Slides
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1 2025 INVESTOR DAY APRIL 2
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2 Welcome and Opening Remarks Chris Lichtenheldt VP , Investor Relations 2SPB 2025 INVESTOR DAY
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3 3SPB 2025 INVESTOR DAY Forward-Looking Statements and Information This presentation contains information or statements that are or may be “forward-looking statements” within the meaning of applicable Canadian securities laws, which may financial outlook. 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 presentation 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 growth of Adjusted EBITDA, including estimated target of incremental Adjusted EBITDA of $70 million from Superior Delivers, 2027 financial targets for Adjusted EBTDA per share, Adjusted Diluted Earnings per share (“EPS”) Free Cash Flow (“FCF”), FCF per share, Return on Assets (“ROA”) and Return on Invested Capital (“ROIC”) and Leverage Ratio; estimated CAGR growth; capital expectations between 2025 to 2027; cost reductions; maintaining Certarus’ leadership position in its markets; Certarus’ ability to expand margins; Certarus achieving higher growth and ROIC through attractive markets; Certarus’ reallocation of MSU capacity; Certarus’ re-allocation of capital and achieving stronger FCF; Certarus’ non-product COGS and EBITDA less capital expenditures; expected aggregate dollar amount of share repurchases by the end of 2027; having sufficient liquidity to execute our strategic plan; and other statements that are not historical facts. Although Superior believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that they will prove to be correct. Forward-looking statements made by Superior are based on a number of assumptions believed by Superior to be reasonable, including assumptions about the growth of each of Superior’s businesses from 2025 to 2027 (the “timeframe”); our ability to execute on the goals and targets of the Superior Delivers transformation over the timeframe, including estimated $35 million of Adjusted EBITDA growth from cost-to-serve improvements, estimated $30 million of Adjusted EBITDA from customer growth; estimated over $5 million of Adjusted EBITDA from increased wholesale advantage; estimated $20 million Adjusted EBITDA growth from propane business base; estimated $25 million Adjusted EBITDA growth from Certarus; foreign exchange rates; competition; expected average weather; approximately $25 million of corporate costs over the timeframe; interest rates remaining flat with current level; a $10 to $20 million investment in working capital; approximately 40 million shares repurchased over the timeframe; future trading volume and share price of Superior’s common shares; the average acquisition price of common shares repurchased over the timeframe; the holder of all of the preferred shares in our U.S. subsidiary elects to convert the preferred shares for approximately 30 million common shares of Superior Plus mid-2027; 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 2024 Annual MD&A available at SEDAR+ at www.sedar.ca and on Superior’s website at http://www.superiorplus.com/investor-relations/financial-reports/, as well as risk factors discussed or referred to in the “Risk Factors” section of Superior’s MD&As and Annual Information Form, which are available under Superior’s profile on SEDAR+ at www.sedarplus.ca. Superior cautions that the assumptions used to prepare Superior’s 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 transformation, ongoing capital requirements of the businesses, weather differing materially from the five year average weather, market conditions, demand and competition for CNG in jurisdictions where Certarus operates, future trading volume and share prices of Superior’s common shares, 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 Annual 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. The estimates and targets regarding Superior’s future financial performance, including, but not limited to, estimated target of incremental Adjusted EBITDA of $70 million from the Superior Delivers transformation by 2027, 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. We caution readers not to place undue reliance on forward looking information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
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4 4SPB 2025 INVESTOR DAY Today’s Agenda and Speakers 8:30 AM Welcome and Opening Remarks Chris Lichtenheldt | VP, Investor Relations Transforming Superior Plus to Generate Sustainable Long-Term Shareholder Value Allan MacDonald | President and CEO New Superior Plus | Leading Transformation Steve Quinn | Chief Transformation Officer Driving Lower Cost-to-Serve Tommy Manion | Chief Operating Officer, North American Propane Growing Customer Base and Maximizing Lifetime Value Rick Carron | Chief Commercial Officer, North American Propane Wholesale Advantage Shawn Vammen | SVP, Superior Gas Liquids 10:15 AM Break 10:30 AM Capital Efficient Growth and Increased Cash Flow Generation from North America’s Leading CNG Platform Dale Winger | President, Certarus Driving Data Analytics to Improve Performance Ash Rajendra | VP and Chief Information Officer Strengthening Financial Performance and Capital Discipline to Drive Long-Term Shareholder Value Grier Colter | EVP and CFO Closing Remarks Allan MacDonald | President and CEO 11:30 AM Q&A Session | All Speakers
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5 5SPB 2025 INVESTOR DAY Superior Plus Video
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6 Transforming Superior Plus to Generate Sustainable Long-Term Shareholder Value Allan MacDonald President and CEO 6SPB 2025 INVESTOR DAY
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7 7SPB 2025 INVESTOR DAY Experienced Leadership Team Focused on Execution Executive Leadership Allan MacDonald President and Chief Executive Officer Joined: 2023 Steve Quinn Chief Transformation Officer 2024 Tommy Manion Chief Operating Officer, North American Propane 2019 Rick Carron Chief Commercial Officer, North American Propane 2011 Kirsten Olsen Senior Vice President and Chief Human Resources Officer 2023 Darren Hribar Senior Vice President and Chief Legal Officer 2015 Shawn Vammen Senior Vice President, Superior Gas Liquids 2008 Dale Winger President, Certarus 2025 Ash Rajendra Vice President and Chief Information Officer 2021 Grier Colter Executive Vice President and Chief Financial Officer 2023 Fresh Perspectives Combined with Industry Expertise Today’s Speakers
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8 8SPB 2025 INVESTOR DAY Guided by Our Purpose, Vision, and Mission Purpose To safely deliver energy solutions of today and tomorrow to support our customers’ lives and businesses Mission ✓ Have a relentless focus on safety ✓ Challenge ourselves every day ✓ Build world-class teams and operations ✓ Know, attract, and retain customers Vision Be recognized as North America’s best-in-class energy solutions provider
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9 9SPB 2025 INVESTOR DAY Key Company Stats Leading Position in North American Energy Distribution Focused on Propane and CNG Diversified and Expansive North American Customer Base $3.1B Enterprise Value $455M Adj. EBITDA (US $M)1 ~750K Customers ~500 Locations Diversified Operations Base 2,100+ Delivery Vehicles + MSUs Superior’s Advantages Top 3 market position in North American retail propane distribution, largest in Canada Vertically integrated from midstream to customers, creating opportunities across the value chain Largest provider of CNG across North America, with leading customer service and the only CNG supplier with scale and fleet flexibility to serve all major regions Propane Certarus Propane and Certarus 1 2 3 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information. Note: Company statistics as of year-end 2024. Enterprise Value = market cap + total debt + preferred equity – cash. MSU = Mobile Storage Unit. CNG = Compressed Natural Gas.
