Acadian Timber
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Acadian Timber (ADN) investor relations material

Acadian Timber Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Fourth quarter sales reached CAD 22 million, up from CAD 20.2 million in Q4 2024, with adjusted EBITDA of CAD 5.2 million and free cash flow of CAD 1.9 million.

  • Full-year 2025 revenues from timber sales and services were $87 million, down from $91.6 million in 2024, with no carbon credit sales in 2025 compared to $24.6 million in 2024.

  • Net income for Q4 was CAD 39.7 million, up from CAD 5.6 million in Q4 2024, mainly due to higher non-cash fair value adjustments.

  • The balance sheet remains strong with $17.4 million in net liquidity at year-end.

  • New Brunswick operations delivered increased sales, higher volumes, lower variable costs, and improved adjusted EBITDA, offsetting operational challenges in Maine.

Financial highlights

  • Adjusted EBITDA for Q4 was CAD 5.2 million (23–24% margin), up from CAD 3.7 million (18% margin) in Q4 2024.

  • Full-year adjusted EBITDA was $15.8 million (18% margin), down from $38.9 million (33% margin) in 2024, mainly due to the absence of carbon credit sales.

  • Q4 free cash flow was CAD 1.9 million; full-year free cash flow was $6.6 million, down from $29.7 million in 2024.

  • Dividends declared in 2025 totaled $20.9 million ($1.16/share); Q4 dividends were CAD 5.3 million (CAD 0.29 per share).

  • Net income for 2025 was $49.0 million ($2.70/share), up from $21.7 million ($1.24/share) in 2024, driven by higher fair value adjustments.

Outlook and guidance

  • 2026 outlook anticipates stable demand for sawlogs, with pricing remaining challenged until end-use markets improve.

  • U.S. housing starts projected at 1.38 million in 2026, supporting long-term demand.

  • Production in Maine expected to improve through winter, with some seasonal easing in Q2 and Q3.

  • Registration of 400,000 carbon credits in Maine expected soon, with future projects under evaluation; carbon credit issuance delayed due to protocol transition.

  • Near-term market pressures persist, with U.S. duties on Canadian softwood lumber and tariffs on wood products posing risks.

Maine internal ops: path to 30% cost reduction
Hardwood sawlog pricing strategy given tariffs?
Carbon credit protocol shift: pricing impact?
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Frequently asked questions

Acadian Timber Corp owns and manages timberlands in eastern Canada and the northeastern United States. The company harvests and sells softwood and hardwood logs to sawmills, pulp and paper mills, and other forest product customers. It is headquartered in Vancouver, Canada, and its shares are listed on the TSX.

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