# EDGAR Filing Document

**Accession Number:** 0001514705
**File Stem:** 0001514705-25-000034
**Filing Date:** 2025-11
**Character Count:** 64194
**Document Hash:** ba7d58a39cc0a8c2f1a09704ecb8d04b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001514705-25-000034.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001514705-25-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SunCoke Energy, Inc.
- **CENTRAL INDEX KEY:** 0001514705
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 900640593
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35243
- **FILM NUMBER:** 251446813

**BUSINESS ADDRESS:**
- **STREET 1:** 1011 WARRENVILLE ROAD
- **STREET 2:** SUITE 600
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532
- **BUSINESS PHONE:** 630-824-1000

**MAIL ADDRESS:**
- **STREET 1:** 1011 WARRENVILLE ROAD
- **STREET 2:** SUITE 600
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532

?xml version='1.0' encoding='ASCII'? sxc-20251104

**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**

**November 4, 2025**

**Date of Report (date of earliest event reported)**

**___________________________________**

**SunCoke Energy, Inc.**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware**<br>**(State of Incorporation)** | **001-35243**<br>**(Commission File Number)** | **90-0640593**<br>**(IRS Employer Identification Number)** |
| **1011 Warrenville Road, Suite 600** | **1011 Warrenville Road, Suite 600** | **1011 Warrenville Road, Suite 600** |
| **Lisle,** | **IL** | **60532** |
| **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** | **(Address of principal executive offices and zip code)** |

---

---

| | |
|:---|:---|
| **(630)** | **824-1000** |
| **(Registrant's telephone number, including area 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:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common stock, par value $0.01** | **SXC** | **New York Stock Exchange** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;☐

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 November 4, 2025, SunCoke Energy, Inc. (the "Company") issued a press release announcing its financial results for the third quarter of 2025. 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 November 4, 2025, the Company issued a press release announcing its financial results for the third quarter of 2025. Additional information concerning the Company's financial results for the third quarter of 2025 will be presented in a slide presentation to investors during a previously announced teleconference on November 4, 2025. A copy of the slide presentation is attached as Exhibit 99.2 and is incorporated herein by reference.

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 8.01 Other Events.**

On November 4, 2025, 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.

<u>Safe Harbor Statement</u>

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.

**Item 9.01 - Financial Statements and Exhibits.**

(d): The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u> |
| 99.1 | <u>[SunCoke Energy, Inc. Press Release, announcing earnings](sxcearningsrelease2025q3.htm)</u> (November 4, 2025) |
| 99.2 | <u>[SunCoke Energy, Inc. Slide Presentation regarding earnings](q3_2025sxcearningsdeckxv.htm)</u> (November 4, 2025) |
| 99.3 | <u>[SunCoke Energy, Inc. Press Release, announcing cash dividend](sxcq32025dividenddeclarati.htm)</u> (November 4, 2025) |
| 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 4th day of November, 2025.

---

| | |
|:---|:---|
| **SUNCOKE ENERGY, INC.** | **SUNCOKE ENERGY, INC.** |
| By: | /s/ Mark W. Marinko |
| Name: | Mark W. Marinko |
| Title: | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![image0a02a01a01a19b.jpg](image0a02a01a01a19b.jpg)

**SUNCOKE ENERGY, INC. REPORTS THIRD QUARTER 2025 RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 net income was $23.8 million, compared to $33.3 million in the prior year period; third quarter 2025 net income attributable to SXC was $22.2 million, or $0.26 per diluted share, compared to $30.7 million, or $0.36 per diluted share in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA<sup>(1)</sup> for the quarter was $59.1 million, compared to $75.3 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the acquisition of Phoenix Global on August 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extended Granite City cokemaking contract with U.S. Steel through December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updating full-year 2025 Consolidated Adjusted EBITDA<sup>(1)</sup> guidance range to $220 million - $225 million

LISLE, Ill. (November 4, 2025) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for third quarter 2025 and provided updated guidance for 2025.

"Our third quarter Consolidated Adjusted EBITDA of $59.1 million included two months of results from the addition of Phoenix Global. While the Domestic Coke segment continued to be impacted by the unfavorable mix of contract and spot coke sales, our new Industrial Services segment, which includes Phoenix Global and our logistics business, operated well during the quarter. Phoenix performed in line with our expectations, but volumes at our logistics terminals did not recover to the degree we previously expected due to persistent weak market conditions. Additionally, we have extended our cokemaking contract with U.S. Steel at Granite City through the end of 2025," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "Our updated full-year Consolidated Adjusted EBITDA range of $220 million to $225 million reflects the addition of five months of Phoenix Global results, partially offset by the deferral of approximately 200,000 tons of coke sales due to a breach of contract by one of our coke customers. We are actively pursuing all avenues to enforce the contract." Gates continued, "As SunCoke has proven in the past, we are well-equipped to navigate challenging market conditions. We are excited to have Phoenix Global as part of SunCoke, and for the new opportunities that the business brings. The integration is progressing well, and we expect to begin realizing synergies from the acquisition in 2026."

