Financial Data and Key Metrics Changes - The company reported a net income of $10.2 million for Q4 2025, down from $16.9 million in Q4 2024, while Adjusted EBITDA increased by 22% to $43.4 million compared to $35.5 million in the prior year [29][30] - Distributable Cash Flow for Q4 2025 was $28.5 million, a 35% increase from $21.1 million in Q4 2024 [30] - The Distribution Coverage Ratio improved to 1.43 times in Q4 2025 from 1.06 times in Q4 2024 [31] Business Line Data and Key Metrics Changes - Retail segment gross profit increased by 10% to $82.9 million in Q4 2025, driven by higher retail fuel margins, which rose 19% year-over-year to 44.9 cents per gallon [6][15] - Wholesale segment gross profit declined by 7% to $24.2 million in Q4 2025, primarily due to a decrease in fuel volume and rental income, despite a 6% increase in wholesale motor fuel gross profit [15][16] - For the full year 2025, retail segment gross profit increased by 4% to $302.2 million, while wholesale segment gross profit decreased by 7% to $100.5 million [20][21] Market Data and Key Metrics Changes - National gasoline demand was down approximately 5% for Q4 2025, with the company's overall retail fuel volume declining by 8% year-over-year [10][17] - The company's same-store wholesale volume was down approximately 3.5% year-over-year, outperforming the national volume demand [18] Company Strategy and Development Direction - The company aims to optimize its retail exposure and maximize asset value through class of trade conversions, with a focus on maintaining a strong operational portfolio [14][25] - The company plans to continue site divestitures in 2026, although at a lower level than in 2025, using proceeds to invest in growth opportunities [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of 2026, benefiting from a favorable fuel margin environment and a solid operational portfolio [24][28] - The company is focused on executing the fundamentals of retail operations to enhance customer experience and value [26] Other Important Information - The company completed asset sales generating over $100 million in proceeds for 2025, significantly reducing its debt and improving financial flexibility [22][39] - Operating expenses for Q4 2025 decreased by $2 million year-over-year, marking the fifth consecutive quarter of declining operating expenses [31][32] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [42][43]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net income of $13.6 million, an increase from $10.7 million in Q3 2024, driven by asset sales and reduced interest expenses [17][18] - Adjusted EBITDA for Q3 2025 was $41.3 million, a decline of $2.6 million or 6% compared to the prior year, primarily due to lower fuel and rent gross profit [18][19] - Distributable cash flow increased slightly to $27.8 million from $27.1 million in Q3 2024, attributed to lower cash interest expenses [19] Business Line Data and Key Metrics Changes - Retail segment gross profit decreased 4% to $80 million in Q3 2025 from $83.6 million in Q3 2024, mainly due to lower motor fuel gross profit [4][12] - Retail fuel margin decreased 5% year over year to 38.4 cents per gallon, down from 40.6 cents per gallon [5] - Inside sales on a same-store basis increased approximately 3%, with a 4% increase excluding cigarettes, driven by strong performance in packaged beverages and tobacco products [9][10] Market Data and Key Metrics Changes - National gasoline demand was down approximately 2.5% for the quarter, impacting the company's same-store volume performance [7][14] - The company's overall retail same-store volume declined slightly more than the national average, reflecting strategic pricing adjustments [8][11] Company Strategy and Development Direction - The company continues to focus on strategic asset sales, realizing approximately $100 million year to date, which has strengthened its balance sheet and reduced debt [16][26] - The retail strategy remains unchanged, with a focus on being in the right markets with the right assets [11][28] Management's Comments on Operating Environment and Future Outlook - Management noted a favorable fuel margin environment in October following the quarter end, which is expected to positively impact future results [12][17] - The company is focused on maintaining a strong balance sheet and generating value for unitholders as it looks forward to 2026 [28] Other Important Information - The company reported a decrease in operating expenses by $3.2 million year over year, with G&A expenses down by $0.8 million [21][24] - Capital expenditures for Q3 totaled $6.7 million, with $4.8 million allocated to growth-related projects [25] Q&A Session Summary - No questions were raised during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [29]