SunCoke Energy Q3 adjusted EBITDA rises to $76.9M
SunCoke expects to modestly exceed its $250 million to $265 million full-year Adjusted EBITDA guidance range and projects $270 million to $285 million in operating cash flow.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
SunCoke Energy, Inc. (SXC) reported third-quarter 2026 revenue of $485.9 million versus $487.0 million and net income of $23.8 million in both periods. Net income attributable to SXC was $21.8 million, or $0.25 per diluted share, compared with $22.2 million, or $0.26. Consolidated Adjusted EBITDA, a non-GAAP measure, rose to $76.9 million from $59.1 million. Domestic Coke Adjusted EBITDA was $51.1 million versus $44.0 million, while Industrial Services was $32.1 million versus $18.2 million; SunCoke cited sales mix, yields, Phoenix contribution and higher terminal volumes among drivers, partly offset by lower coke volumes following the Haverhill I shutdown.
SunCoke expects to modestly exceed the high end of its $250 million to $265 million full-year 2026 Adjusted EBITDA guidance range. Revised outlook includes net income of $22 million to $42 million, operating cash flow of $270 million to $285 million, capital expenditures of $90 million to $100 million, and net cash tax receipts of $8 million to $12 million. The board declared a $0.12 per-share quarterly dividend, its 29th consecutive quarterly dividend, payable December 1, 2026, to holders of record November 17, 2026. SunCoke also reported an October 2026 settlement agreement with Algoma Steel related to its 2025 claim.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointConsolidated Adjusted EBITDA increased $17.8 million, to $76.9 million.
- Moderate pointIndustrial Services revenue increased $32.7 million, to $96.8 million.
Negative
- Moderate pointDomestic Coke revenue decreased $34.4 million, to $379.4 million.
Filing Explained
At
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $485.9 million
Net income attributable to SXC: $21.8 million
Consolidated Adjusted EBITDA: $76.9 million
+5 more
8 metrics
Revenue
$485.9 million
Three months ended September 30, 2026; $487.0 million in 2025
Net income attributable to SXC
$21.8 million
Three months ended September 30, 2026; $22.2 million in 2025
Consolidated Adjusted EBITDA
$76.9 million
Third quarter 2026; $59.1 million in 2025
Domestic Coke Adjusted EBITDA
$51.1 million
Third quarter 2026; $44.0 million in 2025
Industrial Services Adjusted EBITDA
$32.1 million
Third quarter 2026; $18.2 million in 2025
Full-year Consolidated Adjusted EBITDA guidance
$250 million to $265 million
2026 revised guidance; SunCoke expects to modestly exceed the high end
Operating cash flow guidance
$270 million to $285 million
Full-year 2026 revised guidance
Cash dividend
$0.12 per share
Payable December 1, 2026
Key Terms
Adjusted EBITDA, Free Cash Flow (FCF), take-or-pay agreements, Net leverage
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization"
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.
Free Cash Flow (FCF) financial
"Free Cash Flow (FCF) represents operating cash flow adjusted for capital expenditures"
Free cash flow (FCF) is the cash a company generates from its regular business after paying for necessary investments like equipment, buildings, or repairs—think of it as the money left in your wallet after paying bills and fixing the car. Investors watch FCF because it shows how much real, spendable cash a company has to pay dividends, pay down debt, buy back shares, or fund growth, making it a key measure of financial health and flexibility.
take-or-pay agreements financial
"majority of sales under long-term, take-or-pay contracts"
A take-or-pay agreement is a contract in which a buyer promises to either take an agreed quantity of a product or service from a seller or, if they do not, pay a predefined fee anyway. For investors it matters because these deals create steady, predictable revenue for sellers while locking buyers into payments that can affect their cash flow and credit risk, similar to paying a subscription or reserving a service whether you use it or not.
Net leverage financial
"Net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
Earnings Snapshot
Revenue: $485.9 million · Guidance included
Third quarter 2026
Revenue
$485.9 million
decrease of $1.1 million from the prior-year period
Net income
$23.8 million
unchanged from the prior-year period
Net income attributable to SXC
$21.8 million
decrease of $0.4 million from the prior-year period
Consolidated Adjusted EBITDA
$76.9 million
increase of $17.8 million from the prior-year period
Diluted earnings per share
$0.25
decrease of $0.01 from the prior-year period
Guidance
SunCoke expects to modestly exceed the high end of its $250 million to $265 million full-year 2026 Consolidated Adjusted EBITDA guidance range.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did SXC perform in the third quarter of 2026?
