Exhibit 99.1

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Suncor Energy reports third quarter 2025 results

Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and derived from the company’s condensed consolidated financial statements which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. Production volumes are presented on a working-interest basis, before royalties, except for production values from the company's Libya operations, which are presented on an economic basis. Certain financial measures referred to in this news release (adjusted funds from operations, adjusted operating earnings, free funds flow and net debt) are not prescribed by Canadian generally accepted accounting principles (GAAP). See the Non-GAAP Financial Measures section of this news release. References to Oil Sands operations exclude Suncor Energy Inc.’s ownership of Fort Hills and interest in Syncrude.

Calgary, Alberta (November 4, 2025)

Third Quarter Highlights

“Once again we achieved record quarterly results across our businesses, reflecting an unwavering commitment to operational excellence and high performance,” said Rich Kruger, President and Chief Executive Officer. “Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters. Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable, and more ratable free cash flow with less volatility and dependence on the external business environment.”

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Third Quarter Results

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Financial Results

Adjusted Operating Earnings Reconciliation(1)

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Operating Results

Corporate and Strategy Updates

Corporate Guidance Updates

Suncor has updated its 2025 corporate guidance ranges, previously updated on August 5, 2025, by increasing the following ranges:

For further details and advisories regarding Suncor’s 2025 corporate guidance, see www.suncor.com/guidance.

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Non-GAAP Financial Measures

Certain financial measures in this news release – namely adjusted funds from operations, adjusted operating earnings, free funds flow and net debt, and related per share or per barrel amounts – are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze business performance, leverage and liquidity, as applicable, and it may be useful to investors on the same basis. These non-GAAP financial measures do not have any standardized meaning and, therefore, are unlikely to be comparable to similar measures presented by other companies. Therefore, these non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Except as otherwise indicated, these non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods.

Adjusted Operating Earnings

Adjusted operating earnings is a non-GAAP financial measure that adjusts net earnings for significant items that are not indicative of operating performance. Management uses adjusted operating earnings to evaluate operating performance because management believes it provides better comparability between periods. Adjusted operating earnings are reconciled to net earnings in the news release above.

Adjusted Funds From (Used In) Operations

Adjusted funds from (used in) operations is a non-GAAP financial measure that adjusts a GAAP measure – cash flow provided by operating activities – for changes in non-cash working capital, which management uses to analyze operating performance and liquidity. Changes to non-cash working capital can be impacted by, among other factors, commodity price volatility, the timing of offshore feedstock purchases and payments for commodity and income taxes, the timing of cash flows related to accounts receivable and accounts payable, and changes in inventory, which management believe reduces comparability between periods.

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Free Funds Flow

Free funds flow is a non-GAAP financial measure that is calculated by taking adjusted funds from operations and subtracting capital expenditures, including capitalized interest. Free funds flow reflects cash available for increasing distributions to shareholders and reducing debt. Management uses free funds flow to measure the capacity of the company to increase returns to shareholders and to grow Suncor’s business.

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Net Debt and Total Debt

Net debt and total debt are non-GAAP financial measures that management uses to analyze the financial condition of the company. Total debt includes short-term debt, current portion of long-term debt and long-term debt (all of which are GAAP measures). Net debt is equal to total debt less cash and cash equivalents (a GAAP measure).

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Legal Advisory – Forward-Looking Information

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) and other information based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; uncertainty related to geopolitical conflict; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. All statements and information that address expectations or projections about the future, and other statements and information about Suncor’s strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results, future financing and capital activities, and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “projects”, “indicates”, “could”, “focus”, “vision”, “goal”, “outlook”, “proposed”, “target”, “objective”, “continue”, “should”, “may”, “future”, “potential”, “opportunity”, “would”, “priority”, “strategy” and similar expressions. Forward-looking statements in this news release include references to: Suncor's strategy, focus, goals and priorities and the expected benefits therefrom, including the anticipated benefits from the extension of maintenance intervals. In addition, all other statements and information about Suncor’s strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “projects”, “indicates”, “could”, “focus”, “vision”, “goal”, “outlook”, “proposed”, “target”, “objective”, “continue”, “should”, “may” and similar expressions.

Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals.

Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

Suncor’s Annual Information Form, Annual Report to Shareholders and Form 40-F, each dated February 26, 2025, Suncor’s Report to Shareholders for the Third Quarter of 2025 dated November 4, 2025, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available by referring to suncor.com/FinancialReports or on SEDAR+ at sedarplus.ca or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view a full copy of Suncor’s third quarter 2025 Report to Shareholders and the financial statements and notes (unaudited), visit Suncor's profile on sedarplus.ca or sec.gov or visit Suncor’s website at suncor.com/financialreports.

To listen to the conference call discussing Suncor's third quarter results, visit suncor.com/webcasts. The event will be archived for 90 days.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company’s Petro-CanadaTM retail and wholesale distribution networks (including Canada’s Electric HighwayTM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information about Suncor, visit our web site at suncor.com.

Media inquiries:

833-296-4570 media@suncor.com

Investor inquiries:

invest@suncor.com

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All financial figures are unaudited and presented in Canadian dollars unless noted otherwise. Production volumes are presented on a working-interest basis, before royalties, except for production volumes from Suncor Energy Inc.’s (Suncor or the company) Libya operations, which are presented on an economic basis. Certain financial measures in this document are not prescribed by Canadian generally accepted accounting principles (GAAP). For a description of these non-GAAP financial measures, see the Non-GAAP and Other Financial Measures Advisory section of Suncor’s Management Discussion and Analysis (MD&A) dated November 4, 2025. See also the Advisories section of the MD&A. References to Oil Sands operations exclude Suncor’s ownership of Fort Hills and interest in Syncrude.

Third Quarter Highlights

"Once again we achieved record quarterly results across our businesses, reflecting an unwavering commitment to operational excellence and high performance,” said Rich Kruger, President and Chief Executive Officer. “Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters. Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable, and more ratable free cash flow with less volatility and dependence on the external business environment.”

Third Quarter Results

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Financial Results

Adjusted Operating Earnings Reconciliation(1)

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Operating Results

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Corporate and Strategy Updates

Corporate Guidance Updates

Suncor has updated its 2025 corporate guidance ranges, previously updated on August 5, 2025, by increasing the following ranges:

For further details and advisories regarding Suncor’s 2025 corporate guidance, see www.suncor.com/guidance.

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Management’s Discussion and Analysis

November 4, 2025

Suncor Energy Inc. (Suncor or the company) is Canada’s leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company’s Petro-CanadaTM retail and wholesale distribution networks (including Canada’s Electric HighwayTM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor’s common shares (symbol: SU) are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE).

For a description of Suncor’s segments, refer to Suncor’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024, dated February 26, 2025 (the 2024 annual MD&A).

This MD&A, for the three and nine months ended September 30, 2025, should be read in conjunction with Suncor’s unaudited interim Consolidated Financial Statements for the three and nine months ended September 30, 2025, Suncor’s audited Consolidated Financial Statements for the year ended December 31, 2024, and the 2024 annual MD&A.

Additional information about Suncor filed with Canadian securities regulatory authorities and the United States Securities and Exchange Commission (SEC), including quarterly and annual reports and Suncor’s Annual Information Form dated February 26, 2025 (the 2024 AIF), which is also filed with the SEC under cover of Form 40-F, is available online at www.sedarplus.ca, www.sec.gov and on our website at www.suncor.com. Information contained in or otherwise accessible through our website does not form part of this MD&A and is not incorporated into this MD&A by reference.

References to “we”, “our”, “Suncor”, “Suncor Energy” or “the company” means Suncor Energy Inc., its subsidiaries, partnerships and joint arrangements, unless otherwise specified or the context otherwise requires.

Basis of Presentation

Unless otherwise noted, all financial information is derived from the company’s condensed Consolidated Financial Statements, which are based on Canadian generally accepted accounting principles (GAAP), specifically International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, and are prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

All financial information is reported in Canadian dollars, unless otherwise noted. Production volumes are presented on a working-interest basis, before royalties, except for production volumes from the company’s Libya operations, which are presented on an economic basis.

References to Oil Sands operations exclude Suncor’s ownership of Fort Hills and interest in Syncrude.

