SunCoke Energy (NYSE: SXC) boosts 2026 EBITDA outlook after Q2 surge
Rhea-AI Filing Summary
SunCoke Energy delivered strong Q2 2026 results, with revenues of $475.3 million and net income attributable to SXC of $13.1 million, or $0.15 per diluted share, compared with $1.9 million, or $0.02, a year earlier. Consolidated Adjusted EBITDA increased to $69.6 million from $43.6 million, driven mainly by the Industrial Services segment and improved coal-to-coke yields in Domestic Coke.
Domestic Coke revenue declined to $367.5 million on lower blast coke volumes and lower coal pass-through pricing, but segment Adjusted EBITDA rose to $42.5 million and Adjusted EBITDA per ton improved to $48.41. Industrial Services revenue increased to $98.4 million and segment Adjusted EBITDA to $34.4 million, primarily reflecting the Phoenix acquisition and higher terminals handling volumes.
For 2026, the company now targets consolidated net income of $23–$42 million and Consolidated Adjusted EBITDA of $250–$265 million, with operating cash flow of $240–$260 million and capital expenditures of $90–$100 million. The board declared a quarterly cash dividend of $0.12 per share, the 28th consecutive quarterly dividend, payable on September 2, 2026.
Positive
- Q2 2026 profitability surged, with net income attributable to SXC rising to $13.1 million and diluted EPS to $0.15, compared with $1.9 million and $0.02 in Q2 2025.
- Q2 Consolidated Adjusted EBITDA climbed to $69.6 million from $43.6 million, led by Industrial Services Adjusted EBITDA of $34.4 million versus $7.7 million a year earlier.
- 2026 outlook was raised, with Consolidated Adjusted EBITDA guidance increased to $250–$265 million and projected Free Cash Flow of $150–$160 million supporting deleveraging and capital returns.
Negative
- Domestic Coke revenue fell by $42.9 million year over year to $367.5 million on lower blast coke volumes after the Haverhill I shutdown and lower coal pass-through pricing, while Corporate and Other Adjusted EBITDA expense widened to $7.3 million from $4.6 million.
Filing Explained
At June 30, 2026, the company reported liquidity, cash, and debt balances.
At
The filing reports total debt and net debt at
The filing says cash receipts were delayed at quarter-end and subsequently received in early July, so the reported
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenues: $475.3 million
Q2 2026 Net Income Attributable to SXC: $13.1 million
Q2 2026 Consolidated Adjusted EBITDA: $69.6 million
+5 more
8 metrics
Q2 2026 Revenues
$475.3 million
Three months ended June 30, 2026 consolidated revenues
Q2 2026 Net Income Attributable to SXC
$13.1 million
Net income attributable to SunCoke Energy, Inc. for Q2 2026
Q2 2026 Consolidated Adjusted EBITDA
$69.6 million
Consolidated Adjusted EBITDA for the three months ended June 30, 2026
Quarterly Dividend
$0.12 per share
Cash dividend payable September 2, 2026, 28th consecutive quarterly dividend
2026 Adjusted EBITDA Guidance
$250–$265 million
Company’s revised consolidated Adjusted EBITDA outlook for full-year 2026
Total Liquidity
$207.2 million
Cash plus available revolver capacity as of June 30, 2026
Net Debt
$617.8 million
Total debt less cash and cash equivalents at June 30, 2026
Domestic Coke Adjusted EBITDA per Ton
$48.41
Domestic Coke Adjusted EBITDA divided by sales volumes for Q2 2026
Key Terms
Adjusted EBITDA, take-or-pay contracts, Free Cash Flow, asset retirement obligations, +1 more
5 terms
Adjusted EBITDA financial
"Consolidated Adjusted EBITDA increased to $69.6 million from $43.6 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
take-or-pay contracts financial
"with the majority of sales under long-term, take-or-pay contracts"
A take-or-pay contract is an agreement where a buyer promises to either take a set minimum of goods or services from a seller or still pay an agreed fee even if they don’t take delivery. Think of it like reserving a theater box: you pay whether you use all the seats or not. For investors, these contracts create predictable revenue for sellers but also signal potential liability if buyers stop needing the product, affecting cash flow and credit risk.
Free Cash Flow financial
"Free Cash Flow (FCF) represents operating cash flow adjusted for capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
asset retirement obligations financial
"Asset retirement obligations | 18.8 | | | 18.1"
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
black lung benefits financial
"Accrual for black lung benefits | | 12.0 | | | 11.7"
Earnings Snapshot
Revenues: $475.3 million · Guidance included
three months ended June 30, 2026
Revenues
$475.3 million
$41.2 million increase vs Q2 2025
Net income attributable to SXC
$13.1 million
$11.2 million increase vs Q2 2025
Consolidated Adjusted EBITDA
$69.6 million
$26.0 million increase vs Q2 2025
Diluted EPS
$0.15
up from $0.02 in Q2 2025
Guidance
For 2026, the company expects consolidated net income of $23–$42 million, Consolidated Adjusted EBITDA of $250–$265 million, capital expenditures of $90–$100 million, operating cash flow of $240–$260 million, and net cash tax receipts of $8–$12 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were SunCoke Energy (SXC)'s key financial results for Q2 2026?
SunCoke reported Q2 2026 revenue of $475.3 million and net income attributable to SXC of $13.1 million ($0.15 diluted EPS). Consolidated Adjusted EBITDA reached $69.6 million, up from $43.6 million in the prior-year quarter, reflecting stronger segment performance.
How did SunCoke Energy (SXC)'s business segments perform in Q2 2026?
Domestic Coke generated $367.5 million of revenue and $42.5 million of Adjusted EBITDA, with Adjusted EBITDA per ton of $48.41. Industrial Services delivered revenue of $98.4 million and Adjusted EBITDA of $34.4 million, supported by Phoenix and higher terminals handling volumes.
What is SunCoke Energy (SXC)'s updated 2026 financial guidance?