SunCoke reported third-quarter revenue of $485.9 million and net income of $23.8 million. Net income attributable to SXC was $21.8 million, or $0.25 per diluted share; Consolidated Adjusted EBITDA was $76.9 million, compared with $59.1 million in the prior-year period.
What is SXC's 2026 free cash flow guidance?
SunCoke increased its 2026 Free Cash Flow guidance to $180 million to $185 million. Its guidance reconciliation lists operating cash flow of $270 million to $285 million and capital expenditures of $90 million to $100 million.
What are SXC's revised 2026 segment Adjusted EBITDA guidance ranges?
SunCoke's revised guidance is $172 million to $178 million for Domestic Coke Adjusted EBITDA and $110 million to $115 million for Industrial Services Adjusted EBITDA.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 October 27, 2026, SunCoke Energy, Inc. (the “Company”) issued a press release announcing financial results for the third 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 October 27, 2026, the Company issued a press release announcing its financial results for the third quarter of 2026. Additional information concerning the Company’s financial results for the third quarter of 2026 will be presented in a slide presentation to investors during a previously announced teleconference on October 27, 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 October 27, 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 (October 27, 2026) | |||||||
99.2 | SunCoke Energy, Inc. Slide Presentation regarding earnings (October 27, 2026) | |||||||
99.3 | SunCoke Energy, Inc. Press Release, announcing cash dividend (October 27, 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 27th day of October, 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 THIRD QUARTER 2026 RESULTS
•Third quarter 2026 net income was $23.8 million, compared to $23.8 million in the prior year period; third quarter 2026 net income attributable to SXC was $21.8 million, or $0.25 per diluted share, compared to $22.2 million, or $0.26 per diluted share in the prior year period
•Consolidated Adjusted EBITDA(1) for the quarter was $76.9 million, compared to $59.1 million in the prior year period
•Reached a settlement agreement with Algoma Steel in October 2026 related to our 2025 claim
•Declared a cash dividend of $0.12 per share, representing the Company’s 29th consecutive quarterly dividend, payable on December 1, 2026
•Expect to modestly exceed the high-end of full-year 2026 Consolidated Adjusted EBITDA(1) guidance range of $250 million - $265 million
LISLE, Ill. (October 27, 2026) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the third quarter 2026, reflecting strong operational and financial performance.
"We are extremely pleased with the strong performance from our Industrial Services and Domestic Coke businesses in the third quarter," said Katherine Gates, President and Chief Executive Officer of SunCoke Energy, Inc. "Our Industrial Services segment benefited from higher terminals handling volumes and a full quarter of contribution from Phoenix, as compared to a partial quarter in the prior year period. Our Domestic Coke segment benefited from a change in mix of contract and spot coke sales and favorable coal-to-coke yields. Additionally, we are pleased to have reached a settlement agreement with Algoma Steel related to our 2025 claim." Gates continued, "Looking ahead, both segments continue to deliver strong and consistent operating performance, and we are well positioned to modestly exceed the high end of our full-year 2026 Consolidated Adjusted EBITDA guidance range of $250 million to $265 million."
(1)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
THIRD QUARTER CONSOLIDATED RESULTS
| Three Months Ended September 30, | |||||||||||||||||
(Dollars in millions) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
| Revenues | $ | 485.9 | $ | 487.0 | $ | (1.1) | |||||||||||
| Net income attributable to SXC | $ | 21.8 | $ | 22.2 | $ | (0.4) | |||||||||||
Adjusted EBITDA(1) | $ | 76.9 | $ | 59.1 | $ | 17.8 | |||||||||||
(1)See definition of Adjusted EBITDA and reconciliation to United States generally accepted accounting principles (“GAAP”) elsewhere in this release.
Revenues in the third quarter of 2026 decreased $1.1 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 and the pass-through of lower coal prices on our long-term, take-or-pay agreements, mostly offset by one additional month of Phoenix results and higher terminals handling volumes.
Net income attributable to SXC decreased $0.4 million as compared to the same prior year period, primarily driven by the absence of capital investment tax credits recorded in the third quarter of 2025, mostly offset by one additional month of Phoenix results, a change in mix of contract and spot coke sales, favorable coal-to-coke yields, property insurance recoveries from a 2023 Jewell flood event, and higher terminals handling volumes.
