Suncor Energy Inc. · TSX:SU
Suncor Energy — Q4 2025 Earnings Presentation
27 slides from Suncor Energy's earnings presentation, Feb 4, 2026
Slide 1: Investor Information Q4 2025
SUNCOR ENERGY Investor Information Q4 2025 Published February 3, 2026 SUNCOR ENERGY
Slide 2: Suncor’s value proposition
Suncor’s value proposition Long-life, Regional and Operational Disciplined competitively vertical reliability investment & advantaged integration cost assets management Deliver superior long-term shareholder value SUNCOR ENERGY 2
Slide 3: Suncor key statistics
Suncor key statistics Market capitalization Q4 2025 $73B Net debt to AFFO Q4 2025 TTM 0.5x Oil sands reserve life index 2024 25 yrs Upgrading capacity 556 kbpd Refining capacity 466 kbpd Production to Market Q4 YTD 860 kbpd Refinery utilization Q4 YTD 103% AFFO Q4 YTD $12.8B Capital expenditures1 Q4
Slide 4: Strong cash returns & resilient balance sheet
Strong cash returns & resilient balance sheet Strong track record of cash returns Manageable debt maturity profile4 Suncor Peer average1 Cumulative 15% $45B $45B 4 $2.8 $2.9 $2.6 C$ billion 2 $1.7 10% Cumulative cash returns Cumulative cash returns Cash yield2 0 5% 2026-30 2031-35 2036-40 2041-51 >7
Slide 5: Returning 100% to shareholders
Returning 100% to shareholders Disciplined capital allocation1 • Returning at or near 100% of excess funds to Excess funds calculation shareholders via share buybacks Adjusted funds from operations • Achieved net debt target of $8B in Q3 2024 Sustaining capital3 Dividends2 • Committed to reliable, g
Slide 6: There is integration…and there is “Suncor Integration”
There is integration…and there is “Suncor Integration” Fort Hills East Coast Edmonton Base Plant Montreal Syncrude Retail In Situ Logistics & Trading Sarnia Commerce City Upstream production Refining capacity Product sales Edmonton Oil Sands mining Oil Sands in situ 855,000 Montreal 466,000 610,000
Slide 7: No exploration risk and ~7 Bbbl of 2P reserves
No exploration risk and ~7 Bbbl of 2P reserves Production Mix1 Decline Reservoir Recovery (2026E) rate risk factor E&P ~15% decline Mining Very low Very low Very high Oil Sands Operations Syncrude ~0% mining decline In Situ Low Low High ~0% decline & ~10% In Situ decline Fort Hills Offshore Medium M
Slide 8: Integrated footprint of oil sands assets
Integrated footprint of oil sands assets Strategy – maximize margins & keep upgraders full (90%+ utilization)1 • Optionality from multiple oil sands assets (mining & in situ) • All sites are connected by pipeline: • Firebag & MacKay River – Base Plant • Syncrude – Base Plant • Fort Hills – Base Plan
Slide 9: Upstream oil sands operations
Upstream oil sands operations Pivotal enhancement in operational reliability Upgrading and Mining Assets In Situ Assets (2021 - 2025) (2016 - 2025) • Upgrader utilization has shown steady improvement, • Combined average of 95%2 utilization over the past with a transformative step change in 2024 deca
Slide 10: #1 Downstream business in the industry
#1 Downstream business in the industry $60 $10 ~35% average $9 incremental margin1 Winning formula 5-2-2-1 vs. 3-2-1 $8 $7 $40 Benchmark cracks US$/bbl • Low-cost crude feedstocks vs. WTI due to $6 proximity to upstream production $B CAD $5 • Facilities tailored for higher diesel production (2-1-1 v
Slide 11: Industry leading refinery utilization & profitability
Industry leading refinery utilization & profitability Operational execution Industry leading profitability Suncor US average1 Cdn average1 2020 - 2024 average $25 105 $20 100 Refining EBITDA / bbl2 (CAD) Average annual utilization (%) 95 $15 Peer average 90 $10 85 $5 80 75 $0 2016 2017 2018 2019 202
Slide 12: New approach to operations management
New approach to operations management Starting to reduce variation & elevate enterprise performance Asset Utilization1,2 Becoming consistently and Elevating Potential 110% predictably excellent across all performance 2024 (higher) assets 2023 100% • Suncor’s new Operational Excellence Management Sys
Slide 13: Delivered on commitments – one year early
Delivered on commitments – one year early 2025 Free Funds Flow progress vs Investor Day plan Free Funds Flow (normalized) $B >$3.3B Grew upstream production by 114 kbpd Growth in Free Funds Flow vs 2023 8 +$2.3B Outperformance Grew downstream throughput by 60 kbpd Outperformance 6 Commitment Achieve
