Global Partners LP (GLP) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Global Partners first-quarter 2026 financial results conference call. Today's call is being recorded.

各位好，歡迎參加 Global Partners 2026 年第一季財務業績電話會議。今天的電話會議將被錄音。

With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer, Ms. Kristin Seabrook.

出席本次電話會議的 Global Partners 管理團隊包括：總裁兼執行長 Eric Slifka 先生；財務長 Gregory Hanson 先生；營運長 Mark Romaine 先生；以及法務長 Kristin Seabrook 女士。

At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

現在，我想把電話會議交給 Seabrook 女士進行開場致詞。請開始。

Good morning, everyone, and thank you for joining us. Today's call will include forward-looking statements within the meaning of Federal Securities laws, including projections and expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be attained or that these expectations will be met.

各位早安，感謝各位加入我們。今天的電話會議將包含《聯邦證券法》所定義的前瞻性陳述，包括對 Global Partners 未來財務與營運表現的預測與期望。我們無法保證這些預測一定能達成，或這些期望一定能實現。

Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, including supply and demand, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements.

我們的假設與未來表現受到廣泛的商業風險、不確定性與因素影響（包括供需），可能導致實際結果與我們向美國證券交易委員會提交之文件中所述內容存在重大差異。Global Partners 不承擔修訂或更新任何前瞻性陳述的義務。

Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka. Eric?

接下來很高興把電話會議交給我們的總裁兼執行長 Eric Slifka。Eric？

Thank you, Kristin, and good morning, everyone, and thank you for joining us on today's earnings call. We started 2026 with a strong first quarter, driven by solid execution across our operating segments and supported by the continued strength of our integrated liquid energy platform in a dynamic commodity environment marked by heightened geopolitical tension and global supply disruptions.

謝謝你，Kristin，各位早安，也感謝各位參加今天的財報電話會議。我們以強勁的第一季開啟 2026 年，這得益於我們各營運事業部門的扎實執行，以及在地緣政治緊張升高與全球供應中斷的動盪大宗商品環境下，我們整合式液態能源平台持續展現的韌性。

Our business is built to perform across a wide range of market conditions. And given the current volatility, we remain focused on managing risks and opportunities while continuing to optimize our asset base to enhance returns. Our results this quarter were driven by a colder-than-normal winter in the Northeast and more favorable market conditions in Wholesale and Commercial, along with improved fuel margins in our Gasoline Distribution and Station Operations segment.

我們的業務架構能在各種市場條件下維持良好表現。鑑於目前的波動性，我們仍專注於管理風險與機會，同時持續優化資產組合以提升報酬。本季業績主要受惠於美國東北部冬季較常年更寒冷、批發與商用業務更有利的市場條件，以及我們汽油配送與加油站營運（GDSO）事業部門燃料毛利率的改善。

Importantly, these results reinforce the resiliency of our model. We do not rely on any single commodity, geography or market dynamic to generate cash flow. Instead, we manage a diversified portfolio of assets and adjust our operating approach to reflect the conditions in front of us. That flexibility remains a core strength of Global. Whether markets are volatile or more stable, our focus is the same: disciplined execution, prudent capital allocation and maintaining a strong balance sheet to support long-term value creation for our unitholders.

更重要的是，這些結果再次印證我們模式的韌性。我們的現金流並不依賴任何單一商品、地理區域或市場動態。相反地，我們管理多元化的資產組合，並調整營運方式以反映眼前的市場狀況。這種彈性仍是 Global 的核心優勢。無論市場波動或較為穩定，我們的重點始終一致：紀律執行、審慎資本配置，以及維持強健的資產負債表，以支持為單位持有人創造長期價值。

Turning briefly to our distribution. Last month, our Board approved a quarterly cash distribution of $0.7650 per common unit or $3.06 on an annualized basis. This marks our 18th consecutive quarterly increase, supported by healthy coverage and the cash-generating capacity of our business. The distribution will be paid on May 15 to unitholders of record as of May 11.

簡要談一下我們的配息。上個月，董事會核准每季每一普通單位現金配息 0.7650 美元，年化為 3.06 美元。這是我們連續第 18 季提高配息，並由良好的配息覆蓋率以及本業的現金創造能力所支撐。配息將於 5 月 15 日支付給截至 5 月 11 日登記在冊的單位持有人。

Now let me turn the call over to Greg for the financial review. Greg?

接下來我把電話會議交給 Greg 進行財務回顧。Greg？

Thank you, Eric, and good morning, everyone. As we review the numbers, unless otherwise noted, all comparisons will be with the first quarter of 2025. Net income in the first quarter of 2026 was $70.1 million versus $18.7 million. EBITDA was $142.1 million in the first quarter versus $91.9 million in '25, and adjusted EBITDA was $140.4 million in '26 compared with $91.3 million.

