Greenfirst Forest Products (GFP) investor relations material

Executive summary

• Q4 2025 adjusted EBITDA was -CAD 21.7 million, reflecting operational challenges, market headwinds, and inventory provisions.

• Net loss from continuing operations was $32.8 million, improving from Q3 2025, with net sales rising to $76.9 million.

• Faced significant headwinds from increased duties and tariffs, including a new 10% U.S. tariff and a combined duty/tariff rate of 45.16%.

• Secured a CAD 30 million loan under the Softwood Lumber Program and a $19 million backstop on standby letters of credit to enhance liquidity.

• Strategic CapEx led to production shutdowns, with new saw line and planer mill installed at Chapleau mill now ramping up.

Financial highlights

• Q4 2025 revenues/net sales were CAD 76.9 million, up from CAD 69.9 million in Q4 2024; full-year 2025 net sales reached $303.5 million.

• Adjusted EBITDA for Q4 2025 was -CAD 21.7 million, compared to -CAD 0.9 million in Q4 2024.

• Net loss from continuing operations for Q4 2025 was $32.8 million; basic and diluted loss per share: $1.43.

• Q4 cost of sales rose to CAD 68.6 million, driven by inventory write-downs and operational downtime; a $10.2 million inventory provision was recorded.

• Cash on hand at year-end was $3.5 million, down from $27.8 million a year earlier.

Outlook and guidance

• Cautious 2026 outlook, expecting only modest price increases in the second half and slight demand increase in early 2026.

• Long-term demand outlook remains positive, supported by U.S. housing supply deficit and demographic trends.

• Strategic CapEx for 2026 will be minimal, focusing on completing the Chapleau line ramp-up.

• Advancing feasibility study for a torrefied pellet and biochar plant to utilize operational by-products.