For 2026, SunCoke expects consolidated net income of $23–$42 million and Consolidated Adjusted EBITDA of $250–$265 million. The company also projects operating cash flow of $240–$260 million, capital expenditures of $90–$100 million, and net cash tax receipts of $8–$12 million.
What dividend did SunCoke Energy (SXC) declare and when will it be paid?
The board declared a cash dividend of $0.12 per share, representing the 28th consecutive quarterly dividend. It is payable on September 2, 2026 to shareholders of record as of the close of business on August 17, 2026.
How strong is SunCoke Energy (SXC)'s balance sheet and liquidity after Q2 2026?
As of June 30, 2026, SunCoke held $42.7 million in cash and cash equivalents and total liquidity of $207.2 million. Total debt was $660.5 million, with net debt of $617.8 million and net leverage of 2.55x based on last-twelve-month Adjusted EBITDA.
How did Domestic Coke volumes and margins trend for SunCoke Energy (SXC) in Q2 2026?
Domestic Coke sales volumes were 878 thousand tons, down from 943 thousand tons a year earlier, mainly due to the Haverhill I shutdown. However, Domestic Coke Adjusted EBITDA increased to $42.5 million, and Adjusted EBITDA per ton improved to $48.41.
What are SunCoke Energy (SXC)'s 2026 capital expenditure and free cash flow expectations?
For 2026, capital expenditures are projected at $90–$100 million, and operating cash flow at $240–$260 million. Based on this outlook, SunCoke forecasts Free Cash Flow of $150–$160 million, after interest, taxes, and capital spending.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
(Registrant's telephone number, including area code) | |||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On July 30, 2026, SunCoke Energy, Inc. (the “Company”) issued a press release announcing financial results for the second quarter of 2026. A copy of this press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 7.01 - Regulation FD Disclosure.
As noted above, on July 30, 2026, the Company issued a press release announcing its financial results for the second quarter of 2026. Additional information concerning the Company’s financial results for the second quarter of 2026 will be presented in a slide presentation to investors during a previously announced teleconference on July 30, 2026. A copy of the slide presentation is attached as Exhibit 99.2 and is incorporated herein by reference.
Item 8.01 Other Events.
On July 30, 2026, the Company issued a press release announcing the declaration of its quarterly cash dividend. A copy of this press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
Safe Harbor Statement
Statements contained in the exhibits to this report that state the Company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.
The information in this report, being furnished pursuant to Items 2.02, 7.01 and 9.01 of Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits.
(d): The following exhibits are being filed herewith:
Exhibit No. | Description | |||||||
99.1 | SunCoke Energy, Inc. Press Release, announcing earnings (July 30, 2026) | |||||||
99.2 | SunCoke Energy, Inc. Slide Presentation regarding earnings (July 30, 2026) | |||||||
99.3 | SunCoke Energy, Inc. Press Release, announcing cash dividend (July 30, 2026) | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 30th day of July, 2026.
SUNCOKE ENERGY, INC. | |||||
By: | /s/ Karl A. Zabiello | ||||
Name: | Karl A. Zabiello | ||||
Title: | Vice President, Chief Accounting Officer and Treasurer | ||||
SUNCOKE ENERGY, INC. REPORTS SECOND QUARTER 2026 RESULTS
•Second quarter 2026 net income was $15.6 million, compared to $3.5 million in the prior year period; second quarter 2026 net income attributable to SXC was $13.1 million, or $0.15 per diluted share, compared to $1.9 million, or $0.02 per diluted share in the prior year period
•Consolidated Adjusted EBITDA(1) for the quarter was $69.6 million, compared to $43.6 million in the prior year period
•Declared a cash dividend of $0.12 per share, representing the Company’s 28th consecutive quarterly dividend, payable on September 2, 2026
•Middletown turbine resumed operations and power generation
•Increasing full-year 2026 Consolidated Adjusted EBITDA(1) guidance range to $250 million - $265 million
LISLE, Ill. (July 30, 2026) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the second quarter 2026, reflecting strong operational and financial performance.
"Our second quarter results reflect very strong operating performance from our Industrial Services and Domestic Coke businesses," said Katherine Gates, President and Chief Executive Officer of SunCoke Energy, Inc. "Industrial Services had its best quarter to date for Adjusted EBITDA since the acquisition of Phoenix, while our Domestic Coke segment benefited from favorable coal-to-coke yields due to improved operating conditions. Additionally, we successfully returned the Middletown turbine to service in May." Gates continued, "We expect this strong performance to continue, and with solid outlooks for both business segments throughout the second half of the year, we are increasing our full-year 2026 Consolidated Adjusted EBITDA guidance range to $250 million to $265 million."
(1)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
SECOND QUARTER CONSOLIDATED RESULTS
| Three Months Ended June 30, | |||||||||||||||||
(Dollars in millions) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
| Revenues | $ | 475.3 | $ | 434.1 | $ | 41.2 | |||||||||||
| Net income attributable to SXC | $ | 13.1 | $ | 1.9 | $ | 11.2 | |||||||||||
Adjusted EBITDA(1) | $ | 69.6 | $ | 43.6 | $ | 26.0 | |||||||||||
(1)See definition of Adjusted EBITDA and reconciliation to United States generally accepted accounting principles (“GAAP”) elsewhere in this release.
Revenues in the second quarter of 2026 increased $41.2 million as compared to the same prior year period, primarily driven by the addition of Phoenix, partially offset by lower blast coke sales volumes due to the shutdown of our Haverhill I cokemaking facility, the pass-through of lower coal prices on our long-term, take-or-pay agreements, and lower energy sales due to the Middletown cokemaking facility turbine failure.
Net income attributable to SXC increased $11.2 million as compared to the same prior year period, primarily driven by the inclusion of Phoenix results and higher terminals handling volumes.
Adjusted EBITDA increased $26.0 million as compared to the same prior year period, primarily driven by the inclusion of Phoenix, higher terminals handling volumes due to improved market conditions, and favorable coal-to-coke yields due to improved operating conditions, partially offset by lower coke sales volumes due to the shutdown of our Haverhill I cokemaking facility.
