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Cascades Reports Results for the Fourth Quarter and Full Year 2025
PR Newswire
Thu, February 26, 2026 at 8:00 PM GMT+9 17 min read
In this article:
CAS.TO
-1.32%
CAS.NE
-0.93%
KINGSEY FALLS, QC, Feb. 26, 2026 /CNW/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period and fiscal year ended December 31, 2025.
Q4 2025 Highlights
Sales of $1,197 million (compared with $1,238 million in Q3 2025 and $1,211 million in Q4 2024);
Operating income of $76 million (compared with $73 million in Q3 2025 and $16 million in Q4 2024);
Net earnings per common share of $0.37 (compared with net earnings per common share of $0.29 in Q3 2025 and a net loss per common share of ($0.13) in Q4 2024);
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $155 million (compared with $159 million in Q3 2025 and $146 million in Q4 2024);
Adjusted net earnings per common share1 of $0.40 (compared with $0.38 in Q3 2025 and $0.25 in Q4 2024);
2025 Annual Highlights
Sales of $4,776 million (compared with $4,701 million in 2024);
Operating income of $235 million (compared with $95 million in 2024);
Net earnings per common share of $0.70 (compared with a net loss per common share of ($0.31) in 2024);
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)1) of $576 million (compared with $501 million in 2024);
Adjusted net earnings per common share1 of $1.10 (compared with $0.60 in 2024);
Net debt1 of $1,896 million as of December 31, 2025 (compared with $2,096 million as of December 31, 2024). Net debt to EBITDA (A) ratio1 of 3.3x, down from 4.2x as of December 31, 2024;
Following the asset sales completed in 2025 and early 2026, the Corporation has surpassed its disclosed target of generating $120 million of proceeds from the monetization of redundant assets by mid-2026;
Total capital expenditures of $42 million in Q4 2025 and $152 million in 2025. The Corporation's 2026 forecasted capital expenditures before disposals will be approximately $175 million.
Several strategic actions were implemented during the year and are beginning to generate tangible results, both operationally and financially.
Hugues Simon, President and CEO, 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. Results of our tissue business fell short of targeted levels. Simply put, our tissue operations did not meet efficiency and logistics execution objectives in the quarter. These effects were compounded by an unplanned power outage at one of our facilities that further impacted production levels, supply chain efficiency and added incremental operating costs of approximately $6 million in the period. The countermeasures we have already put in place to address these issues are generating positive traction. Overall, we successfully decreased net debt by $127 million sequentially, which results in leverage decreasing to 3.3x from 3.6x at the end of the third quarter.”
Story Continues
1 Some information represents non-IFRS Accounting Standards Financial measures, other financial measures or non-IFRS Accounting Standards ratios which are not standardized under IFRS Accounting Standards and therefore might not be comparable to similar financial measures disclosed by other corporations. Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
Discussing near-term outlook, Mr. Simon commented, "We expect first‑quarter performance to decline sequentially, but to remain higher year‑over‑year for the sixth consecutive quarter. In packaging, the forecasted sequential decline is attributable to usual seasonality in demand levels and higher transportation and energy costs due to weather-related impacts in the US in early 2026. We are similarly expecting softer results in tissue sequentially. In addition to usual seasonality and costs related to severe weather, results in this segment will be impacted by residual production and logistics costs following the power outage at one of our facilities. Our leverage ratio is expected to continue to improve in the coming quarters.
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 macro‑economic uncertainty. We made good progress across many of our initiatives over the past year. In addition to achieving our objective of generating $120 million of proceeds from asset sales ahead of schedule, we have generated approximately $30 million of profitability improvements. We are confident that the fundamentals for our Company are strong, and are steadfast in our commitment to continue to improve the financial profile, level of operational and commercial excellence and growth momentum of our Company."
Financial Summary
Selected consolidated information
(in millions of Canadian dollars, except amounts per common share) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Sales
4,776
4,701
1,197
1,238
1,211
As Reported
Operating income
235
95
76
73
16
Net earnings (loss)
70
(31)
37
29
(13)
per common share (basic)
$0.70
($0.31)
$0.37
$0.29
($0.13)
Adjusted1
Earnings before interest, taxes, depreciation and amortization (EBITDA (A))
576
501
155
159
146
Net earnings
111
60
40
39
25
per common share (basic)
$1.10
$0.60
$0.40
$0.38
$0.25
Margin (EBITDA (A) / Sales)
12.1 %
10.7 %
12.9 %
12.8 %
12.1 %
Net debt1
1,896
2,096
1,896
2,023
2,096
Net debt / EBITDA (A) ratio1
** 3.3x **
4.2x
** 3.3x **
3.6x
4.2x
Segmented sales
(in millions of Canadian dollars) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Packaging Products
3,079
3,009
757
797
782
Tissue Papers
1,575
1,548
407
412
394
Inter-segment sales, Corporate, Recovery and Recycling activities
122
144
33
29
35
Sales
4,776
4,701
1,197
1,238
1,211
Segmented operating income (loss)
(in millions of Canadian dollars) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Packaging Products
269
145
90
73
58
Tissue Papers
93
97
14
30
4
Corporate, Recovery and Recycling activities
(127)
(147)
(28)
(30)
(46)
Operating income
235
95
76
73
16
Segmented EBITDA (A)1
(in millions of Canadian dollars) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Packaging Products
496
410
132
136
132
Tissue Papers
163
192
42
46
45
Corporate, Recovery and Recycling activities
(83)
(101)
(19)
(23)
(31)
EBITDA (A)1
576
501
155
159
146
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
Analysis of results for the three-month period ended December 31, 2025 (compared to the same period last year)
The Corporation’s fourth quarter sales of $1,197 million decreased by $14 million compared with the same period last year. This decrease reflects consolidated net benefits of $25 million from higher selling prices and a favourable sales mix of $25 million. However, these factors were more than offset by a $62 million impact from lower volumes, mainly in the Packaging Products segment.
