SEDAR Interim Financial Statements

Superior Plus Corp. 1 2025 Third Quarter Condensed Consolidated Financial Statements Superior Plus Corp. Condensed Consolidated Balance Sheets As at As at September 30 December 31 (Unaudited, millions of United States dollars “USD”) Note 2025 2024 Assets Current Assets Cash and cash equivalents 38.5 17.1 Trade and other receivables 4 177.3 330.8 Prepaids and deposits 44.7 63.6 Inventories 5 72.5 77.9 Other current financial assets 11 6.2 14.9 Total Current Assets 339.2 504.3 Non-current Assets Property, plant and equipment 1,363.4 1,392.7 Goodwill and intangible assets 1,740.0 1,776.4 Employee future benefits and other assets 8.7 5.5 Deferred tax assets 12 3.7 3.8 Other non-current financial assets 11 0.1 3.8 Total Non-current Assets 3,115.9 3,182.2 Total Assets 3,455.1 3,686.5 Liabilities and Equity Current Liabilities Trade and other payables 7 310.2 428.6 Contract liabilities 18.6 18.8 Lease liabilities 10 43.4 43.5 Borrowings 9 5.6 7.2 Dividends payable 11.9 12.2 Other current financial liabilities 11 13.6 20.2 Total Current Liabilities 403.3 530.5 Non-current Liabilities Lease liabilities 10 113.0 121.8 Borrowings 9 1,665.9 1,696.6 Other liabilities 8 22.4 13.5 Provisions 6 8.0 8.0 Employee future benefits 4.7 3.3 Deferred tax liabilities 12 162.1 159.0 Other non-current financial liabilities 11 1.1 8.0 Total Non-current Liabilities 1,977.2 2,010.2 Total Liabilities 2,380.5 2,540.7 Equity Capital 2,485.8 2,626.7 Deficit (1,659.8) (1,732.7) Accumulated other comprehensive loss (11.4) (8.2) Non-controlling interest 260.0 260.0 Total Equity 13 1,074.6 1,145.8 Total Liabilities and Equity 3,455.1 3,686.5 See accompanying Notes to the unaudited Condensed Consolidated Financial Statements. Superior Plus Corp. 2 2025 Third Quarter Condensed Consolidated Financial Statements Superior Plus Corp. Condensed Consolidated Statements of Changes in Equity Share Capital Contributed Total Accumulated Other Comprehensive Non-controlling Interest Total (Unaudited, millions of USD) (Note 13) Surplus Capital Deficit Earnings (Loss) (Note 13) As at December 31, 2024 2,625.6 1.1 2,626.7 (1,732.7) (8.2) 260.0 1,145.8 Net earnings for the period – – – 16.5 – 14.1 30.6 Unrealized foreign currency loss on translation of foreign operations – – – – (4.2) – (4.2) Net gain on equity hedges – – – – 1.0 1.0 Total comprehensive earnings (loss) – – – 16.5 (3.2) 14.1 27.4 Common shares repurchased and cancelled (Note 13) (140.9) – (140.9) 63.6 – – (77.3) Dividends and dividend equivalent declared to common shareholders – – – (21.9) – – (21.9) Dividends to non-controlling interest shareholders – – – – – (14.1) (14.1) Adjustment for APP Liability (Note 13) – – – 14.7 – – 14.7 As at September 30, 2025 2,484.7 1.1 2,485.8 (1,659.8) (11.4) 260.0 1,074.6 As at December 31, 2023 2,711.1 1.1 2,712.2 (1,614.3) (20.6) 260.0 1,337.3 Net (loss) earnings for the period – – – (36.2) – 14.1 (22.1) Unrealized foreign currency gain translation of foreign operations – – – – 1.2 – 1.2 Actuarial defined benefit gain – – – – 0.3 – 0.3 Net loss on equity hedges (1.6) (1.6) Total comprehensive (loss) – – – (36.2) (0.1) 14.1 (22.2) Dividends and dividend equivalent declared to common – – – (98.6) – – (98.6) Dividends to non-controlling shareholders – – – – – (14.1) (14.1) As at September 30, 2024 2,711.1 1.1 2,712.2 (1,749.1) (20.7) 260.0 1,202.4 See accompanying Notes to the unaudited Condensed Consolidated Financial Statements. Superior Plus Corp. 3 2025 Third Quarter Condensed Consolidat --- ed Financial Statements Superior Plus Corp. Condensed Consolidated Statements of Net (Loss) Earnings and Total Comprehensive (Loss) Earnings Three Months Ended Nine Months Ended September 30 September 30 (Unaudited, millions of USD, except per share amounts) Note 2025 2024 2025 2024 Revenue 14, 16 338.0 359.4 1,769.6 1,680.0 Cost of sales (includes products and services) 14 (146.5) (150.3) (850.3) (770.5) Gross profit 191.5 209.1 919.3 909.5 Expenses Selling, distribution and administrative costs (“SD&A”) 14 (265.8) (259.6) (820.9) (826.0) Finance expense 14 (22.6) (27.2) (68.6) (80.1) (Loss) gain on derivatives and foreign currency translation of borrowings 11, 14 (16.9) (9.2) 22.7 (22.5) (305.3) (296.0) (866.8) (928.6) (Loss) earnings before income taxes 14 (113.8) (86.9) 52.5 (19.1) Income tax recovery (expense) 12, 14 12.7 24.9 (21.9) (3.0) Net (loss) earnings for the period 14 (101.1) (62.0) 30.6 (22.1) Net (loss) earnings attributable to: Superior (105.8) (66.7) 16.5 (36.2) Non-controlling interest 4.7 4.7 14.1 14.1 Net (loss) earnings per share attributable to Superior Basic and diluted 15 (0.47) (0.27) 0.07 (0.15) Other comprehensive (loss) earnings Item that may be reclassified subsequently to net (loss) earnings Unrealized foreign currency gain (loss) on translation of foreign operations 7.7 (3.4) (4.2) 1.2 Unrealized gain (loss) on equity hedges 0.8 (0.9) 1.0 (1.6) Items that will not be reclassified to net (loss) earnings Actuarial defined benefit gain – 0.3 – 0.3 Other comprehensive earnings (loss) for the period 8.5 (4.0) (3.2) (0.1) Total comprehensive (loss) earnings for the period (92.6) (66.0) 27.4 (22.2) Total comprehensive (loss) earnings for the period attributable to: Superior (97.3) (70.7) 13.3 (36.3) Non-controlling interest 4.7 4.7 14.1 14.1 See accompanying Notes to the unaudited Condensed Consolidated Financial Statements. Superior Plus Corp. 4 2025 Third Quarter Condensed Consolidated Financial Statements Superior Plus Corp. Condensed Consolidated Statements of Cash Flows Three Months Ended Nine Months Ended September 30 September 30 (Unaudited, millions of USD) Note 2025 2024 2025 2024 OPERATING ACTIVITIES Net (loss) earnings for the period (101.1) (62.0) 30.6 (22.1) Adjustments for: Depreciation included in SD&A 36.9 34.2 107.9 105.8 Depreciation of right-of-use assets included in SD&A 8.6 9.8 25.1 28.0 Amortization of intangible assets included in SD&A 19.7 20.8 60.3 62.4 (Gain) loss on disposal of assets (1.5) 4.0 (4.3) 4.5 Unrealized (gain) loss on financial and non-financial derivatives and foreign exchange loss on U.S. dollar debt 11, 14 16.0 8.8 (18.4) 21.3 Finance expense 22.6 27.2 68.6 80.1 Income tax (recovery) expense (12.7) (24.9) 21.9 3.0 Changes in non-cash operating working capital and other 17 51.2 26.9 81.4 77.2 Cash flows from operating activities before income taxes and interest paid 39.7 44.8 373.1 360.2 Income taxes paid (5.4) (10.5) (22.2) (31.3) Interest paid (18.0) (29.8) (68.3) (79.0) Cash flows from operating activities 16.3 4.5 282.6 249.9 INVESTING ACTIVITIES Purchase of property, plant and equipment and intangible assets 18 (24.9) (48.3) (68.7) (116.7) Proceeds on disposal of property, plant and equipment and other assets 5.9 11.7 12.4 15.7 Cash flows used in investing activities (19.0) (36.6) (56.3) (101.0) FINANCING ACTIVITIES Proceeds from borrowings 133.3 128.7 659.0 376.8 Repayment of borrowings (77.1) (61.9) (718.9) (395.7) Principal repayment of lease obligations (12.7) (1 --- 0.5) (30.6) (31.0) Repurchased and cancelled common shares 13 (11.7) – (77.3) – Dividends paid to shareholders (12.0) (37.1) (36.4) (112.3) Cash flows from (used in) financing activities 19.8 19.2 (204.2) (162.2) Net increase (decrease) in cash and cash equivalents 17.1 (12.9) 22.1 (13.3) Cash and cash equivalents, beginning of the period 21.6 30.0 17.1 30.7 Effect of translation of foreign currency-denominated cash and cash equivalents (0.2) 0.1 (0.7) (0.2) Cash and cash equivalents, end of the period 38.5 17.2 38.5 17.2 See accompanying Notes to the unaudited Condensed Consolidated Financial Statements. Superior Plus Corp. 5 2025 Third Quarter Condensed Consolidated Financial Statements NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited, all amounts including tabular amounts are stated in millions of USD, except per share amounts and unless otherwise stated) 1. ORGANIZATION Superior Plus Corp. (“Superior” or the “Company”) is a diversified business corporation, incorporated under the Canada Business Corporations Act. The registered office is located at Suite 3610, 155 Wellington