SECOND QUARTER SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill II, Granite City and Middletown plants.
| Three Months Ended June 30, | |||||||||||||||||
(Dollars in millions, except per ton amounts) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
Revenues | $ | 367.5 | $ | 410.4 | $ | (42.9) | |||||||||||
Adjusted EBITDA(1) | $ | 42.5 | $ | 40.5 | $ | 2.0 | |||||||||||
Sales volumes (thousands of tons) | 878 | 943 | (65) | ||||||||||||||
Adjusted EBITDA per ton(2) | $ | 48.41 | $ | 42.95 | $ | 5.46 | |||||||||||
(1)See definition of Adjusted EBITDA elsewhere in this release.
(2)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.
Revenues in the second quarter of 2026 decreased $42.9 million as compared to the same prior year period, primarily driven by lower blast coke sales volumes due to the shutdown of our Haverhill I cokemaking facility, the pass-through of lower coal prices on our long-term, take-or-pay agreements, and lower energy sales due to the Middletown cokemaking facility turbine failure.
Adjusted EBITDA in the second quarter of 2026 increased $2.0 million as compared to the same prior year period, primarily driven by favorable coal-to-coke yields due to improved operating conditions, partially offset by lower blast coke sales volumes due to the shutdown of our Haverhill I cokemaking facility.
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Industrial Services
Industrial Services consists of the handling and mixing services of coal and other aggregates at our logistics terminals, including Convent Marine Terminal ("CMT"), Lake Terminal, and Kanawha River Terminals (“KRT”), and fifteen molten slag removal, handling, and processing operating sites in four countries.
| Three Months Ended June 30, | |||||||||||||||||
| (Dollars in millions, except per ton amounts) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
| Revenues | $ | 98.4 | $ | 15.1 | $ | 83.3 | |||||||||||
| Intersegment sales | $ | 5.8 | $ | 5.9 | $ | (0.1) | |||||||||||
Adjusted EBITDA(1) | $ | 34.4 | $ | 7.7 | $ | 26.7 | |||||||||||
Terminals handling volumes (thousands of tons)(2) | 6,672 | 4,746 | 1,926 | ||||||||||||||
Steel customer volumes serviced (thousands of tons)(3) | 5,763 | — | 5,763 | ||||||||||||||
(1)See definition of Adjusted EBITDA elsewhere in this release.
(2)Reflects inbound tons handled during the period.
(3)Reflects volumes serviced in the form of slag handling, metal recovery, scrap preparation, and other mill services.
Revenues and Adjusted EBITDA increased in the second quarter of 2026 by $83.3 million and $26.7 million, respectively, as compared to the same prior year period, primarily driven by the addition of Phoenix results and higher terminals handling volumes.
Corporate and Other
Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, which is not a reportable segment, but which also includes licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil as well as the expenses related to those operations and activity from our legacy coal mining business.
Corporate and Other Adjusted EBITDA, which includes results from our legacy coal mining business and Brazil cokemaking business, was an expense of $7.3 million during the second quarter of 2026, compared to an expense of $4.6 million during the second quarter of 2025, primarily driven by higher employee related costs.
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2026 REVISED OUTLOOK
Our 2026 revised guidance is as follows:
•Domestic coke total sales are expected to be approximately 3.4 million tons(1)
•Consolidated Net Income is expected to be between $23 million and $42 million
•Consolidated Adjusted EBITDA is expected to be between $250 million and $265 million
•Capital expenditures are projected to be between $90 million and $100 million
•Operating cash flow is estimated to be between $240 million and $260 million
•Net cash tax receipts are projected to be between $8 million and $12 million
Disclaimer: The Company's 2026 outlook and guidance are based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this outlook and guidance.
(1) The production of foundry coke does not replace blast furnace coke on a ton for ton basis, resulting in a difference between guidance of ~3,400Kt coke sales (inclusive of foundry and blast) versus the stated Domestic Coke blast furnace equivalent capacity of ~3,690Kt
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 11:00 am ET (10:00 a.m. CT) today. The conference call will be webcast live at https://app.webinar.net/bYkw7yWOJmd and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by dialing 1-800-715-9871 in the U.S. or 1-646-307-1963 if outside the U.S., conference ID 5888042.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois, Indiana, Ohio, Virginia and Brazil. Our industrial services business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers, as well as mission-critical services to leading steel producers globally. The logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports. Additional industrial services include the removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products. To learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com.
SunCoke routinely announces material information to investors and the marketplace using press releases, Securities and Exchange Commission filings, public conference calls, webcasts, sustainability reports, and SunCoke's website at https://www.suncoke.com/en/investors/overview. The information that SunCoke posts to its website may be deemed to be material. Accordingly, SunCoke encourages investors and others interested in SunCoke to routinely monitor and review the information that SunCoke posts on its website, in addition to following SunCoke's press releases, Securities and Exchange Commission filings, sustainability reports, and public conference calls and webcasts.
NON-GAAP FINANCIAL MEASURES
In addition to U.S. GAAP measures, this press release contains certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Additionally, other companies may calculate non-GAAP metrics differently than we do, thereby limiting their usefulness as a comparative measure. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other U.S. GAAP-based financial performance measures, including revenues and net income. Reconciliations to the most comparable GAAP financial measures are included following the presentation of financial and operating results included at the end of this press release.
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DEFINITIONS
•Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, gains or losses on foreign currency derivative instruments assumed as part of the acquisition of Phoenix Global, site closure costs and/or transaction costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under U.S. GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with U.S. GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with U.S. GAAP. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
FORWARD-LOOKING STATEMENTS
This press release and related conference call contain “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 as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this press release or during the related conference call that are not statements of historical fact, including those concerning possible or assumed future results of operations, our 2026 guidance and outlook, our expectation to continue a quarterly dividend, descriptions of our business plans and strategies, and other statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission (SEC).
