SUN: Well Positioned to Exceed 2026 Guidance

研报英文原文证据摘录

SUN: Well Positioned to Exceed 2026 Guidance

tory sale gain EPU, Ops 7.71 2.30 4.87 2.04

that SUN reported in 1Q26, which while we do not expect to repeat, Prev. 8.05 8.74

represents incremental cash that SUN can redeploy. Our 2026 estimates DCF/unit Q1 Q2 Q3 Q4

also move higher on higher refining crack spread vs our previous estimate. 2025 1.98A 1.89A 2.04A 2.02A

2026 2.45A 2.92E 2.84E 2.55E

Fuel Distribution: Core Strength in Scale. SUN's Fuel Distribution segment Prev. 1.82E 2.52E 2.59E 2.14E 2027 2.47E 2.56E 2.70E 2.69E

generated solid results in 1Q26, with organic legacy volumes growing ~6% Prev. 2.23E 2.53E 2.41E

despite flat U.S. demand. The segment distributed 3.8BN gallons while EBITDA, Adj

maintaining $0.17/gallon margins through significant commodity volatility. 2025 458.0A 464.0A 492.0A 706.0A

2026 867.0A 969.2E 948.1E 883.9E Its resilience derives from its scale and proven gross profit optimization. Prev. 750.6E 903.4E 913.0E 810.6E

As Parkland integration accelerates, the platform becomes increasingly 2027 887.9E 912.4E 936.0E 937.7E

competitive and cash-generative, anchoring distribution growth. Prev. 850.1E 926.8E 944.4E 880.9E

Refinery: Embedded Upside. SUN's Burnaby refinery outperforms AllPricedvaluesas ofin priorUSD unlesstradingotherwiseday's marketnoted.close, EST (unless otherwise noted).

guidance after completing turnaround on time and budget. We expect

strong cracks to persist through 2Q26 and beyond, driven by Middle

East disruptions. While the smallest segment, the refinery hedges Fuel

Distribution margin compression and monetizes spreads across North

American and Pacific Basin markets. Integration into British Columbia

operations provides downside protection. We believe SUN maintains