Superior Reports Third Quarter 2026 Results, Including Record Q3 Adjusted EBITDA in CNG

Superior Plus Corp. ("Superior" or "the company") (TSX: SPB) today released its third quarter results for the period ended September 30, 2026.

"Superior’s third quarter results reflected important progress across both of our businesses," said Allan MacDonald, President and Chief Executive Officer. “Certarus continues to have an exceptional year and is better positioned for growth today than at any point in its history. We delivered another strong quarter, with CNG Adjusted EBITDA increasing more than 40%. Rapidly increasing power demand, constraints on permanent energy infrastructure and the significant cost advantage of CNG relative to diesel are creating opportunities across the business and driving an increase to our 2026 CNG growth expectations. With the largest hub network in the industry and a flexible, scalable platform, Certarus is well positioned to capture growth.”

“In propane, we remain confident in Superior Delivers and are entering the heating season better prepared. We are taking a long-term view of the business, and our focus is on disciplined execution, serving our customers safely and reliably, and demonstrating what our model can deliver. We learned valuable lessons and are taking a deliberate approach this year, maintaining additional capacity and other safeguards to protect the customer experience. As such, we are revising our propane Adjusted EBITDA expectations for the remainder of 2026.”

Q3 2026 Financial Overview

Q3 2026 Segment Performance

Propane Distribution and Superior Delivers
Procures, wholesales, markets, transports and delivers propane and other liquid fuels and related products in the U.S. and Canada

• Propane Adjusted EBITDA⁽¹⁾ of ($20.0) million decreased $8.5 million from ($11.5) million in 2025, or 74%. U.S. Propane decreased $8.2 million, or 59% due to lower retail sales volumes due in part to temporarily elevated attrition following last winter, higher operating costs and lower service gross profit partially offset by an increase in wholesale sales volumes. Canadian Propane decreased $0.3 million, or 12% due to weaker market differentials and a stronger US dollar, partially offset by procurement savings from Superior Delivers initiatives
• U.S. Propane Distribution volumes for the quarter of 100 million gallons increased 4 million gallons, or 4% while average weather, as measured by degree days, across markets where U.S. propane operates for the quarter was 9% warmer than the prior year and 2% colder than the five-year average. Note: heating degree days are less meaningful in the seasonally slow second and third quarters
• Canadian Propane Distribution volumes for the quarter of 48 million gallons increased 1 million gallons, or 2% while average weather, as measured by degree days, across markets where Canadian propane operates for the quarter was 7% colder than the prior year and 8% colder than the five-year average. Note: heating degree days are less meaningful in the seasonally slow second and third quarters
• Superior Delivers contributed $3 million to Adjusted EBITDA⁽¹⁾ in the quarter and $20 million year-to-date and is now expected to contribute approximately $30 million in 2026. The company remains confident in the transformation and continues to expect Superior Delivers to contribute at least $75 million in 2028

CNG
Procures, transports and delivers compressed natural gas throughout the U.S. and Canada

• CNG Adjusted EBITDA⁽¹⁾ increased $10.8 million, or 42%, to a record $36.5 million, driven by continued growth in its industrial and data center business and increased wellsite activity partially offset by higher operating costs
• Volumes increased 23% to 8,722,000 MMBtu, driven by record volumes in both wellsite and industrial end markets
• Operating costs per MMBtu increased 9%, primarily due to higher salaries, wages and trucking costs as the company is relying more on third-party trucking during its growth phase
• CNG continues to build on its industry leading North American footprint and is on track to add four new hubs in 2026, bringing the total to 25 and is on track to have nearly 1,000 MSUs in its fleet by year-end, facilitating CNG’s significant expansion in the coming years
• Certarus recently began operations of its first Mobile CNG Fleet Fueling^TM deployment for a leading global logistics company in Houston, Texas and began work to open a hub that will serve a second Mobile CNG Fleet Fueling^TM customer in California beginning in 2027
• The pipeline for wellsite, industrial, data center and Mobile CNG Fleet Fueling^TM work is expected to propel continued gains into 2027

Balance Sheet and Capital Allocation

• Superior did not repurchase common shares in the quarter and does not expect to for the remainder of 2026. Common shares outstanding were 214.6 million at September 30, 2026, down 4% from a year ago
• Capital expenditures including lease additions⁽¹⁾ for the nine months ended September 30, 2026 were $145.5 million compared to $89.1 million in the prior year. The increase reflects the reprioritization of capital to investments in the CNG segment, driven by rapidly developing opportunities in power generation for data center customers and growth in the transportation market. The company remains on track with its 2026 capital expenditure plans
• Superior is declaring a quarterly common share dividend of C$0.045 per share, payable to shareholders of record as of December 31, 2026. The common share dividend will be payable on January 15, 2027
• Leverage Ratio⁽¹⁾ of 3.8x compared to 3.9x a year ago and 4.0x at prior year-end, reflecting lower net debt balances, partially offset by lower Adjusted EBITDA⁽¹⁾
• The company continues to expect a Leverage Ratio of approximately 3.9x at the end of 2026 and now expects it to be 3.8x at the end of 2027. If the company were to redeem its preferred shares using incremental debt, its 2027 targeted Leverage Ratio would increase by approximately 0.5x
• Superior remains committed to reducing leverage towards 3.0x over time to preserve financial flexibility and support future growth
• Superior has $285.3 million of available liquidity under its revolving credit facility

2026 Outlook
Superior is revising its 2026 Adjusted EBITDA estimate from approximately 2% growth to a 2% decline. Anticipated 2026 CNG Adjusted EBITDA growth has improved to ~5% driven by stronger-than-expected growth in the data center and industrial segments coupled with continued strength in the wellsite business. This growth is not expected to offset a decline in propane, driven by capacity investments to improve winter readiness as well as temporarily elevated customer attrition following last winter.

Despite lower than expected Adjusted EBITDA growth in 2026, the company continues to expect to exit the year at 3.9x leverage as lower Adjusted EBITDA is expected to be offset by lower debt levels due to favourability in net working capital balances.

The company continues to expect growth in Adjusted EBITDA of approximately 5% from 2026 to 2027.

MD&A and Financial Statements
Superior’s MD&A and the unaudited condensed Consolidated Financial Statements as at and for the quarter ended September 30, 2026, provide a detailed explanation of Superior’s operating results. These documents are available online on Superior’s website at Superior Plus Financial Reports and on Superior’s profile at SEDAR+.

2026 Third Quarter Conference Call
A conference call and webcast to discuss the 2026 third quarter financial results will be held at 8:30 AM EST on Wednesday, November 11, 2026. To register as a participant, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: https://www.superiorplus.com/ under the Events section.

About Superior Plus
Superior is a North American distributor and marketer of propane, compressed natural gas (“CNG”), hydrogen and related products and services, and transports renewable natural gas (“RNG”) from production facilities to natural gas distribution networks. The company is headquartered in Toronto, Ontario, and trades on the Toronto Stock Exchange (“TSX”) under the symbol SPB. Superior has approximately 4,400 employees located in Canada and the United States.

Forward-Looking Information
This news release contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws. When used in this presentation, the words “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “forecast”, “project”, “intend”, “target”, “potential”, “continue” or the negative of these terms or terminology of a similar nature as they relate to Superior or an affiliate/subsidiary of Superior are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, information and statements relating to: Superior’s future financial position, the anticipated initiatives, impact of, and our ability to successfully execute on the Superior Delivers transformation, expected 2026 Adjusted EBITDA decline and the underlying segment 2026 Adjusted EBITDA expectations, expected Adjusted EBITDA growth from 2026 to 2027, expected 2026 Adjusted EBITDA of $30 million attributable to Superior Delivers initiatives in 2026 and $75+ million in 2028, the expectation that capital will not be directed to share repurchases, expected Leverage Ratio at the end of 2026 and 2027 and the estimated impact on leverage related to a potential redemption of Superior’s $260 million preferred shares in 2027 and capital investment in CNG.