Street West, Toronto, Ontario. Superior is a publicly traded company with its common shares trading on the Toronto Stock Exchange (the “TSX”) under the exchange symbol “SPB”. These condensed consolidated financial statements were authorized for issue by the Board of Directors on November 13, 2025. Reportable Operating Segments Superior consists of the following three reportable operating segments: U.S. Propane Distribution (“U.S. Propane”), Canadian Propane Distribution (“Canadian Propane”) and Compressed Natural Gas Distribution (“CNG”). The U.S. Propane segment distributes propane gas primarily in the Eastern United States and California and, to a lesser extent, the Midwest. The Canadian Propane segment distributes propane gas across Canada. The CNG segment is a comprehensive low carbon energy solution provider engaged primarily in the business of transporting and selling compressed natural gas and renewable natural gas and, to a lesser extent, hydrogen for large-scale industrial and commercial customers in the United States and Canada. The reportable operating segments in 2025 differ from disclosures in prior periods and reflect how the Chief Operating Decision Maker, Superior’s President and Chief Executive Officer, manages the business and evaluates performance as a result of the centralization of the supply function. The Wholesale Propane segment, previously disclosed separately as its own segment is now embedded in the U.S. Propane and Canadian Propane segments. Prior period results and disclosures have been conformed to reflect Superior’s existing reportable segments. 2. BASIS OF PRESENTATION (a) Preparation of Condensed Consolidated Financial Statements The accompanying condensed consolidated financial statements were prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”) using accounting policies Superior adopted in its annual consolidated financial statements as at and for the year ended December 31, 2024. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual consolidated financial statements as at December 31, 2024. (b) Significant Accounting Judgments, Estimates --- and Assumptions The preparation of Superior’s condensed consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. The estimates and associated assumptions are based on historical experience and various other factors deemed reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the condensed consolidated financial statements are consistent with those disclosed in Superior’s 2024 annual consolidated financial statements. Superior Plus Corp. 6 2025 Third Quarter Condensed Consolidated Financial Statements (c) Standards Issued But Not Yet Effective The standards issued, but not yet effective, are consistent with those disclosed in the annual consolidated financial statements as at and for the year ended December 31, 2024. 3. SEASONALITY OF OPERATIONS Propane distribution sales typically peak in the first quarter when approximately one-third of annual propane and other refined fuels’ sales volumes and gross profits are generated due to the demand in heating from end-use customers. They then decline through the second and third quarters, rising seasonally again in the fourth quarter with heating demand. CNG earnings are also seasonal in nature, typically peaking in the first quarter due to higher demand related to seasonal winter heating declining in the second quarter and rising seasonally in the fourth quarter. Similarly, net working capital is typically at seasonal highs during the first and fourth quarters. Net working capital is also significantly influenced by price changes in the underlying commodities, primarily wholesale propane and natural gas prices. For the 12 months ended September 30, 2025, Superior reported gross profit of $1,294.2 million (September 30, 2024 ? $1287.7 million) and net earnings of $34.8 million (September 30, 2024 ? $35.5 million net earnings). 4. TRADE AND OTHER RECEIVABLES A summary of trade and other receivables is as follows: September 30 December 31 2025 2024 Trade receivables, net of allowances 168.3 316.2 Accounts receivable – other(1) 9.0 14.6 Trade and other receivables 177.3 330.8 (1) This balance consists of accounts receivable related to indirect taxes and other miscellaneous balances. Pursuant to their respective terms, trade receivables, before the deduction of the allowance for doubtful accounts, are aged as follows: September 30 December 31 2025 2024 Current 105.1 212.8 Past due less than 90 days 48.5 92.4 Past due over 90 days 27.0 21.2 Trade receivables 180.6 326.4 Superior’s trade receivables are stated after deducting the below allowance for doubtful accounts: Nine months ended Year ended September 30, 2025 December 31, 2024 Allowance for doubtful accounts, beginning of the period (10.2) (13.3) Impairment losses recognized on receivables (8.3) (4.2) Amounts written off during the period as uncollectible 5.7 6.3 Amounts recovered 0.6 1.0 Foreign exchange impact and other (0.1) – Allowance for doubtful accounts, end of the period (12.3) (10.2) Superior Plus Corp. 7 2025 Third Quarter Condensed Consolidated --- Financial Statements 5. INVENTORIES A summary of inventories is as follows: September 30 December 31 2025 2024 Propane and other refined fuels 58.9 63.6 Propane retailing materials, supplies, appliances and other 13.6 14.3 72.5 77.9 6. PROVISIONS A summary of provisions is as follows: Restructuring Decommissioning and Other Total Balance as at December 31, 2023 0.5 8.0 8.5 Additions 2.9 0.2 3.1 Utilization (2.5) (0.4) (2.9) Unwinding of discount, impact of changes in discount rate and foreign exchange – 0.2 0.2 Balance as at December 31, 2024 0.9 8.0 8.9 Additions(1) 16.3 0.4 16.7 Utilization (5.9) – (5.9) Unwinding of discount, impact of changes in discount rate and foreign exchange (0.1) – (0.1) Balance as at September 30, 2025 11.2 8.4 19.6 (1) See discussion below for further details on the restructuring additions. September 30 December 31 2025 2024 Current (Note 7) 11.6 0.9 Non-current 8.0 8.0 19.6 8.9 Superior is subject to various claims and potential claims in the normal course of business, but the Company does not expect the ultimate settlement of any of these to have a material effect on its financial results. The outcomes of all the proceedings and claims against Superior are subject to future resolution that includes the uncertainties of litigation. It is not possible for Superior to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to Superior, it is not probable that the ultimate resolution of any proceedings and claims, individually or in total, will have a material effect on the condensed consolidated statements of net (loss) earnings and total comprehensive (loss) earnings or condensed consolidated balance sheets. If it becomes probable that Superior is liable, Superior will record a provision in the period the change in probability occurs, and the resulting impact could be material to the condensed consolidated statements of net (loss) earnings and total comprehensive (loss) earnings or condensed consolidated balance sheets. Restructuring During the three months ended September 30, 2025, Superior executed a restructuring plan aimed at streamlining operations and reducing headcount across the U.S. Propane, Canadian Propane and CNG segments. As a result, a Superior Plus Corp. 8 2025 Third Quarter Condensed Consolidated Financial Statements restructuring provision of $14.1 million for the three months ended September 30, 2025 was recorded representing severance payments owed to affected employees. As a result of changes to the CNG management team in the first quarter, an amount of $2.2 million was recorded representing severance to the impacted employees. The remaining severance payments are expected to be settled within the next six months. The provision is based on management’s best estimate of the severance terms applicable to the employees impacted. 