Cascades (CAS) Q3 2026 earnings summary

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.