Suncoke Energy, Inc. · NYSE:SXC
Suncoke Energy — Goldman Sachs Eleventh Annual Leveraged Finance and Credit Conference (June 2026)
36 slides from Suncoke Energy's conference presentation, Jun 1, 2026
Slide 1: SunCoke Energy Investor Presentation
SunCoke Energy Investor Presentation May 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 2 This presentation contains “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements often may be identified by the use of such words
Slide 3: Who is SunCoke?
Who is SunCoke? 3 Best-in-class raw materials processing and handling, with operations in Cokemaking and Industrial Services Cokemaking Industrial Services 2026 Adj. EBITDA(1) Guidance: $162M - $168M 2026 Adj. EBITDA(1) Guidance: $90M - $100M • 3.7M tons of furnace coke capacity with capability to p
Slide 4: SunCoke Key Financial Metrics
SunCoke Key Financial Metrics 4 Track record of consistent financial performance, with steady Free Cash Flow(1) generation; effective use of FCF(1) for deleveraging and dividends (2) Free Cash Flow(1) Consolidated Adjusted EBITDA $140 ~$59M impact from $145 $298 $133 Algoma breach of $275 $269 $273
Slide 5: Attractive Investment Thesis
Attractive Investment Thesis 5 5 • Majority of coke production under long-term, take-or-pay contracts with limited commodity price exposure as a result of coal cost pass through provisions Consistent Earnings and • Profitable entry into foundry coke market with potential to expand market Steady Cash
Slide 6: Strategically Located Network of Assets
Strategically Located Network of Assets 6 6 US Sites International Sites SunCoke Cokemaking Facility(1) Brazil Phoenix Integrated Steel Customer Phoenix Integrated Steel Customer Europe Phoenix EAF Customer Geographic Footprint USA International Cokemaking 5 1 Logistics 3 - Integrated Mill Services
Slide 7: Safety Excellence
Safety Excellence 7 SunCoke’s industry leading safety performance sets the industry standard SunCoke’s Total Recordable Incident Rate(1) SunCoke’s 2025 TRIR(2) 0.55 0.99 Comparable Industry Rates (2024 BLS Data) 0.76 Company 0.69 Record 0.55 Iron and Steel Mills 1.9 0.50 Other Petroleum and Coal 1.7
Slide 8: Environmental Signature – Best Available Technology
Environmental Signature – Best Available Technology 8 SunCoke’s operations minimize environmental impact and offer the best available technology for an important input to the steel industry SunCoke’s CO2e Emissions SunCoke’s innovative, superior heat recovery technology sets the 0.14 0.15 0.14 0.12
Slide 9: Industrial Services Overview
Industrial Services Overview
Slide 10: Overview of Phoenix’s Service Offerings
Overview of Phoenix’s Service Offerings 10 Core mill services include slag handling, metal recovery, and scrap preparation / handling • Custom designed and built slag pot carriers/special front-end loaders transport molten slag that has been separated from Slag the steel to a cooling area for proces
Slide 11: Business Model Designed to Deliver Stability
Business Model Designed to Deliver Stability 11 Phoenix’s contract book and associated terms provide protection from commodity price volatility and compelling fundamentals Potential Risk Factors Advantages Commodity • Under its current, renegotiated contracts, Phoenix does not take ownership of stee
Slide 12: Leveraging SunCoke’s Core Strengths
Leveraging SunCoke’s Core Strengths 12 SunCoke’s core strengths and capabilities will be leveraged to drive improvements in Phoenix’s business Strong Financial Safety Excellence Technical Expertise Operational Discipline Position Most technologically- Proven partner with a Solid balance sheet, Robus
Slide 13: Strategic Network of Low Cost Logistics Facilities
Strategic Network of Low Cost Logistics Facilities 13 13 Well Positioned • Strategically located assets with access to barge, rail and truck Domestic Logistics • Provide key logistics services for various metallurgical and thermal coal producers and Facilities consumers • Only dry-bulk, rail-service
Slide 14: Advantaged Logistics Facilities
Advantaged Logistics Facilities 14 Strategically located facilities with multimodal connectivity • Gulf Coast facility with direct rail access and cape size loading capabilities • Annual outbound throughput capacity of ~15Mt and storage capacity of ~1.5Mt • Largest export terminal on the U.S. Gulf C
Slide 15: Cokemaking Overview
Cokemaking Overview
Slide 16: Heat Recovery vs By-Product Design Comparison
Heat Recovery vs By-Product Design Comparison 16 16 SunCoke Heat Recovery Traditional By-Product Steam Gas (COG) Light Oil Water Tar Air VM Air Air Natural Gas (or other source) SunCoke Heat Recovery Traditional By-Product Pressurization Negative Pressure Positive Pressure Air Emissions MACT Standar
Slide 17: Long-term, Contracted Earnings Stream
Long-term, Contracted Earnings Stream 17 Long-term, take-or-pay contracts generate stable cash flow and insulate business from industry cyclicality Take-or-Pay Contract Provisions Contract Observations: • Customers required to take the contract-maximum coke General Provisions • Take-or-pay nature pr
