Global Partners LP Q4 FY2025 earnings call

• Disciplined execution of strategy led to full - year 2025 performance. Higher volumes in terminal and wholesale network, and double - digit increase in wholesale segment product margin. - GDSO segment had solid results with strong fuel margins offsetting some volume decline. - Strategy focused on acquiring strategic assets, investing in existing network, and optimizing portfolio. - East Providence Terminal exceeded expectations, bunkering business expanded into Houston. - Wholesale segment benefited from terminal network growth and data analytics investment. - Divested non - strategic retail locations and converted sites to higher value formats. - Board approved 17th consecutive quarterly cash distribution of 76 cents per common unit.

GDSO segment: Product margin increased 17.7 million in the quarter to 231.3 million. Gasoline distribution product margin increased 19.9 million to 165.6 million, mainly due to higher fuel margins. Station operations product margin decreased 2.2 million to 65.7 million due to lower company - operated site count. Wholesale segment: Fourth quarter product margin decreased 21.5 million to 58.3 million. Gasoline and gasoline blend stocks product margin decreased 10.5 million, distillates and other oils product margin decreased 11 million. Commercial segment: Product margin decreased 2.6 million to 6 million, mainly due to less favorable market conditions and bunkering.

• For full year 2026, expect maintenance capex in the range of 60 million to 70 million and expansion capex, excluding acquisitions, in the range of 75 to 85 million. - Current capex estimates depend on project completion timing, equipment and labor availability, and unforeseen events/opportunities.

Q: Should we think of site optimization as being completed?

A: Eric Slifka said it's a continual process, a never - ending effort to be as efficient as possible throughout the organization.

Q: Break up CapEx between terminals and GDSO?

A: Greg mentioned maintenance capex uptick related to terminals acquired, expansion side has three raise and rebuilds on GDSO and potential terminal expansion projects.

Q: Expand on growth in Houston bunkering market?

A: Eric said they found a niche location in Houston with tankage and barges, and CapEx related is light with leased assets.

Q: Expand on data analytics?

A: Mark said it's both cost savings and revenue gains, builds data infrastructure, provides efficiencies, and uses data for better business decisions.

Q: Frame up 1Q performance due to weather?

A: Eric said the latter half of January into February was extremely cold in Northeast, leading to heating degree days which gave a decent tailwind to start the year