SunCoke Energy, Inc. (NYSE: SXC) (the "Company" or "SunCoke") today reported fourth quarter and full-year 2025 results, and provided guidance for 2026.

"We are pleased with the SunCoke team's execution on our operational plan, including our safety performance in 2025. SunCoke achieved an excellent annual Total Recordable Incident Rate (TRIR) of 0.55, excluding Phoenix Global. This represents best-in-class performance and I would like to thank the team for their dedication and commitment. We also made significant progress on our capital allocation goals, with the acquisition of Phoenix Global and the continuation of our quarterly dividend," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "Our fourth quarter and full-year results, when compared to prior year periods, were impacted by the closure of our Haverhill I facility, resulting in a non-cash asset impairment charge, the breach of contract by Algoma, lower Granite City contract extension economics, and the change in mix of contract and spot coke sales. In our Industrial Services segment, Phoenix Global performed in line with our expectations, while weak market conditions persisted throughout the year, impacting our terminals handling volumes."

"Looking ahead to 2026, we have optimized our coke fleet with the closure of Haverhill I, resulting in revised Domestic Coke production capacity of approximately 3.7 million tons. With extended contracts at Granite City and Haverhill II, and having finalized all foundry and spot coke sales, we will be running at full utilization and are sold out for the year. Our 2026 Adjusted EBITDA guidance range of $230 million to $250 million reflects our expectations for improvement in market conditions for our terminals and a full year of Phoenix Global. The breach of contract by Algoma and subsequent closure of Haverhill I will drive lower coke sales tons, but at higher margins, resulting in a modest decrease in Domestic Coke Adjusted EBITDA as compared to 2025," Gates continued. "We remain focused on executing against our well established objectives of exceptional safety performance, operational excellence, and a balanced approach to capital allocation. We plan to use our excess cash flow in 2026 to pay down debt, continue the distribution of the quarterly dividend, and continue to assess growth opportunities. We are positioning the Company for sustained success and delivering significant value to SunCoke stakeholders."

CONSOLIDATED RESULTS

Revenues decreased during both the fourth quarter and full-year 2025 as compared to the same prior year periods, primarily driven by lower pricing and volumes due to the change in mix of contract and spot coke sales, lower contract extension economics at Granite City, and lower coke sales volumes due to the breach of contract by Algoma in the Domestic Coke segment, partially offset by the addition of Phoenix Global in the Industrial Services segment.

Net income attributable to SXC for the fourth quarter 2025 decreased from the same prior year period, primarily driven by one-time items totaling $95.7 million, or $72.7 million net of tax, including a non-cash asset impairment charge primarily due to the closure of our Haverhill I cokemaking facility, site closure costs primarily related to Phoenix Global operating sites, and restructuring and transaction costs primarily related to the acquisition of Phoenix Global. Net loss attributable to SXC for the fourth quarter 2025 was also impacted by lower coke sales volumes in the Domestic Coke segment due to the breach of contract by Algoma. Net income attributable to SXC for the full-year 2025 decreased from the same prior year period, primarily driven by one-time items totaling $109.3 million, or $83.1 million net of tax, including a non-cash asset impairment charge primarily due to the closure of our Haverhill I cokemaking facility, transaction and restructuring costs primarily related to the acquisition of Phoenix Global, and site closure costs primarily related to Phoenix Global operating sites. Net loss attributable to SXC for the full-year 2025 was also impacted by the change in mix of contract and spot coke sales coupled with lower economics on the Granite City contract extension in the Domestic Coke segment, and the absence of a one-time gain of $9.5 million on the elimination of the majority of our legacy black lung liabilities recorded in the third quarter of 2024, partially offset by an income tax benefit from capital investment tax credits.

Fourth quarter 2025 Adjusted EBITDA decreased as compared to the same prior year period, primarily driven by lower coke sales volumes due to the breach of contract by Algoma and lower economics on the Granite City contract extension in the Domestic Coke segment, partially offset by the addition of Phoenix Global. Full-year 2025 Adjusted EBITDA decreased as compared to the same prior year period, primarily driven by the change in mix of contract and spot coke sales, lower economics on the Granite City contract extension, lower coal-to-coke yields, and lower coke sales volumes due to the breach of contract by Algoma, partially offset by the addition of Phoenix Global.

