# EDGAR Filing Document

**Accession Number:** 0001514705
**File Stem:** 0001514705-25-000017
**Filing Date:** 2025-7
**Character Count:** 59609
**Document Hash:** 8e11888f0025c38a1d11bb376eaef344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001514705-25-000017.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001514705-25-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250730

**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**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251164013

**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-20250730

**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**

**July 30, 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 July 30, 2025, SunCoke Energy, Inc. (the "Company") issued a press release announcing its financial results for the second 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 July 30, 2025, the Company issued a press release announcing its financial results for the second quarter of 2025. Additional information concerning the Company's financial results for the second quarter of 2025 will be presented in a slide presentation to investors during a previously announced teleconference on July 30, 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 July 30, 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](sxcearningsrelease2025q2.htm)</u> (July 30, 2025) |
| 99.2 | <u>[SunCoke Energy, Inc. Slide Presentation regarding earnings](q2_2025sxcearningsdeckxv.htm)</u> (July 30, 2025) |
| 99.3 | <u>[SunCoke Energy, Inc. Press Release, announcing cash dividend](sxcq22025dividenddeclarati.htm)</u> (July 30, 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 30th day of July, 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

![image0a02a01a01a19.jpg](image0a02a01a01a19.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second quarter 2025 net income was $3.5 million, compared to $23.3 million in the prior year period; second quarter 2025 net income attributable to SXC was $1.9 million, or $0.02 per diluted share, compared to $21.5 million, or $0.25 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 $43.6 million, compared to $63.5 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the acquisition of Phoenix Global for $325 million; all regulatory approvals have been received, transaction expected to close on August 1, 2025 and be immediately accretive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extension of revolving credit facility originally due June 2026 completed in July; now maturing in July 2030

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirming full-year 2025 Consolidated Adjusted EBITDA<sup>(1)</sup> guidance range of $210 million - $225 million

LISLE, Ill. (July 30, 2025) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for second quarter 2025 and provided an update on the previously announced acquisition of Phoenix Global.

"We are excited by the progress we have made to grow and diversify our business through the acquisition of Phoenix Global, which we announced in May. We are pleased to share that the transaction is now scheduled to close on August 1, 2025. The acquisition of Phoenix is an excellent strategic fit for SunCoke, as it expands and diversifies our customer base and enhances our capabilities as a supplier of industrial services to steelmaking customers. Following the close of the transaction, we plan to host investor conferences," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "Our quarterly financial results were adversely impacted by the timing and mix of contract and spot coke sales in the Domestic Coke segment and lower volumes in the Logistics segment. We expect higher Adjusted EBITDA in the second half of the year, driven by a more advantageous mix of contract and spot coke sales, and the new take-or-pay coal handling agreement at Kanawha River Terminal."

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

------

**SECOND QUARTER CONSOLIDATED RESULTS**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>**<u>(Dollars in millions)</u>** | **2025** | **2024** | **Increase<br>(decrease)** |
| Revenues | $434.1 | $470.9 | $(36.8) |
| Net income attributable to SXC | $1.9 | $21.5 | $(19.6) |
| Adjusted EBITDA<sup>(1)</sup> | $43.6 | $63.5 | $(19.9) |

---

(1)See definition of Adjusted EBITDA and reconciliation to United States generally accepted accounting principles ("GAAP") elsewhere in this release.

Revenues in the second quarter of 2025 decreased $36.8 million as compared to the same prior year period, primarily driven by the timing/mix of contract and spot coke sales volumes coupled with lower volumes and pricing due to the contract extension economics at Granite City in the Domestic Coke segment, and lower transloading volumes at CMT in the Logistics segment.

Net income attributable to SXC decreased $19.6 million from the same prior year period, primarily driven by the timing/mix of contract and spot coke sales and lower contract extension economics at Granite City in the Domestic Coke segment, lower transloading volumes at CMT in the Logistics segment, and transaction costs.

Adjusted EBITDA decreased $19.9 million as compared to the same prior year period, primarily driven by the timing/mix of contract and spot coke sales and lower contract extension economics at Granite City in the Domestic Coke segment, and lower transloading volumes at CMT in the Logistics segment.

