Greenfirst Forest Products Inc · TSX:GFP
Greenfirst Forest Products — Q3 2025 Earnings Presentation
14 slides from Greenfirst Forest Products's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Investor Presentation
Q3 2025 Investor Presentation November 12, 2025
Slide 2: Legal Disclaimer
Legal Disclaimer 2 This Presentation is being provided to you by GreenFirst Forest Products Inc. (“GreenFirst” or the “Company”) for informational purposes only. Cautionary Note Regarding Forward-Looking Information This Presentation includes information, statements, beliefs and opinions which are f
Slide 3: Overview
Overview Joel Fournier, Chief Executive Officer
Slide 4: Q3’25 Highlights
Q3’25 Highlights 4 ▪ Adjusted EBITDA of ($47.2M) for Q3’25 ▪ Adjusted EBITDA excluding one-time duties liability resulting from adjustments to finalized duties rate from AR6 of ($13.4M) for Q3’25 ▪ Average realized lumber selling price of $695/mfbm for Q3’25 ▪ Sales Volumes of 93,339 MFbm resulting
Slide 5: Q3’25 Highlights (cont.)
Q3’25 Highlights (cont.) 5 ▪ Ended Q3’25 $30.4 million of excess liquidity ▪ Currently commissioning the new saw line, planer mill and co- generation plant at Chapleau mill. Project is expected to finish in line with budget and on time. ▪ New combined duty rate at 35.16% effective early August ▪ Com
Slide 6: US Housing Starts Forecast
US Housing Starts Forecast 6 Source: FEA
Slide 7: Financial Summary
7 Financial Summary Peter Ferrante, CFO
Slide 8: Q3’25 Financial Comparison
Q32’25 Financial Comparison 8 1Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial
Slide 9: Net Income Change – Q3’25
Net Income Change – Q3’25 9 Q3'25 vs Q2'25 Net Income Decline - (3,125) (1,032) 1,648 973 534 (10,000) (7,248) (20,000) EBITDA (Pre-Duty Liability) = ($8,250) Net Income = ($47,790) EBITDA = ($42,032) (30,000) (40,000) (33,782) (45) 75 (50,000) (5,746) (42) (60,000) Finance Costs includes interest e
Slide 10: Cash Flow Breakdown Q3’25
Cash Flow Breakdown Q3’25 10 Q3'25 Cashflow Waterfall 4,000 Cashflow from Ops = $1,145 Cashflow used in Investing = ($7,295) 2,000 5,615 (420) 6,500 Total Cash - Decrease (746) (489) ($885) (2,000) 9,019 (4,000) (6,000) (7,295) (8,000) Cashflow from Financing = $5,265 (10,000) (12,000) 243 (13,312)
Slide 11: Maximum Availability Year-over-Year
Maximum Availability Year-over-Year 11 Excess liquidity under the revolving portion of the credit facility as at Q3’25 was $19.7M (net of $7.1M cash dominion) ▪ Includes cash on hand of $3.5M ▪ Availability under the ABL portion of the credit facility of $16.2M Availability under the equipment finan
Slide 12: GreenFirst Vision and Mission
GreenFirst Vision and Mission 12 Vision GreenFirst Forest Products aims to grow its business in the lumber sector and become one of the largest wood producer in Ontario. Mission To become one of the top quartile lumber producers in North America by prioritizing continuous improvement, strategic capi
Slide 13: Thank You
PRODUITS FORESTIERS GREENFIRST FOREST PRODUCTS [& GREENFIRST
Slide 14: Questions & Answer
Questions & Answer [& GREENFIRST
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