SEGMENT RESULTS

Domestic Coke

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

The decreases in revenues and Adjusted EBITDA for both the fourth quarter and full-year 2025 as compared to the same prior year periods were 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, and lower volumes due to the breach of contract by Algoma.

Industrial Services

Industrial Services consists of the handling and mixing services of coal and other aggregates at our logistics terminals, including Convent Marine Terminal ("CMT"), Lake Terminal, and Kanawha River Terminals (“KRT”), and fifteen molten slag removal, handling, and processing operating sites in four countries.

The increases in both revenues and Adjusted EBITDA for the fourth quarter and full-year 2025 as compared to the same prior year periods were primarily driven by the addition of Phoenix Global, partially offset by lower terminals handling volumes due to market conditions.

Corporate and Other

Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, which is not a reportable segment, but which also includes licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil as well as the expenses related to those operations and activity from our legacy coal mining business.

Adjusted EBITDA results for the fourth quarter 2025 were favorable as compared to same prior year period, primarily driven by lower employee related costs. Adjusted EBITDA results for the full-year 2025 were unfavorable as compared to the same prior year period, primarily driven by the absence of the one-time gain of $9.5 million on the elimination of the majority of our legacy black lung liabilities recorded in the third quarter of 2024, partially offset by lower employee related costs.

2026 OUTLOOK

Our 2026 guidance is as follows:

RELATED COMMUNICATIONS

SXC will host its quarterly earnings call at 11:00 am ET on February 17, 2026. The conference call will be webcast live athttps://event.choruscall.com/mediaframe/webcast.html?webcastid=6AQEfKx3 www.suncoke.com

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 atwww.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 athttps://www.suncoke.com/en/investors/overview

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

FORWARD-LOOKING STATEMENTS

This press release and related conference call contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements often may be identified by the use of such words as "believe," "expect," "plan," "project," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "will," "should," or the negative of these terms, or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this press release or during the related conference call that are not statements of historical fact,including those concerning possible or assumed future results of operations, our 2026 guidance and outlook, our expectation to continue a quarterly dividend, descriptions of our business plans and strategies, and other statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our 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 atwww.suncoke.com www.sec.gov

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.

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	Three Months Ended								Years Ended December 31,
(Dollars in millions)	2025			2024		Increase/			2025			2024		Increase/
Revenues	$	480.2		$	486.0	$	(5.8	)	$	1,837.3		$	1,935.4	$	(98.1	)
Net (loss) income attributable to SXC	$	(85.6	)	$	23.7	$	(109.3	)	$	(44.2	)	$	95.9	$	(140.1	)
Adjusted EBITDA⁽¹⁾	$	56.7		$	66.1	$	(9.4	)	$	219.2		$	272.8	$	(53.6	)

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

	Three Months Ended							Years EndedDecember 31,
(Dollars in millions, except per ton amounts)	2025		2024		Increase/			2025		2024		Increase/
Revenues	$	383.8	$	456.3	$	(72.5	)	$	1,613.8	$	1,817.3	$	(203.5	)
Adjusted EBITDA⁽¹⁾	$	35.6	$	57.3	$	(21.7	)	$	170.0	$	234.7	$	(64.7	)
Sales Volume (in thousands of tons)		876		1,032		(156	)		3,668		4,028		(360	)
Adjusted EBITDA per ton⁽²⁾	$	40.64	$	55.52	$	(14.88	)	$	46.35	$	58.27	$	(11.92	)

(1)	See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
(2)	Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.

