Algoma Steel Group Inc. · NASDAQ:ASTL
Algoma Steel — Q4 2025 Earnings Presentation
23 slides from Algoma Steel's earnings presentation, Mar 12, 2026
Slide 1: Earnings Call Presentation
Earnings Call Presentation For the 3 and 12 months ended December 31 st , 2025
Slide 2: Disclaimer
Disclaimer CAUTIONARY STATEMENT REGARDING Commission (the “SEC”), as part of Algoma’s Annual Report on Form (loss) income and accumulated in equity under the heading ‘Foreign FORWARD -LOOKING STATEMENTS 40 - F (available at www.sec.gov), as well as in Algoma’s current reports exchange on translation
Slide 3: Agenda
Agenda Today’s Presentors 01 Safety Performance Rajat Marwah, 02 Financial Performance Chief Executive Officer 03 Strategic Update 04 Market Update Michael Moraca 05 Questions & Answers Chief Financial Officer 3 EARNINGS CALL PRESENTATION
Slide 4: Safety Without Compromise
Safety Without Continued Focus and Improvement in Lost Time Injury Frequency Rate (LTIFR) 1 Compromise Health & Safety Performance Employee safety remains our top priority and our 1.00 core value. Ongoing commitment to superior Health & Safety performance has led to sustained improvement of safety m
Slide 5: Key Performance Highlights
Key Performance CY2025 Highlights Highlights Q4 2025 – Ended December 31 st , 2025 1,739K NT $1,878M Shipments Steel Revenue Shipping Volume was 379K NT in Q4 2025, down 10% from 419K NT in Q3 2025 and down 31% from 549K NT in Q4 2024. ($261)M (12.5)% Adjusted EBIDTA Adjusted EBIDTA Margin Steel Rev
Slide 6: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Q4 2025 Q4 2024 Change Q3 2025 Change Shipping volume (‘000s tons) 379 549 ↓ -31% 419 ↓ -10% Net Sales Realization per ton ($/ton) 1,077 976 ↑ 10% 1,129 ↓ -5% Steel Revenue ($ million) 408 536 ↓ -24% 473 ↓ -14% Cost of Steel Products Sold 1,332 1,032 ↑ 29% 1,282 ↑
Slide 7: Full Year Financial Highlights
Full Year Financial Highlights 1 CY2025 CY2024 Change Shipping Volume (‘000s tons) 1,739 2,023 -14% Net Sales Realization per ton 1,080 1,107 -2% ($/ton) Steel Revenue ($ million) 1,878 2,240 -16% Cost of Steel Products Sold 1,216 1,054 15% ($/NT) Adjusted EBITDA 2 ($ million) (261) 22 - Net Loss ($
Slide 8: Overview of Net Working Capital Seasonality
Overview of Net Working Capital Seasonality 1 Net Working Capital ($M) $875 $815 $849 $897 $830 $820 $785 $868 $730 $717 $777 $742 $43M $39M $57M $62M $174M Taxes receivable up $131M YoY $823M $887M which reflects carry - back of $879M $723M $759M $808M $800M $793M $694M $736M $790M 2025 losses. Cas
Slide 9: 100% Electric Steel Production
100% Electric Steel Production A New Era After 125 years as an integrated producer, our blast furnace and coke - making operations have been permanently decommissioned Steel production now fully transitioned to Electric Arc Furnace steelmaking Build a better future. Operating Platform Build with . C
Slide 10: EAF Unit 2 Construction Update
EAF Unit 2 Construction Update EAF Unit 2 progressing on track toward completion Fume Treatment Plant built. Doghouse walls poured. Unit 2 Tilt Table installed. EAF Unit 2 furnace installed . 10
Slide 11: Supporting Canada's Priorities and Strategic Partnerships
Supporting Canada’s Priorities and Strategic Partnerships Real - World Impact Algoma is actively supporting projects aligned with Canada’s nation - building priorities across shipbuilding, defence , transportation, and infrastructure. 11
Slide 12: Government Alignment & Buy Canadian Focus
Government Alignment & Buy Canadian Focus Algoma Steel works closely with governments to support policies that strengthen Canada's domestic steel industry, reinforce Buy Canadian objectives, and ensure critical Canadian projects are built with Canadian - made materials. Industry Trade Early Ongoing
Slide 13: Market Update
Market Update Historical Hot Rolled Coil (HRC) and As Rolled Plate Prices (ARP) (US$/ton) $1,800 Macroeconomic Drivers Trade Policy and Tariffs $1,600 Global Supply Chain Disruptions $1,400 Economic Indicators – Canada $1,200 Automotive Industry Dynamics Inflation $1,000 $/NT Central Bank Policy $80
Slide 14: Committed to our Path Forward
Committed to our Path Forward We are positioning Algoma for a new era in steel, well - capitalized to make critical investments that enhance long - term performance and create value for our shareholders. STRATEGIC DIRECTION OPERATIONAL & CAPITAL EAF APPROVAL PMM PHASE 1 LSP POWER PLANT PMM PHASE 2 E
Slide 15: Appendices
Appendices STEEL INC.
Slide 16: Algoma's 2024 Sustainability Report
Algoma’s 2024 Sustainability Report Algoma Steel is proud to share its 2024 Sustainability Report covering the nine months ended December 31, 2024. The report outlines our sustainability strategy, highlights progress made over the past year, and details how we are addressing sustainability risks whi
Slide 17: Social Updates
Social Updates For more updates follow our social channels: 17
Slide 18: Annex: Steel Revenue and Cost of Sales
Annex: Steel Revenue and Cost of Sales Nine months Year ended ended Three months ended December December December 31, 31, 31, 2025 2024 2025 2024 tons Steel Shipments i 31.0% 378,533 548,802 h 10.6% 1,739,493 1,572,397 millions of dollars Revenue i 22.9% C$ 455.0 C$ 590.3 h 13.3% C$ 2,085.7 C$ 1,841
Slide 19: Annex: Adjusted EBITDA Reconciliation
Annex: Adjusted EBITDA Reconciliation Nine months Three months ended Year ended ended December 31, 2025 December 31, December 31, millions of dollars 2025 2024 2025 2024 Net loss C$ (364.7) C$ (66.5) C$ (984.9) C$ (167.0) Depreciation of property, plant and equipment and amortization of intangible a
Slide 20: Annex: Selected Quarterly Information
Annex: Selected Quarterly Information Fiscal year ended March (millions of dollars, except where 31, 2024 otherwise noted) Fiscal year ended December 31, 2025 ("2025") Nine months ended December 31, 2024 ("2024") As at and for the three months ended1 Q4 Q3 Q2 Q1 Q3 Q2 Q1 Q4 Financial results Total r
Slide 21: Glossary
Glossary Term Definition Basic Oxygen Vessel used to convert liquid hot metal from a blast furnace Furnace (BOF) into steel. Blast Furnace (BF) Metallurgical furnace combining fuel, ores and flux to smelt iron ore to produce pig iron, which is fed downstream into a BOF. Cogeneration Also known as co
Slide 22: Term Definition
Term Definition Hot Rolled Sheet Carbon steel product commonly used for applications in which dimensional tolerances and surface finish quality is not critical (e.g. automotive accessories, stampings). Iron Ore Pellets Pellets are small balls of iron ore used in the production of steel that are aggl
Slide 23: Building a Better Future. Build with Steel.
Building a Better Future. Build with . WWW.ALGOMA.COM