**SECOND 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 June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>**<u>(Dollars in millions, except per ton amounts)</u>** | **2025** | **2024** | **Increase<br>(decrease)** |
| Revenues | $410.4 | $441.6 | $(31.2) |
| Adjusted EBITDA<sup>(1)</sup> | $40.5 | $57.9 | $(17.4) |
| Sales volumes (thousands of tons) | 943 | 973 | (30) |
| Adjusted EBITDA per ton<sup>(2)</sup> | $42.95 | $59.51 | $(16.56) |

---

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

(2)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.

Revenues in the second quarter of 2025 decreased $31.2 million as compared to the same prior year period, primarily driven by the timing/mix of contract and spot coke sales volumes coupled with lower volumes and pricing due to the contract extension economics at Granite City.

Adjusted EBITDA in the second quarter of 2025 decreased $17.4 million as compared to the same prior year period, primarily driven by timing/mix of contract and spot coke sales volumes coupled with lower volumes and economics at Granite City due to contract extension economics.

------

**<u>Logistics</u>**

Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal ("CMT"), Lake Terminal, and Kanawha River Terminals ("KRT").

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>**<u>(Dollars in millions, except per ton amounts)</u>** | **2025** | **2024** | **Increase <br>(decrease)** |
| Revenues | $15.1 | $20.2 | $(5.1) |
| Intersegment sales | $5.9 | $5.9 | $— |
| Adjusted EBITDA<sup>(1)</sup> | $7.7 | $12.2 | $(4.5) |
| Tons handled (thousands of tons)<sup>(2)</sup> | 4746 | 5982 | (1236) |

---

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

(2)Reflects inbound tons handled during the period.

Revenues in the second quarter of 2025 decreased $5.1 million as compared to the same prior year period, primarily driven by lower transloading volumes at CMT due to challenging market conditions.

Adjusted EBITDA decreased by $4.5 million as compared to the same prior year period, primarily driven by lower transloading volumes at CMT due to challenging market conditions.

**<u>Brazil Coke</u>**

Brazil Coke consists of a cokemaking facility in Vitória, Brazil, which we operate for an affiliate of ArcelorMittal.

Revenues were $8.6 million and Adjusted EBITDA was $2.6 million during the second quarter of 2025, which was reasonably consistent with $9.1 million and $2.5 million, respectively, in the prior year period.

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

Corporate and Other, which includes activity from our legacy coal mining business, was an expense of $7.2 million during the second quarter of 2025, compared to expense of $9.1 million during the second quarter of 2024, primarily due to lower legacy black lung expenses resulting from the DOL exemption.

------

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

Our 2025 revised guidance reflects the estimated impact of the "One Big Beautiful Bill Act" on cash taxes and the impact of transaction costs related to the acquisition of Phoenix Global on Consolidated Net Income.

Our revised 2025 guidance is as follows:

• Domestic Coke total production is expected to be approximately 4.0 million tons

• Consolidated Net Income is expected to be between $40 million and $59 million

• Consolidated Adjusted EBITDA is expected to be between $210 million and $225 million

• Capital expenditures are projected to be approximately $60 million

• Operating cash flow is estimated to be between $165 million and $180 million

• Cash taxes are projected to be between $5 million and $9 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=XUoh0pDP 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 logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. 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. 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, 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.

• **<u>Domestic logistics terminals</u>** represents Lake Terminal and Kanawha River Terminals.

**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 Phoenix acquisition and time of close, the intended hosting and timing of any investor conferences, and expected financial performance in the second half of 2025, 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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 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 | $434.1 | $470.9 | $870.1 | $959.3 |
| **Costs and operating expenses** |  |  |  |  |
| Cost of products sold and operating expenses | 375.1 | 389.7 | 737.4 | 791.9 |
| Selling, general and administrative expenses | 20.6 | 17.8 | 35.3 | 36.2 |
| Depreciation and amortization expense | 28.6 | 28.7 | 57.4 | 62.0 |
| Total costs and operating expenses | 424.3 | 436.2 | 830.1 | 890.1 |
| **Operating income** | 9.8 | 34.7 | 40.0 | 69.2 |
| Interest expense, net | 5.4 | 5.8 | 10.6 | 12.1 |
| Income before income tax expense | 4.4 | 28.9 | 29.4 | 57.1 |
| Income tax expense | 0.9 | 5.6 | 6.5 | 12.7 |
| Net income | 3.5 | 23.3 | 22.9 | 44.4 |
| Less: Net income attributable to noncontrolling interests | 1.6 | 1.8 | 3.7 | 2.9 |
| **Net income attributable to SunCoke Energy, Inc.** | $1.9 | $21.5 | $19.2 | $41.5 |
| Earnings attributable to SunCoke Energy, Inc. per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.02 | $0.25 | $0.22 | $0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.02 | $0.25 | $0.22 | $0.49 |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 85.5 | 85.1 | 85.5 | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 85.6 | 85.3 | 85.6 | 85.3 |

