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The energy supply company imports and markets petroleum products through its extensive network of terminals, gas stations, and retail stations.

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The Waltham, Mass.-based company distributes and markets gasoline to wholesalers and commercial retail customers across the Northeast U.S.

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Global Partners stores and transports liquid energy across the country with rail, pipe, and marine assets. As of 2025, it owns over 1,700 retail stations providing gasoline and diesel fuel in the Northeast, the Mid-Atlantic, and Texas—as well as owns or operates over 50 liquid energy terminals (essentially, above-ground storage tanks filled with liquid). The company began in 1933 as a single truck providing heating oil to Boston businesses and families during the Great Depression. Global Partners went public in 2005.

Q2 2026

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Q4 2025

Q3 2025

Q2 2025

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Q4 2024

Q3 2024

Global Partners (GLP): Company Profile, Stock Price, News, Rankings

legacy

Global Partners

global partners

Good day, everyone, and welcome to the Global Partners Second Quarter twenty twenty five Financial Results Conference Call. Today's call is being recorded. All lines have been placed in a listen only mode. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka Chief Financial Officer, Mr. Gregory Hansen Chief Operating Officer, Mr. Mark Romain and Chief Legal Officer and Secretary, Mr. Sean Geary. At this time, I'd like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.

Good morning, everyone, and thank you for joining us. Today's call will include forward looking statements within the meanings of federal securities laws, including projections or expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be attained or that these expectations will be met. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward looking statements.

Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka.

Thank you, Sean, and good morning, everyone. Global delivered strong second quarter results in line with our expectations. These results reflect the strength of our integrated business and the value of staying focused on disciplined execution. For the 2025, we grew earnings and cash flow year over year with net income increasing 8%, adjusted EBITDA increasing 7% and adjusted DCF increasing 9% from the same period last year. That kind of performance speaks to the power of our diversified platform and our ability to execute in a dynamic market.

We see continued strength across our retail, terminal and wholesale liquid energy segments. Our recent terminal acquisitions have expanded our reach, strengthened our presence in key markets and established an even stronger platform for long term unit holder value and future M and A opportunities. To that end, last month, the Board approved a quarterly cash distribution of $0.75 per unit, our fifteenth consecutive increase. The distribution is payable on August 14 to unitholders of record as of the close of business on August 8. Before I turn the call over to Greg, I want to take a moment to reflect on the passing of my uncle, Richard Slifka, our longtime Chairman of the Board, who left us peacefully in May at the age of 85.

Richard was part of Global for more than sixty years. His steady leadership and deep integrity helped shape the company we are today. Richard cared deeply about people, always guided by a strong sense of purpose and a commitment to doing what was right for the long term. Those who knew him will remember his generosity, thoughtfulness, and quiet strength. His presence is deeply missed and his legacy continues to live on in the values he instilled across our organization and community.

Following Richie's passing, we welcome Tom Jalka to our Board of Directors. Tom brings a wealth of experience from his long legal career at Nutter, McClellan and Fish, where he has served as a partner since 1985. With that, I'll turn the call over to Greg for the financial review. Greg?

Thank you, Eric, and good morning, everyone. Turning to our results. It's important to note the difficult comparison of our second quarter twenty twenty five results with the 2024. As you might recall, in the 2024, certain products in our wholesale segment were negatively impacted by the timing of mark to market valuations that were then realized in the 2024, leading to outsized wholesale segment results in that quarter. As a result, we believe that our year to date results through June provide a more accurate gauge of our performance.

As Eric mentioned, for the first six months of twenty twenty five compared to 2024, we saw strong growth in our performance with adjusted EBITDA of $189,400,000 versus $177,300,000 in 2024 and adjusted DCF of $98,800,000 compared with $90,400,000 Now turning to our quarterly results. As I review the numbers, please note that all comparisons will be with the 2024 unless otherwise noted. Net income for the second quarter was 25,200,000.0 versus $46,100,000 in Q2 last year. EBITDA was $95,700,000 for the second quarter compared with $118,800,000 and adjusted EBITDA was $98,200,000 versus 121,100,000.0 Distributable cash flow was $52,000,000 for the second quarter compared with $73,100,000 and adjusted DCF was $52,300,000 compared with $74,200,000 last year. For For the second quarter of this year, net income, EBITDA, adjusted EBITDA, DCF and adjusted DCF include a loss on early extinguishment of debt of $2,800,000 related to the redemption of our senior notes due 2027 in the quarter.

