Earnings release
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Logo NEWS RELEASE Global Partners LP Reports Second - Quarter 2026 Financial Results 2026-08-07 NEWTON , Mass .-- ( BUSINESS WIRE ) -- Global Partners LP ( NYSE : GLP ) today reported financial results for the second quarter ended June 30 , 2026 . CEO Commentary " The second quarter was marked by strong contributions in all of our segments , with our business executing well in a dynamic market environment , " said Eric Slifka , the Partnership's President and Chief Executive Officer . " The breadth of our liquid energy platform enables us to create and capture value across market conditions , as reflected in our performance this quarter . " Looking ahead , we remain committed to pursuing growth where it creates durable value , deploying capital with discipline and managing the business for the long term , " Slifka said . " The quality of our assets and the strength of our balance sheet provide flexibility and position us to deliver attractive returns for our unitholders . " Second - Quarter 2026 Financial Highlights Net income in the second quarter of 2026 was $ 71.0 million , or $ 1.86 per diluted common limited partner unit , compared with net income of $ 25.2 million , or $ 0.55 per diluted common limited partner unit , in the same period of 2025 . Earnings before interest , taxes , depreciation and amortization ( EBITDA ) was $ 146.0 million in the second quarter of 2026 compared with $ 95.7 million in the same period of 2025 . Adjusted EBITDA was $ 148.2 million in the second quarter of 2026 versus $ 98.2 million in the same period of 2025 . 1
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Distributable cash ow (DCF) was $92.6 million in the second quarter of 2026 compared with $52.0 million in the same period of 2025. Adjusted DCF was $92.5 million in the second quarter of 2026 compared with $52.3 million in the same period of 2025. EBITDA, adjusted EBITDA, DCF and adjusted DCF for the second quarter of 2025 included a loss on early extinguishment of debt of $2.8 million related to the 2025 redemption of the Partnership’s 7.00% senior notes due 2027. Gross pro t in the second quarter of 2026 was $328.9 million compared with $272.4 million in the same period of 2025. Combined product margin, which is gross pro t adjusted for depreciation allocated to cost of sales, was $362.2 million in the second quarter of 2026 compared with $305.7 million in the same period of 2025. Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) nancial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP nancial measures to their most directly comparable GAAP nancial measures for the three and six months ended June 30, 2026, and 2025. Gasoline Distribution and Station Operations (GDSO) segment product margin was $245.2 million in the second quarter of 2026 compared with $207.9 million in the same period of 2025. Product margin from gasoline distribution increased to $175.0 million from $137.9 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations was $70.2 million compared with $70.0 million in the second quarter of 2025. Wholesale segment product margin was $106.5 million in the second quarter of 2026 compared with $91.7 million in the same period of 2025. Gasoline and gasoline blendstocks product margin increased to $78.4 million from $58.8 million in the same period of 2025, primarily re ecting more favorable market conditions in gasoline. Product margin from distillates and other oils decreased to $28.1 million in the second quarter of 2026 from $32.9 million in the same period of 2025, primarily due to less favorable market conditions in residual oil. Commercial segment product margin increased to $10.5 million in the second quarter of 2026 from $6.1 million in the same period of 2025, primarily re ecting more favorable market conditions in bunkering. 2
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Total sales were $6.8 billion in the second quarter of 2026 compared with $4.6 billion in the same period of 2025. Wholesale segment sales were $4.9 billion in the second quarter of 2026 compared with $3.1 billion in the same period of 2025. GDSO segment sales were $1.5 billion in the second quarter of 2026 compared with $1.2 billion in the same period of 2025. Commercial segment sales were $370.2 million in the second quarter of 2026 compared with $275.8 million in the same period of 2025. Total volume was 2.0 billion gallons in the second quarters of 2026 and 2025. Wholesale segment volume was 1.5 billion gallons in the second quarters of 2026 and 2025. GDSO volume was 351.2 million gallons in the second quarter of 2026 compared with 382.4 million gallons in the same period of 2025. Commercial segment volume was 123.3 million gallons in the second quarter of 2026 compared with 141.9 million gallons in the same