The fourth quarter EBITDA (A)1 totaled $155 million, an increase of $9 million, or 6%, from the $146 million generated in the same period last year. This increase was driven by lower corporate costs following an unfavourable exchange rate variance on working capital and treasury items, and higher health insurance costs for US employees in the prior year period. Performance of our Packaging Products and Tissue Papers segments were stable compared to last year. Benefits from higher selling prices and lower raw material costs were offset by impacts from higher production and energy costs and lower volumes mainly in the Packaging Products segment.
The main specific items, before income taxes, that impacted our fourth quarter of 2025 operating income and/or net earnings were:
$23 million of impairment on a building and equipment related to a closed facilities in Canada and in the United States (operating income and net earnings);
$2 million of a net realizable value adjustment on inventories related to certain discontinued centralized services following the ongoing streamlining and optimization of operations (operating income and net earnings);
$21 million gain related to the sale of Flexible Packaging plant activities (operating income and net earnings);
$4 million of restructuring costs related to a plant closure in the United States and corporate organizational changes (operating income and net earnings);
$1 million gain on financial instruments (operating income and net earnings).
For the three-month period ended December 31, 2025, the Corporation posted net earnings of $37 million, or $0.37 per common share, compared to a net loss of $(13) million, or ($0.13) per common share, in the same period of 2024. On an adjusted basis1, the Corporation posted net earnings of $40 million in the fourth quarter of 2025, or $0.40 per common share, compared to net earnings of $25 million, or $0.25 per common share, in the same period of 2024.
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
Dividend on common shares and normal course issuer bid
The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on March 26, 2026 to shareholders of record at the close of business on March 12, 2026. This dividend is an “eligible dividend” as per the Income Tax Act (R.C.S. (1985), Canada). During the fourth quarter of 2025, Cascades purchased no common shares for cancellation.
Management will discuss the 2025 fourth quarter financial results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing 1-800-990-4777 (international 1-289-819-1299). The conference call, including the investor presentation, will be broadcast live on the Cascades website (www.cascades.com) under the “Investors” section. A replay of the call will be available on the Cascades website and may also be accessed by phone until March 26, 2026 by dialing 1-888-660-6345 (international 1-646-517-4150), access code 58005 #.
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 9,200 women and men across a network of 64 operating facilities, including 17 Recovery and Recycling facilities which are part of Corporate Activities and joint ventures managed by the Corporation, in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades’ shares trade on the Toronto Stock Exchange under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation’s products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors.
CONSOLIDATED BALANCE SHEETS
(in millions of Canadian dollars) (unaudited)
December 31,2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
48
27
Accounts receivable
426
469
Current income tax assets
12
4
Inventories
661
685
Current portion of financial assets
4
1
1,151
1,186
Long-term assets
Investments in associates and joint ventures
66
97
Property, plant and equipment
2,649
2,847
Intangible assets with finite useful life
30
41
Financial assets
5
—
Other assets
107
105
Deferred income tax assets
174
168
Goodwill and other intangible assets with indefinite useful life
491
504
4,673
4,948
Liabilities and Equity
Current liabilities
Bank loans and advances
—
10
Trade and other payables
697
748
Current income tax liabilities
4
2
Current portion of unsecured senior notes
—
175
Current portion of long-term debt
70
67
Current portion of provisions for charges
8
42
Current portion of financial liabilities and other liabilities
28
43
807
1,087
Long-term liabilities
Long-term debt
1,874
1,871
Provisions for charges
58
58
Financial liabilities
8
—
Other liabilities
74
80
Deferred income tax liabilities
97
81
2,918
3,177
Equity
Capital stock
619
616
Contributed surplus
17
16
Retained earnings
1,042
1,019
Accumulated other comprehensive income
43
73
Equity attributable to Shareholders
1,721
1,724
Non-controlling interests
34
47
Total equity
1,755
1,771
4,673
4,948
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
For the 3-month periods ended December 31,
For the years ended December 31,
(in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited)
2025
2024
2025
2024
Sales
1,197
1,211
4,776
4,701
Supply chain and logistic
702
721
2,827
2,847
Wages and employee benefits expenses
273
277
1,097
1,086
Depreciation and amortization
72
76
287
282
Maintenance and repair
68
64
261
244
Other operational costs
(1)
