Cascades has posted net earnings of C$37m ($27m) in the fourth quarter (Q4) of 2025, compared to a net loss of C$13m in the year-ago period.
The company’s adjusted EBITDA increased to C$155m in the quarter, from C$146m in Q4 2024.
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Net earnings per common share were C$0.37, versus a net loss of C$0.13 per share in the previous quarter.
Operating income for the quarter was C$76m, up from C$16m recorded in Q4 2024.
Sales stood at C$1.19bn, slightly lower than the C$1.21bn reported a quarter earlier.
The company noted that while higher selling prices and a favourable sales mix contributed a combined benefit of C$50m, these were offset by a C$62m reduction due to decreased volumes, primarily in the packaging products segment.
Sales from the packaging products division declined to C$757m for the quarter, down 3% compared with C$782m in the prior period, while sales from tissue papers also dropped marginally to C$407m from C$394m.
Last year, Cascades initiated organisational changes, combining its containerboard and speciality products into a single unit as part of its broader strategy.
Since January 2025, operations have been structured around two main segments: packaging products and tissue papers.
For FY25, Cascades posted C$70m of net earnings, reversing from a loss of C$31m in 2024. It also reported total sales of C$4.8bn compared to C$4.7bn in 2024.
Annual operating income reached C$235m, rising from C$95m in the previous year.
Net earnings per common share stood at C$0.70 for 2025 after a net loss of C$0.31 per share in 2024.
As of 31 December 2025, net debt was reported at C$1.9bn, down from C$2.09bn at the end of 2024.
The ratio of net debt to EBITDA improved from 4.2× to 3.3× over the year.
Cascades president and CEO Hugues Simon commented: “Our fourth quarter consolidated performance met sequential forecasts. Packaging results were within expectations, with benefits from lower production costs, favourable raw material pricing and continued solid production levels at Bear Island mitigating the expected lower seasonal sales volumes.
“We expect first quarter performance to decline sequentially, but to remain higher year over year for the sixth consecutive quarter.
“Looking further ahead, we are confident in our ability to achieve our strategic objectives, and we expect our 2026 performance to surpass 2025, despite ongoing macroeconomic uncertainty.“
Last month, Cascades agreed to sell its corrugated packaging facility in Richmond, British Columbia, to Crown Paper Group in a transaction valued at C$65.5m.
