グローバル・パートナーズ（GLP）2026年第3四半期決算説明会：調整後EBITDAは1億2,290万ドルに到達

主なポイント

• 2026年第3四半期の純利益は、前年同期の2,900万ドルから5,240万ドルに増加しました。調整後EBITDAは9,880万ドルから1億2,290万ドルに増加しました。
• ガソリンおよび留出油市場の良好な環境を背景に、卸売部門の製品マージンは3,340万ドル増の1億1,140万ドルとなりました。これにより、GDSO部門の業績低迷を十分に相殺しました。
• 給油所価格の上昇が燃料需要の重荷となり、GDSOの製品マージンは830万ドル減の2億1,060万ドルに縮小しました。ガソリン配送マージンは800万ドル減の1億3,680万ドルとなりました。
• 調整後分配可能キャッシュフローは、2025年第3四半期の5,330万ドルに対し、7,030万ドルに達しました。分配金カバレッジ比率は2.3倍と健全な水準を維持しました。
• グローバル・パートナーズは四半期現金分配金を20四半期連続で引き上げ、普通ユニットあたり0.7850ドル（年換算で3.14ドル相当）としました。
• 経営陣は2026年通期の維持管理設備投資レンジを500万ドル引き上げ、6,500万〜7,500万ドルとしました。買収を除く拡張設備投資ガイダンスは7,500万〜8,500万ドルに据え置かれました。

主要財務データ

事業および運営実績

卸売部門が主たる収益牽引役となりました。製品マージンは7,800万ドルから1億1,140万ドルに拡大しました。ガソリンおよびガソリン調合原料のマージンは1,430万ドル増の7,580万ドルとなり、留出油およびその他石油製品のマージンは1,910万ドル増の3,560万ドルとなりました。

GDSOの製品マージンは2億1,060万ドルに減少しました。ガソリン配送マージンは主に販売量の減少により1億3,680万ドルに低下しました。コンビニエンスストア、調理済み食品、日用雑貨、賃貸収入を含むステーション運営マージンは、30万ドル減の7,380万ドルとおおむね安定して推移しました。

経営陣によると、小売燃料価格の上昇を受けて消費者が燃料購入を控える動きが見られました。コンビニエンスストアの取引件数は減少したものの客単価が上昇したため、コンビニ事業の業績はほぼ横ばいとなりました。当四半期末時点の給油所およびコンビニエンスストアの店舗数は、スプリング・パートナーズ・リテール（Spring Partners Retail）合弁事業を通じて保有する69拠点を除き、1,489拠点となりました。

船舶燃料（バンカリング）市場の環境改善などを一部反映し、コマーシャル部門の製品マージンは10万ドル増の7,100万ドルとなりました。

営業費用は、主にクレジットカード手数料をはじめとするGDSO費用の増加があったものの、ターミナルの保守・修繕費の減少がそれを相殺したことで減少しました。販管費は、人件費・福利厚生費、裁量的なインセンティブ報酬、その他の費用の増加により増加しました。

9月30日時点における同社の信用契約に基づくレバレッジ比率は、有利子負債／EBITDA比率で約2.8倍でした。グローバル・パートナーズの借入残高は、運転資金リボルビング信用枠で9,900万ドル、リボルビング信用枠で1億4,450万ドルでした。

第3四半期中、同社は発行済みの9.5%シリーズB固定金利優先ユニットを全額償還し、資本構成から7,500万ドルの優先出資証券を除去しました。四半期末後には、10億ドルの運転資金リボルビング枠と5億ドルのリボルビング信用枠を維持しつつ、信用契約の満期を3年以上延長して2031年10月としました。

経営陣ガイダンス

グローバル・パートナーズは現在、2026年通期の維持管理設備投資を従来予想から500万ドル引き上げ、6,500万〜7,500万ドルと見込んでいます。買収を除く拡張設備投資ガイダンスは7,500万〜8,500万ドルに据え置かれています。

経営陣は、これらの見通しはプロジェクトの完了時期、機材や労働力の調達状況、天候、ならびに追加の保守や投資を必要とする不測の事態や機会などに一部左右されると述べています。