---

------

**SunCoke Energy, Inc.** 

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **June 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 | $186.2 | $189.6 |
| Receivables, net | 73.4 | 96.6 |
| Inventories | 215.3 | 180.8 |
| Other current assets | 9.1 | 7.6 |
| Total current assets | 484.0 | 474.6 |
| Properties, plants and equipment (net of accumulated depreciation of $1,554.2 million and $1,497.6 million at June 20, 2025 and December 31, 2024, respectively) | 1107.6 | 1143.6 |
| Intangible assets, net | 28.5 | 29.2 |
| Deferred charges and other assets | 21.3 | 20.8 |
| Total assets | $1641.4 | $1668.2 |
| **Liabilities and Equity** |  |  |
| Accounts payable | $141.9 | $153.2 |
| Accrued liabilities | 43.2 | 52.6 |
| Total current liabilities | 185.1 | 205.8 |
| Long-term debt | 493.4 | 492.3 |
| Accrual for black lung benefits | 12.8 | 12.7 |
| Retirement benefit liabilities | 7.1 | 7.6 |
| Deferred income taxes | 194.3 | 196.8 |
| Asset retirement obligations | 17.8 | 17.2 |
| Other deferred credits and liabilities | 23.9 | 24.8 |
| Total liabilities | 934.4 | 957.2 |
| **Equity** |  |  |
| Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both March 31, 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 June 30, 2025 and December 31, 2024, respectively | 1.0 | 1.0 |
| Treasury stock, 15,404,482 shares at both June 30, 2025 and December 31, 2024 | (184.0) | (184.0) |
| Additional paid-in capital | 731.6 | 732.8 |
| Accumulated other comprehensive loss | (7.3) | (7.7) |
| Retained earnings | 136.4 | 138.1 |
| Total SunCoke Energy, Inc. stockholders' equity | 677.7 | 680.2 |
| Noncontrolling interest | 29.3 | 30.8 |
| Total equity | 707.0 | 711.0 |
| Total liabilities and equity | $1641.4 | $1668.2 |

---

------

**SunCoke Energy, Inc.** 

**Consolidated Statements of Cash Flows** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $22.9 | $44.4 |
| &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 | 57.4 | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (2.5) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1.8 | 3.0 |
| &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 | 23.2 | (57.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (34.4) | (25.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (14.8) | (14.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (4.2) | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (1.1) | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | (5.0) | (8.2) |
| Net cash provided by operating activities | 43.3 | 0.7 |
| **Cash Flows from Investing Activities** |  |  |
| Capital expenditures | (17.5) | (33.0) |
| Other investing activities | 0.3 | (0.4) |
| Net cash used in investing activities | (17.2) | (33.4) |
| **Cash Flows from Financing Activities** |  |  |
| Proceeds from revolving facility |  | 11.0 |
| Repayment of revolving facility |  | (11.0) |
| Dividends paid | (21.1) | (17.4) |
| Cash distribution to noncontrolling interests | (5.2) | (4.4) |
| Other financing activities | (3.2) | (3.7) |
| Net cash used in financing activities | (29.5) | (25.5) |
| Net decrease in cash and cash equivalents | (3.4) | (58.2) |
| Cash and cash equivalents at beginning of period | 189.6 | 140.1 |
| Cash and cash equivalents at end of period | $186.2 | $81.9 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Interest paid | $12.2 | $12.2 |
| Income taxes paid, net of refunds of $5.0 million and zero, respectively | $10.1 | $10.4 |