period of 2025. Recent Developments Global Partners fully redeemed all of its outstanding Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) at a redemption price of $25.00 per share, plus a $0.49479167 per unit cash distribution for the period from May 15, 2026 through July 29, 2026. E ective July 30, 2026, the Series B Preferred Units are no longer outstanding. Global Partners announced a cash distribution of $0.7800 per unit ($3.12 per unit on an annualized basis) on all of its outstanding common units from April 1, 2026 through June 30, 2026. The distribution will be paid on August 14, 2026 to unitholders of record as of the close of business on August 10, 2026. Financial Results Conference Call Management will review the Partnership’s second-quarter 2026 nancial results in a teleconference call for analysts and investors today. Time: 10:00 a.m. ET Dial-in numbers: (877) 709-8155 (U.S. and Canada) (201) 689-8881 (International) Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company 3
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and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global Partners operates or maintains dedicated storage at 54 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global Partners has a large portfolio of owned, leased and/or supplied retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com. Use of Non-GAAP Financial Measures Product Margin Global Partners views product margin as an important performance measure of the core pro tability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners de nes product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP nancial measure used by management and external users of the Partnership’s consolidated nancial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash ow from operations, or any other measure of nancial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies. EBITDA and Adjusted EBITDA EBITDA and adjusted EBITDA are non-GAAP nancial measures used as supplemental nancial measures by management and may be used by external users of Global Partners’ consolidated nancial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s: 4
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compliance with certain nancial covenants included in its debt agreements; nancial performance without regard to nancing methods, capital structure, income taxes or historical cost basis; ability to generate cash su cient to pay interest on its indebtedness and to make distributions to its partners; operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of re ned petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to nancing methods and capital structure; and viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities. Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global Partners’ proportionate share of EBITDA related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash ow from operating activities or any other measure of nancial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that a ect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies. Distributable Cash Flow and Adjusted Distributable Cash Flow Distributable cash ow is an important non-GAAP nancial measure for the Partnership’s limited partners since it serves as an indicator of Global Partners’ success in providing a cash return on their investment. Distributable cash ow as de ned by the Partnership’s partnership agreement (the “partnership agreement”) is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash ow. Distributable cash ow as used in the partnership agreement also determines Global Partners’ ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash ow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated su cient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. 5
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Adjusted distributable cash ow is a non-GAAP nancial measure intended to provide management and investors with an enhanced perspective of the Partnership’s nancial performance. Adjusted distributable cash ow is distributable cash ow (as de ned in the partnership agreement) further adjusted for Global Partners’ proportionate share of distributable cash ow related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. Adjusted distributable cash ow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash ow as calculated under the partnership agreement. Distributable cash ow and adjusted distributable cash ow should not be considered as alternatives to net income, operating income, cash ow from operations, or any other measure of nancial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash ow and adjusted distributable cash ow may not be comparable to distributable cash ow or similarly titled measures of other companies. Forward-looking Statements Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential e ect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments a ecting the Partnership will be those that it anticipates. Forward-looking statements involve signi cant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to di er materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our lings with the Securities and Exchange Commission (SEC). For additional information regarding known material factors that could cause actual results to di er from the Partnership’s projected results, please see Global Partners’ lings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global Partners undertakes no obligation to publicly update or revise any forward-looking statements after 6