Adjusted EBITDA increased $17.8 million as compared to the same prior year period, primarily driven by one additional month of Phoenix results, a change in mix of contract and spot coke sales, favorable coal-to-coke yields, and higher terminals handling volumes, partially offset by lower coke sales volumes due to the shutdown of our Haverhill I cokemaking facility.
THIRD 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 September 30, | |||||||||||||||||
(Dollars in millions, except per ton amounts) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
Revenues | $ | 379.4 | $ | 413.8 | $ | (34.4) | |||||||||||
Adjusted EBITDA(1) | $ | 51.1 | $ | 44.0 | $ | 7.1 | |||||||||||
Sales volumes (thousands of tons) | 875 | 951 | (76) | ||||||||||||||
Adjusted EBITDA per ton(2) | $ | 58.40 | $ | 46.27 | $ | 12.13 | |||||||||||
(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 third quarter of 2026 decreased $34.4 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 and the pass-through of lower coal prices on our long-term, take-or-pay agreements.
Adjusted EBITDA in the third quarter of 2026 increased $7.1 million as compared to the same prior year period, primarily driven by a change in mix of contract and spot coke sales and favorable coal-to-coke yields, partially offset by lower blast coke sales volumes due to the shutdown of our Haverhill I cokemaking facility.
2
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 September 30, | |||||||||||||||||
| (Dollars in millions, except per ton amounts) | 2026 | 2025 | Increase (decrease) | ||||||||||||||
| Revenues | $ | 96.8 | $ | 64.1 | $ | 32.7 | |||||||||||
| Intersegment sales | $ | 5.1 | $ | 5.3 | $ | (0.2) | |||||||||||
Adjusted EBITDA(1) | $ | 32.1 | $ | 18.2 | $ | 13.9 | |||||||||||
Terminals handling volumes (thousands of tons)(2) | 6,424 | 5,235 | 1,189 | ||||||||||||||
Steel customer volumes serviced (thousands of tons)(3) | 5,864 | 3,825 | 2,039 | ||||||||||||||
(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 third quarter of 2026 by $32.7 million and $13.9 million, respectively, as compared to the same prior year period, primarily driven by one additional month 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 $6.3 million during the third quarter of 2026, compared to an expense of $3.1 million during the third quarter of 2025, primarily driven by higher employee related costs.
3
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 $22 million and $42 million
•Consolidated Adjusted EBITDA is expected to modestly exceed the high end of the $250 million to $265 million guidance range
•Capital expenditures are projected to be between $90 million and $100 million
•Operating cash flow is estimated to be between $270 million and $285 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 ~3.4M tons coke sales (inclusive of foundry and blast) versus the stated Domestic Coke blast furnace equivalent capacity of ~3.69M tons
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/BGlPq4lqbz9 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.
4
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 recoveries, property insurance recoveries, 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.
5
SunCoke Energy, Inc.
Consolidated Statements of Operations
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars and shares in millions, except per share amounts) | ||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Sales and other operating revenue | $ | 485.9 | $ | 487.0 | $ | 1,416.3 | $ | 1,357.1 | ||||||||||||||||||
| Costs and operating expenses | ||||||||||||||||||||||||||
Cost of products sold and operating expenses | 382.3 | 407.9 | 1,132.7 | 1,145.3 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 27.7 | 28.3 | 92.2 | 63.6 | ||||||||||||||||||||||
| Other income, net | (6.9) | — | (9.6) | — | ||||||||||||||||||||||
| Depreciation and amortization expense | 42.2 | 37.4 | 127.0 | 94.8 | ||||||||||||||||||||||
| Total costs and operating expenses | 445.3 | 473.6 | 1,342.3 | 1,303.7 | ||||||||||||||||||||||
| Operating income | 40.6 | 13.4 | 74.0 | 53.4 | ||||||||||||||||||||||
| Interest expense, net | 8.5 | 8.4 | 25.7 | 19.0 | ||||||||||||||||||||||
| Income before income tax expense (benefit) | 32.1 | 5.0 | 48.3 | 34.4 | ||||||||||||||||||||||
| Income tax expense (benefit) | 8.3 | (18.8) | 12.3 | (12.3) | ||||||||||||||||||||||
| Net income | 23.8 | 23.8 | 36.0 | 46.7 | ||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 2.0 | 1.6 | 5.5 | 5.3 | ||||||||||||||||||||||
| Net income attributable to SunCoke Energy, Inc. | $ | 21.8 | $ | 22.2 | $ | 30.5 | $ | 41.4 | ||||||||||||||||||
| Earnings attributable to SunCoke Energy, Inc. per common share: | ||||||||||||||||||||||||||
| Basic | $ | 0.25 | $ | 0.26 | $ | 0.36 | $ | 0.48 | ||||||||||||||||||
| Diluted | $ | 0.25 | $ | 0.26 | $ | 0.36 | $ | 0.48 | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 85.7 | 85.6 | 85.7 | 85.5 | ||||||||||||||||||||||
| Diluted | 86.2 | 85.7 | 85.9 | 85.6 | ||||||||||||||||||||||
6
SunCoke Energy, Inc.