7. TRADE AND OTHER PAYABLES A summary of trade and other payables is as follows: September 30 December 31 2025 2024 Trade payables 189.7 288.4 Provisions (Note 6) 11.6 0.9 Accrued liabilities and other payables 89.9 119.1 Cap and trade payable, current portion 1.8 1.7 Current taxes payable 6.9 10.0 Share-based payments, current portion 10.3 8.5 Trade and other payables 310.2 428.6 8. OTHER LIABILITIES A summary of other liabilities is as follows: September 30 December 31 2025 2024 Quebec cap and trade payable 8.3 4.6 California cap and trade payable 7.1 5.8 Washingt --- on cap and trade payable 2.4 1.3 Share-based payments and other non-current liabilities 4.6 1.8 Other liabilities 22.4 13.5 Superior operates in California, Washington and Quebec, and is required to participate in the respective government cap and trade programs, which require Superior to settle any liability with cap and trade at the end of each compliance period. Intangible assets are recorded when cap and trade emission units are purchased, and cap and trade liabilities are recorded upon the import of propane. These are included in the unaudited condensed consolidated statements of cash flows, net of the liability that has been accrued related to cap and trade payable as part of changes in non-cash working capital. Superior Plus Corp. 9 2025 Third Quarter Condensed Consolidated Financial Statements 9. BORROWINGS A summary of borrowings is as follows: Year of Maturity Effective Interest Rate September 30 December 31 2025 2024 Revolving Term Bank Credit Facilities Canadian Overnight Repo Rate Average (“CORRA”) loan (C$719.0 million)(1) 2028–2030 Floating CORRA plus 1.70% 516.5 449.9 Canadian prime rate loan (prime and swing line)(1) 2030 Prime rate plus 0.70% – 35.6 2030 Term SOFR rate plus 1.70% 190.0 235.0 Secured Overnight Financing Rate (“SOFR”) loan(1) 2030 U.S. prime/base rate plus 0.70% – U.S. base rate loans (prime and swing line)(1) 25.9 706.5 746.4 Senior Unsecured Notes Senior unsecured notes(2) 2029 4.50% 600.0 600.0 Senior unsecured notes(3) 2028 4.25% 359.2 347.7 959.2 947.7 Deferred Consideration and Other Debt 2025–2031 1.74%–8.5% 18.1 23.0 Total borrowings before deferred financing fees 1,683.8 1,717.1 Deferred financing fees and discounts (12.3) (13.3) Total borrowings before current maturities 1,671.5 1,703.8 Current maturities (5.6) (7.2) Total non-current borrowings 1,665.9 1,696.6 (1) As at September 30, 2025, Superior has $16.5 million of outstanding letters of credit (December 31, 2024 – $15.6 million) and $323.3 million of outstanding financial guarantees on behalf of its businesses (December 31, 2024 – $319.0 million). The fair value of Superior’s revolving term bank credit facilities, other debt, and letters of credit approximates their carrying value as a result of the market-based interest rates and the short-term nature of the underlying debt instruments. The credit facilities are secured by substantially all of the assets of Superior. On August 8, 2025, Superior renewed and amended its existing credit facilities. The original C$750 million facility was converted to a U.S. dollar $600 million facility maturing on August 8, 2030, which can be further increased by $250 million on certain conditions. The maturity of the C$550 million sidecar facility has been extended to August 8, 2028. (2) On March 11, 2021, Superior’s subsidiaries, Superior Plus LP and Superior General Partner Inc., issued at par $600 million of 4.5% senior unsecured notes due March 15, 2029. The fair value of the outstanding $600 million senior unsecured notes is $579.5 million (December 31, 2024 – $545.9 million) based on prevailing market prices. There was an unrealized foreign exchange translation loss on the $600 million senior unsecured note of $14.0 million and a gain of $18.9 million for the three and nine months ended September 30, 2025 (2024 – $6.5 million gain and $12.8 million loss) as a result of the note being issued and held in a Canadian entity. (3) On May 18, 2021, Superior’s wholly owned subsidiary, Superior Plus LP, compl --- eted a private placement of C$500 million of 4.25% senior unsecured notes, at par value, due May 18, 2028, which are guaranteed by Superior and certain of its subsidiaries. The fair value of the 4.25% senior unsecured notes based on prevailing market rates is $356.2 million (December 31, 2024 – $329.0 million). Superior is subject to various financial covenants, including a total debt to EBITDA ratio and restricted payment tests, which are measured on a quarterly basis. As at September 30, 2025, Superior is in compliance with all of its financial covenants. Superior Plus Corp. 10 2025 Third Quarter Condensed Consolidated Financial Statements Future required repayments of borrowings before deferred financing fees for the period October 1 to September 30 are as follows: 2026 5.6 2027 2.4 2028 755.1 2029 600.5 2030 311.9 Thereafter 8.3 Total 1,683.8 10. LEASING ARRANGEMENTS The lease liabilities by operating segment are as follows: U.S. Propane(1) Canadian Propane(1) CNG Corporate Total Balance as at December 31, 2023 100.0 68.3 12.2 0.4 180.9 Additions 2.7 12.0 10.3 4.0 29.0 Finance expense on lease liabilities 4.6 3.9 1.0 0.1 9.6 Lease payments (24.2) (19.4) (4.8) (0.2) (48.6) Impact of changes in foreign exchange rates and other 1.7 (6.5) (0.3) (0.5) (5.6) Balance as at December 31, 2024 84.8 58.3 18.4 3.8 165.3 Additions 8.5 9.7 2.2 – 20.4 Finance expense on lease liabilities 3.4 2.7 0.8 0.1 7.0 Lease payments (21.0) (12.5) (3.9) (0.2) (37.6) Impact of changes in foreign exchange rates, reclassifications and other 1.8 (1.0) 0.1 0.4 1.3 Balance as at September 30, 2025 77.5 57.2 17.6 4.1 156.4 (1) Restated to conform to the current presentation, see Note 1 September 30 December 31 2025 2024 Current portion of lease liabilities 43.4 43.5 Non-current portion of lease liabilities 113.0 121.8 Total lease liabilities 156.4 165.3 The present values of lease payments are as follows: Minimum Rental Present Value of Minimum Payments Rental Payments September 30 December 31 September 30 December 31 2025 2024 2025 2024 Not later than one year 48.5 48.9 43.4 43.5 Later than one year and not later than five years 97.0 102.0 80.8 84.9 Later than five years 41.2 45.7 32.2 36.9 Less: future finance charges (30.3) (31.3) – – Present value of minimum rental payments 156.4 165.3 156.4 165.3 Superior Plus Corp. 11 2025 Third Quarter Condensed Consolidated Financial Statements Future minimum lease payments under non-cancellable, low-value, short-term leases and leases with variable lease payments are summarized below: September 30 December 31 2025 2024 Not later than one year 4.5 2.7 Later than one year and not later than five years 2.5 0.2 7.0 2.9 11. FINANCIAL INSTRUMENTS IFRS requires disclosure around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Superior’s market assumptions. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate, in the most advantageous active market for that instrument to which Superior has immediate access (Level 1). Where bid and ask prices are unavailable, Superior uses the closing price of t --- he instrument’s most recent transaction. In the absence of an active market, Superior estimates fair values based on prevailing market rates (bid and ask prices, as appropriate) for instruments with similar characteristics and risk profiles or internal or external valuation models, such as discounted cash flow analysis using, to the extent possible, observable market-based inputs (Level 2). Superior uses internally developed methodologies and unobservable inputs to determine the fair value of some financial instruments when required (Level 3). Fair values are determined using valuation models that require assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, Superior looks primarily to available readily observable external market inputs including forecast commodity price curves, interest rate yield curves, currency rates, and price and rate volatilities as applicable. All financial and non-financial derivatives are designated as FVTPL upon their initial recognition. For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period. During the three and nine months ended September 30, 2025, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements. Superior Plus Corp. 12 2025 Third Quarter