Canfor Corporation reported its financial results for the third quarter of 2025, posting a net loss of $172 million, or $1.48 per share, amid continued weakness in global lumber markets and the impact of U.S. softwood lumber duties.
The company recorded an operating loss of $208 million, compared with a loss of $251 million in the previous quarter. After adjusting for one-time items totaling $97 million—including a $77 million duty expense related to finalized countervailing and anti-dumping rates—the adjusted operating loss was $111 million, versus $44 million in Q2 2025.
Lumber Markets Under Sustained Pressure
Canfor cited persistently weak lumber demand across all operating regions. In North America, housing affordability challenges, economic uncertainty, and the implementation of higher tariffs continued to weigh on demand.
In Europe, lumber prices softened amid economic headwinds and elevated log costs, particularly in Sweden. In Asia, demand declined in Japan and remained subdued in China, where ongoing weakness in the real estate sector limited recovery.
The lumber segment posted an adjusted operating loss of $90 million, compared with $25 million in the previous quarter.
Cautious Outlook
Canfor’s President and Chief Executive Officer, Susan Yurkovich, said:
“Ongoing global economic and trade uncertainty, combined with punitive U.S. softwood lumber duties, led to persistently weak market conditions and subdued demand across all of our operating regions.”
The company expects North American lumber markets to remain challenging through the end of 2025 due to continued trade pressures and cautious consumer confidence. However, industry-wide curtailments and closures could provide modest price improvement later in the year.
European Expansion Through Vida AB
Despite the difficult market environment, Canfor’s Swedish subsidiary Vida AB completed the acquisition of three sawmills from AB Karl Hedin Sågverk, strengthening Canfor’s position in the European market and advancing its global diversification strategy.
Canfor Corporation is a global leader in the manufacturing of low-carbon forest products, including lumber, engineered wood, pulp and paper, wood pellets, and green energy. Headquartered in Vancouver, British Columbia, Canfor operates more than 50 facilities across Canada, the United States, and Europe.
The company holds a 77% interest in Vida AB (Sweden) and a 54.8% stake in Canfor Pulp Products Inc.. Canfor shares trade on the Toronto Stock Exchange (TSX: CFP).