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the date they are made, whether as a result of new information, future events or otherwise. GLOBAL PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per unit data) (Unaudited) Three Months EndedSix Months Ended June 30, June 30, 2026202520262025 Sales $6,792,088$4,626,925$12,113,888$9,219,122 Cost of sales 6,463,1474,354,56311,452,7808,691,519 Gross pro t 328,941272,362661,108527,603 Costs and operating expenses: Selling, general and administrative expenses83,03174,775182,381148,492 Operating expenses 136,834135,663266,068262,378 Amortization expense 1,269 1,376 2,539 2,788 Net loss (gain) on sale and disposition of assets444 271 (2,982) (2,219) Long-lived asset impairment - 211 - 211 Total costs and operating expenses221,578212,296448,006411,650 Operating income 107,36360,066213,102115,953 Other income (expense): Income from equity method investments1,983 2,350 2,722 2,416 Interest expense (33,084) (34,523) (68,587) (70,562) Loss on early extinguishment of debt- (2,795) - (2,795) Income before income tax (expense) bene t76,26225,098147,23745,012 Income tax (expense) bene t (5,277) 112 (6,116) (1,118) Net income 70,98525,210141,12143,894 Less: General partner's interest in net income, including incentive distribution rights 5,876 4,61511,2699,027 Less: Preferred limited partner interest in net income1,781 1,781 3,562 3,562 Net income attributable to common limited partners$ 63,328$ 18,814$ 126,290$ 31,305 Basic net income per common limited partner unit (1)$ 1.87$ 0.55$ 3.72$ 0.92 Diluted net income per common limited partner unit (1)$ 1.86$ 0.55$ 3.70$ 0.92 Basic weighted average common limited partner units outstanding33,92833,91833,90933,902 Diluted weighted average common limited partner units outstanding34,11734,09534,15234,204 (1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit. GLOBAL PARTNERS LP CONSOLIDATED BALANCE SHEETS 7
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(In thousands) (Unaudited) June 30,December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 23,913$ 12,243 Accounts receivable, net 706,324530,142 Accounts receivable - a liates 3,539 2,627 Inventories 577,826549,118 Brokerage margin deposits 18,337 17,804 Derivative assets 10,960 17,067 Prepaid expenses and other current assets 85,126 98,486 Total current assets 1,426,0251,227,487 Property and equipment, net 1,651,9361,657,444 Right of use assets, net 361,390378,358 Intangible assets, net 10,811 13,350 Goodwill 421,913421,913 Equity method investments 117,415113,755 Other assets 32,061 38,410 Total assets $ 4,021,551$ 3,850,717 Liabilities and partners' equity Current liabilities: Accounts payable $ 714,317$ 573,202 Working capital revolving credit facility - current portion74,600 126,100 Lease liability - current portion 72,065 73,775 Environmental liabilities - current portion 7,443 7,193 Trustee taxes payable 78,695 83,801 Accrued expenses and other current liabilities204,693207,580 Derivative liabilities 43,895 4,540 Total current liabilities 1,195,7081,076,191 Working capital revolving credit facility - less current portion100,000100,000 Revolving credit facility 103,500103,500 Senior notes 1,234,1971,232,723 Lease liability - less current portion 297,846311,429 Environmental liabilities - less current portion85,966 88,772 Financing obligations 125,807128,505 Deferred tax liabilities 67,657 64,534 Other long-term liabilities 62,303 69,520 Total liabilities 3,272,9843,175,174 Partners' equity 748,567675,543 Total liabilities and partners' equity $ 4,021,551$ 3,850,717 GLOBAL PARTNERS LP FINANCIAL RECONCILIATIONS (In thousands) (Unaudited) Three Months EndedSix Months Ended June 30, June 30, 8
