Low Carbon Energy Solutions Investor Update
End Notes
Slide 3
1.
2.
LP Gas 2023 Top Propane Retailers published February 2023.
FY2022
1.
3.
Q1 2023
4.
As of May 19, 2023.
Slide 4
1.
نه
3.
4.
5.
Based on TTM Q1 2023 Adjusted EBITDA. Adjusted EBITDA is a
Non-GAAP Financial Measure. Details for Non-GAAP financial
information is provided in Superior's Q1 management discussion and
analysis ("MD&A") for the quarter ended March 31, 2023. Superior's
MD&A is available on SEDAR at www.sedar.com and on Superior's
investor website at http://www.superiorplus.com/investor-
relations/financial-reports/.
Closing share price as at May 30, 2023 pro forma shares issued as
part of the acquisition. Total Net Debt, including Total Debt and cash,
as at March 31, 2023 pro forma debt related to the Certarus
acquisition.
Leverage is based on Net Debt (as at May 30, 2023) to Adjusted
EBITDA for the Twelve Months ended March 31, 2023. Leverage
Ratio is a Non-GAAP Financial Measure. Details for Non-GAAP
financial information is provided in Superior's Q1 management
discussion and analysis ("MD&A") for the quarter ended March 31,
2023. Superior's MD&A is available on SEDAR at www.sedar.com
and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Based on TTM Q1 2023 Adjusted EBITDA. Adjusted EBITDA is a
Non-GAAP Financial Measure. Details for Non-GAAP financial
information is provided in Superior's Q1 management discussion and
analysis ("MD&A") for the quarter ended March 31, 2023. Superior's
MD&A is available on SEDAR at www.sedar.com and on Superior's
investor website at http://www.superiorplus.com/investor-
relations/financial-reports/.
Pro Forma Adjusted EBITDA is a Non-GAAP Financial Measure.
Details for Non-GAAP financial information is provided in Superior's
Q1 management discussion and analysis ("MD&A") for the quarter
ended March 31, 2023. Superior's MD&A is available on SEDAR at
www.sedar.com and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Slide 5
Adjusted EBITDA is a Non-GAAP Financial Measure. Details for
Non-GAAP financial information is provided in Superior's Q1 and
annual management discussion and analysis ("MD&A") for the
year end ended December 31, 2022 and quarter ended March 31,
2023. Superior's MD&A is available on SEDAR at www.sedar.com
and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
See "Forward Looking Information".
Slide 12
1.
Allocation based on MSU count at Q1 2023.
Slide 17
1.
Slide 7
1.
AOCF and AOCF per share are Non-GAAP Financial Measures.
See "Non-GAAP Financial Measures".
2.
3.
2.
4.
3.
EBITDA from Operations is a Non-GAAP Financial Measure.
Details for Non-GAAP financial information is provided in
Superior's Q1 management discussion and analysis ("MD&A") for
the quarter ended March 31, 2023. Superior's MD&A is available
on SEDAR at www.sedar.com and on Superior's investor website
at http://www.superiorplus.com/investor-relations/financial-
reports/. 2022 EBITDA from Operations was $478.4 million.
Commercial propane demand recovery.
Includes organic growth of Superior standalone and Certarus.
Continuous improvement initiatives in U.S. and Canadian Propane
Distribution businesses.
Slide 18
1.
Adjusted EBITDA is a Non-GAAP Financial Measure. Details for
Non-GAAP financial information is provided in Superior's Q1
management discussion and analysis ("MD&A") for the quarter
ended March 31, 2023. Superior's MD&A is available on SEDAR
at www.sedar.com and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
2.
Excludes Specialty Chemicals EBITDA from operations.
3. Includes full year contribution from Certarus.
Total Net Debt to Adjusted EBITDA Leverage Ratio is a Non-
GAAP Financial Measure. Details for Non-GAAP financial
information is provided in Superior's Q1 management discussion
and analysis ("MD&A”) for the quarter ended March 31,
2023. Superior's MD&A is available on SEDAR at www.sedar.com
and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
EBITDA from Operations is a Non-GAAP Financial Measure.
Details for Non-GAAP financial information is provided in
Superior's Q1 management discussion and analysis ("MD&A") for
the quarter ended March 31, 2023. Superior's MD&A is available
on SEDAR at www.sedar.com and on Superior's investor website
at http://www.superiorplus.com/investor-relations/financial-
reports/. 2022 EBITDA from Operations was $478.4 million.
See "Forward-Looking Statements and Information".
Slide 8
4.
1.
2.
Management estimate based on information published by the
Energy Information Agency and the International Energy Agency.
Adjusted EBITDA is a Non-GAAP Financial Measure. Details for
Non-GAAP financial information is provided in Superior's Q1
management discussion and analysis ("MD&A") for the quarter
ended March 31, 2023. Superior's MD&A is available on SEDAR
at www.sedar.com and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
Slide 10
Source: U.S. Energy Information Administration; Bloomberg.
Carbon Intensity score.
Slide 19
1. As at Q1 2023.
2.
3.
4.
Q1 2023 Leverage is based on Net Debt (as at May 30, 2023) to
Adjusted EBITDA for the Trailing Twelve Months ended March 31,
2023. Leverage Ratio is a Non-GAAP Financial Measure. Details
for Non-GAAP financial information is provided in Superior's Q1
management discussion and analysis ("MD&A") for the quarter
ended March 31, 2023. Superior's MD&A is available on SEDAR
at www.sedar.com and on Superior's investor website at
http://www.superiorplus.com/investor-relations/financial-reports/.
As at Q1 2023.
USD$600M US Notes converted at 1.355 USD/CAD rate.
Superior Plus
1.
2.
Diesel price is the Q1 2023 average price of weekly Gulf Coast
No.2 Diesel retail price (US$/Gal) converted to US$/MMBtu at a
conversion factor of 7.279x.
3.
Natural gas price is Henry Hub Q1 2023 average price
(US$/MMBtu).
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