GreenFirst Forest Products Inc. (GFP:CA) This fall 2025 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to GreenFirst’s Fourth Quarter of 2025 Results Conference Call. [Operator Instructions] During this conference call, GreenFirst’s representatives will be making certain statements about future financial and operational performance, business outlook and capital plans. These statements may contain forward-looking information or forward-looking statements within the meaning of Canadian Securities Law. Such statements involve certain risks, uncertainties and assumptions, which may cause GreenFirst’s actual or future results and performance to be materially different from those expressed or implied in these statements.

Additional information about these risks, factors and assumptions is included in GreenFirst’s MD&A and annual AIF, which can be accessed on the company’s website through SEDAR+. [Operator Instructions] I will now pass it over to Joel Fournier to begin the management presentation.

Joel Fournier
Chief Executive Officer

Thank you very much, Sylvie, and good morning, everyone, and welcome to our year-end and fourth quarter 2025 earnings call. I’m Joel Fournier, the Chief Executive Officer of GreenFirst. Today, I’m joined by Peter Ferrante, our Chief Financial Officer; and Michel Lessard, our President. The first point worth noting for our shareholders is the safety record of our employee achieved in 2025. All mills finished the year with their lowest severity and incident frequency rate in their history. These results position GreenFirst among the best in the industry from a safety perspective and demonstrate a strong commitment to our safety culture.

We did finish the quarter with a negative EBITDA of $21.7 million. This was mainly due to weaker market condition, whereby benchmark pricing was at its lowest point for the year in December. Additionally, this was the