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the SEC cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by SunCoke. For information concerning these factors and other important information regarding the matters discussed in this press release and related conference call, see SunCoke's SEC filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com or on the SEC's website at www.sec.gov. All forward-looking statements included in this press release and related conference call are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this press release and related conference call also could have material adverse effects on forward-looking statements.
Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. SunCoke does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events, or otherwise, after the date of this press release except as required by applicable law.
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SunCoke Energy, Inc.
Consolidated Statements of Operations
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars and shares in millions, except per share amounts) | ||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Sales and other operating revenue | $ | 475.3 | $ | 434.1 | $ | 930.4 | $ | 870.1 | ||||||||||||||||||
| Costs and operating expenses | ||||||||||||||||||||||||||
Cost of products sold and operating expenses | 374.9 | 375.1 | 750.4 | 737.4 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 31.5 | 20.6 | 61.8 | 35.3 | ||||||||||||||||||||||
| Depreciation and amortization expense | 39.9 | 28.6 | 84.8 | 57.4 | ||||||||||||||||||||||
| Total costs and operating expenses | 446.3 | 424.3 | 897.0 | 830.1 | ||||||||||||||||||||||
| Operating income | 29.0 | 9.8 | 33.4 | 40.0 | ||||||||||||||||||||||
| Interest expense, net | 8.5 | 5.4 | 17.2 | 10.6 | ||||||||||||||||||||||
| Income before income tax expense | 20.5 | 4.4 | 16.2 | 29.4 | ||||||||||||||||||||||
| Income tax expense | 4.9 | 0.9 | 4.0 | 6.5 | ||||||||||||||||||||||
| Net income | 15.6 | 3.5 | 12.2 | 22.9 | ||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 2.5 | 1.6 | 3.5 | 3.7 | ||||||||||||||||||||||
| Net income attributable to SunCoke Energy, Inc. | $ | 13.1 | $ | 1.9 | $ | 8.7 | $ | 19.2 | ||||||||||||||||||
| Earnings attributable to SunCoke Energy, Inc. per common share: | ||||||||||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.02 | $ | 0.10 | $ | 0.22 | ||||||||||||||||||
| Diluted | $ | 0.15 | $ | 0.02 | $ | 0.10 | $ | 0.22 | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 85.7 | 85.5 | 85.6 | 85.5 | ||||||||||||||||||||||
| Diluted | 85.8 | 85.6 | 85.8 | 85.6 | ||||||||||||||||||||||
6
SunCoke Energy, Inc.
Consolidated Balance Sheets
| June 30, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| (Dollars in millions, except par value amounts) | ||||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 42.7 | $ | 88.7 | ||||||||||
| Receivables (net of allowances of $0.2 million and $11.1 million at June 30, 2026 and December 31, 2025, respectively) | 209.3 | 111.5 | ||||||||||||
| Inventories | 186.1 | 219.9 | ||||||||||||
| Income tax receivable | 11.5 | 24.1 | ||||||||||||
| Other current assets | 23.5 | 18.8 | ||||||||||||
| Total current assets | 473.1 | 463.0 | ||||||||||||
Properties, plants and equipment (net of accumulated depreciation of $1,574.0 million and $1,497.4 million at June 30, 2026 and December 31, 2025, respectively) | 1,148.8 | 1,202.7 | ||||||||||||
| Goodwill | 55.3 | 55.6 | ||||||||||||
| Intangible assets, net | 42.4 | 44.0 | ||||||||||||
| Deferred charges and other assets | 23.6 | 24.6 | ||||||||||||
| Total assets | $ | 1,743.2 | $ | 1,789.9 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Accounts payable | $ | 140.5 | $ | 157.3 | ||||||||||
| Accrued liabilities | 69.5 | 60.8 | ||||||||||||
| Interest payable | — | 1.4 | ||||||||||||
| Total current liabilities | 210.0 | 219.5 | ||||||||||||
| Long-term debt | 653.9 | 685.5 | ||||||||||||
| Accrual for black lung benefits | 12.0 | 11.7 | ||||||||||||
| Retirement benefit liabilities | 7.0 | 7.3 | ||||||||||||
| Deferred income taxes | 196.8 | 190.3 | ||||||||||||
| Asset retirement obligations | 18.8 | 18.1 | ||||||||||||
| Long-term financing lease liability | 2.5 | 2.6 | ||||||||||||
| Other deferred credits and liabilities | 28.7 | 28.8 | ||||||||||||
| Total liabilities | 1,129.7 | 1,163.8 | ||||||||||||
| Equity | ||||||||||||||
| Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both June 30, 2026 and December 31, 2025 | — | — | ||||||||||||
| Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 100,279,332 and 100,069,991 shares at June 30, 2026 and December 31, 2025, respectively | 1.0 | 1.0 | ||||||||||||
| Treasury stock, 15,404,482 shares at both June 30, 2026 and December 31, 2025 | (184.0) | (184.0) | ||||||||||||
| Additional paid-in capital | 734.2 | 732.2 | ||||||||||||
| Accumulated other comprehensive loss | (5.9) | (4.2) | ||||||||||||
| Retained earnings | 40.3 | 52.3 | ||||||||||||
| Total SunCoke Energy, Inc. stockholders’ equity | 585.6 | 597.3 | ||||||||||||
| Noncontrolling interest | 27.9 | 28.8 | ||||||||||||
| Total equity | 613.5 | 626.1 | ||||||||||||
| Total liabilities and equity | $ | 1,743.2 | $ | 1,789.9 | ||||||||||
7
SunCoke Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Dollars in millions) | ||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||
| Net income | $ | 12.2 | $ | 22.9 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization expense | 84.8 | 57.4 | ||||||||||||
| Deferred income tax expense (benefit) | 6.3 | (2.5) | ||||||||||||
| Share-based compensation expense | 3.1 | 1.8 | ||||||||||||
| Changes in working capital pertaining to operating activities: | ||||||||||||||
| Receivables, net | (97.0) | 23.2 | ||||||||||||
| Inventories | 32.7 | (34.4) | ||||||||||||
| Accounts payable | (12.5) | (14.8) | ||||||||||||
| Accrued liabilities | 13.3 | (4.2) | ||||||||||||
| Interest payable | (1.4) | — | ||||||||||||
| Income taxes | 13.1 | (1.1) | ||||||||||||
| Other operating activities | (9.1) | (5.0) | ||||||||||||
| Net cash provided by operating activities | 45.5 | 43.3 | ||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||
| Capital expenditures | (32.9) | (17.5) | ||||||||||||
| Acquisition of Phoenix Global, net of cash acquired | 1.8 | — | ||||||||||||
| Other investing activities | 1.5 | 0.3 | ||||||||||||
| Net cash used in investing activities | (29.6) | (17.2) | ||||||||||||
| Cash Flows from Financing Activities | ||||||||||||||
| Proceeds from revolving facility | 185.5 | — | ||||||||||||
| Repayment of revolving facility | (218.0) | — | ||||||||||||
| Dividends paid | (20.9) | (21.1) | ||||||||||||
| Cash distribution to noncontrolling interests | (4.4) | (5.2) | ||||||||||||
| Repayment of finance lease liabilities | (3.0) | (0.2) | ||||||||||||
| Other financing activities | (1.1) | (3.0) | ||||||||||||
| Net cash used in financing activities | (61.9) | (29.5) | ||||||||||||
| Net decrease in cash and cash equivalents | (46.0) | (3.4) | ||||||||||||
| Cash and cash equivalents at beginning of period | 88.7 | 189.6 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 42.7 | $ | 186.2 | ||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||
| Interest paid | $ | 19.3 | $ | 12.2 | ||||||||||
| Income taxes paid, net of refunds of $18.7 million and $5.0 million, respectively | $ | (15.4) | $ | 10.1 | ||||||||||
8
SunCoke Energy, Inc.