Common Abbreviations

For a list of the abbreviations that may be used in this MD&A, please refer to the Common Abbreviations section of this MD&A.

Table of Contents

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1. Third Quarter Highlights

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Management’s Discussion and Analysis

2. Consolidated Financial and Operating Information

Financial Highlights

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Operating Highlights

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Financial Results

Net Earnings and Adjusted Operating Earnings

Adjusted Operating Earnings Reconciliation(1)

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Suncor’s consolidated net earnings for the third quarter of 2025 were $1.619 billion, compared to $2.020 billion in the prior year quarter. Net earnings were primarily influenced by the same factors that impacted adjusted operating earnings discussed below.

Other items affecting net earnings over these periods included:

Management’s Discussion and Analysis

Bridge Analysis of Adjusted Operating Earnings ($ millions)(1)

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Suncor’s adjusted operating earnings were $1.794 billion ($1.48 per common share) in the third quarter of 2025, compared to $1.875 billion ($1.48 per common share) in the prior year quarter, as increased production and sales volumes as well as higher refinery margins largely offset lower upstream price realizations.

Adjusted Funds from Operations and Cash Flow Provided by Operating Activities

Adjusted funds from operations were $3.831 billion ($3.16 per common share) in the third quarter of 2025, compared to $3.787 billion ($2.98 per common share) in the prior year quarter, and were primarily influenced by the same factors impacting adjusted operating earnings discussed above.

Cash flow provided by operating activities, which includes changes in non-cash working capital, was $3.785 billion ($3.13 per common share) in the third quarter of 2025, compared to $4.261 billion ($3.36 per common share) in the prior year quarter. In addition to the factors impacting adjusted funds from operations, cash flow provided by operating activities was impacted by a use of cash associated with the company’s working capital balances in the third quarter of 2025, compared to a source of cash in the prior year quarter. Working capital is subject to fluctuations based on commodity prices, the timing of transactions and seasonal factors. The use of cash in the third quarter of 2025 was primarily due to a decrease in accounts payable and accrued liabilities, mostly offset by a decrease in accounts receivable and a draw of inventory related to increased sales volumes.

Operating, Selling and General Expenses

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OS&G expenses were $3.270 billion in the third quarter of 2025, compared to $3.055 billion in the prior year quarter, with the increase primarily due to increased share-based compensation expense and higher commodity input costs. Operations, selling and corporate costs remained flat despite higher production and sales volumes in both upstream and downstream and include the impacts of an inventory draw. The company’s exposure to commodity costs is partially mitigated by revenue from power sales that are recorded in operating revenues.

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Business Environment

Commodity prices, refining crack spreads and foreign exchange rates are important factors that affect the results of Suncor’s operations. For additional details, see the Financial Information section of the 2024 annual MD&A.

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Management’s Discussion and Analysis

3. Segment Results and Analysis

Oil Sands

Financial Highlights

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Oil Sands segment adjusted operating earnings decreased to $1.627 billion in the third quarter of 2025, compared to $1.786 billion in the prior year quarter, primarily due to lower crude oil price realizations as a result of lower benchmark pricing and increased operating expenses related to increased sales volumes.

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Production Volumes

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Total Oil Sands bitumen production increased to a record of 958,300 bbls/d, compared to 909,600 bbls/d in the prior year quarter, primarily due to record quarterly production at Fort Hills, record third quarter production at Firebag and strong mining performance.

The company’s net SCO production was a third quarter record of 544,100 bbls/d, compared to 513,800 bbls/d in the prior year quarter, with upgrader utilization of 106% at Oil Sands Base and 98% at Syncrude, compared to 94% and 104%, respectively, in the prior year quarter. The increase in net SCO production was primarily due to decreased maintenance activities in the current period, and the benefit of excellent upgrader reliability and improved execution of maintenance activities, including the early completion of the Upgrader 1 coke drum replacement project.

Non-upgraded bitumen production increased to 268,100 bbls/d in the third quarter of 2025, compared to 262,200 bbls/d in the prior year quarter, with higher upgrader availability consuming more bitumen feedstock.