(1)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.

------

**THIRD QUARTER CONSOLIDATED RESULTS**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|<br>**<u>(Dollars in millions)</u>** | **2025** | **2024** | **Increase<br>(decrease)** |
| Revenues | $487.0 | $490.1 | $(3.1) |
| Net income attributable to SXC | $22.2 | $30.7 | $(8.5) |
| Adjusted EBITDA<sup>(1)</sup> | $59.1 | $75.3 | $(16.2) |

---

(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 2025 decreased $3.1 million as compared to the same prior year period, primarily driven by lower pricing and volumes due to the change in mix of contract and spot coke sales, as well as lower contract extension economics at Granite City in the Domestic Coke segment, partially offset by the addition of Phoenix Global in the Industrial Services segment.

Net income attributable to SXC decreased $8.5 million from the same prior year period, primarily driven by the change in mix of contract and spot coke sales, lower contract extension economics at Granite City, the absence of the $9.5 million gain on elimination of the majority of legacy black lung liabilities recorded in the third quarter of 2024, and transaction and restructuring costs of $7.6 million, partially offset by lower income tax expense driven by capital investment tax credits.

Adjusted EBITDA decreased $16.2 million as compared to the same prior year period, primarily driven by lower volumes and pricing due to the change in mix of contract and spot coke sales, lower contract extension economics at Granite City, the absence of the $9.5 million gain on elimination of the majority of legacy black lung liabilities recorded in the third quarter of 2024, and lower volumes at the logistics terminals, partially offset by the inclusion of Phoenix Global results.

**THIRD QUARTER SEGMENT RESULTS**

**<u>Domestic Coke</u>**

Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|<br>**<u>(Dollars in millions, except per ton amounts)</u>** | **2025** | **2024** | **Increase<br>(decrease)** |
| Revenues | $413.8 | $459.9 | $(46.1) |
| Adjusted EBITDA<sup>(1)</sup> | $44.0 | $58.1 | $(14.1) |
| Sales volumes (thousands of tons) | 951 | 1027 | (76) |
| Adjusted EBITDA per ton<sup>(2)</sup> | $46.27 | $56.57 | $(10.30) |

---

(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 2025 decreased $46.1 million as compared to the same prior year period, primarily driven by lower pricing and volumes due to the change in mix of contract and spot coke sales, as well as lower contract extension economics at Granite City.

Adjusted EBITDA in the third quarter of 2025 decreased $14.1 million as compared to the same prior year period, primarily driven by lower volumes and pricing due to the change in mix of contract and spot coke sales, lower contract extension economics at Granite City, and lower volumes driven by lower coal-to-coke yields.

------

**<u>Industrial Services</u>**

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"). Additionally, Industrial Services includes fifteen molten slag removal, handling, and processing operating sites in four countries.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|<br>**<u>(Dollars in millions, except per ton amounts)</u>** | **2025** | **2024** | **Increase <br>(decrease)** |
| Revenues | $64.1 | $21.4 | $42.7 |
| Intersegment sales | $5.3 | $6.0 | $(0.7) |
| Adjusted EBITDA<sup>(1)</sup> | $18.2 | $13.7 | $4.5 |
| Tons handled (thousands of tons)<sup>(2)</sup> | 5235 | 5843 | (608) |
| Customer volumes serviced (thousands of tons) | 3825 |  | 3825 |

---

(1)See definition of Adjusted EBITDA elsewhere in this release.

(2)Reflects inbound tons handled during the period.

Revenues in the third quarter of 2025 increased $42.7 million as compared to the same prior year period, primarily driven by the addition of two months of Phoenix Global results.

Adjusted EBITDA increased by $4.5 million as compared to the same prior year period, primarily driven by the addition of two months of Phoenix Global results, partially offset by lower volumes at logistics terminals due to market conditions.

**<u>Corporate and Other</u>**

Corporate and Other, which includes results from our legacy coal mining business and Brazil cokemaking business, was an expense of $3.1 million during the third quarter of 2025, compared to a net positive of $3.5 million during the third quarter of 2024, primarily due to the absence of the $9.5 million gain on elimination of the majority of legacy black lung liabilities recorded in the third quarter of 2024.

------

**<u>2025 REVISED OUTLOOK</u>**

Our 2025 revised guidance reflects the addition of Phoenix Global and estimated impact of the deferral of coke sales tons due to a customer's breach of contract on Consolidated Net Income, Consolidated Adjusted EBITDA, and Operating cash flow.

