Decades worth of paint to be stripped off Macdonald Bridge towers
A news release Monday said the work, dubbed Project LifeSpan, will involve stripping the towers bare of accumulated paint to allow for "thorough inspections and any required repairs to ensure their structural integrity for the next 70 years."
The towers will be wrapped in a protective enclosure to prevent paint chips, spray and debris from falling into the harbour or onto the bridge or nearby properties while painters and steelworkers are working, Steve Proctor, a spokesperson for Halifax Harbour Bridges, told CBC News in a telephone interview.
The Dartmouth tower will be finished this year and the Halifax tower is expected to be completed in 2026.
The project will require four weekend closures of the Macdonald Bridge — also known as the Old Bridge — this year for the construction and removal of a platform that will separate the work area from traffic on the bridge deck, the news release said.
Upcoming weekend closures
The first closure will begin Friday, April 25, at 7 p.m. Proctor anticipates the second closure will be in May, depending on how the first proceeds. The other two will likely be in November and December, he said.
Halifax Harbour Bridges says the A. Murray MacKay Bridge will always be open when the Macdonald is closed.
Proctor said other parts of the Macdonald Bridge have had paint previously stripped off, but it will be the first time for the towers since the span opened in 1955.
Given the salt water conditions and years of layering paint in spot touch-ups and small repairs, "there's bound to be moisture underneath there so there definitely will be some corrosion that they're going to have to look after," Proctor said.
The two-year project is valued at about $70 million, 85 people will work on it and 95 per cent of the supplies will be bought in Nova Scotia, Halifax Harbour Bridges said.
Price tag includes both years, paint and repairs
Proctor said the $70 million includes both years of the project, the repairs and the new paint.
He said the project has been in the works for three years.
Liberty Blastech, a Nova Scotia joint venture company, was selected to do the work. Halifax Harbour Bridges notes the company's partners "have extensive experience painting bridges."
"Doing painting removal at 90 metres above sea level requires a certain level of skilled individual, so this company has that skill, has Nova Scotia painters working with them, Nova Scotia supplies, that kind of thing," Proctor said.
Keeping eyes on the road
More than 40,000 cars, small trucks and buses cross the Macdonald Bridge daily.
While the work is being undertaken, Halifax Harbour Bridges is urging people to drive carefully.
"Because while it will be an intriguing situation to see dozens of people climbing up the tower, you have to pay attention to your driving," Proctor said.
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'Through disciplined cost management and strong performance outside of the wellsite business, Certarus grew EBITDA by 5% in the first half of 2025 and maintained its leadership position in the market as the sector navigates a temporary cyclical slowdown.' Six Months Ended June 30 June 30 (millions of dollars) 2025 2024 (2) 2025 2024 (2) U.S. Propane Adjusted EBITDA (1) – 9.6 163.6 153.5 Canadian Propane Adjusted EBITDA (1) 12.6 13.5 61.7 59.2 CNG Adjusted EBITDA (1) 27.4 27.2 82.5 78.7 Adjusted EBITDA from operations (1) 40.0 50.3 307.8 291.4 Corporate Operating Costs (1) (6.5) (7.0) (13.8) (12.5) Adjusted EBITDA (1) 33.5 43.3 294.0 278.9 Note: Beginning in Q1 2025, the contribution from wholesale activities has been rolled into the U.S. and Canadian Propane segments to better reflect how the business operates. (1) Adjusted EBITDA from operations, Corporate Operating Costs and Adjusted EBITDA are Non-GAAP Financial Measures. See 'Non-GAAP Financial Measures and Ratios' section below. (2) Comparative figures have been restated to be consistent with Superior's segment disclosure. See 'Overview of Superior and Basis of Presentation' for more information about the change in segment reporting. Expand Financial Overview Three Months Ended Six Months Ended June 30 June 30 (millions of dollars, except per share amounts) 2025 2024 2025 2024 Revenue 423.2 422.9 1,431.6 1,320.6 Gross Profit 228.9 235.2 727.8 700.4 Net earnings (loss) for the period (14.7) (45.3) 131.7 39.9 Net earnings (loss) for the period attributable to Superior per share, basic and diluted $ (19.4) $ (50.0) $ 122.3 $ 30.5 Adjusted Net Earnings per share (1)(2) $ (0.25) $ (0.23) $ 0.43 $ 0.29 Adjusted EBITDA from operations (1) 40.0 50.3 307.8 291.4 Adjusted EBITDA (1) 33.5 43.3 294.0 278.9 Adjusted EBITDA per share (1)(3) $ 0.13 $ 0.16 $ 1.12 $ 1.00 Adjusted EBTDA per share (1)(3) $ 0.05 $ 0.07 $ 0.95 $ 0.82 Free Cash Flow per share (1)(2) $ (0.14) $ (0.16) $ 0.81 $ 0.45 Cash dividends declared on common shares Cash dividends declared per share C$ 0.045 C$ 0.18 C$ 0.09 C$ 0.36 (1) Adjusted EBITDA from operations, Adjusted EBITDA, Adjusted EBTDA per share, Adjusted Net Earnings per share