	Three Months Ended							Years Ended
	Three Months Ended							Years Ended
(Dollars in millions)	2025		2024		Increase/			2025		2024		Increase/ (Decrease)
Revenues	$	86.2	$	20.8	$	65.4		$	187.8	$	83.0	$	104.8
Intersegment sales	$	5.1	$	5.1	$	—		$	21.9	$	22.9	$	(1.0	)
Adjusted EBITDA⁽¹⁾	$	22.7	$	11.5	$	11.2		$	62.3	$	50.4	$	11.9
Terminals handling volumes (thousands of tons)⁽²⁾		4,616		5,262		(646	)		20,320		22,540		(2,220	)
Steel customer volumes serviced (thousands of tons)⁽³⁾		5,398		—		5,398			9,223		—		9,223

(1)	See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
(2)	Reflects inbound tons handled during the period.
(3)	Reflects volumes serviced in the form of slag handling, metal recovery, scrap preparation, and other mill services.

	Three Months Ended								Years EndedDecember 31,
	Three Months Ended								Years EndedDecember 31,
(Dollars in millions)	2025			2024			Increase/		2025			2024			Increase/
Adjusted EBITDA⁽¹⁾	$	(1.6	)	$	(2.7	)	$	1.1	$	(13.1	)	$	(12.3	)	$	(0.8	)

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

Disclaimer: The Company's 2026 outlook and guidance are based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this outlook and guidance.

(1)

The production of foundry coke does not replace blast furnace coke on a ton for ton basis, resulting in a difference between guidance of ~3,400Kt coke sales (inclusive of foundry and blast) versus the stated Domestic Coke blast furnace equivalent capacity of ~3,690Kt

SunCoke Energy, Inc. Consolidated Statements of Operations

	Three Months Ended					Years Ended December 31,
	2025			2024		2025			2024
	(Unaudited)			(Unaudited)		(Unaudited)			(Audited)
	(Dollars and shares in millions, except per share amounts)
Revenues
Sales and other operating revenue	$	480.2		$	486.0	$	1,837.3		$	1,935.4
Costs and operating expenses
Cost of products sold and operating expenses		407.7			406.3		1,553.0			1,603.4
Selling, general and administrative expenses		21.2			15.4		84.8			61.2
Depreciation and amortization expense		58.8			28.8		153.6			118.9
Long-lived asset impairment		90.3			—		90.3			—
Total costs and operating expenses		578.0			450.5		1,881.7			1,783.5
Operating (loss) income		(97.8	)		35.5		(44.4	)		151.9
Interest expense, net		9.4			5.6		28.4			23.4
(Loss) income before income tax (benefit) expense		(107.2	)		29.9		(72.8	)		128.5
Income tax (benefit) expense		(21.7	)		4.1		(34.0	)		25.0
Net (loss) income		(85.5	)		25.8		(38.8	)		103.5
Less: Net income attributable to noncontrolling interests		0.1			2.1		5.4			7.6
Net (loss) income attributable to SunCoke Energy, Inc.	$	(85.6	)	$	23.7	$	(44.2	)	$	95.9
(Loss) earnings attributable to SunCoke Energy, Inc. per common share:
Basic	$	(1.00	)	$	0.28	$	(0.52	)	$	1.13
Diluted	$	(1.00	)	$	0.28	$	(0.52	)	$	1.12
Weighted average number of common shares outstanding:
Basic		85.6			85.3		85.5			85.1
Diluted		85.6			85.5		85.5			85.3