---

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**SunCoke Energy, Inc.**

**Segment Financial and Operating Data** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 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 | $410.4 | $441.6 | $816.2 | $901.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Coke | 8.6 | 9.1 | 16.4 | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics | 15.1 | 20.2 | 37.5 | 40.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics intersegment sales | 5.9 | 5.9 | 11.5 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of intersegment sales | (5.9) | (5.9) | (11.5) | (11.8) |
| Total sales and other operating revenues | $434.1 | $470.9 | $870.1 | $959.3 |
| **Adjusted EBITDA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke | $40.5 | $57.9 | $90.4 | $119.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Coke | 2.6 | 2.5 | 4.9 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics | 7.7 | 12.2 | 21.4 | 25.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other, net<sup>(1)</sup> | (7.2) | (9.1) | (13.3) | (18.0) |
| Total Adjusted EBITDA<sup>(2)</sup> | $43.6 | $63.5 | $103.4 | $131.4 |
| **Coke Operating Data:** |  |  |  |  |
| Domestic Coke capacity utilization<sup>(3)</sup> | 95% | 99% | 93% | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke production volumes (thousands of tons) | 947 | 978 | 1852 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke sales volumes (thousands of tons) | 943 | 973 | 1841 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic Coke Adjusted EBITDA per ton<sup>(4)</sup> | $42.95 | $59.51 | $49.10 | $60.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian Coke production—operated facility (thousands of tons) | 371 | 397 | 751 | 768 |
| **Logistics Operating Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tons handled (thousands of tons) | 4746 | 5982 | 10470 | 11435 |

---

&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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Net income** | $3.5 | $23.3 | $22.9 | $44.4 |
| Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 28.6 | 28.7 | 57.4 | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 5.4 | 5.8 | 10.6 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 0.9 | 5.6 | 6.5 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs<sup>(1)</sup> | 5.2 | 0.1 | 6.0 | 0.2 |
| **Adjusted EBITDA** | $43.6 | $63.5 | $103.4 | $131.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Reflects costs incurred related to the Phoenix Global acquisition 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** | $40 | $59 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 121 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 26 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 11 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs <sup>(1)</sup> | $12 | $10 |
| **Adjusted EBITDA** | $210 | $225 |

---

(1)Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel

**Investor/Media Inquiries:**

Sharon Doyle

Manager, Investor Relations

(630) 824-1907

## Exhibit 99.2

![](q2_2025sxcearningsdeckxv001.jpg)

SunCoke Energy, Inc. Q2 2025 Earnings Conference Call

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2 This presentation should be reviewed in conjunction with the second quarter 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on July 30, 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 amount of 2025 coke sales, challenging market conditions, anticipated transaction benefits and synergies of Phoenix acquisition and time of close, the intended hosting and timing of any investor conferences, and expected financial performance in second half of 2025 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. Forward-Looking Statements

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3Q2 2025 Highlights ✓ Delivered Q2 '25 Consolidated Adjusted EBITDA(1) of $43.6M ✓ Announced the acquisition of Phoenix Global during the second quarter; expect to close on August 1st, 2025 ✓ Extension of revolving credit facility originally due June 2026 completed in July; now maturing in July 2030 ✓ Declared cash dividend of $0.12 per share, payable on September 2nd, 2025 ✓ Ended Q2 with a strong liquidity position of $536.2 million ✓ Reaffirming FY 2025 Consolidated Adjusted EBITDA(1) guidance range of $210M - $225M (1) See appendix for a definition and reconciliation of Adjusted EBITDA

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![](q2_2025sxcearningsdeckxv004.jpg)

4Transaction Overview SunCoke to acquire Phoenix Global for $325 million; transaction closing expected on August 1st, 2025 • SunCoke to acquire 100% of common units of Phoenix Global for $325 million on a cash free, debt free basis • Implied purchase price of ~5.4x Phoenix LTM 3/31/25 Adjusted EBITDA(1) of $61 million • Transaction expected to be immediately accretive • Purchase to be funded with cash on hand and revolver borrowing • Expect annual synergies of ~$5M - $10M Financial Impact Purchase Price and Valuation Post Closing • Successfully integrate Phoenix Global operations into SunCoke • Plan to host investor conferences after transaction closes, sometime in late Q3 • Will provide updated guidance (including Phoenix) during investor conferences (1) See appendix for a definition and reconciliation of Adjusted EBITDA

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5Transaction Benefits to SunCoke Phoenix acquisition provides significant strategic and financial benefits to SunCoke • Diversifying our customer base to include Electric Arc Furnace (EAF) operators o Carbon steel o Stainless steel • Global footprint adds international market presence Market Diversification • Expansion into high-value, site- based, critical services that drive operational efficiency and reliability • Strengthens SunCoke's role as a critical partner in the steel value chain Expanded Offerings • Long-term contracts with attractive fixed revenue components and limited direct exposure to commodity price volatility • Well-capitalized asset portfolio with ~$72 million invested in equipment since 2023 through a major capital investment plan Strong Financials • Multiple paths for organic growth in a growing steel market • SunCoke's strong financial position and operational excellence can be leveraged to better serve mill customers Growth Platform

