SPB: Highlights from the RBC Canadian Industrials Conference

Research evidence excerpt

SPB: Highlights from the RBC Canadian Industrials Conference

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Nelson Ng, CFA (Analyst)

Trevor Bryan, CFA (AVP)

May 20, 2026

Superior Plus Corp.

Highlights from the RBC Canadian Industrials Conference

TSX: SPB | CAD 7.45 | Outperform | Price Target CAD 10.00

Sentiment: Neutral

We hosted Allan MacDonald, President and Chief Executive Officer, on day two of the RBC Canadian Industrials Conference. Our

discussions focused on the CNG division's initiative to grow its datacenter customer base, the changes implemented to streamline

and optimize the propane business, and capital allocation. Overall, we feel incrementally more positive about their datacenter

opportunities and believe the incremental capital investments to service datacenters will earn an attractive return.

Datacenter opportunities significantly improve Certarus (CNG) outlook. Management highlighted that the recent datacenter

contracts essentially accelerated and locked in three years of anticipated growth (without datacenters) into three months (with

datacenters). This was largely driven by the company announcing a large datacenter contract in April 2026 that will generate

revenues in excess of US$300 million over the life of the contract.

Early innings of growth for Certarus. Management highlighted that they are seeing datacenter opportunities in the U.S. southwest,

and recently announced a contract near Salt Lake City. Management believes they are in the early innings of growth for Certarus,

and see datacenter contracts expanding the company's footprint while opening the door to servicing new lines of business

(including opportunities to displace diesel with natural gas). Management highlighted that all of their CNG trailers were utilized