and Free Cash Flow per share are Non-GAAP Financial Measures. See 'Non-GAAP Financial Measures and Ratios' section below. (2) The basic weighted average number of outstanding shares for the three and six months ended June 30, 2025 was 227.9 million and 231.7 million (three and six months ended June 30, 2024 was 248.6 million and 248.6 million). The preferred share dividends are deducted from the numerator in this calculation. (3) The diluted weighted average number of outstanding shares for the three and six months ended June 30, 2025 was 257.9 million and 261.7 million (three and six months ended June 30, 2024 was 278.6 million and 278.6 million). The diluted weighted average number of shares assumes the exchange of the issued and outstanding preferred shares into common shares. There were no other dilutive instruments for the three and six months ended June 30, 2025 and 2024. Expand Propane Distribution Results and Superior Delivers (changes in performance are relative to the same period of 2024) First half 2025 adjusted EBITDA (1) across propane operations increased by $12.6 million, or 5.9%, driven by strong volumes in Q1 and contribution from Superior Delivers. Q2 Adjusted EBITDA (1) across propane operations declined by $10.5 million due to the timing of deliveries following high-volumes in Q1 and the impact from the company's targeted improvement in delivery efficiency reducing customers' in-tank volume during the quarter. Within the wholesale business, which is now disclosed as part of the U.S. and Canadian propane segments, a temporary supply disruption in California also negatively impacted margins in the second quarter. Results from Superior Delivers continue to progress in line with expectations, contributing $5.0 million to Adjusted EBITDA (1) in the first half and $2.7 million in Q2. Within the Customer Growth pillar, the company continues to advance sophisticated pricing analytics and implement new pricing strategies. Through the Cost-to-Serve pillar, the company has begun schedule optimization and is utilizing more sophisticated delivery efficiency tools which are performing well. Additionally, scheduling optimization has been successfully deployed to more than half of the company's markets across North America and is expected to be in all markets prior to the return of the high-volume heating season. The company continues to expect Superior Delivers to contribute $20 million in Adjusted EBITDA (1) in 2025 and remains on track to deliver at least $70 million of incremental Adjusted EBITDA (1) by 2027. Q2 CNG Results (changes in performance are relative to the same period in 2024) H1 Adjusted EBITDA (1) increased by 4.8% to $82.5 million; Q2 Adjusted EBITDA (1) increased 0.7% to $27.4 million as strong results in the company's industrial, renewable natural gas ('RNG') and Hydrogen businesses largely offset competitive pressures in the wellsite business. The company's industry-leading fleet of mobile storage units ('MSUs'), averaged 869 in the second quarter, up 14% mainly due to additions made in the second half of 2024. Q2 volumes of 7,186,000 MMBtu increased 2.5%, while MMBtu per MSU declined by 10% reflecting wellsite market conditions and increased mix of revenue from industrial, RNG and Hydrogen segments. Revenue from Industrial, RNG, and Hydrogen increased 48%, driven by consistent work over the past several quarters to expand our business with new customers and projects in these industry segments. Certarus collaborated with Mitsubishi Power and Georgia Power to deliver the world's largest hydrogen fuel blending demonstration on an advanced class gas turbine for power generation across several weeks in May and June. The company's efficiency improvement actions drove a decrease of approximately 5% in operating cost per MMBtu during the second quarter. Quarterly Dividend and Common Share Repurchases Consistent with its previously communicated capital allocation strategy, Superior expects to allocate approximately C$140 million annually to share repurchases. The company is on track with its share repurchase plans and expects to renew its NCIB in mid-Q4. During H1 2025, Superior repurchased 13.6 million common shares, or approximately 5.7% of its outstanding public float, at an average price of C$6.87 per share for a total of approximately C$93.4 million, or C$95.4 million including related taxes. During Q2 2025, Superior repurchased 7.4 million common shares, or approximately 3.2% of its outstanding public float, at an average cost of C$7.30 per share for a total of approximately C$53.2 million. Declaring a quarterly common share dividend of C$0.045 per share, payable to shareholders of record as of September 29, 2025. The common share dividend will be payable on October 15, 2025. Debt and Leverage The company's Leverage Ratio (1) as of Q2 2025 was 3.8x, compared to 3.7x at Q1 2025 due to the higher US dollar value of Canadian dollar denominated debt and lower Q2 2025 Adjusted EBITDA. Q2 2025 leverage was flat compared with 3.8x at Q2 2024. The company now expects to end 2025 with a Leverage Ratio of ~3.7x, up slightly from the prior target of 3.6x, mainly due to a stronger-than-forecast Canadian dollar. The company is maintaining its mid-2027 target of 3.0x. On August 8 th, the company and its syndicate of lenders executed an amendment to both secured revolving credit facilities. Under the amendments, the C$750M core revolver term has been extended to August 2030 and the limit has been converted to US$600M. The C$550M side car facility term has been extended to August 2028. These amendments provide the company with ample flexibility to execute its strategic plan. MD&A and Financial Statements Superior's MD&A and the unaudited condensed Consolidated Financial Statements as at and for the quarter ended June 30, 2025 provide a detailed explanation of Superior's operating results. These documents are available online on Superior's website at Superior Plus Financial Reports and on Superior's profile at SEDAR+. 2025 Second Quarter Conference Call A conference call and webcast to discuss the 2025 second quarter financial results will be held at 8:30 AM EDT on Wednesday, August 13, 2025. To register as a participant, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: under the Events section. About Superior Plus Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 750,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers low carbon 1 fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance. 1 Superior defines 'low carbon' and 'lower carbon' fuels as those with a lower carbon intensity than fossil fuels that may be utilized in the same application (e.g. diesel, gasoline). Expand Forward-Looking Information This news release contains information or statements that are or may be 'forward-looking statements' within the meaning of applicable Canadian securities laws. When used in this presentation, the words 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'estimate', 'predict', 'forecast', 'project', 'intend', 'target', 'potential', 'continue' or the negative of these terms or terminology of a similar nature as they relate to Superior or an affiliate/subsidiary of Superior are intended to identify forward-looking statements. Forward-looking statements in this news release include, without limitation, information and statements relating to: Superior's future financial position, the anticipated initiatives, impact of, and our ability to successfully execute on the Superior Delivers transformation, expected 2025 EBITDA growth, expected 2025 Adjusted EBITDA growth of $20 million attributable to Superior Delivers initiatives in 2025 and $70+ million by 2027, expected allocation of capital to share repurchases in 2025, expected renewal of an NCIB in 2025, anticipated increases in shareholder value and expected Leverage Ratio at 2025 and the company's mid-term target leverage ratio. Forward-looking information is provided to provide information about management's expectations and plans for the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions, and expectations that Superior believes are reasonable in the circumstances, including assumptions about our ability to execute on the goals and targets of the Superior Delivers transformation, including $35 million in Adjusted EBITDA growth from cost-to-serve improvements, $30 million in Adjusted EBITDA growth from customer growth initiatives; and $5 million in Adjusted EBITDA growth from the company's wholesale business activities, in each case, from 2025 to 2027; foreign exchange rates; competition; expected average weather; interest rates remaining flat with the current level; number and average acquisition price of common shares repurchased; management's estimates and expectations in relation to future economic and business conditions and the resulting impact on growth and accretion in various financial metrics; the absence of significant undisclosed costs or liabilities associated with acquisitions; and other assumptions disclosed in Superior's 2025 Q2 MD&A available at SEDAR+ at and on Superior's website at No assurance can be given that these assumptions and expectations will prove correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third-party industry analysts and other third-party sources, and the historic performance of Superior's businesses and businesses it has acquired. Superior cautions that the assumptions used to prepare such forward-looking information, including estimated financial guidance, could prove to be incorrect or inaccurate. The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior's actual performance and financial results may vary materially from those estimates and expectations contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include the success and of, and timing to achieve, the initiatives being pursued pursuant to the Superior Delivers program, ongoing capital requirements of the businesses, weather differing materially from the five year average weather, market conditions, demand and competition for CNG in jurisdictions where CNG operates, economic activity in the oil and gas sector, commodity prices, risks relating to incorrect