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1010SPB 2025 INVESTOR DAY Our Markets Present Significant Longevity and Long-Term Opportunity 2020 2022 2024 2026E 2028E 2030E 2024 2026E 2028E 2030E2020 2022 CNG Market Volume Expectations2 ~71% Independents ~23% At-Scale Competitors ~6% Superior Plus Growing Market, Stable Share ~13% Rest of Industry ~43% At-Scale Competitors ~44% Superior Plus 2024 Market Share 2024 Market Share Propane Market Volume Expectations1 Stable, Fragmented Market, Growing Share Stable ~9% CAGR 1 Sources: Propane Education & Research Council forecast, Frost & Sullivan, Conference Board of Canada – Projected North American Volumes. 2 Sources: Spears & Rystad reports, RNG market forecast, SSLNG market forecast, Global Data Project listing database, Government of Canada open data, EIA Annual Energy Outlook 2023, US Mining Industry Energy Bandwidth Study, and Certarus data. Note: CNG = Compressed Natural Gas.
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1111SPB 2025 INVESTOR DAY Creating Shareholder Value at Superior Plus Driving Improvement in Customer Growth and Per Share Metrics Over Next Three Years Unlocking Value through Business Optimization Market Leader in Stable Propane and Growing CNG Industry Increased FCF Generation Focused on Shareholder Returns Operating Efficiency Profitable Growth Returns-Focused Capital Deployment
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1212SPB 2025 INVESTOR DAY A Customer Base with an Attractive Economic Profile… …In Attractive Industry with Clear Plan to Drive Superior Returns Note: CNG = Compressed Natural Gas. CNG Strong unit-level economics in niche markets First to market and positioned as the leader in over-the-road CNG ▪ World-class fleet ▪ Economies of scale drive industry- leading returns Newer Business Lines with Attractive Commercial Models Propane Subscription business with attractive returns and long-term revenue streams Density drives stronger ▪ Customer value proposition ▪ Competitive advantage ▪ Improved profitability within subscription business Significant Customer Lifetime Value
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1313SPB 2025 INVESTOR DAY Large Propane Distributors Have Failed to Capitalize on Opportunity within Market and Drive Innovative Operating Models Applying Lessons Learned to Capture Future Value Under investment in customer acquisition and retention Excess capacity Under investment in technology required to be competitive at scale Under investment in data analytics Operating models become static Impacts Increase Prices Declining Customer Base Lower Density Higher Cost- to- Serve Short-Term Focus NEGATIVE VALUE CYCLE
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1414SPB 2025 INVESTOR DAY Transforming Propane Business with Superior Delivers… Industry-Leading Cost-to-Serve Customer Growth Wholesale Advantage Creating scheduling and routing capabilities and distribution network that deliver market-leading cost-to-serve Translating cost-to-serve advantages to the most competitive value proposition, driving customer growth and retention to capture lifetime value Turning volumetric scale to cost- advantaged, secure supply …to Leverage Scale and Better Capture Value
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15SPB 2025 INVESTOR DAY 15 Positioning Certarus to Remain the Leader in Over-the-Road CNG 1 Source: Spears & Rystad reports, BCG RNG market forecast, SSLNG market forecast, Global Data Project listing database, Government of Canada open data, EIA Annual Energy Outlook 2023, US Mining Industry Energy Bandwidth Study, and Certarus data. 2 Including Asphalt market and permanent power and heating market. Note: CNG = Compressed Natural Gas. O&G = Oil & Gas. RNG = Renewable Natural Gas. Capitalizing on strong market growth Driving efficiency and cost-to-serve Capital efficiency and improved cash returns 2024 2025E 2026E 2027E 2028E 2029E 2030E2020 2021 2022 2023 Wellsite Utility Resiliency RNG Other2 CNG Market1 (M MMBtu) 41% CAGR 9% CAGR
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1616SPB 2025 INVESTOR DAY 2024 2027E A Very Different Path Forward | Introducing 2027 Targets Adj. EBITDA2 ($M) 2024 2027E ROIC2 2024 2027E Free Cash Flow per Share2 ($) +25% Sustainable Growth in Profitability, FCF, and Shareholder Value 2024 2027E Adj. EBTDA / Share2 ($) +60% ~190% +300 bps Increasing Target to $70M+ 1 1 Incremental Adjusted EBITDA in 2027. 2 Adjusted EBITDA, Adjusted EBTDA per Share, Free Cash Flow per Share, and ROIC are non-GAAP financial measures. Refer to the non-GAAP financial measures section of this presentation.
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17 New Superior Plus | Leading Transformation Steve Quinn Chief Transformation Officer 17SPB 2025 INVESTOR DAY
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1818SPB 2025 INVESTOR DAY Key Messages Maximizing performance with next-generation data capabilities and culture of execution and accountability Building customer base through virtuous cycle, integrating customer growth and low-cost operations Transforming Propane business through Superior Delivers to capture significant untapped potential 01 03 02
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1919SPB 2025 INVESTOR DAY Customer Growth Industry- Leading Cost-to-Serve Wholesale Advantage Foundational Elements ▪ Empirical assessment of business ▪ Insights / opportunities led to virtuous cycle ▪ Culture of performance management Virtuous Cycle for Differentiated Growth Increase Value Proposition Improve Density VIRTUOUS CYCLE Low er Cost-to-Serve Grow Custom ers
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2020SPB 2025 INVESTOR DAY Year 1 Year 2 Year 3 Year 4 Year 5 Illustrative Example | Playing the Long Game with Customer Lifetime Value Customer A Lifetime Value ($) Customer Lifetime Value: ($244) Customer A (Same) Customer Lifetime Value: $974 Year 1 Year 2 Year 3 Year 4 Year 5 Margin per Gallon ($) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Margin per Gallon ($)Lifetime Value ($)Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
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2121SPB 2025 INVESTOR DAY Industry-Leading Cost-to-Serve Creating scheduling and routing capability and distribution network that delivers market-leading cost-to-serve New Management Tools Schedule and Delivery Optimizer Marginal Cost-to-Serve Calculator Service Management Scheduler Fleet and Tank Management Program Dynamic Route Planning Optimized Scheduling Right Asset Footprint Operating Differently through New Tools and Capabilities to Serve More Customers with Fewer Tanks and Locations $35M+ EBITDA1,2 1 Estimated incremental EBITDA in 2027. 2 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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2222SPB 2025 INVESTOR DAY Customer Growth Translating cost-to-serve advantages to the most competitive value proposition, driving customer growth and retention to capture lifetime value Taking Share with Better Pricing, New Products, and Enhanced Customer Service Offering Geo-Targeting for Density and Cost-to-Serve New Product Suite Improved Pricing Proactive Retention Redefined Customer Engagement New Management Tools $30M+ EBITDA1,2 Pricing and Churn Prediction Model Geo-Target Marketing Programs Customer Lifetime Value Estimator Customer Communication Information Suite 1 Estimated incremental EBITDA in 2027. 2 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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2323SPB 2025 INVESTOR DAY Reliable and Advantaged Supply through Midstream Assets Innovative Data Tools Drive Better Decision Making Wholesale Advantage Turning volumetric scale to cost-advantaged, secure supply Strength of a Fully Integrated Model | Control of Commodity from Gas Plant to Customer Tank Logistics Automation Integrated Margin Optimizer New Management Tools $5M+ EBITDA1,2 1 Estimated incremental EBITDA in 2027. 2 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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2424SPB 2025 INVESTOR DAY Superior Delivers Improving Performance across North America Targeting $70M+ Incremental EBITDA1,2 Contribution in 2027 Adjusted EBITDA2 ($M) Industry-Leading Cost-to-Serve Customer Growth Wholesale Advantage $70M+ Incremental EBITDA1,2 Contribution Base 2024 2027E $35M+ $30M+ $5M+ 1 Estimated incremental EBITDA in 2027. 2 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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25SPB 2025 INVESTOR DAY 25 Driving Culture of Execution and Accountability Attract world-class talent Motivated and enabled to contribute Aligned on change needed and role modeling Accountable and motivated to deliver results Executive and line leaders with direct initiative accountability Clear expectations focused on performance outcomes Strong transformation leadership with robust governance Clear financial and operational KPI tracking LeaderEnablement PeopleEngagem ent Execution Accountability Desired Culture