SunCoke Energy, Inc. Consolidated Balance Sheets

	December 31,
	2025			2024
	(Unaudited)			(Audited)
	(Dollars in millions, except par value amounts)
Assets
Cash and cash equivalents	$	88.7		$	189.6
Receivables (net of allowances of $11.1 million and $0.6 million at December 31, 2025, and December 31, 2024, respectively)		111.5			96.6
Inventories		219.9			180.8
Income tax receivable		24.1			—
Other current assets		18.8			7.6
Total current assets		463.0			474.6
Properties, plants and equipment (net of accumulated depreciation of $1,497.4 million and $1,497.6 million at December 31, 2025 and 2024, respectively)		1,202.7			1,143.6
Goodwill		55.6			3.4
Intangible assets, net		44.0			25.8
Deferred charges and other assets		24.6			20.8
Total assets	$	1,789.9		$	1,668.2
Liabilities and Equity
Accounts payable	$	157.3		$	153.2
Accrued liabilities		60.8			52.6
Interest payable		1.4			—
Total current liabilities		219.5			205.8
Long-term debt		685.5			492.3
Accrual for black lung benefits		11.7			12.7
Retirement benefit liabilities		7.3			7.6
Deferred income taxes		190.3			196.8
Asset retirement obligations		18.1			17.2
Long-term finance lease liability		2.6			0.2
Other deferred credits and liabilities		28.8			24.6
Total liabilities		1,163.8			957.2
Equity
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both December 31, 2025 and 2024		—			—
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 100,069,991 and 99,756,420 shares at December 31, 2025 and 2024, respectively		1.0			1.0
Treasury stock, 15,404,482 shares at both December 31, 2025 and 2024		(184.0	)		(184.0	)
Additional paid-in capital		732.2			732.8
Accumulated other comprehensive loss		(4.2	)		(7.7	)
Retained earnings		52.3			138.1
Total SunCoke Energy, Inc. stockholders' equity		597.3			680.2
Noncontrolling interests		28.8			30.8
Total equity		626.1			711.0
Total liabilities and equity	$	1,789.9		$	1,668.2

SunCoke Energy, Inc. Consolidated Statements of Cash Flows

	Years Ended December 31,
	2025			2024
	(Unaudited)			(Audited)
	(Dollars in millions)
Cash Flows from Operating Activities:
Net (loss) income	$	(38.8	)	$	103.5
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense		153.6			118.9
Long-lived asset impairment		90.3			—
Deferred income tax (benefit) expense		(23.1	)		4.5
Share-based compensation expense		2.4			4.0
Gain on extinguishment of legacy coal liabilities		—			(9.5	)
Changes in working capital pertaining to operating activities:
Receivables, net		31.0			(8.9	)
Inventories		(28.1	)		1.8
Accounts payable		(18.6	)		(12.9	)
Accrued liabilities		(21.2	)		(31.9	)
Interest payable		1.4			—
Income taxes		(25.2	)		1.4
Other		(14.6	)		(2.1	)
Net cash provided by operating activities		109.1			168.8
Cash Flows from Investing Activities:
Capital expenditures		(66.8	)		(72.9	)
Acquisition of Phoenix Global, net of cash acquired		(271.5	)		—
Other investing activities		(0.9	)		0.6
Net cash used in investing activities		(339.2	)		(72.3	)
Cash Flows from Financing Activities:
Proceeds from revolving facility		431.0			11.0
Repayment of revolving facility		(238.0	)		(11.0	)
Debt issuance costs		(2.1	)		—
Dividends paid		(41.4	)		(37.6	)
Cash distributions to noncontrolling interests		(7.4	)		(8.1	)
Repayment of finance lease liabilities		(10.3	)		(0.2	)
Other financing activities		(3.0	)		(1.1	)
Net cash provided by (used in) financing activities		128.8			(47.0	)
Effect of translation changes on cash		0.4			—
Net (decrease) increase in cash and cash equivalents		(100.9	)		49.5
Cash and cash equivalents at beginning of year		189.6			140.1
Cash and cash equivalents at end of year	$	88.7		$	189.6
Supplemental Disclosure of Cash Flow Information
Interest paid	$	28.5		$	24.4
Income taxes paid, net of refunds of $5.2 million and $0.3 million	$	12.8		$	18.0

SunCoke Energy, Inc. Segment Operating Data

	Three Months Ended						Years Ended
	2025			2024			2025			2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Audited)