Our revised 2025 guidance is as follows:

• Domestic Coke total production is expected to be approximately 3.9 million tons

• Consolidated Net Income is expected to be between $48 million and $58 million

• Consolidated Adjusted EBITDA is expected to be between $220 million and $225 million

• Capital expenditures are projected to be approximately $70 million

• Operating cash flow is estimated to be between $62 million and $72 million

• Cash taxes are projected to be between $4 million and $7 million

Disclaimer: The Company's 2025 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.

**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://event.choruscall.com/mediaframe/webcast.html?webcastid=QA6BURmE and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by dialing 1-833-821-7847 in the U.S. or 1-412-652-1261 if outside the U.S., and asking to be joined into the SunCoke Energy, Inc. call.

**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.

------

**DEFINITIONS**

• **<u>Adjusted EBITDA</u>** 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 derivative instruments, 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.

• **<u>Adjusted EBITDA attributable to SXC</u>** represents Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests.

**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 statements about our full-year 2025 outlook and guidance, our 2025 key initiatives, future dividends and the timing of such dividend payments, anticipated amount of 2025 coke sales, challenging market conditions, anticipated transaction benefits and synergies of the Phoenix Global acquisition and expected timing of Phoenix Global's integration, the intended hosting and timing of any investor conferences, the effect of restrictive trade regulations, including tariffs, on us or our major customers, business partners and/or suppliers, and expected future financial performance, 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.

------

**SunCoke Energy, Inc.** 

**Consolidated Statements of Income**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars and shares in millions, except per share amounts)** | **(Dollars and shares in millions, except per share amounts)** | **(Dollars and shares in millions, except per share amounts)** | **(Dollars and shares in millions, except per share amounts)** |
| **Revenues** |  |  |  |  |
| Sales and other operating revenue | $487.0 | $490.1 | $1357.1 | $1449.4 |
| **Costs and operating expenses** |  |  |  |  |
| Cost of products sold and operating expenses | 407.9 | 405.2 | 1145.3 | 1197.1 |
| Selling, general and administrative expenses | 28.3 | 9.6 | 63.6 | 45.8 |
| Depreciation and amortization expense | 37.4 | 28.1 | 94.8 | 90.1 |
| Total costs and operating expenses | 473.6 | 442.9 | 1303.7 | 1333.0 |
| **Operating income** | 13.4 | 47.2 | 53.4 | 116.4 |
| Interest expense, net | 8.4 | 5.7 | 19.0 | 17.8 |
| Income before income tax (benefit) expense | 5.0 | 41.5 | 34.4 | 98.6 |
| Income tax (benefit) expense | (18.8) | 8.2 | (12.3) | 20.9 |
| Net income | 23.8 | 33.3 | 46.7 | 77.7 |
| Less: Net income attributable to noncontrolling interests | 1.6 | 2.6 | 5.3 | 5.5 |
| **Net income attributable to SunCoke Energy, Inc.** | $22.2 | $30.7 | $41.4 | $72.2 |
| Earnings attributable to SunCoke Energy, Inc. per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.26 | $0.36 | $0.48 | $0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.26 | $0.36 | $0.48 | $0.85 |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 85.6 | 85.1 | 85.5 | 85.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 85.7 | 85.3 | 85.6 | 85.3 |

---

------

**SunCoke Energy, Inc.** 

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(Unaudited)** | |
| | **(Dollars in millions, except<br>par value amounts)** | **(Dollars in millions, except<br>par value amounts)** |
| **Assets** | | |
| Cash and cash equivalents | $80.4 | $189.6 |
| Receivables (net of allowances of $11.0 million and $0.6 million at September 30, 2025 and December 31, 2024, respectively) | 137.4 | 96.6 |
| Inventories | 217.7 | 180.8 |
| Income tax receivable | 26.5 |  |
| Other current assets | 22.0 | 7.6 |
| Total current assets | 484.0 | 474.6 |
| Properties, plants and equipment (net of accumulated depreciation of $1,594.6 million and $1,497.6 million at September 30, 2025 and December 31, 2024, respectively) | 1310.3 | 1143.6 |
| Goodwill | 67.0 | 3.4 |
| Intangible assets, net | 45.8 | 25.8 |
| Deferred charges and other assets | 24.9 | 20.8 |
| Total assets | $1932.0 | $1668.2 |
| **Liabilities and Equity** |  |  |
| Accounts payable | $153.5 | $153.2 |
| Accrued liabilities | 65.3 | 51.6 |
| Interest payable | 7.5 |  |
| Income tax payable | 1.6 | 1.0 |
| Total current liabilities | 227.9 | 205.8 |
| Long-term debt | 691.1 | 492.3 |
| Accrual for black lung benefits | 12.9 | 12.7 |
| Retirement benefit liabilities | 7.1 | 7.6 |
| Deferred income taxes | 215.7 | 196.8 |
| Asset retirement obligations | 18.2 | 17.2 |
| Long-term financing lease liability | 4.6 | 0.2 |
| Other deferred credits and liabilities | 28.4 | 24.6 |
| Total liabilities | 1205.9 | 957.2 |
| **Equity** |  |  |
| Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both September 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 100,069,991 and 99,756,420 shares at September 30, 2025 and December 31, 2024, respectively | 1.0 | 1.0 |
| Treasury stock, 15,404,482 shares at both September 30, 2025 and December 31, 2024 | (184.0) | (184.0) |
| Additional paid-in capital | 731.8 | 732.8 |
| Accumulated other comprehensive loss | (1.1) | (7.7) |
| Retained earnings | 148.2 | 138.1 |
| Total SunCoke Energy, Inc. stockholders' equity | 695.9 | 680.2 |
| Noncontrolling interest | 30.2 | 30.8 |
| Total equity | 726.1 | 711.0 |
| Total liabilities and equity | $1932.0 | $1668.2 |

