All dollar amounts are in USD unless otherwise noted Announcing Superior Delivers, a transformative initiative which will contribute at least $50 million of incremental Adjusted EBITDA(1) annually from propane operations by the end of 2027. Introducing a more balanced approach to capital allocation aimed at increasing shareholder value and providing additional financial flexibility. Superior is […]

Superior Announces Third Quarter Results, Launches Superior Delivers Initiative and Reduces Dividend in Favour of Share Repurchases

All dollar amounts are in USD unless otherwise noted Announcing Superior Delivers, a transformative initiative which will contribute at least $50 million of incremental Adjusted EBITDA(1) annually from propane operations by the end of 2027. Introducing a more balanced approach to capital allocation aimed at increasing shareholder value and providing additional financial flexibility. Superior is […]

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

Non-GAAP Financial Measures and Ratios

Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and, therefore may not be comparable to similar financial measures disclosed by other issuers. Information to reconcile these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s annual financial statements is provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2024 Third Quarter MD&A dated November 6, 2024, available on www.sedarplus.com.

Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 19 Reportable Segment Information of the interim consolidated financial statements for the three months ended September 30, 2024. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, Wholesale Propane and Certarus Segment profit (loss). Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the weighted average shares assuming the exchange of the issued and outstanding preferred shares into common shares. 2023 Pro Forma Adjusted EBITDA is used to provide 2024 guidance and only includes a pro forma adjustment related to Certarus for the period of January 1, 2023 to the date of the acquisition on May 31, 2023.

Superior changed the definition of Adjusted EBITDA from its historical definition to exclude the realized gains (losses) on foreign currency forward contracts and include unrealized gains (losses) related to equity derivatives. The foreign currency forward contracts were used to provide a hedge on the translation of U.S. denominated Adjusted EBITDA to Canadian dollars. As a result of the change in presentation currency, management is no longer hedging U.S. denominated Adjusted EBITDA and is excluding these realized gains (losses) from Adjusted EBITDA as there is no longer an offsetting gain (loss) on the translation of U.S. denominated Adjusted EBITDA. Management is currently not entering into similar instruments related to the translation of Canadian denominated Adjusted EBITDA. This change has been made retrospectively. In addition to the change in presentation currency, effective January 1, 2024, Superior implemented hedge accounting for Superior’s long-term incentive plan and related equity derivatives, and now includes these unrealized gains/losses as part of Adjusted EBITDA. The intention of this change in accounting policy is to reduce some of the volatility related to changes in Superior’s share price on the long-term incentive costs.