Slide 14: 2026 capital budget
2026 capital budget1 ECONOMIC $millions Project examples: INVESTMENT CAPITAL2 Exploration & Production ~425 – 475 West White Rose Investing in projects to improve efficiency, In Situ well pads ~430 – 460 Firebag and MacKay River well pads flexibility & resilience Other economic investment ~1,745 – 1
Slide 15: 2026 corporate guidance
2026 corporate guidance1 Economic Business environment Capital expenditures Capital3 ($M) investment4 Brent – Sullom Voe (US$/bbl) 66.00 Oil Sands 3,850 – 3,925 45% WTI – Cushing (US$/bbl) 62.00 E&P 425 – 475 100% WCS – Hardisty (US$/bbl) 49.00 Downstream 1,300 – 1,375 30% Corporate 25 5% SYN – Hard
Slide 16: 2026 corporate guidance
2026 corporate guidance1 Cash 2026 planned maintenance2 Operating Production Costs Impact on quarter (kbpd) Production & operating costs (kbpd) ($/bbl) Total bitumen production Q1 Q2 Q3 Q4 Total bitumen production 915 – 955 Firebag 5 85 5 Upgraded – net SCO and diesel 530 – 540 Mackay River 5 Non-up
Slide 17: Appendix
Appendix SUNCOR )
Slide 18: Oil sands with ~7.1 billion barrels of 2P reserves
Oil sands with ~7.1 billion barrels of 2P reserves1 *All values net to Suncor Mining & upgrading Base - Millenium & North Steepbank Base Plant Upgraders 2025 bitumen production: 262 kbpd 2025 SCO & diesel production: 344 kbpd Suncor WI 100% 350 kbpd capacity 783M bbls 2P reserves1 Suncor WI 100% Syn
Slide 19: Offshore with ~235 million barrels of 2P reserves
Offshore with ~235 million barrels of 2P reserves1 *All values net to Suncor Hibernia Terra Nova ExxonMobil operated Suncor operated Suncor WI 20%1 Suncor WI 48% 2025 production: 14 kbpd 2025 production: 11 kbpd 53M bbls 2P reserves1 27M bbls 2P reserves1 White Rose Hebron Cenovus operated ExxonMobi
Slide 20: Refining advantage
Refining advantage Feedstock advantages2 Product advantages2 Edmonton Directly connected to Oil Sands Large market reach with international export 1 production; ability to process multiple capability via tidewater; in-line product blending 146 kbpd crude types. minimizes inventory. throughput capaci
Slide 21: Refined product markets
Refined product markets 623 kbpd Product sales in 2025 Edmonton refinery services ~20% region from BC to Ontario Canadian Montreal and consumer fuel Sarnia have a local market1 market reach over 22M people4 ~320 Export capability to US Westcoast Wholesale Cardlock & Asia Locations2 ~1,640 Commerce C
Slide 22: Suncor 5-2-2-1 Index
Suncor 5-2-2-1 Index To help investors and analysts model Suncor’s Refining and Marketing (R&M) business, we have designed an indicative 5-2-2-1 gross margin based on publicly available pricing data. This is a single value that incorporates refining, product supply and rack forward businesses, but e
Slide 23: R&M gross margin calculation example – Q1 2019
R&M gross margin calculation example – Q1 2019 FIFO1 impact calculation example – Q1 2019 Q4 2018 Q1 2019 Dec-18 49.00 70% 34.30 Mar-19 58.15 70% 40.71 WTI ($US/bbl) 60% 30.79 60% 34.32 Nov-18 56.70 30% 17.01 Feb-19 55.00 30% 16.50 Dec-18 6.00 70% 4.20 Mar-19 48.20 70% 33.74 WCS ($US/bbl) 20% 1.50 2
Slide 24: First-in, first-out (FIFO) inventory gains and losses
First-in, first-out (FIFO) inventory gains and losses Crude & products inventory & timing 45 The amount of time between purchase of feedstock to sale of refined product has direct correlation to FIFO impact Edmonton Commerce City Montreal / Sarnia Average (~ 1.5 months) Average number of days Crude
Slide 25: Advisories
Advisories Forward-Looking Statements – Forward-Looking Statements – This forward-looking statements are reasonable, there can be no analysis (MD&A) for the respective year. Normalized free funds flow presentation contains certain “forward-looking statements” within assurance that such expectations
Slide 26: Slide Notes
Slide Notes Slide 3 -------------------------------------------------------------- Factset. Turnaround expenses that were capitalized (under IFRS) (5) Reflects income taxes that impact adjusted funds from operations. (1) Excludes $198 million of capitalized interest on debt. were reallocated as an e
Slide 27: Visit us at the Investor Centre on suncor.com
Visit us at the Investor Centre on suncor.com invest@suncor.com SUNCOR ENERGY 27