Q2 2025
Investor Presentation August 13, 2025
Overview Joel Fournier, Chief Executive Officer
Q2'25 Highlights 4
EBITDA of ($5.2M) for Q2'25
Average realized lumber selling price of $713/mfbm for
Q2'25
Sales Volumes of 109,7MFbm, record quarter with our key home center partner, despite economic uncertainty
Cost of sales, net of by-products revenue of $672/mfbm for Q2'25
Q2'25 Production record of 115,766MFbm
Production Manufacturing cost for Q2'25 significantly
lower than Q1'25 and YE'24
Ended Q2'25 with a strong balance and $39.8 million of excess liquidity
Q2'25 Highlights (cont.) 5
Signed an agreement with third party to explore building a torrefy pellet plant at Chapleau to improve the longterm by-product consumption.
Higher levels of inventory mainly on WIP. Plan in place to
reduce this by Q4'25.
Currently installing the new sawline, planer mill and cogeneration plant at Chapleau mill. Project is expected to finish in line with budget and on time.
New combined duty rate at 35.19% effective early August
Section 232 investigation by the U.S. DoC with findings expected November 2025
New financial support from Federal government of $1.2B.
US Housing Starts Forecast 6
Source: FEA
Financial Summary
Q2'25 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 information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the MD&A for the second quarter and two quarters ended June 28, 2025.
2Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024.
3Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for the year ended December 31, 2024 for further information.
Net Income Change - Q2'25 9
15,000
Q2'24 vs Q1'25 Net Income Change
12,552
156
(18,010)
(2,524)
(383)
(2,011)
(19)
(357)
83
-
EBITDA = ($10,220)
10,000
5,000
-
(5,000)
(10,000)
Net Loss
= ($10,513)
(15,000)
Cash Flow Breakdown Q2'25 10
30,000
25,000
Q2'25 Cashflow Waterfall
9,367
20,202
End
Begin
Cashflow used in Ops
Cash | 2,465 | 4,372 |
ABL | 12,000 | 12,500 |
= $7,598
20,000
15,000
10,000
Cashflow used in Investing = ($4,987)
Cashflow from Financing = ($704)
5,000
-
(16,991) (409)
(4,987)
500
(698) (506)
Total Cash Increase
$1,907
(5,000)
(4,571)
(10,000)
Maximum Availability Year-over-Year 11
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 capital investment, and pursuing mergers and acquisitions.
GreenFirst Vision and Mission
12
Thank You
13
Questions & Answer
14
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