3
15
23
Impairment charges
25
55
49
64
Other loss (gain)
(21)
(8)
(6)
19
Restructuring costs
4
8
16
46
Gain on derivative financial instruments
(1)
(1)
(5)
(5)
Operating income
76
16
235
95
Financing expenses
32
34
136
142
Share of results of associates and joint ventures
(5)
(5)
(16)
(19)
Earnings (loss) before income taxes
49
(13)
115
(28)
Provision for (recovery of) income taxes
6
(6)
22
(14)
Net earnings (loss) including non-controlling interests for the period
43
(7)
93
(14)
Net earnings attributable to non-controlling interests
6
6
23
17
Net earnings (loss) attributable to Shareholders for the period
37
(13)
70
(31)
Net earnings (loss) per common share
Basic
$0.37
($0.13)
$0.70
($0.31)
Diluted
$0.36
($0.13)
$0.69
($0.31)
Weighted average basic number of common shares outstanding
101,261,141
100,988,040
101,167,075
100,865,833
Weighted average number of diluted common shares
101,787,746
101,349,476
101,430,212
101,119,887
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the 3-month periods ended December 31,
For the years ended December 31,
(in millions of Canadian dollars) (unaudited)
2025
2024
2025
2024
Net earnings (loss) including non-controlling interests for the period
43
(7)
93
(14)
Other comprehensive income (loss)
Items that may be reclassified subsequently to earnings
Translation adjustments
Change in foreign currency translation of foreign subsidiaries
(16)
74
(96)
98
Change in foreign currency translation related to net investment hedging activities
8
(34)
69
(43)
Cash flow hedges
Change in fair value of commodity derivative financial instruments
—
—
(1)
1
Recovery of (provision for) income taxes
(1)
4
(4)
5
(9)
44
(32)
61
Items that are not released to earnings
Actuarial gain (loss) on employee future benefits
(3)
(1)
2
6
Recovery of (provision for) income taxes
1
—
—
(2)
(2)
(1)
2
4
Other comprehensive income (loss)
(11)
43
(30)
65
Comprehensive income including non-controlling interests for the period
32
36
63
51
Comprehensive income attributable to non-controlling interests for the period
6
8
21
20
Comprehensive income attributable to Shareholders for the period
26
28
42
31
CONSOLIDATED STATEMENTS OF EQUITY
For the year ended December 31, 2025
(in millions of Canadian dollars) (unaudited)
CAPITAL STOCK
CONTRIBUTED SURPLUS
RETAINED EARNINGS
ACCUMULATED OTHER COMPREHENSIVE INCOME
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS
NON-CONTROLLING INTERESTS
TOTAL EQUITY
Balance - Beginning of year
616
16
1,019
73
1,724
47
1,771
Comprehensive income (loss)
Net earnings
—
—
70
—
70
23
93
Other comprehensive income (loss)
—
—
2
(30)
(28)
(2)
(30)
—
—
72
(30)
42
21
63
Dividends
—
—
(49)
—
(49)
(34)
(83)
Stock options expense
—
2
—
—
2
—
2
Issuance of common shares upon exercise of stock options
3
(1)
—
—
2
—
2
Balance - End of year
619
17
1,042
43
1,721
34
1,755
For the year ended December 31, 2024
(in millions of Canadian dollars) (unaudited)
CAPITAL STOCK
CONTRIBUTED SURPLUS
RETAINED EARNINGS
ACCUMULATED OTHER COMPREHENSIVE INCOME
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS
NON-CONTROLLING INTERESTS
TOTAL EQUITY
Balance - Beginning of year
613
15
1,096
15
1,739
42
1,781
Comprehensive income (loss)
Net earnings (loss)
—
—
(31)
—
(31)
17
(14)
Other comprehensive income
—
—
4
58
62
3
65
—
—
(27)
58
31
20
51
Dividends
—
—
(48)
—
(48)
(15)
(63)
Stock options expense
—
2
—
—
2
—
2
Issuance of common shares upon exercise of stock options
3
(1)
—
—
2
—
2
Acquisitions of non-controlling interests
—
—
(2)
—
(2)
—
(2)
Balance - End of year
616
16
1,019
73
1,724
47
1,771
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the 3-month periods ended December 31,
For the years ended December 31,
(in millions of Canadian dollars) (unaudited)
2025
2024
2025
2024
Operating activities
Net earnings (loss) attributable to Shareholders for the period
37
(13)
70
(31)
Adjustments for:
Financing expenses
32
34
136
142
Depreciation and amortization
72
76
287
282
Impairment charges
25
55
49
64
Other loss (gain)
(21)
(8)
(6)
19
Restructuring costs
4
8
16
46
Gain on derivative financial instruments
(1)
(1)
(5)
(5)
Provision for (recovery of) income taxes
6
(6)
22
(14)
Share of results of associates and joint ventures
(5)
(5)
(16)
(19)
Net earnings attributable to non-controlling interests
6
6
23
17
Net financing expenses paid
(16)
(22)
(123)
(135)
Net income taxes paid
(1)
—
(10)
(4)
Dividends received
21
8
47
17
Payments, net of provisions, for charges and other liabilities
(9)
(23)
(87)
(84)
150
109
403
295
Changes in non-cash working capital components
33
45
(24)
(23)
183
154
379
272
Investing activities
Payments for property, plant and equipment
(42)
(45)
(152)
(161)
Proceeds from disposals of property, plant and equipment
1
16
27
34
Change in intangible and other assets
—
(3)
—
(23)
Proceeds from business disposal
31
—
31
—
(10)
(32)
(94)
(150)
Financing activities
Bank loans and advances
(1)
3
(10)
10
Change in credit facilities
(141)
(67)
(251)
(4)
Change in credit facilities without recourse to the Corporation
(19)
(28)
74
(16)
Issuance of unsecured senior notes, net of related expenses
—
—
541
—
Repurchase of unsecured senior notes
—
—
(456)
—