---

------

**SunCoke Energy, Inc.** 

**Consolidated Statements of Cash Flows** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $46.7 | $77.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 94.8 | 90.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 1.2 | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 2.0 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of legacy coal liabilities |  | (9.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital pertaining to operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 6.7 | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (24.9) | (13.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (17.3) | (17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (20.3) | (35.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 7.5 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (24.8) | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | (19.1) | (6.4) |
| Net cash provided by operating activities | 52.5 | 107.9 |
| **Cash Flows from Investing Activities** |  |  |
| Capital expenditures | (43.0) | (48.1) |
| Acquisition of Phoenix Global, net of cash acquired | (271.5) |  |
| Other investing activities | (0.5) | 0.5 |
| Net cash used in investing activities | (315.0) | (47.6) |
| **Cash Flows from Financing Activities** |  |  |
| Proceeds from revolving facility | 272.0 | 11.0 |
| Repayment of revolving facility | (73.0) | (11.0) |
| Debt issuance costs | (2.0) |  |
| Dividends paid | (31.2) | (27.5) |
| Cash distribution to noncontrolling interests | (5.9) | (4.4) |
| Repayment of finance lease liabilities | (4.0) | (0.2) |
| Other financing activities | (3.0) | (3.6) |
| Net cash provided by (used in) financing activities | 152.9 | (35.7) |
| Effect of translation changes on cash | 0.4 |  |
| Net (decrease) increase in cash and cash equivalents | (109.2) | 24.6 |
| Cash and cash equivalents at beginning of period | 189.6 | 140.1 |
| Cash and cash equivalents at end of period | $80.4 | $164.7 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Interest paid | $13.1 | $12.2 |
| Income taxes paid, net of refunds of $5.0 million and zero, respectively | $11.3 | $17.3 |

---

------

**SunCoke Energy, Inc.**

**Segment Financial and Operating Data** 

The following tables set forth financial and operating data for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(Dollars in millions, except per ton amounts)** | **(Dollars in millions, except per ton amounts)** | **(Dollars in millions, except per ton amounts)** | **(Dollars in millions, except per ton amounts)** |
| **Sales and Other Operating Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke | $413.8 | $459.9 | $1230.0 | $1361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | 64.1 | 21.4 | 101.6 | 62.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Services intersegment sales | 5.3 | 6.0 | 16.8 | 17.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of intersegment sales | (5.3) | (6.0) | (16.8) | (17.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales and other operating revenue reportable segments | $477.9 | $481.3 | $1331.6 | $1423.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other, net<sup>(1)</sup> | 9.1 | 8.8 | 25.5 | 26.2 |
| Total sales and other operating revenue | $487.0 | $490.1 | $1357.1 | $1449.4 |
| **Adjusted EBITDA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke | $44.0 | $58.1 | $134.4 | $177.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | 18.2 | 13.7 | 39.6 | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other, net<sup>(1)</sup> | (3.1) | 3.5 | (11.5) | (9.6) |
| Total Adjusted EBITDA<sup>(2)</sup> | $59.1 | $75.3 | $162.5 | $206.7 |
| **Coke Operating Data:** |  |  |  |  |
| Domestic Coke capacity utilization<sup>(3)</sup> | 97% | 102% | 94% | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke production volumes (thousands of tons) | 982 | 1031 | 2834 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke sales volumes (thousands of tons) | 951 | 1027 | 2792 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke Adjusted EBITDA per ton<sup>(4)</sup> | $46.27 | $56.57 | $48.14 | $59.21 |
| **Industrial Services Operating Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics tons handled (thousands of tons) | 5235 | 5843 | 15704 | 17277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer volumes serviced (thousands of tons) | 3825 |  | 3825 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Corporate and Other, net is not a reportable segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.