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![](q2_2025sxcearningsdeckxv006.jpg)

6Q2 2025 Financial Performance (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Coke Adjusted EBITDA includes Domestic Coke and Brazil Coke (3) Corporate and Other Adj. EBITDA includes activity from our legacy coal mining business ($/share) ($ in millions) Adjusted EBITDA(1) $43.6 $63.5 Q2 '25 Q2 '24 -$19.9M Q2 2025 Earnings Review • Q2 '25 EPS of $0.02, down $0.23 from the prior year quarter ▪ Primarily driven by timing/mix of contract and spot coke sales coupled with lower economics on the Granite City contract extension in Domestic Coke ▪ Lower volumes at CMT in Logistics driven by market conditions ▪ Transaction costs of $5.2M • Consolidated Adjusted EBITDA(1) of $43.6M, a decrease of $19.9M from the prior year quarter ▪ Coke segment down $17.3M, primarily driven by timing/mix of contract and spot coke sales coupled with lower economics on the Granite City contract extension ▪ Logistics segment down $4.5M, primarily driven by lower volumes at CMT driven by market conditions ▪ Corporate and Other expenses down $1.9M, primarily driven by lower legacy black lung expenses $0.02 $0.25 Q2 '25 Q2 '24 -$0.23 Diluted EPS ($ in millions, except volumes) Q2 '25 Q2 '24 Q2 '25 vs Q2 '24 Domestic Coke Sales Volumes 943 973 (30) Logistics Volumes 4,746 5,982 (1,236) Coke Adjusted EBITDA(2) $43.1 $60.4 ($17.3) Logistics Adjusted EBITDA $7.7 $12.2 ($4.5) Corporate and Other Adjusted EBITDA (3) ($7.2) ($9.1) $1.9 Consolidated Adjusted EBITDA (1) $43.6 $63.5 ($19.9)

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![](q2_2025sxcearningsdeckxv007.jpg)

7 Domestic Coke Performance Domestic Coke Business Summary 115 126 127 108 121 306 322 325 303 260 266 248 200 229 164 169 167 146 150 133 148 156 148 155 $40.5 $57.9M Q2 '24 $58.1M Q3 '24 $57.3M Q4 '24 $49.9M Q1 '25 292 Q2 '25 978 1,031 1,023 905 947 Adjusted EBITDA ($M)(1) Middletown Granite City Haverhill Indiana Harbor Jewell Sales Tons (Coke Production, Kt) • Domestic Coke segment contributed $40.5M to Q2 '25 Adjusted EBITDA ▪ Change in mix of contract and spot coke sales at Haverhill - Lower concentration of contract coke sales - Spot coke sales margins significantly lower than contract coke sales margins due to challenging market conditions ▪ Granite City contract extension at lower economics and volumes • Reaffirming FY 2025 Domestic Coke Adjusted EBITDA guidance range of $185M - $192M ▪ 2H 2025 Adjusted EBITDA expected to be higher due to higher contract coke sales (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix 898K973K 943K1,032K Domestic Coke performance impacted by timing/mix of contract & spot coke sales and lower Granite City contract economics 1,027K

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![](q2_2025sxcearningsdeckxv008.jpg)

8Logistics Business Summary (Tons Handled, Kt) • Logistics segment contributed $7.7M to Q2 '25 Adjusted EBITDA ▪ Lower volumes at CMT driven by market conditions • KRT barge unloading expansion project completed and operating ▪ Expect to begin recognizing benefits from the new take-or-pay coal handling agreement in Q3 • Reaffirming FY 2025 Logistics Adjusted EBITDA guidance range of $45M - $50M (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix Logistics Performance $12.2M $13.7M $11.5M $13.7M $7.7M Adjusted EBITDA ($M) (1) 2,498 2,013 1,915 2,447 3,484 3,830 3,347 3,277 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 5,982 5,843 5,262 5,724 4,746 1,501 3,245 Logistics (ex. CMT) CMT (coal, bulk products, liquids) Logistics performance primarily driven by lower volumes at CMT

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![](q2_2025sxcearningsdeckxv009.jpg)

