Sunoco (SUN) Investor presentation summary

Financial outlook and guidance

• Adjusted EBITDA projected at $3.1–$3.3 billion for 2026, with growth capex over $600 million and maintenance capex of $400–$450 million.

• Bolt-on acquisitions expected to exceed $500 million, supporting expansion.

• Annual distribution growth rate targeted at a minimum of 5%, with strong coverage and accretive growth.

• Key EBITDA drivers include legacy business performance, $125 million in Parkland synergies, and accretive capital deployment.

• Distribution per unit has consistently increased, with a multi-year growth outlook.

Business model and operations

• Largest independent fuel distributor in the Americas, distributing over 15 billion gallons annually across 32 countries and territories.

• Operates more than 160 owned terminals and utilizes over 200 third-party terminals, with a network of ~11,000 contracted locations.

• Diversified portfolio spans the U.S., Canada, Greater Caribbean, and Europe, with vertical integration supporting high asset utilization.

• Consistent value creation, with DCF per common unit growing for eight consecutive years and $20 billion deployed in growth and acquisitions since 2017.

Financial profile and capital allocation

• Market capitalization of ~$12 billion and enterprise value of ~$26 billion as of February 2026.

• Revenue of ~$42 billion, with an attractive distribution yield of ~6% and a coverage ratio above 1.8x since 2022.

• Maintained and increased distributions through market turbulence, targeting ongoing annual growth of at least 5%.

• Strong balance sheet, ample liquidity, and a long-term leverage target of 4.0x.