Superior Plus (SPB) Q4 2025 earnings summary

Executive summary

• FY25 Adjusted EBITDA rose 2% to $463.5M, driven by 4% growth in propane and a 4% decline in CNG, with Q4 Adjusted EBITDA at $161.9M, up 2% year-over-year.

• Free Cash Flow per share surged 89% to $0.87, and Adjusted Net Earnings per share rose 94% to $0.31.

• 8% of outstanding shares repurchased in FY25; 13% since Nov 2024.

• Certarus faced a difficult macroeconomic environment, especially in the wellsite business, due to oil and gas downturn and pricing pressure.

• Superior Delivers transformation is now expected to take three years, with full benefits realized in 2028.

Financial highlights

• FY25 revenue grew to $2,460.6M from $2,382.3M year-over-year.

• FY25 net earnings were $79.7M, reversing a loss of $17.9M in FY24.

• U.S. Propane Adjusted EBITDA for 2025 was $246.3M, up 5% year-over-year; Canadian Propane Adjusted EBITDA was $100.4M, up 2%.

• CNG Adjusted EBITDA for 2025 was $142.5M, down 4% year-over-year.

• Superior Delivers contributed $16.2M to FY25 Adjusted EBITDA and $11.2M in Q4.

Outlook and guidance

• 2026 Adjusted EBITDA is expected to grow by 2%, with propane up 3–8% and CNG down 4–9%.

• Superior Delivers is expected to contribute $50M in 2026, up $16M from 2025.

• CapEx for 2026 is projected at $160M, mainly for U.S. propane fleet updates.

• Share repurchases planned in the range of $50–$100M in 2026.

• Multi-year EBITDA CAGR outlook revised to 2% for 2024–2027, down from 8%.