Adjusting for this loss on early extinguishment of debt, our adjusted EBITDA for 2Q twenty twenty five was $101,000,000 Trailing 12 distribution coverage as of 06/30/2025 was 1.81 times or 1.75 times after factoring in distributions to our preferred unitholders. Turning to our segment details, GDSO product margin decreased $13,600,000 to $207,900,000 in the quarter, primarily as a result of lower site count year over year and the impact of adverse weather conditions in the Northeast, which saw a record 13 weekends of consecutive rain. Product margin from gasoline distribution decreased $9,400,000 to 137,900,000.0 reflecting lower fuel volumes due in part to the decreased site count year over year and the weather impact. On a cents per gallon basis, fuel margins of $0.36 per gallon remained flat with the 2024. Station operations product margin, which includes convenience store and prepared food sales, sundries and rental income, was similarly impacted by the weather and lower site count.

It decreased $4,200,000 to $70,000,000 in the 2025. At quarter end, we had a portfolio of fifteen fifty three sites, 42 fewer than prior year as we continued our strategic divestment activities to enhance and optimize our overall portfolio of sites. In addition, we operated or supplied 66 sites under our Spring Partners retail joint venture. Looking at the wholesale segment, second quarter product margin was $91,700,000 Product margin from gasoline and gasoline blend stocks decreased $11,600,000 to $58,800,000 primarily due to less favorable market conditions largely in gasoline, but also in gasoline blend stocks. That decline was partially offset by terminal acquisitions from Gulf Oil and ExxonMobil in the second and fourth quarters of last year respectively.

Product margin from distillates and other oils increased $11,400,000 to $32,900,000 primarily due to more favorable market conditions. The Commercial segment product margin decreased $100,000 to $6,100,000 in part due to less favorable market conditions in bunkering. Looking at expenses, operating expenses increased $5,700,000 to $135,700,000 in the second quarter, primarily related to our terminal operations and the additions of the Gulf and ExxonMobil terminals. SG and A increased $2,400,000 in Q2 twenty twenty five to $74,700,000 reflecting in part increases in wages and benefits and various other SG and A expenses. Interest expense was $34,500,000 in the 2025, down $1,000,000 from last year in part due to lower average balances on our revolving credit facility.

CapEx in the second quarter was $15,000,000 consisting of 9,900,000 of maintenance CapEx and $5,100,000 of expansion CapEx that primarily related to investments in our gasoline stations and terminals. For the full year, we continue to anticipate maintenance capital expenditures of approximately 60,000,000 to $70,000,000 Expansion capital expenditures excluding acquisitions are anticipated to be approximately 65,000,000 to $75,000,000 in 2025 relating primarily to investments in our gasoline station and terminal business. At $70,000,000 the midpoint of our expansion CapEx range is down $10,000,000 from the range stated on our year end twenty twenty four call. Our current CapEx estimates depend in part on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments. Turning to the balance sheet.

At June 30, leverage as defined in our credit agreement as funded debt to EBITDA was 3.5 times. We had $198,500,000 outstanding on the working capital revolving credit facility and $88,200,000 outstanding on the revolving credit facility. During the quarter, we completed an upsized private offering of $450,000,000 senior unsecured notes with a 7.8% interest rate in a 2033 maturity. We used the proceeds to retire our $400,000,000 7% senior notes due 2027 through a combination of a cash tender offer and a subsequent redemption. The remaining funds were used to pay down borrowings under our credit facility.

