Interfor Corp

Latest Results (27.07.2026):

Interfor Corporation (Interfor) reported Q4 2025 results: a net loss of $104.6 million ($1.59 per share) and an Adjusted EBITDA loss of $29.2 million on sales of $600.6 million for the quarter ended December 31, 2025. Results improved versus Q3’25 but remained weaker year‑over‑year versus Q4’24; the company reported significant financing activity and measures to bolster liquidity while navigating weak lumber markets and elevated duties.

Quarter financials

Q4’25 net loss $104.6M ($1.59/sh); Adjusted EBITDA loss $29.2M; sales $600.6M. Q4’25 Net loss narrowed from Q3’25 (Q3’25 net loss $215.8M) but Adjusted EBITDA and margins are down versus Q4’24 (Q4’24 Adjusted EBITDA $80.4M, margin 10.8%).

Liquidity & financing

At Dec. 31, 2025 net debt to invested capital was 36.5% and available liquidity was $371.3M (pro‑forma $481.6M after subsequent financings). Notable transactions: bought‑deal equity for gross proceeds $143.8M; US$26M EDC‑guaranteed LC facility; $30M BDC‑guaranteed term loan expected close Q1’26; amendment of Term Line and Senior Secured Notes (Term Line commitment amended to $540M, maturity unchanged July 25, 2029); commitments for US$75M new Senior Secured Notes (expected close Q1’26).

Production, shipments & inventory

Lumber production was 753 million fbm (down 159 million fbm vs prior quarter after temporary curtailments); lumber shipments were 812 million fbm, which reduced inventory by ~63 million fbm in the quarter.

Pricing & market

Average lumber selling price was $599 per mfbm in Q4’25 (down $19/mfbm vs Q3’25). Interfor noted late Q4’25 into Jan’26 benchmark lumber price recoveries (e.g., SYP Composite +US$102/mfbm, KD H‑F Stud 2x4 9’ +US$100/mfbm) but expects near‑term volatility due to monetary policy, duties/tariffs, labour and seasonal factors.

Export duties and tariffs

The company recorded export duties expense in the quarter (report cites $31.2M) and paid $4.7M in Section 232 tariffs in Q4’25. Cumulative duties paid to Dec. 31, 2025 were US$663.5M; Interfor has recognized most duty deposits as expense, with a US$71.5M net receivable recorded for certain overpayments and acquired duty rights.

Impairments and asset write‑downs

Interfor recorded an impairment charge of $69.1M against property, plant and equipment in Eastern Canada due to prolonged weak markets, duties and mill‑specific factors. Total asset write‑downs and restructuring costs in the quarter were $78.7M.

Monetization of Coastal B.C. operations

The company sold Coastal B.C. forest tenures (~127,000 m3 AAC) and related assets for gross proceeds of $10.0M, recording a gain of $9.5M; as of Dec. 31, 2025 there were no remaining contractual obligations related to that monetization. Interfor held ~574,000 m3 of AAC for disposition subject to approvals.

Capital spending

Q4’25 capital spending was $17.5M (including $8.1M discretionary on the Thomaston, GA rebuild). 2026 capital expenditure guidance is $75–$80M.

Covenant compliance & outlook

As at Dec. 31, 2025 Interfor was in compliance with Term Line and Senior Secured Notes covenants. Management expects near‑term lumber market volatility but highlights a diversified North American footprint (≈60% production/sales in the U.S.) and mid‑term demand fundamentals supporting Canadian supply into the U.S.