assessments of value when making acquisitions, failure to realize expected cost-savings and synergies from acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, fluctuations in commodity prices, increasing rates of inflation, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities and equipment, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our 2024 Annual MD&A under the heading 'Risk Factors' and (ii) Superior's most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive. When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, Superior does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information. The estimates and targets regarding Superior's future financial performance, including, but not limited to, estimated target of incremental Adjusted EBITDA of $70 million from the Superior Delivers transformation by 2027, are provided herein to assist readers in understanding Superior's estimated and targeted financial results, and such information may not be appropriate for other purposes. Superior and its management believe that such information has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgements, and represents, to the best of management's knowledge and opinion, Superior's estimated and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Non-GAAP Financial Measures and Ratios Throughout this news release, Superior has identified specific terms, including ratios, that it uses that are not standardized measures under International Financial Reporting Standards ('Non-GAAP Financial Measures') and, therefore may not be comparable to similar financial measures disclosed by other issuers. Information to reconcile these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior's condensed consolidated financial statements as at and for the three months ended June 30, 2025 ('Q2 2025 Financial Statements') is provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the 'Non-GAAP Financial Measures and Reconciliations' section in Superior's 2025 Second Quarter MD&A dated August 13, 2025, available on Adjusted EBITDA is consistent with the Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the Financial Statements. Adjusted EBITDA from operations is the sum of U.S. Propane, Canadian Propane, and CNG Segment profit (loss). Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares. Adjusted EBTDA is calculated as Adjusted EBITDA less interest on borrowings and interest on lease liability. Adjusted EBTDA per share is calculated by dividing Adjusted EBTDA by the weighted average outstanding shares assuming the exchange of the issued and outstanding preferred shares into common shares. Corporate Operating Costs are defined as Corporate Segment profit (loss) disclosed in Note 18 Reportable Segment Information of the condensed consolidated financial statements as at and for the three months ended June 30, 2025. Capital Expenditures are inclusive of purchases of property, plant and equipment and intangible assets and lease additions. Leverage Ratio is determined by dividing Superior's Net Debt by its Pro Forma Adjusted EBITDA, both of these components are Non-GAAP Financial Measures. Proforma Adjusted EBITDA is Adjusted EBITDA calculated on a 12-month basis giving effect to acquisitions, if any, to the first day of the calculation period. Proforma Adjusted EBITDA was calculated by taking the sum of the year ended December 31, 2024 Adjusted EBITDA ($455.5 million) and the Adjusted EBITDA for the six months ended June 30, 2025 ($294.0 million) less the Adjusted EBITDA for the six months ended June 30, 2024 ($278.9 million). Net Debt is calculated as the sum of borrowings after deferred financing fees ($1,809.2 million) reduced by cash and cash equivalents ($21.6 million) as at June 30, 2025. Free Cash Flow per share is calculated as Segment Profit (Loss) ($33.5 million) less interest expense ($20.7 million), taxes paid ($10.6 million), capital expenditures ($27.5 million), transaction, restructuring and other costs ($2.4 million) and the preferred share dividend paid in the period ($4.7 million). Free Cash Flow per share is calculated by dividing Free Cash Flow by the weighted average common outstanding shares. This calculation excludes changes in non-cash operating working capital and other, which can fluctuate meaningfully and from quarter to quarter and can therefore detract from the purpose of the metric which is to demonstrate the performance from the underlying operations. Adjusted Net Earnings is calculated as segment profit for the period ($33.5 million) and adjusting for depreciation and amortization ($64.5 million), taxes ($2.5 million), gain (loss) on disposal ($1.6 million), finance expense ($21.4 million) and the preferred share dividend paid in the period ($4.7 million). Adjusted Net Earnings per share is calculated by dividing Adjusted Net Earnings by the weighted average common shares outstanding. This metric was changed from the prior quarter to align the treatment of gains (losses) on financial and non-financial derivatives and foreign currency translation to be consistent with Adjusted EBITDA.