Segment Financial and Operating Data
The following tables set forth financial and operating data for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars in millions, except per ton amounts) | ||||||||||||||||||||||||||
| Sales and Other Operating Revenues: | ||||||||||||||||||||||||||
| Domestic Coke | $ | 367.5 | $ | 410.4 | $ | 729.2 | $ | 816.2 | ||||||||||||||||||
| Industrial Services | 98.4 | 15.1 | 183.8 | 37.5 | ||||||||||||||||||||||
| Industrial Services intersegment sales | 5.8 | 5.9 | 11.3 | 11.5 | ||||||||||||||||||||||
| Elimination of intersegment sales | (5.8) | (5.9) | (11.3) | (11.5) | ||||||||||||||||||||||
| Total sales and other operating revenue reportable segments | $ | 465.9 | $ | 425.5 | $ | 913.0 | $ | 853.7 | ||||||||||||||||||
Corporate and Other, net(1) | 9.4 | 8.6 | 17.4 | 16.4 | ||||||||||||||||||||||
| Total sales and other operating revenue | $ | 475.3 | $ | 434.1 | $ | 930.4 | $ | 870.1 | ||||||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||||
| Domestic Coke | $ | 42.5 | $ | 40.5 | $ | 77.8 | $ | 90.4 | ||||||||||||||||||
| Industrial Services | 34.4 | 7.7 | 60.6 | 21.4 | ||||||||||||||||||||||
| Total Adjusted EBITDA reportable segments | 76.9 | 48.2 | 138.4 | 111.8 | ||||||||||||||||||||||
Corporate and Other, net(1) | (7.3) | (4.6) | (12.3) | (8.4) | ||||||||||||||||||||||
Total Adjusted EBITDA(2) | $ | 69.6 | $ | 43.6 | $ | 126.1 | $ | 103.4 | ||||||||||||||||||
| Domestic Coke Operating Data: | ||||||||||||||||||||||||||
Domestic Coke capacity utilization(3) | 100 | % | 95 | % | 97 | % | 93 | % | ||||||||||||||||||
Domestic Coke production volumes (thousands of tons) | 864 | 947 | 1,670 | 1,852 | ||||||||||||||||||||||
Domestic Coke sales volumes (thousands of tons) | 878 | 943 | 1,720 | 1,841 | ||||||||||||||||||||||
Domestic Coke Adjusted EBITDA per ton(4) | $ | 48.41 | $ | 42.95 | $ | 45.23 | $ | 49.10 | ||||||||||||||||||
Industrial Services Operating Data: | ||||||||||||||||||||||||||
| Terminals handling volumes (thousands of tons) | 6,672 | 4,746 | 12,316 | 10,470 | ||||||||||||||||||||||
| Steel customer volumes serviced (thousands of tons) | 5,763 | — | 11,326 | — | ||||||||||||||||||||||
(1)Corporate and Other, net is not a reportable segment.
(2)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
(3)The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time. The Domestic Coke capacity utilization is calculated assuming a single ton of foundry coke replaces approximately two tons of blast furnace coke.
(4)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.
9
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Net Income to Consolidated Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||
| Net income | $ | 15.6 | $ | 3.5 | $ | 12.2 | $ | 22.9 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Depreciation and amortization expense | 39.9 | 28.6 | 84.8 | 57.4 | ||||||||||||||||||||||
| Interest expense, net | 8.5 | 5.4 | 17.2 | 10.6 | ||||||||||||||||||||||
| Income tax expense | 4.9 | 0.9 | 4.0 | 6.5 | ||||||||||||||||||||||
| Loss on derivative forward contracts | — | — | 0.3 | — | ||||||||||||||||||||||
Restructuring costs(1) | 0.3 | — | 0.6 | — | ||||||||||||||||||||||
Transaction costs(2) | — | 5.2 | 0.2 | 6.0 | ||||||||||||||||||||||
Site closure costs(3) | 0.4 | — | 6.8 | — | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 69.6 | $ | 43.6 | $ | 126.1 | $ | 103.4 | ||||||||||||||||||
(1)Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global.
(2)Reflects costs incurred related to the acquisition of Phoenix Global.
(3)Reflects costs incurred associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites.
SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Estimated 2026 Net Income
to Estimated 2026 Consolidated Adjusted EBITDA
| 2026 | ||||||||||||||
| Low | High | |||||||||||||
| (Dollars in millions) | ||||||||||||||
| Net income | $ | 23 | $ | 42 | ||||||||||
| Add: | ||||||||||||||
| Depreciation and amortization expense | 172 | 170 | ||||||||||||
| Interest expense, net | 34 | 32 | ||||||||||||
| Income tax expense | 8 | 10 | ||||||||||||
| Loss on derivative forward contracts | 1 | 1 | ||||||||||||
Restructuring costs(1) | 1 | 1 | ||||||||||||
Transaction costs(2) | 1 | 1 | ||||||||||||
Site closure costs(3) | $ | 10 | $ | 8 | ||||||||||
| Adjusted EBITDA | $ | 250 | $ | 265 | ||||||||||
(1)Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global.
(2)Reflects costs incurred related to the acquisition of Phoenix Global.
(3)Reflects costs incurred associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites.
Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
10
SunCoke Energy, Inc. Q2 2026 Earnings Conference Call
2 2Forward-Looking Statements This presentation should be reviewed in conjunction with the second quarter 2026 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on July 30, 2026 at 11:00 a.m. ET (10:00 a.m. CT). 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 as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this presentation or during the related conference call that are not statements of historical fact, including those concerning our possible or assumed future results of operations, our 2026 guidance and outlook, our 2026 key initiatives, future dividends, anticipated transaction benefits and synergies of the Phoenix Global acquisition, descriptions of our business plans and strategies, and other statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission (SEC). In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the SEC cautionary language identifying important factors (but not necessarily all the important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by SunCoke. For information concerning these factors and other important information regarding the matters discussed in this presentation, see SunCoke’s SEC filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com or on the SEC’s website at www.sec.gov. All forward-looking statements included in this presentation or made during the related conference call are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this presentation also could have material adverse effects on forward-looking statements. Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the earnings release. SunCoke does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events, or otherwise, after the date of the earnings release except as required by applicable law.
3 3Q2 2026 Highlights ✓ Delivered strong Q2 ‘26 Consolidated Adjusted EBITDA(1) of $69.6M ✓ Excellent operating performance from our Industrial Services and Domestic Coke segments ✓ Middletown turbine resumed operations and power generation in May ✓ Declared a cash dividend of $0.12 per share, representing the 28th consecutive quarterly dividend, payable on September 2, 2026 ✓ Ended Q2 with liquidity of ~$207M ✓ Increasing FY 2026 Consolidated Adjusted EBITDA(1) guidance to $250M - $265M from original guidance of $230M - $250M (1) See appendix for a definition and reconciliation of Adjusted EBITDA
4 4Q2 2026 Financial Performance (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Industrial Services Adjusted EBITDA includes logistics business and Phoenix business (3) Corporate and Other Adj. EBITDA includes activity from our legacy coal mining business and Brazil cokemaking business ($/share) ($ in millions) Adjusted EBITDA(1) $43.6 $69.6 Q2 ’25 Q2 ’26 +$26.0 M Q2 2026 Earnings Review • Q2 ‘26 EPS of $0.15, up $0.13 from the prior year quarter ▪ Primarily driven by the addition of Phoenix results and higher terminals handling volumes • Consolidated Adjusted EBITDA(1) of $69.6M, an increase of $26.0M from the prior year quarter ▪ Domestic Coke segment up $2.0M, primarily driven by favorable coal-to-coke yields, partially offset by lower coke sales volumes due to the Haverhill I shutdown ▪ Industrial Services segment up $26.7M driven by the addition of Phoenix and higher terminals handling volumes ▪ Corporate and Other expenses up $2.7M driven by higher employee related expenses $0.02 $0.15 Q2 ’25 Q2 ’26 +$0.13 Diluted EPS ($ in millions) Q2 '26 Q2 '25 Q2 '26 vs Q2 '25 Domestic Coke Sales Volumes, Kt 878 943 (65) Terminals Handling Volumes, Kt 6,672 4,746 1,926 Steel Customer Volumes Serviced, Kt 5,763 N/A N/A Domestic Coke Adjusted EBITDA $42.5 $40.5 $2.0 Industrial Services Adjusted EBITDA(2) $34.4 $7.7 $26.7 Corporate and Other Adjusted EBITDA (3) ($7.3) ($4.6) ($2.7) Consolidated Adjusted EBITDA (1) $69.6 $43.6 $26.0
5 Domestic Coke Performance Domestic Coke Business Summary Domestic Coke results driven by strong operational performance; increasing FY 2026 Domestic Coke Adjusted EBITDA guidance range 121 128 110 116 124 292 299 287 273 308 229 241 198 125 127 150 154 165 145 150 155 160 155 147 155 $40.5M $44.0M $35.6M $35.3M $42.5M Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 947 982 915 806 864 Adjusted EBITDA(1) Middletown Granite City Haverhill II(2) Indiana Harbor Jewell Sales Tons (Coke Production, Kt) • Delivered Adjusted EBITDA of $42.5M in Q2 ‘26 vs $40.5M in Q2 ‘25 ▪ Favorable coal-to-coke yields due to improved operating conditions ▪ Lower coke sales volumes due to Haverhill I shutdown • Increasing FY 2026 Domestic Coke Adjusted EBITDA guidance range to $172M - $178M ▪ Improved operating conditions and coal-to-coke yields ▪ Foundry coke business continuing to perform well 842K943K 878K876K951K (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Quarters prior to Q1 ‘26 reflect Haverhill I and Haverhill II; Haverhill I shut down as of Q1 ‘26
