Superior Plus Corp. — Interim / Quarterly Report 2026

May 13, 2026

Superior Plus Corp.
Condensed Consolidated Balance Sheets

(Unaudited, millions of United States dollars “USD”)	Note	As at March 31 2026	As at December 31 2025
Assets
Current Assets
Cash and cash equivalents	2(c)	39.1	23.8
Trade and other receivables	4	340.7	305.8
Prepaids and deposits		50.9	62.1
Inventories	5	55.3	72.8
Other current financial assets	11	19.4	3.6
Total Current Assets		505.4	468.1
Non-current Assets
Property, plant and equipment		1,346.9	1,378.9
Goodwill and intangible assets		1,705.7	1,730.4
Employee future benefits and other assets		6.5	6.8
Deferred tax assets	12	3.5	3.5
Other non-current financial assets	11	0.3	–
Total Non-current Assets		3,062.9	3,119.6
Total Assets		3,568.3	3,587.7
Liabilities and Equity
Current Liabilities
Trade and other payables	7	327.3	393.5
Contract liabilities		15.7	21.3
Lease liabilities	10	43.7	45.0
Borrowings	9	3.7	5.2
Dividends payable		11.7	11.9
Other current financial liabilities	11	12.6	14.6
Total Current Liabilities		414.7	491.5
Non-current Liabilities
Lease liabilities	10	104.8	109.0
Borrowings	9	1,625.6	1,701.6
Other liabilities	8	22.4	24.5
Provisions	6	8.0	8.0
Employee future benefits		3.5	3.7
Deferred tax liabilities	12	207.3	175.8
Other non-current financial liabilities	11	2.2	6.6
Total Non-current Liabilities		1,973.8	2,029.2
Total Liabilities		2,388.5	2,520.7
Equity
Capital		2,410.4	2,448.2
Deficit		(1,475.6)	(1,622.2)
Accumulated other comprehensive loss		(15.0)	(19.0)
Non-controlling interest		260.0	260.0
Total Equity	13	1,179.8	1,067.0
Total Liabilities and Equity		3,568.3	3,587.7

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements.

Superior Plus Corp.
2026 First Quarter Condensed Consolidated Financial Statements

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Superior Plus Corp.

Condensed Consolidated Statements of Changes in Equity

(Unaudited, millions of USD)	Share Capital (Note 13)	Contributed Surplus	Total Capital	Deficit	Accumulated Other Comprehensive Loss	Non-controlling Interest (Note 13)	Total
As at January 1, 2026	2,447.0	1.2	2,448.2	(1,622.2)	(19.0)	260.0	1,067.0
Net earnings for the period	–	–	–	122.2	–	4.7	126.9
Unrealized foreign currency gain on translation of foreign operations	–	–	–	–	4.6	–	4.6
Actuarial defined benefit loss	–	–	–	–	(0.1)	–	(0.1)
Net loss on equity hedges	–	–	–	–	(0.5)	–	(0.5)
Total comprehensive earnings	–	–	–	122.2	4.0	4.7	130.9
Common shares repurchased and cancelled (Note 13)	(38.2)	–	(38.2)	16.2	–	–	(22.0)
Dividends and dividend equivalent declared to common shareholders	–	–	–	(7.1)	–	–	(7.1)
Dividends to non-controlling interest shareholders	–	–	–	–	–	(4.7)	(4.7)
Adjustment for APP liability (Note 13) and other	–	0.4	0.4	15.3	–	–	15.7
As at March 31, 2026	2,408.8	1.6	2,410.4	(1,475.6)	(15.0)	260.0	1,179.8
As at January 1, 2025	2,625.6	1.1	2,626.7	(1,732.7)	(8.2)	260.0	1,145.8
Net earnings for the period	–	–	–	141.7	–	4.7	146.4
Unrealized foreign currency gain on translation of foreign operations	–	–	–	–	0.4	–	0.4
Actuarial defined benefit gain	–	–	–	–	0.1	–	0.1
Net gain on equity hedges	–	–	–	–	0.2	–	0.2
Total comprehensive earnings	–	–	–	141.7	0.7	4.7	147.1
Common shares repurchased and cancelled (Note 13)	(58.5)	–	(58.5)	29.9	–	–	(28.6)
Dividends and dividend equivalent declared to common shareholders	–	–	–	(7.2)	–	–	(7.2)
Dividends to non-controlling interest shareholders	–	–	–	–	–	(4.7)	(4.7)
Adjustment for APP liability (Note 13)	–	–	–	14.7	–	–	14.7
As at March 31, 2025	2,567.1	1.1	2,568.2	(1,553.6)	(7.5)	260.0	1,267.1

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements.

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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Superior Plus Corp.
Condensed Consolidated Statements of Net Earnings
and Total Comprehensive Earnings

	Three Months Ended
	March 31
(Unaudited, millions of USD, except per share amounts)	Note	2026	2025
Revenue	14, 16	897.4	1,008.4
Cost of sales (includes products and services)	14	(405.0)	(509.5)
Gross profit		492.4	498.9
Expenses
Selling, distribution and administrative costs (“SD&A”)	14	(313.1)	(291.2)
Finance expense	14	(22.4)	(24.6)
Gain on derivatives and foreign currency translation of borrowings	11, 14	9.6	7.4
		(325.9)	(308.4)
Earnings before income taxes	14	166.5	190.5
Income tax expense	12, 14	(39.6)	(44.1)
Net earnings for the period	14	126.9	146.4
Net earnings attributable to:
Superior		122.2	141.7
Non-controlling interest		4.7	4.7
Net earnings per share attributable to Superior
Basic and diluted	15	0.50	0.54
Other comprehensive earnings
Items that may be reclassified subsequently to net earnings
Unrealized foreign currency gain on translation of foreign operations		4.6	0.4
Unrealized (loss) gain on equity hedges		(0.5)	0.2
Item that will not be reclassified to net earnings
Actuarial defined-benefit (loss) gain		(0.1)	0.1
Other comprehensive earnings for the period		4.0	0.7
Total comprehensive earnings for the period		130.9	147.1
Total comprehensive earnings for the period attributable to:
Superior		126.2	142.4
Non-controlling interest		4.7	4.7

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements.