Consolidated Balance Sheets
| September 30, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| (Dollars in millions, except par value amounts) | ||||||||||||||
| Assets | ||||||||||||||
| Cash and cash equivalents | $ | 57.6 | $ | 88.7 | ||||||||||
| Receivables (net of allowances of $0.3 million and $11.1 million at September 30, 2026 and December 31, 2025, respectively) | 208.9 | 111.5 | ||||||||||||
| Inventories | 180.6 | 219.9 | ||||||||||||
| Income tax receivable | 7.4 | 24.1 | ||||||||||||
| Other current assets | 18.8 | 18.8 | ||||||||||||
| Total current assets | 473.3 | 463.0 | ||||||||||||
Properties, plants and equipment (net of accumulated depreciation of $1,615.2 million and $1,497.4 million at September 30, 2026 and December 31, 2025, respectively) | 1,129.9 | 1,202.7 | ||||||||||||
| Goodwill | 59.5 | 55.6 | ||||||||||||
| Intangible assets, net | 41.6 | 44.0 | ||||||||||||
| Deferred charges and other assets | 28.3 | 24.6 | ||||||||||||
| Total assets | $ | 1,732.6 | $ | 1,789.9 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Accounts payable | $ | 147.2 | $ | 157.3 | ||||||||||
| Accrued liabilities | 79.3 | 60.8 | ||||||||||||
| Interest payable | 6.1 | 1.4 | ||||||||||||
| Total current liabilities | 232.6 | 219.5 | ||||||||||||
| Long-term debt | 600.8 | 685.5 | ||||||||||||
| Accrual for black lung benefits | 11.9 | 11.7 | ||||||||||||
| Retirement benefit liabilities | 7.0 | 7.3 | ||||||||||||
| Deferred income taxes | 199.0 | 190.3 | ||||||||||||
| Asset retirement obligations | 19.2 | 18.1 | ||||||||||||
| Long-term financing lease liability | 2.5 | 2.6 | ||||||||||||
| Other deferred credits and liabilities | 33.0 | 28.8 | ||||||||||||
| Total liabilities | 1,106.0 | 1,163.8 | ||||||||||||
| Equity | ||||||||||||||
| Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both September 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 September 30, 2026 and December 31, 2025, respectively | 1.0 | 1.0 | ||||||||||||
| Treasury stock, 15,404,482 shares at both September 30, 2026 and December 31, 2025 | (184.0) | (184.0) | ||||||||||||
| Additional paid-in capital | 735.3 | 732.2 | ||||||||||||
| Accumulated other comprehensive loss | (5.7) | (4.2) | ||||||||||||
| Retained earnings | 51.6 | 52.3 | ||||||||||||
| Total SunCoke Energy, Inc. stockholders’ equity | 598.2 | 597.3 | ||||||||||||
| Noncontrolling interest | 28.4 | 28.8 | ||||||||||||
| Total equity | 626.6 | 626.1 | ||||||||||||
| Total liabilities and equity | $ | 1,732.6 | $ | 1,789.9 | ||||||||||
7
SunCoke Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Dollars in millions) | ||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||
| Net income | $ | 36.0 | $ | 46.7 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization expense | 127.0 | 94.8 | ||||||||||||
| Deferred income tax expense | 8.7 | 1.2 | ||||||||||||
| Share-based compensation expense | 4.2 | 2.0 | ||||||||||||
| Changes in working capital pertaining to operating activities: | ||||||||||||||
| Receivables, net | (99.9) | 6.7 | ||||||||||||
| Inventories | 38.1 | (24.9) | ||||||||||||
| Accounts payable | (8.0) | (17.3) | ||||||||||||
| Accrued liabilities | 18.5 | (20.3) | ||||||||||||
| Interest payable | 4.7 | 7.5 | ||||||||||||
| Income taxes | 17.2 | (24.8) | ||||||||||||
| Other operating activities | (6.2) | (19.1) | ||||||||||||
| Net cash provided by operating activities | 140.3 | 52.5 | ||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||
| Capital expenditures | (53.8) | (43.0) | ||||||||||||
| Acquisition of Phoenix Global, net of cash acquired | 1.8 | (271.5) | ||||||||||||
| Other investing activities | 8.4 | (0.5) | ||||||||||||