9 $193.7 $186.2 $17.5 Cash @ Q1 2025 Net Cash Provided by Ops. Activities ($12.6) CapEx ($10.2) Dividends ($2.2) Other Cash @ Q2 2025 (1) Gross leverage and net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA Q2 2025 Liquidity ($ in millions) Dividend of $0.12 per share Revolver Availability: $350M (Consolidated) Q2 '25 Total Debt $500M Gross Leverage(1) 2.04x Net Leverage(1) 1.28x Maintained strong liquidity position of $536.2M

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![](q2_2025sxcearningsdeckxv010.jpg)

10 • Further develop foundry and spot blast coke customer books • Continue work on adding customers and products in the Logistics segment Strengthen Customer Bases for Coke and Logistics Businesses 2025 Key Initiatives • $210M - $225M Adjusted EBITDA(1) 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

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![](q2_2025sxcearningsdeckxv011.jpg)

APPENDIX

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![](q2_2025sxcearningsdeckxv012.jpg)

12 NON-GAAP FINANCIAL MEASURES 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, site closure costs, bankruptcy related costs, foreign currency gain or loss, temporary transactional employee and consultation costs, loss or gain on asset sales and/or transaction related costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under 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 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 GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with 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. Domestic logistics terminals represents Lake Terminal and Kanawha River Terminals.

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![](q2_2025sxcearningsdeckxv013.jpg)

132025 Guidance Summary (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 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 \* 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. 2025 Original 2025 Revised Guidance Guidance\* Adjusted EBITDA Consolidated(1) $210M - $225M $210M - $225M Domestic Coke EBITDA $185M - $192M $185M - $192M Logistics EBITDA $45M - $50M $45M - $50M Domestic Coke Sales ~4.0M tons ~4.0M tons Domestic Coke Adjusted EBITDA/ton(3) $46 - $48/ton $46 - $48/ton Total Capital Expenditures ~$65M ~$60M Operating Cash Flow $165M - $180M $165M - $180M Cash Taxes $17M - $21M $5M - $9M Metric Expect 2025 Consolidated Adjusted EBITDA(1) of $210M - $225M; 2025 Free Cash Flow(2) of $103M - $118M ($ in millions) Low End High End Low End High End Adjusted EBITDA (1) $210 $225 $210 $225 Cash interest, net ($23) ($21) ($23) ($21) Cash taxes ($17) ($21) ($5) ($9) Total capex ($65) ($65) ($60) ($60) Transaction and Debt Issuance Costs(4) $0 $0 ($14) ($12) Non-cash items and working capital changes ($5) ($3) ($5) ($5) Free Cash Flow (FCF)(2) $100 $115 $103 $118 Adjusted EBITDA to FCF Walk 2025E Revised2025E Original

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![](q2_2025sxcearningsdeckxv014.jpg)

14Coke 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 Sep. 2025 Capacity (4) Haverhill I/JWO 1,270Kt Cliffs Steel Algoma Steel Dec. 2025 Dec. 2026 400 Kt 150 Kt

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![](q2_2025sxcearningsdeckxv015.jpg)

15Balance Sheet & Debt Metrics ($ in millions) As of 6/30/2025 As of 12/31/2024 Cash 186$190$ Available Revolver Capacity 350$350$ Total Liquidity 536$540$ Gross Debt (Long and Short-term) 500$500$ Net Debt (Total Debt less Cash) 314$310$ LTM Adjusted EBITDA 245$273$ Gross Debt / LTM Adjusted EBITDA 2.04x 1.83x Net Debt / LTM Adjusted EBITDA 1.28x 1.14x Adjusted EBITDA (Guidance) Gross Leverage (Guidance) Net Leverage (Guidance) $210M - $225M 2.22x - 2.38x 1.39x - 1.49x 2025 2026 2027 2028 2029 Consolidated Total Sr. Notes -$-$-$-$500.0$500.0$ Revolver - - - - - - Total -$-$-$-$500.0$500.0$ As of 6/30/2025 ($ in millions)

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![](q2_2025sxcearningsdeckxv016.jpg)

162025 Guidance Reconciliation Free Cash Flow Guidance Reconciliation ($ in millions) Low High Operating Cash Flow $165 $180 Capital Expenditures (60) (60) Debt Issuance Costs(2) (2) (2) Free Cash Flow (FCF) $103 $118 2025E Low High Net Income $40 $59 Depreciation and amortization expense 121 117 Interest expense, net 26 24 Income tax expense 11 15 Transaction Costs (1) 12 10 Adjusted EBITDA (Consolidated) $210 $225 ($ in millions) (1) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel (2) Reflects costs incurred related to the extension of the revolving credit facility