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26SPB 2025 INVESTOR DAY 26 Opportunities Delivery Route Optimization AutoPay Adoption Fixed-Price Contracts Customer Retention Inactive Rental and Minimum Use Fees Improving Execution and Shifting to Operational Performance Management Our Approach ▪ Operational KPIs structured into incentive plans and objectives for every leader ▪ New weekly and monthly performance cadence ▪ Automating business intelligence and customer insights to share hundreds of KPIs up, down, and across business ▪ Balanced scorecard for each division ▪ Relentless focus on value creation in every activity Examples of Pilots in Market Now Improving Targeted KPIs
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2727SPB 2025 INVESTOR DAY Key TakeawaysKey Takeaways 01 Transforming Propane business through Superior Delivers to capture significant untapped potential Maximizing performance with next-generation data capabilities and culture of execution and accountability Building customer base through virtuous cycle, integrating customer growth and low-cost operations 02 03
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2828SPB 2025 INVESTOR DAY Propane Video
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29 Driving Lower Cost-to-Serve Tommy Manion Chief Operating Officer, North American Propane 29SPB 2025 INVESTOR DAY
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3030SPB 2025 INVESTOR DAY Key Messages Creating unmatched capabilities by capitalizing on integration between operational and commercial excellence Delivering market-leading cost-to-serve through advanced scheduling and routing capabilities and a right-sized, highly- utilized network Leading propane distributor with expansive operational footprint and whitespace to grow01 03 02
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3131SPB 2025 INVESTOR DAY Broad Operational Footprint across North America Serving ~750K Customers with More Than 500 Locations across North America ~2,500 Employees 861 Delivery Vehicles ~570K Customers $575M Gross Profit $219M Adj. EBITDA1 23 States ~1,500 Employees 399 Delivery Vehicles ~180K Customers $252M Gross Profit $82M Adj. EBITDA1 12 Provinces / Territories Superior Propane US Superior Propane Canada Customer Coverage Note: Company statistics as of year-end 2024. 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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3232SPB 2025 INVESTOR DAY Committed to Driving Customer Safety Focus on Safety ▪ Continuing our zero-harm journey to provide customer security and a safe workplace ▪ Proactive asset integrity program to safeguard people, communities, and environment ▪ Supplier Code of Conduct outlines contractor safety requirements Technology Supporting Safety ▪ Samsara Collision Avoidance and AI Fatigue Identification ▪ Driver assistance system to prevent collision or decrease severity ▪ Intelex HSE Software ▪ Software module solutions to ensure health and safety training ▪ HAZMAT Online Training ▪ Clear protocols to properly transport hazardous materials Technology Improving Safety Fleet Has AI Assisted Coaching 100% Miles Driven in 2024 with a Samsara Score of 100% ~2.8M 2024 Highlights In DOT Incident Rate Compared to 2023 41% Decrease Note: DOT = Department of Transportation. AI = Artificial Intelligence. HSE = Health, Safety, and Environment. HAZMAT = Hazardous Materials.
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3333SPB 2025 INVESTOR DAY Clear Operational Improvement Levers across North America ON TRACK FOR $35M+ Incremental Adj. EBITDA1 Annually (2024 to 2027E) Executing with a Continuous Improvement Mindset Dynamic Route Planning Optimized Scheduling Right Asset Footprint 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information.
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34SPB 2025 INVESTOR DAY 34 Legacy Route Optimized Route Optimizing Route Planning Deep Understanding of Cost-to-Serve Drives Reduced Costs Delivery Cost-to-Serve USD / gallon 3.00 Delivery Cost-to-Serve USD / gallon 1.50 Customer Example Data-Driven Route Optimization Enabled ~50% Estimated Reduction in Cost-to-Serve Customer A Bulk Plants Customers Dynamic Route Planning AA
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3535SPB 2025 INVESTOR DAY Impact of Data-Driven Route Optimization Implementation Southern Ontario Pilot Optimizing Scheduling and Delivery with More Efficient Fills Week 1 Week 2 Gallons Filled / Delivery Baseline Target Initial Results Week 1 Week 2 Miles / Delivery Baseline Target Initial Results Decrease by 8% -10% Increase by 6% +14% -14% +16% Dynamic Route Planning
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3636SPB 2025 INVESTOR DAY Peak Shaving to Reduce Cost-to-Serve Balancing Seasonality | Shifting Deliveries to Off-Peak Periods Collaborating with Go-to-Market Team to Ensure Flexibility in Contracts 1 Flexible customers receive less than the usable capacity of their tank each year. April – June July – September 12% of peak-month deliveries were to customers with full flexibility throughout the year1 53% of peak-month deliveries were to customers that were semi-flexible on delivery timing Lower Cost-to-Serve through Shifting Deliveries to Off-Peak Periods 2024 US Propane Deliveries by Customer Flexibility Type January – March October – December Fully FlexibleNot Flexible Semi-Flexible Propane Delivered (gallons) Goal Delivery Schedule Optimized Scheduling
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3737SPB 2025 INVESTOR DAY Network Footprint | Rationalized Bulk Plants Cost Addressed Legacy Network Overlaps to Right Size Our Footprint Example of a US Region From To Number of Plants From To Location Costs From To Delivery Costs Net Savings: 10% Reduction in Combined Location and Delivery Costs (35%) (50%) +20% New route optimization tools and customer models allow optimized network planning Now we are able to make more strategic, data- driven decisions Rationalizing Bulk Plant Network Right Asset Footprint Locations to Keep Preliminary Locations to Close Customer Tanks
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3838SPB 2025 INVESTOR DAY Optimizing Scheduling and Delivery to Reduce Deliveries Lower cost-to-serve 10%+ capacity reduction By 2027, we expect reduction in deliveries and miles to result in Reducing Costs by 10%+ through Better Scheduling and Routing Focus Areas to Change the Way We Work Route Optimization Minimizing distance traveled Optimized Scheduling Increasing fill rates on each delivery Balancing Seasonality Lowering deliveries in peak periods
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3939SPB 2025 INVESTOR DAY Key Takeaways 01 Leading propane distributor with expansive operational footprint and whitespace to grow Creating unmatched capabilities by capitalizing on integration between operational and commercial excellence Delivering market-leading cost-to- serve through advanced scheduling and routing capabilities and a right- sized, highly-utilized network 02 03
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40 Growing Customer Base and Maximizing Lifetime Value Rick Carron Chief Commercial Officer, North American Propane 40SPB 2025 INVESTOR DAY
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4141SPB 2025 INVESTOR DAY Key Messages Building capability that translates cost-to-serve advantage into customer growth and better customer lifetime value01 Providing the best customer experience in the industry03 Leveraging data analytics to enable proactive retention and identify high-potential regions and customers02
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4242SPB 2025 INVESTOR DAY Strong Commercial Presence across North America Significant Market Share in North America 226M Commercial Gallons 1.2B Total Market Gallons 267M Total Superior Gallons 41M Residential Gallons Superior Propane US Superior Propane Canada 71% Residential Adj. Gross Profit1 29% Commercial Adj. Gross Profit1 9.5B Total Market Gallons 345M Total Superior Gallons 161M Commercial Gallons 184M Residential Gallons 30% Residential Adj. Gross Profit1 70% Commercial Adj. Gross Profit1 1 Adjusted Gross Profit is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation. Note: Company statistics as of year-end 2024.