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2026202520262025 Reconciliation of gross pro t to product margin: Wholesale segment: Gasoline and gasoline blendstocks$ 78,410$ 58,794$ 179,577$ 115,963 Distillates and other oils 28,08632,93881,01169,409 Total 106,49691,732260,588185,372 Gasoline Distribution and Station Operations segment: Gasoline distribution 174,990137,916311,714263,667 Station operations 70,24369,972132,811132,084 Total 245,233207,888444,525395,751 Commercial segment 10,4826,10522,17613,250 Combined product margin 362,211305,725727,289594,373 Depreciation allocated to cost of sales(33,270) (33,363) (66,181) (66,770) Gross pro t $ 328,941$ 272,362$ 661,108$ 527,603 Reconciliation of net income to EBITDA and adjusted EBITDA: Net income $ 70,985$ 25,210$ 141,121$ 43,894 Depreciation and amortization 36,64336,12472,23272,029 Interest expense 33,08434,52368,58770,562 Income tax expense (bene t) 5,277 (112) 6,116 1,118 EBITDA (1) 145,98995,745288,056187,603 Net loss (gain) on sale and disposition of assets444 271 (2,982) (2,219) Long-lived asset impairment - 211 - 211 Income from equity method investment (2)(1,828) (931) (2,456) (876) EBITDA related to equity method investment (2)3,561 2,862 5,898 4,699 Adjusted EBITDA (1) $ 148,166$ 98,158$ 288,516$ 189,418 Reconciliation of net cash provided by operating activities to EBITDA and adjusted EBITDA: Net cash provided by operating activities$ 309,422$ 216,320$ 204,722$ 164,730 Net changes in operating assets and liabilities and certain non-cash items(201,794) (154,986) 8,631(48,807) Interest expense 33,08434,52368,58770,562 Income tax expense (bene t) 5,277 (112) 6,116 1,118 EBITDA (1) 145,98995,745288,056187,603 Net loss (gain) on sale and disposition of assets444 271 (2,982) (2,219) Long-lived asset impairment - 211 - 211 Income from equity method investment (2)(1,828) (931) (2,456) (876) EBITDA related to equity method investment (2)3,561 2,862 5,898 4,699 Adjusted EBITDA (1) $ 148,166$ 98,158$ 288,516$ 189,418 Reconciliation of net income to distributable cash ow and adjusted distributable cash ow: Net income $ 70,985$ 25,210$ 141,121$ 43,894 Depreciation and amortization 36,64336,12472,23272,029 Amortization of deferred nancing fees2,083 1,785 3,953 3,658 Amortization of routine bank re nancing fees(1,236) (1,234) (2,471) (2,427) Maintenance capital expenditures(15,872) (9,912) (25,831) (19,492) Distributable cash ow (1)(3)(4) 92,60351,973189,00497,662 Income from equity method investment (2)(1,828) (931) (2,456) (876) Distributable cash ow from equity method investment (2)1,754 1,239 2,796 2,036 Adjusted distributable cash ow (1)(4)92,52952,281189,34498,822 Distributions to preferred unitholders (5)(1,781) (1,781) (3,562) (3,562) Adjusted distributable cash ow after distributions to preferred unitholders$ 90,748$ 50,500$ 185,782$ 95,260 Reconciliation of net cash provided by operating activities to distributable cash ow and adjusted distributable cash ow: 9
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Net cash provided by operating activities$ 309,422$ 216,320$ 204,722$ 164,730 Net changes in operating assets and liabilities and certain non-cash items(201,794) (154,986) 8,631(48,807) Amortization of deferred nancing fees2,083 1,785 3,953 3,658 Amortization of routine bank re nancing fees(1,236) (1,234) (2,471) (2,427) Maintenance capital expenditures(15,872) (9,912) (25,831) (19,492) Distributable cash ow (1)(3)(4) 92,60351,973189,00497,662 Income from equity method investment (2)(1,828) (931) (2,456) (876) Distributable cash ow from equity method investment (2)1,754 1,239 2,796 2,036 Adjusted distributable cash ow (1)(4)92,52952,281189,34498,822 Distributions to preferred unitholders (5)(1,781) (1,781) (3,562) (3,562) Adjusted distributable cash ow after distributions to preferred unitholders$ 90,748$ 50,500$ 185,782$ 95,260 (1) EBITDA, adjusted EBITDA, distributable cash ow ("DCF") and adjusted DCF include a loss on early extinguishment of debt of $2.8 million for each of the three and six months ended June 30, 2025 related to the 2025 redemption of the Partnership's 7.00% senior notes due 2027. (2) Represents the Partnership's proportionate share of income or loss, EBITDA and DCF, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. (3) As de ned by the Partnership's partnership agreement, DCF is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. (4) DCF and adjusted DCF include a net (loss) gain on sale and disposition of assets and long-lived asset impairment of ($0.4 million) and ($0.5 million) for the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. DCF also includes income of $1.8 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $2.4 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. (5) Distributions to preferred unitholders represent the distributions payable to the Series B preferred unitholders earned during the period. Distributions on the Series B preferred units were cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. On July 30, 2026, all of the Partnership's Series B preferred units were redeemed and are no longer outstanding. Gregory B. Hanson Chief Financial O cer Global Partners LP (781) 894-8800 Kristin K. Seabrook Chief Legal O cer and Secretary Global Partners LP (781) 894-8800 Source: Global Partners LP 10