Slide 1: Financial Performance Overview – Quarter 3, 2025
Financial Performance Overview – Quarter 3, 2025 Canfor Corporation & Canfor Pulp Products Inc. Presented by: Pat Elliott – CFO & Corporate Secretary
Slide 2: Forward-looking statements
Forward -looking statements. • The presentation and answers to questions today contain forward -looking statements which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expr
Slide 3: Q3 2025 Review: Items impacting earning comparability
Canfor Corporation. Q3 2025 Review: Items impacting earning comparability Q3 2025 Q2 2025 Millions of dollars (except for per share amounts) $ $/Share $ $/Share Shareholder net loss, as reported $ (172.4) $ (1.48) $ (202.8) $ (1.71) Non-operating items (after-tax, net of non-controlling interests) F
Slide 4: Sales, operating & cash earnings summary
Canfor Corporation. Sales, operating & cash earnings summary: Q3 2025 vs. Q2 2025 Q3 Q2 Millions of dollars (unless otherwise noted) Variance 2025 2025 Sales $ 1,259.8 $ 1,379.4 $ (119.6) Reported operating loss by segment Lumber $ (182.2) $ (229.2) $ 47.0 Pulp and Paper $ (16.0) $ (5.3) $ (10.7) Un
Slide 5: Countervailing & anti-dumping duty summary
Canfor Corporation. Countervailing & anti -dumping duty summary Q3 Q2 Millions of dollars Variance 2025 2025 Effective duties by quarter Cash deposits paid 1 $ 31.4 $ 19.0 $ (12.4) 2 Incremental duty recovery attributable to current quarter $ (9.2) $ (0.4) $ 8.8 3 $ 22.2 $ 18.6 $ (3.6) Duty expense,
Slide 6: Canfor Corporation - Lumber
Canfor Corporation - Lumber. Q3 2025 vs. Q2 2025 Q3 Q2 Lumber segment adjusted operating loss of Millions of dollars (unless otherwise noted) Variance 2025 2025 $90 million, $65 million unfavourable to Q2 Sales $ 1,095.2 $ 1,201.5 $ (106.3) • Sustained pressure on global lumber market Lumber operati
Slide 7: Lumber cash earnings summary
Canfor Corporation - Lumber. Cash earnings summary: Q3 2025 vs. Q2 2025 Q3 Q2 Millions of dollars (unless otherwise noted) Variance 2025 2025 Lumber operating loss, as reported $ (182.2) $ (229.2) $ 47.0 1 Adjusting and one-time items - lumber segment $ 92.1 $ 204.5 $ (112.4) Lumber operating loss,
Slide 8: Canfor Pulp Products Inc. - Pulp and Paper
Canfor Pulp Products Inc. Pulp: Q3 2025 vs. Q2 2025 Q3 Q2 Canfor Pulp adjusted operating loss of Millions of dollars (unless otherwise noted) Variance 2025 2025 $11 million, $9 million unfavourable to Q2 Sales $ 164.6 $ 177.9 $ (13.3) Reported operating income (loss) by segment • Global softwood pul
Slide 9: Appendix
Appendix.
Slide 10: Summary of adjusting and one-time items – Consolidated
Summary of adjusting and one -time items. Consolidated – Q3 2025 Consolidated Q3 2025 Q2 2025 Operating income (loss) Actual Actual 1. For the lumber segment, a $15M net inventory write -down expense was recorded in Q3 2025 (Q2 2025 – $9M net inventory Reported operating loss $ (208.3) $ (251.4) wri
Slide 11: Summary of adjusting and one-time items – Lumber
Summary of adjusting and one -time items. Lumber – Q3 2025 Lumber Q3 2025 Q2 2025 Operating income (loss) Actual Actual 1. For the lumber segment, a $15M net inventory write -down Reported operating loss $ (182.2) $ (229.2) expense was recorded in Q3 2025 (Q2 2025 – $9M net inventory Asset write-dow