Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35243 Lisle, Illinois 60532 (Address of principal executive offices, including zip code) (630) 824-1000 (Registran ...

Gates said SunCoke extended its Granite City coke-making contract with U.S. Steel through December 2026 at similar economics to the 2025 extension, and extended its Haverhill Two contract with Cleveland-Cliffs through December 2028 with key provisions similar to the prior contract. She also pointed to a new take-or-pay coal handling agreement at KRT that began in the second quarter of 2025, which the company expects to benefit from for a full year in 2026. SunCoke returned about $41 million to shareholders ...

Performance was significantly impacted by Algoma's breach of contract, which necessitated the idling of the Haverhill 1 facility and shifted the sales mix toward lower-margin spot markets. Management successfully mitigated approximately $40,000,000 of the potential $70,000,000 working capital impact from the Algoma breach through third-party sales and facility turndowns. The acquisition of Phoenix Global is a key strategic pivot to diversify revenue streams, contributing five months of results in 2025 ...

We also made great progress on our capital allocation priorities in 2025 with the acquisition of Phoenix. potential in this business. The integration is progressing well, and we are excited for the growth In 2025, we also returned approximately $41,000,000 to our shareholders via our quarterly dividend. We expect to continue our quarterly dividend throughout 2026. With that, I will turn it over to Mark to review our fourth quarter and full year earnings in detail. Mark? Thanks, Katherine.The domestic coke s ...

