Superior Plus Q4 Earnings Call Highlights

Superior Plus (TSE:SPB) executives told investors that 2025 marked a “significant transition” twelvemonth arsenic the institution pushed guardant with its “Superior Delivers” translation successful propane portion its Certarus compressed earthy state (CNG) concern faced a crisp pricing downturn successful the wellsite market.

On the company’s fourth-quarter call, President and CEO Allan MacDonald said absorption is “staying the course” connected its $75 cardinal Superior Delivers target, but acknowledged the programme volition instrumentality longer than primitively planned to afloat present its intended benefits. Chief Financial Officer Grier Colter said the extended timeline, combined with little CNG pricing, led the institution to revise its multi-year outlook and reset expectations for 2027.

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Colter reported full-year adjusted EBITDA of $463.5 million, up astir 2% twelvemonth implicit year, driven by humble maturation successful U.S. and Canadian propane and partially offset by a diminution successful CNG. Fourth-quarter adjusted EBITDA was $161.9 million, besides up 2% versus the prior-year quarter.

Per-share metrics improved much sharply, which absorption attributed mostly to a little stock number from buybacks, arsenic good arsenic little involvement costs and higher propane EBITDA. Colter said full-year adjusted EBITDA per stock was $1.46, up 15%, portion adjusted nett net per stock roseate 94% to $0.31 and escaped currency travel per stock climbed to $0.87. In the 4th quarter, adjusted EBITDA per stock was $0.55 (up 12%), adjusted nett net per stock were $0.27 (up 17%), and escaped currency travel per stock was $0.37 (up 23%).

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MacDonald said Superior Delivers is intended to physique a lower-cost, much resilient propane level that performs consistently done wintertime volatility. However, helium described the 2025–2026 wintertime play arsenic a accent trial that exposed execution challenges portion the institution was inactive transitioning to a leaner operating exemplary and caller transportation methods.

He said crisp localized demand, hard roadworthy conditions, and a transportation web that had not yet reached afloat optimization added complexity during highest request periods. Management besides acknowledged that aboriginal iterations of transportation tools “did not execute arsenic intended,” contributing to lower-than-optimal lawsuit vessel levels heading into winter. MacDonald said those issues person been addressed with updated tools and transportation methodologies, and that show and predictability person improved.