Superior Plus Corp.
2026 First Quarter Condensed Consolidated Financial Statements

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Superior Plus Corp.
Condensed Consolidated Statements of Cash Flows

(Unaudited, millions of USD)	Note	Three Months Ended March 31
		2026	2025
OPERATING ACTIVITIES
Net earnings for the period		126.9	146.4
Adjustments for:
Depreciation of property, plant and equipment included in SD&A		36.9	35.6
Depreciation of right-of-use assets included in SD&A		7.9	7.9
Amortization of intangible assets included in SD&A		19.8	20.1
Gain on disposal of assets		(0.4)	(1.2)
Unrealized gain on financial and non-financial derivatives and foreign exchange loss on U.S. dollar debt	11, 14	(10.3)	(3.5)
Finance expense		22.4	24.6
Income tax expense		39.6	44.1
Changes in non-cash operating working capital and other	17	(76.6)	(90.9)
Cash flows from operating activities before income taxes and interest paid		166.2	183.1
Income taxes paid		(3.5)	(6.2)
Interest paid		(24.3)	(25.4)
Cash flows from operating activities		138.4	151.5
INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	18	(19.0)	(23.9)
Proceeds on disposal of property, plant and equipment and other assets		1.8	3.9
Cash flows used in investing activities		(17.2)	(20.0)
FINANCING ACTIVITIES
Proceeds from borrowings		415.2	410.4
Repayment of borrowings		(479.9)	(475.9)
Principal repayment of lease obligations		(9.1)	(8.9)
Repurchased and cancelled common shares	13	(22.0)	(28.6)
Dividends paid to shareholders		(12.0)	(12.1)
Cash flows used in financing activities		(107.8)	(115.1)
Net increase in cash and cash equivalents		13.4	16.4
Cash and cash equivalents, beginning of the period (prior to adjustment for IFRS 9 amendments)		23.8	17.1
Adjustment on initial application of IFRS 9 amendments (January 1, 2026)	2(c)	2.2	-
Cash and cash equivalents, beginning of the period		26.0	17.1
Effect of translation of foreign currency-denominated cash and cash equivalents		(0.3)	(0.8)
Cash and cash equivalents, end of the period		39.1	32.7

See accompanying Notes to the unaudited Condensed Consolidated Financial Statements.

Superior Plus Corp.
4
2026 First Quarter Condensed Consolidated Financial Statements

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Superior Plus Corp.
5
2026 First Quarter Condensed Consolidated Financial Statements

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited, all amounts including tabular amounts are stated in millions of USD, except per share amounts and unless otherwise stated)

1. ORGANIZATION

Superior Plus Corp. (“Superior” or the “Company”) is a diversified business corporation, incorporated under the Canada Business Corporations Act. The registered office is located at Suite 3610, 155 Wellington Street West, Toronto, Ontario. Superior is a publicly traded company with its common shares trading on the Toronto Stock Exchange (the “TSX”) under the exchange symbol “SPB”.

These condensed consolidated financial statements were authorized for issue by the Board of Directors on May 13, 2026.

Reportable Operating Segments

Superior consists of the following three reportable operating segments: U.S. Propane Distribution (“U.S. Propane”), Canadian Propane Distribution (“Canadian Propane”) and Compressed Natural Gas Distribution (“CNG”). The U.S. Propane segment distributes propane gas primarily in the Eastern United States and California and, to a lesser extent, the Midwest. The Canadian Propane segment distributes propane gas across Canada. The CNG segment provides mobile gas solutions through the transportation and sale of compressed natural gas and renewable natural gas, and to a lesser extent hydrogen, to large-scale industrial and commercial customers in the United States and Canada.

2. BASIS OF PRESENTATION

(a) Preparation of Condensed Consolidated Financial Statements

The accompanying condensed consolidated financial statements were prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”) using accounting policies Superior adopted in its annual consolidated financial statements as at and for the year ended December 31, 2025.

The condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Company’s annual consolidated financial statements as at December 31, 2025.

(b) Significant Accounting Judgments, Estimates and Assumptions

The preparation of Superior’s condensed consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. The estimates and associated assumptions are based on historical experience and various other factors deemed reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the condensed consolidated financial statements, are consistent with those disclosed in Superior’s 2025 annual consolidated financial statements.

(c) Changes in Accounting Policies and Disclosures

Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures

Adopted January 1, 2026, amendments to IFRS 9 and IFRS 7 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled using an electronic payment system. The amendments also clarify the requirements for assessing whether a financial asset meets the

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solely payments of principal and interest criterion and add disclosure requirements for financial instruments with certain contingent features and for equity investments designated at fair value through other comprehensive income. The amendments apply retrospectively, with an adjustment to the opening balance of financial assets and financial liabilities and the cumulative effect as an adjustment to the retained earnings opening balance. Prior periods are not required to be restated and can only be restated without the use of hindsight.

The Company assessed the impact and concluded that the amendments did not have a material effect on the Company's financial position or results of operations. The prior year impact was reflected in the current year condensed consolidated statements of cash flows, and comparative information has not been restated.

(d) Standards Issued But Not Yet Effective

The standards issued, but not yet effective, are consistent with those disclosed in the annual consolidated financial statements as at and for the year ended December 31, 2025.

3. SEASONALITY OF OPERATIONS

Propane distribution sales typically peak in the first quarter when approximately one-third of annual propane and other refined fuels' sales volumes and gross profits are generated due to the demand in heating from end-use customers. They then decline through the second and third quarters, rising seasonally again in the fourth quarter with heating demand. Similarly, net working capital is typically at seasonal highs during the first and fourth quarters. Net working capital is also significantly influenced by price changes in the underlying commodities, primarily wholesale propane and natural gas prices. CNG is also seasonal in nature, with the greatest activity being in the first and fourth quarters due to seasonal winter heating; however, activity levels in the summer months have begun to increase through actively targeting counter-seasonal customers such as road infrastructure, power generation and planned utility maintenance.

For the 12 months ended March 31, 2026, Superior reported gross profit of $1,291.1 million (March 31, 2025 - $1,318.1 million) and net earnings of $60.2 million (March 31, 2025 - $43.3 million).

4. TRADE AND OTHER RECEIVABLES

A summary of trade and other receivables is as follows:

	March 31	December 31
	2026	2025
Trade receivables, net of allowances	320.8	290.6
Accounts receivable – other(1)	19.9	15.2
Trade and other receivables	340.7	305.8

(1) This balance consists of accounts receivable related to indirect taxes and other miscellaneous balances.

Pursuant to their respective terms, trade receivables, before the deduction of the allowance for doubtful accounts, are aged as follows:

	March 31	December 31
	2026	2025
Current	192.0	198.6
Past due less than 90 days	117.0	82.7
Past due over 90 days	26.8	22.1
Trade receivables	335.8	303.4

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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Superior's trade receivables are stated after deducting the below allowance for doubtful accounts:

	March 31 2026	December 31 2025
Allowance for doubtful accounts, beginning of the period/year	(12.8)	(10.2)
Impairment losses recognized on receivables	(3.5)	(10.2)
Amounts written off during the period/year as uncollectible	0.9	6.9
Amounts recovered	0.4	0.8
Foreign exchange impact and other	-	(0.1)
Allowance for doubtful accounts, end of the period/year	(15.0)	(12.8)

5. INVENTORIES

A summary of inventories is as follows:

	March 31 2026	December 31 2025
Propane and other refined fuels	41.9	59.4
Propane retailing materials, supplies, appliances and other	13.4	13.4
	55.3	72.8

6. PROVISIONS

A summary of provisions is as follows:

	Restructuring	Decommissioning	Total
Balance as at December 31, 2024	0.9	8.0	8.9
Additions	16.9	-	16.9
Utilization	(10.2)	-	(10.2)
Amounts reversed	(0.1)	(0.3)	(0.4)
Unwinding of discount, impact of changes in discount rate and foreign exchange	-	0.3	0.3
Balance as at December 31, 2025	7.5	8.0	15.5
Utilization	(3.3)	-	(3.3)
Amounts reversed	-	(0.1)	(0.1)
Unwinding of discount, impact of changes in discount rate and foreign exchange	-	0.1	0.1
Balance as at March 31, 2026	4.2	8.0	12.2
		March 31 2026	December 31 2025
Current (Note 7)		4.2	7.5
Non-current		8.0	8.0
		12.2	15.5

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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Superior is subject to various claims and potential claims in the normal course of business. The outcomes of all the proceedings and claims against Superior are subject to future resolution that includes the uncertainties of litigation. It is not possible for Superior to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to Superior, it is not probable that the ultimate resolution of any proceedings and claims, individually or in total, will have a material effect on the condensed consolidated statements of net earnings and total comprehensive earnings or condensed consolidated balance sheets. If it becomes probable that Superior is liable, Superior will record a provision in the period the change in probability occurs, and the resulting impact could be material to the condensed consolidated statements of net earnings and total comprehensive earnings or condensed consolidated balance sheets.

7. TRADE AND OTHER PAYABLES

A summary of trade and other payables is as follows:

	March 31	December 31
	2026	2025
Trade payables	206.0	259.7
Provisions (Note 6)	4.2	7.5
Accrued liabilities and other payables	94.3	104.6
Cap and trade payable, current portion	1.3	1.3
Current taxes payable	12.3	10.1
Share-based payments, current portion	9.2	10.3
Trade and other payables	327.3	393.5

8. OTHER LIABILITIES

A summary of other liabilities is as follows:

	March 31	December 31
	2026	2025
Quebec cap and trade payable	12.0	10.3
California cap and trade payable	6.2	7.4
Washington cap and trade payable	2.7	2.3
Share-based payments and other non-current liabilities	1.5	4.5
Other liabilities	22.4	24.5

Superior operates in California, Washington and Quebec, and is required to participate in the respective government cap and trade programs, which require Superior to settle any liability with cap and trade at the end of each compliance period.

Intangible assets are recorded when cap and trade emission units are purchased, and cap and trade liabilities are recorded upon the import of propane. These are included in the condensed consolidated statements of cash flows, net of the liability that has been accrued related to cap and trade payable as part of changes in non-cash working capital.

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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9. BORROWINGS

A summary of borrowings is as follows:

	Year of Maturity	Effective Interest Rate	March 31 2026	December 31 2025
Revolving Term Bank Credit Facilities
Canadian Overnight Repo Rate Average (“CORRA”) loan (March 31, 2026 - C$nil and December 31, 2025 - C$188.0 million)(1)	2030	Floating CORRA plus 2.00%	–	137.0
CORRA loan (March 31, 2026 - C$550.0 million and December 31, 2025 - C$550.0 million) - Sidecar facility(1)	2028	Floating CORRA plus 2.00%	240.7	400.8
Canadian prime rate loan (prime and swing line)(1)	2030	Prime rate plus 0.70%	–	0.3
Secured Overnight Financing Rate (“SOFR”) loan(1)	2030	Term SOFR rate plus 1.80%	425.0	198.0
U.S. base rate loans (prime and swing line)(1)	2030	U.S. prime/base rate plus 0.70%	–	1.2
			665.7	737.3
Senior Unsecured Notes
Senior unsecured notes(2)	2029	4.50%	600.0	600.0
Senior unsecured notes(3)	2028	4.25%	359.3	364.3
			959.3	964.3
Deferred Consideration and Other Debt	2026–2031	2.5%–7.5%	14.6	16.6
Total borrowings before deferred financing fees			1,639.6	1,718.2
Deferred financing fees and discounts			(10.3)	(11.4)
Total borrowings before current maturities			1,629.3	1,706.8
Current maturities			(3.7)	(5.2)
Total non-current borrowings			1,625.6	1,701.6

(1) As at March 31, 2026, Superior has $29.6 million of outstanding letters of credit (December 31, 2025 - $25.9 million) and $334.1 million of outstanding financial guarantees on behalf of its businesses (December 31, 2025 - $338.0 million). The fair value of Superior’s revolving term bank credit facilities, other debt, and letters of credit approximates their carrying value as a result of the market-based interest rates and the short-term nature of the underlying debt instruments. The credit facilities are secured by substantially all of the assets of Superior. The U.S. dollar $600 million facility matures on August 8, 2030, this facility can be further increased by $250 million on certain conditions. The C$550 million sidecar facility matures on August 8, 2028. At March 31, 2026, Superior had $299.9 million (December 31, 2025 - $237.6 million) remaining available to be borrowed under its revolving credit facilities. There was an unrealized foreign exchange translation loss on the $300 million SOFR loan of $4.3 million for the three months ended March 31, 2026 (three months ended March 31, 2025 - $nil) as a result of the loan being issued and held in a Canadian entity.

(2) On March 11, 2021, Superior’s subsidiaries, Superior Plus LP and Superior General Partner Inc., issued at par $600 million of 4.5% senior unsecured notes due March 15, 2029. The fair value of the outstanding $600 million senior unsecured notes is $573.5 million (December 31, 2025 - $585.4 million) based on prevailing market prices. There was an unrealized foreign exchange translation loss on the $600 million senior unsecured note of $8.5 million for the three months ended March 31, 2026 (three months ended March 31, 2025 - $1.3 million loss) as a result of the note being issued and held in a Canadian entity.

(3) On May 18, 2021, Superior’s wholly owned subsidiary, Superior Plus LP, completed a private placement of C$500 million of 4.25% senior unsecured notes, at par value, due May 18, 2028, which are guaranteed by Superior and certain of its subsidiaries. The fair value of the 4.25% senior unsecured notes based on prevailing market rates is $354.7 million (December 31, 2025 - $359.0 million).

Superior Plus Corp.
9
2026 First Quarter Condensed Consolidated Financial Statements

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Superior is subject to various financial covenants, including a total debt to EBITDA ratio and restricted payment tests, which are measured on a quarterly basis. As at March 31, 2026, Superior is in compliance with all of its financial covenants.