Management’s Discussion and Analysis

Sales Volumes

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SCO and diesel sales volumes increased to 541,900 bbls/d in the third quarter of 2025, compared to 510,300 bbls/d in the prior year quarter, primarily due to the increase in SCO production volumes.

Non-upgraded bitumen sales volumes increased to 277,900 bbls/d in the third quarter of 2025, compared to 254,200 bbls/d in the prior year quarter, primarily due to the increase in non-upgraded bitumen production volumes and a draw of inventory in the third quarter of 2025 compared to a build of inventory in the prior year quarter.

Price Realizations(1)

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Oil Sands price realizations decreased in the third quarter of 2025 compared to the prior year quarter, primarily due to weaker crude oil benchmark prices, partially offset by narrower heavy crude oil differentials.

Royalties

Royalties for the Oil Sands segment decreased in the third quarter of 2025 compared to the prior year quarter, primarily due to lower bitumen pricing.

Expenses and Other Factors

Total Oil Sands operating expenses increased in the third quarter of 2025 compared to the prior year quarter, primarily due to increased production and sales volumes including the impacts of an inventory draw, increased share-based compensation expense and higher commodity input costs. The underlying unit production costs have decreased at each asset, primarily due to higher production and lower costs reflective of the company's continued focus on asset level cost reductions.

Depreciation, depletion and amortization (DD&A) expense decreased in the third quarter of 2025, compared to the prior year quarter, primarily due to decreased depreciation related to the company’s asset retirement obligation assets, partially offset by the commissioning of new assets and new leases entered into during the quarter.

Transportation costs increased in the third quarter of 2025, compared to the prior year quarter, primarily due to increased sales volumes, which included increased exports to the U.S. Gulf Coast.

Financing expense and other, which includes other income, decreased in the third quarter of 2025 compared to the prior year quarter, primarily due to decreased interest related to leases and decreased accretion expense related to asset retirement obligations.

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Cash Operating Costs

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Oil Sands operations cash operating costs per barrel(1) decreased to $24.85 in the third quarter of 2025, compared to $25.75 in the prior year quarter, primarily due to increased production volumes, lower mining costs related to fleet productivity improvements and increased power sales volumes, partially offset by a higher proportion of Fort Hills bitumen being directed to upgrading at Oil Sands Base and higher natural gas volumes related to increased consumption at the new co-generation facility.

Fort Hills cash operating costs per barrel(1) decreased to $30.65 in the third quarter of 2025, compared to $33.40 in the prior year quarter, primarily due to increased production volumes, partially offset by increased mining activities.

Syncrude cash operating costs per barrel(1) decreased to $31.45 in the third quarter of 2025, compared to $33.00 in the prior year quarter, primarily due to decreased maintenance costs, partially offset by decreased production volumes.

Management’s Discussion and Analysis

Results for the First Nine Months of 2025

Oil Sands earnings before income taxes for the first nine months of 2025 were $4.157 billion, compared to $4.982 billion in the prior year period. In addition to the factors impacting adjusted operating earnings, earnings before income taxes for the first nine months of 2025 included a $16 million unrealized loss on risk management activities, compared to a $86 million unrealized gain in the prior year period.

Oil Sands adjusted operating earnings for the first nine months of 2025 were $4.173 billion, compared to $4.896 billion in the prior year period, with the decrease primarily due to lower crude oil price realizations as a result of lower benchmark pricing, partially offset by increased sales volumes and lower royalties.

Oil Sands adjusted funds from operations for the first nine months of 2025 were $8.109 billion, compared to $8.716 billion in the prior year period, with the decrease primarily due to the same factors that influenced adjusted operating earnings.

Oil Sands operations cash operating costs per barrel decreased to $26.80 for the first nine months of 2025, compared to an average of $27.05 for the first nine months of 2024, primarily due to increased production volumes and increased power sales volumes, partially offset by a higher proportion of Fort Hills bitumen being directed to upgrading at Oil Sands Base, higher natural gas volumes related to increased consumption at the new co-generation facility and higher natural gas prices, and increased maintenance activities.

Fort Hills cash operating costs per barrel were $33.60 for the first nine months of 2025, compared to $32.30 in the first nine months of 2024, with the increase primarily due to increased maintenance and mining activities and increased commodity input costs, partially offset by increased production volumes.