------

**SunCoke Energy, Inc.**

**Reconciliation of Non-GAAP Information**

**Net Income to Consolidated Adjusted EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Net income** | $23.8 | $33.3 | $46.7 | $77.7 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 37.4 | 28.1 | 94.8 | 90.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 8.4 | 5.7 | 19.0 | 17.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (18.8) | 8.2 | (12.3) | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivative forward contracts | 0.7 |  | 0.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs<sup>(1)</sup> | 3.0 |  | 3.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs<sup>(2)</sup> | 4.6 |  | 10.1 | 0.2 |
| **Adjusted EBITDA** | $59.1 | $75.3 | $162.5 | $206.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Reflects costs incurred related to the acquisition of Phoenix Global and the granulated pig iron project with U.S. Steel.

------

**SunCoke Energy, Inc.**

**Reconciliation of Non-GAAP Information**

**Estimated 2025 Net Income**

**to Estimated 2025 Consolidated Adjusted EBITDA** 

---

| | | |
|:---|:---|:---|
| | **2025** | **2025** |
| | **Low** | **High** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| **Net income** | $48.0 | $58.0 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 138.0 | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 30.0 | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (11.0) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs <sup>(1)</sup> | 5.0 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs <sup>(2)</sup> | 10.0 | 10.0 |
| **Adjusted EBITDA** | $220.0 | $225.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Reflects costs incurred related to the acquisition of Phoenix Global and the granulated pig iron project with U.S. Steel.

**Investor/Media Inquiries:**

Sharon Doyle

Manager, Investor Relations

(630) 824-1907

## Exhibit 99.2

![](q3_2025sxcearningsdeckxv001.jpg)

SunCoke Energy, Inc. Q3 2025 Earnings Conference Call

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![](q3_2025sxcearningsdeckxv002.jpg)

2 2Forward-Looking Statements This presentation should be reviewed in conjunction with the third quarter 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on November 4, 2025 at 11:00 a.m. ET. 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 statements about our full-year consolidated and segment 2025 guidance, our 2025 key initiatives, future dividends and the timing of such dividend payments, anticipated transaction benefits and synergies of the Phoenix Global acquisition and expected timing of Phoenix Global's integration, the intended hosting and timing of any investor conferences, the effect of restrictive trade regulations, including tariffs, on us or our major customers, business partners and/or suppliers, and expected future financial performance 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.

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![](q3_2025sxcearningsdeckxv003.jpg)

3 3Q3 2025 Highlights ✓ Delivered Q3 '25 Consolidated Adjusted EBITDA(1) of $59.1M ✓ Completed the acquisition of Phoenix Global on August 1st, 2025 ➢ Integration progressing well, expect to start recognizing synergies in 2026 ➢ Results of Phoenix Global reported under the new Industrial Services segment, which also includes former Logistics segment ✓ Extended Granite City cokemaking contract with U.S. Steel through December 31st, 2025 ✓ Declared 25th consecutive quarterly cash dividend of $0.12 per share, payable on December 1st, 2025 ✓ Updating FY 2025 Consolidated Adjusted EBITDA(1) guidance range to $220M - $225M inclusive of: ➢ Five months of Phoenix Global results ➢ Breach of contract by one of our coke customers, resulting in deferral of ~200Kt coke sales(2) ▪ Actively pursuing enforcement of contract (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Any changes to the assumptions related to the deferral of coke sales could impact our guidance range

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![](q3_2025sxcearningsdeckxv004.jpg)

4 4Q3 2025 Financial Performance (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Industrial Services Adjusted EBITDA includes logistics business and Phoenix Global 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 $75.3 Q3 '25 Q3 '24 -$16.2M Q3 2025 Earnings Review • Q3 '25 EPS of $0.26, down $0.10 from the prior year quarter ▪ Primarily driven by mix of contract and spot coke sales coupled with lower economics on the Granite City contract extension in Domestic Coke ▪ Absence of the $0.11/share gain on elimination of the majority of legacy black lung liabilities recorded in Q3 '24 ▪ Transaction and restructuring costs of $0.09/share ▪ Partially offset by lower income tax expense of $0.32/share driven by capital investment tax credits • Consolidated Adjusted EBITDA(1) of $59.1M, a decrease of $16.2M from the prior year quarter ▪ Domestic Coke segment down $14.1M, primarily driven by mix of contract and spot coke sales coupled with lower economics on the Granite City contract extension ▪ Industrial Services segment up $4.5M, primarily driven by the addition of Phoenix Global, partially offset by lower volumes at logistics terminals ▪ Corporate and Other expenses up $6.6M, primarily driven by the absence of the $9.5M gain on elimination of the majority of legacy black lung liabilities recorded in Q3 '24 $0.26 $0.36 Q3 '25 Q3 '24 -$0.10 Diluted EPS ($ in millions) Q3 '25 Q3 '24 Q3 '25 vs Q3 '24 Domestic Coke Sales Volumes, Kt 951 1,027 (76) Logistics Handling Volumes, Kt 5,235 5,843 (608) Phoenix Customer Volumes Serviced, Kt 3,825 N/A N/A Domestic Coke Adjusted EBITDA $44.0 $58.1 ($14.1) Industrial Services Adjusted EBITDA(2) $18.2 $13.7 $4.5 Corporate and Other Adjusted EBITDA (3) ($3.1) $3.5 ($6.6) Consolidated Adjusted EBITDA (1) $59.1 $75.3 ($16.2)

