Global Partners (GLP) Q4 2025 Earnings Transcript

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Friday, February 27, 2026 astatine 10 a.m. ET

• President and Chief Executive Officer — Eric S. Slifka

• Chief Financial Officer — Gregory B. Hanson

• Chief Operating Officer — Mark Romaine

• Chief Legal Officer — Kristen Seabrook

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Operator: Good day, everyone, and invited to the Global Partners LP Fourth Quarter and Full Year 2025 Financial Results Conference Call. Today's telephone is being recorded. With america from Global Partners LP are President and Chief Executive Officer, Mr. Eric S. Slifka; Chief Financial Officer, Mr. Gregory B. Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer, Ms. Kristen Seabrook. At this time, I would similar to crook the telephone implicit to Ms. Seabrook for opening remarks. Please spell ahead.

Kristen Seabrook: Good morning, everyone. Thank you for joining us. Today's telephone volition see forward-looking statements wrong the meaning of national securities instrumentality including projections and expectations concerning the aboriginal and operational show of Global Partners LP. Assurances cannot beryllium fixed that these projections volition beryllium attained oregon that these expectations volition beryllium met. Our assumptions and aboriginal show are taxable to a wide scope of concern risks, uncertainties, and factors which could origin existent results to disagree materially arsenic described successful our filings with the Securities and Exchange Commission. Global Partners LP undertakes nary work to revise oregon update immoderate forward-looking statements. Now it is my pleasance to crook the telephone implicit to our President and Chief Executive Officer, Eric S.

Slifka.

Eric S. Slifka: Thank you, Kristen, and bully morning, everyone. Before I begin, I privation to invited Kristen to our archetypal net telephone arsenic our Chief Legal Officer. Kristen brings invaluable concern and ineligible acquisition including her enactment roles astatine Pilot, and she has already made a beardown impact. Her judgement and position volition beryllium important arsenic we proceed to execute our strategy and presumption Global Partners LP for the future. We are precise pleased to person her connected our team.

Our afloat twelvemonth show successful 2025 reflects disciplined execution of a strategy we person built and refined implicit galore years. Higher volumes crossed our terminal and wholesale network, on with a double-digit summation successful wholesale conception merchandise margin, show the payment of investments that grow capabilities and heighten the show of our integrated network. Our GDSO conception delivered coagulated results. Strong substance margins helped partially offset a diminution successful volumes and little presumption operations publication owed successful portion to a reduced tract number related to tract optimization efforts.