North American gas distributor Superior Plus Corp on Thursday reported $49.1 million in net income for the fourth quarter of 2025, up from $4.2 million for the same three-month period last year on higher propane volumes and lower operating costs.
Earnings per share (EPS) landed at $0.18. EPS adjusted for extraordinary or nonrecurring items came at $0.27, up from $0.23 for Q4 2024.
Adjusted EBITDA totaled $161.9 million, up from $159.2 million for Q4 2024. Adjusted EBITDA from operations – which Superior defines as the sum of profits from its Canadian propane, United States propane and compressed natural gas (CNG) segments – totaled $167.2 million, up from $164.6 million for Q4 2024.
U.S. propane accounted for $96.7 million of Q4 2025 adjusted EBITDA, up from $89 million for Q4 2024. Canadian propane contributed $36.2 million, compared to $36.4 million for Q4 2024. CNG accounted for $34.3 million, down from $39.2 million for Q4 2024.
Certarus Ltd, a Superior unit that operates a fleet of trailers delivering CNG, hydrogen and renewable natural gas, logged a record volume of 31.33 trillion British thermal units (Btu), up seven percent from 2024. “Q4 volumes of 8,203,000 MMBtu [million Btu] increased 12 percent despite the activity downturn in CNG’s largest end market, reflecting resilience in wellsite market share coupled with growth in the industrial and renewable segments”, Toronto, Canada-based Superior said.
Revenue totaled $691 million for Q4 2025, down from $702.3 million for Q4 2024.
“Superior entered 2025 with an ambitious plan to transform our North American propane business, and the year brought both significant progress and important lessons”, said president and chief executive Allan MacDonald. “We modernized key parts of our operations and improved productivity, delivering more propane with a leaner cost structure.
“At the same time, as we rolled out substantial changes across our network, we created service pressure in some regions. That pressure was amplified by cold weather and a resulting surge in customer demand that continued into the first quarter of this year.
“Superior Delivers is working and the long-term benefits remain intact; however, we have extended the timeline needed to complete the full transformation”.
“In our CNG business, Certarus continued to execute effectively, expanding in industrial markets and data centers with continued improvements in operational efficiency and cost effectiveness”, MacDonald added. “While pricing pressure in the wellsite segment offset these accomplishments and resulted in a modest decline in adjusted EBITDA, those pressures are cyclical and we remain confident in the long-term trajectory of the business”.
This year Superior expects a 3-8 percent growth in propane adjusted EBITDA but a 4-9 percent decline in CNG adjusted EBITDA.
“Superior now expects a compound annual growth rate in adjusted EBITDA of approximately 2 percent from 2024 to 2027, replacing the company’s previous estimate of 8 percent over the same period”, Superior said.
“Superior expects free cash flow to grow at a compound annual growth rate of 20-25 percent from 2024 to 2027, compared with the previous estimate of 40 percent. The reduction in expected growth is due to a downturn in Certarus’ wellsite business and an extended timeline to transform the propane business which is expected to impact customer growth”.
For the first quarter of 2026 Toronto-listed Superior is keeping its quarterly dividend at CAD 0.045 ($0.062) per share.
Last year it repurchased 8 percent of its outstanding common shares, or 19.6 million shares. “During 2026, the company expects to continue repurchasing shares over the near term”, Superior said. “However, the company may transition from share repurchases to debt repayment to increase financial flexibility to redeem its $260 million preferred shares which may become redeemable at par in mid-2027”.
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