Condensed Consolidated Financial Statements September 30, 2025 Level 1 Level 2 Level 3 Total Assets Foreign currency forward contracts 4.0 – – 4.0 Propane, West Texas Intermediate (“WTI”), heating oil and diesel purchase and sale contracts – 2.0 0.3 2.3 Total assets 4.0 2.0 0.3 6.3 Liabilities Foreign currency forward contracts (4.6) – – (4.6) Equity derivative contract – (5.0) – (5.0) Propane, WTI, heating oil and diesel purchase and sale contracts – (5.0) (0.1) (5.1) Total liabilities (4.6) (10.0) (0.1) (14.7) Total net assets (liabilities) (0.6) (8.0) 0.2 (8.4) Current portion of assets 3.9 2.0 0.3 6.2 Current portion of liabilities (4.5) (9.0) (0.1) (13.6) December 31, 2024 Level 1 Level 2 Level 3 Total Assets Foreign currency forward contracts 14.5 – – 14.5 Propane, WTI, heating oil and diesel purchase and sale contracts – 3.8 0.4 4.2 Total assets 14.5 3.8 0.4 18.7 Liabilities Foreign currency forward contracts (15.3) – – (15.3) Equity derivative contract – (9.7) – (9.7) Propane, WTI, heating oil and diesel purchase and sale contracts – (3.2) – (3.2) Total liabilities (15.3) (12.9) – (28.2) Total net assets (liabilities) (0.8) (9.1) 0.4 (9.5) Current portion of assets 11.1 3.8 – 14.9 Current portion of liabilities (11.6) (8.6) – (20.2) Superior Plus Corp. 13 2025 Third Quarter Condensed Consolidated Financial Statements The following table outlines quantitative information about how the fair values of these financial and non-financial assets and liabilities are determined, including valuation techniques and inputs used: Description Notional Amounts Term Effective Prices Valuation Technique(s) and Key Input(s) Level 1 fair value hierarchy: Foreign currency forward contracts 2025– 2026 $1.30–$1.41 Quoted bid prices in the active market $21.5 Level 2 fair value hierarchy: Equity derivative contracts (CDN$) $38.3 2025– 2027 $7.74–$14.55 Quoted bid prices in the active market Propane purchase and sale contracts 97.4 USG(1) $0.64–$0.72 Quote --- d bid prices for similar products in an active market 2025– 2028 Heating oil purchase and sale contracts 0.63 USG(1) 2025– 2027 $2.02–$2.30 Quoted bid prices for similar products in an active market Level 3 fair value hierarchy: Diesel purchase and sale contracts 10.6 USG(1) 2025– 2026 $2.02-$2.51 Quoted bid prices for similar products in an active market adjusted by supplier prices internally obtained by management (1) Millions of U.S. gallons (“USG”) purchased. Superior’s realized and unrealized financial instrument gains (losses) for the three and nine months ended September 30, 2025 and 2024 are as follows: Three Months Ended September 30 2025 2024 Description Realized Loss Unrealized Gain (Loss) Total Realized Loss Unrealized (Loss) Gain Total Foreign currency forward contracts (0.2) 0.6 0.4 – (0.8) (0.8) Equity derivative contracts – (1.3) (1.3) – (2.5) (2.5) Propane, WTI, heating oil and diesel purchase and sale contracts (0.7) (1.6) (2.3) (0.4) (12.3) (12.7) Total loss on financial and non- financial derivatives (0.9) (2.3) (3.2) (0.4) (15.6) (16.0) Foreign exchange gain (loss) on U.S. dollar debt issued by a Canadian entity – (13.7) (13.7) – 6.8 6.8 Total loss (0.9) (16.0) (16.9) (0.4) (8.8) (9.2) Superior Plus Corp. 14 2025 Third Quarter Condensed Consolidated Financial Statements Nine Months Ended September 30 2025 2024 Description Realized (Loss) Gain Unrealized Gain (Loss) Total Realized (Loss) Gain Unrealized (Loss) Gain Total Foreign currency forward contracts (1.4) 0.1 (1.3) (4.1) (6.6) (10.7) Equity derivative contracts – 2.7 2.7 – (3.0) (3.0) Propane, WTI, heating oil and diesel purchase and sale contracts 5.7 (3.7) 2.0 2.9 0.2 3.1 Total gain (loss) on financial and non-financial derivatives 4.3 (0.9) 3.4 (1.2) (9.4) (10.6) Foreign exchange gain (loss) on U.S. dollar debt issued by a Canadian entity – 19.3 19.3 – (11.9) (11.9) Total gain (loss) 4.3 18.4 22.7 (1.2) (21.3) (22.5) The following summarizes Superior’s classification and measurement of financial assets and liabilities: Classification Measurement Financial assets Cash and cash equivalents Loans and receivables Amortized cost Trade and other receivables Loans and receivables Amortized cost Derivative assets FVTPL Fair value Financial liabilities Trade and other payables Other liabilities Amortized cost Dividends payable Other liabilities Amortized cost Borrowings and other liabilities Other liabilities Amortized cost Derivative liabilities FVTPL Fair value The fair values of cash and cash equivalents, trade and other receivables, trade and other payables, dividends payable, revolving term bank credit facilities disclosed in Note 9 and other liabilities correspond to their respective carrying amounts due to their short-term nature and/or the interest rate being commensurate with market interest rates. The fair value of senior unsecured notes disclosed in Note 9 is determined by quoted market prices (Level 2 fair value hierarchy). Offsetting of Financial Instruments Financial assets and liabilities are offset, and the net amount is reported on the condensed consolidated balance sheets when Superior has a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. In the normal course of business, Superior enters into various master netting agreements or other similar arrangements that do not meet the criteria for offsetting but do, however, still allo --- w for the related amount to be set off in certain circumstances, such as bankruptcy or the termination of contracts. As at September 30, 2025 and December 31, 2024, Superior has not recorded any amount against other current and non-current financial assets and liabilities except for the offsetting foreign currency forward contracts that were outstanding as at December 31, 2023. On the adoption of the U.S. dollar as the reporting currency, management entered into foreign currency forward contracts to offset the position as at December 31, 2023. The notional amount of these foreign currency forward contracts that were offset is approximately $123.0 million. The remaining loss that will be realized relating to these offsetting transactions is approximately $1.0 million. Superior Plus Corp. 15 2025 Third Quarter Condensed Consolidated Financial Statements Financial Instruments – Risk Management Market Risk Financial derivatives and non-financial derivatives are used by Superior to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices. Superior assesses the inherent risks of these instruments by grouping financial and non-financial derivatives according to the exposures these instruments mitigate. Superior’s policy is not to use financial derivatives or non-financial derivative instruments for speculative purposes. With the exception of the fair value of Superior’s share-based compensation program, Superior does not formally designate these derivatives as hedges and, as a result, Superior does not apply hedge accounting and is required to designate its financial derivatives and non-financial derivatives as held for trading. Superior follows hedge accounting to reduce the volatility in earnings (loss) related to the fair value of the share-based compensation programs and the related equity derivatives. Superior’s operating segments enter into various propane forward purchase and sale agreements to manage the economic exposure of its wholesale customer supply contracts and monitor its fixed-price propane positions on a daily basis to monitor compliance with established risk management policies. Superior’s operating segments maintain a substantially balanced fixed-price propane position in relation to its wholesale customer supply commitments. Superior, on behalf of its operating segments, may enter into foreign currency forward contracts to manage the economic exposure of its operations to movements in foreign currency exchange rates. Credit Risk Superior utilizes a variety of counterparties in relation to its financial derivative and non-financial derivative instruments in order to mitigate its counterparty risk. Superior assesses the creditworthiness of its significant counterparties at the inception and throughout the term of a contract. Superior