Taiga Building Products (TBL) Q4 2025 earnings summary

Executive summary

• FY 2025 sales were nearly flat YoY, while net earnings and EBITDA declined; Q4 swung to a net loss, primarily reflecting a U.S. subsidiary impairment.

Financial highlights

• FY sales were $1,631.8M vs. $1,634.4M in 2024; gross margin rose to $176.4M from $173.3M.

• FY net earnings fell to $28.6M from $47.6M; EBITDA declined to $56.7M from $79.8M.

• Q4 sales decreased to $359.6M from $389.0M; gross margin edged up to $41.4M from $41.3M.

• Q4 net loss was $9.1M vs. net income of $6.6M; EBITDA was a loss of $5.3M vs. profit of $15.7M.

Outlook and guidance

• Management expects the U.S. subsidiary’s underlying value and performance to improve as U.S. housing and renovation markets recover.