Canada · Delayed Price · Currency is CAD Interfor Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw improved Adjusted EBITDA and stable liquidity despite weak lumber markets and ongoing trade headwinds. Lean inventories, cautious production increases, and proactive refinancing position the company for ongoing volatility, with all free cash flow targeted for debt reduction.
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Prolonged weak lumber markets and higher US duties led to an adjusted EBITDA loss and lower revenue. Production curtailments, asset sales, and a recent equity raise have strengthened liquidity, positioning the company to weather volatility and benefit from a future market recovery.
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Q2 saw improved year-over-year results with $781M revenue and $17M adjusted EBITDA, despite lower prices and ongoing market volatility. Liquidity remains strong, no curtailments are planned, and the company is well positioned amid trade and economic uncertainties.
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The meeting confirmed quorum, reduced the board size to 11, elected all nominated directors, and reappointed KPMG LLP as auditor. All motions, including an advisory vote on executive compensation, were carried. No shareholder questions were submitted.
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Q1 saw $49M adjusted EBITDA and all regions EBITDA positive, despite weather and tariff headwinds. Net loss was $35M due to a $29M non-cash loss on Quebec operations. Outlook remains cautious amid volatile markets, rising duties, and strong liquidity over $300M.
Fiscal Year 2024
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Positive operating cash flow and EBITDA were achieved despite low lumber prices and market volatility. Cost reductions, asset divestitures, and a conservative capital plan position the company well for 2025, though risks from tariffs and uncertain demand persist.
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Q3 saw a net loss of $106M and negative adjusted EBITDA amid weak lumber prices, but industry-wide capacity cuts and improving prices signal a more favorable outlook for 2025. Conservative capital allocation and asset sales are supporting liquidity and leverage.
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Q2 saw a net loss of CAD 76 million and negative adjusted EBITDA amid weak lumber markets and lower prices. Strategic curtailments and reduced CapEx aim to manage cash flow, with a more positive outlook for 2025 as supply rebalances.