Future required repayments of borrowings before deferred financing fees are as follows for the period April 1 to March 31:

2027	3.7
2028	1.1
2029	1,200.6
2030	8.6
2031	425.4
Thereafter	0.2
Total	1,639.6

10. LEASING ARRANGEMENTS

The lease liabilities by operating segment are as follows:

	U.S. Propane	Canadian Propane	CNG	Corporate	Total
Balance as at December 31, 2024	84.8	58.3	18.4	3.8	165.3
Additions	9.0	14.7	2.5	–	26.2
Finance expense on lease liabilities	4.5	3.4	1.1	0.2	9.2
Lease payments	(26.3)	(17.4)	(5.1)	(0.2)	(49.0)
Impact of changes in foreign exchange rates, reclassifications and other	2.0	0.5	(0.3)	0.1	2.3
Balance as at December 31, 2025	74.0	59.5	16.6	3.9	154.0
Additions	1.7	5.3	0.6	–	7.6
Finance expense on lease liabilities	0.9	0.8	0.3	0.1	2.1
Lease payments	(5.3)	(4.6)	(1.2)	(0.1)	(11.2)
Impact of changes in foreign exchange rates, reclassifications and other	0.4	(4.0)	(0.3)	(0.1)	(4.0)
Balance as at March 31, 2026	71.7	57.0	16.0	3.8	148.5
			March 31	December 31
			2026	2025
Current portion of lease liabilities			43.7	45.0
Non-current portion of lease liabilities			104.8	109.0
Total lease liabilities			148.5	154.0

Superior Plus Corp.
10
2026 First Quarter Condensed Consolidated Financial Statements

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The present values of lease payments are as follows:

	Minimum Rental Payments		Present Value of Minimum Rental Payments
	March 31	December 31	March 31	December 31
	2026	2025	2026	2025
Not later than one year	50.4	52.2	43.7	45.0
Later than one year and not later than five years	89.5	92.8	76.3	79.3
Later than five years	37.1	38.8	28.5	29.7
Less: future finance charges	(28.5)	(29.8)	-	-
Present value of minimum rental payments	148.5	154.0	148.5	154.0

Future minimum lease payments under non-cancellable, low-value, short-term leases and leases with variable lease payments are summarized below:

	March 31	December 31
	2026	2025
Not later than one year	6.2	3.4
Later than one year and not later than five years	3.2	1.8
	9.4	5.2

11. FINANCIAL INSTRUMENTS

IFRS Accounting Standards require disclosure around fair value and specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Superior's market assumptions.

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate, in the most advantageous active market for that instrument to which Superior has immediate access (Level 1). Where bid and ask prices are unavailable, Superior uses the closing price of the instrument's most recent transaction. In the absence of an active market, Superior estimates fair values based on prevailing market rates (bid and ask prices, as appropriate) for instruments with similar characteristics and risk profiles or internal or external valuation models, such as discounted cash flow analysis using, to the extent possible, observable market-based inputs (Level 2). Superior uses internally developed methodologies and unobservable inputs to determine the fair value of some financial instruments when required (Level 3).

Fair values are determined using valuation models that require assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, Superior looks primarily to available readily observable external market inputs including forecast commodity price curves, interest rate yield curves, currency rates, and price and rate volatilities as applicable.

All financial and non-financial derivatives are designated as Fair Value Through Profit or Loss ("FVTPL") upon their initial recognition.

For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period. During the three months ended March 31, 2026, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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March 31, 2026

	Level 1	Level 2	Level 3	Total
Assets
Foreign currency forward contracts	0.2	-	-	0.2
Equity derivative contracts	-	0.2	-	0.2
Cross-currency interest rate swaps	4.7	-	-	4.7
Propane, West Texas Intermediate (“WTI”), heating oil and diesel purchase and sale contracts	-	11.0	3.6	14.6
Total assets	4.9	11.2	3.6	19.7
Liabilities
Foreign currency forward contracts	(0.5)	-	-	(0.5)
Equity derivative contracts	-	(12.2)	-	(12.2)
Propane, WTI, heating oil and diesel purchase and sale contracts	-	(1.9)	(0.2)	(2.1)
Total liabilities	(0.5)	(14.1)	(0.2)	(14.8)
Total net assets (liabilities)	4.4	(2.9)	3.4	4.9
Current portion of assets	4.9	10.9	3.6	19.4
Current portion of liabilities	(0.5)	(11.9)	(0.2)	(12.6)

December 31, 2025

	Level 1	Level 2	Level 3	Total
Assets
Foreign currency forward contracts	1.4	-	-	1.4
Equity derivative contracts	-	0.3	-	0.3
Propane, WTI, heating oil and diesel purchase and sale contracts	-	1.4	0.5	1.9
Total assets	1.4	1.7	0.5	3.6
Liabilities
Foreign currency forward contracts	(1.7)	-	-	(1.7)
Equity derivative contracts	-	(10.3)	-	(10.3)
Propane, WTI, heating oil and diesel purchase and sale contracts	-	(9.1)	(0.1)	(9.2)
Total liabilities	(1.7)	(19.4)	(0.1)	(21.2)
Total net assets (liabilities)	(0.3)	(17.7)	0.4	(17.6)
Current portion of assets	1.4	1.7	0.5	3.6
Current portion of liabilities	(1.7)	(12.8)	(0.1)	(14.6)

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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The following table outlines quantitative information about how the fair values of these financial and non-financial assets and liabilities are determined, including valuation techniques and inputs used:

Description	Notional Amounts	Term	Effective Rates/Price	Valuation Technique(s) and Key Input(s)
Level 1 fair value hierarchy:
Foreign currency forward contracts	$5.0	2026–2027	US$/C$ 1.30–1.39	Quoted bid prices in the active market
Cross-currency interest rate swaps	$300.0	2026	1.75%–5.48%	Quoted bid prices in the active market
Level 2 fair value hierarchy:
Equity derivative contracts (C$)	$81.7	2026–2027	C$6.51–$14.55	Quoted bid prices in the active market
Propane purchase and sale contracts	43.9 USG(1)	2026–2028	$0.42–$0.73	Quoted bid prices for similar products in an active market
Heating oil purchase and sale contracts	6.3 USG(1)	2026–2027	$1.47–$2.96	Quoted bid prices for similar products in an active market
Level 3 fair value hierarchy:
Diesel purchase and sale contracts	20.6 USG(1)	2026-2027	$0.60–$1.33	Quoted bid prices for similar products in an active market adjusted by supplier prices internally obtained by management

(1) Millions of U.S. gallons ("USG") purchased.

Superior’s realized and unrealized financial instrument gains (losses) for the three months ended March 31, 2026 and 2025 are as follows:

Three Months Ended
March 31

Description	2026			2025
	Realized Loss	Unrealized (Loss) Gain	Total	Realized (Loss) Gain	Unrealized (Loss) Gain	Total
Foreign currency forward contracts	(0.1)	0.2	0.1	(1.2)	0.1	(1.1)
Cross-currency interest rate swaps	–	4.7	4.7	–	–	–
Equity derivative contracts - long-term incentive plan	–	(0.4)	(0.4)	–	2.1	2.1
Equity derivative contracts - capital management strategies	–	(1.3)	(1.3)	–	–	–
Propane, WTI, heating oil and diesel purchase and sale contracts	(0.6)	19.9	19.3	5.1	2.1	7.2
Total gain (loss) on financial and non-financial derivatives	(0.7)	23.1	22.4	3.9	4.3	8.2
Foreign exchange loss on U.S. dollar debt issued by a Canadian entity	–	(12.8)	(12.8)	–	(0.8)	(0.8)
Total gain (loss)	(0.7)	10.3	9.6	3.9	3.5	7.4

(1) Millions of U.S. gallons ("USG") purchased.

