)
Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Cascades (CAS) investor relations material
Cascades 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 delivered strong operational execution, with Bear Island reaching 90% of ramp-up and 88% of rated capacity, and the Niagara Falls mill closure and tonnage redistribution completed ahead of schedule.
Sales reached $1,238 million, up 4% sequentially and 3% year-over-year, driven by higher selling prices, favorable FX, and improved volumes.
Profitability initiatives and operational improvements contributed to a 16% sequential and 14% year-over-year increase in consolidated EBITDA to $159 million.
Strategic focus remains on debt reduction, asset monetization, and operational excellence, with $57 million in asset sales including $31 million from Flexible Packaging.
Strategic initiatives generated approximately $10 million in sequential benefits, with ongoing cost reduction and productivity improvements.
Financial highlights
Adjusted EBITDA (A) was $159 million, up from $137 million in Q2 2025 and $140 million in Q3 2024; margin improved to 12.8%.
Net earnings were $29 million ($0.29 per share), compared to a loss of $3 million in Q2 2025 and $1 million in Q3 2024.
Adjusted net earnings were $39 million ($0.38 per share), up from $19 million ($0.19) in Q2 2025 and $27 million ($0.27) in Q3 2024.
Adjusted cash flow from operations was $137 million, up from $86 million a year ago and $101 million in Q2.
Net debt decreased by $81 million to $2,023 million; leverage ratio improved to 3.6x from 3.8x.
Outlook and guidance
Q4 2025 consolidated EBITDA (A) expected to range from -6% to +6% versus Q3, with packaging down 0–10% and tissue up 12–20%.
Packaging segment Q4 results expected to be stable to 10% below Q3, with a forecasted 5% volume decrease mainly in December.
Tissue segment results anticipated to strengthen sequentially due to lower raw material and maintenance costs.
Asset monetization target increased to $120 million by June 2026.
Profitability improvement initiatives on track for $100 million run rate by end of 2026.
Quantify Bear Island's remaining EBITDA upside
Total EBITDA impact of $120M asset sales?
What conditions trigger growth CapEx investments?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Cascades earnings date
Q4 202519 Feb, 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
Cascades Inc produces, converts, and markets packaging and tissue products composed mainly of recycled fibers. Its products serve retail, foodservice, and industrial markets across North America. The company is headquartered in Kingsey Falls, 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