Superior Plus Corp. ($SPB)

Hello, and welcome to the Annual Meeting of Shareholders of Superior Plus Corp. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to David Smith, Chair of the Board of Directors of Superior Plus. Mr. Smith, the floor is yours.

Ladies and gentlemen, good afternoon, and welcome to the 2026 Annual Meeting of the Shareholders of Superior Plus Corp. I am David Smith, and as Chair of the Board of Directors of Superior Plus, it is my responsibility and privilege to act as Chair of this annual meeting. Consistent with prior years and now common practice among other public companies in Canada, we are holding this meeting virtually via live audio webcast again this year. The virtual nature of this meeting has an impact on the way the meeting is conducted. Our goal is to preserve the rights of shareholders and proxy holders to vote on each of the resolutions before the meeting and to the extent possible, provide you with opportunities to participate in this virtual-only format similar to the way you would have at an in-person meeting. As with any technology applications, unexpected issues may occur and Computershare, our service provider for this platform will help to resolve any issues that arise. I welcome our registered shareholders and all guests that are joining this meeting today through our virtual meeting platform. We're excited to have your participation in the meeting, and thank you for your interest in the affairs of Superior Plus. There is also an accompanying presentation following the formal business of the meeting, which is viewable on the virtual meeting platform and on our website at superiorplus.com. Also joining me at this meeting is Allan MacDonald, President and Executive Officer; as well as Darren Hribar, Senior Vice President and Chief Legal Officer of Superior Plus, who will act as Secretary of the meeting. The moderator of the meeting is Chris Lichtenheldt, Vice President, Investor Relations. The Board of Superior Plus is responsible for overseeing the management and overall direction of the operations of Superior Plus. It is currently composed of 10 members. Accordingly, there are 10 nominees for election as directors of Superior Plus at this meeting. All 10 of the nominated individuals have extensive business and Board experience and Allan MacDonald is the only director who is also a member of management and therefore not considered independent on the regulatory rules. You will find information and disclosure on our corporate governance process in the information circular. Your Board is committed to ensuring that Superior Plus carries -- continues to carry out high stand of corporate governance. Nominees standing for election or reelection at this meeting are as follows: Catherine Best, [indiscernible], Jean Paul Gladu, Patrick Gottschalk, Jennifer Grigsby, Calvin Jacober, Allan MacDonald, President and CEO of Superior; Laura L. Schwin, William Yardley and myself, David Smith. Scrutineer for the meeting today is Kyle Gould of Computershare Trust Company of Canada. Immediately following this formal meeting, Allan MacDonald will make a short presentation to review 2025 milestones. Note that the presentation contains forward-looking statements and the use of non-GAAP measures. Turning to Slide 2, I would like to take a moment to comment on [indiscernible] procedures to be used at today's meeting. You should now see the agenda on your screen. Only a registered shareholder or a duly appointed proxy holder can ask a question or vote at the meeting. Most shareholders or duly appointed proxy holders would have voted in advance of the meeting using the 15-digit control number provided to them by Computershare. If you've voted in advance of the meeting or sent in your proxy and do not want to change your vote, no further action is required. For those who haven't voted yet or wish to change your vote, all polls are open 15 minutes prior to the meeting. Please ensure to use the Vote tab to submit your vote. To vote selecting -- select from voting direction from the options shown. Your vote has been cast when a check mark appears. The polls will remain open for all matters being voted on until the last item of formal business has concluded. After each motion, registered shareholders and proxy holders may ask a question related to that specific motion. Please note, we won't be addressing any general questions related to the business, financial results or outlook until the formal portion of the meeting is complete. We will do our best to respond to all of your questions related through the motions during the meeting. However, if a question or comment is not related specifically to the motion are more appropriately addressed during the more appropriately addressed during management's presentation, will be answered during the Q&A session of the management presentation if time permits. If you have a question or comment on a specific motion, I ask that you use the Q&A tab. Please type your question in the text box appearing on the screen. Once you have finished typing your question or comment, please select the send button to submit your question. Mr. Lichtenheldt will read your questions to the meeting and the appropriate person will address it. If we receive a number of questions on the same topic, we will group your questions together and provide a comprehensive response. As noted, today's meeting is being held entirely by means of electronic communication facilities in accordance with our bylaws and applicable laws. Superior Plus used the notice and access process for provision of information circular and other meeting materials to shareholders for this meeting. I have received an affidavit from an official of Computershare the proper notice of the meeting has been given in the notice and form of proxy were mailed on April 8, 2026, to all shareholders of record as of March 30, 2026. The 2025 annual report, which includes the audited financial statements for the year ended December 31, 2025, was also mailed to those shareholders who elected to receive it. I direct that the affidavit together with a copy of documents mailed to shareholders the annex to the minutes of this meeting. I'm advised by the scrutineer that there is a quorum present. I declare that this meeting is properly convened and regularly constituted for the transaction of business. Only a registered shareholder or a person appointed as proxy holder of such a shareholder is entitled to make or second motions or to vote at this meeting. In order to ensure that the meeting covers all the required business in an efficient manner, we have prearranged for Darren Hribar, who is a duly appointed proxy holder to move the motions of business. I will now proceed with the formal business of this meeting. Turning to Slide 3. I am now tabling the 2025 annual report, which includes the consolidated financial statements and the auditor's report thereon. The annual report was duly mailed to shareholders that had requested to receive it. Turning to Slide 5. The number of directors to be elected at this meeting has been fixed at 10. It is now in order to proceed with the election and directors of Superior Plus Corp. The information circular lists the nominees for election for the ensuing year and now have nominees combinations for the 10 directors to be elected.