is also exposed to customer credit risk. Superior’s operating segments deal with a large number of small customers, thereby reducing this risk. Superior’s operating segments actively monitor the creditworthiness of its commercial customers. Overall, Superior’s credit quality is enhanced by its portfolio of customers, which is diversified across geographical (primarily Canada and the U.S.) and end-use (primarily commercial, residential and industrial) markets. Allowances for doubtful accounts and past-due receivables are reviewed by Superior as at each condensed consolidated balance sheet date. Superior updates its estimate of the allowance for d --- oubtful accounts based on the evaluation of the recoverability of trade and other receivables with each customer, considering historical collection trends of past-due accounts, current economic conditions and future forecasts. Trade and other receivables are written off once it is determined they are uncollectible. Liquidity Risk Liquidity risk is the risk that Superior cannot meet a demand for cash or fund an obligation as it comes due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. To ensure it is able to react to contingencies and investment opportunities quickly, Superior maintains sources of liquidity at the corporate and subsidiary levels. The main sources of liquidity are cash and other financial assets, the undrawn committed revolving term bank credit facilities, equity markets and fixed income markets. Superior is subject to the risks associated with debt financing, including the ability to refinance indebtedness at maturity. Superior believes these risks are mitigated through the use of long-term debt secured by high-quality assets, maintaining debt levels that in management’s opinion are appropriate and by diversifying maturities over an extended period. Superior Plus Corp. 16 2025 Third Quarter Condensed Consolidated Financial Statements Superior manages its overall liquidity risk in relation to its general funding requirements by utilizing a mix of short-term and long-term debt instruments. Superior reviews its mix of short-term and long-term debt instruments on an ongoing basis to ensure it is able to meet its liquidity requirements. Superior’s contractual obligations associated with its financial liabilities are as follows: Twelve Months ended September 30 2026 2027 2028 2029 2030 Thereafter Total Borrowings before deferred financing fees and discounts 5.6 2.4 755.1 600.5 311.9 8.3 1,683.8 Lease liabilities 43.4 30.4 23.6 16.0 10.8 32.2 156.4 Non-cancellable, low-value, short-term leases and leases with variable lease payments 4.5 1.6 0.8 0.1 – – 7.0 CNG capital, transmission and other commitments 21.1 1.3 0.5 – – – 22.9 U.S. dollar foreign currency forward contracts 20.9 0.6 – – – – 21.5 Equity derivative contracts (CDN$) 21.5 6.2 10.6 – – – 38.3 Propane, WTI, heating oil, diesel and natural gas purchase and sale contracts 101.5 5.0 – – – – 106.5 In addition to the commitments mentioned above, Superior has entered into purchase orders and contracts during the normal course of business related to commodity purchase obligations transacted at market prices. Furthermore, Superior has entered into purchase agreements that require it to purchase minimum amounts or quantities of propane and other natural gas liquids over certain time periods which vary but are generally for one year. Superior has generally exceeded such minimum requirements in the past and expects to continue doing so for the foreseeable future. Failure to satisfy the minimum purchase requirements could result in the termination of contracts, change in pricing and/or payments to the applicable supplier. Superior’s contractual obligations are considered normal operating commitments and do not include the impact of mark-to-market fair values on financial and non-financial derivatives. Superior expects to fund these obligations through a combination of cash flows from operations and proceeds on revolving term bank credit facilities. Superior’s reported financial instruments’ sensitivities are c --- onsistent as at September 30, 2025 and December 31, 2024. Equity Price Risk Equity price risk is the risk of volatility in earnings as a result of volatility in Superior’s share price. Superior has equity price risk exposure to shares that it issues under various forms of share-based compensation programs, which affect earnings when outstanding units are revalued at the end of each reporting period. Superior uses equity derivatives to manage volatility derived from its share-based compensation program and applies hedge accounting to reduce the volatility in earnings (loss) related to the fair value of the share-based compensation programs and its equity derivatives. As at September 30, 2025, Superior estimates that a 10% increase in its share price would have resulted in a $2.3 million increase in earnings due to the revaluation of equity derivative contracts, net of the impact related to hedge accounting and a decrease in earnings of $1.0 million due to the revaluation of the underlying long-term incentive plan. Superior Plus Corp. 17 2025 Third Quarter Condensed Consolidated Financial Statements 12. INCOME TAXES Consistent with prior periods, Superior recognizes a provision for income taxes for its subsidiaries that are subject to current and deferred income taxes, including Canadian, U.S., Hungarian, Bermudian and Luxembourg income taxes. Total income tax for the three and nine months ended September 30, 2025 consisted of current income tax expense of $7.1 million and $19.9 million respectively, and a deferred income tax recovery of $19.8 million and a deferred income tax expense of $2.0 million, respectively (three and nine months ended September 30, 2024 – total income tax expense consisting of current income tax expense of $5.1 million and $18.2 million respectively, and a deferred income tax recovery of $30.0 million and $15.2 million, respectively) with a corresponding total net deferred income tax liability of $158.4 million as at September 30, 2025. 13. TOTAL EQUITY Superior is authorized to issue an unlimited number of common shares and an unlimited number of preferred shares. Common Shares The holders of common shares are entitled to dividends if, as and when declared by the Board of Directors, to one vote per share at shareholders’ meetings, and upon liquidation, dissolution or winding up of Superior to receive pro rata the remaining property and assets of Superior, subject to the rights of any shares having priority over the common shares, of which the preferred shares of Superior Plus US Holdings are outstanding. See Preferred Shares of Superior Plus U.S. Holdings below. Superior has concluded its normal course issuer bid (the “NCIB”) with respect to its common shares, which commenced on November 11, 2024, as it has purchased the maximum number of common shares permitted under the program. During this program, Superior purchased 24.1 million common shares representing 10% of the public float of Superior (as defined by the TSX) as at October 31, 2024. All common shares purchased by Superior under the NCIB were cancelled. The NCIB is subject to additional standard regulatory requirements. For the nine months ended September 30, 2025, 15.4 million common shares were repurchased for $77.3 million (C$109.4 million), including commission and taxes, at a volume weighted average cost of approximately $5.02 per common share (approximately C$7.10 per common share). The repurchased shares with a total book value of $140.9 million (C --- $197.8 million) were immediately cancelled and a gain of $63.6 million (C$88.4 million), net of $2.1 million in tax, was recorded to deficit. No share repurchases took place in the prior year quarter. As at September 30, 2025, Superior has 223.0 million common shares issued and outstanding (December 31, 2024 – 238.4 million common shares). Superior engaged a broker to administer the NCIB. Superior had entered into an automatic purchase plan (“APP”) with its broker in relation to the NCIB to facilitate purchases of common shares under the NCIB at