Global Partners (GLP) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, May 8, 2026 astatine 10:01 AM CDT 12 min read

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DATE

Friday, May 8, 2026 astatine 10 a.m. ET

CALL PARTICIPANTS

• President and Chief Executive Officer — Eric S. Slifka

• Chief Financial Officer — Gregory B. Hanson

• Chief Operating Officer — Mark Romaine

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Full Conference Call Transcript

Eric S. Slifka: Reflect the conditions successful beforehand of us. That flexibility remains a halfway spot of Global Partners LP. Whether markets are volatile oregon much stable, our absorption is the same: disciplined execution, prudent superior allocation, and maintaining a beardown equilibrium expanse to enactment semipermanent worth instauration for our unitholders. Turning concisely to our distribution, past period our committee approved a quarterly currency organisation of $76.50 per communal unit, oregon $3.06 connected an annualized basis. This marks our eighteenth consecutive quarterly increase, supported by steadfast sum and the cash-generating capableness of our business. The organisation volition beryllium paid connected May 15, 2026 to unitholders of grounds arsenic of May 11, 2026. I volition present crook the telephone implicit to Gregory B.

Hanson for the fiscal review.

Gregory B. Hanson: Thank you, Eric, and bully morning, everyone. As we reappraisal the numbers, unless different noted, each comparisons volition beryllium with 2025. Income successful 2026 was $70.1 cardinal versus $18.7 million. EBITDA was $142.1 cardinal successful the archetypal 4th versus $91.9 cardinal successful 2025. Adjusted EBITDA was $140.4 cardinal successful 2026 compared with $91.3 million. Distributable currency travel was $96.4 cardinal successful 2026 compared with $45.7 million, and adjusted DCF was $96.8 cardinal versus $46.5 million. We maintained steadfast organisation sum astatine quarter-end of 1.96x, oregon 1.9x aft including distributions to our preferred unitholders. Moving to our conception details, GDSO conception merchandise borderline accrued $11.4 cardinal successful the 4th to $199.3 million.

Product borderline from gasoline organisation accrued $10.9 cardinal to $136.7 million, chiefly reflecting higher substance margins year-over-year. On a cents-per-gallon basis, substance borderline accrued by 6¢ to 41¢ successful Q1 2026 from 35¢ successful Q1 2025. Sundries and rental income accrued $0.5 cardinal to $62.6 cardinal successful 2026. Station operations merchandise borderline includes convenience store and prepared nutrient sales. At quarter-end, our GDSO portfolio of fueling stations and C-stores consisted of 1,513 sites, exclusive of the 68 sites nether our Spring Partners retail associated venture. Turning to our wholesale segment, first-quarter merchandise borderline accrued $60.5 cardinal to $154.1 million.

Product borderline from gasoline and gasoline blendstocks accrued $44.1 cardinal to $101.2 million, and merchandise borderline from distillates and different oils accrued $16.4 cardinal to $52.9 million. Increases successful our wholesale conception merchandise borderline are chiefly owed to much favorable marketplace conditions successful gasoline and residual oil. We are pleased with the show of the wholesale segment, which delivered beardown results amid heightened commodity terms volatility during the quarter. We bash expect the existent steep backwardation successful the guardant merchandise pricing curve to summation the outgo of carrying our hedged inventory successful aboriginal periods, and we stay focused connected disciplined inventory management.