Payments of other long-term debt, including lease obligations (2025 - $78 million ($19 million for 3-month period); 2024 - $67 million ($17 million for 3-month period))
(19)
(21)
(80)
(75)
Issuance of common shares upon exercise of stock options
—
—
2
2
Dividends paid to non-controlling interests
(4)
(3)
(34)
(15)
Acquisition of non-controlling interests
—
—
—
(3)
Dividends paid to the Corporation’s Shareholders
(13)
(12)
(49)
(48)
(197)
(128)
(263)
(149)
Net change in cash and cash equivalents during the period
(24)
(6)
22
(27)
Currency translation on cash and cash equivalents
(1)
(1)
(1)
—
Cash and cash equivalents - Beginning of the period
73
34
27
54
Cash and cash equivalents - End of the period
48
27
48
27
SEGMENTED INFORMATION
In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation’s operations have been managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been aligned to conform with the current year’s presentation. The accounting policies of the reportable segments are the same as the Corporation’s accounting policies described in Note 2.
The Corporation’s operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The Chief Executive Officer has authority for resource allocation and management of the Corporation’s performance and is therefore the CODM. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)). The CODM considers EBITDA (A) to be the best performance measure of the Corporation’s activities.
Sales for each segment are prepared on the same basis as those of the Corporation. Inter-segment operations are recorded on the same basis as sales to third parties, which are at fair market value.
EBITDA (A) does not have a standardized meaning under IFRS Accounting Standards; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA (A) as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS Accounting Standards measures.
Sales by business segment are shown in the following table:
SALES
For the 3-month periods ended December 31 (in millions of Canadian dollars) (unaudited)
2025
2024
Total
Inter-segment
External
Total
Inter-segment
External
Packaging Products
757
(7)
750
782
(14)
768
Tissue Papers
407
—
407
394
—
394
Corporate, Recovery and Recycling activities
67
(27)
40
84
(35)
49
1,231
(34)
1,197
1,260
(49)
1,211
SALES
For the years ended December 31 (in millions of Canadian dollars) (unaudited)
2025
2024
Total
Inter-segment
External
Total
Inter-segment
External
Packaging Products
3,079
(44)
3,035
3,009
(51)
2,958
Tissue Papers
1,575
—
1,575
1,548
(1)
1,547
Corporate, Recovery and Recycling activities
282
(116)
166
345
(149)
196
4,936
(160)
4,776
4,902
(201)
4,701
EBITDA (A) by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table:
For the 3-month period ended December 31, 2025
(in millions of Canadian dollars) (unaudited)
PackagingProducts
Tissue Papers
Corporate, **Recovery and Recycling activities **
Consolidated
Operating income (loss)
90
14
(28)
76
Depreciation and amortization
49
16
7
72
Impairment charges
11
12
2
25
Other gain
(21)
—
—
(21)
Restructuring costs
3
—
1
4
Gain on derivative financial instruments
—
—
(1)
(1)
EBITDA (A)
132
42
(19)
155
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
579
342
54
975
For the 3-month period ended December 31, 2024
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, Recovery and Recycling activities
Consolidated
Operating income (loss)
58
4
(46)
16
Depreciation and amortization
48
14
14
76
Impairment charges
32
23
—
55
Other gain
(7)
—
(1)
(8)
Restructuring costs
2
4
2
8
Gain on derivative financial instruments
(1)
—
—
(1)
EBITDA (A)
132
45
(31)
146
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
609
325
64
998
For the year ended December 31, 2025
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
**Corporate, Recovery and ** **Recycling activities **
Consolidated
Operating income (loss)
269
93
(127)
235
Depreciation and amortization
192
59
36
287
Impairment charges
34
12
3
49
Other gain
(5)
(1)
—
(6)
Restructuring costs
9
—
7
16
Gain on derivative financial instruments
(3)
—
(2)
(5)
EBITDA (A)
496
163
(83)
576
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
2,395
1,322
207
3,924
For the year ended December 31, 2024
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, Recovery and Recycling activities
Consolidated
Operating income (loss)
145
97
(147)
95
Depreciation and amortization
179
56
47
282
Impairment charges
38
26
—
64
Other loss (gain)
20
—
(1)
19
Restructuring costs
30
13
3
46
Gain on derivative financial instruments
(2)
—
(3)
(5)
EBITDA (A)
410
192
(101)
501
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
2,436
1,267
230
3,933
Payments for property, plant and equipment by business segment are shown in the following table:
PAYMENTS FOR PROPERTY, PLANT AND EQUIPMENT
For the 3-month periods ended December 31,
For the years ended December 31,
(in millions of Canadian dollars) (unaudited)
2025
2024
2025
2024
Packaging Products
82
59
174
167
Tissue Papers
16
22
47
54
Corporate, Recovery and Recycling activities
5
20
16
49
Total acquisitions
103
101
237
270
Right-of-use assets acquisitions and provisions (non-cash)
(57)
(49)
(100)
(122)
46
52
137
148
Acquisitions for property, plant and equipment included in “Trade and other payables”
Beginning of the period
13
25
32
45
End of the period
(17)
(32)
(17)
(32)