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4343SPB 2025 INVESTOR DAY Clear Commercial Excellence Levers across North America Building the Engine to Acquire Customers More Profitably Geo-Targeting for Density and Cost-to-Serve New Product Suite Improved Pricing Proactive Retention Redefined Customer Engagement 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information. ON TRACK FOR $30M+ Incremental Adj. EBITDA1 Annually (2024 to 2027E)
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4444SPB 2025 INVESTOR DAY Improving Pricing Strategies and Tightening Product Offerings to Reduce Variable Returns Downside Protection and New Products Enable Price Tailoring to be More Competitive Improved Pricing Illustrative Goal IRR Superior Propane of the Future Designed data-driven fee structures to limit churn2 Offering competitive pricing tied to customer economics1 Reducing triggers for customer churn to enhance retention3 Rewarding customers who make decisions that reduce our costs4 # of Customers Lower IRR Higher IRR Targeted IRR with Less Variability Targeted Customer IRRs Current Customer IRRs
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4545SPB 2025 INVESTOR DAY Churn Prediction Tools Enable Proactive Retention Identifying Higher-Risk Customers and Proactively Reaching Out Step 1: Optimize Product Offering Design products that maximize customer lifetime value Step 2: Predict Churn Likelihood Leverage model to predict customer churn based on ▪ Price change ▪ Net Promoter Score ▪ Volume change ▪ Tenure ▪ Out of gas events ▪ Service issues ▪ Market competitiveness Step 3: Identify Necessary Action and Contact Customer Identify potential causes of churn Based on customized intervention plan, contact at-risk customers ▪ Call high CLV accounts ▪ Low-touch outreach (e.g., emails) to remaining accounts at risk Develop customized intervention plan Initial Customer Feedback Thank you for calling and doing this. This has been the most productive callout I’ve received from a company in this manner. Usually, it’s just telemarketers trying to sell or a general checkup, but you’ve been productive here with me and I appreciate it.” “ Note: CLV = Customer Lifetime Value. In 2024 retained 96% of contacted customers vs. 63% not contacted Proactive Retention
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4646SPB 2025 INVESTOR DAY Understanding Customer Costs Informs Marketing to Target Highest CLV Customers Driving Customer Growth and Increasing ROI from Targeted Marketing and Sales Bulk Plants Customer Tanks Low Density, Far from Bulk Plant High Density, Far from Bulk Plant De-prioritize – future potential Leverage density and cost-to-serve advantage to drive customer acquisition; evaluate adding a bulk plant to increase competitiveness Low Density, Close to Bulk Plant High Density, Close to Bulk Plant Leverage cost-to-serve advantage by offering compelling value to customers driving new customer acquisition Add customers to drive down cost-to- serve and improve regional economics Marketing and Sales Focused on High Density Areas Higher DensityLower Closer to Bulk Plant Further 1 3 Geo-Targeting X 2 Note: CLV = Customer Lifetime Value. ROI = Return on Investment.
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4747SPB 2025 INVESTOR DAY Innovating the Customer Experience for Competitive Differentiation How We Drive the Best Customer Service in the Industry Provide customer-centric support, combining emerging technologies with world-class contact centers 1. Marry customer and data insights to reinvent pricing offers and enable elevated experiences 2. Enable customer engagement across multiple channels, including apps, and proactive notifications, such as advance delivery and new invoices 3. Invest in customer self-service and 24/7 customer portal with expanded and industry-leading capabilities 4. Present a complete “Customer 360 view” to contact center agents for real- time customer insights to drive first-contact resolutions and personalized offer presentations A Consistent Customer Experience across North America Supporting Growth and Retention Customer Engagement
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4848SPB 2025 INVESTOR DAY Key Takeaways 01 Building capability that translates cost-to-serve advantage into customer growth and better customer lifetime value Providing the best customer experience in the industry Leveraging data analytics to enable proactive retention and identify high-potential regions and customers 02 03
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49 Wholesale Advantage Shawn Vammen SVP, Superior Gas Liquids 49SPB 2025 INVESTOR DAY
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5050SPB 2025 INVESTOR DAY Key Messages Advantaged assets and market expertise position Superior Plus to grow our footprint and scale across North America01 Leveraging scale and investments in innovative data tools to provide differentiated solutions 03 02 Scale provides advantages in terms of security of supply and cost-to-serve
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5151SPB 2025 INVESTOR DAY 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information. Note: Company statistics as of year-end 2024. NGL = Natural Gas Liquids. SGL = Superior Gas Liquids (Wholesale). Integrated Supply and Logistics Footprint across North America 2024 Key Supply Stats 669M Gallons Procured and Delivered 16 Wholesale Terminals Owned and Operated 300+ Wholesale and Industrial Customers 9,000 Railcar Shipments Delivered Primary NGL Hubs Secondary NGL Hubs Propane Pipelines SGL Supported Propane Ops Assets and Activity Set $76M Gross Profit $32M Adj. EBITDA1
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5252SPB 2025 INVESTOR DAY Wholesale Propane Operations Sets Superior Plus Apart End-to-End Logistics ▪ Strong planning, scheduling, and transport of propane ▪ Reliable logistics network with buffer and alternatives ▪ Strategic relationships with logistic partners Buying at Source ▪ Advantaged pricing ▪ Expansive geographic coverage ▪ Reliable, diversified supplier base Wholesale Creates Steady Revenue Source ▪ Geographic and scale advantage to unlock lower cost of supply ▪ Capability to shift propane where needed ▪ Leverage asset base and retail synergies Leveraging Scale for Better Customer Offerings ▪ Enable fixed price offering through market access ▪ Manage market complexity of wholesale commodity pricing Creating Scale, Strong Supplier Relationships, and Reliable Supply Chain
