VANCOUVER, British Columbia, March 05, 2026 (GLOBE NEWSWIRE) — Canfor Corporation (“the Company” or “Canfor”) (TSX:CFP) today reported its fourth quarter of 2025 results:
Overview.
- For the fourth quarter of 2025, the Company reported an operating loss of $415.9 million and a net loss of $390.5 million, equivalent to $3.35 per share.
- An asset write-down and impairment charge of approximately $320.4 million has been recorded in Q4 2025 (including a $52.5 million write off of a previously recognized deferred tax asset), of which $213.9 million relates to the Company’s lumber segment and $106.5 million relates to the pulp and paper segment.
- After taking into consideration adjusting and one-time items1 of $270.9 million, the adjusted operating loss for Q4 2025 was $145.0 million, compared to a similarly adjusted operating loss of $111.3 million in Q3 2025.
- North American lumber markets continued to face pressure in Q4 2025, as elevated US softwood lumber duties along with tariffs, further dampened already weak demand. Sawmill curtailments and seasonally lower inventories supported a slight improvement in benchmark prices late in Q4 2025.
- Lumber production was up 2% from the previous quarter, driven primarily by the full quarter contribution from the recently acquired Hedin sawmills in Europe, partially offset by seasonal holiday downtime across all operating regions.
- Global softwood pulp markets were relatively flat through Q4 2025, principally driven by elevated pulp producer inventory levels.
Financial results.
The following table summarizes selected financial information for the Company for the comparative periods:
| (millions of Canadian dollars, except per share amounts) | Q4 2025 |
Q3 2025 |
YTD 2025 |
Q4 2024 |
YTD 2024 |
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| Sales | $ | 1,282.3 | $ | 1,259.8 | $ | 5,339.0 | $ | 1,285.7 | $ | 5,252.8 | |||||||||||
| Reported operating income (loss) before amortization, asset write-downs and impairments² | $ | (38.7 | ) | $ | (110.7 | ) | $ | (37.2 | ) | $ | 52.7 | $ | (170.2 | ) | |||||||
| Reported operating loss | $ | (415.9 | ) | $ | (208.3 | ) | $ | (904.1 | ) | $ | (45.9 | ) | $ | (942.2 | ) | ||||||
| Net loss³ | $ | (390.5 | ) | $ | (172.4 | ) | $ | (796.7 | ) | $ | (63.3 | ) | $ | (669.0 | ) | ||||||
| Net loss per share, basic and diluted³ | $ | (3.35 | ) | $ | (1.48 | ) | $ | (6.78 | ) | $ | (0.53 | ) | $ | (5.64 | ) | ||||||
| 1. Adjusted operating loss as well as adjusting and one-time items referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the “Fourth quarter results, including adjusting and one-time items” table and the “Non-IFRS financial measures” section of this news release. |
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| 2. An asset write-down and impairment charge totaling $320.4 million was recognized in Q4 2025 (Q3 2025 and Q4 2024 – no asset write-down and impairment adjustment was recognized), which included a $52.5 million write-off of a previously recognized deferred tax asset. The deferred tax asset write-off is not included in reported operating income (loss) and as a result, reported operating income (loss) in the table above, is only adjusted by $267.9 million, representing the asset write-down and impairment charge associated with goodwill, property, plant and equipment and material and supplies inventories. |
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| 3. Attributable to equity shareholders of the Company. |
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For the fourth quarter of 2025, the Company reported an operating loss of $415.9 million, compared to an operating loss of $208.3 million for the third quarter of 2025.
Commenting on the Company’s fourth quarter of 2025 results, Canfor’s President and Chief Executive Officer, Susan Yurkovich, said, “Our lumber business continued to face significant headwinds in the fourth quarter, with ongoing market weakness combined with elevated duty and tariff costs weighing on our results. Across our business, we remain focused on the areas within our control—prioritizing safe, efficient operations, maintaining disciplined cost management and prudent capital allocation as well as delivering high quality products to our customers. With our well capitalized, globally diversified operating platform, we remain well positioned to adapt to the high duty environment, navigate near-term challenges and respond to improving demand as market fundamentals stabilize.”
Yurkovich added, “Our pulp segment also remained under significant pressure this quarter, as global economic uncertainty, weak market demand and limited access to economic fibre in British Columbia continued to weigh on performance. While we saw some modest signs of improvement toward the end of the quarter, ongoing weakness in the softwood pulp market continues to present challenges.”
Fourth quarter results, including adjusting and one-time items.
After taking account of adjusting and one-time items totaling $270.9 million, as outlined in the table below, the Company’s adjusted operating loss for the fourth quarter of 2025 was $145.0 million compared to a similarly adjusted operating loss of $111.3 million for the previous quarter. These results reflect a decline in results for both the lumber and pulp and paper segments.
| (millions of Canadian dollars) | Q4 2025 |
Q3 2025 | YTD 2025 | Q4 2024 | YTD 2024 |
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| Reported operating loss | $ | (415.9 | ) | $ | ||||||||||||||||||