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for 2025 was $219.2 million, down $53.6 million from the prior year, primarily due to changes in contract and spot coke sales, lower economics on the Granite City contract extension, and lower handling volumes [5][10] - The fourth quarter net loss attributable to SunCoke was $1 per share, down $1.28 compared to Q4 2024, mainly driven by one-time items totaling $0.85 per share net of tax [8][9] - Full year net loss attributable to SunCoke was $0.52 per share, down $1.64 from 2024, influenced by one-time items including non-cash asset impairment charges [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10] - The industrial services segment, including Phoenix Global, delivered full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting results from legacy coal mining and Brazil coke-making businesses [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [16][18] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [19][20] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [22][23] - The integration of Phoenix Global is progressing well, with expectations for growth potential in this business [7][23] - The company aims to maintain strong safety and environmental performance, which is central to delivering high-quality coke and industrial services [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and extended coke-making contracts [15] - The company expects consolidated adjusted EBITDA to be between $230 million and $250 million in 2026, with a focus on deleveraging and maintaining a gross leverage target below 3x [15][21] - Management highlighted the impact of ongoing litigation with Algoma, expecting to recover losses from the breach of contract [28][30] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this in 2026 [7] - Capital expenditures for 2025 were $66.8 million, slightly below the revised guidance of $70 million [13] Q&A Session Summary Question: Status of litigation with Algoma - Management confirmed they are pursuing arbitration against Algoma for breach of contract and expect to prevail [28][30] Question: EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution from Phoenix Global is still expected to be around $60 million, with synergies of $5 million-$10 million [32] Question: Haverhill One closure and potential reopening - Management stated that Haverhill One could be restarted but would require significant capital investment and about 12-18 months [42] Question: Impact of Middletown turbine failure - Management indicated that the turbine failure will have a $10 million impact in the first quarter, with no earnings from power production until it is operational again [46][48] Question: Expected improvement in tons handled in the industrial segment - Management noted that guidance includes a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 2025 was $56.7 million, down $9.4 million year-over-year, primarily due to lower coke sales volumes and market conditions [9][10] - Full-year consolidated adjusted EBITDA was $219.2 million, a decrease of $53.6 million compared to the previous year [9][10] - The net loss attributable to SunCoke for Q4 2025 was $1 per share, down from $1.28 per share in Q4 2024, driven by one-time items totaling $0.85 per share net of tax [8] - Full-year net loss attributable to SunCoke was $0.52 per share, down from $1.64 per share in 2024, impacted by one-time items totaling $0.97 per share net of tax [8] Business Line Data and Key Metrics Changes - Domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, affected by contract and spot coke sales mix changes and lower contract economics [10] - Industrial services segment, including Phoenix Global, delivered full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting costs from legacy operations [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [16][18] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [19][20] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [22] - Focus on seamless integration of Phoenix Global and exploring new growth opportunities across all business areas [23] - The company aims to maintain strong safety and environmental performance as a competitive advantage [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and extended contracts [15] - The company expects to generate positive free cash flow in 2026, with gross leverage targeted around 2.45x, below the long-term target of 3x [15] - Management highlighted challenges in 2025 due to market conditions but remains optimistic about future performance [15] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this in 2026 [7] - The integration of Phoenix Global is progressing well, with expectations for significant contributions in 2026 [15] Q&A Session Summary Question: Status of litigation with Algoma regarding contract breach - Management confirmed ongoing arbitration with Algoma, expecting to recover losses from the breach, which could amount to up to $70 million [28][29] Question: Anticipated EBITDA contribution from Phoenix Global - Management affirmed expectations of an annual EBITDA contribution of roughly $60 million from Phoenix Global [31] Question: One-time integration costs incurred with Phoenix Global - One-time costs included site closure costs of about $3.9 million and transaction costs of approximately $600,000 [32] Question: Permanence of Haverhill One closure and potential reopening - Haverhill One closure is permanent unless significant capital investment is made, which is not currently justified [40] Question: Expected improvement in tons handled in the industrial segment - Guidance includes a full year of the new KRT contract and modest recovery across both KRT and CMT [49]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for Q4 2025 was $56.7 million, down $9.4 million compared to the prior year, primarily due to lower coke sales volumes and market conditions [9][10] - Full year adjusted EBITDA for 2025 was $219.2 million, a decrease of $53.6 million from the previous year, driven by changes in contract and spot coke sales and lower economics on the Granite City contract extension [9][10] - The net loss attributable to SunCoke for Q4 2025 was $1 per share, down from $1.28 in Q4 2024, influenced by one-time items totaling $0.85 per share [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10][11] - The industrial services segment, including Phoenix Global, reported full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting costs from legacy operations [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [17][19] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [20][22] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [24][25] - SunCoke aims to continue integrating Phoenix Global and assess new growth opportunities across its business [25] - The company has extended key contracts, including the Granite City and Haverhill Two contracts, to ensure stable revenue streams [6][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and improved market conditions [16][24] - The company expects to generate positive free cash flow in 2026, with gross leverage targeted around 2.45x, below the long-term target of 3x [16][24] - Management highlighted the impact of recent weather conditions and operational challenges, including a turbine failure, on first-quarter results [47][48] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this practice in 2026 [6][24] - The integration of Phoenix Global is progressing well, with expected synergies contributing to future earnings [33][20] Q&A Session Summary Question: Status of litigation with Algoma regarding contract breach - Management confirmed ongoing arbitration with Algoma, expecting to recover losses from the breach, which could amount to up to $70 million [30][31] Question: Expected EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution of approximately $60 million from Phoenix Global, along with expected synergies of $5 million to $10 million [33] Question: Future of Haverhill One facility - Management indicated that Haverhill One could be restarted but would require significant capital investment and is currently not economically viable [42][43] Question: Impact of Middletown turbine failure and weather on operations - Management noted that the turbine failure and severe weather have resulted in an estimated $10 million impact on first-quarter results [48][49] Question: Drivers of expected improvement in industrial segment handling volumes - Management attributed the expected improvement to a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call Forward-Looking Statements 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Fo ...

