SunocoCorp LLC (SUNC) investor relations material

Executive summary

• Net income for Q1 2026 rose sharply year-over-year, reaching $644 million, driven by the Parkland and TanQuid acquisitions and a one-time gain on inventory sales.

• Adjusted EBITDA for Q1 2026 was $867 million, excluding $9 million in transaction expenses and benefiting from a $102 million one-time inventory gain.

• Revenue for the quarter was $10.69 billion, up from $5.18 billion in Q1 2025, with significant growth in fuel distribution and terminal operations.

• Closed the TanQuid acquisition, making the company Germany's largest independent terminal operator and expanding the European terminal footprint.

• Announced a 6.25% increase in quarterly distribution, marking the sixth consecutive quarterly increase and reflecting financial stability.

Financial highlights

• Distributable Cash Flow, as adjusted, was $535 million, up from $310 million year-over-year.

• Operating income rose to $866 million from $296 million year-over-year.

• Cash and cash equivalents at quarter-end were $718 million; $2.2 billion available under the revolving credit facility.

• Growth capital expenditures totaled $106 million; maintenance capital was $93 million; total capital expenditures were $199 million.

• Net leverage ratio was approximately 4.0x at quarter-end; long-term debt stood at $13.9 billion.

Outlook and guidance

• Expectation for the TanQuid acquisition to be immediately accretive to distributable cash flow per unit in 2026.

• Targeting a multi-year distribution growth rate of at least 5%, with management confident in delivering full-year EBITDA guidance even excluding the one-time inventory gain.

• Maintenance capital expenditures for 2026 expected between $400–$450 million; growth capital at least $600 million.

• On track to complete over $500 million in bolt-on acquisitions in 2026.

• Pillar Two global minimum tax impact estimated to be immaterial for 2026.