글로벌 파트너스(GLP) 2026년 3분기 실적 발표 콘퍼런스콜: 조정 EBITDA 1억 2,290만 달러 달성

핵심 요약

• 2026년 3분기 순이익은 전년 동기의 2,900만 달러에서 5,240만 달러로 증가했다. 조정 EBITDA는 9,880만 달러에서 1억 2,290만 달러로 늘어났다.
• 휘발유 및 증류유 시장의 우호적인 여건에 힘입어 도매 부문 제품 마진은 3,340만 달러 증가한 1억 1,140만 달러를 기록했다. 이는 GDSO 부문의 부진한 실적을 상쇄하고도 남았다.
• 주유소 판매 가격 상승이 연료 수요를 압박하면서 GDSO 제품 마진은 830만 달러 감소한 2억 1,060만 달러로 줄었다. 휘발유 유통 마진은 800만 달러 감소한 1억 3,680만 달러를 기록했다.
• 조정 분배가능현금흐름은 2025년 3분기의 5,330만 달러와 비교해 7,030만 달러에 달했다. 분배금 충당비율은 2.3배로 건전한 수준을 유지했다.
• 글로벌 파트너스는 분기 현금 분배금을 20분기 연속 인상하여 보통 유닛당 0.7850달러로 책정했으며, 이는 연환산 기준 3.14달러에 해당한다.
• 경영진은 2026년 연간 유지보수 자본적 지출 전망치를 500만 달러 상향 조정한 6,500만~7,500만 달러로 제시했다. 인수를 제외한 확장 자본적 지출 가이던스는 7,500만~8,500만 달러를 유지했다.

주요 재무 데이터

사업 및 영업 실적

도매 부문이 주요 실적 견인차 역할을 했다. 제품 마진은 7,800만 달러에서 1억 1,140만 달러로 증가했다. 휘발유 및 휘발유 블렌드스톡 마진은 1,430만 달러 증가한 7,580만 달러를 기록했고, 증류유 및 기타 유류 마진은 1,910만 달러 증가한 3,560만 달러를 기록했다.

GDSO 제품 마진은 2억 1,060만 달러로 감소했다. 휘발유 유통 마진은 주로 판매량 감소로 인해 1억 3,680만 달러로 하락했다. 편의점, 조리식품, 잡화 및 임대 수입을 포함한 주유소 운영 마진은 30만 달러 감소한 7,380만 달러로 대체로 안정적인 수준을 유지했다.

경영진은 소매 유류 가격 상승으로 소비자들이 연료 구매를 절약하게 되었다고 밝혔다. 편의점 결제 건수는 감소했으나 객단가가 증가하면서 편의점 실적은 전반적으로 보합세를 유지했다. 글로벌 파트너스는 스프링 파트너스 리테일(Spring Partners Retail) 합작투자를 통해 보유한 69개소를 제외하고 총 1,489개의 주유소 및 편의점으로 분기를 마감했다.

상업 부문 제품 마진은 10만 달러 증가한 7,100만 달러를 기록했으며, 이는 선박 급유(벙커링) 시장 여건 개선을 부분적으로 반영한 결과다.

영업비용은 터미널 유지보수 및 수리비 감소가 주로 신용카드 수수료로 인한 GDSO 비용 증가를 상쇄하면서 감소했다. 판매관리비는 임금 및 복리후생비, 재량적 인센티브 보상 및 기타 비용 증가로 인해 늘어났다.

9월 30일 기준 회사의 신용계약상 레버리지 비율(조달부채 대비 EBITDA)은 약 2.8배였다. 글로벌 파트너스는 운전자본 리볼빙 한도대출 잔액 9,900만 달러와 회전신용공여 잔액 1억 4,450만 달러를 보유하고 있었다.

3분기 중 회사는 발행 잔액 전액인 9.5% 시리즈 B 고정금리 우선 유닛을 상환하여 자본 구조에서 7,500만 달러의 우선주 자본을 제거했다. 분기 말 이후에는 10억 달러 규모의 운전자본 리볼빙 한도대출과 5억 달러 규모의 회전신용공여 한도를 유지하면서 신용계약 만기를 3년 이상 연장해 2031년 10월로 늘렸다.

경영진 가이던스

글로벌 파트너스는 이제 2026년 연간 유지보수 자본적 지출을 종전 범위보다 500만 달러 높은 6,500만~7,500만 달러로 예상하고 있다. 인수를 제외한 확장 자본적 지출 가이던스는 7,500만~8,500만 달러를 유지했다.

경영진은 이러한 추정치가 프로젝트 완료 시점, 장비 및 인력 수급 상황, 기상 조건, 추가적인 유지보수나 투자를 필요로 하는 예기치 못한 사건이나 기회 등에 부분적으로 좌우된다고 설명했다.

위험 및 주시 요인

• 경영진은 선도 상품 가격 곡선의 가파른 백워데이션으로 인해 향후 기간 동안 헤지된 재고자산의 보유 비용이 증가할 것으로 예상했다.
• 분기 중 주유소 판매 가격 상승으로 소매 연료 수요가 감소했으며, 고유가가 지속될 경우 판매량 민감도가 계속 이어질 수 있다.
• 자본적 지출 집행 시점은 장비 및 인력 수급 상황, 기상 여건 및 프로젝트 실행 상황에 따라 달라질 수 있다.
• 경영진은 소매 M&A 시장이 활발하지만 경쟁이 치열하다고 평가했다. 회사는 매력적인 수익률을 제공하는 가치 증대 거래에 계속 집중할 것이라고 밝혔다.

애널리스트 질의응답 핵심 내용

소비자 행동에 관한 질문에 그레고리 핸슨은 고객들의 절약으로 소매 유류 가격 상승이 연료 판매량에 영향을 미쳤다고 답했다. 편의점 매장 내에서는 결제 건수가 감소했으나 객단가가 증가하여 편의점 실적은 거의 보합세를 유지했다고 설명했다.

유가 상승으로 재정적 어려움을 겪는 독립 사업자들 사이에서 인수 기회가 생길 수 있는지에 대해 에릭 슬리프카는 현재 M&A 활동이 신용이나 가격 압박에 의해 주로 주도되는 것으로 보이지는 않는다고 말했다. 그는 소매 시장이 파편화되어 있어 수많은 잠재적 기회가 존재하지만 거래 규율과 매력적인 수익률 유지가 중요하다고 강조했다. 터미널 인수는 빈도가 낮지만 일반적으로 규모가 더 크며, 회사는 기존 네트워크에 대한 투자를 계속 이어가고 있다고 덧붙였다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.