謝謝你，Eric，各位早安。在我們檢視數字時，除非另有說明，所有比較皆以 2025 年第一季為基準。2026 年第一季淨利為 7,010 萬美元，相較於 1,870 萬美元。第一季 EBITDA 為 1.421 億美元，相較於 2025 年的 9,190 萬美元；2026 年調整後 EBITDA 為 1.404 億美元，相較於 9,130 萬美元。

Distributable cash flow was $96.4 million in the first quarter of '26 compared with $45.7 million and adjusted DCF was $96.8 million versus $46.5 million. We maintained healthy distribution coverage at the quarter end of 1.96 times or 1.9 times after including distributions to our preferred unitholders.

2026 年第一季可分配現金流（DCF）為 9,640 萬美元，相較於 4,570 萬美元；調整後 DCF 為 9,680 萬美元，相較於 4,650 萬美元。截至季末，我們維持健康的配息覆蓋率為 1.96 倍；若納入對優先單位持有人的配息後，為 1.9 倍。

Moving to our segment details. GDSO segment product margin increased $11.4 million in the quarter to $199.3 million. Product margin from gasoline distribution increased $10.9 million to $136.7 million, primarily reflecting higher fuel margins year-over-year. On a cents per gallon basis, fuel increased -- fuel margin increased by $0.06 to $0.41 in Q1 '26 from $0.35 in Q1 2025.

接著看各事業部門的細項。本季 GDSO 事業部門產品毛利增加 1,140 萬美元至 1.993 億美元。汽油配送的產品毛利增加 1,090 萬美元至 1.367 億美元，主要反映燃料毛利率年增。以每加侖美分計，燃料毛利增加 0.06 美元，從 2025 年第一季的 0.35 美元提升至 2026 年第一季的 0.41 美元。

Station operations product margin, which includes convenience store and prepared food sales, sundries and rental income, increased $0.5 million to $62.6 million in the first quarter of '26. At quarter end, our GDSO portfolio of fueling stations and C-stores consisted of 1,513 sites, exclusive of the 68 sites under our Spring Partners retail joint venture.

加油站營運產品毛利（包含便利商店與熟食銷售、雜貨及租金收入）在 2026 年第一季增加 50 萬美元至 6,260 萬美元。截至季末，我們的 GDSO 加油站與便利商店組合共有 1,513 個據點，不包含我們與 Spring Partners 零售合資企業旗下的 68 個據點。

Turning to our Wholesale segment. First quarter product margin increased $60.5 million to $154.1 million. Product margin from gasoline and gasoline blend stocks increased $44.1 million to $101.2 million, and product margin from distillates and other oils increased $16.4 million to $52.9 million. These increases in our Wholesale segment product margin are primarily due to more favorable market conditions in gasoline and residual oil.

接著看批發事業部門。第一季產品毛利增加 6,050 萬美元至 1.541 億美元。汽油與汽油調和基礎油（blend stocks）的產品毛利增加 4,410 萬美元至 1.012 億美元；餾分油與其他油品的產品毛利增加 1,640 萬美元至 5,290 萬美元。批發事業部門產品毛利的增加，主要是由於汽油與殘渣油市場條件更為有利。

We are pleased with the performance of the Wholesale segment, which delivered strong results in the heightened commodity price volatility during the quarter. We do expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in future periods, and we remain focused on disciplined inventory management.

我們對批發事業部門的表現感到滿意，該部門在本季大宗商品價格波動加劇的情況下仍交出強勁成果。我們確實預期，遠期產品定價曲線目前陡峭的逆價差（backwardation）將在未來期間提高我們持有避險庫存的持有成本；我們也將持續專注於紀律性的庫存管理。

In our Commercial segment, product margin increased $4.6 million to $11.7 million, primarily due to more favorable market conditions. Operating expenses increased $2.5 million in the first quarter to $129.2 million, reflecting expenses associated with our GDSO and terminal operations.

在我們的商業（Commercial）部門，產品毛利增加460萬美元至1,170萬美元，主要由於市場狀況更為有利。第一季營運費用增加250萬美元至1億2,920萬美元，反映與我們的GDSO及碼頭營運相關的費用。

SG&A increased $25.6 million to $99.3 million, primarily reflecting higher performance-based incentive compensation expense. We expect SG&A expenses to normalize in the remaining quarter of 2026 -- quarters of 2026. Interest expense was $35.5 million compared with $36 million in the same period of 2025. CapEx in the first quarter was $31.9 million, consisting of maintenance CapEx of $10 million and expansion CapEx of $21.9 million, primarily related to investments in our gasoline station business.

