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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cascades
Cascades (CAS) investor relations material
Cascades Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 sales were $1,267M and adjusted EBITDA was $162M, up from Q2 and from $159M in Q3 2025; adjusted EBITDA margin was 12.8%.
Results met expectations despite tariff disruption, inflation and uneven demand; Tissue and Corporate activities outperformed expectations, while Packaging was slightly below.
Financial highlights
Sales rose 2% YoY to $1,267M; operating income was $78M versus $73M in Q3 2025.
Net earnings were $30M, or $0.30/share; adjusted net earnings were $34M, or $0.33/share, versus $39M, or $0.38/share, a year earlier.
9M sales were $3,611M versus $3,579M; operating income was $217M versus $159M, and net earnings attributable to shareholders were $90M versus $33M.
Outlook and guidance
Q4 adjusted EBITDA guidance is $153M–$163M: Packaging $125M–$135M, Tissue $42M–$46M and Corporate costs $14M–$18M; consolidated results are expected slightly lower sequentially.
Q4 factors include seasonal Packaging volume declines, full price-increase benefits, lower Away-from-Home volume, and higher fuel, recycled fibre and other raw-material costs.
The 2027 adjusted EBITDA target is above CAD 650M; H2 2026 adjusted EBITDA run rate remains above CAD 600M.
Profitability initiatives delivered CAD 50M in 2026 to date, with CAD 20M expected in Q4 toward the objective.
2026 capital expenditure guidance remains CAD 150M–CAD 175M; year-to-date investment was CAD 112M.
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Latest events from Cascades
- Q2 adjusted EBITDA reached $140M; Q3 guidance is $155M-$165M, excluding tariff impacts.CAS
Investor presentation - Tissue Papers drove FY2023 gains as debt fell, but Q1 results are expected to soften.CASQ4 2023
- Q2 2026 saw strong sales and EBITDA growth, margin gains, and a positive outlook despite tariff risks.CASQ2 2026
- Profitability and operational improvements drive stable leverage and growth amid market headwinds.CASInvestor presentation
- Q1 2026 saw margin pressure and lower volumes, but asset sales and gains support a stronger H2.CASQ1 2026
- 2024 sales rose, debt increased, and all board-backed resolutions were approved.CASAGM 2025
- Margins, cash flow, and leverage improved in Q4, with asset sales and EBITDA (A) exceeding targets.CASQ4 2025
- Q3 2024 delivered margin gains and lower net debt, but profit fell year-over-year on higher costs.CASQ3 2024
- Q2 2024 saw sequential sales and EBITDA(A) growth, higher leverage, and a positive Q3 outlook.CASQ2 2024
Next Cascades earnings date
Q4 202625 Feb, 2027
Cascades
Next Cascades earnings date
Q4 202625 Feb, 2027
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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.