Algoma Central Corporation Reports Financial Results for the 2026 Second Quarter

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Select Financial Performance by Business Segment

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The MD&A for the three and six months ended June 30, 2026 and 2025 includes further details. Full results for the three and six months ended June 30, 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 construction volumes are expected to remain strong with the new customer contracts and additional capacity acquired in the first quarter. Demand for spot grain and salt shipments is anticipated to remain strong throughout the balance of the year, supporting full fleet utilization.

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In the Product Tanker segment, we expect demand to remain strong for our domestic Canadian tanker fleet and for those assets to be fully employed for the remainder of 2026.

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In the Ocean Self-Unloader segment the Company’s increased share in the Pool’s operating earnings and anticipated higher coal volumes is expected to be partially offset by reduced aggregate volumes for the remainder of the year. The third newbuild ocean self-unloader is expected to be delivered in the second quarter of 2027.

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In our global joint ventures, we anticipate steady rates across the fleets, consistent with levels experienced towards the end of the second quarter. Most assets are committed to long-term time charters. International product tanker results are expected to remain stable for the balance of year, consistent with daily levels the joint venture experienced towards the end of the second quarter. The final newbuild tanker out of a ten vessel order is scheduled to be delivered in August 2026.

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Algoma continues to closely monitor geopolitical developments, including ongoing conflicts in the Middle East and Ukraine, as well as evolving international trade measures. The Company does not currently anticipate a material impact on cargo volumes or operations arising from these conflicts, as its fleets do not operate in the affected regions. The recently announced potential U.S. tariffs on certain Canadian goods, regardless of whether those goods qualify for duty-free treatment under USMCA/CUSMA, could apply to certain commodities transported by Algoma and its joint venture partners. However, the Company does not currently anticipate a material impact on its 2026 financial results.

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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 June 30, 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 September 1, 2026 to shareholders of record on August 18, 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 and six months ended June 30, 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 CPA CA

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Chief Financial Officer

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905-687-7940

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