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![](q2_2025sxcearningsdeckxv017.jpg)

17Net Income to FCF Reconciliation Low End High End Net Income $40 $59 Depreciation and amortization expense 121 117 Interest expense, net 26 24 Income tax expense 11 15 Transaction Costs (1) 12 10 Adjusted EBITDA (Consolidated) $210 $225 Cash interest, net (23) (21) Cash taxes (5) (9) Total capex (60) (60) Transaction and Debt Issuance Costs (2) (14) (12) Working capital changes (5) (5) Free Cash Flow (FCF) $103 $118 ($ in millions) 2025E (1) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel (2) 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

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![](q2_2025sxcearningsdeckxv018.jpg)

18Reconciliation to Adjusted EBITDA (1) Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel 2025 Q2 ($ in millions) Q1 '24 Q2 '24 Q3 '24 Q4 '24 FY '24 Q1 '25 Q2 '25 Net Income 21.1$23.3$33.3$25.8$103.5$19.4$3.5$ Depreciation and amortization expense 33.3 28.7 28.1 28.8 118.9 28.8 28.6 Interest expense, net 6.3 5.8 5.7 5.6 23.4 5.2 5.4 Income tax expense 7.1 5.6 8.2 4.1 25.0 5.6 0.9 Transaction costs (1) 0.1 0.1 - 1.8 2.0 0.8 5.2 Adjusted EBITDA 67.9$63.5$75.3$66.1$272.8$59.8$43.6$ Phoenix LTM 3/31/2025 Adj. EBITDA Reconciliation ($ in millions) LTM 3/31/25 Net Income ($43) Depreciation and amortization expense 61 Interest expense, net 13 Income tax expense 3 Site closure / impairment costs 11 Transaction related costs 8 Temporary transitional employee and consultation costs 4 Loss / (gain) on asset sales 3 Bankruptcy related costs 1 FX (gain) / loss (0) Adjusted EBITDA $61

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19Adjusted EBITDA and Adjusted EBITDA per ton (1) Corporate and Other includes the results of our legacy coal mining business. Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton ($ in millions, except per ton data) Domestic Coke Brazil Coke Logistics Corporate and Other(1) Consolidated Q2 2025 Adjusted EBITDA $40.5 $2.6 $7.7 ($7.2) $43.6 Sales Volume (thousands of tons) 943 371 4,746 Adjusted EBITDA per Ton $42.95 $6.94 $1.62 Q1 2025 Adjusted EBITDA $49.9 $2.3 $13.7 ($6.1) $59.8 Sales Volume (thousands of tons) 898 380 5,724 Adjusted EBITDA per Ton $55.57 $6.05 $2.39 FY 2024 Adjusted EBITDA $234.7 $9.9 $50.4 ($22.2) $272.8 Sales Volume (thousands of tons) 4,028 1,579 22,540 Adjusted EBITDA per Ton $58.27 $6.29 $2.24 Q4 2024 Adjusted EBITDA $57.3 $2.5 $11.5 ($5.2) $66.1 Sales Volume (thousands of tons) 1,032 388 5,262 Adjusted EBITDA per Ton $55.52 $6.48 $2.18 Q3 2024 Adjusted EBITDA $58.1 $2.5 $13.7 $1.0 $75.3 Sales Volume (thousands of tons) 1,027 423 5,843 Adjusted EBITDA per Ton $56.57 $5.97 $2.35 Q2 2024 Adjusted EBITDA $57.9 $2.5 $12.2 ($9.1) $63.5 Sales Volume (thousands of tons) 973 397 5,982 Adjusted EBITDA per Ton $59.51 $6.42 $2.03 Q1 2024 Adjusted EBITDA $61.4 $2.4 $13.0 ($8.9) $67.9 Sales Volume (thousands of tons) 996 371 5,453 Adjusted EBITDA per Ton $61.65 $6.59 $2.39

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## Exhibit 99.3

![image0a02a01a01a19.jpg](image0a02a01a01a19.jpg)

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

Lisle, Ill. (July 30, 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 September 2, 2025 to stockholders of record at the close of business on August 15, 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 logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. 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. 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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