Sunoco L.P.: Strong 2Q EBITDA Beat & 2026 Guidance Raise; Platform Firing on All Cylinders

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Sunoco L.P.: Strong 2Q EBITDA Beat & 2026 Guidance Raise; Platform Firing on All Cylinders

J P M O R G A N North America Equity Research

04 August 2026

Sunoco L.P. Overweight

SUN, SUN US

Strong 2Q EBITDA Beat & 2026 Guidance Raise; Price (03 Aug 26):$77.41

Platform Firing on All Cylinders

Head of North America Power,

Excluding $14mm in transaction expenses, SUN reported 2Q26 adj EBITDA of Utilities, Midstream, LNG, and

Nuclear

$996mm, above the $953mm JPMe and the $931mm Street median estimate.

Refinery, Pipelines and Terminal segments drove the beat, with Fuel Distribution Jeremy Tonet, CFA AC

landing a touch below our estimate. As expected, SUN raised full-year 2026 adj. (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

EBITDA guidance +$400mm to $3.5-3.7bn, a meaningful hike versus the prior

North American Midstream

$3.1-3.3bn range, landing in-line with $3.60/3.56bn JPMe/Street median

estimates. On the call, we expect management to frame the pace of PKI run-rate Vrathan Reddy

synergy capture versus the $250mm+ floor, Burnaby 2H trajectory, the bolt-on (1-212) 622-4692

vrathan.reddy@jpmchase.com

M&A pipeline, and broader capital allocation priorities. All in, we see the beat and

Eli Jossen, CFAraise chinning the bar versus investor expectations, with call commentary on

(1-212) 622-4113

inorganic growth opportunities, paired with strong unitholder return upside eli.jossen@jpmchase.com

potential, collectively driving solid trading today.

Francina Kolluri

• Fuel Distribution platform firing on all cylinders. 2Q26 results reflect a full- (1-212)francina.kolluri@jpmchase.com270-5796

quarter PKI contribution across 4.125bn gallons sold, a meaningful step-up J.P. Morgan Securities LLC

from the 2.188bn gallons in 2Q25, with the Parkland acquisition and other bolt-