to less carbon-intensive energy sources. Superior Plus Corp aims to generate stable cash flows and sustainable returns for its shareholders through the growth and operational excellence of its businesses, leveraging opportunities for expansion both within North America and internationally.

Summarized from source with an LLMView SourceSector: Finance

Q3 and YTD headline figures

Q3 2025 revenue $338.0M (vs. $359.4M in Q3 2024); Q3 Adjusted EBITDA $7.6M (vs. $17.4M); YTD revenue $1,769.6M and YTD Adjusted EBITDA $301.6M. Q3 basic/diluted loss per share attributable to Superior was $(0.47); Adjusted EBITDA per share Q3 $0.03 and YTD $1.16. Free Cash Flow per share Q3 ($0.32), YTD $0.51.

Guidance and drivers

Superior lowered its 2025 expected Adjusted EBITDA growth to ~2% (from 8%). The downward revision is driven by weaker CNG results (lower wellsite pricing) and lower-than-expected Propane performance due to one‑time delivery‑technology implementation costs and a temporary wholesale supply disruption.

Propane (U.S. & Canada) performance

Q3 Propane Adjusted EBITDA by segment: U.S. Propane (Q3) $(14.0)M (weaker volumes/margins), Canadian Propane Q3 $2.5M. YTD Propane Adjusted EBITDA rose modestly; Superior Delivers contributed ~$5M YTD but had a nominal Q3 contribution after one‑time costs (~$11M) tied to workforce changes and delivery tech implementation.

CNG (Certarus) performance

Q3 CNG Adjusted EBITDA $25.7M (down 15% YoY) due to pricing pressure in the Permian wellsite business; volumes rose ~1% (7,112,000 MMBtu). CNG YTD Adjusted EBITDA $108.2M; capex disciplined with YTD CNG capex down >$50M to $33M while maintaining roughly flat EBITDA.

Capital allocation — buybacks and dividend

YTD Superior repurchased ~15.4M common shares (≈6.5% of float) at an average C$7.10 (~C$107.3M); over the past year ~26M shares (~10.8%). Company expects to allocate ~C$135M for repurchases in 2025. Quarterly dividend declared C$0.045 per share (payable Jan 15, 2026).

Cost actions and transformation targets

Company reduced non‑field workforce ~12% (one‑time cost ~C$11M) with expected incremental annual savings ~C$5M starting Q2 2026. Management now expects Superior Delivers to generate at least $75M of incremental Adjusted EBITDA by 2027 (downside near-term contribution reduced vs prior expectation).

Balance sheet / leverage and outlook

Q3 2025 leverage ~3.9x (down slightly from 4.0x a year prior); management now expects to finish 2025 near ~4.0x (vs. original 3.6x target) and to reach a 3.0x leverage target by 2027. Net debt and non‑GAAP measures are detailed in the MD&A/financial statements.

Other operational notes

Management appointed Deena LaMarque Piquion as Chief Commercial Officer, North American Propane. Company continues investments in scheduling/ delivery optimization tools (deployed to all markets) and reports improved fill rates per delivery and operating efficiencies across segments.

Summarized from source with an LLMView Source

Key figures

6.18%1Y

-42.4%3Y

-52.3%5Y

Performance

36.7%1Y

32.0%3Y

28.9%5Y

Volatility