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Visual21 Nov 2025
Data center suppliers
Greenfirst Forest Products (GFP) investor relations material
Greenfirst Forest Products Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 reported a net loss of $57.4 million and negative adjusted EBITDA of $47.2 million, mainly due to a $33.8 million duty adjustment, $8.2 million NRV provision, and mill downtime.
Excluding one-time items, adjusted EBITDA was negative $13.4 million, reflecting operational improvements.
Net sales for Q3 2025 were $70.2 million, down 17% from Q2, with sales volume at 93 million board feet, impacted by market uncertainty and production downtime.
Market conditions remained weak due to higher duty rates, tariffs, and operational downtime from modernization projects.
Financial highlights
Total revenue for Q3 2025 was $70.2 million, down 17% quarter-over-quarter, driven by a 15% decrease in shipments and a 2% drop in average selling price.
Average realized lumber price was $695/mfbm in Q3 2025.
Cost of sales decreased by 6% from Q2, with an $8.2 million inventory write-down due to falling prices.
SG&A expenses were $2.9–$3.0 million, below last year and year-to-date averages.
Cash flow from operations was $1.1 million, with a total cash decrease of $0.9 million in Q3 2025.
Outlook and guidance
Expect full benefit from mill upgrades in Q1 2026, with saw line commissioning by end of December 2025.
Anticipate only modest price increases in Q4, with demand expected to remain flat but capacity reductions may help balance the market.
Advancing feasibility study for a torrefied pellet and biochar plant to utilize by-products.
Remain cautious in short-term forecasts due to ongoing market and tariff uncertainties.
Chapleau mill cash flow post-CapEx
Strategy for 45% US duties and tariffs
Biochar/pellet plant study update
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Next Greenfirst Forest Products earnings date
Q4 202513 Mar, 2026
Next Greenfirst Forest Products earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Greenfirst Forest Products Inc. is a company primarily engaged in the production and marketing of softwood lumber. It operates within the forestry sector, focusing on sustainable forest management and lumber production. The company serves a variety of markets including residential and commercial construction, as well as industrial sectors. Greenfirst Forest Products emphasizes environmentally sustainable practices in forestry management and requires its suppliers to adhere to similar standards. The company is headquartered in Vancouver, British Columbia, Canada, and its shares are listed on the Toronto Stock Exchange.
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