| Net cash used in investing activities | (43.6) | (315.0) | ||||||||||||
| Cash Flows from Financing Activities | ||||||||||||||
| Proceeds from revolving facility | 289.5 | 272.0 | ||||||||||||
| Repayment of revolving facility | (375.5) | (73.0) | ||||||||||||
| Debt issuance costs | — | (2.0) | ||||||||||||
| Dividends paid | (31.0) | (31.2) | ||||||||||||
| Cash distribution to noncontrolling interests | (5.9) | (5.9) | ||||||||||||
| Repayment of finance lease liabilities | (3.8) | (4.0) | ||||||||||||
| Other financing activities | (1.1) | (3.0) | ||||||||||||
| Net cash (used in) provided by financing activities | (127.8) | 152.9 | ||||||||||||
| Effect of translation changes on cash | — | 0.4 | ||||||||||||
| Net decrease in cash and cash equivalents | (31.1) | (109.2) | ||||||||||||
| Cash and cash equivalents at beginning of period | 88.7 | 189.6 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 57.6 | $ | 80.4 | ||||||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||
| Interest paid | $ | 21.5 | $ | 13.1 | ||||||||||
| Income taxes paid, net of refunds of $18.7 million and $5.0 million, respectively | $ | (13.9) | $ | 11.3 | ||||||||||
8
SunCoke Energy, Inc.
Segment Financial and Operating Data
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars in millions, except per ton amounts) | ||||||||||||||||||||||||||
| Sales and Other Operating Revenues: | ||||||||||||||||||||||||||
| Domestic Coke | $ | 379.4 | $ | 413.8 | $ | 1,108.6 | $ | 1,230.0 | ||||||||||||||||||
| Industrial Services | 96.8 | 64.1 | 280.6 | 101.6 | ||||||||||||||||||||||
| Industrial Services intersegment sales | 5.1 | 5.3 | 16.4 | 16.8 | ||||||||||||||||||||||
| Elimination of intersegment sales | (5.1) | (5.3) | (16.4) | (16.8) | ||||||||||||||||||||||
| Total sales and other operating revenue reportable segments | $ | 476.2 | $ | 477.9 | $ | 1,389.2 | $ | 1,331.6 | ||||||||||||||||||
Corporate and Other, net(1) | 9.7 | 9.1 | 27.1 | 25.5 | ||||||||||||||||||||||
| Total sales and other operating revenue | $ | 485.9 | $ | 487.0 | $ | 1,416.3 | $ | 1,357.1 | ||||||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||||
| Domestic Coke | $ | 51.1 | $ | 44.0 | $ | 128.9 | $ | 134.4 | ||||||||||||||||||
| Industrial Services | 32.1 | 18.2 | 92.7 | 39.6 | ||||||||||||||||||||||
| Total Adjusted EBITDA reportable segments | 83.2 | 62.2 | 221.6 | 174.0 | ||||||||||||||||||||||
Corporate and Other, net(1) | (6.3) | (3.1) | (18.6) | (11.5) | ||||||||||||||||||||||
Total Adjusted EBITDA(2) | $ | 76.9 | $ | 59.1 | $ | 203.0 | $ | 162.5 | ||||||||||||||||||
| Domestic Coke Operating Data: | ||||||||||||||||||||||||||
Domestic Coke capacity utilization(3) | 99 | % | 97 | % | 98 | % | 94 | % | ||||||||||||||||||
Domestic Coke production volumes (thousands of tons) | 879 | 982 | 2,549 | 2,834 | ||||||||||||||||||||||
Domestic Coke sales volumes (thousands of tons) | 875 | 951 | 2,595 | 2,792 | ||||||||||||||||||||||
Domestic Coke Adjusted EBITDA per ton(4) | $ | 58.40 | $ | 46.27 | $ | 49.67 | $ | 48.14 | ||||||||||||||||||
Industrial Services Operating Data: | ||||||||||||||||||||||||||
| Terminals handling volumes (thousands of tons) | 6,424 | 5,235 | 18,740 | 15,704 | ||||||||||||||||||||||
| Steel customer volumes serviced (thousands of tons) | 5,864 | 3,825 | 17,190 | 3,825 | ||||||||||||||||||||||
(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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||
| Net income | $ | 23.8 | $ | 23.8 | $ | 36.0 | $ | 46.7 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Depreciation and amortization expense | 42.2 | 37.4 | 127.0 | 94.8 | ||||||||||||||||||||||
| Interest expense, net | 8.5 | 8.4 | 25.7 | 19.0 | ||||||||||||||||||||||
