GLOBAL PARTNERS LP Q1 FY2025 earnings call

• First quarter across the company was strong with healthy year-over-year growth in key profitability metrics. - Wholesale segment product margin up due to strong execution, favorable market environment, and terminal asset integration. - Invested in and optimized terminal assets to expand midstream footprint. - Gasoline distribution business benefited from healthy fuel margins. - Ongoing portfolio optimization led to decrease in company-operated sites. - Maintained financial discipline and returned cash to unitholders; Board increased quarterly cash distribution on common units to $0.7450 per unit.

GDSO product margin increased $0.2 million to $187.9 million in the quarter. Gasoline distribution product margin increased $4.2 million to $125.8 million, with fuel margins increasing $0.02 per gallon to $0.35. Station operations product margin decreased $4 million to $62.1 million due to sales and conversions of company-operated sites, with a portfolio of 1,561 sites at quarter end, a decrease of 40 year-over-year and 66 sites under Spring Partners retail joint venture. Wholesale segment product margin increased $44.2 million to $93.6 million. Gasoline and gasoline blend stocks product margin increased $27.4 million to $57.1 million due to favorable market conditions and 2024 terminal acquisitions. Distillates and other oils product margin increased $16.8 million to $36.5 million due to favorable market conditions and colder winter weather. Commercial segment product margin increased $0.1 million to $7.1 million.

• Confident in strategy, focused on disciplined execution and committed to delivering long-term growth for unitholders. No new specific forward-looking guidance beyond general confidence in strategy.

• Assumptions and future performance subject to wide range of business risks, uncertainties and factors which could cause actual results to differ materially. - Interest expense up due to higher average balances on credit facilities related to terminal acquisitions. - Tariffs could potentially impact consumer and thus store sales, though currently no major impact on supply and margin optimization from tariffs.

Q: Could you talk about the opportunity for continuing repositioning capital into terminals as well as potential acquisitions?

A: We're always reviewing our retail business and assets, looking at most efficient way to operate/supply. M&A is busy, looking for right deals that competitively advantage us and allow higher return.

Q: Talk about market conditions that allowed wholesale to do well and current marketplace?

A: Nice cold winter in Northeast helped wholesale distillate business. Integration of terminaling assets like ExxonMobil and Gulf terminals added capacity and allowed taking advantage of market opportunities. Brief tariff impact but currently no real impact on supply and margin optimization, though tariffs could impact consumer and store sales eventually