Canada · Delayed Price · Currency is CAD Interfor Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw strong EBITDA growth, improved pricing, and lower costs, with the Thomaston mill ramping up and cost reduction initiatives on track. Liquidity and leverage improved, while market conditions remain balanced but volatile. Maintenance CapEx will dominate spending as the company focuses on financial strength.
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Q1 2026 saw a strong EBITDA rebound driven by higher lumber prices and cost reductions, with the new Thomaston mill ramping up ahead of plan. Liquidity remains robust, and ongoing cost initiatives and asset sales are expected to further strengthen the balance sheet.
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The meeting confirmed a quorum, reduced the board size to nine, elected directors, and reappointed the auditor. All motions passed without opposition, and an advisory vote on executive compensation was held. No shareholder questions were submitted.
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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Adjusted EBITDA improved to $49 million in Q1, with all regions EBITDA positive and revenue stable despite higher costs and shipment delays. Liquidity remains strong, but market volatility is expected due to tariffs and economic uncertainty.
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 $106 million and negative adjusted EBITDA amid weak lumber prices and reduced production. Industry-wide capacity cuts and asset sales are expected to improve supply-demand balance, with higher prices and improved cash flow anticipated in Q4 and 2025.
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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.