| Income tax expense (benefit) | 8.3 | (18.8) | 12.3 | (12.3) | ||||||||||||||||||||||
| Loss on derivative forward contracts | — | 0.7 | 0.3 | 0.7 | ||||||||||||||||||||||
Restructuring costs(1) | 1.7 | 3.0 | 2.3 | 3.5 | ||||||||||||||||||||||
Transaction costs(2) | 0.2 | 4.6 | 0.4 | 10.1 | ||||||||||||||||||||||
Site closure costs and recoveries, net(3) | (0.9) | — | 5.9 | — | ||||||||||||||||||||||
Property insurance recoveries(4) | (6.9) | — | (6.9) | — | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 76.9 | $ | 59.1 | $ | 203.0 | $ | 162.5 | ||||||||||||||||||
(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 and the granulated pig iron project with U.S. Steel.
(3)Reflects costs and recoveries associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites.
(4)Reflects property insurance recoveries related to a 2023 flood event at our Jewell cokemaking facility.
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 | $ | 22 | $ | 42 | ||||||||||
| Add: | ||||||||||||||
| Depreciation and amortization expense | 172 | 170 | ||||||||||||
| Interest expense, net | 34 | 32 | ||||||||||||
| Income tax expense | 14 | 16 | ||||||||||||
| Loss on derivative forward contracts | 1 | 1 | ||||||||||||
Restructuring costs(1) | 3 | 2 | ||||||||||||
Transaction costs(2) | 1 | 1 | ||||||||||||
Site closure costs and recoveries, net(3) | 10 | 8 | ||||||||||||
Property insurance recoveries(4) | (7) | (7) | ||||||||||||
| 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 and the granulated pig iron project with U.S. Steel.
(3)Reflects costs and recoveries associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites.
(4)Reflects property insurance recoveries related to a 2023 flood event at our Jewell cokemaking facility.
Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
10
SunCoke Energy, Inc. Q3 2026 Earnings Conference Call
2 2Forward-Looking Statements This presentation should be reviewed in conjunction with the third quarter 2026 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on October 27, 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 3Q3 2026 Highlights ✓ Delivered strong Q3 ‘26 Consolidated Adjusted EBITDA(1) of $76.9M ✓ Excellent operating performance from our Industrial Services and Domestic Coke segments ✓ Reached a settlement agreement in October 2026 related to our 2025 claim against Algoma Steel ✓ Declared a cash dividend of $0.12 per share, representing the 29th consecutive quarterly dividend, payable on December 1, 2026 ✓ Ended Q3 with liquidity of ~$276M and gross leverage of 2.34x on a trailing 12 month Adjusted EBITDA(1) basis ✓ Expect to modestly exceed high end of FY 2026 Consolidated Adjusted EBITDA(1) guidance range of $250M - $265M (1) See appendix for a definition and reconciliation of Adjusted EBITDA
4 4Q3 2026 Financial Performance (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Industrial Services Adjusted EBITDA includes logistics business and Phoenix business (3) Corporate and Other Adj. EBITDA includes activity from our legacy coal mining business and Brazil cokemaking business ($/share) ($ in millions) Adjusted EBITDA(1) $59.1 $76.9 Q3 ’25 Q3 ’26 +$17.8 M Q3 2026 Earnings Review • Q3 ‘26 EPS of $0.25, down $0.01 from the prior year quarter ▪ One additional month of Phoenix results and higher terminals handling volumes ▪ Change in mix of contract/spot coke sales and favorable coal-to-coke yields ▪ Property insurance recoveries from 2023 Jewell flood event ▪ Offset by the absence of capital investment tax credits recorded in Q3 ‘25 • Consolidated Adjusted EBITDA(1) of $76.9M, an increase of $17.8M from the prior year quarter ▪ Domestic Coke segment up $7.1M, primarily driven by a