For the three months ended February 28, 2026, Goodfellow reported a net loss of $3.1 million or $0.38 per share compared to a net loss of $2.3 million or $0.27 per share a year ago, while consolidated sales were $108.7 million compared to $111.2 million last year.
First quarter results reflect a resilient performance relative to extremely challenging market conditions. An excessively cold winter set against a backdrop of continued economic uncertainty, elevated interest rates and high household debt levels have compromised consumer confidence. Tariff concerns weighed on construction activity and customer demand, particularly in Central Canada. Goodfellow leveraged its diversified product offering, disciplined inventory management and strong customer relationships to navigate margin pressures and regional disparities. The Company anticipates continued market uncertainty, with Q2 seasonal demand offering some support in achieving critical sales volumes. In this environment, Goodfellow remains focused on operational discipline, margin management and capturing opportunities in value-added and infrastructure-driven segments as market conditions evolve.
About Goodfellow
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol "GDL".
GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the three months ended February 28, 2026 and 2025
(in thousands of dollars, except per share amounts)Unaudited
February 282026
February 282025(Restated)1
$
$
Sales
108,729
111,180
Expenses
Cost of goods sold
90,235
91,700
Selling, administrative and general expenses
22,007
21,832
Net financial costs
837
786
113,079
114,318
Loss before income taxes
(4,350
)
(3,138
)
Income taxes
(1,218
)
(878
)
Total comprehensive loss
(3,132
)
(2,260
)
Net loss
-per share, Basic
(0.38
)
(0.27
)
-per share, Diluted
(0.36
)
(0.27
)
1 In the fourth quarter of 2025, the Company corrected an error in presentation for certain production related expenses that were recognized as selling, administrative and general expenses and recording them to cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for the first quarter 2025 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for $5,987, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in shareholders equity.
GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
As at
As at
As at
February 282026
November 302025
February 282025
$
$
$
Assets
Current Assets
Cash
4,117
3,767
4,237
Trade and other receivables
64,214
55,471
69,995
Income taxes receivable
3,357
1,360
7,513
Inventories
165,175
144,484
158,879
Prepaid expenses
5,231
3,168
4,051
Total Current Assets
242,094
208,250
244,675
Non-Current Assets
Property, plant and equipment
42,218
42,625
43,552
Intangible assets
309
381
751
Right-of-use assets
18,394
19,304
20,863
Defined benefit plan asset
21,540
21,739
21,747
Deferred income taxes
-
744
-
Other assets
1,936
1,875
1,327
Total Non-Current Assets
84,397
86,668
88,240
Total Assets
326,491
294,918
332,915
Liabilities
Current Liabilities