Payments for property, plant and equipment
42
45
152
161
Proceeds from disposals of property, plant and equipment
(1)
(16)
(27)
(34)
Payments for property, plant and equipment net of proceeds from disposals
41
29
125
127
SUPPLEMENTAL INFORMATION ON NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES
SPECIFIC ITEMS
The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items as they provide additional information to measure performance, compare the Corporation’s results between periods, and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation’s underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from that of other corporations and some of these items may arise in the future and may reduce the Corporation’s available cash.
They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on repurchase of long-term debt, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized and realized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate hedge instruments and option fair value revaluation, foreign exchange gains or losses on long-term debt and financial instruments, fair value revaluation gains or losses on investments, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature.
RECONCILIATION AND USES OF NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES
To provide more information for evaluating the Corporation’s performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS Accounting Standards (“non-IFRS Accounting Standards measures”), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance and capital measures, as well as non-IFRS Accounting Standards measures, is useful to both Management and investors, as they provide additional information to measure the performance and financial position of the Corporation. This also increases the transparency and clarity of the financial information. The following non-IFRS Accounting Standards measures and other financial measures are used in our financial disclosures:
Non-IFRS Accounting Standardsmeasures
Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA (A): represents the operating income (as published in the Consolidated Statements of Earnings (Loss) of the Consolidated Financial Statements) before depreciation and amortization excluding specific items. Measure used to assess recurring operating performance and the contribution of each segment on a comparable basis.
Adjusted net earnings: Measure used to assess the Corporation's consolidated financial performance on a comparable basis.
Adjusted cash flow: Measure used to assess the Corporation's capacity to generate cash flows to meet financial obligations and/or discretionary items such as share repurchases, dividend increases and strategic investments.
Free cash flow: Measure used to calculate the excess cash the Corporation generates by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A).
Working capital: Measure used to assess the short-term liquidity of the Corporation.
Other financial measures
Total debt: Measure used to calculate all the Corporation's debt, including long-term debt and bank loans. Often put in relation to equity to calculate the debt-to-equity ratio.
Net debt: Measure used to calculate the Corporation's total debt less cash and cash equivalents. Often put in relation to EBITDA (A) to calculate the net debt to EBITDA (A) ratio.
Non-IFRS Accounting Standards ratios
Net debt to EBITDA (A) ratio: Ratio used to assess the Corporation's ability to pay its debt and evaluate financial leverage.
EBITDA (A) margin: Ratio used to assess operating performance and the contribution of each segment on a comparable basis calculated as a percentage of sales.
Adjusted net earnings per common share: Ratio used to assess the Corporation's consolidated financial performance on a comparable basis.
Ratio of net debt / (total equity and net debt): Ratio used to evaluate the Corporation's financial leverage and the risk to Shareholders.
Working capital as a percentage of sales: Ratio used to assess the Corporation's operating liquidity performance.
Adjusted cash flow per common share: Ratio used to assess the Corporation's financial flexibility.
Free cash flow ratio: Ratio used to measure the liquidity and efficiency of how much more cash the Corporation generates than it uses to run the business by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A) calculated as a percentage of sales.
Non-IFRS Accounting Standards measures and other financial measures are mainly derived from the consolidated financial statements, but do not have the meanings prescribed by IFRS Accounting Standards. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS Accounting Standards. In addition, our definitions of non-IFRS Accounting Standards measures and other financial measures may differ from those of other corporations. Any such modification or reformulation may be significant.
In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation’s operations have been managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been aligned to conform with the current year’s presentation.
The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)1). The CODM considers EBITDA (A)1 to be the best performance measure of the Corporation’s activities.