change in mix of contract/spot coke sales and favorable coal-to-coke yields, partially offset by lower coke sales volumes due to the Haverhill I shutdown ▪ Industrial Services segment up $13.9M, primarily driven by one additional month of Phoenix results as compared to Q3 ‘25 and higher terminals handling volumes ▪ Corporate and Other expenses up $3.2M driven by higher employee related expenses $0.26 $0.25 Q3 ’25 Q3 ’26 -$0.01 Diluted EPS ($ in millions) Q3 '26 Q3 '25 Q3 '26 vs Q3 '25 Domestic Coke Sales Volumes, Kt 875 951 (76) Terminals Handling Volumes, Kt 6,424 5,235 1,189 Steel Customer Volumes Serviced, Kt 5,864 3,825 2,039 Domestic Coke Adjusted EBITDA $51.1 $44.0 $7.1 Industrial Services Adjusted EBITDA(2) $32.1 $18.2 $13.9 Corporate and Other Adjusted EBITDA (3) ($6.3) ($3.1) ($3.2) Consolidated Adjusted EBITDA (1) $76.9 $59.1 $17.8
5 Domestic Coke Performance Domestic Coke Business Summary Domestic Coke results driven by sales mix and strong operational performance 128 110 116 124 134 299 287 273 308 304 241 198 125 127 133 154 165 145 150 149 160 155 147 155 159 $44.0M $35.6M $35.3M $42.5M $51.1M Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 982 915 806 864 879 Adjusted EBITDA(1) Middletown Granite City Haverhill II(2) Indiana Harbor Jewell Sales Tons (Coke Production, Kt) • Delivered Adjusted EBITDA of $51.1M in Q3 ‘26 vs $44.0M in Q3 ‘25 ▪ Change in mix of contract/spot coke sales ▪ Favorable coal-to-coke yields ▪ Lower coke sales volumes due to Haverhill I shutdown • Well positioned to achieve high end of FY 2026 Domestic Coke Adjusted EBITDA guidance range of $172M - $178M 878K951K 875K842K876K (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 one additional month of Phoenix results and higher terminals handling volumes • Delivered Adjusted EBITDA of $32.1M in Q3 ‘26 vs $18.2M in Q3 ‘25 ▪ Reflects one additional month of Phoenix results as compared to Q3 ‘25 ▪ Higher terminals handling volumes • Well positioned to surpass the high- end of FY 2026 Industrial Services Adjusted EBITDA guidance range of $110M - $115M (1) See appendix for a definition and reconciliation of Adjusted EBITDA Industrial Services Performance 5,235 4,616 5,643 6,672 6,424 3,825 5,398 5,562 5,763 5,864 $18.2M $22.7M $26.2M $34.4M $32.1M Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Terminals handling volumes, Kt Steel customer volumes serviced, Kt Adjusted EBITDA(1)
7 $42.7 $57.6 $94.8 Cash @ Q2 2026 Net Cash Provided by Ops. Activities ($53.5) Net Revolver Borrowing / (Paydown) ($20.9) CapEx ($10.1) Dividends Other Cash @ Q3 2026 $4.6 (1) Gross leverage and net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA ($ in millions) Ended Q3 with ample liquidity of ~$276M and gross leverage of 2.34x Q3 2026 Liquidity Dividend of $0.12 per share Revolver Availability: $218M (Consolidated) Q3 '26 Total Debt $607M Gross Leverage(1) 2.34x Net Leverage(1) 2.11x Includes 2023 Jewell flood event insurance recoveries of $6.9M
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) • $180M - $185M 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 recoveries, property insurance recoveries, 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 2026 Consolidated Adjusted EBITDA(1) guidance of $250M - $265M; increasing 2026 Free Cash Flow(2) guidance to $180M - $185M (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. 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 $270M - $285M Cash Taxes(4) ($8M) - ($12M) ($8M) - ($12M) Metric ($ 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 $46 $41 Free Cash Flow (FCF)(2) $180 $185 Adjusted EBITDA to FCF Walk 2026E