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![](q3_2025sxcearningsdeckxv005.jpg)

5 Domestic Coke Performance Domestic Coke Business Summary Domestic Coke performance impacted by lower volumes/pricing and lower Granite City contract economics 126 127 108 121 128 322 325 303 292 299 266 248 200 229 241 169 167 146 150 154 148 156 148 155 160 $58.1M $57.3M $49.9M $40.5M $44.0M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 1,031 1,023 905 947 982 Adjusted EBITDA(1) Middletown Granite City Haverhill Indiana Harbor Jewell Sales Tons (Coke Production, Kt) • Delivered Adjusted EBITDA of $44.0M in Q3 '25 vs $58.1M in Q3 '24 ▪ Change in mix of contract and spot coke sales resulting in lower pricing ▪ Granite City contract extension at lower economics and volumes ▪ Lower coal-to-coke yields at Haverhill and weather event at Indiana Harbor resulting in lower volumes • Updating FY 2025 Domestic Coke Adjusted EBITDA guidance range to $172M - $176M ▪ Deferral of ~200Kt coke sales due to breach of contract by one of our customers(2) ➢ Resulted in lower coke sales but limited financial impact in Q3 ➢ Updated guidance contemplates continued impact in Q4 absent resolution of issue (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix (2) Any changes to the assumptions related to the deferral of coke sales could impact our guidance range 943K1,027K 951K898K1,032K

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![](q3_2025sxcearningsdeckxv006.jpg)

6Industrial Services Business Summary New Industrial Services segment includes former Logistics segment and Phoenix Global • New Industrial Services segment will report total volumes handled for logistics and customer volumes serviced for Phoenix Global ▪ Q3 total logistics handling volumes of 5,235Kt ▪ Q3 customer volumes serviced for Phoenix of 3,825Kt (2 months of results included) • Delivered Adjusted EBITDA of $18.2M in Q3 '25 vs $13.7M in Q3 '24 ▪ Addition of two months of Phoenix Global results ▪ Lower volumes at logistics terminals driven by market conditions • FY 2025 Industrial Services Adjusted EBITDA guidance range of $63M - $67M ▪ Addition of five months of Phoenix Global results ▪ Expected improvement in 2H logistics volumes impacted by persistent weak market conditions (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix Industrial Services Performance 5,843 5,262 5,724 4,746 5,235 3,825 $13.7M $11.5M $13.7M $7.7M $18.2M Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Logistics handling volumes, Kt Phoenix customer volumes serviced, Kt Adjusted EBITDA(1)

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![](q3_2025sxcearningsdeckxv007.jpg)

7 $186.2 $80.4 $199.0 $24.3 Cash @ Q2 2025 $9.2 Net Cash Provided by Ops. Activities Net Revolver Borrowing / (Paydown) Cash Acquired from Phoenix Global Acquisition ($295.8) Phoenix Global Acquisition ($25.5) CapEx ($10.1) Dividends ($6.9) Other Cash @ Q3 2025 (1) Gross leverage and net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA (2) $295.8M represents Phoenix Global acquisition price, net of Phoenix Global's management incentive plan (MIP) cash payment of $18.2M and Phoenix Global's portion of transaction costs cash payments of $11.1M; the MIP and transaction cost payments totaling $29.3M are included in cash provided by operating activities as a use of cash ($ in millions) Dividend of $0.12 per share (Consolidated) Q3 '25 Total Debt $699M Gross Leverage(1) 3.05x Net Leverage(1) 2.70x Revolver Availability: $126M Ample liquidity of ~$206M post-acquisition; continued quarterly dividend payment of $0.12 per share Q3 2025 Liquidity - ($29.3M) impact from accounting treatment of a portion of Phoenix Global's acquisition price(2) - ($23M) impact from timing of cash receipts at quarter- end, subsequently received in October (2)

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![](q3_2025sxcearningsdeckxv008.jpg)