Superior Plus Corp.
13
2026 First Quarter Condensed Consolidated Financial Statements

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The following summarizes Superior's classification and measurement of financial assets and liabilities:

	Classification	Measurement
Financial assets
Cash and cash equivalents	Loans and receivables	Amortized cost
Trade and other receivables	Loans and receivables	Amortized cost
Derivative assets	FVTPL	Fair value
Financial liabilities
Trade and other payables	Other liabilities	Amortized cost
Dividends payable	Other liabilities	Amortized cost
Borrowings and other liabilities	Other liabilities	Amortized cost
Derivative liabilities	FVTPL	Fair value

The fair values of cash and cash equivalents, trade and other receivables, trade and other payables, dividends payable, revolving term bank credit facilities disclosed in Note 9 and other liabilities correspond to their respective carrying amounts due to their short-term nature and/or the interest rate being commensurate with market interest rates. The fair value of senior unsecured notes disclosed in Note 9 is determined by quoted market prices (Level 2 fair value hierarchy).

Offsetting of Financial Instruments

Financial assets and liabilities are offset and the net amount is reported on the condensed consolidated balance sheets when Superior has a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. In the normal course of business, Superior enters into various master netting agreements or other similar arrangements that do not meet the criteria for offsetting but do, however, still allow for the related amount to be set off in certain circumstances, such as bankruptcy or the termination of contracts. As at March 31, 2026 and December 31, 2025, Superior has not recorded any amount against other current and non-current financial assets and liabilities.

Financial Instruments – Risk Management

Market Risk

Financial derivatives and non-financial derivatives are used by Superior to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices. Superior assesses the inherent risks of these instruments by grouping financial and non-financial derivatives according to the exposures these instruments mitigate. Superior's policy is not to use financial derivatives or non-financial derivative instruments for speculative purposes. With the exception of the fair value of Superior's share-based compensation program, Superior does not formally designate these derivatives as hedges and, as a result, Superior does not apply hedge accounting and is required to designate its financial derivatives and non-financial derivatives as held for trading. Superior follows hedge accounting to reduce the volatility in earnings related to the fair value of the share-based compensation programs and the related equity derivatives.

Superior's operating segments enter into various propane forward purchase and sale agreements to manage the economic exposure of its wholesale customer supply contracts and monitor its fixed-price propane positions on a daily basis to monitor compliance with established risk management policies. Superior's operating segments maintain a substantially balanced fixed-price propane position in relation to its wholesale customer supply commitments.

Superior, on behalf of its operating segments, may enter into foreign currency forward contracts to manage the economic exposure of its operations to movements in foreign currency exchange rates.

Superior Plus Corp.
14
2026 First Quarter Condensed Consolidated Financial Statements

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Credit Risk

Superior utilizes a variety of counterparties in relation to its financial derivative and non-financial derivative instruments in order to mitigate its counterparty risk. Superior assesses the creditworthiness of its significant counterparties at the inception and throughout the term of a contract. Superior is also exposed to customer credit risk. Superior’s operating segments deal with a large number of small customers, thereby reducing this risk. Superior’s operating segments actively monitor the creditworthiness of its commercial customers. Overall, Superior’s credit quality is enhanced by its portfolio of customers, which is diversified across geographical (primarily Canada and the U.S.) and end-use (primarily commercial, residential and industrial) markets.

Allowances for doubtful accounts and past-due receivables are reviewed by Superior as at each condensed consolidated balance sheet date. Superior updates its estimate of the allowance for doubtful accounts based on the evaluation of the recoverability of trade and other receivables with each customer, considering historical collection trends of past-due accounts, current economic conditions and future forecasts. Trade and other receivables are written off once it is determined they are uncollectible.

Liquidity Risk

Liquidity risk is the risk that Superior cannot meet a demand for cash or fund an obligation as it comes due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price.

To ensure it is able to react to contingencies and investment opportunities quickly, Superior maintains sources of liquidity at the corporate and subsidiary levels. The main sources of liquidity are cash and other financial assets, the undrawn committed revolving term bank credit facilities, equity markets and fixed income markets.

Superior is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. Superior believes these risks are mitigated through the use of long-term debt secured by high-quality assets, maintaining debt levels that in management’s opinion are appropriate and by diversifying maturities over an extended period.

Superior manages its overall liquidity risk in relation to its general funding requirements by utilizing a mix of short-term and long-term debt instruments. Superior reviews its mix of short-term and long-term debt instruments on an ongoing basis to ensure it is able to meet its liquidity requirements.

Superior’s contractual obligations associated with its financial liabilities are as follows:

Twelve Months ended March 31

	2027	2028	2029	2030	2031	Thereafter	Total
Borrowings before deferred financing fees and discounts	3.7	1.1	1,200.6	8.6	425.4	0.2	1,639.6
Lease liabilities	43.7	29.2	21.7	15.0	10.4	28.5	148.5
Non-cancellable, low-value, short-term leases and leases with variable lease payments	6.2	3.0	0.2	–	–	–	9.4
CNG capital, transmission and other commitments	18.5	0.2	0.2	0.2	0.1	–	19.2
U.S. dollar foreign currency forward contracts	4.2	0.8	–	–	–	–	5.0
Cross-currency interest rate swaps	300.0	–	–	–	–	–	300.0
Equity derivative contracts (C$)	66.0	15.7	–	–	–	–	81.7
Propane, WTI, heating oil, diesel and natural gas purchase and sale contracts	84.3	4.8	–	–	–	–	89.1

Superior Plus Corp.
15
2026 First Quarter Condensed Consolidated Financial Statements

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In addition to the commitments mentioned above, Superior has entered into purchase orders and contracts during the normal course of business related to commodity purchase obligations transacted at market prices. Furthermore, Superior has entered into purchase agreements that require it to purchase minimum amounts or quantities of propane and other natural gas liquids over certain time periods, which vary but are generally for one year. Superior has generally exceeded such minimum requirements in the past and expects to continue doing so for the foreseeable future. Failure to satisfy the minimum purchase requirements could result in the termination of contracts, change in pricing and/or payments to the applicable supplier.

Superior’s contractual obligations are considered normal operating commitments and do not include the impact of mark-to-market fair values on financial and non-financial derivatives. Superior expects to fund these obligations through a combination of cash flows from operations and proceeds on revolving term bank credit facilities. Superior’s reported financial instruments’ sensitivities are consistent as at March 31, 2026 and December 31, 2025.

Equity Price Risk

Equity price risk is the risk of volatility in earnings as a result of volatility in Superior’s share price. Superior has equity price risk exposure to shares that it issues under various forms of share-based compensation programs, which affect earnings when outstanding units are revalued at the end of each reporting period. Superior uses equity derivatives to manage volatility derived from its share-based compensation program and applies hedge accounting to reduce the volatility in earnings related to the fair value of the share-based compensation programs and its equity derivatives.

