Mr. Allan MacDonald reports

SUPERIOR PLUS ANNOUNCES RECORD FOURTH QUARTER, ACHIEVES FULL-YEAR RESULTS IN-LINE WITH GUIDANCE AND EXPECTS ADJUSTED EBITDA GROWTH OF 5% IN 2024

Superior Plus Corp. has released its fourth quarter and year-end results for the period ended Dec. 31, 2023.

In announcing these results, Allan MacDonald, president and chief executive officer, said: "Two thousand twenty-three was a transformational year for Superior. The closing of the Certarus acquisition on May 31, 2023, solidified the company's position as the North American leader in mobile low-carbon energy solutions and positions Superior well to capitalize on the energy transition through robust organic growth, as evidenced by our 2024 [earnings before interest, taxes, depreciation and amortization] guidance. Our propane distribution business continues to generate strong cash flows that we intend to reinvest in our businesses to maximize returns for shareholders on a per-share basis. I'm inspired by what I've seen so far at Superior and what we've accomplished in 2023 as we look to grow and improve further in 2024."

Mr. MacDonald continued: "Certarus generated $187.0-million of adjusted EBITDA in 2023, demonstrating its leadership in the compressed natural gas, renewable natural gas and hydrogen markets. These results represent a $65-million increase over the prior year and were accomplished through servicing a diverse customer base."

Leadership team update:

• As part of the company's continuing evolution as a leading low-carbon energy distribution company, Superior Plus has taken further steps to transform its leadership team. The role of chief operating officer for the propane distribution business has been eliminated, and Andy Peyton, who fulfilled this role, has left the company. This change provides a flatter organizational structure, greater visibility into the propane business and closer working relationships between the company's leadership and the propane teams.

2024 expectations:

• Superior Plus is expecting adjusted EBITDA growth in 2024 of approximately 5 per cent compared with 2023 pro forma adjusted EBITDA of $643.3-million ($475.5-million (U.S.)).

Debt and leverage update:

• Superior Plus is focused on managing both net debt and its leverage ratio. Superior Plus's leverage ratio on Dec. 31, 2023, was 3.8 times, compared with 4.1 times at Dec. 31, 2022. Over the past several years, Superior Plus was in an aggressive growth through acquisitions phase that supported an elevated targeted leverage ratio range of 3.5 times to 4.0 times while it executed on and integrated acquisitions. Going forward, Superior Plus will employ an organic-growth-focused strategy that will seek growth through self-financed reinvestment in the businesses. As a result, over the next several years, the company is targeting to reduce its leverage ratio each fiscal year, with a long-term target of approximately 3.0 times.

U.S.-dollar reporting:

• Effective Jan. 1, 2024, Superior Plus will begin reporting results in U.S. dollars to improve year over year comparability given foreign exchange rate fluctuations, as the majority of its business activities is denominated in U.S. dollars.
• Historical comparative financial information in U.S. dollars can be found in Superior Plus's management's discussion and analysis for the year ended Dec. 31, 2023.

Quarterly dividend:

• Superior Plus is declaring a quarterly common share dividend of 18 cents per share, payable to shareholders of record as of March 29, 2024. The common share dividend will be payable on April 15, 2024.

MD&A and financial statements

Superior Plus's MD&A, the unaudited consolidated financial statements and the notes to the audited consolidated financial statements as at and for the year ended Dec. 31, 2023, provide a detailed explanation of Superior Plus's operating results. These documents are available on-line on Superior Plus's website at Superior Plus financial reports and on Superior Plus's profile at SEDAR+.

Fourth quarter 2023 conference call

A conference call and webcast to discuss the fourth quarter 2023 and full-year 2023 financial results will be held at 10:30 a.m. EST on Thursday, Feb. 22, 2024. To register as a participant, please register. The webcast will be available for replay on Superior Plus's website under the events section.

About Superior Plus Corp.

Superior Plus is a leading North American distributor of propane, compressed natural gas, renewable energy, and related products and services, servicing approximately 936,500 customer locations in the United States and Canada. Through its primary businesses, propane distribution, and compressed natural gas, renewable natural gas and hydrogen distribution, Superior Plus safely delivers clean-burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon-intensive fuels, Superior Plus is a leader in the energy transition, and is helping customers lower operating costs and improve environmental performance.

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