82025 Updated Guidance Summary Expect 2025 Consolidated Adjusted EBITDA(1) of $220M - $225M; 2025 Free Cash Flow(2) impacted by deferral of cash receipts (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix (2) See definition and reconciliation of Free Cash Flow (FCF) elsewhere in the appendix (3) Domestic Coke Adjusted EBITDA/ton calculated as Domestic Coke EBITDA/Domestic Coke Sales (4) Reflects severance and other related charges primarily associated with the acquisition of Phoenix Global (5) Reflects costs incurred related to the Phoenix Global acquisition, the granulated pig iron project with U.S. Steel, and the extension of the revolving credit facility (6) Estimate as of the date of this presentation; assumes no additional cash receipts from this customer in 2025; actively pursuing enforcement of contract (7) Phoenix Global's management incentive plan and transaction costs cash payments totaling $29.3M are included in cash provided by operating activities as a use of cash \* The Company's 2025 guidance is based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this guidance. ($ in millions) Low End High End Low End High End Adjusted EBITDA(1) $210 $225 $220 $225 Cash interest, net ($23) ($21) ($26) ($24) Cash taxes ($17) ($21) ($4) ($7) Total capex ($65) ($65) ($70) ($70) Restructuring Costs(4) $0 $0 ($5) ($3) Transaction and Debt Issuance Costs(5) $0 $0 ($12) ($12) Deferral of cash receipt from customer breach of contract(6) $0 $0 ($70) ($70) Cash impact from accounting treatment of a portion of Phoenix Global's acquisition price(7) $0 $0 ($29) ($29) Non-cash items and working capital changes ($5) ($3) ($14) ($10) Free Cash Flow (FCF)(2) $100 $115 ($10) $0 Adjusted EBITDA to FCF Walk 2025E Revised2025E Original 2025 Original 2025 Revised Guidance Guidance\* Adjusted EBITDA Consolidated(1) $210M - $225M $220M - $225M Domestic Coke EBITDA $185M - $192M $172M - $176M Industrial Services EBITDA $45M - $50M $63M - $67M Domestic Coke Sales ~4.0M tons ~3.7M tons Domestic Coke Production ~4.0M tons ~3.9M tons Domestic Coke Adjusted EBITDA/ton (3) $46 - $48/ton $46 - $48/ton Total Capital Expenditures ~$65M ~$70M Operating Cash Flow $165M - $180M $62M - $72M Cash Taxes $17M - $21M $4M - $7M Metric

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![](q3_2025sxcearningsdeckxv009.jpg)

9 9 • Further develop foundry and spot blast coke customer books • Expand product and customer base in Industrial Services segment Strengthen Customer Bases for Coke and Industrial Services Businesses 2025 Key Initiatives • $220M - $225M Adjusted EBITDA(1)(2) Achieve 2025 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 • Successfully integrate the Phoenix Global acquisition Deliver Operational Excellence and Optimize Asset Utilization • Continue to pursue balanced capital allocation including growth opportunities, and returning capital to shareholders Execute on Well-Established Capital Allocation Priorities (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Any changes to the assumptions related to the deferral of coke sales could impact our guidance range

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![](q3_2025sxcearningsdeckxv010.jpg)

APPENDIX

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![](q3_2025sxcearningsdeckxv011.jpg)

11 11 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 derivative instruments, 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. Adjusted EBITDA/Ton represents Adjusted EBITDA divided by tons sold/handled. Free Cash Flow (FCF) represents operating cash flow adjusted for capital expenditures. 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

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![](q3_2025sxcearningsdeckxv012.jpg)

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) Contract amended to ship volumes (275Kt) ratably through the full year (4) Will operate in a turn-down mode in 2025 as part of the contract extension 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 Haverhill II 550 Kt Cliffs Steel Jun. 2025(3) Capacity Granite City 650 Kt US Steel Dec. 2025 Capacity (4) Haverhill I/JWO 1,270Kt Cliffs Steel Algoma Steel Dec. 2025 Dec. 2026 400 Kt 150 Kt

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![](q3_2025sxcearningsdeckxv013.jpg)

13 13Balance Sheet & Debt Metrics ($ in millions) As of 9/30/2025 As of 12/31/2024 Cash 80$190$ Available Revolver Capacity 126$350$ Total Liquidity 206$540$ Gross Debt (Long and Short-term) 699$500$ Net Debt (Total Debt less Cash) 619$310$ LTM Adjusted EBITDA 229$273$ Gross Debt / LTM Adjusted EBITDA 3.05x 1.83x Net Debt / LTM Adjusted EBITDA 2.70x 1.14x Adjusted EBITDA (Guidance) Gross Leverage (Guidance) Net Leverage (Guidance) $220M - $225M 3.11x - 3.18x 2.75x - 2.81x 2025 2026 2027 2028 2029 2030 Consolidated Total Sr. Notes -$-$-$-$500.0$-$500.0$ Revolver - - - - - 199.0 199.0 Total -$-$-$-$500.0$199.0$699.0$ As of 9/30/2025 ($ in millions)

