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Cascades
Cascades (CAS) investor relations material
Cascades Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 consolidated performance aligned with projections, with sales at $1,197M (down 3% sequentially and 1% year-over-year), and annual sales at $4,776M, up 2% from 2024.
Adjusted EBITDA (A) for Q4 2025 was $155M (12.9% margin), up 6% year-over-year, with annual adjusted EBITDA (A) at $576M, up 15% from 2024, driven by packaging segment improvements.
Net earnings per share in Q4 were $0.37, reversing a loss of ($0.13) in Q4 2024; adjusted EPS was $0.40, up from $0.25 in Q4 2024.
Key operational initiatives delivered results, notably Bear Island facility at 88% capacity and Pryor, Oklahoma output up 11% sequentially.
Strategic actions, including asset sales and operational optimization, generated over $120M in proceeds and ~$30M in profitability improvements in 2025.
Financial highlights
Q4 consolidated adjusted EBITDA reached $155M, up 9% year-over-year, reflecting lower corporate costs.
Net debt decreased to $1,896M at year-end, with a net debt to EBITDA (A) ratio of 3.3x, down from 4.2x a year earlier.
Adjusted cash flow from operations for 2025 was $465M, up from $356M in 2024; Q4 adjusted cash flow from operations was $165M, up from $129M a year ago.
Q4 capital expenditures were $42M; full-year CapEx was $152M, with 2026 CapEx expected at $175M.
Q4 net earnings per share were $0.37; adjusted EPS was $0.40, up from $0.25 in Q4 2024 and $0.38 in Q3 2025.
Outlook and guidance
Q1 2026 consolidated results expected to decrease sequentially but increase year-over-year for the sixth consecutive quarter.
Q1 2026 consolidated adjusted EBITDA (A) is forecasted at $130M–$142M, reflecting seasonally softer volumes and higher logistics/energy costs.
Maintenance downtime of 16,000 tons planned in Q1, with stable raw material and selling price trends but higher energy and logistics costs.
Internal target for 2026: adjusted EBITDA above $600M, aiming for a $100M increase in baseline annualized profitability.
2026 performance is forecasted to surpass 2025 despite macroeconomic uncertainty; leverage ratio expected to continue improving.
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Next Cascades earnings date
Q1 20267 May, 2026
Cascades
Next Cascades earnings date
Q1 20267 May, 2026
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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.
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