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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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F500-2020-246-Global-Partners

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.

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Q3 2025

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Q3 2024

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

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Global Partners

global partners

Hey, everyone, and welcome to the Global Partners' third quarter 2025 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 Hanson, Chief Operating Officer Mr. Mark Romaine, and Chief Legal Officer and Secretary Mr. Sean Geary. At this time, I'd like to turn the floor 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. Good morning, everyone, and thank you for joining us. We performed well in the third quarter, consistent with our expectations, reflecting operational strength and disciplined execution across the organization. We experienced a strong performance in our wholesale segment in Q3, driven by favorable market conditions in gasoline and the continued optimization of our liquid energy terminal network. Over the past two years, we have significantly scaled our terminal assets, meaningfully enhancing our product distribution network and positioning Global Partners for long-term growth. This effort reflects our strategy of efficiently connecting liquid energy products with downstream markets, leveraging the integration of terminals acquired from Motiva, Gulf, and ExxonMobil. These assets continue to perform well, strengthening our supply chain flexibility, contributing to throughput growth, and enhancing our network. We're pleased that fuel margins have remained historically strong, even with the year-over-year decline.

Our retail network is a critical part of our strategy as we invest in, optimize, and upgrade our portfolio. Recently, we expanded our marine fuel supply operations into the Port of Houston. As a reminder, today, our bunkering business is centered in the Northeast, and now we have extended this business into the Gulf Coast. On the retail side, we're continuing to redefine the convenience store experience through our all-time fresh and newly reimagined Honey Farms Market brands. These brands embody our four pillars: community, hospitality, local, and fresh, while introducing chef-driven menus, clean label offerings, and hyper-local engagement. Through our new loyalty platform, Bee's Knees Benefits, we're creating a seamless, personalized experience designed to drive repeat business, build long-term loyalty, and strengthen the connection between our guests and our brands.

Turning to our distribution, in October, the board declared a quarterly cash distribution of $0.7550 per common unit or $3.02 on an annualized basis. This marked our 16th consecutive quarterly distribution increase. The distribution will be paid on November 14th to unit holders of record as of the close of business on November 10th. With that overview, I'll turn it over to Greg for the financial review. Greg.

Thank you, Eric. Good morning, everyone. As I review the numbers, please note that all comparisons will be with the third quarter of 2024 unless otherwise noted. Net income for the third quarter was $29 million versus $45.9 million last year. I would note that last year's quarter had a $7.8 million one-time gain on asset sales that affected that number. EBITDA was $97.1 million for the third quarter, compared with $119.1 million. Adjusted EBITDA was $98.8 million versus $114 million. Distributable cash flow was $53 million compared to $71.1 million, while adjusted distributable cash flow was $53.3 million versus $71.6 million. Trailing 12-month distribution coverage remains strong as of September 30th, with 1.64x coverage or 1.5x after factoring in distributions to our preferred unit holders. Turning to our segment details, GDSO product margin decreased $18.8 million to $218.9 million.

Product margin from gasoline distribution decreased $19.3 million to $144.8 million, primarily due to lower fuel margins compared with the same period in 2024. On a cents per gallon basis, fuel margins of $0.37 were down 7% from the previous year. In the third quarter of 2024, we experienced strong fuel margins, in part due to wholesale gasoline prices declining by $0.57 during the quarter. In comparison, in this year's third quarter, wholesale gasoline prices declined only $0.11. Stage and operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, increased $0.5 million to $74.1 million, in part due to an increase in sundries. At quarter end, we had a portfolio of 1,540 sites, 49 fewer than the same period last year. The site count does not include the 67 locations we operate or supply under our Spring Partners retail joint venture.

Looking at the wholesale segment, excuse me. Looking at the wholesale segment, third quarter product margin increased $6.9 million to $78 million. Product margin from gasoline and gasoline blend stocks increased $18.5 million to $61.5 million, primarily due to more favorable marketing conditions in gasoline and the expansion of our terminal network. Product margin from distillates and other oils decreased $11.6 million to $16.5 million, primarily due to less favorable marketing conditions in residual oil. Commercial segment product margin decreased $2.5 million to $7 million, in part due to less favorable marketing conditions in bunkering. Turning to expenses, operating expenses decreased $4.6 million to $132.5 million in the third quarter, primarily related to lower maintenance and repair expenses at our terminal operations. SG&A expense increased $5.8 million to $76.3 million, reflecting in part increases in wages and benefits and various other SG&A expenses.