This transaction strengthens our balance sheet, extends our debt maturity profile, enhances our financial flexibility moving forward. Before I hand the call back to Eric for closing remarks, I'll just mention that we'll be participating in Citi's twenty twenty five Natural Resources Conference next week. If you're attending, we look forward to seeing you there. Now let me turn the call back to Eric for closing comments. Eric?

Thanks, Greg. As we move into the second half of the year, our focus remains on operational excellence, disciplined capital allocation and delivering consistent returns for our unitholders. Now Greg, Mark and I would be happy to take your questions. Operator, please open the line for Q and A.

Your first question comes from Selman Akyol with Stifel. Your line is open.

Thank you. Good morning. Eric, those were truly kind words on your uncle, and they were heartfelt, and sorry for your loss.

Thank you very much, Shalman. I do appreciate that.

I guess, just you guys talked about the weather and I'm just wondering, is there any way you can quantify what impact you thought that had on the quarter?

Hey, Samit. It's Greg. Yes. It's hard. Candidly, we looked at it a thousand different ways to try and figure it out.

We look at same site volumes. We look at same site store merchandising. Really it really impacted May and into the first couple of weeks of June. I don't have a number for you, but it was material. It rained those every Saturday for those thirteen weeks.

That hasn't rained that much on weekends in the Northeast since 1970. That's the last time it was twelve weeks, was the previous record of thirteen weeks. So we really saw in May results and it impacted not just the merchandising and Pacfab sales and things like that, but also the fuel side. But I don't have an exact number to give to you.

Understood. And you also referenced sort of 42 fewer sites. So I'm just curious how close are you to being done on the rationalization? Or is there much more to go?

Yes. I'd quantify not much more to go. I think we're very happy where we are in a site count. We do an annual review every year and looking at our sites. We look at the sustainability of those sites over the next ten years if they fit our operating model, if they should be a company operated or they should be a dealer or a commission agent.

So we've looked at the class of trade too. I think where we sit right now, we're very satisfied with our portfolio overall. There's probably a handful of sites that we'd look to potentially either convert or divest. And then, you know, we will do another review process as we annually do towards the the fourth quarter look at the process. But it's a it's a continuing process.

Especially as we buy sites or do raise and rebuilds or NTIs. It's just a it's a constant sort of churn in the portfolio. But that was probably a bigger chunk last year with the $0.4 we did. But I think we're overall, we're pretty comfortable with the portfolio as it stands today.

Got it. And you guys had strength in your CPG. And so I'm curious, is that tied back to the terminals you've been acquiring and we're seeing that kind of get layered in there?

No. It's really independent from our terminals. Our supply advantages and our vertical integration that really shows up on our wholesale segment. Those cents per gallon and the GDSO segment are pretty pure cents per gallon numbers. You know, I think, you know, overall, it wasn't that volatile of a of a of a quarter from a pricing standpoint.

If you look at the above curve, you had a big sell off in early April. So you had some pretty strong margin early April after the inter Independence Day or Liberation Day, when prices crashed pretty quickly and you had decent margins in April. And then, you know, May was sort of a grinded out month until, you know, June. You saw the big spike when Iran the bombing of Iran happened and then it quickly came off. So towards the June, there were some opportunities for decent margins.

But overall, I'd put I'd probably say it's a more normalized quarter overall.

Got it. And then, can you guys just sort of comment on the acquisition outlook and what you're seeing out there? And, are bid ask spreads still pretty wide or coming in? Anything you can offer color there?

Yeah. I mean, it I think you it's Eric Slifka. I think you hit it right on the on the nose there. Bid offers are wide on the terminaling side. I'd say on the retail side, it remains active.

But I think there's some opportunities out there, and we'll just see if there's a way to try and move forward.

All right. I'll leave it at that. Thank you kindly.

At this time, I'd like to turn the call back to Mr. Slifka for closing comments.

Thank you for joining us this morning, and we look forward to keeping you updated on our progress. Thanks, everyone.

This concludes today's call. Thank you for attending, and have a wonderful rest of your day.

Global Partners (GLP) Q2 2025 Earnings Call Transcript

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