Canfor Corporation · TSX:CFP
Canfor — Q4 2025 Earnings Presentation
11 slides from Canfor's earnings presentation, Mar 6, 2026
Slide 1: Financial Performance Overview – Quarter 4, 2025
Financial Performance Overview – Quarter 4, 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 expres
Slide 3: Q4 2025 Review: Items impacting earning comparability
Canfor Corporation. Q4 2025 Review: Items impacting earning comparability Q4 2025 Q3 2025 Millions of dollars (except for per share amounts) $ $/Share $ $/Share Shareholder net loss, as reported $ (390.5) $ (3.35) $ (172.4) $ (1.48) 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: Q4 2025 vs Q3 2025 Millions of dollars (unless otherwise noted) Q4 Q3 Variance 2025 2025 Sales $ 1,282.3 $ 1,259.8 $ 22.5 Reported operating loss by segment Lumber $ (318.8) $ (182.2) $ (136.6) Pulp and Paper $ (85.6) $ (16.0) $ (69.6) Un
Slide 5: Countervailing & anti-dumping duty summary
Canfor Corporation. Countervailing & anti-dumping duty summary Q4 Q3 Variance Millions of dollars 2025 2025 Cash deposits paid1 $ 40.0 $ 31.4 $ (8.6) Incremental duty recovery attributable to current quarter2 $ (17.8) $ (9.2) $ 8.6 Duty expense, before prior period adjustments3 $ 22.2 $ 22.2 $ – Dut
Slide 6: Lumber segment
Canfor Corporation - Lumber. Q4 2025 vs Q3 2025 Lumber segment adjusted operating loss of $105 million, $15 million unfavourable to Q3 Q4 Q3 Variance 2025 2025 • NA lumber markets remained challenging through most of the fourth quarter of 2025, weighed down by Sales $ 1,142.2 $ 1,095.2 $ 47.0 elevat
Slide 7: Cash earnings summary
Canfor Corporation - Lumber. Cash earnings summary: Q4 2025 vs Q3 2025 Q4 Q3 Millions of dollars (unless otherwise noted) 2025 2025 Variance Lumber operating loss, as reported $ (318.8) $ (182.2) $ (136.6) Adjusting and one-time items - lumber segment1 $ 213.4 $ 92.1 $ 121.3 Lumber operating loss, b
Slide 8: Canfor Pulp Products Inc.
Canfor Pulp Products Inc. Pulp: Q4 2025 vs Q3 2025 Q4 Q3 Millions of dollars (unless otherwise noted) 2025 2025 Variance Canfor Pulp adjusted operating loss of Sales $ 140.2 $ 164.6 $ (24.4) $28 million, $17 million unfavourable to Q3 Reported operating income (loss) by segment • Global softwood pul
Slide 9: Appendix
Appendix.
Slide 10: Summary of adjusting and one-time items
Summary of adjusting and one-time items. Consolidated – Q4 2025 vs Q3 2025 Q4 2025 Q3 2025 1.For the lumber segment, an asset write-down and Operating income (loss) Actual Actual impairment charge totaling $213.9 million was recognized in $ (415.9) $ (208.3) Q4 2025 associated with one of the Compan
Slide 11: Summary of adjusting and one-time items
Summary of adjusting and one-time items. Lumber– Q4 2025 vs Q3 2025 Operating income (loss) Q4 2025 Q3 2025 1.For the lumber segment, an asset write-down and Actual Actual impairment charge totaling $213.9 million was recognized Reported operating loss $ (318.8) $ (182.2) in Q4 2025 associated with