SG&A增加2,560萬美元至9,930萬美元，主要反映較高的績效型激勵薪酬費用。我們預期SG&A費用將在2026年剩餘季度——2026年的各季度——回歸常態。利息費用為3,550萬美元，較2025年同期的3,600萬美元略低。第一季資本支出（CapEx）為3,190萬美元，其中維護性CapEx為1,000萬美元、擴張性CapEx為2,190萬美元，主要與我們加油站業務的投資相關。

For full year 2026, we expect maintenance CapEx in the range of $60 million to $70 million and expansion CapEx, excluding acquisitions, in the range of $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, the availability of equipment and labor, weather and any unforeseen events or opportunities that require additional maintenance or investments.

就2026年全年而言，我們預期維護性CapEx介於6,000萬至7,000萬美元，擴張性CapEx（不含併購）介於7,500萬至8,500萬美元。我們目前的CapEx估計部分取決於專案完工時點、設備與勞動力的可得性、天候，以及任何需要額外維護或投資的不可預見事件或機會。

Our balance sheet remains strong at March 31, with leverage as defined in our credit agreement as funded debt to EBITDA at 3.1 times and ample excess capacity in our credit facility. As of March 31, we had $408.3 million borrowings outstanding on our working capital revolver and $103.5 million outstanding on our revolving credit facility.

截至3月31日，我們的資產負債表仍然強健；依我們信貸協議所定義的槓桿（已融資債務對EBITDA）為3.1倍，且我們的信貸額度仍有充足的剩餘可用額度。截至3月31日，我們在營運資金循環信貸（working capital revolver）項下的未償借款為4億830萬美元，並在循環信貸額度（revolving credit facility）項下有1億350萬美元未償。

On our IR calendar this month, we'll be participating in the 23rd Annual Energy Infrastructure CEO and Investor Conference. For those of you participating, we look forward to seeing you.

在本月的投資人關係（IR）行事曆中，我們將參加第23屆年度能源基礎設施CEO與投資人會議。對於參與的各位，我們期待與您見面。

Now let me turn the call back to Eric for his closing comments. Eric?

現在讓我把電話交回給Eric，請他做結語。Eric？

Thank you, Greg. We delivered an exceptional quarter, and the entire Global Partners team executed at a high level across all segments. We also recognize that a portion of these results reflect market conditions shaped by the ongoing conflict, which continues to drive volatility across global energy markets. We are managing the remainder of the year with the same discipline that drove this quarter while planning for a range of scenarios as the conflict evolves.

謝謝你，Greg。我們交出了一個非常出色的季度表現，整個Global Partners團隊在所有部門都以高水準執行。我們也認知到，部分成果反映了由持續中的衝突所形塑的市場環境，而該衝突仍在推動全球能源市場的波動。在規劃衝突演變下的多種情境同時，我們將以推動本季成果的同樣紀律來管理今年剩餘期間。

With that, Greg, Mark and I will be happy to take your questions. Operator, please open the line for Q&A.

接下來，Greg、Mark和我很樂意回答各位的問題。接線員，請開放線路進行問答。

(Operator Instructions) Selman Akyol, Stifel.

（接線員指示）Selman Akyol，Stifel。

First of all, congratulations on very nice results. That was very impressive. Let me ask you this. Are you seeing any changes in customer patterns, any signs of demand disruption at all given the higher fuel prices yet?

首先，恭喜你們取得非常好的成果。這真的令人印象深刻。我想請教一下。在燃料價格較高的情況下，你們是否看到客戶行為模式有任何變化，或有任何需求受干擾的跡象？

Yeah. I mean nothing noticeable in the quarter in March. Obviously, one thing we track is average fill-ups and average gallons per fill-up, and we have seen some decline in that through March and April. But overall, I mean, the consumer continues to be pretty healthy. I do think, obviously, that higher gasoline prices will impact the share of wallet going forward.

是的。我的意思是，在3月這一季並沒有看到明顯的變化。當然，我們追蹤的一項指標是平均加油次數以及每次加油的平均加侖數，而我們確實看到這些在3月與4月期間有些下滑。但整體而言，消費者仍相當健康。我確實認為，顯然較高的汽油價格將在未來影響消費者的可支配支出占比（share of wallet）。

So it's something we continue to lean in on promotions and loyalty in our C-store to drive customers into our stores. But depending on how long this prolonged goes on, it could have a further impact on potential demand at the pump.