As at March 31, 2026, Superior estimates that a 10% increase in its share price would have resulted in a $7.0 million increase in earnings due to the revaluation of equity derivative contracts, net of the impact related to hedge accounting and a decrease in earnings of $2.6 million due to the revaluation of the underlying long-term incentive plan.

12. INCOME TAXES

Consistent with prior periods, Superior recognizes a provision for income taxes for its subsidiaries that are subject to current and deferred income taxes, including Canadian, U.S., Hungarian, and Bermudian income tax.

Total income tax for the three months ended March 31, 2026 consisted of current income tax expense of $7.6 million and a deferred income tax expense of $32.0 million, respectively (three months ended March 31, 2025 - total income taxes consisting of current income tax expense of $10.3 million and a deferred income tax expense of $33.8 million). Offsetting deferred income tax assets and liabilities will result in a net deferred income tax liability of $203.8 million as at March 31, 2026 (December 31, 2025 - net deferred income tax liability of $172.3 million).

13. TOTAL EQUITY

Superior is authorized to issue an unlimited number of common shares and an unlimited number of preferred shares.

Common Shares

The holders of common shares are entitled to dividends if, as and when declared by the Board of Directors, to one vote per share at shareholders’ meetings, and upon liquidation, dissolution or winding up of Superior to receive pro rata the remaining property and assets of Superior, subject to the rights of any shares having priority over the common shares, of which the preferred shares of Superior Plus U.S. Holdings are outstanding. See Preferred Shares of Superior Plus U.S. Holdings below.

Superior Plus Corp.
16
2026 First Quarter Condensed Consolidated Financial Statements

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Superior’s previous normal course issuer bid (“NCIB”) authorized the purchase of up to 24,117,330 common shares and expired on August 6, 2025, the date on which Superior had acquired such maximum number of common shares. The current NCIB commenced on November 19, 2025 and will terminate on the earlier of November 18, 2026 or the date on which Superior has purchased the maximum number of its common shares permitted under the NCIB, being 21,551,556 common shares, representing 10% of the public float (as defined by the Toronto Stock Exchange) as at November 5, 2025. The NCIB is subject to additional standard regulatory requirements.

For the three months ended March 31, 2026, 4.2 million common shares were repurchased for $22.0 million (C$29.6 million), including commission and taxes, at a volume weighted average cost of approximately $5.24 per common share (approximately C$7.03 per common share). The repurchased shares with a total book value of $38.2 million (C$52.4 million) were immediately cancelled and a gain of $16.2 million (C$22.8 million), net of $0.4 million (C$0.6 million) in tax, was recorded to deficit. For the year ended December 31, 2025, 19.6 million common shares were repurchased for $99.4 million (C$141.2 million), including commission and taxes, at a volume weighted average cost of approximately $5.07 per common share (approximately C$7.20 per common share). As at March 31, 2026, Superior has 214.6 million common shares issued and outstanding (December 31, 2025 - 218.8 million common shares).

Beginning the last quarter of 2025, Superior entered into equity derivative contracts in order to manage exposure to share price movements associated with potential future repurchased common shares. As at March 31, 2026, Superior had outstanding notional values of C$35.1 million (December 31, 2025 - C$40.7 million) of equity derivative contracts. See Note 11 for further details.

Superior engaged a broker to administer the NCIB. Superior may enter into an automatic purchase plan (“APP”) with its broker in relation to the NCIB to facilitate purchases of common shares under the NCIB at times when Superior normally would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to the APP and when Superior was not in possession of material non-public information about itself or its securities, Superior directed its broker to make purchases of common shares under the NCIB during the trading blackout period. Such purchases were based on trading parameters established by Superior at the time of giving such direction in accordance with the rules of the TSX, applicable securities laws and the terms of the APP. As at March 31, 2026, Superior has not instructed its broker to repurchase shares through this APP, resulting in a $nil APP liability as at March 31, 2026. The value of the APP as at December 31, 2025, in the amount of $15.3 million (C$21.0 million), has been reversed to deficit in the current period.

Preferred Shares of Superior Plus U.S. Holdings

The preferred shares issued by Superior’s subsidiary (“Preferred Shares”) entitle the holders to a cumulative dividend of 7.25% per annum through the end of Superior’s second fiscal quarter in 2027. If dividends are paid on the common shares, Superior is required to pay the dividend in cash on the Preferred Shares; otherwise, the Preferred Share dividends can be paid or accrued at Superior’s option. In the event that Superior declares a dividend on its common shares in excess of C$0.06 per month, the holders of the Preferred Shares shall be entitled to an equivalent amount. Superior has the option to redeem all, but not less than all, the Preferred Shares on or after July 13, 2027 with not less than 30 days’ prior written notice to the holders of the Preferred Shares. The Preferred Shares can be redeemed at $1,000 per share plus accrued and unpaid dividends. If Superior does not redeem the Preferred Shares, the dividend rate increases by 0.75% per annum for the next four years to a maximum of 10.25%. If the dividends are not paid in cash, the cumulative dividend increases by 1.0% per annum to a maximum of 14.25%.

Superior Plus Corp.
17
2026 First Quarter Condensed Consolidated Financial Statements

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The Preferred Shares may be exchanged, at the holder's option, into 30 million common shares of Superior ("Common Shares"), or at Superior's option, if the volume weighted average price of Superior's Common Shares during the then-preceding 30-consecutive-trading-day period, converted to U.S. dollars at the applicable exchange rate, is greater than 145% of the exchange price or US$8.67. On an as-exchanged basis, the Preferred Shares currently represent approximately 12% of the diluted outstanding Common Shares. The exchange price of the Preferred Shares will be subject to adjustment from time to time in accordance with the terms of the Preferred Shares. These potential adjustments relate primarily to accrued and unpaid dividends, an increase in or additional dividends to common shareholders, instances where there is a share split, share consolidation or a reorganization, the participation rate on the dividend reinvestment plan is greater than 35% and if Common Shares are issued below market value.

Holders of Preferred Shares will be entitled to vote on an as-exchanged basis for all matters on which holders of Superior's Common Shares vote, and to the greatest extent possible, will vote with the holders of Common Shares as a single class.

In the event of any liquidation, winding up or dissolution of Superior, the holders of Preferred Shares are entitled to receive prior to, and in preference to, any distribution to the holders of Common Shares an amount equal to the greater of a liquidation rate per share of $1,400 plus accrued and unpaid dividends or the amount receivable had the Preferred Shares been converted to Common Shares immediately prior to the liquidation event. In the event that upon liquidation or dissolution, the assets and funds of Superior are insufficient to permit the payment to the holders of Preferred Shares of the full preferential amounts, then the entire assets and funds of Superior legally available for distribution are to be distributed ratably among the holders of Preferred Shares in proportion to the full preferential amount each is otherwise entitled to receive. After the distributions described above have been paid in full, the remaining assets of Superior available for distribution shall be distributed pro-rata to the holders of Common Shares.

Dividends declared to preferred shareholders for the three months ended March 31, 2026 and 2025 were $4.7 million ($18.10 per Preferred Share). As at March 31, 2026 and December 31, 2025, there are 260,000 Preferred Shares issued and outstanding.