times when Superior normally would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to the APP and when Superior was not in possession of material non-public information about itself or its securities, Superior directed its broker to make purchases of common shares under the NCIB during the trading blackout period. Such purchases were based on trading parameters established by Superior at the time of giving such direction in accordance with the rules of the TSX, applicable securities laws and the terms of the APP. As at September 30, 2025, Superior is not able to instruct its Broker to repurchase shares through this APP as Superior has purchased the maximum allowable common shares under the NCIB. The value of the APP included in trade and other payables as at December 31, 2024, in the amount of $14.7 million (C$21.0 million) has been reversed to deficit. On September 17, 2025, Superior filed a Short Form Base Shelf Prospectus with the securities regulators in each of the provinces and territories of Canada. The Short Form Base Shelf Prospectus will mature in 25 months. Superior Plus Corp. 18 2025 Third Quarter Condensed Consolidated Financial Statements Preferred Shares of Superior Plus U.S. Holdings The preferred shares issued by Superior’s subsidiary (“Preferred Shares”) entitle the holders to a cumulative dividend of 7.25% per annum through the end of Superior’s second fiscal quarter in 2027. If dividends are paid on the common shares, Superior is required to pay the dividend in cash on the Preferred Shares; otherwise, the Preferred Share dividends can be paid or accrued at Superior’s option. In the event that Superior declares a dividend on its common shares in excess of C$0.06 per month, the holders of the Preferred Shares shall be entitled to an equivalent amount. Superior has the option to redeem all, but not less than all, the Preferred Shares on or after July 13, 2027 with not less than 30 days’ prior written notice to the holders of the Preferred Shares. The Preferred Shares can be redeemed at $1,000 per share plus accrued and unpaid dividends. If Superior does not redeem the Preferred Shares, the dividend rate increases by 0.75% per annum for the next four years to a maximum of 10.25%. If the dividends are not paid in cash, the cumulative dividend increases by 1.0% per annum to a maximum of 14.25%. The Preferred Shares may be exchanged, at the holder’s option, into 30 million common shares of Superior (“Common Shares”), or at Superior’s option, if the volume weighted average price of Superior’s Common Shares during the then-preceding 30-consecutive-trading-day period, converted to U.S. dollars at the applicable exchange rate, is greater than 145% of the exchange price or US$8.67. On an as-exchanged basis, the Preferred Shares currently represent approximately 11% of the diluted outstanding Common Shares. The exc --- hange price of the Preferred Shares will be subject to adjustment from time to time in accordance with the terms of the Preferred Shares. These potential adjustments relate primarily to accrued and unpaid dividends, an increase in or additional dividends to common shareholders, instances where there is a share split, share consolidation or a reorganization, the participation rate on the dividend reinvestment plan is greater than 35% and if Common Shares are issued below market value. Holders of Preferred Shares will be entitled to vote on an as-exchanged basis for all matters on which holders of Superior’s Common Shares vote, and to the greatest extent possible, will vote with the holders of Common Shares as a single class. In the event of any liquidation, winding up or dissolution of Superior, the holders of Preferred Shares are entitled to receive prior to, and in preference to, any distribution to the holders of Common Shares an amount equal to the greater of a liquidation rate per share of $1,400 plus accrued and unpaid dividends or the amount receivable had the Preferred Shares been converted to Common Shares immediately prior to the liquidation event. In the event that upon liquidation or dissolution, the assets and funds of Superior are insufficient to permit the payment to the holders of Preferred Shares of the full preferential amounts, then the entire assets and funds of Superior legally available for distribution are to be distributed ratably among the holders of Preferred Shares in proportion to the full preferential amount each is otherwise entitled to receive. After the distributions described above have been paid in full, the remaining assets of Superior available for distribution shall be distributed pro-rata to the holders of Common Shares. Dividends declared to preferred shareholders for the three and nine months ended September 30, 2025 were $4.7 million and $14.1 million, respectively (2024 – $4.7 million and $14.1 million, respectively). As at September 30, 2025 and December 31, 2024, there are 260,000 preferred shares issued and outstanding. Superior Plus Corp. 19 2025 Third Quarter Condensed Consolidated Financial Statements 14. SUPPLEMENTAL DISCLOSURE OF CONDENSED CONSOLIDATED STATEMENTS OF NET (LOSS) EARNINGS Three Months Ended Nine Months Ended September 30 September 30 2025 2024 2025 2024 Revenue Revenue from products(1) 297.9 321.3 1,619.0 1,553.1 Revenue from the rendering of services 19.6 17.7 70.5 58.6 Tank and equipment rental 20.5 20.4 80.1 68.3 338.0 359.4 1,769.6 1,680.0 Cost of sales Cost of products and services(2) (143.7) (147.0) (838.2) (759.8) Low-value, short-term and variable lease payments (2.8) (3.3) (12.1) (10.7) (146.5) (150.3) (850.3) (770.5) SD&A Other expenses in SD&A (32.4) (32.9) (115.4) (103.9) Transaction, restructuring and other costs (20.2) (2.0) (5.8) (12.2) Employee costs and employee future benefits expense (102.0) (103.9) (342.7) (329.9) Distribution and vehicle operating costs (32.9) (34.1) (122.8) (124.3) Maintenance and insurance expenses (13.9) (17.3) (43.8) (53.0) Depreciation of right-of-use assets (8.6) (9.8) (25.1) (28.0) Depreciation of property, plant and equipment (36.9) (34.2) (107.9) (105.8) Amortization of intangible assets (19.7) (20.8) (60.3) (62.4) Low-value, short-term and variable lease payments (0.7) (0.6) (1.4) (2.0) Gain (loss) on disposal of assets 1.5 (4.0) 4.3 (4.5) (265.8) (259.6) (820.9) (826.0) Finance expense Interest on borrowings (18.9) (23.7) (58. --- 4) (69.8) Interest on lease liability (2.2) (2.4) (7.0) (7.1) Amortization of borrowing fees and other non-cash financing expenses (1.5) (1.1) (3.2) (3.2) (22.6) (27.2) (68.6) (80.1) (Loss) gain on derivatives and foreign currency translation of borrowings Realized (loss) gain on financial and non-financial derivatives and foreign currency translation (0.9) (0.4) 4.3 (1.2) Unrealized (loss) gain on financial and non-financial derivatives and foreign currency translation (16.0) (8.8) 18.4 (21.3) (16.9) (9.2) 22.7 (22.5) (Loss) earnings before income taxes (113.8) (86.9) 52.5 (19.1) Income tax (expense) recovery Current income tax expense (7.1) (5.1) (19.9) (18.2) Deferred income tax recovery (expense) 19.8 30.0 (2.0) 15.2 12.7 24.9 (21.9) (3.0) Net (loss) earnings for the period (101.1) (62.0) 30.6 (22.1) (1) Included in revenue from products is the sale of carbon credits of $NIL and $1.6 million during the three and nine months ended September 30, 2025 ($NIL and $2.8 million for the three and nine months ended September 30, 2024). (2) During the three and nine months ended September 30, 2025, the cost of products and services included inventories recognized as an expense and inventory write-down of $137.9 million and $NIL and $821.3 million and $1.4 million, respectively (2024 – $141.6 million and $0.2 million and $743.7 and $1.3 million, respectively). Superior Plus Corp. 20 2025 Third Quarter Condensed Consolidated Financial Statements 15. NET (LOSS) EARNINGS PER SHARE, BASIC AND DILUTED Three Months Ended Nine Months Ended September 30 September 30 Net (loss) earnings per share 2025 2024 2025 2024 Basic Net (loss) earnings for the year attributable to common shareholders (105.8) (66.7) 16.5 (36.2) Dividends declared to common shareholders 