因此，我們持續在我們的便利商店（C-store）加強促銷與會員忠誠計畫，以帶動客戶進店。但取決於這種延長狀況會持續多久，它可能會對加油站端的潛在需求造成進一步影響。

Got it. And then nice uptick year-over-year in your fuel gallon CPG. How is that going given the volatility? And I'm really kind of thinking March, you had one month of the volatility, but you've seen certainly more of that in -- as we've gone into the second quarter. So I'm just kind of wondering how CPG is holding up?

了解。另外，你們燃料每加侖CPG年增有不錯的提升。在波動之下，這方面表現如何？我主要在想3月你們只經歷了一個月的波動，但進入第二季後顯然波動更大。所以我想了解CPG目前維持得如何？

Yeah. Selman, it's Eric. Margins continue to show the same historic resiliency that they have. And if there is a decline in volume, margins historically have expanded, right? So I think that, that is going to hold true. And I think that, that's what we're seeing now.

是的。Selman，我是Eric。毛利率持續展現其一貫的歷史韌性。而且如果銷量下滑，毛利率在歷史上往往會擴大，對吧？所以我認為這一點會持續成立。我想這也是我們目前所看到的情況。

But generally, too, there's a lot of price volatility in the market. And so you're waking up certain days and the product prices are moving $0.15, $0.20, $0.30 -- to me, that volatility represents an opportunity. The amount of price changes that we're making -- somebody quoted me internally here, we've made the same amount of price changes already that we typically make in a year. That's in the tens of thousands -- that's in the tens of thousands.

不過整體來說，市場價格波動很大。所以有些日子你一醒來，產品價格就變動0.15、0.20、0.30美元——對我而言，這種波動代表一個機會。我們所做的調價次數——內部有人跟我說，我們到目前為止已經做了相當於通常一整年才會做的調價次數。那是數以萬計——那是數以萬計。

Wow, that's quite a stat. So in this environment, how do you think about acquisitions? Are they easier? Is it you'd rather pause and see how things shake out? Is there anything --?

哇，這個數據很驚人。那在這樣的環境下，你們如何看待併購？會更容易嗎？還是你們寧可先暫停，看看情勢如何發展？有沒有什麼--？

I mean we -- yeah. No, we continue to look at everything that's out there. I would say the landscape is as competitive as it's ever been, but we're trying to be involved in every process that is out there. And it will be interesting to sort of see, if anything, or what gets done or what gets sold.

我的意思是我們——是的。不，我們仍持續評估市場上所有機會。我會說目前的競爭態勢一如既往地激烈，但我們正努力參與所有正在進行的流程。而且將會很有意思看看，若有的話，哪些交易會完成、哪些資產會被出售。

Got you. But are you seeing sellers' expectations come in at all?

了解。但你們有看到賣方的期望有任何回落嗎？

It's interesting. It's based more on cash flow and multiples, right? But like multiples are still strong, right? So it's competitive.

這很有意思。它更多是基於現金流和倍數，對吧？但像倍數仍然很強，對吧？所以競爭很激烈。

Got you. You guys referenced sort of the higher carrying cost for inventories at Wholesale, I guess, just in general. But is there any thoughts of carrying lower inventories given the carrying costs? Or is that just cost of doing business and we're not having problem getting any product, so we'll keep inventories robust?

了解。你們提到批發業務的庫存持有成本較高，我想大致上是這樣。但鑑於持有成本，有沒有考慮降低庫存水位？還是說這就是經營成本的一部分，而且我們也不缺貨，所以會維持充足的庫存？

Hi, Selman. Good morning, it's Mark. Yes, that's actually something that we've done historically. It's part of our playbook, and it does kind of highlight the benefit or the value of the storage capacity that we have, and we can tailor our inventory levels based on market conditions.

嗨，Selman。早安，我是Mark。是的，這其實是我們過去一直在做的事。這是我們作業手冊的一部分，也確實凸顯了我們所擁有的儲存容量的好處或價值；我們可以依市場狀況調整庫存水位。

As you might expect, when markets get extremely backwards, we're able to reduce inventories down significantly during that run-up, capture additional margin and then mitigate some of the risk associated with holding inventory. So we're at a point now where we're -- we've drawn down inventories in this environment. We'll continue to manage them tightly.

如你所料，當市場出現極度逆價差（backwardation）時，我們能在那段上漲期間大幅降低庫存，取得額外毛利，並降低持有庫存相關的一些風險。所以在目前這個環境下，我們已經在降低庫存。我們會持續嚴格控管。

On the flip side, if the markets contango, obviously, we're building inventory. So that is a key risk mitigation lever that we're able to pull and really kind of tailor to the market conditions of the current environment.