6Industrial Services Business Summary Excellent Industrial Services performance driven by addition of Phoenix and higher terminals handling volumes; increasing FY 2026 Industrial Services Adjusted EBITDA guidance range • Delivered Adjusted EBITDA of $34.4M in Q2 ‘26 vs $7.7M in Q2 ‘25 ▪ Primarily driven by addition of Phoenix ▪ Higher terminals handling volumes • Increasing FY 2026 Industrial Services Adjusted EBITDA guidance range to $110M - $115M ▪ Continued solid outlook for terminals handling volumes and steel customer volumes serviced by Phoenix (1) See appendix for a definition and reconciliation of Adjusted EBITDA Industrial Services Performance 4,746 5,235 4,616 5,643 6,672 3,825 5,398 5,562 5,763$7.7M $18.2M $22.7M $26.2M $34.4M Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Terminals handling volumes, Kt Steel customer volumes serviced, Kt Adjusted EBITDA(1)
7 $104.4 $42.7 Cash @ Q1 2026 ($27.2) Net Cash Provided by Ops. Activities ($6.5) Net Revolver Borrowing / (Paydown) ($15.9) CapEx ($10.2) Dividends ($1.9) Other Cash @ Q2 2026 (1) Gross leverage and net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA ($ in millions) Ended Q2 with ample liquidity of ~$207M; Q2 operating cash flow impacted by timing of cash receipts at quarter-end, subsequently received in early July Q2 2026 Liquidity Dividend of $0.12 per share Negatively impacted by the timing of ~$65M of cash receipts at quarter-end, subsequently received in early July (Consolidated) Q2 '26 Total Debt $660.5M Gross Leverage(1) 2.73x Net Leverage(1) 2.55x Revolver Availability: $164.5M
8 8 • Further strengthen customer relationships and grow market share in foundry business • Expand product and customer base in Industrial Services segment Strengthen Customer Bases for Coke and Industrial Services Businesses 2026 Key Initiatives • $250M - $265M Adjusted EBITDA(1) • $150M - $160M Free Cash Flow(2) generation to support capital allocation priorities of deleveraging and returning capital to shareholders Achieve 2026 Financial Objectives Continued Safety and Environmental Excellence • Continue to deliver strong safety and environmental performance • Successfully execute on operational and capital plan • Continue to provide reliable, high-quality products and services to our customers Deliver Operational Excellence and Optimize Asset Utilization • Continue to execute against our well-established capital allocation priorities of exploring growth opportunities, deleveraging, and returning capital to shareholders Execute on Well-Established Capital Allocation Priorities (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) See appendix for a definition and reconciliation of Free Cash Flow
APPENDIX
10 10 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 non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Additionally, other companies may calculate non-GAAP metrics differently than we do, thereby limiting their usefulness as a comparative measure. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other U.S. GAAP-based financial performance measures, including revenues and net income. Reconciliations to the most comparable GAAP financial measures are included at the end of this Appendix. DEFINITIONS EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, gains or losses on foreign currency derivative instruments assumed as part of the acquisition of Phoenix Global, site closure costs and/or transaction costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under U.S. GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with U.S. GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with U.S. GAAP. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Adjusted EBITDA/Ton represents Adjusted EBITDA divided by tons sold/handled. Free Cash Flow (FCF) represents operating cash flow adjusted for capital expenditures and debt issuance costs. Management believes FCF is an important measure of liquidity. FCF is not a measure calculated in accordance with GAAP, and it should not be considered a substitute for operating cash flow or any other measure of financial performance presented in accordance with GAAP. NON-GAAP FINANCIAL MEASURES
112026 Guidance Summary Increasing 2026 Consolidated Adjusted EBITDA(1) guidance to $250M - $265M; increasing 2026 Free Cash Flow(2) guidance to $150M - $160M (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) See appendix for a definition and reconciliation of Free Cash Flow (3) Domestic Coke Adjusted EBITDA/ton calculated as Domestic Coke EBITDA/Domestic Coke Sales (4) Expecting cash tax refund in 2026 related to tax credits generated in prior years, offsetting cash tax payments in 2026, resulting in net cash tax receipt guidance for 2026 * The Company's 2026 guidance is based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this guidance. ($ in millions) Low End High End Adjusted EBITDA(1) $250 $265 Cash interest, net ($34) ($33) Cash taxes $8 $12 Total capex ($90) ($100) Non-cash items and other working capital changes $16 $16 Free Cash Flow (FCF)(2) $150 $160 Adjusted EBITDA to FCF Walk 2026E 2026 Original 2026 Revised Guidance Guidance* Adjusted EBITDA Consolidated(1) $230M - $250M $250M - $265M Domestic Coke Adjusted EBITDA $162M - $168M $172M - $178M Industrial Services Adjusted EBITDA $90M - $100M $110M - $115M Domestic Coke Sales ~3.4M tons ~3.4M tons Domestic Coke Production ~3.4M tons ~3.4M tons Domestic Coke Adjusted EBITDA/ton (3) $48 - $50/ton $51 - $52/ton Total Capital Expenditures $90M - $100M $90M - $100M Operating Cash Flow $230M - $250M $240M - $260M Cash Taxes(4) ($8M) - ($12M) ($8M) - ($12M) Metric
12 12Coke Facility Capacity and Contract Duration/Volume (1) Capacity represents blast furnace equivalent production capacity (2) Represents production capacity for blast-furnace sized coke, however, customer takes all on a “run of oven” basis, which represents >600k tons per year (3) Operating in a turn-down mode in 2026 as part of the contract extension (4) As of Q3 2025, Algoma refused to accept any additional coke tons from Haverhill I, which has been shut down; SunCoke actively pursuing enforcement of contract Facility Capacity (1) Customer Contract Expiry Contract 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) Haverhill II /Jewell 1,270Kt Cliffs Steel Algoma Steel(4) Foundries Dec. 2028 Dec. 2026 N/A 500 Kt 150 Kt Varies
