Q2 Results Reflect Strategic Momentum
Superior Plus Corp delivered second quarter 2026 results with a 10% rise in Adjusted EBITDA, reaching $36.8 million. This growth was largely attributed to the outstanding performance in its CNG segment, which set new records. The company has reaffirmed its 2026 Adjusted EBITDA growth target of approximately 2%, showing confidence in its strategic direction.
Allan MacDonald, President and Chief Executive Officer, shared insights on the progress made during the quarter. Certarus, Superior’s CNG division, achieved a major milestone by introducing Mobile CNG Fleet Fueling and signing its first contract with a top-tier global logistics company. Meanwhile, the propane business experienced a typical seasonal slowdown, but it maintained stable Adjusted EBITDA in comparison to the same period in 2025.
Data Center and CNG Growth
The data center operations under Certarus continued to expand, adding new contracts and building a strong pipeline for future opportunities. In the second quarter, Superior Delivers contributed $5 million to Adjusted EBITDA, showcasing the company’s success in growing its CNG-powered trucking solutions and related services.
The launch of Mobile CNG Fleet Fueling is positioned as a significant innovation, enabling fleets to adopt natural gas fueling with greater ease. This new offering came alongside impressive volume growth in Q2, with a record 8,404,000 MMBtu reported. This surge in demand highlights strong interest from data centers and industrial customers.
As of June 30, 2026, Superior had 214.6 million common shares issued and outstanding, reflecting a 4.5% reduction compared to June 30, 2025. The company has announced a quarterly dividend of C$0.045 per share, which will be distributed on October 15, 2026 to shareholders on the record as of September 29, 2026.
The Q2 2026 leverage ratio stood at 3.6x, down from 3.8x in the same quarter of 2025. This decrease was driven by lower net debt balances, which offset some of the impact from reduced Adjusted EBITDA. Superior remains committed to gradually lowering its leverage ratio to 3.0x over the long term, ensuring financial flexibility and supporting future growth initiatives.
Propane operations saw a $2.0 million, or 16%, drop in Adjusted EBITDA for Q2. This decline was primarily due to weaker performance in the U.S. Propane segment, although the Canadian Propane operations partially offset the loss. Despite these challenges, the business is performing in line with expectations for the seasonally slower period.
Superior’s Q2 Adjusted EBTDA per share rose by about 40% to $0.07, driven by higher overall EBITDA and a reduced number of shares outstanding. This per-share improvement was a direct result of the company’s ongoing efforts to streamline operations and deliver better financial performance.
Within the Cost-to-Serve pillar, the scheduling optimization tool remains a priority, with the expectation that it will contribute meaningfully during the upcoming peak delivery season later this year. The tool is being developed to improve efficiency and customer satisfaction in logistics operations.
Rapid development in supporting power generation for hyperscalers and growth within the transportation market represent key investment opportunities for the company. In recent years, the company has purchased 34 million shares, representing approximately 14% of its outstanding float, at attractive prices. However, with current opportunities in growth and development, share repurchases are not expected in the near future.
The company anticipates a leverage ratio of around 3.9x at the end of 2026 and 3.5x by the end of 2027. If it were to redeem its preferred shares using incremental debt, the 2027 leverage target would rise by approximately 0.5x. These projections reflect the company’s strategic balance between growth and financial stability.
Superior Plus Corp’s Q2 performance highlights the company’s ability to navigate seasonal challenges while capitalizing on emerging opportunities. The strategic focus on core markets, combined with expansion efforts, is yielding tangible results and setting a strong foundation for future success.