Slide 18: Foundry Coke Overview
Foundry Coke Overview 18 Foundry coke customers focus on fundamentally different parameters than blast furnace coke customers with respect to coke size and quality Blast Furnace Coke Foundry Coke • 4” top size to ¾” or 1” bottom size • 4” bottom size with sizing up to 9” or more • Large size coke (4
Slide 19: Foundry Coke Market Overview
Foundry Coke Market Overview 19 Foundry coke is used in cupolas to produce casted iron products for the construction, industrial, and automotive Industries Cupola Scrap Iron (like a mini BF) Holding Brake disks, Continuous Production Casting / manholes, grates, Furnace pipes, pumps, Storage of iron
Slide 20: Q1 2026 Financials
Q1 2026 Financials ;
Slide 21: Q1 2026 Financial Performance
Q1 2026 Financial Performance 21 21 Q1 2026 Earnings Review • Q1 ‘26 EPS of ($0.05), down $0.25 from the ($/share) ($ in millions) prior year quarter Diluted EPS Adjusted EBITDA(1) ▪ Primarily driven by higher depreciation expense, -$3.3M the shutdown of Haverhill I, severe winter weather, and lower
Slide 22: Domestic Coke Business Summary
Domestic Coke Business Summary 22 Domestic Coke performance impacted by severe winter weather, Middletown turbine failure, and Haverhill I shutdown Domestic Coke Performance • Delivered Adjusted EBITDA of $35.3M (Coke Production, Kt) in Q1 ‘26 vs $49.9M in Q1 ‘25 $49.9M ▪ Operations impacted by seve
Slide 23: Industrial Services Business Summary
Industrial Services Business Summary 23 Industrial Services performance driven by addition of Phoenix Industrial Services Performance • Delivered Adjusted EBITDA of $26.2M $26.2M in Q1 ‘26 vs $13.7M in Q1 ‘25 $22.7M $18.2M ▪ Primarily driven by addition of $13.7M Phoenix $7.7M ▪ Partially offset by
Slide 24: Q1 2026 Liquidity
Q1 2026 Liquidity 24 Ended Q1 with ample liquidity of ~$262M; excess cash used for revolver paydown and continued quarterly dividend payment of $0.12 per share (Consolidated) Q1 '26 Revolver Total Debt $667M Availability: Gross Leverage(1) 3.09x $158M Net Leverage(1) 2.61x ($ in millions) ($26.0) Di
Slide 25: 2026 Guidance Summary
2026 Guidance Summary 25 Expect 2026 Consolidated Adjusted EBITDA(1) of $230M - $250M; 2026 Free Cash Flow(2) of $140M - $150M 2026 Metric Guidance* Adjusted EBITDA Consolidated (1) $230M - $250M Domestic Coke EBITDA $162M - $168M Industrial Services EBITDA $90M - $100M Domestic Coke Sales ~3.4M ton
Slide 26: Appendix
APPENDIX _
Slide 27: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 27 27 In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non- GAAP measures referenced in this presentation below. In addition to U.S. GAAP measures, this presentation contains certain
Slide 28: Balance Sheet & Debt Metrics
Balance Sheet & Debt Metrics 28 28 As of As of ($ in millions) 3/31/2026 12/31/2025 Cash $ 104 $ 89 Available Revolver Capacity $ 158 $ 132 Total Liquidity $ 262 $ 221 Gross Debt (Long and Short-term) $ 667 $ 693 Net Debt (Total Debt less Cash) $ 563 $ 604 LTM Adjusted EBITDA $ 216 $ 219 Gross Debt
Slide 29: 2026 Adjusted EBITDA Guidance Reconciliation
2026 Adjusted EBITDA Guidance Reconciliation 29 29 ($ in millions) Low High Net Income $18 $36 Depreciation and amortization expense 164 160 Interest expense, net 33 37 Income tax expense 8 10 Site closure costs(1) 7 7 Adjusted EBITDA (Consolidated) $230 $250 Free Cash Flow Guidance Reconciliation 2
Slide 30: Net Income to FCF Reconciliation
Net Income to FCF Reconciliation 30 30 2026E ($ in millions) Low End High End Net Income $18 $36 Depreciation and amortization expense 164 160 Interest expense, net 33 37 Income tax expense 8 10 Site closure costs(1) 7 7 Adjusted EBITDA (Consolidated) $230 $250 Cash interest, net (35) (33) Cash taxe
Slide 31: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA 31 31 2025 Q2 2025 Q3 2025 Q4 Year 2025 2026 Q1 ($ in millions) Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Net Income $ 19.4 $ 3.5 $ 23.8 $ (85.5) $ (38.8) $ (3.4) Depreciation and amortization expense 28.8 28.6 37.4 58.8 153.6 44.9 Interest expense, net 5.2 5.4 8.4
Slide 32: Adjusted EBITDA and Adjusted EBITDA per ton
Adjusted EBITDA and Adjusted EBITDA per ton 32 32 Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton (1) Domestic Coke Industrial Services Corporate ($ in millions, except Adjusted Sales Volumes, Adjusted EBITDA Adjusted Terminals Handling Steel Customer (2) Consolidated and Other
Slide 33: Historical Reconciliations to Adjusted EBITDA and Free Cash Flow
Historical Reconciliations to Adjusted EBITDA 33 ($ in millions) FY '21 FY '22 FY '23 FY '24 Net Income $ 48.8 $ 104.9 $ 63.5 $ 103.5 Depreciation and amortization expense 133.9 142.5 142.8 118.9 (Gain) Loss on extinguishment of debt, net 31.9 - - - Interest expense, net 42.5 32.0 27.3 23.4 Income t
Slide 34: Steel Production Input Cycle
Steel Production Input Cycle 34 34 site)
Slide 35: SunCoke’s Cokemaking Process
SunCoke’s Cokemaking Process 35 35
Slide 36: SunCoke Energy
3 SunCoke Energy”