反過來說，如果市場處於正價差（contango），很明顯我們就會建立庫存。因此，這是一個我們可以運用的關鍵風險緩解槓桿，並且能真正依當前環境的市場狀況來調整。

Got it. Let me just ask you one macro question, and I don't know if it's unanswerable or not, but -- so we're getting ready to go into the driving season, the summer driving season, sort of peak demand. The US has been selling down.

明白。我再問一個總體面的問題，我不確定是否無法回答，但——我們正準備進入行車季，也就是夏季行車季，算是需求高峰。美國一直在去化庫存。

Our exports are pretty robust. Do you think there's supply tightness out there as we get into the summer at all? Do you have any thoughts on kind of what that's going to look like the summer just in general with everything going on?

我們的出口相當強勁。你覺得進入夏季後，供應面會不會出現緊俏？就整體而言，在目前各種情況下，你對今年夏天的樣貌有什麼看法？

Yeah. It's Mark again, Selman. I think if you look at inventories, and we just had this conversation yesterday, they're pretty low. We've got a lot of exports leaving the Gulf, maybe some leaving New York. Imports for gasoline into the PADD 1 have been very light.

是的。Selman，我又是Mark。我認為如果你看庫存——我們昨天才討論過——庫存相當低。有大量出口從墨西哥灣離港，可能也有一些從紐約離港。進入PADD 1的汽油進口一直非常少。

And we've been drawing -- the US has been drawing inventories pretty aggressively over the last, call it, six weeks, maybe eight weeks. So we're at a pretty low level heading into a key driving season. Some of this -- some of it will depend on how long the current situation goes on. But even if the conflict is resolved tomorrow, there's been a lot of damage done to worldwide production and inventories are at a pretty low level across the board.

而且在過去大約六週——或說八週——美國一直相當積極地去化庫存。所以在進入關鍵的行車季時，我們的庫存水位相當低。其中一部分——有一部分將取決於目前情勢會持續多久。但即使明天衝突就解決了，全球產量已受到很大破壞，而整體庫存水位也普遍偏低。

So it will be interesting to see how that plays out. I don't think an end to the war is going to solve the problem immediately. The system is going to take time. When I say system, I mean worldwide, but we're obviously specifically focused on PADD 1 and, to a lesser degree, PADD 3.

所以看看後續如何發展會很有意思。我不認為戰爭結束就能立刻解決問題。整個系統需要時間。我說的系統是指全球，但我們當然特別聚焦在PADD 1，其次是PADD 3。

But I think you're going to have some lasting impact to that, and we'll see how it plays out. But there is some underlying fundamental strength in the market that I think we're going to see play out for, I might say, at least through the end of the year.

但我認為這會帶來一些持續性的影響，我們會看看它如何發展。不過市場存在一些基本面的內在強勢，我想我們會看到它發酵——我可能會說，至少會延續到今年年底。

Selman, it's Eric. I just want to -- I want to add one other thing. It will be interesting to see how countries position themselves vis-a-vis inventory and storage for moments like this. And if a lot of other countries look at storing crude or products in caverns or throughout the country and make sure that they have product on hand and how that plays out into price --

Selman，我是Eric。我只是想——我想再補充一點。各國在面對這種時刻時，如何就庫存與儲存來進行布局，將會很值得觀察。如果很多其他國家開始考慮把原油或成品油儲存在洞庫或分散在全國各地，並確保手上有現貨，以及這會如何反映到價格上--

Yeah. (multiple speakers) comment

是的。（多位講者）評論

Yeah. That's a big macro point, right? Because even if everything came back, it's just -- it's not going to be the same as it was before, right? So it will be different. And if countries go and decide they want to build secure inventory that they can use in a market like this, that's going to put pressure on supply because it's going to show up as increased demand.

是的。這是一個很重要的宏觀觀點，對吧？因為即使一切都恢復了，也只是——不會再跟以前一樣，對吧？所以會不一樣。而如果各國決定要建立可在這種市場中動用的安全庫存，那會對供給造成壓力，因為它會以需求增加的形式呈現。

Yeah, we've seen -- we've already seen comments coming out of Australia for that. All right, guys. Again, very nice quarter, and I will leave it there.

是的，我們已經看到——我們已經看到澳洲方面有相關評論。好，各位。再次恭喜這一季表現很不錯，我就先到這裡。

I will now turn the call back to Mr. Slifka for closing comments.

我現在把電話會議交回給Slifka先生作結語。

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Thanks, everyone.

感謝各位今天早上加入我們。我們期待持續向各位更新我們的進展。謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。