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Canfor
Canfor (CFP) investor relations material
Canfor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 saw significant operating and net losses due to persistent weakness in global lumber and pulp markets, higher US softwood lumber duties, and subdued demand across all regions.
Adjusted operating loss was $111.3 million after $97 million in one-time items, including inventory and asset write-downs and duty expenses.
Adjusted net loss for shareholders was $171.2 million ($1.47 per share), compared to $67.0 million ($0.56 per share) in Q2 2025.
Completed the acquisition of AB Karl Hedin Sågverk, adding three sawmills in Sweden and expanding European operations.
Portfolio diversification and cost structure improvements achieved, with about 70% of business now outside Canada, reducing duty exposure.
Financial highlights
Q3 2025 sales were $1,259.8 million, down from $1,379.4 million in Q2 2025 but up from $1,202.9 million in Q3 2024.
Reported consolidated operating loss was $208.3 million, improving from Q2 2025 but still reflecting challenging conditions.
Cash from operating activities was $17.7 million, down from $63.8 million in Q2 2025.
Net debt at quarter-end was $675.0 million, with a net debt to total capitalization ratio of 17.4%.
Capital expenditures were approximately $40 million in Q3, focused on modernization and integration of new assets.
Outlook and guidance
North American lumber and global pulp markets expected to remain weak through year-end, with inventories above balanced range and economic uncertainty persisting.
European market conditions are the most challenging since 2019, with modest supply-driven improvement possible in Q4 2025 and broader recovery more likely in 2026.
Pulp market recovery requires significant supply reduction; current excess inventory estimated at 1–1.5 million tons.
CPPI faces risk of non-compliance with financial covenants in Q4 2025 due to expected lower results and scheduled maintenance outage; management is seeking a waiver and implementing cost-saving measures.
Anticipated capital spend for 2025: CAD 240 million (lumber), CAD 45 million (pulp); for 2026: CAD 175 million (lumber), CAD 35 million (pulp).
Canfor Pulp's plan if covenant relief fails?
What caused Europe's Q3 EBITDA loss anomaly?
Why did NA lumber prices outperform in Q3?
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Next Canfor earnings date
Q4 20256 Mar, 2026
Canfor
Next Canfor earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Canfor Corporation is a Canada-based integrated forest products company specializing in the production of lumber, pulp, paper, and wood-based panels. The company operates sawmills and manufacturing facilities, supplying high-quality wood products for construction, remodeling, and industrial applications. Canfor serves domestic and international markets, focusing on sustainable forestry practices and renewable resource management. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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