Forward-looking information is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions, and expectations that Superior believes are reasonable in the circumstances, including the assumptions referenced in this press release as well as assumptions about our ability to execute on the goals and targets of the Superior Delivers transformation, including $40 million in Adjusted EBITDA growth from cost-to-serve improvements, $30 million in Adjusted EBITDA growth from customer growth initiatives; and $5 million in Adjusted EBITDA growth from the company’s wholesale business activities, in each case, from 2025 to 2028; the anticipated revenue, capital requirements and timing of projects associated with CNG data center contracts; timing of operations commencing at a new CNG supply hub; expected benefits from Certarus’ new Mobile CNG Fleet Fueling business; foreign exchange rates; competition; expected average weather; interest rates remaining flat with the current level; number and average acquisition price of common shares repurchased; management’s estimates and expectations in relation to future economic and business conditions and the resulting impact on growth and accretion in various financial metrics; the absence of significant undisclosed costs or liabilities associated with acquisitions; and other assumptions disclosed in Superior’s 2026 Q3 MD&A available at SEDAR+ at www.sedarplus.ca and on Superior’s website at http://www.superiorplus.com/investor-relations/financial-reports/. No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third-party industry analysts and other third-party sources, and the historic performance of Superior’s businesses and businesses it has acquired. Superior cautions that the assumptions used to prepare such forward-looking information, including estimated financial guidance, could prove to be incorrect or inaccurate.

The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s actual performance and financial results may vary materially from those estimates and expectations contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include the success and of, and timing to achieve, the initiatives being pursued pursuant to the Superior Delivers program, ongoing capital requirements of the businesses, anticipated completion and related timing of data center projects serviced by the CNG business, anticipated timing of operations commencing at a new CNG supply hub, weather differing materially from the five year average weather, market conditions, demand and competition for CNG in jurisdictions where CNG operates, economic activity in the oil and gas sector, commodity prices, risks relating to incorrect assessments of value when making acquisitions, failure to realize expected cost-savings and synergies from acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities and equipment, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our 2026 Q3 MD&A under the heading “Risk Factors” and (ii) Superior’s most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, Superior does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

The estimates and targets regarding Superior’s future financial performance are provided herein to assist readers in understanding Superior’s estimated and targeted financial results, and such information may not be appropriate for other purposes. Superior and its management believe that such information has been prepared based on assumptions that are reasonable in the circumstances, reflecting management’s best estimates and judgements, and represents, to the best of management’s knowledge and opinion, Superior’s estimated and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Non-GAAP Financial Measures and Ratios
Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and therefore may not be comparable to similar financial measures disclosed by other issuers. Information to reconcile these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s condensed consolidated financial statements as at and for the nine months ended September 30, 2026 (“Q3 2026 Financial Statements”) is provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2026 Third Quarter MD&A dated November 10, 2026, available on www.sedarplus.com.

Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the Financial Statements. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, and CNG Segment profit (loss). Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares.

Adjusted EBTDA is calculated as Adjusted EBITDA less interest on borrowings and interest on lease liability. Adjusted EBTDA per share is calculated by dividing Adjusted EBTDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares.

Corporate Operating Costs are defined as Corporate Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the condensed consolidated financial statements for the quarter ended September 30, 2026.

Capital Expenditures are inclusive of purchases of property, plant and equipment and intangible assets and lease additions.

Leverage Ratio is determined by dividing Superior’s Net Debt ($1,714.5 million) by its Adjusted EBITDA ($453.4 million), both components are Non-GAAP Financial Measures.

Free Cash Flow per share for Q3 2026 is calculated as Segment Profit (Loss) ($8.8 million) less interest expense ($19.6 million), taxes paid ($5.9 million), capital expenditures ($78.6 million), transaction, restructuring and other costs ($0.4 million) and the preferred share dividend paid in the period ($4.7 million). Free Cash Flow per share is calculated by dividing Free Cash Flow by the weighted average common outstanding shares. This calculation excludes changes in non-cash operating working capital and other, which can fluctuate meaningfully and from quarter to quarter and can therefore detract from the purpose of the metric which is to demonstrate the performance from the underlying operations.

Adjusted Net Earnings for Q3 2026 is calculated as segment profit for the period (8.8 million) and adjusting for depreciation and amortization ($59.9 million), current taxes ($3.8 million), gain (loss) on disposal ($0.5 million gain), finance expense ($20.5 million) and the preferred share dividend paid in the period ($4.7 million). Adjusted Net Earnings per share is calculated by dividing Adjusted Net Earnings by the weighted average common shares outstanding.

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