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5353SPB 2025 INVESTOR DAY Clear Supply Improvement Levers across Portfolio Executing to Ensure Efficient Supply Reliable and Advantaged Supply through Midstream Assets Innovative Data Tools Drive Better Decision Making 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation for more information. ON TRACK FOR $5M+ Incremental Adj. EBITDA1 Annually (2024 to 2027E)
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5454SPB 2025 INVESTOR DAY Moving Away from 3rd Parties to Direct Supply Leveraging Larger Footprint and Scale Drives Value in Supply Procurement Wholesale now supplying both Canada and US portfolio unlocks opportunities to capture value Reducing costs by removing intermediaries in procurement process Creating more opportunities to capture arbitrage across greater North American footprint Increasing utilization of company owned assets by supplying to 3rd parties Reliable and Advantaged Supply
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5555SPB 2025 INVESTOR DAY Data-Driven Analysis to Optimize Supply Delivery Planning Illustration of Our Movements across Canada Truck Rail Innovative Data Tools Creating a tool to enable real-time, data- driven logistic planning to drive down cost-to-deliver More than 50K truck and rail shipments annually across North America Equipping team to make better decisions and optimize supply planning
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5656SPB 2025 INVESTOR DAY Key Takeaways 01 Advantaged assets and market expertise position Superior Plus to grow our footprint and scale across North America Leveraging scale and investments in innovative data tools to provide differentiated solutions Scale provides advantages in terms of security of supply and cost-to-serve 02 03
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57 57SPB 2025 INVESTOR DAY Break
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5858SPB 2025 INVESTOR DAY CNG Video
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59 Capital Efficient Growth and Increased Cash Flow Generation from North America’s Leading CNG Platform Dale Winger President, Certarus 59SPB 2025 INVESTOR DAY
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6060SPB 2025 INVESTOR DAY Key Messages Building upon our leadership position 01 Pursue targeted expansion in new verticals and geographies03 Drive operational efficiency02 Continue to deliver attractive returns and increase cash flow 04
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6161SPB 2025 INVESTOR DAY 2024 Key Stats Market Leader in Over-the-Road CNG Hub and Facility Locations $148M Adj. EBITDA (US $M)1 ~5 Years Average Age of MSUs >700 Employees 20 Total Hubs 842 MSU Fleet Count Operating Regions 2024 Sales Volume Breakdown Canada US 2024 Adj. Gross Profit1 ($381M) 29.4M Volume (MMBtu) Hub Locations Industrial Wellsite $176K Adj. EBITDA (US $)1 / MSU ~81% ~19% Operating Region ~66% ~34% Segment 842 240 160 142 Certarus Competitor A Competitor B Competitor C MSU Fleet 20 5 2 5 Certarus Competitor A Competitor B Competitor C Hubs 1 Adjusted EBITDA, Adjusted EBITDA / MSU, and Adjusted Gross Profit are non-GAAP financial measures. Refer to the non-GAAP financial measures section of this presentation. Note: Company statistics as of year-end 2024. MMBtu = Million Metric British thermal units. MSU = Mobile Storage Unit. MSU Fleet and Hubs based on Company estimates.
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6262SPB 2025 INVESTOR DAY Note: DOT = Department of Transportation Automobile Accident Rate. MSU = Mobile Storage Unit. EMS = Emergency Medical Services. NGVA = The Natural Gas Vehicles for America. Safety is No Accident 2024 Safety Highlights 1.33 Total Recordable Incident Rate 0.31 DOT Automobile Accident Rate 24.6 Million Miles Driven in 2024 Technology and Training Advance Safety Culture Technology Training
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6363SPB 2025 INVESTOR DAY Proprietary advanced logistics platform and equipment instrumentation Largest equipment fleet and hub network Scale and real-time asset optimization to drive cost-to-serve advantages Breadth and depth of expertise across customer application types Distinctive Competitive Advantages Fuel Market Leadership and Profitability Providing Customers with Simple Solutions to Maximize Uptime and Reduce Fuel Costs and Emissions RELIABLE EFFICIENT EXPERIENCED RESPONSIVE Most Reliable, Responsive, Efficient, and Experienced Service
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6464SPB 2025 INVESTOR DAY 18% 43% 23% 48% 25% 49% 28% 50% Strong Growth within Core Wellsite Business Wellsite Background ▪ Displace diesel with CNG for dual-fuel drilling and completions (frac) equipment ▪ Provide CNG for electric turbines or power generation units for electric frac fleets ▪ Provide fuel for frac water heating Attractive Market ▪ Strong market growth and attractive margins ▪ Structural growth opportunity with completions shifting from diesel to dual fuel and electric fleets ▪ Established relationships with key customers DieselElectric Dual Fuel Frac Fleet Market Forecast (% Composition of Fleet) The share of electric fleets is expected to grow from 18% in 2024 to 28% by 2027 (+10%) Target Markets The share of dual fuel fleet is expected to grow from 43% in 2024 to 50% by 2027 (+7%) ~9% CAGR 2024 29% 2025E 26% 2026E 39% 2027E 22% Source: Rystad, Spears reports. Note: Compressed Natural Gas = CNG.
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6565SPB 2025 INVESTOR DAY Current Share Pursue Targeted Expansion in New Markets and Geographies Expanding Utility and RNG Business Offers Attractive Growth and Returns Wellsite ~50% ~60M ~5-10% >15% Utility Resiliency ~12% Pipelines and utilities ~30M ~15% 10-15% RNG ~50% <10M ~20% 10-15% Industrial Construction ~35% Asphalt CNG trailers <5M Flat <10% Permanent Heat and Power ~10-15% <15M Flat <10% 2025E 2030E 33M 67M Utility Resiliency Market Size (MMBtu / yr1 ) 2025E 2030E 5-10M 13-25M High Case AgriculturalOther Landfill RNG Market Size (MMBtu / yr1 ) +15% CAGR +20% CAGR ▪ Bulk trailer leasing agreements with major utility clients ▪ Supplemental gas supply for planned outages Growth Opportunities ▪ Stranded landfills ▪ New feedstocks Market Size2 Market Growth3 Returns Source: Certarus data, Spherical insight SSLNG market forecast, BCG RNG market forecast. 1 Since pipeline and utility work is often 'on standby', trailer use translated to an MMBtu equivalent to simplify comparison across different growth opportunities (i.e., ~700 trailers in market at ~40K MMBtu / trailer annually (Certarus avg.), suggests the equivalent volume is ~29M MMBtu / yr). 2 MMBtu / year. 3 CAGR. Note: CNG = Compressed Natural Gas. MMBtu = Million Metric British thermal units. O&G = Oil and Gas. RNG = Renewable Natural Gas.