Syncrude cash operating costs per barrel decreased to $34.65 for the first nine months of 2025, compared to $36.00 in the first nine months of 2024, primarily due to increased production volumes, partially offset by increased maintenance costs.

Planned Maintenance Update

The anticipated impact of these maintenance activities has been reflected in the company’s 2025 guidance.

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Exploration and Production

Financial Highlights

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Adjusted operating earnings for the E&P segment in the third quarter of 2025 were $142 million, compared to $272 million in the prior year quarter, with the decrease primarily due to lower price realizations as a result of lower benchmark pricing, decreased sales volumes and increased operating and transportation expenses.

Volumes

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E&P production increased to 57,800 bbls/d in the third quarter of 2025, compared to 52,600 bbls/d in the prior year quarter, primarily due to increased production at Hebron and the addition of production at White Rose, which restarted in the first quarter of 2025, partially offset by decreased production at Terra Nova.

Total E&P sales volumes decreased to 67,400 bbls/d in the third quarter of 2025, compared to 70,100 bbls/d in the prior year quarter, primarily due to the timing of cargo sales in E&P Canada.

Price Realizations(1)

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E&P price realizations decreased in the third quarter of 2025 compared to the prior year quarter, in line with the decrease in benchmark prices for Brent crude.

Royalties

E&P royalties, excluding the impact of Libya, increased in the third quarter of 2025 compared to the prior year quarter, primarily due to asset mix relating to increased production at Hebron.

Expenses and Other Factors

Operating and transportation expenses increased in the third quarter of 2025 compared to the prior year quarter, primarily due to transportation costs associated with higher margin international sales.

Management’s Discussion and Analysis

Results for the First Nine Months of 2025

Earnings before income taxes for E&P for the first nine months of 2025 were $465 million, compared to $742 million in the prior year period.

Adjusted operating earnings for E&P for the first nine months of 2025 were $465 million, compared to $742 million in the prior year period, with the decrease primarily due to lower price realizations as a result of lower benchmark pricing and increased royalties, partially offset by increased sales volumes.

Adjusted funds from operations for the first nine months of 2025 were $981 million, compared to $1.336 billion in the prior year period, with the decrease primarily due to the same factors that influenced adjusted operating earnings.

Planned Maintenance Update for Operated Assets

There are no significant planned maintenance events for the E&P segment scheduled for the fourth quarter of 2025.

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Refining and Marketing

Financial Highlights

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R&M adjusted operating earnings in the third quarter of 2025 increased to $894 million, compared to $484 million in the prior year quarter. The increase in adjusted operating earnings was primarily due to higher benchmark crack spreads, a first-in, first-out (FIFO) inventory valuation gain in the third quarter of 2025, compared to a loss in the prior year quarter, and record refinery production and sales volumes.

Volumes

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Management’s Discussion and Analysis

Refinery throughput increased to a quarterly record of 491,700 bbls/d with utilization of 106%, compared to 487,600 bbls/d and 105%, respectively, in the prior year period, primarily due to continued strong operating performance and reliability through the current quarter.

Refined product sales increased to a quarterly record of 646,800 bbls/d, compared to 612,300 bbls/d in the prior year quarter, primarily due to higher refinery production, investment in retail growth, and by leveraging strategic partnerships, the company’s extensive domestic sales network, and export channels.

Refining and Marketing Gross Margins(1)

Refining and marketing gross margins were influenced by the following:

Expenses and Other Factors

Operating expenses increased in the third quarter of 2025 compared to the prior year quarter, primarily due to higher share-based compensation expense and commodity input costs. Transportation expenses decreased compared to the prior year quarter, primarily due to costs associated with third-party logistics disruptions in the prior year period.

Refining operating expense per barrel(1) increased to $6.00 in the third quarter of 2025, compared to $5.80 in the prior year quarter, primarily due to higher commodity input costs, partially offset by higher refinery production.

Results for the First Nine Months of 2025

R&M’s earnings before income taxes were $1.927 billion for the first nine months of 2025, compared to $2.186 billion in the prior year period. In addition to the factors impacting adjusted operating earnings, earnings before income taxes for the first nine months of 2025 included a $3 million unrealized gain on risk management activities, compared to a $4 million unrealized loss in the prior year period. The first nine months of 2025 also included a $41 million write-down of an equity investment.

