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Canfor Pulp Products
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 significant operating and net losses across segments, with a consolidated adjusted operating loss of $188.5 million and a net loss attributable to shareholders of $172.4 million ($1.71/share), reflecting ongoing weak global lumber and pulp markets, high inventories, and cost pressures.
Portfolio diversification advanced with the acquisition of three Swedish sawmills and permanent closure of high-cost assets, reducing Canadian exposure to 15% of production capacity.
Strong balance sheet with over $1.2 billion in available liquidity, but significant debt and material uncertainty regarding going concern due to potential covenant breaches.
Management is actively negotiating with lenders for covenant relief and implementing cost-saving measures and deferred capital expenditures.
Market conditions remained challenging, with subdued demand and declining prices in global lumber and pulp markets.
Financial highlights
Q3 2025 sales declined to $1,259.8 million, with consolidated capital expenditures of $40 million and $4 million for Canfor Pulp.
Lumber business reported an adjusted EBITDA loss of $2 million and an adjusted operating loss of $90.1 million, while pulp posted an adjusted EBITDA loss of $2 million and an adjusted operating loss of $11.1 million.
Net debt at quarter-end: Canfor Pulp $89.4 million (liquidity $64.4 million); Canfor (excluding Pulp and duty loan) $247 million (liquidity $1.2 billion).
$77.2 million duty expense recognized in Q3 2025, with cumulative cash deposits for duties at $1,070.7 million.
$4.9 million inventory write-down recognized in Q3 2025.
Outlook and guidance
Lumber and pulp markets expected to remain challenging in the near term, with economic uncertainty and weak demand likely to persist.
Scheduled maintenance outage at Northwood in Q4 projected to reduce NBSK pulp production by 10,000 tonnes.
Capital spend guidance for 2025: $240 million for lumber ($45 million in Q4), $45 million for pulp ($27 million in Q4); 2026 capital spend anticipated at $175 million for lumber and $35 million for pulp.
Management warns of minimal headroom under financial covenants and risk of non-compliance as early as December 31, 2025.
Cost-saving measures and deferred capital expenditures are being implemented to improve financial position.
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
Canfor Pulp Products
Next Canfor Pulp Products earnings date
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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