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66SPB 2025 INVESTOR DAY 66 Capital Efficient Growth and Increased Cash Flow Generation Operational Efficiencies Advantage Cost Structure 2024 2027E Non-Product COGS 100% ~88% Actions driving delivery cost reductions 1. Reduce third party carriers 2. Increase driver utilization 3. Improved fill per load efficiency Exercising Capital Discipline Reallocating to higher return markets ▪ Reduce MSU allocation in new markets Continuously evaluate specific job margin profile, contract terms, and MSU allocation Pursue summer opportunities 2024 2027E ROIC1 1 ROIC is a non-GAAP financial measures. Refer to the non-GAAP financial measures section of this presentation. Note: MSU = Mobile Storage Unit. COGS = Cost of Goods Sold. Tapering investments by ~50% Focusing growth efforts ▪ Existing hubs ▪ Areas where lower investments are required Utilize rental MSU options for short- term projects 2024 2027E ~$40M ~$100M EBITDA Less CAPEX Footprint and Scale Levers to Increase Returns
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6767SPB 2025 INVESTOR DAY Key Takeaways 01 Building upon our leadership position Continue to deliver attractive returns and increase cash flow Pursue targeted expansion in new verticals and geographies Drive operational efficiency 02 03 04
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68 Driving Data Analytics to Improve Performance Ash Rajendra VP and Chief Information Officer 68SPB 2025 INVESTOR DAY
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6969SPB 2025 INVESTOR DAY Key Messages Made significant progress in simplifying our technology systems to reduce complexity and create single source of truth01 Leveraging scale and proprietary data to drive technological innovation and competitive advantage03 Utilizing new suite of tools to support Superior Delivers transformation and acquire new customers while improving cost-to-serve02
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7070SPB 2025 INVESTOR DAY Integrated Systems Improving Operational Excellence and Supporting Superior Delivers Disparate data sets across business with wealth of information but minimal actionable insights FROM Single source of truth enabling data-driven decision- making at the enterprise- and division-levelTO Identify high-value target customers and markets Inform pricing decisions and improve profitability Optimize delivery schedule and tank efficiency Continually find areas for improved efficiency Hybrid Architecture Combines legacy system with modern technologies to enable seamless integration Demand Forecasting and Cost-to- Serve Data Pricing Data Network / Routing Data Difficult to Navigate through All the Data Supporting Superior Delivers Leveraging new systems to:
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7171SPB 2025 INVESTOR DAY Investing in New Suite of Tools Utilizing Consolidated Database Encompassing All Customer Attributes and Calculated Fields New Suite of Tools Marginal Cost-to-Serve Calculator Schedule and Delivery Optimizer Integrated Margin Optimizer Customer 360 Customer Lifetime Value Estimator Pricing and Churn Prediction Model Leverage machine learning to optimize routes and scheduling Identify highest-value customers and price competitively for CLV Note: CLV = Customer Lifetime Value.
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7272SPB 2025 INVESTOR DAY 01 Made significant progress in simplifying our technology systems to reduce complexity and create single source of truth ✓ Sustainable solid infrastructure Leveraging scale and proprietary data to drive technological innovation and competitive advantage ✓ Hybrid augmented infrastructure Utilizing new suite of tools to support Superior Delivers transformation and acquire new customers while improving cost-to-serve ✓ Moving to real-time integrated customer and asset specific data 02 03 Key Takeaways Locking in Competitive Advantage Due to Scale through Technology and Superior Delivers
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73 Strengthening Financial Performance and Capital Discipline to Drive Long-Term Shareholder Value Grier Colter EVP and CFO 73SPB 2025 INVESTOR DAY
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7474SPB 2025 INVESTOR DAY Key Messages 01 Introducing financial targets with continued focus on driving long-term shareholder value 04 Strengthening our balance sheet and prioritizing deleveraging to further increase financial flexibility 03 Allocating capital through disciplined priorities 02 Creating a platform to accelerate profitability and generate significant cash flow
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7575SPB 2025 INVESTOR DAY 2024 Propane Base Business Growth Growth from Superior Delivers CNG Organic Business Growth 2027E 2030E Driving Strong Organic Adj. EBITDA Growth Underlying Assumptions ▪ LSD2 propane base business growth (before Superior Delivers) ▪ Normal weather ▪ MSD3 CNG base business growth ▪ USD / CAD 1.45 ▪ Corporate costs ~$25M / year Adj. EBITDA1 (US$ M) $455 ~$570 Positioned for Organic Growth ~8% CAGR ~3-5% CAGR $70+ ~$20 ~$25 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the non-GAAP financial measures section. 2 LSD = Low Single Digit (1-3). 3 MSD = Mid Single Digits (4-6).
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76SPB 2025 INVESTOR DAY 76 Key Assumptions ▪ Interest rates flat 2025-2027 ▪ Minimal investment in working capital ▪ 50M shares repurchased from 2024-2027 ▪ Preferred shares convert to 30M common shares Expecting Material Improvement in Financial Performance $455M 1 1.2 1.4 1.6 1.8 2 2.2 2.4 200 250 300 350 400 450 500 550 600 2024 2025E 2026E 2027E ~$570M $1.27 ~$2.05 $93M $0 $0 $0 $1 $1 $1 $1 $1 $2 $0. 00 $50 .00 $10 0.00 $15 0.00 $20 0.00 $25 0.00 $30 0.00 2024 2025E 2026E 2027E ~$240M $0.38 ~$1.10 ~$145M $39M $(0.05) $0.0 5 $0.1 5 $0.2 5 $0.3 5 $0.4 5 $0.5 5 $0.6 5 $0.7 5 $- $20 $40 $60 $80 $10 0 $12 0 2024 2025E 2026E 2027E $0.16 ~$0.65 ~7% 4.0% 5.0 % 7.0 % 9.0 % 11. 0% 13. 0% 15. 0% 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 6.0 % 7.0 % 8.0 % 2024 2025E 2026E 2027E 7.5% ~15% Adj. EBITDA1 (US$ M) and Adj. EBTDA / Share1 (US$ / share) Adj. Net Income1 (US$ M) and Adj. EPS1 (US$ / share) ROIC1 (Top) and Adjusted ROA1 (Bottom) FCF1 (US$ M) and FCF / Share1 (US$ / share) Exceptional Growth Driving Shareholder Value ~8% CAGR ~40% CAGR ~55% CAGR ~300 BPS 1 Adjusted EBITDA, Adjusted EBTDA per Share, FCF, FCF per Share, Adjusted Net Income, Adjusted Diluted EPS, ROIC, and Adjusted ROA are non-GAAP financial measures. Refer to the non-GAAP financial measures section of this presentation. Note: Per share metrics assume the repurchase of 40M shares over the years 2025 to 2027. Additionally, it has been assumed that the holders of the preferred equity exercise their right to convert the preferred shares into 30M common shares in mid-2027.
