Algoma Central Corporation Reports Financial Results for the 2026 First Quarter

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The MD&A for the three months ended March 31, 2026 and 2025 includes further details. Full results for the three months ended March 31, 2026 and 2025 can be found on the Company’s website at www.algonet.com/investor-relations and on SEDAR at www.sedarplus.ca.

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Business Outlook⁽²⁾

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In the Domestic Dry-Bulk segment, grain and salt volumes are expected to increase, partially offset by reductions in the iron and steel sectors. Higher grain volumes are anticipated to add revenue days and support continued strength in the agriculture segment. Salt volumes are also expected to increase, with a rise in shipment volumes anticipated as depleted inventories are replenished following the harsher winter weather around the Great Lakes – St. Lawrence region. Construction activity is expected to remain relatively flat as it continues to be influenced by broader economic conditions.

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In the Product Tanker segment, customer demand is anticipated to remain steady and fuel distribution patterns should support strong utilization for the vessels trading under Canadian flag. We expect all ten Canadian vessels to remain in full employment for the balance of the year.

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In the Ocean Self-Unloader segment, vessel supply is expected to increase with fewer assets scheduled for dry-docking. Volumes are expected to improve modestly for the remainder of the year. Algoma took delivery of the second of three newbuild self-unloader that will join the Pool in the second quarter of 2026.

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In our global joint ventures, we anticipate steady rates across the fleets, with most assets committed to long-term time charter contracts. The remaining two FureBear newbuild tankers are expected to be delivered in 2026; the Company is anticipating a continued steady rate environment for these tankers.

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Global tariffs could increase operating costs and reduce trade volumes, potentially leading to shifts in global supply chain routes. Earnings could be impacted by on-going conflicts in Europe and the Middle East, however nearly all of our operations are outside these high risk areas. While Algoma is closely monitoring these situations, we do not anticipate major changes in cargo volumes at this time; however, we are expecting continued higher costs across our supply chains, and are exploring ways to mitigate potential impacts.

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Normal Course Issuer Bid

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Effective March 23, 2026, the Company renewed its normal course issuer bid (the “2026 NCIB”) to purchase up to 2,028,391 of its common shares (“Shares”), representing approximately 5% of the 40,567,816 Shares issued and outstanding as of the close of business on March 9, 2026. Under the 2026 NCIB and previous expiring NCIB, no Shares were purchased and cancelled for the period ended March 31, 2026.

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Cash Dividends

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The Company’s Board of Directors authorized payment of a quarterly dividend to shareholders of $0.21 per common share. The dividend will be paid on June 1, 2026 to shareholders of record on May 15, 2026.

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Notes

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(1) Use of Non-GAAP Measures

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The Company uses several financial measures to assess its performance including earnings before interest, income taxes, depreciation, and amortization (EBITDA), free cash flow, return on equity, and adjusted performance measures. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), are not defined by GAAP, and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. From Management’s perspective, these non-GAAP measures are useful measures of performance as they provide readers with a better understanding of how management assesses performance. Further information on Non-GAAP measures please refer to page 2 in the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2026 and 2025.

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(2) Forward Looking Statements

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Algoma Central Corporation’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or in other communications. All such statements are made pursuant to the safe harbour provisions of any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2026 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price and the results of or outlook for our operations or for the Canadian, U.S. and global economies. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

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By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

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Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes – St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at algonet.com.

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Contacts

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Gregg A. Ruhl

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President & CEO

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905-687-7890

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Christopher A.L. Lazarz

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Chief Financial Officer

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905-687-7940

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