Q1/26 First Look: A Lot of New Moving Parts, But Generally As Expected

Research evidence excerpt

Q1/26 First Look: A Lot of New Moving Parts, But Generally As Expected

Special Situations

Superior Plus Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 13, 2026

Price: C$7.41 (05/13/2026) Q1/26 First Look: A Lot of New Moving Parts,

Price Target: C$7.50 But Generally As Expected

HOLD (2)

ESG SCORE: 48/100

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

Q1/26 was a ~3% beat and marks some stabilization after a string of challenges. Updated

aaron.macneil@tdsecurities.com

guidance is directionally consistent with our expectations following its shift toward capital

Mark Newson, CFA^ intensive capacity builds tied to shorter duration contracts. While the DC opportunity is clear,

403 299 3207 we think investors will look for sustained execution and steps to mitigate risk before gaining

mark.newson@tdsecurities.com

confidence in the outlook.

Ben Fullarton^

416 308 8209 Event: Superior Plus reported Q1/26 results.

ben.fullarton@tdsecurities.com

Impact: NEUTRAL

Key Data

Symbol TSX: SPB-T Q1/26 Results: Superior reported Q1/26 adjusted EBITDA of $245.9 million, ahead of our

Market Cap C$1.6B estimate/consensus of $238.0 million/$236.5 million. This was primarily the result of stronger-

General: Superior's share price is in Canadian dollars, but than-anticipated gross margin (54.9% vs. our estimate of 50.5%) offsetting weaker-than-

estimates shown below are in US$. expected consolidated revenue ($897.4 million vs. our estimate of $925.6 million). Note that

management highlighted $12 million in contribution from its Superior Delivers program. Details

in Figure 1.

New Utah Hub, 60 MW Contract Announced: Building on its April update highlighting

accelerating data center momentum, Certarus announced the commissioning of a new