Suncoke Energy, Inc. · NYSE:SXC
Suncoke Energy — Investor Day (February 2026)
41 slides from Suncoke Energy's investor day presentation, Feb 26, 2026
Slide 1: 2026 Virtual Investor Day Presentation
2026 Virtual Investor Day Presentation
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: Attractive Investment Thesis
Attractive Investment Thesis 3 3 • Majority of coke production under long-term, take-or-pay contracts with limited commodity price exposure as a result of coal cost pass through Consistent provisions Earnings and • Profitable entry into foundry coke market with potential to expand market Steady Cash
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 dividends and deleveraging (2) Free Cash Flow(1) Consolidated Adjusted EBITDA $140 ~$59M impact from $145 $298 $133 Algoma breach of $275 $269 $273
Slide 5: Who is SunCoke?
Who is SunCoke? 5 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 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: Long-term, Contracted Earnings Stream
Long-term, Contracted Earnings Stream 16 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 17: Foundry Coke Overview
Foundry Coke Overview 17 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 18: Questions?
QUESTIONS? ;
Slide 19: FY 2025 Performance and 2026 Guidance
FY 2025 PERFORMANCE AND 2026 GUIDANCE
Slide 20: Q4 & FY 2025 Financial Performance
Q4 & FY 2025 Financial Performance 20 20 Q4 and FY 2025 Earnings Review • Q4 ‘25 EPS of ($1.00), down $1.28 from the prior year quarter ($/share) ($ in millions) ▪ Primarily driven by one-time items totaling $0.85/share net of tax, Diluted EPS Adjusted including a non-cash asset impairment charge pr
Slide 21: Adjusted EBITDA – FY 2024 to FY 2025
Adjusted EBITDA(1) – FY 2024 to FY 2025 21 FY 2025 performance impacted by coke sales mix and lower economics at Granite City, partially offset by the addition of Phoenix Global ($ in millions) $272.8 ($64.7) $219.2 $11.9 ($0.8) • Change in mix of contract Addition of Phoenix Global, and spot coke s
Slide 22: Domestic Coke Business Summary
Domestic Coke Business Summary 22 Domestic Coke performance impacted by mix of contract and spot coke sales, lower Granite City contract economics, and breach of contract by Algoma Domestic Coke Performance (Coke Production, Kt) $170.0M $162M - $168M $57.3M $49.9M $44.0M 3,749 $40.5M $35.6M 3,375 61
Slide 23: Industrial Services Business Summary
Industrial Services Business Summary 23 Industrial Services segment includes former Logistics segment and Phoenix Global Industrial Services Performance $22.7M $18.2M $90M - $100M $13.7M $11.5M $7.7M $62.3M 24,000 5,724 22,000 5,262 5,398 5,235 20,320 4,746 4,616 3,825 (2) 9,223 Q4 ’24 Q1 ’25 Q2 ’25
Slide 24: FY 2025 Capital Deployment
FY 2025 Capital Deployment 24 Cash flow deployed strategically towards business growth, operational capital needs, and dividends to shareholders (Consolidated) Q4 '25 Revolver Total Debt $693M Availability: Gross Leverage(1) 3.16x Net Leverage(1) 2.76x $132M • ($29.3M) impact from ($ in millions) ac
Slide 25: Projected 2026 Adjusted EBITDA Guidance
Projected 2026 Adjusted EBITDA(1) Guidance 25 Expect 2026 Consolidated Adjusted EBITDA(1) of $230M - $250M, mainly driven by the addition of Phoenix Global ($ in millions) $28 – $38 ($5) – ($9) $230 - $250 $219.2 ($2) – ($8) Normalized bonus expense and Phoenix integration-related IT costs ~220Kt lo
Slide 26: 2026 Industrial Services Outlook
2026 Industrial Services Outlook 26 2026 Industrial Services Adjusted EBITDA estimated to be $90M - $100M; full year of Phoenix Global and improvement in terminals handling volumes Industrial Services Performance • 2026 Industrial Services outlook based on expectations for $90M - $100M improvement i
Slide 27: 2026 Domestic Coke Business Outlook
2026 Domestic Coke Business Outlook 27 2026 Domestic Coke Adjusted EBITDA estimated to be $162M - $168M; all foundry and spot coke sales finalized for 2026 Domestic Coke Performance • Haverhill I operations to be shut down due to breach of contract by Algoma and persistent (Coke Sales, Kt) challengi
Slide 28: 2026 Guidance Summary
2026 Guidance Summary 28 Expect 2026 Consolidated Adjusted EBITDA(1) of $230M - $250M; 2026 Free Cash Flow(2) of $140M - $150M 2025 2026 Metric Results Guidance* Adjusted EBITDA Consolidated (1) $219.2M $230M - $250M Domestic Coke EBITDA $170.0M $162M - $168M Industrial Services EBITDA $62.3M $90M -
Slide 29: Appendix
APPENDIX _
Slide 30: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 30 30 In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non- GAAP measures referenced in this presentation below. In addition to U.S. GAAP measures, this presentation contains certain
Slide 31: Balance Sheet & Debt Metrics
Balance Sheet & Debt Metrics 31 31 As of As of ($ in millions) 12/31/2025 12/31/2024 Cash $ 89 $ 190 Available Revolver Capacity $ 132 $ 350 Total Liquidity $ 221 $ 540 Gross Debt (Long and Short-term) $ 693 $ 500 Net Debt (Total Debt less Cash) $ 604 $ 310 LTM Adjusted EBITDA $ 219 $ 273 Gross Debt
Slide 32: 2026 Adjusted EBITDA and Free Cash Flow Guidance Reconciliation
2026 Adjusted EBITDA Guidance Reconciliation 32 32 ($ in millions) Low High Net Income $25 $43 Depreciation and amortization expense 164 160 Interest expense, net 33 37 Income tax expense 8 10 Adjusted EBITDA (Consolidated) $230 $250 Free Cash Flow Guidance Reconciliation 2025 2026E ($ in millions)
Slide 33: Net Income to FCF Reconciliation
Net Income to FCF Reconciliation 33 33 2026E ($ in millions) Low End High End Net Income $25 $43 Depreciation and amortization expense 164 160 Interest expense, net 33 37 Income tax expense 8 10 Adjusted EBITDA (Consolidated) $230 $250 Cash interest, net (35) (33) Cash taxes 8 12 Total capex (90) (1
Slide 34: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA 34 34 2025 Q2 2025 Q3 2025 Q4 Year 2025 ($ in millions) Q1 '24 Q2 '24 Q3 '24 Q4 '24 FY '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Net Income $ 21.1 $ 23.3 $ 33.3 $ 25.8 $ 103.5 $ 19.4 $ 3.5 $ 23.8 $ (85.5) $ (38.8) Depreciation and amortization expense 33.3 28.7 28.1 28
Slide 35: Adjusted EBITDA and Adjusted EBITDA per ton
Adjusted EBITDA and Adjusted EBITDA per ton 35 35 Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton Domestic Coke Industrial Services(1) Corporate ($ in millions, except Adjusted Sales Adjusted EBITDA Adjusted Terminals Handling Steel Customer Consolidated and Other(2) per ton da
Slide 36: Historical Reconciliations to Adjusted EBITDA, Free Cash Flow and Gross Leverage
Historical Reconciliations to Adjusted EBITDA 36 ($ 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 37: Steel Production Input Cycle
Steel Production Input Cycle 37 37 site)
Slide 38: Heat Recovery vs By-Product Design Comparison
Heat Recovery vs By-Product Design Comparison 38 38 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 39: SunCoke’s Cokemaking Process
SunCoke’s Cokemaking Process 39 39
Slide 40: Foundry Coke Market Overview
Foundry Coke Market Overview 40 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 41: SunCoke Energy
3 SunCoke Energy”