Slide 1: Q4/YE 2025 Investor Presentation
Q4/YE 2025 Investor Presentation March 26, 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: Q4'25 Highlights
Q4’25 Highlights 4 ▪ Adjusted EBITDA of ($21.7M) for Q4’25 ▪ Average realized lumber selling price of $654/mfbm for Q4’25 ▪ Q4’25 sales volumes of 108,108 MFbm ▪ Q4’25 production volumes of 93,117 MFbm resulting from shutdowns taken for the installation of strategic CAPEX ▪ Production Manufacturing
Slide 5: Q4'25 Highlights (cont.)
Q4’25 Highlights (cont.) 5 ▪ Completion of Section 232 investigation by the U.S. DoC resulting in 10% tariffs on softwood lumber in October 2025 ▪ Ended Q4’25 $27.0 million of excess liquidity ▪ In December 2025, the Company finalized the release of it’s pension surplus resulting in $10.7 million be
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: Q4'25 Financial Comparison
Q4’25 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 i
Slide 9: Net Income Change – Q4'25
Net Income Change – Q4’25 9 Q4'25 vs Q3'25 Net Income Change 35,000 4,772 30,000 33,782 25,000 3,798 (440) 20,000 (9,000) (74) 15,000 EBITDA = $25,531 Net Income 10,000 = $24,587 5,000 EBITDA (Pre-Duty Liability) = ($8,251) - (5,000) 2,794 935 172 (10,000) (2,716) (265) (9,172) (15,000) Finance Cost
Slide 10: Cash Flow Breakdown Q4'25
Cash Flow Breakdown Q4’25 10 Q4'25 Cashflow Waterfall 12,000 Cashflow from Ops = $10,074 Cashflow from Investing = ($9,045) 3,705 10,000 (474) 8,000 7,735 6,000 Cashflow from Financing = $(1,037) 4,000 1,198 2,000 2,101 (1,000) Total Cash (688) Decrease - (547) $8 (521) (371) (11,146) (2,000) 10
Slide 11: Maximum Availability Year-over-Year
Maximum Availability Year-over-Year 11
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