Interfor Corp

Latest Results (07.02.2026):

Interfor Corporation (Interfor) Q3’25: the company reported a net loss of $215.8 million ($4.19 per share) and an Adjusted EBITDA loss of $183.8 million on sales of $689.3 million for the third quarter of 2025; management says the results were driven largely by significant non‑cash duty-related charges tied to U.S. administrative reviews, while underlying lumber market weakness prompted production curtailments and inventory provisions.

Quarterly financials

Q3’25 sales totaled $689.3M; net loss was $215.8M and Adjusted EBITDA was a loss of $183.8M. On a per‑share basis the loss was $4.19. Excluding the duty-related and revaluation items, Adjusted EBITDA would have been a loss of $36.4M.

Duties and interest impact

Interfor recorded a $147.4M net duties expense in Q3’25 (driven by finalization of AR6 and revaluation of duty deposits for AR1–AR5). The company also recorded a $156.7M increase to duties expense (and $26.1M increase to interest expense) reflecting the amended AR6 combined rate of ~35.16% for 2023. Cumulative duties paid to Sept. 30, 2025 were US$639.8M.

Operations and production

Lumber production was 912 million board feet (down 23M fbm vs. Q2’25) as Interfor implemented temporary curtailments; the company later announced additional Q4’25 reductions of ~250M fbm (≈26% vs Q2’25) to reflect weak demand.

Prices, shipments and inventory

Average selling price fell to $618/mfbm (down $66 vs Q2’25) reflecting a 19.4% quarter‑over‑quarter decline in the SYP Composite benchmark. Shipments were 924M fbm (slightly above production) and an inventory provision of $23.1M was recorded (up from $7.3M in Q2’25).

Balance sheet and liquidity

Net debt at Sept. 30, 2025 was $893.3M (41.6% of invested capital). Pro‑forma for the October bought‑deal equity offering (gross $143.8M) net debt would have been $755.4M and available liquidity about $385.7M; on‑quarter available liquidity at Sept. 30 was $247.9M. Interfor completed an early renewal/extension of its $562.5M Term Line to July 25, 2029.

Capital spending

Capital spending in the quarter was $32.0M (including $17.8M discretionary, largely for the Thomaston, GA rebuild). Full‑year 2025 capex is expected to be $90–95M; 2026 capex estimated at ~ $75M.

Tariffs, outlook and risks

In addition to duty developments, a U.S. Section 232 tariff of 10% on softwood lumber took effect Oct. 14, 2025 (in addition to existing duties). Interfor expects near‑term market volatility from higher duty/tariff exposure, monetary policy and other risks but points to diversified operations (≈60% production/sales in U.S.) and flexibility to cut production and capex if conditions worsen.