Interest expense was $33.3 million in the third quarter of 2025, down $1.8 million from last year, in part due to lower average balances on our credit facilities. CapEx in the third quarter was $19.7 million, consisting of $11.9 million of maintenance CapEx and $7.8 million of expansion CapEx, primarily related to investments in our gasoline stations and terminals. For the full year, we now anticipate maintenance capital expenditures of approximately $45 million-$55 million, while expansion capital expenditures, excluding acquisitions, are anticipated to be approximately $40 million-$50 million, relating primarily to investments in our gas station and terminal business. 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 our balance sheet, as of September 30th, leverage as defined in our credit agreement as funded debt to EBITDA was 3.6x. We had $240.6 million outstanding on the working capital revolving credit facility and $124.8 million outstanding on the revolving credit facility. Looking ahead to our investor relations calendar, next month we'll be participating in two events: the BofA Securities 2025 Leverage Finance Conference and the Wells Fargo 24th Annual Energy and Power Symposium. Please contact our investor relations team if you'd like to schedule a meeting during the conference. Now, let me turn the call back to Eric for closing comments. Eric?

Thanks, Greg. We remain focused on capital discipline and operational efficiency, continuously seeking opportunities to drive sustainable returns and long-term value creation for our unit holders. Our scale, integrated operations, and talented team give us the flexibility to respond to market shifts and pursue growth opportunities that create lasting value for all of our stakeholders. Now, Greg, Mark, and I would be happy to take your questions. Operator, please open the line for the Q&A.

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Selman Akyol with Stifel. Please proceed with your question.

Can you talk a little bit more about entering the bunkering market in Houston?

Yeah. I mean, we're already obviously in the business. We felt that there was an opportunity, and we feel like the assets that we've entered into there are differentiated versus our competition. We're already, like I said, in that business. We already have the customer list. We already have the know-how and the knowledge, and we think it's a good fit for the company.

Got it. When you say sort of differentiated offering, can you just explain that a little bit?

Yeah. Primarily just the location of the facilities and how we're going to go to market to supply that very busy quarter that is not always so easy to deliver fuel in.

Just outside of it. Okay. Can you talk a little bit about the acquisition environment? You noted that store counts were lower relative to where you were third quarter last year. I'm just curious, is there more to go there, or do you think you can add stores from here? How should we be thinking about that?

Yeah. Hey, Stifel. It's Greg Hanson. I can talk a little about the sites. I mean, I think we went through a pretty big optimization program on our sites last year. So year-over-year, in the last 12 months, we've sold 7 sites. We've converted 15 sites, and then we terminated some of our dealer relationships that were low margin. We continue to optimize. I think that said, there's probably not that big a runway right now on sort of site divestitures for us. I think we're pretty happy with our portfolio in general. It still looks a little, obviously, down year over year because last year was a big optimization period for us. We'll continue to, I think, move around the edges on that portfolio, but we're pretty happy where it is now.

On the M&A side, I think overall, it was pretty quiet going into the fourth quarter on the retail M&A. I think we're seeing some signs of life and more deals that are out there on the fourth quarter on the retail side. On the terminal side, we continue to look at opportunities as we go through the year. I think that we have seen a pickup on the retail side.

Got it. Parkland, which is north of the Border, was recently acquired, but they have stores in the U.S. Do you face much competition from them?

We do not. No. We're not in, none of our retail, the GDSO segment operates in their footprint as of today.

Got it. There have been reports of sort of the lower-end consumer being under pressure. I'm wondering if you're seeing that and if you have any thoughts going forward on that.

Yeah. I mean, I think not unlike a lot of other retailers out there, we've definitely seen it this year. There's definitely pressure on lower-income. You see consumers trading down from more premium brands to more sub-generic brands. We continue to try and leverage our loyalty program that Eric mentioned earlier to grow promotions. I think, yeah, they've definitely been under pressure overall. That said, looking at the quarter, we were pretty happy with this summer, how the C-stores did. We were actually up year-over-year, and that's not even adjusting for a same site. That's just pure. We were down 16 company-operated sites year-over-year. To be above on the GDSO station operations is pretty good in our book. It was a decent, strong summer. Where we're located in the Northeast, I think, continues to be a trend to higher-income consumer.

Overall, we're pretty happy with how this summer went on the C-store. Yeah, I would agree. I mean, I think it's pretty well recognized that the lower-end consumer continues to face pressure, but the higher-end consumer has been continuing to spend, which is good.

Got it. The last one for me, just how's labor going for you guys? Is it getting any easier?

I would say the wage inflation has calmed down a little bit. Operating in a retail environment, you continue to face a lot of high turnover. Compared with the 2022 and 2023 timeframe, I think we're in a better place. I think what we're working on is trying to optimize around our labor hours and make sure we have the right associates in the right stores to optimize sales. We'll continue to work on that.

Got it. I guess what I was thinking about is, is it easier to get people now? Are you seeing more resumes, more people? I mean, resumes do strong at Border, but are you seeing more applicants, that kind of thing?

Yeah. I think we are overall versus the last couple of years, definitely.

We have reached the end of the question-and-answer session. Mr. Slifka, I'd like to turn the floor back over to you for closing comments.

Thanks for joining us this morning. We look forward to keeping you updated on our progress. Everyone, have a great Thanksgiving.

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Global Partners (GLP) Q3 2025 Earnings Call Transcript

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