EBITDA (A)1 by business segment is reconciled to the IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table:
Q4 2025
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, **Recovery and Recycling ** activities
Consolidated
Operating income (loss)
90
14
(28)
76
Depreciation and amortization
49
16
7
72
Impairment charges
11
12
2
25
Other gain
(21)
—
—
(21)
Restructuring costs
3
—
1
4
Gain on derivative financial instruments
—
—
(1)
(1)
EBITDA (A)1
132
42
(19)
155
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
579
342
54
975
Q3 2025
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, Recovery and Recycling activities
Consolidated
Operating income (loss)
73
30
(30)
73
Depreciation and amortization
48
16
10
74
Other loss
10
—
—
10
Restructuring costs
5
—
1
6
Gain on derivative financial instruments
—
—
(4)
(4)
EBITDA (A)1
136
46
(23)
159
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
619
345
49
1,013
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
Q4 2024
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, Recovery and Recycling activities
Consolidated
Operating income (loss)
58
4
(46)
16
Depreciation and amortization
48
14
14
76
Impairment charges
32
23
—
55
Other gain
(7)
—
(1)
(8)
Restructuring costs
2
4
2
8
Gain on derivative financial instruments
(1)
—
—
(1)
EBITDA (A)1
132
45
(31)
146
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
609
325
64
998
2025
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
**Corporate, Recovery and Recycling ** activities
Consolidated
Operating income (loss)
269
93
(127)
235
Depreciation and amortization
192
59
36
287
Impairment charges
34
12
3
49
Other gain
(5)
(1)
—
(6)
Restructuring costs
9
—
7
16
Gain on derivative financial instruments
(3)
—
(2)
(5)
EBITDA (A)1
496
163
(83)
576
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
2,395
1,322
207
3,924
2024
(in millions of Canadian dollars) (unaudited)
Packaging Products
Tissue Papers
Corporate, Recovery and Recycling activities
Consolidated
Operating income (loss)
145
97
(147)
95
Depreciation and amortization
179
56
47
282
Impairment charges
38
26
—
64
Other loss (gain)
20
—
(1)
19
Restructuring costs
30
13
3
46
Gain on derivative financial instruments
(2)
—
(3)
(5)
EBITDA (A)1
410
192
(101)
501
Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss)
2,436
1,267
230
3,933
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
The following table reconciles net earnings (loss) and net earnings (loss) per common share, as reported, with adjusted net earnings1 and adjusted net earnings per common share1:
(in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited)
NET EARNINGS (LOSS)
**NET EARNINGS (LOSS) ** PER COMMON SHARE2
2025
2024
Q4 2025
Q3 2025
Q4 2024
2025
2024
Q4 2025
Q3 2025
Q4 2024
As reported
70
(31)
37
29
(13)
$0.70
($0.31)
$0.37
$0.29
($0.13)
Specific items:
Impairment charges
49
64
25
—
55
$0.37
$0.48
$0.19
—
$0.41
Other loss (gain)
(6)
19
(21)
10
(8)
($0.07)
$0.13
($0.18)
$0.07
($0.07)
Restructuring costs
16
46
4
6
8
$0.12
$0.34
$0.03
$0.05
$0.06
Gain on derivative financial instruments
(5)
(5)
(1)
(4)
(1)
($0.04)
($0.04)
($0.01)
($0.03)
($0.01)
Loss on repurchase of long-term debt
1
—
—
—
—
$0.01
—
—
—
—
Unrealized gain on interest rate hedge instrument
—
(1)
—
—
(2)
—
($0.01)
—
—
($0.02)
Foreign exchange loss on long-term debt and financial instruments
—
1
—
—
1
—
$0.01
—
—
$0.01
Tax effect on specific items, other tax adjustments and attributable to non-controlling interest2
(14)
(33)
(4)
(2)
(15)
$0.01
—
—
—
—
41
91
3
10
38
$0.40
$0.91
$0.03
$0.09
$0.38
Adjusted1
111
60
40
39
25
$1.10
$0.60
$0.40
$0.38
$0.25
Weighted average basic number of common shares outstanding
101,167,075
100,865,833
101,261,141
101,257,276
100,988,040
The following table reconciles cash flow from operating activities with EBITDA (A)1:
(in millions of Canadian dollars) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Cash flow from operating activities
379
272
183
181
154
Changes in non-cash working capital components
24
23
(33)
(65)
(45)
Net income taxes paid
10
4
1
2
—
Net financing expenses paid
123
135
16
33
22
Payments, net of provisions, for charges and other liabilities, net of dividends received
40
67
(12)
8
15
EBITDA (A)1
576
501
155
159
146
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
2 Specific amounts per common share are calculated on an after-tax basis and are net of the portion attributable to non-controlling interests. Per share amounts in line item ‘‘Tax effect on specific items, other tax adjustments and attributable to non-controlling interests’’ only include the effect of tax adjustments. Please refer to the “Provision for (recovery of) income taxes” section for more details.
