Overview.
For the first quarter of 2026, the Company reported an operating loss of $73 million and shareholder net loss of $72 million, equivalent to $0.62 per share.
After taking into consideration adjusting items1 of $20 million, the adjusted operating loss for Q1 2026 was $93 million, compared to an adjusted operating loss of $145 million in Q4 2025.
Global lumber markets remained challenging throughout Q1 2026, largely reflecting relatively subdued demand and ongoing trade and geopolitical pressures; however, periods of supply tightness contributed to some improvement in North American benchmark lumber pricing.
Global softwood pulp markets remained weak through Q1 2026, with persistently soft markets in China, while North American markets demonstrated some relative resilience, driven primarily by supply pressures.
Canfor acquired the remaining issued and outstanding shares of Canfor Pulp Products Inc. ("Canfor Pulp"), resulting in 100% ownership of Canfor Pulp.
Financial results.
The following table summarizes selected financial information for the Company for the comparative periods:
(millions of Canadian dollars, except per share amounts)
Q1 2026
Q4 2025
Q1 2025
Sales
$
1,359.1
$
1,282.3
$
1,417.5
Reported operating income (loss) before amortization, asset write-downs and impairments
$
28.5
$
(38.7
)
$
72.6
Reported operating loss
$
(72.5
)
$
(415.9
)
$
(28.5
)
Net loss²
$
(72.1
)
$
(390.5
)
$
(31.0
)
Net loss per share, basic and diluted²
$
(0.62
)
$
(3.35
)
$
(0.26
)
1. Adjusted results referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the "Non-IFRS financial measures" section of this document.2. Attributable to equity shareholders of the Company.
The Company reported an operating loss of $72.5 million for the current quarter, compared to an operating loss of $415.9 million for the fourth quarter of 2025. After taking into consideration a $20.0 million reversal of a previously recognized inventory write-down, the Company's adjusted operating loss was $92.5 million for the first quarter of 2026, compared to an adjusted operating loss of $145.0 million for the fourth quarter of 2025. These results largely reflected improved performance in both the lumber segment and, to a lesser extent, the pulp and paper segment.
Commenting on the Company's first quarter of 2026 results, Canfor's President and Chief Executive Officer, Susan Yurkovich, said, "The first quarter of 2026 continued to reflect challenging market conditions across our global operations. While we saw an improvement in results, largely due to a supply-driven uptick in North American lumber pricing and higher production levels, demand remained relatively subdued. Despite ongoing trade pressures, geopolitical uncertainty, and weather‑related disruptions in certain regions, our focus on controllable factors helped support improved performance during the quarter. We continue to closely monitor market conditions while positioning the Company to respond as conditions evolve."
Yurkovich added "Global pulp markets continued to face significant headwinds during the first quarter, with pulp producer inventories remaining elevated. As we anticipate these challenges to persist in the near-term, we remain ...
