Tree Island Steel Announces Third Quarter 2026 Results

VANCOUVER, British Columbia, Canada – November 10, 2026 – Tree Island Steel (“Tree Island” or the “Company”) (TSX:
TSL) announced today its financial results for the three and nine months ended September 30, 2026.

For the three-months ended September 30, 2026, revenues, net of freight and distribution costs, increased by $6.6
million, or 18.0% to $43.5 million from $36.8 million in the same period of 2025. The increase was primarily driven by
continued growth in Canadian sales, reflecting the Company’s strategic focus on growing its Canadian market share, and
higher average selling prices.

For the nine months ended September 30, 2026, revenues, net of freight and distribution costs, was $129.9 million which
is an increase of $0.5 million or 0.4% compared with $129.4 million for the same period in 2025. Revenue remained
steady despite a challenging trade environment, supported by growth in Canada which helped offset the decline in U.S.
sales volumes resulting from the impact of tariffs and the Company’s strategic withdrawal from unprofitable product
lines.

Higher average selling prices during the quarter and year-to-date period helped offset increased raw material costs.
Gross profit for the third quarter of 2026 increased by $1.4 million compared to same period in 2025. However, yearto-
date gross profit was $9.2 million compared to $9.6 million in the same period in 2025, with the U.S. steel tariffs
expanding to include Canada in March of 2025 and then the tariff rate doubling to 50% in June of 2025.

Adjusted EBITDA for the third quarter of 2026 was $1.7 million compared to $0.2 million in the prior-year period. Yearto-
date adjusted EBITDA was $4.4 million compared to $4.6 million in the same period in 2025, primarily due to the
impact of foreign exchange, with a loss in the current year compared to gains in the prior-year period.

“Higher selling prices and strategic growth in Canada drove an improvement in our third-quarter results versus the prior
year. We remain focused on expanding our domestic market share, recovering higher material costs through disciplined
pricing, and managing our U.S. portfolio amid ongoing tariff pressures,” said Brian Liu, Chief Operating Officer of Tree
Island Steel.