13 13Balance Sheet & Debt Metrics (1) 2026 gross and net leverage guidance calculated assuming all free cash flow in excess of $41M in dividend payments is used to pay down debt ($ in millions) As of 6/30/2026 As of 12/31/2025 Cash 42.7$ 88.7$ Available Revolver Capacity 164.5$ 132.0$ Total Liquidity 207.2$ 220.7$ Gross Debt (Long and Short-term) 660.5$ 693.0$ Net Debt (Total Debt less Cash) 617.8$ 604.3$ LTM Adjusted EBITDA 241.9$ 219.1$ Gross Debt / LTM Adjusted EBITDA 2.73x 3.16x Net Debt / LTM Adjusted EBITDA 2.55x 2.76x Adjusted EBITDA Gross Leverage (1) Net Leverage (1) 2.17x - 2.34x 1.83x - 1.98x 2026 Revised Guidance $250M - $265M 2025 2026 2027 2028 2029 2030 Consolidated Total Sr. Notes -$ -$ -$ -$ 500.0$ -$ 500.0$ Revolver - - - - - 160.5 160.5 Total -$ -$ -$ -$ 500.0$ 160.5$ 660.5$ As of 6/30/2026 ($ in millions)
14 142026 Adjusted EBITDA Guidance Reconciliation 2026 Free Cash Flow Guidance Reconciliation (1) Primarily reflect severance and other related charges associated with the acquisition of Phoenix Global (2) Primarily reflects costs incurred related to the acquisition of Phoenix Global (3) Primarily reflects costs incurred associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites. ($ in millions) Low High Operating Cash Flow $240 $260 Capital Expenditures (90) (100) Free Cash Flow (FCF) $150 $160 2026E Low High Net Income $23 $42 Depreciation and amortization expense 172 170 Interest expense, net 34 32 Income tax expense 8 10 Loss on derivative forward contracts 1 1 Restructuring costs(1) 1 1 Transaction costs(2) 1 1 Site closure costs(3) 10 8 Adjusted EBITDA (Consolidated) $250 $265 2026E ($ in millions)
15 152026 Net Income to FCF Reconciliation Low End High End Net Income $23 $42 Depreciation and amortization expense 172 170 Interest expense, net 34 32 Income tax expense 8 10 Loss on derivative forward contracts 1 1 Restructuring costs(1) 1 1 Transaction costs(2) 1 1 Site closure costs(3) 10 8 Adjusted EBITDA (Consolidated) $250 $265 Cash interest, net (34) (33) Cash taxes 8 12 Total capex (90) (100) Non-cash items and working capital changes 16 16 Free Cash Flow (FCF) $150 $160 ($ in millions) 2026E (1) Primarily reflect severance and other related charges associated with the acquisition of Phoenix Global (2) Primarily reflects costs incurred related to the acquisition of Phoenix Global (3) Primarily reflects costs incurred associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites.
16 16Reconciliation to Adjusted EBITDA (1) Primarily reflects severance and other related charges associated with the Phoenix acquisition (2) Reflects costs incurred related to the Phoenix acquisition and the granulated pig iron project with U.S. Steel (3) Primarily reflects incremental costs incurred associated with closing certain Phoenix operating sites in Q4 ‘25; primarily reflects incremental costs incurred related to the shutdown of Haverhill I and certain Phoenix operating sites in Q1 ’26 and Q2 ‘26 (4) Primarily reflects non-cash asset impairment charge due to the shutdown of our Haverhill I cokemaking facility 2025 Q2 2025 Q3 2025 Q4 Year 2025 2026 Q1 2026 Q2 ($ in millions) Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Q2 '26 Net Income (loss) 19.4$ 3.5$ 23.8$ (85.5)$ (38.8)$ (3.4)$ 15.6$ Depreciation and amortization expense 28.8 28.6 37.4 58.8 153.6 44.9 39.9 Interest expense, net 5.2 5.4 8.4 9.4 28.4 8.7 8.5 Income tax (benefit) expense 5.6 0.9 (18.8) (21.7) (34.0) (0.9) 4.9 Loss on derivative forward contracts - - 0.7 - 0.7 0.3 - Restructuring costs(1) - 0.5 3.0 0.9 4.4 0.3 0.3 Transaction costs(2) 0.8 4.7 4.6 0.6 10.7 0.2 - Site closure costs(3) - - - 3.9 3.9 6.4 0.4 Long-lived asset impairment(4) - - - 90.3 90.3 - - Adjusted EBITDA 59.8$ 43.6$ 59.1$ 56.7$ 219.2$ 56.5$ 69.6$
17 17Adjusted EBITDA and Adjusted EBITDA per ton (1) Industrial Services includes the results of our logistics business and Phoenix business (2) Corporate and Other includes the results of our legacy coal mining business and Brazil cokemaking business ($ in millions, except per ton data) Adjusted EBITDA Sales Volumes, Kt Adjusted EBITDA per ton Adjusted EBITDA Terminals Handling Volumes, Kt Steel Customer Volumes Serviced, Kt Q2 2026 $42.5 878 $48.41 $34.4 6,672 5,763 ($7.3) $69.6 Q1 2026 $35.3 842 $41.92 $26.2 5,643 5,562 ($5.0) $56.5 FY 2025 $170.0 3,668 $46.35 $62.3 20,320 9,223 ($13.1) $219.2 Q4 2025 $35.6 876 $40.64 $22.7 4,616 5,398 ($1.6) $56.7 Q3 2025 $44.0 951 $46.27 $18.2 5,235 3,825 ($3.1) $59.1 Q2 2025 $40.5 943 $42.95 $7.7 4,746 ($4.6) $43.6 Q1 2025 $49.9 898 $55.57 $13.7 5,724 ($3.8) $59.8 Domestic Coke Industrial Services(1) Corporate and Other(2) Consolidated Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton
SUNCOKE ENERGY, INC. DECLARES CASH DIVIDEND
Lisle, Ill. – Today, SunCoke Energy, Inc. (NYSE: SXC) announced that its Board of Directors declared a cash dividend of $0.12 per share of the Company’s common stock to be paid on September 2, 2026 to stockholders of record at the close of business on August 17, 2026.
ABOUT SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois, Indiana, Ohio, Virginia and Brazil. Our industrial services business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers, as well as mission-critical services to leading steel producers globally. The logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports. Additional industrial services include the removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products. To learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com.
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