Superior Plus Corp.
18
2026 First Quarter Condensed Consolidated Financial Statements

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14. SUPPLEMENTAL DISCLOSURE OF CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS

	Three Months Ended
	March 31
	2026	2025
Revenue
Revenue from products(1)	847.1	939.5
Revenue from the rendering of services	23.0	29.1
Tank and equipment rental	27.3	39.8
	897.4	1,008.4
Cost of sales
Cost of products and services(2)	(400.1)	(503.4)
Low-value, short-term and variable lease payments	(4.9)	(6.1)
	(405.0)	(509.5)
SD&A
Other expenses	(42.5)	(45.6)
Transaction, restructuring and other (costs) recovery	(3.4)	16.8
Employee costs and employee future benefits expense	(124.1)	(129.5)
Distribution and vehicle operating costs	(59.0)	(53.9)
Maintenance and insurance expenses	(19.5)	(16.1)
Depreciation of right-of-use assets	(7.9)	(7.9)
Depreciation of property, plant and equipment	(36.9)	(35.6)
Amortization of intangible assets	(19.8)	(20.1)
Low-value, short-term and variable lease payments	(0.4)	(0.5)
Gain on disposal of assets	0.4	1.2
	(313.1)	(291.2)
Finance expense
Interest on borrowings	(19.1)	(21.2)
Interest on lease liability	(2.1)	(2.4)
Amortization of borrowing fees and other non-cash financing expenses	(1.2)	(1.0)
	(22.4)	(24.6)
Gain on derivatives and foreign currency translation of borrowings
Realized (loss) gain on financial and non-financial derivatives and foreign currency translation	(0.7)	3.9
Unrealized gain on financial and non-financial derivatives and foreign currency translation	10.3	3.5
	9.6	7.4
Earnings before income taxes	166.5	190.5
Income tax expense
Current income tax expense	(7.6)	(10.3)
Deferred income tax expense	(32.0)	(33.8)
	(39.6)	(44.1)
Net earnings for the period	126.9	146.4

(1) During the Three Months Ended March 31, 2026, the cost of products and services included inventories recognized as an expense and inventory write-down of $394.9 million and $0.3 million, respectively (March 31, 2025 - $497.6 million and $0.9 million, respectively).

Superior Plus Corp.
19
2026 First Quarter Condensed Consolidated Financial Statements

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1. NET EARNINGS PER SHARE, BASIC AND DILUTED

	Three Months Ended March 31
Net earnings per share	2026	2025
Basic
Net earnings for the period attributable to common shareholders	122.2	141.7
Dividends declared to common shareholders	7.1	7.2
Excess earnings allocated to common shareholders	101.1	120.0
Total earnings allocated to common shareholders	108.2	127.2
Weighted average number of shares outstanding (millions) – basic	216.4	235.6
Net earnings per share attributable to common shareholders	$0.50	$0.54
Diluted
Net earnings for the period attributable to common shareholders assuming Preferred Shares convert	126.9	146.4
Weighted average number of Common Shares outstanding (millions) assuming Preferred Shares convert	246.4	265.6
	$0.52	$0.55
Net earnings per share attributable to common shareholders	$0.50	$0.54

Superior uses the two-class method to compute net earnings per common share attributable to common shareholders because Superior's Preferred Shares are participating equity securities. For the purpose of computing earnings per share, the Preferred Shares are considered participating because they contractually entitle the holders to participate in dividends with ordinary shares according to a predetermined formula (Note 13). The two-class method requires earnings for the period to be allocated between Common Shares and Preferred Shares based upon their respective rights to receive distributed and undistributed earnings.

Under the two-class method, the basic and diluted earnings and loss per share are computed as follows:

a) Earnings or loss attributable to Superior's common shareholders is adjusted (earnings reduced and a loss increased) by the amount of dividends declared in the period for each class of shares and by the contractual amount of dividends that must be paid for the period.

b) The remaining earnings or loss is allocated to Superior's Common Shares and participating equity instruments to the extent that each instrument shares in earnings as if all of the earnings or loss for the period had been distributed. The total earnings or loss allocated to each class of equity instrument is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature.

c) The total amount of earnings or loss allocated to each class of equity instrument is divided by the weighted-average number of outstanding instruments (and dilutive potential common shares for diluted earnings per share) to which the earnings are allocated to determine the earnings (loss) per share for the instrument.

No such adjustment to earnings is made during periods with a net loss, as the holders of the Preferred Shares have no obligation to fund losses. The two-class equity method is performed in each period presented in reference to that period's earnings or loss. Consequently, the sum of the four quarters' earnings (loss) per share data will not necessarily equal the annual earnings (loss) per share data.

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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16. DISAGGREGATION OF REVENUE

Revenue is disaggregated by primary geographical market, type of customer and major product and service lines.

For the Three Months Ended March 31, 2026

	Canada	U.S.	Inter-segment	Total
Revenue from delivery of propane and other fuels	212.3	548.3	(8.8)	751.8
Revenue from delivery of CNG	29.2	66.1	–	95.3
Revenue from services	4.1	18.9	–	23.0
Tank and equipment rental	4.4	22.9	–	27.3
Total revenue	250.0	656.2	(8.8)	897.4

For the Three Months Ended March 31, 2025

	Canada	U.S.	Inter-segment	Total
Revenue from delivery of propane and other fuels	245.7	620.7	(23.4)	843.0
Revenue from delivery of CNG	23.8	72.7	–	96.5
Revenue from services	4.2	24.9	–	29.1
Tank and equipment rental	5.2	34.6	–	39.8
Total revenue	278.9	752.9	(23.4)	1,008.4

17. SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING WORKING CAPITAL CHANGES AND OTHER

	Three Months Ended March 31
	2026	2025
Changes in non-cash operating working capital and other
Trade and other receivables, and prepaids and deposits	(19.4)	0.9
Inventories	18.1	19.4
Trade and other payables and other liabilities	(75.3)	(111.2)
	(76.6)	(90.9)

18. REPORTABLE SEGMENT INFORMATION

Superior operates three continuing operating segments: U.S. Propane, Canadian Propane and CNG. This is consistent with Superior's internal reporting and organization structure and how the Chief Operating Decision Maker, the President and Chief Executive Officer, reviews the operating results, assesses performance and makes capital allocation decisions. Generally, these divisions are split between customer and product type, being propane and natural gas. The Propane business is further split by customers in the U.S. and Canada.

Segment information is presented below. In the tables below, income tax recovery and expense are not allocated to the segments. Information by geographical region is provided in Note 19 of these condensed consolidated financial statements.

