)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Canfor (CFP) investor relations material
Canfor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 saw significant operating and net losses across lumber and pulp segments, driven by weak global markets, high inventories, and asset write-downs.
Adjusted net loss for shareholders was $171.2 million, or $1.47 per share, with non-recurring items such as duty expenses and asset write-downs materially impacting results.
Portfolio diversification advanced with the acquisition of three Swedish sawmills and permanent closure of high-cost U.S. assets.
Approximately 70% of business is now outside Canada, reducing duty exposure.
Strong liquidity position with over CAD 1.2 billion available, supporting resilience and strategic investments.
Financial highlights
Consolidated sales were $1,259.8 million, down $119.6 million from Q2 2025, with consolidated capital expenditures of approximately CAD 40 million in Q3.
Lumber business reported an adjusted EBITDA loss of CAD 2 million and an adjusted operating loss of $90.1 million, both worsening from the prior quarter.
Pulp segment posted an adjusted EBITDA loss of CAD 2 million and an operating loss of $19.2 million, with sales of $111.8 million.
Net debt at quarter-end: Canfor Pulp CAD 89 million (liquidity CAD 64 million); Canfor (excl. Pulp and duty loan) CAD 247 million (liquidity CAD 1.2 billion).
Adjusted consolidated operating loss before one-time items was $111.3 million, $67.3 million higher than Q2 2025.
Outlook and guidance
Lumber and pulp markets are expected to remain challenging in the near term, with economic uncertainty and high inventory levels persisting.
European market conditions are the most challenging since 2019, with improvement expected more likely in 2026.
Management warns of minimal headroom under financial covenants and risk of non-compliance by year-end, with negotiations for waivers underway.
Anticipated capital spend for 2025: CAD 240 million (lumber), CAD 45 million (pulp); for 2026: CAD 175 million (lumber), CAD 35 million (pulp).
Scheduled maintenance at Northwood in Q4 is projected to reduce NBSK pulp production by 10,000 tonnes.
Quantify Q4 2025 covenant headroom
Northwood curtailment's strategic market impact?
Is paper segment's Q3 improvement sustainable?
Canfor Pulp's plan if covenant relief fails?
What caused Europe's Q3 EBITDA loss anomaly?
Why did NA lumber prices outperform in Q3?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Canfor earnings date
Q4 20256 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Canfor Corporation is a Canada-based integrated forest products company specializing in the production of lumber, pulp, paper, and wood-based panels. The company operates sawmills and manufacturing facilities, supplying high-quality wood products for construction, remodeling, and industrial applications. Canfor serves domestic and international markets, focusing on sustainable forestry practices and renewable resource management. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage