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Canfor Pulp Products (CFX) investor relations material
Canfor Pulp Products 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 continued operating losses, with a consolidated adjusted operating loss of $188.5 million and a net loss attributable to shareholders of $172.4 million ($1.71/share), compared to a $202.8 million loss ($1.48/share) in Q2 2025.
Significant portfolio diversification and cost structure improvements achieved, including permanent closure of high-cost assets and acquisition of three Swedish sawmills in Q3 2025.
Approximately 70% of business now outside Canada, reducing exposure to Canadian duties.
Strong balance sheet with over $1.2 billion in available liquidity, enabling resilience and strategic investments.
Market conditions remained challenging, with sustained pressure on global lumber and pulp pricing.
Financial highlights
Sales declined to $1,259.8 million from $1,379.4 million sequentially, with consolidated capital expenditures of $40 million in Q3.
Lumber business reported an adjusted EBITDA loss of $2 million in Q3, $70 million lower than the prior quarter, due to weak market conditions and seasonal downtime in Europe.
Canfor Pulp posted an adjusted EBITDA loss of $2 million, $9 million lower than the prior quarter, reflecting lower sales realizations.
Net debt at quarter-end: Canfor Pulp $89 million (liquidity $64 million); Canfor (excl. Pulp and duty loan) $247 million (liquidity $1.2 billion).
Adjusted operating loss before one-time items was $111.3 million, compared to $44.0 million in Q2.
Outlook and guidance
Lumber and pulp markets expected to remain challenging in the near term, with economic uncertainty likely to persist.
Pulp results in Q4 will be impacted by weak markets and a scheduled maintenance outage at Northwood, projected to reduce production by 10,000 tonnes.
Capital spend guidance for 2025: $240 million for lumber (with $45 million in Q4), $45 million for pulp (with $27 million in Q4).
2026 capital spend anticipated at $175 million for lumber and $35 million for pulp.
Management forecasts a potential risk of non-compliance with financial covenants by year-end, with efforts underway to mitigate this risk.
Canfor Pulp: Path if no lender waivers?
Drivers of Q3 European lumber EBITDA loss?
North America lumber production strategy Q4/2026?
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Next Canfor Pulp Products earnings date
Q4 20256 Mar, 2026
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Q4 20256 Mar, 2026
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Frequently asked questions
Canfor Pulp Products Inc. is a Canada-based manufacturer of pulp and paper products. The company produces premium quality northern bleached softwood kraft (NBSK) pulp and specialty paper products used in a variety of applications, including printing, writing, tissue, and packaging. Canfor Pulp serves global markets, focusing on high-performance and environmentally sustainable solutions derived from renewable wood fiber. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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