Suncoke Energy, Inc. · NYSE:SXC
Suncoke Energy — Q4 2025 Earnings Presentation
25 slides from Suncoke Energy's earnings presentation, Feb 17, 2026
Slide 1: Q4 & FY 2025 Earnings and 2026 Guidance Conference Call
SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains “forward-looking statements” (as
Slide 3: 2025 Year In Review
2025 Year In Review 3 Delivered FY 2025 Adjusted EBITDA(1) of $219.2M; completed the acquisition of Phoenix Global; maintained quarterly dividend FY 2025 Objective 2025 Achievements Commentary Continue to deliver strong safety • SunCoke(2) Total Recordable Incident • Represents best-in-class safety
Slide 4: Q4 & FY 2025 Financial Performance
Q4 & FY 2025 Financial Performance 4 4 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 $0.85/share net of tax, Diluted EPS Adjusted including a non-cash asset impairment charge prim
Slide 5: Adjusted EBITDA – FY 2024 to FY 2025
Adjusted EBITDA(1) – FY 2024 to FY 2025 5 FY 2025 performance impacted by coke sales mix and lower economics at Granite City, partially offset by the addition of Phoenix Global ($ in millions) $272.8 ($64.7) $219.2 $11.9 ($0.8) • Change in mix of contract Addition of Phoenix Global, and spot coke sa
Slide 6: FY 2025 Capital Deployment
FY 2025 Capital Deployment 6 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) acc
Slide 7: 2026 Guidance
2026 GUIDANCE ;
Slide 8: Adjusted EBITDA, FCF and Leverage Trend
Adjusted EBITDA(1), FCF(2) and Leverage Trend 8 Track record of steady Free Cash Flow(2) generation; expect to use FCF(2) for debt paydown and continued payment of dividends in 2026 ($ in millions, except per share amounts) Expect gross leverage below long-term target of 3x by 2026 3.00x 3.16x year-
Slide 9: Projected 2026 Adjusted EBITDA Guidance
Projected 2026 Adjusted EBITDA(1) Guidance 9 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 low
Slide 10: 2026 Domestic Coke Business Outlook
2026 Domestic Coke Business Outlook 10 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 (Coke Sales, Kt) ▪ ~500Kt lower blast fur
Slide 11: 2026 Industrial Services Outlook
2026 Industrial Services Outlook 11 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 12: 2026 Guidance Summary
2026 Guidance Summary 12 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 13: 2026 Key Initiatives
2026 Key Initiatives 13 13 Continued Safety and Environmental Excellence • Continue to deliver strong safety and environmental performance Deliver Operational Excellence and Optimize Asset Utilization • Successfully execute on operational and capital plan • Continue to provide reliable, high-quality
Slide 14: Appendix
APPENDIX ;
Slide 15: Domestic Coke Business Summary
Domestic Coke Business Summary 15 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 16: Industrial Services Business Summary
Industrial Services Business Summary 16 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 $62.3M 24,000 5,724 22,000 5,262 5,398 5,235 20,320 4,746 4,616 3,825 (1) 9,223 Q4 ’24 Q1 ’25 Q2 ’25
Slide 17: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 17 17 In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non- GAAP measures referenced in this presentation below. In addition to U.S. GAAP measures, this presentation contains certain
Slide 18: Coke Facility Capacity and Contract Duration/Volume
Coke Facility Capacity and Contract Duration/Volume 18 18 Contract Contract Facility Capacity(1) Customer Expiry Volume Indiana Harbor 1,220 Kt Cliffs Steel Sep. 2035 Capacity Middletown 550 Kt (2) Cliffs Steel Dec. 2032 Capacity Granite City 650 Kt US Steel Dec. 2026 Capacity (3) Cliffs Steel Dec.
Slide 19: Balance Sheet & Debt Metrics
Balance Sheet & Debt Metrics 19 19 As of As of ($ 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 20: 2026 Adjusted EBITDA and Free Cash Flow Guidance Reconciliation
2026 Adjusted EBITDA Guidance Reconciliation 20 20 ($ 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 21: Net Income to FCF Reconciliation
Net Income to FCF Reconciliation 21 21 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 $250 Cash interest, net (35) (33) Cash taxes 8 12 Total capex (90) (1
Slide 22: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA 22 22 2025 Q2 2025 Q3 2025 Q4 Year 2025 ($ 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 23: Adjusted EBITDA and Adjusted EBITDA per ton
Adjusted EBITDA and Adjusted EBITDA per ton 23 23 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 24: Historical Reconciliations to Adjusted EBITDA, FCF and Gross Leverage
Historical Reconciliations to Adjusted EBITDA 24 ($ in millions) FY '23 FY '24 Net Income $ 63.5 $ 103.5 Depreciation and amortization expense 142.8 118.9 Interest expense, net 27.3 23.4 Income tax expense 34.3 25.0 Transaction costs(1) 0.9 2.0 Adjusted EBITDA $ 268.8 $ 272.8 (1) Reflects costs incu
Slide 25: SunCoke Energy
x SunCoke Energy*