Interfor Corp

Latest Results (06.05.2026):

Interfor Corp — Q4 2025: Interfor Corp reported a net loss of $104.6 million (‑$1.59 per share) for the fourth quarter of 2025 and an Adjusted EBITDA loss of $29.2 million on sales of $600.6 million. Results improved versus Q3’25 but remained weaker than Q4’24 on lower prices, higher trade duties and market curtailments. The company also completed a series of financings after quarter‑end to bolster liquidity and extend runway.

Net loss and Adjusted EBITDA

Q4’25 net loss was $104.6M (‑$1.59/share). Adjusted EBITDA was a loss of $29.2M (margin ‑4.9%) on $600.6M of sales, versus an Adjusted EBITDA loss of $183.8M in Q3’25 and Adjusted EBITDA of $80.4M in Q4’24.

Sales, volumes and prices

Lumber sales averaged $599 per mfbm in Q4’25. Lumber production fell to 753 million board feet (down 159 million fbm QoQ) due to temporary curtailments; shipments were 812 million fbm, drawing inventory down by ~63 million fbm in the quarter.

Production curtailments and impairment

The company implemented temporary production curtailments in October 2025. Interfor recorded a $69.1M impairment on property, plant and equipment in Eastern Canada driven by prolonged weak markets, higher duties/tariffs and mill‑specific factors.

Export duties, tariffs and trade impact

Interfor recorded roughly $31M of export duties expense in Q4’25 and paid $4.7M in Section 232 tariffs during the quarter. Cumulative duties paid as of Dec. 31, 2025 were US$663.5M; most duty deposits were expensed, with a US$71.5M net receivable recorded for certain overpayments and rights acquired.

Liquidity, leverage and financing actions

As at Dec. 31, 2025 net debt to invested capital was 36.5% and available liquidity was $371.3M (pro‑forma liquidity after subsequent financings noted at $481.6M). Post‑quarter financings included a $143.8M equity bought deal, a US$26M EDC‑guaranteed LC facility, a $30M BDC‑guaranteed term loan (expected close Q1’26) and commitments for US$75M in new Senior Secured Notes (8.00% fixed, maturity 2034). Amendments to the Term Line and Notes provide covenant flexibility, including the potential to exclude up to $300M of non‑cash impairments from net debt calculations and adjustments to covenant thresholds.

Capital spending and dispositions

Q4 capital spending was $17.5M (including $8.1M discretionary on the Thomaston, GA rebuild). 2026 capex is planned at $75–$80M. The company monetized Coastal B.C. tenures for gross proceeds of $10.0M (gain of $9.5M) and had ~574,000 m3 AAC held for disposition subject to approvals.

Near‑term outlook

Interfor expects continued near‑term volatility in North American lumber markets driven by monetary policy, trade measures, labour and seasonal factors. The company noted benchmark price rebounds late Q4’25 into Q1’26 but cautioned that higher duties and tariffs and further trade actions could amplify volatility. Management believes the balance sheet actions provide sufficient liquidity to navigate the near term.