Adjusted operating earnings for R&M in the first nine months of 2025 were $1.965 billion, compared to $2.190 billion in the first nine months of 2024, with the decrease primarily due to decreased benchmark crack spreads excluding the impact of renewable volume obligations, and an increased FIFO inventory valuation loss in the current period compared to the prior year period, partially offset by increased refinery production and sales volumes. In the first nine months of 2025, the impact of the FIFO method of inventory valuation, relative to an estimated LIFO method, had a negative impact to adjusted operating earnings and adjusted funds from operations of $137 million, compared to a negative impact of $78 million in the first nine months of 2024.

R&M’s adjusted funds from operations in the first nine months of 2025 were $2.733 billion, compared to $2.900 billion in the prior year period, with the decrease primarily due to the same factors that influenced adjusted operating earnings.

Planned Maintenance

The anticipated impact of these maintenance activities has been reflected in the company’s 2025 guidance.

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Corporate and Eliminations

Financial Highlights

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Corporate incurred an adjusted operating loss of $283 million in the third quarter of 2025, compared to a loss of $201 million in the prior year quarter. The increased loss was primarily attributable to an increase in share-based compensation expense in the current quarter, partially offset by an operational foreign exchange gain in the current quarter compared to a loss in the prior year quarter.

Eliminations reflect the deferral or realization of profit or loss on crude oil sales from Oil Sands to Suncor’s refineries. Consolidated profits and losses are only realized when the refined products from internal purchases have been sold to third parties. During the third quarter of 2025, the company realized $28 million of intersegment profit, compared to a realization of $202 million in the prior year quarter. The realization of intersegment profit in the third quarter of 2025 was primarily driven by lower refinery feedstock costs in the quarter.

Corporate and Eliminations adjusted funds used in operations were $152 million for the third quarter of 2025, compared to adjusted funds from operations of $71 million in the prior year quarter, and were influenced by the same factors impacting adjusted operating loss, excluding the impact of share-based compensation expense.

Results for the First Nine Months of 2025

Corporate and Eliminations loss before income taxes was $608 million for the first nine months of 2025, compared to $813 million in the prior year period. In addition to the factors impacting adjusted operating loss, the loss before income taxes for the first nine months of 2025 included a $289 million unrealized foreign exchange gain on the revaluation of U.S. dollar denominated debt, compared to a $200 million loss in the prior year period. The first nine months of 2025 also included a $95 million write-down of an equity investment.

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The adjusted operating loss for Corporate and Eliminations for the first nine months of 2025 was $802 million, compared to $613 million in the prior year period. The increased loss was primarily attributed to an operational foreign exchange loss in the first nine months of 2025, compared to a gain in the prior year period, partially offset by a realization of intersegment profit in the first nine months of 2025, compared to a deferral in the prior year period.

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Corporate and Eliminations adjusted funds used in operations for the first nine months of 2025 were $786 million, compared to $548 million in the prior year period, and were influenced by the same factors impacting adjusted operating loss.

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Management’s Discussion and Analysis

4. Income Tax

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The provision for income taxes in the third quarter of 2025 decreased to $598 million, compared to $674 million in the prior year quarter, primarily due to lower taxable earnings. In the third quarter of 2025, the company's effective tax rate on net earnings increased compared to the prior year quarter, primarily due to the impact of non-taxable foreign exchange losses on the revaluation of U.S. dollar denominated debt, and other permanent items impacting total tax expense in the current quarter.

The provision for income taxes in the first nine months of 2025 decreased to $1.499 billion, compared to $1.899 billion in the prior year period, primarily due to lower taxable earnings. In the first nine months of 2025, the company's effective tax rate on net earnings decreased compared to the prior year period, primarily due to the impact of non-taxable foreign exchange gains on the revaluation of U.S. dollar denominated debt, and other permanent items impacting total tax expense in the current year.

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5. Capital Investment Update

Capital and Exploration Expenditures by Type, Excluding Capitalized Interest

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