リスクおよび注視事項

• 経営陣は、製品先物価格曲線の急激なバックワーデーション（期近高・期先安）により、今後の期間においてヘッジ済み在庫の保有コストが増加すると予想しています。
• 当四半期中は給油所店頭での価格上昇が小売燃料需要を抑制しており、高値が持続した場合には販売量の変動リスクが続くことになります。
• 設備投資の実施時期は、引き続き機材や労働力の確保状況、天候、プロジェクトの進捗状況に左右されます。
• 経営陣は、小売事業のM&A環境について活発であるものの競争が激しいと説明しました。同社は、魅力的なリターンをもたらす収益向上に資する取引に引き続き注力していくとしています。

アナリスト質疑応答の要点

消費者動向について質問されたグレゴリー・ハンソン氏は、消費者が節約姿勢を強めたことで小売価格の上昇が燃料販売量に影響したと述べました。店舗内では、取引件数は減少したものの客単価が上昇し、コンビニ事業の業績はほぼ横ばいを維持しました。

価格上昇によって財務的に逼迫した独立系事業者の買収機会が生まれる可能性があるかとの質問に対し、エリック・スリフカ氏は、現在のM&A動向は主に信用不安や価格圧力を契機としているようには見えないと述べました。同氏は、小売市場は細分化されており潜在的な機会は多数あるとしながらも、案件の選別規律と魅力的なリターンの確保を強調しました。ターミナルの買収は頻度こそ低いものの概して規模が大きく、同社は既存ネットワークへの投資も継続していると述べました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, everyone, and welcome to the Global Partners Third Quarter 2026 Financial Results Conference Call. Today's call is being recorded.

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, Ms. Kristin Seabrook.

At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

Kristin Seabrook

Good morning, everyone, and thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws, including projections and 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, including supply and demand, 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. Eric?

Eric Slifka

Thank you, Kristin, and good morning, everyone. Our third quarter results underscore the strength of Global's integrated liquid energy model. Our presence across the supply chain provides multiple sources of earnings and the flexibility to adapt to changing market conditions. We saw the benefit of that model this quarter. Solid execution across our terminal network and wholesale business more than offset lower retail fuel volumes as higher price pump -- higher pump prices weighed on demand and our station operations held steady.

We do not rely on any single segment or market dynamic to drive performance. It's that balance that helps us manage through different market environments and gives Global the ability to capture opportunities across the business.

We are also in a strong position to invest in the future. We remain disciplined in how we deploy capital, whether we are investing in our existing assets or pursuing opportunities that strengthen our platform and generate attractive long-term returns for unitholders.

Turning to our distribution. Last month, our Board approved our 20th consecutive quarterly distribution increase, raising the quarterly cash distribution to $0.7850 per common unit or $3.14 on an annualized basis. The distribution will be paid on November 13 to unitholders of record as of November 9. We believe that track record reflects the strength and consistency of the business and our priority of returning capital to unitholders.

Our commitment to the communities we serve remains an important part of who we are. We have committed more than $200,000 to community action agencies and nonprofits to assist with home heating oil efforts in New England this winter. This builds on our long-standing efforts to help families meet their heating needs with direct contributions that allow these organizations to put the funds where they can have the greatest impact.

Now let me turn the call over to Greg for the financial review. Greg?

Gregory Hanson

Thank you, Eric, and good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with the third quarter of 2025. Net income in the third quarter of 2026 was $52.4 million versus $29 million in the prior year period. EBITDA was $120.8 million in the third quarter versus $97.1 million in '25, and adjusted EBITDA was $122.9 million compared with $98.8 million.

Distributable cash flow was $70.1 million in the third quarter of '26 compared with $53 million and adjusted DCF was $70.3 million versus $53.3 million. We continue to maintain a healthy distribution coverage at quarter end of 2.3x.

Moving to our segment details. GDSO segment product margin decreased $8.3 million to $210.6 million in the quarter. Product margin from gasoline distribution was down $8 million to $136.8 million, primarily due to a decrease in volumes sold.

Station operations product margin, which includes convenience store and prepared food sales, sundries and rental income, decreased $300,000 to $73.8 million in the third quarter of 2026.

At quarter end, our GDSO portfolio of fueling stations and c-stores consisted of 1,489 sites, exclusive of the 69 sites under our Spring Partners Retail joint venture.

Turning to our Wholesale segment. Third quarter product margin increased $33.4 million to $111.4 million, primarily reflecting more favorable market conditions in gasoline and distillates, with product margin from gasoline and gasoline blendstocks increasing $14.3 million to $75.8 million and product margin from distillates and other oils increasing $19.1 million to $35.6 million.

In our Commercial segment, product margin increased $0.1 million to $71 million due in part to more favorable market conditions in bunkering.

