Global Partners (GLP) 2026年第三季度业绩电话会：调整后EBITDA达1.229亿美元

核心要点

• 2026年第三季度净利润从上年同期的2900万美元增至5240万美元。调整后EBITDA从9880万美元增至1.229亿美元。
• 得益于汽油和馏分油市场环境更加有利，批发业务产品毛利增加3340万美元至1.114亿美元。这足以弥补GDSO业绩的疲软。
• 由于加油站零售油价上涨对燃油需求造成拖累，GDSO产品毛利下降830万美元至2.106亿美元。汽油分销毛利减少800万美元至1.368亿美元。
• 调整后可分配现金流达到7030万美元，而2025年第三季度为5330万美元。分配覆盖率保持在2.3倍的健康水平。
• 全球伙伴（Global Partners）连续第20个季度提高季度现金分配，至每份普通单位0.7850美元，年化相当于3.14美元。
• 管理层将2026年全年维持性资本支出预期区间上调了500万美元，至6500万至7500万美元。不计收购在内的扩张性资本支出指引仍维持在7500万至8500万美元。

关键财务数据

业务与经营业绩

批发业务是主要的盈利驱动力。产品毛利从7800万美元增至1.114亿美元。汽油及汽油调和组分毛利增加1430万美元至7580万美元，而馏分油及其他油品毛利增加1910万美元至3560万美元。

GDSO产品毛利降至2.106亿美元。汽油分销毛利降至1.368亿美元，主要受销量下滑影响。包括便利店、熟食、杂货和租金收入在内的加油站运营毛利基本保持稳定，为7380万美元，微降30万美元。

管理层表示，零售端燃油价格上涨导致消费者在购油时更加节省。便利店交易笔数有所减少，但客单价有所上升，使得便利店整体表现基本持平。截至本季度末，全球伙伴（Global Partners）共拥有1489座加油站和便利店，其中不包括通过Spring Partners零售合资企业持有的69处站点。

商业业务分部产品毛利增加10万美元至7100万美元，部分反映了更为有利的船舶加油市场环境。

运营支出有所下降，主要由于油库码头维护与维修费用的减少弥补了GDSO费用的增加（主要是信用卡手续费）。由于工资与福利、酌情发放的激励薪酬以及其他支出的增加，销售、一般及行政费用（SG&A）有所上升。

截至9月30日，根据公司的信贷协议，其杠杆率（已融资债务对EBITDA比率）约为2.8倍。全球伙伴（Global Partners）在营运资金循环贷款中的未偿余额为9900万美元，在循环信贷便利下的未偿余额为1.445亿美元。

第三季度期间，公司赎回了所有已发行的9.5% B系列固定利率优先单位，从而从其资本结构中消除了7500万美元的优先股权益。季度结束后，公司将其信贷协议的到期日延长了三年以上至2031年10月，同时保留了10亿美元的营运资金循环贷款和5亿美元的循环信贷额度。

管理层指引

全球伙伴（Global Partners）目前预计2026年全年维持性资本支出为6500万至7500万美元，比此前区间高出500万美元。不计收购在内的扩张性资本支出指引仍维持在7500万至8500万美元。

管理层表示，这些预估在一定程度上取决于项目完工时间、设备与劳动力的可用性、天气状况，以及需要额外维护或投资的不可预见事件或机遇。

风险与关注事项

• 管理层预计，远期产品价格曲线的深度现货溢价（远期贴水）将在未来期间增加持有套期保值库存的成本。
• 本季度加油站油价走高抑制了零售端燃油需求；若高油价持续，销量将继续面临敏感性压力。
• 资本支出的推进时间仍取决于设备与劳动力的可用性、天气状况及项目执行进度。
• 管理层将零售领域的并购活动描述为活跃但竞争激烈。公司表示，将继续聚焦于具有吸引力回报且具增厚效应的并购交易。

分析师问答亮点

在被问及消费者行为时，格雷戈里·汉森（Gregory Hanson）表示，随着消费者节约支出，较高的零售油价对燃油销量造成了影响。在店内，交易笔数有所减少但客单价增加，使得便利店业绩基本持平。

关于油价上涨是否会给财务紧张的独立运营商带来收购机会，埃里克·斯利夫卡（Eric Slifka）表示，当前的并购活动似乎并非主要由信贷或价格压力驱动。他指出零售市场较为分散，存在大量潜在机会，但他强调了严谨的交易纪律和吸引人的回报率。油库码头收购虽然发生频率较低但通常规模更大，同时公司也在继续对其现有网络进行投资。

业绩电话会完整文字实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.