Superior Plus Corp.
21
2026 First Quarter Condensed Consolidated Financial Statements

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Three Months Ended March 31, 2026	U.S. Propane	Canadian Propane	CNG	Corporate	Total Segments	Inter-segment	Total Consolidated
Revenue
External customers	559.1	208.5	129.8	–	897.4	–	897.4
Inter-segment	1.0	7.8	–	–	8.8	(8.8)	–
Total revenue	560.1	216.3	129.8	–	906.2	(8.8)	897.4
Cost of sales (includes products and services)	(280.6)	(112.9)	(20.3)	–	(413.8)	8.8	(405.0)
Loss on derivatives included in segment profit (loss)(1)	(0.5)	(0.1)	–	(0.4)	(1.0)	–	(1.0)
SD&A excluding costs identified below	(120.3)	(47.4)	(71.1)	(6.7)	(245.5)	–	(245.5)
Segment profit (loss)	158.7	55.9	38.4	(7.1)	245.9	–	245.9
Depreciation included in SD&A	(13.0)	(8.3)	(15.6)	–	(36.9)	–	(36.9)
Depreciation of right-of-use assets included in SD&A	(4.1)	(2.4)	(1.3)	(0.1)	(7.9)	–	(7.9)
Amortization of intangible assets included in SD&A	(11.1)	(4.6)	(4.0)	(0.1)	(19.8)	–	(19.8)
Transaction, restructuring and other costs included in SD&A	–	–	–	(3.4)	(3.4)	–	(3.4)
Gain (loss) on disposal of assets included in SD&A	0.5	0.2	(0.3)	–	0.4	–	0.4
Finance expense	(1.0)	(0.9)	(0.4)	(20.1)	(22.4)	–	(22.4)
Gain (loss) on derivatives and foreign currency translation of borrowings excluded from segment profit (loss)	0.5	19.4	–	(9.3)	10.6	–	10.6
Earnings (loss) before income taxes	130.5	59.3	16.8	(40.1)	166.5	–	166.5
Income tax expense							(39.6)

(1) The Company includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts; refer to the financial instruments in Note 11 for more details.

Net earnings for the period

126.9

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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Three Months Ended March 31, 2025	U.S. Propane	Canadian Propane	CNG	Corporate	Total Segments	Inter-segment	Total Consolidated
Revenue
External customers	633.1	227.1	148.2	-	1,008.4	-	1,008.4
Inter-segment	1.2	22.2	-	-	23.4	(23.4)	-
Total revenue	634.3	249.3	148.2	-	1,031.8	(23.4)	1,008.4
Cost of sales (includes products and services)	(351.5)	(154.1)	(27.3)	-	(532.9)	23.4	(509.5)
Gain on derivatives included in segment profit (loss)(1)	4.8	0.3	-	2.1	7.2	-	7.2
SD&A excluding costs identified below	(124.0)	(46.4)	(65.8)	(9.4)	(245.6)	-	(245.6)
Segment profit (loss)	163.6	49.1	55.1	(7.3)	260.5	-	260.5
Depreciation included in SD&A	(13.6)	(8.2)	(13.8)	-	(35.6)	-	(35.6)
Depreciation of right-of-use assets included in SD&A	(4.6)	(1.8)	(1.4)	(0.1)	(7.9)	-	(7.9)
Amortization of intangible assets included in SD&A	(12.2)	(4.0)	(3.9)	-	(20.1)	-	(20.1)
Transaction, restructuring and other costs included in SD&A	(0.1)	(0.1)	(2.1)	19.1	16.8	-	16.8
Gain on disposal of assets included in SD&A	0.8	0.1	0.3	-	1.2	-	1.2
Finance expense	(1.4)	(0.7)	(0.4)	(22.1)	(24.6)	-	(24.6)
Gain (loss) on derivatives and foreign currency translation of borrowings excluded from segment profit (loss)	1.8	0.3	0.1	(2.0)	0.2	-	0.2
Earnings (loss) before income taxes	134.3	34.7	33.9	(12.4)	190.5	-	190.5
Income tax expense							(44.1)
Net earnings for the period							146.4

(1) The Company includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts; refer to the financial instruments in Note 11 for more details.

Net Working Capital, Total Assets, Total Liabilities and Capital Expenditures

	U.S. Propane	Canadian Propane	CNG	Corporate	Total
As at March 31, 2026
Net working capital(1)	34.9	16.0	61.7	(20.4)	92.2
Total assets	1,851.0	722.1	917.0	78.2	3,568.3
Total liabilities	410.9	166.4	124.9	1,686.3	2,388.5
As at December 31, 2025
Net working capital(1)	5.0	2.4	43.1	(36.5)	14.0
Total assets	1,875.8	720.4	924.0	67.5	3,587.7
Total liabilities	452.0	181.8	132.9	1,754.0	2,520.7

(1) Net working capital is composed of trade and other receivables, prepaids and deposits, and inventories, less trade and other payables, contract liabilities and dividends payable.

Superior Plus Corp.

2026 First Quarter Condensed Consolidated Financial Statements

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Superior Plus Corp.
24
2026 First Quarter Condensed Consolidated Financial Statements

	U.S. Propane	Canadian Propane	CNG	Corporate	Total
Capital expenditures for the three months ended March 31, 2026
Purchase of property, plant and equipment and intangible assets	6.4	1.3	11.3	–	19.0
Vehicle lease additions	0.4	2.1	–	–	2.5
Capital expenditures, excluding other lease liabilities	6.8	3.4	11.3	–	21.5
Other lease additions	1.3	3.2	0.6	–	5.1
Proceeds on disposal of property, plant and equipment	(1.4)	(0.4)	–	–	(1.8)
Total net capital expenditures	6.7	6.2	11.9	–	24.8
Capital expenditures for the three months ended March 31, 2025
Purchase of property, plant and equipment and intangible assets	5.6	2.4	15.9	–	23.9
Vehicle lease additions	–	0.8	–	–	0.8
Capital expenditures, excluding other lease liabilities	5.6	3.2	15.9	–	24.7
Other lease additions	1.0	0.3	–	–	1.3
Proceeds on disposal of property, plant and equipment	(2.8)	(0.5)	(0.6)	–	(3.9)
Total net capital expenditures	3.8	3.0	15.3	–	22.1

19. GEOGRAPHICAL INFORMATION

	U.S.	Canada	Other	Total Consolidated
Revenue for the three months ended March 31, 2026	656.2	241.2	–	897.4
Property, plant and equipment as at March 31, 2026	478.2	712.3	–	1,190.5
Right-of-use assets as at March 31, 2026	87.7	68.7	–	156.4
Intangible assets as at March 31, 2026	192.8	96.5	–	289.3
Goodwill as at March 31, 2026	1,018.5	397.9	–	1,416.4
Total assets as at March 31, 2026	2,075.8	1,473.4	19.1	3,568.3
Revenue for the three months ended March 31, 2025	752.9	255.5	–	1,008.4
Property, plant and equipment as at December 31, 2025	489.0	731.0	–	1,220.0
Right-of-use assets as at December 31, 2025	87.4	71.5	–	158.9
Intangible assets as at December 31, 2025	204.8	103.6	–	308.4
Goodwill as at December 31, 2025	1,018.5	403.5	–	1,422.0
Total assets as at December 31, 2025	2,086.6	1,481.9	19.2	3,587.7