Slide 1: Financial Performance Overview – Quarter 1, 2026
Financial Performance Overview – Quarter 1, 2026 Canfor Corporation 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: Q1 2026 Review: Items impacting earning comparability
Canfor Corporation. Q1 2026 Review: Items impacting earning comparability Q1 2026 Q4 2025 Millions of dollars (except for per share amounts) $ $/Share $ $/Share Shareholder net loss, as reported $ (72.1) $ (0.62) $ (390.5) $ (3.35) Non-operating items (after-tax, net of non-controlling interests) Fo
Slide 4: Sales, operating & cash earnings summary
Canfor Corporation. Sales, operating & cash earnings summary: Q1 2026 vs Q4 2025 Q1 Q4 Millions of dollars (unless otherwise noted) Variance 2026 2025 Sales $ 1,359.1 $ 1,282.3 $ 76.8 Reported operating loss by segment Lumber (43.7) (318.8) 275.1 Pulp and Paper (16.2) (85.6) 69.4 Unallocated and Oth
Slide 5: Countervailing & anti-dumping duty summary
Canfor Corporation. Countervailing & anti-dumping duty summary Q1 Q4 Variance Millions of dollars 2026 2025 Cash deposits paid1 $ 40.2 $ 40.0 $ (0.2) Incremental duty recovery attributable to current quarter2 (20.2) (17.8) 2.4 Duty expense, before prior period adjustments3 $ 20.0 $ 22.2 $ 2.2 Duty r
Slide 6: Lumber
Canfor Corporation - Lumber. Q1 2026 vs Q4 2025 Lumber segment adjusted operating loss of $64 million, $42 million favourable to Q4 Q1 Q4 Millions of dollars (unless otherwise noted) Variance 2026 2025 • NA lumber markets exhibited cautious stability Sales $ 1,192.8 $ 1,142.2 $ 50.6 through most of
Slide 7: Lumber: Cash earnings summary
Canfor Corporation - Lumber. Cash earnings summary: Q1 2026 vs Q4 2025 Q1 Q4 Millions of dollars (unless otherwise noted) Variance 2026 2025 Lumber operating loss, as reported $ (43.7) $ (318.8) $ 275.1 Asset write-downs and impairments – $ 213.9 (213.9) Inventory recovery, net (20.0) $ (0.5) (19.5)
Slide 8: Pulp and Paper
Canfor Corporation - Pulp and Paper. Q1 2026 vs Q4 2025 Pulp and paper segment adjusted Q1 Q4 operating loss of $16 million, $12 million Millions of dollars (unless otherwise noted) Variance 2026 2025 favourable to Q4 Sales $ 166.3 $ 140.2 $ 26.1 Pulp and paper operating loss, as reported (16.2) $ (