Financial Performance - SunCoke reported a net loss of $44.2 million for the full-year 2025, translating to $0.52 per diluted share, and a net loss of $85.6 million, or $1.00 per diluted share, for the fourth quarter 2025[4]. - Revenues for full-year 2025 were $1,837.3 million, down $98.1 million from $1,935.4 million in 2024, primarily due to lower pricing and volumes[5]. - Net loss for 2025 was $38.8 million compared to a net income of $103.5 million in 2024[35]. - Total sales and other operating revenue for 2025 was $1,837.3 million, down from $1,935.4 million in 2024, representing a decrease of approximately 5.1%[37]. - Adjusted EBITDA for 2025 was $219.2 million, a decline from $272.8 million in 2024, reflecting a decrease of about 19.6%[40]. - Revenues for the three months ended December 31, 2025, are reported at $480.2 million, compared to $486.0 million for the same period in 2024[31]. - Net loss attributable to SunCoke Energy, Inc. for the three months ended December 31, 2025, is $85.6 million, compared to net income of $23.7 million for the same period in 2024[31]. Operational Metrics - Full-year 2025 consolidated Adjusted EBITDA was $219.2 million, with fourth quarter Adjusted EBITDA at $56.7 million, both showing a decrease compared to the prior year[4]. - Domestic Coke segment revenues decreased to $1,613.8 million in 2025 from $1,817.3 million in 2024, with Adjusted EBITDA dropping to $170.0 million from $234.7 million[10]. - Domestic Coke production volumes for 2025 were 3,749 thousand tons, down from 4,032 thousand tons in 2024, indicating a reduction of approximately 7.0%[37]. - Domestic Coke capacity utilization dropped to 93% in 2025 from 100% in 2024[37]. - Terminals handling volumes in the Industrial Services segment decreased to 20,320 thousand tons in 2025 from 22,540 thousand tons in 2024, reflecting weak market conditions[15]. Future Projections - SunCoke's 2026 Adjusted EBITDA guidance is projected to be between $230 million and $250 million, reflecting expectations for improved market conditions[4]. - Consolidated Net Income is projected to be between $25 million and $43 million[25]. - Consolidated Adjusted EBITDA is expected to range from $230 million to $250 million[25]. - Capital expenditures are projected to be between $90 million and $100 million[25]. - Operating cash flow is estimated to be between $230 million and $250 million[25]. - Net cash tax receipts are projected to be between $8 million and $12 million[25]. - Estimated Adjusted EBITDA for 2026 is projected to be between $230 million and $250 million[42]. Cash Flow and Assets - Cash and cash equivalents at the end of 2025 were $88.7 million, down from $189.6 million at the end of 2024[35]. - Net cash provided by operating activities for 2025 was $109.1 million, compared to $168.8 million in 2024, a decrease of approximately 35.3%[35]. - Total assets increased to $1,789.9 million as of December 31, 2025, from $1,668.2 million as of December 31, 2024[33]. - Long-term debt rose to $685.5 million as of December 31, 2025, compared to $492.3 million as of December 31, 2024[33]. Strategic Actions - The company extended its coke supply agreements with U.S. Steel and Cleveland-Cliffs through December 2026 and December 2028, respectively[4]. - SunCoke plans to utilize excess cash flow in 2026 for debt repayment, continued dividend distribution, and growth opportunities assessment[3]. - The acquisition of Phoenix Global contributed positively to the Industrial Services segment, which reported revenues of $187.8 million for the full year 2025, up from $104.8 million in 2024[14]. - The acquisition of Phoenix Global resulted in a cash outflow of $271.5 million in 2025[35]. - The production capacity for Domestic Coke is now approximately 3.7 million tons following the closure of the Haverhill I facility, with full utilization expected in 2026[3].

Company Overview - SunCoke Energy, Inc. supplies high-quality coke for domestic and international customers, primarily used in steel production and foundry applications [2] - The company operates under long-term, take-or-pay contracts, ensuring stable revenue streams [2] - SunCoke utilizes innovative heat-recovery technology to enhance efficiency in its cokemaking process, leveraging over 60 years of industry experience [2] Operational Capacity - The company operates facilities in Illinois, Indiana, Ohio, Virginia, and Brazil, showcasing a diverse geographical presence [2] - SunCoke's logistics terminals have the capacity to mix and transload over 40 million tons of material annually, strategically located to serve key markets including the Gulf Coast, East Coast, Great Lakes, and international ports [2] Industrial Services - In addition to coke production, SunCoke provides industrial services such as material handling for coke, coal, steel, and power industries, as well as critical services for leading steel producers globally [2] - The company also offers services related to the removal, handling, and processing of molten slag, along with the preparation and transportation of metal scraps and raw materials [2]