GreenFirst Forest Products Inc. (GFP) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to Green First's third quarter of 2025 results conference call. Please note that all lines are muted to prevent any background noise. During this conference call, Green First representatives will be making certain statements about future financial and operational performance, business outlook, and capital plans. These statements may contain forward-looking information or forward-looking statements within the meaning of Canadian securities law. Such statements involve certain risks, uncertainties, and assumptions which may cause Green First's actual or future results and performance to be materially different from those expressed or implied in these statements. Additional information about these risks, factors, and assumptions is included in Green First MD&A and annual AIF, which can be accessed on the company website or through CDAR+. After the speaker's remarks, there will be a question and answer session. Please submit your questions through the online portal. I will now pass it over to Joël Fournier to begin the management presentation. Thank you very much, Joanne, and good morning, everyone, and welcome to our Q3 2025 earning call. I'm Joël Fournier, the Chief Executive Officer of Green First. Today, I'm joined by Peter Ferrander, CFO, and Michel Lessard, our President. So, we ended up the quarter with a negative EBITDA of $47.2 million. However, the loss is mainly due to selected adjustment. First, we had a $33.8 million duty adjustment related to an underpayment from AR6 for duty paid in 2023. The second item is we recorded an NRV provision of $8.2 million as market dropped sharply from $508 per 1,000 board feet in July right down to 420 by the end of September. And the third item is we had to take a downtime at t...