Superior Plus (SPB) Q2 2026 earnings summary

Executive summary

• Achieved year-over-year growth in adjusted EBITDA, up 10% to $36.8 million, with per-share growth of 40% due to higher EBITDA and lower shares outstanding.

• Certarus delivered record second quarter results, driven by strong industrial and data center demand, and expanded its hub network to 23 locations.

• Launched a new Mobile CNG Fleet Fueling business, securing its first contract with a global logistics company and positioning for long-term growth in CNG-powered trucking.

• Data center business expanded with a new contract and a strong pipeline.

• Propane business performed as expected in the seasonally slow quarter, with ongoing transformation efforts focused on service, retention, and operational readiness.

Financial highlights

• Q2 adjusted EBITDA was $36.8 million, up 10% year-over-year; adjusted EBITDA per share rose 40% to $0.07.

• Q2 revenue increased to $435.4 million from $423.2 million year-over-year.

• Q2 gross profit rose to $247.8 million from $228.9 million year-over-year.

• Q2 net loss widened to $59.8 million from $14.7 million year-over-year.

• Free cash flow was negative $35 million, $2.6 million lower than last year, due to higher capital spending and tax timing; free cash flow per share was $(0.16) in Q2.

• U.S. propane adjusted EBITDA was negative $5.1 million, down from flat last year; Canadian propane adjusted EBITDA rose 25% to $15.7 million, aided by favorable carbon credit pricing and procurement.

• CNG adjusted EBITDA grew 23% to $33.6 million, driven by industrial and data center volumes and favorable commodity prices.

• Corporate operating costs increased 14% to $7.4 million, mainly due to higher incentive plan costs.

Outlook and guidance

• Reaffirmed 2026 EBITDA growth expectation of 2%, with Certarus expected to grow in the second half and propane transformation benefits to support Q4.

• Maintained total CapEx guidance of $230 million for 2026, with increased CNG equipment spending in Q3 and Q4 for upcoming data center contracts.

• Anticipates leverage to rise to 4.0x by year-end as growth investments ramp up, with 2027 EBITDA growth expected at approximately 5%.

• Expects leverage ratio of ~3.9x at end of 2026 and 3.5x by end of 2027.

• No further share repurchases anticipated due to focus on growth investments.