Teleconferência de resultados do 3T26 da Global Partners (GLP): EBITDA ajustado atinge US$ 122,9M

Principais destaques

• O lucro líquido no 3T 2026 aumentou para US$ 52,4 milhões, ante US$ 29,0 milhões um ano antes. O EBITDA ajustado subiu de US$ 98,8 milhões para US$ 122,9 milhões.
• A margem de produto no atacado aumentou US$ 33,4 milhões, para US$ 111,4 milhões, impulsionada por condições de mercado mais favoráveis em gasolina e destilados. Esse desempenho mais do que compensou os resultados mais fracos de GDSO.
• A margem de produto de GDSO caiu US$ 8,3 milhões, para US$ 210,6 milhões, com a alta dos preços nas bombas pressionando a demanda por combustíveis. A margem de distribuição de gasolina recuou US$ 8,0 milhões, para US$ 136,8 milhões.
• O fluxo de caixa distribuível ajustado atingiu US$ 70,3 milhões, em comparação com US$ 53,3 milhões no 3T 2025. A cobertura de distribuição permaneceu sólida, em 2,3x.
• A Global Partners elevou sua distribuição trimestral em dinheiro pelo 20º trimestre consecutivo para US$ 0,7850 por cota ordinária, equivalente a US$ 3,14 anualizados.
• A administração elevou a faixa de projeção de investimentos de manutenção (CapEx de manutenção) para o ano fechado de 2026 em US$ 5 milhões, para US$ 65 milhões a US$ 75 milhões. A estimativa de CapEx de expansão permaneceu em US$ 75 milhões a US$ 85 milhões, excluindo aquisições.

Principais dados financeiros

Desempenho comercial e operacional

O segmento de Atacado foi o principal motor dos resultados. A margem de produto subiu de US$ 78,0 milhões para US$ 111,4 milhões. A margem de gasolina e insumos de mistura para gasolina aumentou US$ 14,3 milhões, para US$ 75,8 milhões, enquanto a margem de destilados e outros óleos avançou US$ 19,1 milhões, alcançando US$ 35,6 milhões.

A margem de produto de GDSO recuou para US$ 210,6 milhões. A margem de distribuição de gasolina caiu para US$ 136,8 milhões, reflexo principalmente de volumes menores. A margem das operações de postos, incluindo lojas de conveniência, alimentos preparados, itens diversos e receitas de aluguel, permaneceu praticamente estável em US$ 73,8 milhões, com recuo de US$ 0,3 milhão.

A administração afirmou que os preços mais elevados dos combustíveis no varejo levaram os consumidores a conter as compras. As transações nas lojas de conveniência diminuíram, mas o tíquete médio aumentou, mantendo o desempenho das lojas praticamente estável. A Global Partners encerrou o trimestre com 1.489 postos de combustíveis e lojas de conveniência, excluindo 69 unidades detidas por meio da joint venture Spring Partners Retail.

A margem de produto do segmento Comercial cresceu US$ 0,1 milhão, para US$ 71,0 milhões, refletindo em parte condições de mercado mais favoráveis para combustíveis marítimos (bunkering).

As despesas operacionais diminuíram, uma vez que a redução dos custos de manutenção e reparo de terminais compensou despesas maiores de GDSO, principalmente taxas de cartão de crédito. As despesas de SG&A aumentaram devido a salários e benefícios mais elevados, remuneração variável de incentivo e outras despesas.

Em 30 de setembro, a alavancagem segundo o contrato de crédito da empresa era de aproximadamente 2,8x na relação dívida captada/EBITDA. A Global Partners tinha US$ 99,0 milhões em aberto em sua linha de crédito rotativo de capital de giro e US$ 144,5 milhões em sua linha de crédito rotativo.

Durante o 3T, a companhia resgatou a totalidade das cotas preferenciais de taxa fixa de 9,5% da Série B em circulação, retirando US$ 75 milhões em capital preferencial de sua estrutura de capital. Após o fechamento do trimestre, a empresa estendeu o vencimento de seu contrato de crédito em mais de três anos, para outubro de 2031, mantendo uma linha rotativa de capital de giro de US$ 1 bilhão e uma linha de crédito rotativo de US$ 500 milhões.

Projeções da administração

A Global Partners agora projeta um CapEx de manutenção para todo o ano de 2026 de US$ 65 milhões a US$ 75 milhões, US$ 5 milhões acima da faixa anterior. A projeção de CapEx de expansão permanece entre US$ 75 milhões e US$ 85 milhões, desconsiderando aquisições.

A administração declarou que essas estimativas dependem, em parte, do cronograma de conclusão dos projetos, da disponibilidade de equipamentos e mão de obra, das condições climáticas e de eventos imprevistos ou oportunidades que exijam manutenção ou investimentos adicionais.

Riscos e pontos de atenção

• A administração prevê que uma forte backwardation na curva futura de preços de produtos aumente o custo de carregamento de estoques com hedge em períodos futuros.
• A alta dos preços nas bombas reduziu a demanda de combustíveis no varejo ao longo do trimestre, mantendo a sensibilidade nos volumes caso os preços sigam elevados.
• O cronograma do CapEx segue sujeito à disponibilidade de equipamentos e mão de obra, a fatores climáticos e à execução dos projetos.
• A administração descreveu o mercado de M&A no varejo como ativo, porém competitivo. A companhia destacou que continuará focada em transações acretivas com retornos atrativos.

Destaques da sessão de perguntas e respostas com analistas

Ao ser questionado sobre o comportamento do consumidor, Gregory Hanson afirmou que os preços mais altos no varejo afetaram os volumes de combustíveis, já que os clientes reduziram o consumo. Dentro das lojas, o número de transações diminuiu, mas o tíquete médio aumentou, mantendo o desempenho das lojas de conveniência praticamente estável.

Sobre a possibilidade de preços mais elevados gerarem oportunidades de aquisição entre operadores independentes sob pressão financeira, Eric Slifka afirmou que a atividade atual de M&A não parecia ser movida primariamente por aperto de crédito ou pressão de preços. Ele descreveu o varejo como fragmentado, com inúmeras oportunidades potenciais, mas enfatizou a disciplina na estruturação de acordos e a busca por retornos atrativos. As aquisições de terminais são menos frequentes, mas geralmente de maior porte, enquanto a companhia segue investindo em sua rede existente.

Transcrição completa da teleconferência de resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.

Perguntas e respostas

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.