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![](q3_2025sxcearningsdeckxv014.jpg)

14 142025 Adjusted EBITDA Guidance Reconciliation Free Cash Flow Guidance Reconciliation (1) Reflects severance and other related charges primarily associated with the acquisition of Phoenix Global (2) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel (3) Reflects costs incurred related to the extension of the revolving credit facility Low High Net Income $48 $58 Depreciation and amortization expense 138 136 Interest expense, net 30 28 Income tax expense (11) (10) Restructuring Costs(1) 5 3 Transaction Costs(2) 10 10 Adjusted EBITDA (Consolidated) $220 $225 ($ in millions) ($ in millions) Low High Operating Cash Flow $62 $72 Capital Expenditures (70) (70) Debt Issuance Costs(3) (2) (2) Free Cash Flow (FCF) ($10) $0 2025E

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15 15Net Income to FCF Reconciliation (1) Reflects severance and other related charges primarily associated with the acquisition of Phoenix Global (2) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel (3) Reflects costs incurred related to the Phoenix Global acquisition, the granulated pig iron project with U.S. Steel, and the extension of the revolving credit facility (4) Estimate as of the date of this presentation; assumes no additional cash receipts from this customer in 2025; actively pursuing enforcement of contract (5) Phoenix Global's management incentive plan and transaction costs cash payments totaling $29.3M are included in cash provided by operating activities as a use of cash Low End High End Net Income $48 $58 Depreciation and amortization expense 138 136 Interest expense, net 30 28 Income tax expense (11) (10) Restructuring Costs(1) 5 3 Transaction Costs(2) 10 10 Adjusted EBITDA (Consolidated) $220 $225 Cash interest, net (26) (24) Cash taxes (4) (7) Total capex (70) (70) Restructuring Costs(1) (5) (3) Transaction and Debt Issuance Costs(3) (12) (12) Deferral of cash receipt from customer breach of contract(4) (70) (70) Cash impact from accounting treatment of a portion of Phoenix Global's acquisition price(5) (29) (29) Non-cash items and working capital changes (14) (10) Free Cash Flow (FCF) ($10) $0 ($ in millions) 2025E

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16 16Reconciliation to Adjusted EBITDA (1) Reflects severance and other related charges primarily associated with the Phoenix Global acquisition. (2) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel 2025 Q2 2025 Q3 ($ in millions) Q1 '24 Q2 '24 Q3 '24 Q4 '24 FY '24 Q1 '25 Q2 '25 Q3 '25 Net Income 21.1$23.3$33.3$25.8$103.5$19.4$3.5$23.8$ Depreciation and amortization expense 33.3 28.7 28.1 28.8 118.9 28.8 28.6 37.4 Interest expense, net 6.3 5.8 5.7 5.6 23.4 5.2 5.4 8.4 Income tax expense 7.1 5.6 8.2 4.1 25.0 5.6 0.9 (18.8) Loss on derivative forward contracts - - - - - - - 0.7 Restructuring costs(1) - - - - - - 0.5 3.0 Transaction costs(2) 0.1 0.1 - 1.8 2.0 0.8 4.7 4.6 Adjusted EBITDA 67.9$63.5$75.3$66.1$272.8$59.8$43.6$59.1$

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17 17Adjusted EBITDA and Adjusted EBITDA per ton (1) Industrial Services includes the results of our logistics business and Phoenix Global 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 Logistics Handling Volumes, Kt Customer Volumes Serviced, Kt 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 FY 2024 $234.7 4,028 $58.27 $50.4 22,540 ($12.3) $272.8 Q4 2024 $57.3 1,032 $55.52 $11.5 5,262 ($2.7) $66.1 Q3 2024 $58.1 1,027 $56.57 $13.7 5,843 $3.5 $75.3 Q2 2024 $57.9 973 $59.51 $12.2 5,982 ($6.6) $63.5 Q1 2024 $61.4 996 $61.65 $13.0 5,453 ($6.5) $67.9 Domestic Coke Industrial Services(1) Corporate and Other (2) Consolidated Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton

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## Exhibit 99.3

![image0a02a01a01a19.jpg](image0a02a01a01a19.jpg)

**SUNCOKE ENERGY, INC. DECLARES CASH DIVIDEND**

Lisle, Ill. (November 4, 2025) – 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, 2025 to stockholders of record at the close of business on November 17, 2025.

**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.

**Investor/Media Inquiries:**

Sharon Doyle

Manager, Investor Relations

(630) 824-1907

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