We are pleased with our results in the quarter. Our integrated system provides us with multiple sources of revenue generation, and our team has demonstrated strong execution in capturing value in a dynamic market environment. We continue to expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in future periods, and we remain focused on disciplined inventory management, driving growth across our segments and efficient operations.

Turning to the expense side. Operating expenses decreased $1.4 million in the third quarter to $131.1 million, reflecting lower expenses associated with our terminal operations, largely in maintenance and repair expenses, offset by higher expenses related to our GDSO operations, mostly in credit card fees.

SG&A increased $3.1 million to $79.4 million, consisting of increases in wages and benefits, discretionary incentive comp and various other expenses, offset by a decrease in maintenance and repair expenses.

Interest expense decreased $1.9 million to $31.4 million, partially due to lower average balances on our working capital revolving credit facility.

CapEx in the third quarter was $41.9 million, consisting of maintenance CapEx of $19.3 million and expansion CapEx of $22.6 million, primarily related to investments in our gasoline station business.

For full year 2026, we now expect maintenance CapEx in the range of $65 million to $75 million, up $5 million from our previous range, with expansion CapEx, excluding acquisitions, unchanged at $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, availability of equipment and labor, weather and any unforeseen events or opportunities that require additional maintenance or investment.

Our balance sheet remains strong. As of September 30, leverage as defined in our credit agreement as funded debt to EBITDA was approximately 2.8x, and we maintained ample excess capacity under our credit facilities. We had $99 million outstanding on our working capital revolver and $144.5 million outstanding on our revolving credit facility.

During the third quarter, we redeemed all of our outstanding 9.5% Series B fixed rate preferred units, eliminating $75 million of preferred equity from our capital structure. And subsequent to quarter end, we amended our credit agreement, extending its maturity by more than 3 years to October 2031, while maintaining our $1 billion working capital revolving credit facility and our $500 million revolving credit facility.

Let me turn the call back to Eric for his closing comments. Eric?

Eric Slifka

Thanks, Greg. As we look forward, our focus is straightforward: execute well, build on the strengths of our integrated platform and continue positioning Global for long-term growth. We have a strong foundation, a proven operating model and a team that knows how to navigate a dynamic market. We're excited about the opportunities ahead and remain focused on creating lasting value for our unitholders.

With that, Greg, Mark and I will be happy to take your questions. Operator, please open the line for Q&A.

Operator

[Operator Instructions] Our first question comes from the line of Gregg Brody with Bank of America.

質疑応答

Gregg Brody

Can you talk a little bit about what you're seeing from the -- on the customer side in terms of their behavior with consumption and how that compares to what data you're seeing across the U.S.?

Gregory Hanson

Gregg, it's Greg Hanson. Yes. I mean, I think overall, we definitely saw an impact from [indiscernible]

Sorry about that. We have a little interference there. Yes, I think overall, we definitely saw an impact on the consumer from higher retail prices on the fuel volume side. I think we were pleasantly surprised how well our -- the consumer did inside our c-stores, basically being flat on the c-store, and we did see some higher transaction baskets in the quarter. Our transactions were down, but the basket size actually increased a little bit overall. So we definitely saw people conserving on the fuel side with the high prices overall. But I think on the c-store side, it was pretty steady overall, which we think is quarter-to-quarter, which was sort of a win in our book overall.

Gregg Brody

Okay. And just I would think -- is this volatility in -- maybe -- are these higher prices potentially creating more opportunities for you to acquire mom-and-pops that are feeling a little strained on the working capital needs here? Or is that a factor?

Eric Slifka

Yes. Greg, it's Eric Slifka. I don't think that that's the opportunity. I just think there is certainly a lot going on. M&A has been very busy. I think there's a lot of opportunity out there. I'm not sure it's being driven by credit issues or pricing per se. It still is at the retail level, it's still a very fragmented business, and there's lots of opportunities there. We continue to look at everything that we can find, but we also want to make sure that we're doing deals that are accretive and have good returns, and we're trying to maintain our discipline. It's still competitive. And then when you look at the terminaling business, there are opportunities there are fewer, but the deals are bigger, and we'll continue to make sure that we're investing through our own network to drive higher returns.

Operator

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

Eric Slifka

Thank you again for your time today and for your continued interest in Global. We look forward to speaking with you next quarter and wish everybody a great weekend. Thank you all.

Operator

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.