I nominate each of the following persons for election as director of Superior Plus Corp. to hold office for the next annual meeting or until their successors elected or appointed. Catherine M. Best, Christopher T. Folin, Jean Paul Gladu, Patrick E. Gottschalk, Jennifer Grigsby, [indiscernible], Allan A. MacDonald, Laura L. Schwin, David P. Smith and William T. Yardley. .

Under the bylaws of the corporation, advance notice is required for additional nominations to the Board. There were no other nominations received within the requirements of the advance notice bylaw, and therefore, I declare the nominations closed. [indiscernible] look for directors is by way of individual director and not by way of slate vote and will be conducted by ballot. Each nominee will be elected only if the number of votes cast in their favor represents a majority of the votes cast for them by shareholders. May I have a motion to elect each of the nominees as directors of Superior Plus Corp. I hereby ask Darren to move the motion.

I move that each of the 10 persons who have been nominated be elected as a Director of Superior Plus Corp. to hold office until the next annual meeting or until their successor is elected or appointed.

Thank you, Darren. Chris, have any questions come in?

There are no questions related to this motion?

Voting is open. [Voting]

If you have already voted or appointed a proxy holder, no further action is required unless you would like to change your vote. If you are participating in the meeting through the virtual platform, please record your vote by using the vote tab. Based on the preliminary voting results for this matter, it's expected that the resolution will be carried in respect of each nominee. We will continue with the meeting with the remainder of the business of the meeting while the scrutineer tabulates the results of the voting. Turning to Slide 6. Our next item is the reappointment of Ernst & Young LLP as the auditor of Superior Plus Corp. I hereby ask Darren Hribar to move the motion.

I move that Ernst & Young LLP be reappointed auditor of Superior Plus Corp. to hold office until the next annual meeting or until their successors are appointed at such remuneration as may be fixed by the directors of Superior Plus Corp. .

Chris, are there question come in.

No there are no questions related to this motion.

Voting is open. If you have already voted or appointed a proxy holder, no further action is required unless you would like to change your vote. If you are participating in the meeting through the virtual platform, please record your vote by using the vote tab. [Voting]

Based on the preliminary voting results for this matter, it is expected that the resolution will be carried. We will continue with the remainder of the business of the meeting while the scrutineer tabulates the results of the voting. Our Superior commitment to good corporate governance, the Board has sought a nonbinding advisory vote to accept Superior's pay-for-performance approach on executive conversation as more particularly described in the information circular. I hereby ask Darren to move the motion.

I move that the form of resolution set forth in the information circular respecting the nonbinding advisory vote regarding Superior's approach to executive compensation be approved.

Chris, are there any questions to begin?

No, there are no questions related to this motion.