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 reached a settlement agreement with Algoma in October 2026 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 $41M in dividend payments is used to pay down debt 2025 2026 2027 2028 2029 2030 Consolidated Total Sr. Notes -$ -$ -$ -$ 500.0$ -$ 500.0$ Revolver - - - - - 107.0 107.0 Total -$ -$ -$ -$ 500.0$ 107.0$ 607.0$ As of 9/30/2026 ($ in millions) ($ in millions) As of 9/30/2026 As of 12/31/2025 Cash 58$ 89$ Available Revolver Capacity 218$ 132$ Total Liquidity 276$ 221$ Gross Debt (Long and Short-term) 607$ 693$ Net Debt (Total Debt less Cash) 549$ 604$ LTM Adjusted EBITDA 260$ 219$ Gross Debt / LTM Adjusted EBITDA 2.34x 3.16x Net Debt / LTM Adjusted EBITDA 2.11x 2.76x Adjusted EBITDA Gross Leverage (1) Net Leverage (1) 2.07x - 2.22x 1.74x - 1.86x 2026 Revised Guidance $250M - $265M
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) Reflects costs and recoveries associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites. (4) Primarily reflects property insurance recoveries from 2023 Jewell flood event Low High Net Income $22 $42 Depreciation and amortization expense 172 170 Interest expense, net 34 32 Income tax expense 14 16 Loss on derivative forward contracts 1 1 Restructuring costs(1) 3 2 Transaction costs(2) 1 1 Site closure costs and recoveries, net(3) 10 8 Property insurance recoveries(4) (7) (7) Adjusted EBITDA (Consolidated) $250 $265 ($ in millions) 2026E ($ in millions) Low High Operating Cash Flow $270 $285 Capital Expenditures (90) (100) Free Cash Flow (FCF) $180 $185 2026E
15 152026 Net Income to FCF 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) Reflects costs and recoveries associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites. (4) Primarily reflects property insurance recoveries from 2023 Jewell flood event Low End High End Net Income $22 $42 Depreciation and amortization expense 172 170 Interest expense, net 34 32 Income tax expense 14 16 Loss on derivative forward contracts 1 1 Restructuring costs(1) 3 2 Transaction costs(2) 1 1 Site closure costs and recoveries, net(3) 10 8 Property insurance recoveries(4) (7) (7) 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 46 41 Free Cash Flow (FCF) $180 $185 ($ in millions) 2026E
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) Reflects costs and recoveries associated with the shutdown of our Haverhill I cokemaking facility and the closure of certain Phoenix Global operating sites. (4) Primarily reflects non-cash asset impairment charge due to the shutdown of our Haverhill I cokemaking facility (5) Property insurance recoveries during Q3 ’26 related to 2023 Jewell flood event 2025 Q2 2025 Q3 2025 Q4 Year 2025 2026 Q1 2026 Q2 2026 Q3 ($ in millions) Q1 '25 Q2 '25 Q3 '25 Q4 '25 FY '25 Q1 '26 Q2 '26 Q3 '26 Net Income (loss) 19.4$ 3.5$ 23.8$ (85.5)$ (38.8)$ (3.4)$ 15.6$ 23.8$ Depreciation and amortization expense 28.8 28.6 37.4 58.8 153.6 44.9 39.9 42.2 Interest expense, net 5.2 5.4 8.4 9.4 28.4 8.7 8.5 8.5 Income tax (benefit) expense 5.6 0.9 (18.8) (21.7) (34.0) (0.9) 4.9 8.3 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 1.7 Transaction costs(2) 0.8 4.7 4.6 0.6 10.7 0.2 - 0.2 Site closure costs and recoveries, net(3) - - - 3.9 3.9 6.4 0.4 (0.9) Long-lived asset impairment(4) - - - 90.3 90.3 - - - Property insurance recoveries(5) - - - - - - - (6.9) Adjusted EBITDA 59.8$ 43.6$ 59.1$ 56.7$ 219.2$ 56.5$ 69.6$ 76.9$
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 Q3 2026 $51.1 875 $58.40 $32.1 6,424 5,864 ($6.3) $76.9 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 December 1, 2026 to stockholders of record at the close of business on November 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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