BURNABY, BC, Nov. 6, 2026 /CNW/ -- Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the three and nine months ended September 30, 2026 and 2025.
Third Quarter Ended September 30, 2026 Earnings Results
The Company's consolidated net sales for the quarter ended September 30, 2026 were $433.0 million compared to $431.3 million over the same period last year. The increase in sales of $1.7 million or 0.4% was largely due to changes in product mix during the quarter.
Gross margin for the quarter ended September 30, 2026 increased to $49.3 million compared to $48.2 million over the same period last year. Gross margin percentage was 11.4% for the three months ended September 30, 2026, a slight increase compared to 11.2% in the same period last year. The increase is attributable to the slight increase in net sales.
Net earnings for the quarter ended September 30, 2026 increased to $13.2 million from $12.8 million over the same period last year. The increase was driven by the higher gross margin dollars with lower administrative and financing expenses. A higher income tax expense this quarter partially offsets the increase in net earnings.
EBITDA for the quarter ended September 30, 2026 was $22.4 million compared to $21.8 million for the same period last year.
Nine Months Ended September 30, 2026 Earnings Results
The Company's consolidated net sales for the nine months ended September 30, 2026 were $1,208.8 million compared to $1,272.2 million over the same period last year. The decrease in sales of $63.4 million or 5% was largely due to lower average pricing and lower sales volumes.
Gross margin for the nine months ended September 30, 2026 was $137.0 million, up from $134.9 million in the same period last year, and gross margin percentage improved to 11.3% from 10.6%. The improvement reflects greater efficiency in cost of sales, despite lower sales volume.
Net earnings for the nine months ended September 30, 2026 rose to $38.3 million from $37.7 million in the same period last year, driven primarily by higher gross margin dollars.
EBITDA for the nine months ended September 30, 2026 was $64.7 million compared to $62.1 million for the same period last year.
Condensed Consolidated Statement of Earnings
For the Three Months Ended
September 30, | ||
(in thousands of Canadian dollars, except for per share amounts) | 2026 | 2025 |
Sales | 432,986 | 431,276 |
Gross margin | 49,289 | 48,215 |
Distribution expense | 8,872 | 7,916 |
Selling and administration expense | 21,424 | 21,882 |
Finance expense | 1,255 | 1,685 |
Other income | (31) | (30) |
Earnings before income taxes | 17,769 | 16,762 |
Income tax expense | 4,522 | 3,953 |
Net earnings | 13,247 | 12,809 |
Net earnings per share(1) | 0.12 | 0.12 |
EBITDA(2) | 22,407 | 21,780 |
The following is the reconciliation of net earnings to EBITDA:
September 30, | |||
(in thousands of Canadian dollars) | 2026 | 2025 | |
Net earnings | 13,247 | 12,809 | |
Income tax expense | 4,522 | 3,953 | |
Finance and subordinated debt interest expense | 1,255 | 1,685 | |
Amortization | 3,383 | 3,333 | |
EBITDA | 22,407 | 21,780 | |
For the Nine Months Ended
September 30, | ||
(in thousands of Canadian dollars, except for per share amounts) | 2026 | 2025 |
Sales | 1,208,761 | 1,272,184 |
Gross margin | 137,033 | 134,934 |
Distribution expense | 25,407 | 24,113 |
Selling and administration expense | 56,741 | 58,930 |
Finance expense | 4,239 | 2,650 |
Other income | (96) | (235) |
Earnings before income taxes | 50,742 | 49,476 |
Income tax expense | 12,423 | 11,771 |
Net earnings | 38,319 | 37,705 |
Net earnings per share(1) | 0.35 | 0.35 |
EBITDA(2) | 64,723 | 62,052 |
The following is the reconciliation of net earnings to EBITDA:
September 30, | |||
(in thousands of Canadian dollars) | 2026 | 2025 | |
Net earnings | 38,319 | 37,705 | |
Income tax expense | 12,423 | 11,771 | |
Finance and subordinated debt interest expense | 4,239 | 2,650 | |
Amortization | 9,742 | 9,926 | |
EBITDA | 64,723 | 62,052 | |
Notes: |
(1) Earnings per share is calculated using the weighted average number of shares. |
(2) Reference is made above to EBITDA, which represents earnings before interest, taxes, and amortization. As there is no generally accepted method of calculating EBITDA, the measure as calculated by Taiga might not be comparable to similarly titled measures reported by other issuers. EBITDA is presented as management believes it is a useful indicator of a company's ability to meet debt service and capital expenditure requirements and because management interprets trends in EBITDA as an indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS. For the disclosure of the manner in which EBITDA is calculated and reconciliation to net earnings refer to the "EBITDA" section of the Company's management's discussion and analysis which will be available shortly on SEDAR at www.sedar.com. |
The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with, our unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2026 and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR+ at www.sedarplus.ca.
SOURCE Taiga Building Products Ltd.