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7777SPB 2025 INVESTOR DAY Clear Capital Allocation Priorities Shifting Capital Allocation Approach to Increase Shareholder Value and Provide Financial Flexibility ~53% ~25% ~20% Capital Deployed (2020-2024) Capital Allocation Driving Shareholder Value ▪ Capacity to repurchase ~C$400M of shares outstanding from 2025-2027 ▪ Repaying ~$275M of debt, contributing to de-leveraging from 4.1x to below 3.0x ▪ Reinvesting ~$500M into growth and sustaining CAPEX to grow the business M&A Dividends CAPEX ~40% ~25% ~10% ~25% CAPEX Dividends Capital Deployed (2025-2027) Share Repurchases ~2% Share Repurchases Debt Reduction ~25% ~25%
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7878SPB 2025 INVESTOR DAY 4.1x 2024 2025E 2026E 2027E Strengthening Balance Sheet and Increasing Financial Flexibility $600 $348 $762 2025E 2026E 2027E 2028E 2029E Debt Maturity Schedule (US$ M)1 Leverage Ratio3 ~5.50%2 Credit Facility (Drawn) ~4.25% CAN Unsecured Debenture ~4.50% US Unsecured Debenture Targeting 3.0x leverage ratio by mid- 2027 No near- term debt maturities ~2.8x Sufficient liquidity to execute strategic plan Attractive rates and maturity profile Significant de-levering driven by debt reduction and Adj. EBITDA growth 1 As of year-end 2024. Credit facility balance includes issued letters of credit. 2 CORRA + 2.00% credit spread adjustment and SOFR + 1.90% credit spread adjustment. Note: Debt maturity schedule does not include preferred shared held by Brookfield. 3 Leverage Ratio is a non-GAAP financial measure. Refer to the non-GAAP financial measures section of this presentation.
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7979SPB 2025 INVESTOR DAY Key Takeaways 01 Introducing new long-term financial targets with continued focus on driving long-term shareholder value Strengthening our balance sheet and prioritizing deleveraging to further increase financial flexibility Allocating capital through disciplined priorities Creating a platform to accelerate profitability and generate significant cash flow 02 03 04
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80 Closing Remarks Allan MacDonald President and CEO 80SPB 2025 INVESTOR DAY
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8181SPB 2025 INVESTOR DAY Serving Large Markets with Inherently High-Returning Businesses Clear Opportunity for a Scaled Player with Density to Capture Significant Value Transforming Our Business to Better Capture Value Executing to Deliver Long-Term Shareholder Value Creation 1 2 3 4 Why Invest in Superior Plus 2024 FCF / Share1 $0.38 ~$1.10 Adj. EPS1 $0.16 ~$0.65 Adj. EBITDA1 $455M ~$570M2027E Adj. EBTDA / Share1 $1.27 ~$2.05 Adj. ROA1 7.5% ~15% 1 Adjusted EBITDA, Adjusted EBTDA per Share, FCF per Share, Adjusted EPS, and ROA are non-GAAP financial measures. Refer to the non-GAAP financial measures section of this presentation.
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82 82SPB 2025 INVESTOR DAY Q&A Session
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83 APPENDIX 83SPB 2025 INVESTOR DAY
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8484SPB 2025 INVESTOR DAY Non-GAAP Financial Measures Throughout this presentation, Superior has used the following terms that are not defined under IFRS, which are used by management to evaluate the performance of Superior and its businesses: Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA” or “Adj EBITDA”), Adjusted Earnings Before Taxes, Depreciation and Amortization (“Adjusted EBTDA” or “Adj EBTDA”) per share, Free Cash Flow (“FCF”), FCF per share, Adjusted Net Income, Adjusted Earnings per share (“EPS”), Return on Invested Capital (“ROIC”), Adjusted Return on Assets (“Adjusted ROA”) and Leverage Ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP financial measures do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP and other financial measures are clearly defined, explained and reconciled to their most directly comparable measure presented in the (primary) financial statements. Except as otherwise indicated, these Non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. The intent of using Non-GAAP financial measures is to provide additional useful information to investors and analysts; the measures do not have standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP financial measures differently. Descriptions of the Non-GAAP financial measures included in this presentation are set forth below. Any significant difference between the historical Non-GAAP financial measures set forth below and any forward- looking Non-GAAP financial measures included in this presentation is a result of the inclusion of the estimated results from the Superior Delivers transformation, and the assumptions underlying such results. Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 26 Reportable Segment Information of the audited consolidated financial statements for the year ended December 31, 2024. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, Wholesale Propane and CNG Segment profit (loss). Adjusted EBTDA is calculated as Adjusted EBITDA less cash interest expense. Cash interest expense is the sum of interest on borrowings and interest on lease liability which are found in Note 19 Supplemental Disclosure of Consolidated Statements of Net Earnings (Loss) in the audited consolidated financial statements for the year ended December 31, 2024. Cash interest expense for the twelve months ended December 31, 2024 was $101.8 million. Adjusted EBTDA per share is calculated by dividing Adjusted EBTDA by the weighted average shares assuming the exchange of the issued and outstanding preferred shares into common shares. Free Cash Flow is calculated as Adjusted EBTDA less cash tax ($26.9 million) less capital expenditures including leases ($171.1 million) less transaction, restructuring and other costs ($13.5 million) less preferred share dividends ($18.9 million) less change in net working capital ($30.1 million) which are found in Note 19 Supplemental Disclosure of Consolidated Statements of Net Earnings (Loss) in the audited consolidated financial statements for the year ended December 31, 2024. Free Cash Flow per share is calculated by dividing Free Cash Flow by the weighted average common shares and assumes that the holders of the preferred equity exercise their right to convert the preferred shares into 30 million common shares in mid-2027. Adjusted Net Income is calculated as Net loss for the year plus unrealized loss on financial and non-financial derivatives and foreign currency translation ($47.9 million) plus deferred tax ($13.6 million) plus transaction, restructuring and other costs ($13.5 million) less preferred share dividends ($18.9 million) which are found in Note 19 Supplemental Disclosure of Consolidated Statements of Net Earnings (Loss) in the audited consolidated financial statements for the year ended December 31, 2024. Adjusted EPS is calculated by dividing Adjusted Net Income by the weighted average common shares and assumes that the holders of the preferred equity exercise their right to convert the preferred shares into 30 million common shares in mid-2027. Leverage Ratio is determined by dividing Superior’s Net Debt by its Pro Forma Adjusted EBITDA, both of these components are Non-GAAP Financial Measures. Proforma Adjusted EBITDA is Adjusted EBITDA calculated on a 12-month basis giving effect to acquisitions adjusted to the first day of the calculation period. Proforma Adjusted EBITDA was calculated by taking the sum of the year ended December 31, 2024 Adjusted EBITDA ($455.5 million). Net Debt is calculated as the sum of borrowings before deferred financing fees ($1,717.1 million) and lease liabilities ($165.3 million) reduced by cash and cash equivalents ($17.1 million) as at December 31, 2024. ROIC is calculated by dividing net operating profit after tax (NOPAT) by average invested capital and Adjusted ROA is calculated by dividing NOPAT before transaction, restructuring and other costs by average property plant and equipment and intangibles excluding goodwill. 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 2024 Annual MD&A 2024 Annual MD&A available at SEDAR+ at www.sedar.ca and on Superior’s website at http://www.superiorplus.com/investor-relations/financial-reports/.
