North American fuel distributor Superior Plus Corp on Thursday reported $49.1 million in web earnings for the fourth quarter of 2025, up from $4.2 million for a similar three-month interval final yr on larger propane volumes and decrease working prices.
Earnings per share (EPS) landed at $0.18. EPS adjusted for extraordinary or nonrecurring objects got here at $0.27, up from $0.23 for This fall 2024.
Adjusted EBITDA totaled $161.9 million, up from $159.2 million for This fall 2024. Adjusted EBITDA from operations – which Superior defines because the sum of income from its Canadian propane, United States propane and compressed pure fuel (CNG) segments – totaled $167.2 million, up from $164.6 million for This fall 2024.
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U.S. propane accounted for $96.7 million of This fall 2025 adjusted EBITDA, up from $89 million for This fall 2024. Canadian propane contributed $36.2 million, in comparison with $36.4 million for This fall 2024. CNG accounted for $34.3 million, down from $39.2 million for This fall 2024.
Certarus Ltd, a Superior unit that operates a fleet of trailers delivering CNG, hydrogen and renewable pure fuel, logged a report quantity of 31.33 trillion British thermal models (Btu), up seven p.c from 2024. “This fall volumes of 8,203,000 MMBtu [million Btu] elevated 12 p.c regardless of the exercise downturn in CNG’s largest finish market, reflecting resilience in wellsite market share coupled with development within the industrial and renewable segments”, Toronto, Canada-based Superior mentioned.
Income totaled $691 million for This fall 2025, down from $702.3 million for This fall 2024.
“Superior entered 2025 with an formidable plan to remodel our North American propane enterprise, and the yr introduced each important progress and necessary classes”, mentioned president and chief government Allan MacDonald. “We modernized key components of our operations and improved productiveness, delivering extra propane with a leaner price construction.
“On the identical time, as we rolled out substantial modifications throughout our community, we created service strain in some areas. That strain was amplified by chilly climate and a ensuing surge in buyer demand that continued into the primary quarter of this yr.
“Superior Delivers is working and the long-term advantages stay intact; nonetheless, we’ve prolonged the timeline wanted to finish the total transformation”.
“In our CNG enterprise, Certarus continued to execute successfully, increasing in industrial markets and information facilities with continued enhancements in operational effectivity and price effectiveness”, MacDonald added. “Whereas pricing strain within the wellsite section offset these accomplishments and resulted in a modest decline in adjusted EBITDA, these pressures are cyclical and we stay assured within the long-term trajectory of the enterprise”.
This yr Superior expects a 3-8 p.c development in propane adjusted EBITDA however a 4-9 p.c decline in CNG adjusted EBITDA.
“Superior now expects a compound annual development price in adjusted EBITDA of roughly 2 p.c from 2024 to 2027, changing the corporate’s earlier estimate of 8 p.c over the identical interval”, Superior mentioned.
“Superior expects free money circulate to develop at a compound annual development price of 20-25 p.c from 2024 to 2027, in contrast with the earlier estimate of 40 p.c. The discount in anticipated development is because of a downturn in Certarus’ wellsite enterprise and an prolonged timeline to remodel the propane enterprise which is predicted to impression buyer development”.
For the primary quarter of 2026 Toronto-listed Superior is protecting its quarterly dividend at CAD 0.045 ($0.062) per share.
Final yr it repurchased 8 p.c of its excellent frequent shares, or 19.6 million shares. “Throughout 2026, the corporate expects to proceed repurchasing shares over the close to time period”, Superior mentioned. “Nonetheless, the corporate could transition from share repurchases to debt compensation to extend monetary flexibility to redeem its $260 million most popular shares which can grow to be redeemable at par in mid-2027”.
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