The following table reconciles cash flow from operating activities with cash flow from operating activities (excluding changes in non-cash working capital components) and adjusted cash flow from operating activities1. It also reconciles adjusted cash flow from operating activities1 to adjusted cash flow generated1, which is also calculated on a per common share basis:
(in millions of Canadian dollars, except per common share amounts or otherwise noted) (unaudited)
2025
2024
Q4 2025
Q3 2025
Q4 2024
Cash flow from operating activities
379
272
183
181
154
Changes in non-cash working capital components
24
23
(33)
(65)
(45)
Cash flow from operating activities (excluding changes in non-cash working capital components)
403
295
150
116
109
Restructuring costs paid
62
61
15
21
20
Adjusted cash flow from operating activities1
465
356
165
137
129
Payments for property, plant and equipment
(152)
(161)
(42)
(30)
(45)
Change in intangible and other assets
—
(23)
—
(1)
(3)
Lease obligation payments
(78)
(67)
(19)
(20)
(17)
Proceeds from disposals of property, plant and equipment
27
34
1
—
16
262
139
105
86
80
Dividends paid to non-controlling interests
(34)
(15)
(4)
(3)
(3)
Dividends paid to the Corporation’s Shareholders and to non-controlling interests
(49)
(48)
(13)
(12)
(12)
Adjusted cash flow generated1
179
76
88
71
65
Adjusted cash flow generated per common share1 ** (in Canadian dollars)**
$1.77
$0.75
$0.87
$0.70
$0.64
Weighted average basic number of common shares outstanding
101,167,075
100,865,833
101,261,141
101,257,276
100,988,040
The following table reconciles total debt1 and net debt1 with the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1:
(in millions of Canadian dollars) (unaudited)
**December 31, ** 2025
September 30, 2025
December 31, 2024
Long-term debt
1,874
2,027
1,871
Current portion of unsecured senior notes
—
—
175
Current portion of long-term debt
70
68
67
Bank loans and advances
—
1
10
Total debt1
1,944
2,096
2,123
Less: Cash and cash equivalents
(48)
(73)
(27)
Net debt1 as reported
1,896
2,023
2,096
Last twelve months EBITDA (A)1
576
567
501
Net debt / EBITDA (A) ratio1
** 3.3x **
3.6x
4.2x
1 Please refer to the “Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures” section for a complete reconciliation.
Cascades Reports Results for the Fourth Quarter and Full Year 2025
This is a paid press release. Contact the press release distributor directly with any inquiries.
Cascades Reports Results for the Fourth Quarter and Full Year 2025
PR Newswire
Thu, February 26, 2026 at 8:00 PM GMT+9 17 min read
In this article:
CAS.TO
-1.32%
CAS.NE
-0.93%
KINGSEY FALLS, QC, Feb. 26, 2026 /CNW/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period and fiscal year ended December 31, 2025.
Q4 2025 Highlights
2025 Annual Highlights
Hugues Simon, President and CEO, 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. Results of our tissue business fell short of targeted levels. Simply put, our tissue operations did not meet efficiency and logistics execution objectives in the quarter. These effects were compounded by an unplanned power outage at one of our facilities that further impacted production levels, supply chain efficiency and added incremental operating costs of approximately $6 million in the period. The countermeasures we have already put in place to address these issues are generating positive traction. Overall, we successfully decreased net debt by $127 million sequentially, which results in leverage decreasing to 3.3x from 3.6x at the end of the third quarter.”
Discussing near-term outlook, Mr. Simon commented, "We expect first‑quarter performance to decline sequentially, but to remain higher year‑over‑year for the sixth consecutive quarter. In packaging, the forecasted sequential decline is attributable to usual seasonality in demand levels and higher transportation and energy costs due to weather-related impacts in the US in early 2026. We are similarly expecting softer results in tissue sequentially. In addition to usual seasonality and costs related to severe weather, results in this segment will be impacted by residual production and logistics costs following the power outage at one of our facilities. Our leverage ratio is expected to continue to improve in the coming quarters.
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 macro‑economic uncertainty. We made good progress across many of our initiatives over the past year. In addition to achieving our objective of generating $120 million of proceeds from asset sales ahead of schedule, we have generated approximately $30 million of profitability improvements. We are confident that the fundamentals for our Company are strong, and are steadfast in our commitment to continue to improve the financial profile, level of operational and commercial excellence and growth momentum of our Company."
Financial Summary
Selected consolidated information
Segmented sales
Segmented operating income (loss)
Segmented EBITDA (A)1
Analysis of results for the three-month period ended December 31, 2025 (compared to the same period last year)
The Corporation’s fourth quarter sales of $1,197 million decreased by $14 million compared with the same period last year. This decrease reflects consolidated net benefits of $25 million from higher selling prices and a favourable sales mix of $25 million. However, these factors were more than offset by a $62 million impact from lower volumes, mainly in the Packaging Products segment.