Voting is open. If you've already voted or appointed a proxy holder, no further action is required unless you would like to change your vote. If you are participating in the meeting through the virtual platform, please record your vote by accessing the Vote tab. We shall pause to allow voting before closing the polls. [Voting]

Polls in respect of each matter of business are now closed. Ladies and gentlemen, I have received a preliminary scrutineers' report on the voting results. I have been advised by the scrutineer that based upon the proxy deposited for the meeting and the total votes received in advance of the votes entered through the virtual platform, each of the motions and resolutions for all matters to be voted upon at the meeting has been carried. I declare each of the resolutions carried and direct the results of the poll and the votes entered through the virtual platform for all matters to be voted upon at the meeting be included with the minutes of this meeting. We will also press release the voting results as required by applicable securities laws. I direct that the final scrutineers' report on those be filed with the minutes of this meeting. That concludes the formal business of the meeting. If there are no other valid business to come before the meeting, I will entertain a motion to conclude the meeting.

I move that the meeting be concluded.

Ladies and gentlemen, I declare the meeting concluded. I will now move to a short presentation by Allan MacDonald, President and CEO of Superior.

Thanks, David. Good afternoon, everyone. Thank you for joining us today and for your continued support of Superior Plus. While 2025 was a pivotal year for Superior. We took deliberate steps to change how we operate and position the company for the future, not to chase short-term results but to build a stronger, more resilient business over time. It was not an easy year. We faced real tactical challenges and particularly -- in a particularly demanding operating environment. But as I've said before, it's important to view our progress through a multiyear lens. Transforming a business like ours requires foundational change, and the work is well underway. We made progress last year and just as importantly, gained insights that are shaping how we move forward. Across Superior, our focus is on building the capabilities required to compete and win over time. In [indiscernible] this has meant integrating the businesses, modernizing how we operate and improving consistency and efficiency that we can serve our customers better and grow at scale. At [ Seterus ], it's meant staying disciplined through evolving market conditions, maintaining our leadership position, managing costs and pursuing attractive and growing end markets. These are intentional choices grounded in a very long-range view of the business. They reflect our commitment to setting Superior up for durable growth and resilience in the years ahead. In our North American propane business, we continued advancing superior deliveries, our strategy to modernize operations and improve service. In 2025, we introduced new systems, leadership structures and delivery methodologies. The pace and scale of this change created pressure during an implementation, but these challenges were not the result of a lack of effort by our teams. Rather, they reflect the complexity of carrying out an operating model transition in a seasonal business. This point is important. The lessons we learned in 2025 are being applied directly as we refine our approach and prepare for future winters. These lessons are improving consistency and predictability across our operations. Thank you to all of our customers for their patience and continued trust. We're focused on delivering the reliability and service they expect as we move forward. At Seterus, our CNG business also faced a challenging year. The downturn in oil and gas activity created pricing pressure in the well sites despite record volumes. This represented a meaningful shift in the operating environment and required to reset and expectations. Team responded with discipline, reducing operating costs and continuing to advance opportunities in data centers, industrial and other end markets that improve long-term stability. These efforts have been paying off, including being award -- being awarded multiple contracts in the rapidly expanding market of hyperscale data centers. From an enterprise perspective, Superior achieved modest organic growth in 2025, while overall adjusted EBITDA growth was moderate, adjusted EBITDA per share and free cash flow per share improved meaningfully, reflecting disciplined capital allocation and lower share count. Since November 2024, we repurchased nearly 15% of our outstanding shares, driving improvements in per share value while signaling our confidence in the business over the long term. Throughout the year, the Board remained actively engaged in overseeing the company's progress and ensuring that strategy, risk management and capital allocation remained aligned with shareholder interests. Board's broad and complementary experience across operations, markets, governments and risk oversight continues to support disciplined execution of our strategy. In 2026, our focus is on implementation. Demonstrating the effectiveness of our operating model and continuing to improve how we perform through pink fan periods. We're still in the midst of meaningful change with a clear commitment to our strategy and confidence in the opportunities None of this progress would be possible without the dedication of our employees across North America, continue to serve customers safely and professionally during a year defined by change and adversely. I'm deeply grateful for their commitment. I would also like to thank Superior's executive team for their leadership and expertise as well as our Chairman, David Smith and our Board of Directors for their guidance. Finally, I would like to ask our shareholders for your continued confidence and support. We appreciate your trust and our journey to become recognized as Canada's best-in-class energy solutions provider. And with that, I'll turn it back to Chris to address any questions that have come in.

Thank you. No questions have come in.

This concludes today's meeting. You may now disconnect.