GreenFirst Forest Products reported improved first-quarter results in 2026 despite winter-related operational disruptions, as lumber pricing strengthened and production at its Chapleau facility continued to ramp up.
The company reported a net loss from continuing operations of CAD 20.7 million for the quarter ended March 28, compared with a net loss of CAD 32.8 million in the fourth quarter of 2025. Adjusted EBITDA improved to negative CAD 15.1 million from negative CAD 21.7 million in the prior quarter.
Net sales totalled CAD 60.6 million, down 21% from the previous quarter due primarily to lower shipments tied to temporary mill curtailments in January, winter weather disruptions across parts of Canada and the northeastern United States, scheduled maintenance and downtime associated with the installation of the new large-log line at Chapleau.
Lumber pricing improves through the quarter
GreenFirst said benchmark lumber prices increased during the quarter, resulting in an average realized lumber price of CAD 666 per thousand board feet, compared with CAD 654 per thousand board feet in the fourth quarter of 2025.
The company said market conditions improved progressively through the quarter, supported by stronger lumber pricing, although volatility and macroeconomic uncertainty continue to weigh on the sector.
GreenFirst also noted that winter harvesting conditions supported fibre supply for 2026, while production at the Chapleau sawmill increased sequentially during the quarter as the company continued ramp-up activities on its new line.
The company expects additional operational improvements during the second quarter as optimization work continues.
Federal loan supports liquidity
During the quarter, GreenFirst entered into a CAD 30 million term loan under the Government of Canada’s Softwood Lumber Program. The financing, arranged with BMO, is intended to support liquidity and ongoing operations amid continued volatility in North American lumber markets.
GreenFirst said duties and tariffs totalled CAD 12.1 million in the quarter. The company remains subject to a combined duty rate of 45.16% on exports to the United States following the implementation of Section 232 tariffs in late 2025.
Looking ahead, the company said North American lumber markets continue to face uncertainty tied to housing affordability, trade policy and geopolitical tensions, including ongoing conflict in the Middle East and related energy market volatility.
At the same time, GreenFirst said longer-term lumber demand fundamentals remain supported by structural housing shortages in the United States, repair and renovation activity, and the growing use of wood as a lower-carbon building material.
The company also highlighted the relative stability of fibre availability in Ontario, where its operations are located, compared with tighter fibre conditions affecting other Canadian regions.
GreenFirst Forest Products Inc. is a Canadian forest products company focused on sustainable forest management and lumber production. The company operates four sawmills in Ontario and manages access to more than six million hectares of FSC-certified public forest lands.