The fourth quarter EBITDA (A)1 totaled $155 million, an increase of $9 million, or 6%, from the $146 million generated in the same period last year. This increase was driven by lower corporate costs following an unfavourable exchange rate variance on working capital and treasury items, and higher health insurance costs for US employees in the prior year period. Performance of our Packaging Products and Tissue Papers segments were stable compared to last year. Benefits from higher selling prices and lower raw material costs were offset by impacts from higher production and energy costs and lower volumes mainly in the Packaging Products segment.
The main specific items, before income taxes, that impacted our fourth quarter of 2025 operating income and/or net earnings were:
For the three-month period ended December 31, 2025, the Corporation posted net earnings of $37 million, or $0.37 per common share, compared to a net loss of $(13) million, or ($0.13) per common share, in the same period of 2024. On an adjusted basis1, the Corporation posted net earnings of $40 million in the fourth quarter of 2025, or $0.40 per common share, compared to net earnings of $25 million, or $0.25 per common share, in the same period of 2024.
Dividend on common shares and normal course issuer bid
The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on March 26, 2026 to shareholders of record at the close of business on March 12, 2026. This dividend is an “eligible dividend” as per the Income Tax Act (R.C.S. (1985), Canada). During the fourth quarter of 2025, Cascades purchased no common shares for cancellation.
2025 Fourth Quarter Results Conference Call Details
Management will discuss the 2025 fourth quarter financial results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing 1-800-990-4777 (international 1-289-819-1299). The conference call, including the investor presentation, will be broadcast live on the Cascades website (www.cascades.com) under the “Investors” section. A replay of the call will be available on the Cascades website and may also be accessed by phone until March 26, 2026 by dialing 1-888-660-6345 (international 1-646-517-4150), access code 58005 #.
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 9,200 women and men across a network of 64 operating facilities, including 17 Recovery and Recycling facilities which are part of Corporate Activities and joint ventures managed by the Corporation, in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades’ shares trade on the Toronto Stock Exchange under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation’s products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors.
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONSOLIDATED STATEMENTS OF EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS
SEGMENTED INFORMATION
In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation’s operations have been managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been aligned to conform with the current year’s presentation. The accounting policies of the reportable segments are the same as the Corporation’s accounting policies described in Note 2.
The Corporation’s operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The Chief Executive Officer has authority for resource allocation and management of the Corporation’s performance and is therefore the CODM. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)). The CODM considers EBITDA (A) to be the best performance measure of the Corporation’s activities.
Sales for each segment are prepared on the same basis as those of the Corporation. Inter-segment operations are recorded on the same basis as sales to third parties, which are at fair market value.
EBITDA (A) does not have a standardized meaning under IFRS Accounting Standards; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA (A) as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS Accounting Standards measures.
Sales by business segment are shown in the following table:
EBITDA (A) by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table:
Payments for property, plant and equipment by business segment are shown in the following table:
SUPPLEMENTAL INFORMATION ON NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES
SPECIFIC ITEMS
The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items as they provide additional information to measure performance, compare the Corporation’s results between periods, and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation’s underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from that of other corporations and some of these items may arise in the future and may reduce the Corporation’s available cash.
They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on repurchase of long-term debt, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized and realized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate hedge instruments and option fair value revaluation, foreign exchange gains or losses on long-term debt and financial instruments, fair value revaluation gains or losses on investments, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature.
RECONCILIATION AND USES OF NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES
To provide more information for evaluating the Corporation’s performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS Accounting Standards (“non-IFRS Accounting Standards measures”), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance and capital measures, as well as non-IFRS Accounting Standards measures, is useful to both Management and investors, as they provide additional information to measure the performance and financial position of the Corporation. This also increases the transparency and clarity of the financial information. The following non-IFRS Accounting Standards measures and other financial measures are used in our financial disclosures:
Non-IFRS Accounting Standards measures
Other financial measures
Non-IFRS Accounting Standards ratios
Non-IFRS Accounting Standards measures and other financial measures are mainly derived from the consolidated financial statements, but do not have the meanings prescribed by IFRS Accounting Standards. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS Accounting Standards. In addition, our definitions of non-IFRS Accounting Standards measures and other financial measures may differ from those of other corporations. Any such modification or reformulation may be significant.
In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation’s operations have been managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been aligned to conform with the current year’s presentation.
The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)1). The CODM considers EBITDA (A)1 to be the best performance measure of the Corporation’s activities.
EBITDA (A)1 by business segment is reconciled to the IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table:
The following table reconciles net earnings (loss) and net earnings (loss) per common share, as reported, with adjusted net earnings1 and adjusted net earnings per common share1:
The following table reconciles cash flow from operating activities with EBITDA (A)1:
The following table reconciles cash flow from operating activities with cash flow from operating activities (excluding changes in non-cash working capital components) and adjusted cash flow from operating activities1. It also reconciles adjusted cash flow from operating activities1 to adjusted cash flow generated1, which is also calculated on a per common share basis:
The following table reconciles total debt1 and net debt1 with the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A))1:
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