Greenfirst Forest Products (GFP) investor relations material

Executive summary

• Achieved record-low safety incident rates across all mills in 2025, positioning among industry leaders.

• Q4 2025 EBITDA was -CAD 21.7 million, mainly due to weak market conditions and low benchmark pricing.

• Q4 2025 net loss from continuing operations was $32.8 million, improving from a $57.4 million loss in Q3 2025.

• 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 to enhance liquidity.

Financial highlights

• Q4 2025 revenues were CAD 76.9 million, up from CAD 69.9 million in Q4 2024 and up 10% from Q3 2025.

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

• Q4 2025 net loss: $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; cost of sales increased 16% sequentially to $86.0 million, mainly due to higher shipment volumes and a $10.2 million net realizable value provision.

• Cash on hand at year-end: $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.

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

• Anticipates slight demand increase in early 2026, following seasonal housing trends.

• Near-term lumber demand expected to remain below mid-cycle levels due to housing affordability and economic uncertainty.

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