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85 85SPB 2025 INVESTOR DAY Speaker Bios
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8686SPB 2025 INVESTOR DAY ALLAN MACDONALD President and CEO Allan MacDonald joined Superior Plus as President and Chief Executive Officer in April 2023. Prior to joining Superior Plus, Mr. MacDonald was the Chief Executive Officer of the Bragg Group of Companies, where he led a portfolio of public market investments as well as operating companies in the Agriculture, Airline Services, and Telecom sectors. From 2009 to 2020, Mr. MacDonald held a number of increasingly senior roles at Canadian Tire Corporation, the most recent being Executive Vice-President and Chief Operating Officer from 2013 to 2020. Mr. MacDonald holds a Masters of Business Administration degree from Henley Management College in England and a Bachelor of Business Administration from Acadia University.
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8787SPB 2025 INVESTOR DAY STEVE QUINN Chief Transformation Officer Steve Quinn joined Superior Plus as Senior Vice President, Portfolio Performance and Transformation in July 2024. Mr. Quinn brings a broad range of leadership skills to Superior with more than 20 years of experience in operational performance management, large scale transformation and portfolio strategy. Prior to his recent executive roles leading the strategy, planning and transformation functions of one of Canada’s largest retailers, Mr. Quinn worked as a strategy and operations consultant advising public and private companies in retail / wholesale distribution, business services, pharma, government, and financial services. Mr. Quinn holds an Honours BA (economics) from York University and MBA from the Schulich School of Business.
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8888SPB 2025 INVESTOR DAY TOMMY MANION Chief Operating Officer, North American Propane Tommy Manion joined Superior Plus in August 2019 and most recently served as Head of Superior Plus Propane. Prior to that, he was the Vice President of Operations for the Southeast, New York, Midwest and West Regions. With a 33-year career in the propane industry, he brings extensive experience spanning from family-owned independents to major retailers. Prior to joining Superior, Tommy was the Director of Operations for the Northeast US at Amerigas Partners, LP, where he built a strong track record of developing and leading high-performing teams through change and process improvement. Tommy holds a Bachelor of Engineering Science degree and a Master of Engineering degree from the University of Louisville.
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8989SPB 2025 INVESTOR DAY RICK CARRON Chief Commercial Officer, North American Propane Rick Carron joined the Superior Plus December 2011 and most recently served as President of Superior Propane. Mr. Carron joined Superior Plus as Vice President, Sales. He was appointed Senior Vice President of Sales and Operations in 2019. Since joining Superior, Mr. Carron has developed a best in class sales team that has increased commercial and residential sales impact and driven a significant contribution to our success as an organization. Prior to joining Superior, he was Vice President, Sales at Evoco Inc., and held executive and senior leadership positions over a 15-year period, including key roles with Direct Energy and Bell Canada. Rick holds a BA in Economics from the University of Calgary.
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9090SPB 2025 INVESTOR DAY SHAWN VAMMEN SVP, Superior Gas Liquids Shawn Vammen joined Superior Gas Liquids in 2008 and currently serves as SVP, Superior Gas Liquids. Mr. Vammen joined Superior Plus as NGL, Marketing. He was appointed VP, Supply and Marketing in 2010. With over 20 years of experience in the natural gas liquids industry, Mr. Vammen has held positions of increasing responsibility at Mobil Oil Canada, Gibson Energy, and Sempra Energy Trading. He was Vice President, Supply and Marketing at Superior Gas Liquids from 2010 to 2014, prior to moving into his current position. He holds a Bachelor of Commerce (BCom) degree from the University of Alberta.
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9191SPB 2025 INVESTOR DAY DALE WINGER President, Certarus Dale Winger joined Superior Plus as President, Certarus in March 2025. Mr. Winger brings a track record of driving growth and returns with more than two decades of commercial, strategic and leadership experience in the chemical and oilfield service sectors. Prior to joining Superior, Mr. Winger was the Managing Director of Halliburton Labs where he led the company’s Future of Energy strategy and equity investments in early-stage energy technology companies. Mr. Winger also served as Vice President of Halliburton’s specialty chemicals business with global leadership responsibility for financial performance, including revenue expansion, operational improvements, strategic direction, organizational development and capital allocation. Mr. Winger holds a Master of Business Administration from Harvard Business School and a Bachelor of Science degree with distinction from Purdue University.
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9292SPB 2025 INVESTOR DAY ASH RAJENDRA VP and Chief Information Officer Ash Rajendra joined Superior Plus in 2021 as Vice President and Chief Information Officer. He has held various executive and advisor roles with companies such as IBM, Supreme Cannabis, Just Energy and MDS. Mr. Rajendra brings over 25 years of experience focusing on IS strategy, systems, controls, governance, project management, mergers and acquisitions, and change management. He holds Bachelor of Science (BSc) degree and Bachelor of Arts (BA) degree from Queen’s University.
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9393SPB 2025 INVESTOR DAY GRIER COLTER EVP and CFO Grier Colter joined Superior Plus as Chief Financial Officer in September 2023. Mr. Colter brings approximately 25 years of experience to the Company with specific expertise in finance, capital markets, and mergers and acquisitions. Prior to joining Superior Plus Corp., Grier was Executive Vice President and Chief Financial Officer of Lifeworks Inc. and part of the focused transaction team that executed the sale of the company to Telus Corporation in 2022. Prior to that, he was Chief Financial Officer of ECN Capital Corp. and a key member of the management team that transformed the company through several transactions. Mr. Colter has also served in senior level positions at large publicly traded companies including Canadian Tire Corporation and Barrick Gold Corporation. Mr. Colter earned his Chartered Accountant designation with Ernst & Young LLP. He is a Chartered Financial Analyst and holds a bachelor of business administration with honors from Wilfrid Laurier University.
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9494SPB 2025 INVESTOR DAY CHRIS LICHTENHELDT VP, Investor Relations Chris Lichtenheldt joined Superior Plus as Vice President of Investor Relations in September 2024. Mr. Lichtenheldt brings approximately 20 years of experience to the Company with specific expertise in equity research, portfolio management, and investor relations. Prior to joining Superior Plus, Chris was Vice President of Investor Relations at Kinross Gold Corporation. Prior to that, he was Portfolio Manager of CI Investments. Mr. Lichtenheldt has also served as an equity research analyst at UBS Securities and Dundee Capital Markets. He is a Chartered Financial Analyst and holds a bachelor of business administration with honors from Wilfrid Laurier University.