Star Group LP 2026年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number: 001-14129 STAR GROUP, L.P. (Exact Name of Registrant as Specified in its Charter) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ At January 31, 2026, the registrant had 32,879,055 Common Units outstanding. STAR GROUP, L.P. AND SUBSIDIARIESINDEX TO FORM 10-Q Part I Financial InformationItem 1 - Condensed Consolidated Financial Statements3Condensed Consolidated Balance Sheets as of December 31, 2025 (unaudited) and September 30, 20253Condensed Consolidated Statements of Operations (unaudited) for the three months ended December 31, 2025 andDecember 31, 20244Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months endedDecember 31, 2025 and December 31, 20245Condensed Consolidated Statement of Partners’ Capital (unaudited) for the three months ended December 31, 2025and December 31, 20246Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended December 31, 2025 andDecember 31, 20247Notes to Condensed Consolidated Financial Statements (unaudited)8-21Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations22-34Item 3 - Quantitative and Qualitative Disclosures About Market Risk35Item 4 - Controls and Procedures35Part II Other Information:36Item 1 - Legal Proceedings36Item 1A - Risk Factors36Item 2 - Unregistered Sale of Equity Securities and Use of Proceeds36Item 3 - Defaults Upon Senior Securities36Item 4 - Mine Safety Disclosures36Item 5 - Other Information36Item 6 - Exhibits37Signatures38 Part I. FINANCIAL INFORMATION STAR GROUP, L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS STAR GROUP, L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS STAR GROUP, L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) STAR GROUP, L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL STAR GROUP, L.P. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS STAR GROUP, L.P. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1) Organization Star Group, L.P. (“Star,” the “Company,” “we,” “us,” or “our”) is a full service provider specializing in the sale of homeheating and air conditioning products and services to residential and commercial home heating oil and propane customers. TheCompany has one reportable segment for accounting purposes. We also sell diesel fuel, gasoline and home heating oil on adelivery only basis. We believe we are the nation’s largest retail distributor of home heating oil based upon sales volume. The Company is organized as follows: •Star is a limited partnership, which at December 31, 2025, had outstanding 32.9 million Common Units (NYSE:“SGU”), representing a 99.0% limited partner interest in Star, and 0.3 million general partner units, representing a 1.0%general partner interest in Star. Our general partner is Kestrel Heat, LLC, a Delaware limited liability company(“Kestrel Heat” or the “general partner”). The Board of Directors of Kestrel Heat (the “Board”) is appointed by its solemember, Kestrel Energy Partners, LLC, a Delaware limited liability company (“Kestrel”). Although Star is apartnership, it is taxed as a