	(Dollars in millions)
Sales and other operating revenues:
Domestic Coke	$	383.8		$	456.3		$	1,613.8		$	1,817.3
Industrial Services		86.2			20.8			187.8			83.0
Industrial Services intersegment sales		5.1			5.1			21.9			22.9
Elimination of intersegment sales		(5.1	)		(5.1	)		(21.9	)		(22.9	)
Total sales and other operating revenue reportable segments	$	470.0		$	477.1		$	1,801.6		$	1,900.3
Corporate and Other, net⁽¹⁾		10.2			8.9			35.7			35.1
Total sales and other operating revenue	$	480.2		$	486.0		$	1,837.3		$	1,935.4
Adjusted EBITDA⁽²⁾
Domestic Coke	$	35.6		$	57.3		$	170.0		$	234.7
Industrial Services		22.7			11.5			62.3			50.4
Total Adjusted EBITDA reportable segments		58.3			68.8			232.3			285.1
Corporate and Other⁽¹⁾		(1.6	)		(2.7	)		(13.1	)		(12.3	)
Total Adjusted EBITDA	$	56.7		$	66.1		$	219.2		$	272.8
Coke Operating Data:
Domestic Coke capacity utilization⁽³⁾		90	%		100	%		93	%		100	%
Domestic Coke production volumes (thousands of tons)		915			1,023			3,749			4,032
Domestic Coke sales volumes (thousands of tons)		876			1,032			3,668			4,028
Domestic Coke Adjusted EBITDA per ton⁽⁴⁾	$	40.64		$	55.52		$	46.35		$	58.27
Industrial Services Operating Data:
Terminals handling volumes (thousands of tons)		4,616			5,262			20,320			22,540
Steel customer volumes serviced (thousands of tons)		5,398			—			9,223			—

(1)	Corporate and Other, net is not a reportable segment and includes the results of Brazil cokemaking operations.
(2)	See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
(3)	The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time. The Domestic Coke capacity utilization is calculated assuming a single ton of foundry coke replaces approximately two tons of blast furnace coke.
(4)	Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.

SunCoke Energy, Inc. Reconciliation of Non-GAAP Information Net Income to Adjusted EBITDA

	Three Months Ended					Years Ended
	2025			2024		2025			2024
	(Unaudited)			(Unaudited)		(Unaudited)			(Audited)
	(Dollars in millions)
Net (loss) income	$	(85.5	)	$	25.8	$	(38.8	)	$	103.5
Add:
Depreciation and amortization expense		58.8			28.8		153.6			118.9
Long-lived asset impairment⁽¹⁾		90.3			—		90.3			—
Interest expense, net		9.4			5.6		28.4			23.4
Income tax (benefit) expense		(21.7	)		4.1		(34.0	)		25.0
Loss on derivative forward contracts		—			—		0.7			—
Restructuring costs⁽²⁾		0.9			—		4.4			—
Transaction costs⁽³⁾		0.6			1.8		10.7			2.0
Site closure costs⁽⁴⁾		3.9			—		3.9			—
Adjusted EBITDA	$	56.7		$	66.1	$	219.2		$	272.8

(1)	During the fourth quarter of 2025, a triggering event occurred requiring a review for impairment at our Haverhill I cokemaking facility asset group as a result of a breach of contract by Algoma, which resulted in a $90.1 million impairment charge.
(2)	Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global.
(3)	Reflects costs incurred related to the Phoenix Global acquisition and the granulated pig iron project with U.S. Steel.
(4)	Primarily reflects costs incurred associated with closing certain Phoenix Global operating sites.

SunCoke Energy, Inc Reconciliation of Non-GAAP Information Estimated 2026 Net Income to Estimated 2026 Adjusted EBITDA

	2026(Dollars in millions)
	Low		High
Net income	$	25	$	43
Add:
Depreciation and amortization expense		164		160
Interest expense, net		33		37
Income tax expense		8		10
Adjusted EBITDA	$	230	$	250

Domestic coke total sales are expected to be approximately 3.4 million tons⁽¹⁾
Consolidated Net Income is expected to be between $25 million and $43 million
Consolidated Adjusted EBITDA is expected to be between $230 million and $250 million
Capital expenditures are projected to be between $90 million and $100 million
Operating cash flow is estimated to be between $230 million and $250 million
Net cash tax receipts are projected to be between $8 million and $12 million

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