7.3 32.9 21.9 98.6 Total (loss) earnings allocated to common shareholders (105.8) (66.7) 16.5 (36.2) Weighted average number of shares outstanding (millions) – basic 223.3 248.6 228.9 248.6 Net (loss) earnings per share attributable to common shareholders $(0.47) $(0.27) $0.07 $(0.15) Diluted Net (loss) earnings for the period attributable to common shareholders assuming Preferred Shares convert (101.1) (62.0) 30.6 (22.1) Weighted average number of Common Shares outstanding (millions) assuming Preferred Shares convert 253.3 278.6 258.9 278.6 $(0.40) $(0.22) $0.12 $(0.08) Net (loss) earnings per share attributable to common shareholders $(0.47) $(0.27) $0.07 $(0.15) Superior uses the two-class method to compute net (loss) earnings per common share attributable to common shareholders because Superior’s Preferred Shares are participating equity securities. For the purpose of computing (loss) earnings per share, the Preferred Shares are considered participating because they contractually entitle the holders to participate in dividends with ordinary shares according to a predetermined formula (Note 13). The two- class method requires earnings (loss) for the period to be allocated between Common Shares and Preferred Shares based upon their respective rights to receive distributed and undistributed earnings. Under the two-class method, the basic and diluted earnings and loss per share are computed as follows: a) Earnings or loss attributable to Superior’s common shareholders is adjusted (earnings reduced and a loss increased) by the amount of dividends declared in the period for each class of shares and by the contractual amount of dividends that must be paid for the period. b) The remaining earnings or lo --- ss is allocated to Superior’s Common Shares and participating equity instruments to the extent that each instrument shares in earnings as if all of the earnings or loss for the period had been distributed. The total earnings or loss allocated to each class of equity instrument is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. c) The total amount of earnings or loss allocated to each class of equity instrument is divided by the weighted- average number of outstanding instruments (and dilutive potential common shares for diluted earnings per share) to which the earnings are allocated to determine the earnings (loss) per share for the instrument. No such adjustment to earnings is made during periods with a net loss, as the holders of the Preferred Shares have no obligation to fund losses. The two-class equity method is performed in each period presented in reference to that period’s earnings or loss. Consequently, the sum of the four quarters’ earnings (loss) per share data will not necessarily equal the annual earnings (loss) per share data. Superior Plus Corp. 21 2025 Third Quarter Condensed Consolidated Financial Statements 16. DISAGGREGATION OF REVENUE Revenue is disaggregated by primary geographical market, type of customer and major product and service lines. For the Three Months Ended September 30, 2025 Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 80.8 154.6 (5.1) 230.3 Revenue from delivery of CNG 14.0 53.6 – 67.6 Revenue from services 6.4 13.2 – 19.6 Tank and equipment rental 4.6 15.9 – 20.5 Total revenue 105.8 237.3 (5.1) 338.0 For the Nine Months Ended September 30, 2025 Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 439.5 979.5 (36.4) 1,382.6 Revenue from delivery of CNG 50.4 186.0 – 236.4 Revenue from services 15.9 54.6 – 70.5 Tank and equipment rental 14.4 65.7 – 80.1 Total revenue 520.2 1,285.8 (36.4) 1,769.6 For the Three Months Ended September 30, 2024 (1) Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 87.7 166.2 (5.3) 248.6 Revenue from delivery of CNG 12.2 60.5 – 72.7 Revenue from services 5.6 12.1 – 17.7 Tank and equipment rental 5.5 14.9 – 20.4 Total revenue 111.0 253.7 (5.3) 359.4 For the Nine Months Ended September 30, 2024 (1) Canada U.S. Inter-segment Total Revenue from delivery of propane and other fuels 427.3 913.9 (30.8) 1,310.4 Revenue from delivery of CNG 49.8 192.9 – 242.7 Revenue from services 15.4 43.2 – 58.6 Tank and equipment rental 15.7 52.6 – 68.3 Total revenue 508.2 1,202.6 (30.8) 1,680.0 (1) Restated to conform to the current presentation, see Note 1 Superior Plus Corp. 22 2025 Third Quarter Condensed Consolidated Financial Statements 17. SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING WORKING CAPITAL CHANGES AND OTHER Three Months Ended Nine Months Ended September 30 September 30 2025 2024 2025 2024 Changes in non-cash operating working capital and other Trade and other receivables, and prepaids and deposits 51.6 11.9 185.1 165.4 Inventories (17.3) (13.9) 3.9 13.9 Trade and other payables and other liabilities 16.9 28.9 (107.6) (102.1) 51.2 26.9 81.4 77.2 18. REPORTABLE SEGMENT INFORMATION Superior operates three continuing operating segments: U.S. Propane, Canadian Propane and CNG. This is consistent with Superior’s internal reporting and organization structure and how the Chief Operating Decision Maker, the President and Chief --- Executive Officer, reviews the operating results, assesses performance and makes capital allocation decisions. Generally, these divisions are split between customer and product type, being propane and natural gas. The Propane business is further split by customers in the U.S. and Canada. Effective January 1, 2025, Superior changed its reportable segments, see Note 1. Segment information is presented below. In the tables below, income tax recovery and expense are not allocated to the segments. Information by geographical region is provided in Note 19 of these unaudited condensed consolidated financial statements. Superior Plus Corp. 23 2025 Third Quarter Condensed Consolidated Financial Statements Three Months Ended September 30, 2025 U.S. Propane Canadian Propane CNG Corporate Total Segments Inter- segment Total Consolidated Revenue External customers 165.5 81.0 91.5 – 338.0 – 338.0 Inter-segment 0.5 4.6 – – 5.1 (5.1) – Total revenue 166.0 85.6 91.5 – 343.1 (5.1) 338.0 Cost of sales (includes products and services) (96.4) (42.5) (12.7) – (151.6) 5.1 (146.5) Gain on derivatives included in segment loss (1) (0.1) (0.6) – (1.3) (2.0) – (2.0) SD&A excluding costs identified below (83.5) (40.0) (53.1) (5.3) (181.9) – (181.9) Segment (loss) profit (14.0) 2.5 25.7 (6.6) 7.6 – 7.6 Depreciation included in SD&A (13.1) (8.8) (14.8) (0.2) (36.9) – (36.9) Depreciation of right-of-use assets included in SD&A (4.4) (2.5) (1.5) (0.2) (8.6) – (8.6) Amortization of intangible assets included in SD&A (11.8) (3.9) (4.0) – (19.7) – (19.7) Transaction, restructuring and other costs included in SD&A (7.0) (6.6) (0.6) (6.0) (20.2) – (20.2) Gain on disposal of assets included in SD&A 1.0 0.4 0.1 – 1.5 – 1.5 Finance expense (1.5) (0.9) (0.3) (19.9) (22.6) – (22.6) Gain (loss) on derivatives and foreign currency translation of borrowings excluded from segment (loss) profit 0.7 (3.2) 0.9 (13.3) (14.9) – (14.9) (Loss) earnings before income taxes (50.1) (23.0) 5.5 (46.2) (113.8) – (113.8) Income tax recovery 12.7 Net loss for the period (101.1) (1) Management includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts, refer to the financial instruments in Note 11 for more details. Superior Plus Corp. 24 2025 Third Quarter Condensed Consolidated Financial Statements Nine Months Ended September 30, 2025 U.S. Propane Canadian Propane CNG Corporate Total Segments Inter- segment Total Consolidated Revenue External customers 1,011.8 420.6 337.2 – 1,769.6 – 1,769.6 Inter-segment 4.6 31.8 – – 36.4 (36.4) – Total revenue 1,016.4 452.4 337.2 – 1,806.0 (36.4) 1,769.6 Cost of sales (includes products and services) (572.5) (260.2) (54.0) – (886.7) 36.4 (850.3) Gain on derivatives included in segment profit (loss)(1) 5.0 0.7 – 2.7 8.4 – 8.4 SD&A excluding costs identified below (299.3) (128.7) (175.0) (23.1) (626.1) – (626.1) Segment profit (loss) 149.6 64.2 108.2 (20.4) 301.6 – 301.6 Depreciation included in SD&A (40.0) (24.7) (43.0) (0.2) (107.9) – (107.9) Depreciation of right-of-use assets included in SD&A (13.5) (6.8) (4.3) (0.5) (25.1) – (25.1) Amortization of intangible assets included in SD&A (36.2) (12.0) (12.0) (0.1) (60.3) – (60.3) Transaction, restructuring and other costs included in SD&A (7.1) (6.7) (2.7) 10.7 (5.8) – (5.8) Gain on dis --- posal of assets included in SD&A 3.1 0.7 0.5 – 4.3 – 4.3 Finance expense (4.2) (2.2) (1.1) (61.1) (68.6) – (68.6) (Loss) gain on derivatives and foreign currency translation of borrowings excluded from segment profit (loss) (1.1) (2.9) 0.3 18.0 14.3 – 14.3 Earnings (loss) before income taxes 50.6 9.6 45.9 (53.6) 52.5 – 52.5 Income tax expense (21.9) Net earnings for the period 30.6 (1) Management includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts, refer to the financial instruments in Note 11 for more details. Superior Plus Corp. 25 2025 Third Quarter Condensed Consolidated Financial Statements Three Months Ended September 30, 2024(2) U.S. Propane Canadian Propane CNG Corporate Total Segments Inter- segment Total Consolidated Revenue External customers 177.9 88.1 93.4 – 359.4 – 359.4 Inter-segment 0.7 4.6 – – 5.3 (5.3) – Total revenue 178.6 92.7 93.4 – 364.7 (5.3) 359.4 Cost of sales (includes products and services) (99.5) (48.2) (7.9) – (155.6) 5.3 (150.3) (Loss) gain on derivatives included in segment (loss) profit(1) (0.7) 0.3 – (2.5) (2.9) – (2.9) SD&A excluding costs identified below (86.3) (42.0) (55.2) (5.3) (188.8) – (188.8) Segment (loss) profit (7.9) 2.8 30.3 (7.8) 17.4 – 17.4 Depreciation included in SD&A (13.8) (6.6) (13.7) (0.1) (34.2) – (34.2) Depreciation of right-of-use assets included in SD&A (4.9) (3.4) (1.4) (0.1) (9.8) – (9.8) Amortization of intangible assets included in SD&A (12.7) (4.0) (4.0) (0.1) (20.8) – (20.8) Transaction, restructuring and other costs included in SD&A (0.8) (0.6) (0.5) (0.1) (2.0) – (2.0) (Loss) gain on disposal of assets included in SD&A (4.3) (0.3) 0.6 – (4.0) – (4.0) Finance expense (1.6) (0.8) (0.3) (24.5) (27.2) – (27.2) (Loss) gain on derivatives and foreign currency translation of borrowings excluded from segment (loss) profit (10.1) (2.2) 0.1 5.9 (6.3) – (6.3) (Loss) earnings before income taxes (56.1) (15.1) 11.1 (26.8) (86.9) – (86.9) Income tax recovery 24.9 Net loss for the period (62.0) (1) Management includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts, refer to the financial instruments in Note 11 for more details. (2) Restated to conform to the current presentation, see Note 1 Superior Plus Corp. 26 2025 Third Quarter Condensed Consolidated Financial Statements Nine Months Ended September 30, 2024(2) U.S. Propane Canadian Propane CNG Corporate Total Segments Inter- segment Total Consolidated Revenue External customers 949.1 411.9 319.0 – 1,680.0 – 1,680.0 Inter-segment 2.0 28.8 – 30.8 (30.8) – Total revenue 951.1 440.7 319.0 – 1,710.8 (30.8) 1,680.0 Cost of sales (includes products and services) (519.3) (246.9) (35.1) – (801.3) 30.8 (770.5) Gain (loss) on derivatives included in segment profit (loss)(1) 2.5 0.4 – (3.0) (0.1) – (0.1) SD&A excluding costs identified below (288.7) (132.2) (174.9) (17.3) (613.1) – (613.1) Segment profit (loss) 145.6 62.0 109.0 (20.3) 296.3 – 296.3 Depreciation included in SD&A (43.3) (22.4) (40.0) (0.1) (105.8) – (105.8) Depreciation of right-of-use assets included in SD&A (14 --- .5) (9.5) (3.8) (0.2) (28.0) – (28.0) Amortization of intangible assets included in SD&A (38.4) (11.7) (12.1) (0.2) (62.4) – (62.4) Transaction, restructuring and other costs included in SD&A (5.6) (4.6) (0.5) (1.5) (12.2) – (12.2) (Loss) gain on disposal of assets included in SD&A (4.6) – 0.1 – (4.5) – (4.5) Finance expense (4.9) (2.9) (1.0) (71.3) (80.1) – (80.1) Gain (loss) on derivatives and foreign currency translation of borrowings excluded from segment profit (loss) 0.2 – 0.7 (23.3) (22.4) – (22.4) Earnings (loss) before income taxes 34.5 10.9 52.4 (116.9) (19.1) – (19.1) Income tax expense (3.0) Net loss for the period (22.1) (1) Management includes the realized gain (loss) on commodity derivatives and the unrealized gain (loss) on equity derivatives in the determination of segment profit (loss). Other gains (losses) on derivatives are excluded from segment profit (loss) as well as foreign currency forward derivative contracts, refer to the financial instruments in Note 11 for more details. (2) Restated to conform to the current presentation, see Note 1 Superior Plus Corp. 27 2025 Third Quarter Condensed Consolidated Financial Statements Net Working Capital, Total Assets, Total Liabilities and Capital Expenditures U.S. Propane Canadian Propane CNG Corporate Total As at September 30, 2025 Net working capital(1) (63.0) (4.4) 37.7 (16.5) (46.2) Total assets 1,833.6 653.4 890.0 78.1 3,455.1 Total liabilities 451.0 142.2 119.0 1,668.3 2,380.5 As at December 31, 2024(2) Net working capital(1) (5.3) 29.8 39.0 (50.8) 12.7 Total assets 1,992.6 709.9 915.5 68.5 3,686.5 Total liabilities 498.9 161.6 137.6 1,742.6 2,540.7 Capital expenditures for the three months ended September 30, 2025 Purchase of property, plant and equipment and intangible assets 8.9 9.7 6.3 – 24.9 Vehicle lease additions 0.8 3.9 1.2 – 5.9 Capital expenditures excluding other lease liabilities 9.7 13.6 7.5 – 30.8 Other lease additions 1.3 0.6 0.3 – 2.2 Proceeds on disposal of property, plant and equipment (4.7) (1.1) (0.1) – (5.9) Total net capital expenditures 6.3 13.1 7.7 – 27.1 Capital expenditures for the three months ended September 30, 2024(2) Purchase of property, plant and equipment and intangible assets 5.9 7.3 35.1 – 48.3 Vehicle lease additions 0.2 3.4 0.9 – 4.5 Capital expenditures, excluding other lease liabilities 6.1 10.7 36.0 – 52.8 Other lease additions 0.6 0.2 0.3 4.0 5.1 Proceeds on disposal of property, plant and equipment (10.8) (0.3) (0.6) – (11.7) Total net capital expenditures (4.1) 10.6 35.7 4.0 46.2 Capital expenditures for the nine months ended September 30, 2025 Purchase of property, plant and equipment and intangible assets 20.5 17.6 30.6 – 68.7 Vehicle lease additions 3.4 7.8 1.7 – 12.9 Capital expenditures, excluding other lease liabilities 23.9 25.4 32.3 – 81.6 Other lease additions 5.1 1.9 0.5 – 7.5 Proceeds on disposal of property, plant and equipment (9.4) (2.1) (0.9) – (12.4) Total net capital expenditures 19.6 25.2 31.9 – 76.7 Capital expenditures for the nine months ended September 30, 2024(2) Purchase of property, plant and equipment and intangible assets 19.6 19.9 77.2 – 116.7 Vehicle lease additions 3.2 6.0 4.9 – 14.1 Capital expenditures, excluding other lease liabilities 22.8 25.9 82.1 – 130.8 Other lease additions (0.4) 0.5 2.5 4.0 6.6 Proceeds on disposal of property, plant and equipment (12.8) (1.4) (1.5) – (15.7) Total net capital expenditures 9.6 25.0 83.1 4.0 121.7 (1) Net working capital is composed of trade and other re --- ceivables, prepaids and deposits, and inventories, less trade and other payables, contract liabilities and dividends payable. (2) Restated to conform to the current presentation, see Note 1 Superior Plus Corp. 28 2025 Third Quarter Condensed Consolidated Financial Statements 19. GEOGRAPHICAL INFORMATION U.S. Canada Other Total Consolidated Revenue for the three months ended September 30, 2025 237.3 100.7 – 338.0 Revenue for the nine months ended September 30, 2025 1,285.8 483.8 – 1,769.6 Property, plant and equipment as at September 30, 2025 502.9 699.4 – 1,202.3 Right-of-use assets as at September 30, 2025 92.4 68.7 – 161.1 Intangible assets as at September 30, 2025 216.6 106.9 – 323.5 Goodwill as at September 30, 2025 1,018.7 397.8 – 1,416.5 Total assets as at September 30, 2025 2,036.7 1,399.4 19.0 3,455.1 Revenue for the three months ended September 30, 2024(1) 260.1 99.3 – 359.4 Revenue for the nine months ended September 30, 2024(1) 1,237.9 442.1 – 1,680.0 Property, plant and equipment as at December 31, 2024(1) 526.6 690.0 – 1,216.6 Right-of-use assets as at December 31, 2024(1) 103.5 72.6 – 176.1 Intangible assets as at December 31, 2024(1) 252.9 119.1 – 372.0 Goodwill as at December 31, 2024(1) 1,018.6 385.8 – 1,404.4 Total assets as at December 31, 2024(1) 2,208.9 1,457.9 19.7 3,686.5 (1) Restated to conform to the current presentation, see Note 1