Global Partners (GLP) 2026年第三季法說會：調整後EBITDA達1.229億美元

重點摘要

• 2026 年第三季淨利從去年同期的 2,900 萬美元增至 5,240 萬美元；調整後 EBITDA 從 9,880 萬美元增至 1.229 億美元。
• 受惠於汽油與餾分油市場行情轉佳，批發業務產品利潤增加 3,340 萬美元至 1.114 億美元，足以抵銷 GDSO 業務疲軟的影響。
• 由於加油站油價上漲壓抑燃油需求，GDSO 產品利潤減少 830 萬美元至 2.106 億美元；汽油配售利潤下滑 800 萬美元至 1.368 億美元。
• 調整後可分配現金流達到 7,030 萬美元，高於 2025 年第三季的 5,330 萬美元；現金分派覆蓋率維持在 2.3 倍的健康水準。
• Global Partners 連續第 20 個季度調升季度現金分派，每普通單位提高至 0.7850 美元，相當於年化 3.14 美元。
• 管理層將 2026 全年維護性資本支出預估區間上修 500 萬美元，至 6,500 萬至 7,500 萬美元；不計收購項目的擴張性資本支出指引則維持在 7,500 萬至 8,500 萬美元。

關鍵財務數據

業務與營運表現

批發業務為主要獲利推動力。產品利潤自 7,800 萬美元增至 1.114 億美元。汽油及汽油調和原料利潤增加 1,430 萬美元至 7,580 萬美元，餾分油與其他油品利潤則增加 1,910 萬美元至 3,560 萬美元。

GDSO 產品利潤降至 2.106 億美元。汽油配售利潤下滑至 1.368 億美元，主要因銷量減少所致。包含便利商店、即食熟食、雜貨及租金收入在內的加油站營運利潤大致維持穩定，微幅減少 30 萬美元至 7,380 萬美元。

管理層表示，零售油價走高促使消費者節制加油支出。便利商店來客交易筆數有所減少，但平均客單價上升，使得便利商店整體業績大致持平。截至季末，Global Partners 擁有 1,489 座加油站與便利商店（不含透過 Spring Partners Retail 合資企業持有的 69 個據點）。

商業部門產品利潤增加 10 萬美元至 7,100 萬美元，部分反映了船舶燃料市場行情的改善。

營業費用下滑，主因儲運站維護與維修成本降低，抵銷了 GDSO 費用（主要是信用卡手續費）的增加。營業管銷費用 (SG&A) 則因薪資與福利增加、酌情獎勵酬勞提高及其他開支而增加。

截至 9 月 30 日，依該公司信貸協議計算的槓桿比率（計息負債對 EBITDA）約為 2.8 倍。Global Partners 的營運資金循環額度未償還餘額為 9,900 萬美元，循環信用額度未償還餘額為 1.445 億美元。

第三季期間，公司贖回了所有發行在外的 9.5% B 系列固定利率特別單位，自資本結構中清除了 7,500 萬美元的特別股權益。季末之後，公司將信貸協議到期日延長三年以上至 2031 年 10 月，同時保留 10 億美元的營運資金循環額度與 5 億美元的循環信用額度。

管理層業績指引

Global Partners 目前預期 2026 全年維護性資本支出為 6,500 萬至 7,500 萬美元，較先前預估區間高出 500 萬美元。不計收購項目的擴張性資本支出指引則維持在 7,500 萬至 8,500 萬美元。

管理層表示，這些預估部分取決於專案完工時程、設備與勞動力供應情況、天候因素，以及需要額外維護或投資的突發事件或機會。

風險與關注事項

• 管理層預期，遠期產品價格曲線大幅逆價差（現貨溢價），將導致未來期間持有避險庫存的成本增加。
• 本季加油站零售油價上漲抑制了零售燃油需求；若高油價持續，銷量將持續面臨敏感性風險。
• 資本支出時程仍取決於設備與人力供應情況、天候及專案執行進度。
• 管理層形容零售業務的併購活動相當活躍但競爭激烈。公司表示將持續專注於具備吸引人回報且能帶來增值效益的交易。

分析師問答重點

在被問及消費者行為時，Gregory Hanson 表示，零售油價上揚促使顧客節省開支，進而影響了燃油銷量。在便利商店門市內，交易筆數有所減少，但客單價提高，使便利商店整體表現大致持平。

針對高油價是否會在財務吃緊的獨立營運商中創造收購機會，Eric Slifka 表示，當前的併購活動似乎並非主要由信用或定價壓力所驅動。他形容零售市場高度零散，存在眾多潛在機會，但他強調交易紀律與吸引人的投資回報。儲運站收購雖然較不頻繁，但規模通常較大，同時公司也持續投資現有網絡。

完整財報電話會議逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.