Suncor Energy Inc. (SU) Updating Estimates Following Solid 2Q Results and Key Management Changes Including Incoming CEO

Equity Research 6 August 2026 | 9:48PM EDT

Suncor Energy Inc. (SU) Updating Estimates Following Solid 2Q Results and Key Management Changes Including Incoming CEO

SU 12m Price Target: $75.00 Price: $61.35 Upside: 22.2% NEUTRAL Neil Mehta The Positives. We highlight another strong set of quarterly results | Goldman Sachs & Co. LLC from Suncor Energy (SU), with positive turnaround performance Lydia Gould across Upstream assets and solid operational execution despite | Goldman Sachs & Co. LLC adverse weather. In the Downstream segment, management notes record second quarter refining throughput and product sales, with Josiah Knight | Goldman Sachs & Co. LLC integrated operations continuing to capture elevated margins. Management expects the company to generate significant free cash flow across commodity cycles and raises monthly share repurchases Key Data _____________________________________ Market cap: $72.3bn from ~C$350 mn to ~C$500 mn. Enterprise value: $73.7bn 3m ADTV: $270.5mn Canada The Challenges. We remain mindful of relative outperformance, Americas Integrated Oil and Refiners with SU shares returning +66% over the last two years vs. XLE +34% M&A Rank: 3

and SPX +47%. While refining cash flow exceeded our estimate this GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E quarter, some investors looked for a larger beat. In addition, we note Revenue (C$ mn) New 49,202.0 58,725.8 55,323.3 56,395.7

long-term capital spend remains a risk as the company shifts Revenue (C$ mn) Old 49,202.0 57,280.9 53,471.4 54,718.6 EBITDA (C$ mn) 15,385.2 23,218.7 18,626.1 19,146.4 production from majority mining to in-situ. EBIT (C$ mn) 8,469.2 16,293.3 11,644.1 11,877.6 EPS (C$) New

Our View. While we are Neutral-rated on SU, the risk/reward is EPS (C$) Old P/E (X) improving given ~25% total return potential to our US$75 price Dividend yield (%) 4.2 2.8 3.0 3.3 Net debt/EBITDA (X) 0.4 0.1 0.1 0.1 target. We continue to highlight integrated operations, attractive refining exposure, and positive momentum on shareholder returns, 6/26 9/26E 12/26E 3/27E EPS (C$) but multi-year outperformance keeps us on the sidelines. Going forward, we look for updated commentary on (a) management GS Factor Profile ______________________________ Growth transition, (b) production growth, (c) refining operations, (d) shareholder returns, and (e) break-even reduction. Please see within Financial Returns

Percentile 20th 40th 60th 80th 100th

SU relative to Americas Coverage SU relative to Americas Integrated Oil and Refiners

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Suncor Energy Inc. (SU)

Suncor Energy Inc. (SU) Balance Sheet (C$ mn) ______________________________________ NEUTRAL Rating since Jun 4, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 3,650.0 5,372.0 5,372.0 3,000.0 Accounts receivable 5,087.0 6,411.0 6,411.0 6,411.0 Inventory 5,121.0 6,452.0 6,452.0 6,452.0 Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets 14,229.0 18,617.0 18,617.0 16,245.0 P/E (X) Net PP&E 68,428.0 68,150.6 66,818.6 57,484.8 EV/EBITDA (X) 4.8 4.4 5.2 4.7 Net intangibles 3,455.0 3,334.0 3,334.0 3,334.0 EV/sales (X) 1.5 1.7 1.7 1.6 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) Other long-term assets 3,801.0 4,400.0 4,400.0 4,300.0 EV/DACF (X) 5.4 5.4 6.1 5.6 Total assets 89,913.0 94,501.6 93,169.6 81,363.8 CROCI (%) ROE (%) Accounts payable 7,523.0 8,787.0 8,787.0 8,787.0 Net debt/EBITDA (X) 0.4 0.1 0.1 0.1 Short-term debt Net debt/equity (%) Current lease liabilities -- -- -- -- Interest cover (X)…