Acadian Timber Corp (ACAZF) Q4 2025 Earnings Call Highlights: Strong Net Income Growth Amid …

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Fri, February 13, 2026 at 10:07 AM GMT+9 4 min read

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**Revenue:** $22 million for Q4 2025, up from $20.2 million in Q4 2024.

**Freehold Timber Sales Volume:** Increased 21% year-over-year, excluding biomass.

**Softwood Sawlog Pricing:** Decreased 2% year-over-year.

**Hardwood Sawlog Pricing:** Decreased 10% year-over-year.

**Biomass Sales Volume:** Increased 12% year-over-year.

**Operating Costs and Expenses:** $17.7 million for Q4 2025, up from $17 million in Q4 2024.

**Adjusted EBITDA:** $5.2 million for Q4 2025, up from $3.7 million in Q4 2024.

**Adjusted EBITDA Margin:** Improved to 23% from 18% in Q4 2024.

**Net Income:** $39.7 million or $2.18 per share for Q4 2025, up from $5.6 million or $0.32 per share in Q4 2024.

**Free Cash Flow:** $1.9 million for Q4 2025.

**Dividends Declared:** $5.3 million or $0.29 per share for Q4 2025.

**New Brunswick Sales:** $19 million for Q4 2025, up from $17.2 million in Q4 2024.

**New Brunswick Adjusted EBITDA:** $5.5 million for Q4 2025, up from $4.2 million in Q4 2024.

**Maine Sales:** $3 million for Q4 2025, consistent with Q4 2024.

**Maine Adjusted EBITDA:** Negative $53,000 for Q4 2025, improved from negative $223,000 in Q4 2024.

**Net Liquidity Position:** $17.4 million at the end of Q4 2025.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Acadian Timber Corp (ACAZF) reported a 21% increase in freehold timber sales volumes in Q4 2025 compared to the same period in 2024.

The company achieved a significant increase in net income for Q4 2025, reaching $39.7 million compared to $5.6 million in Q4 2024.

Adjusted EBITDA for Q4 2025 improved to $5.2 million from $3.7 million in the prior year, with an adjusted EBITDA margin increase to 23% from 18%.

New Brunswick operations delivered a 10% increase in sales volumes, excluding biomass, supported by increased contractor capacity.

Acadian Timber Corp (ACAZF) maintained a strong financial position with a net liquidity of $17.4 million, including a cash balance of $4.8 million.

Negative Points

The weighted average selling price, excluding biomass, decreased by 6% year over year, impacting revenue.

Hardwood sawlog pricing declined by 10% due to a lower value product mix and ongoing weakness in lumber markets.

Limited trucking capacity in Maine continued to be a significant challenge, affecting delivery capabilities.

Operating costs and expenses increased to $17.7 million in Q4 2025 from $17 million in Q4 2024, driven by higher sales volumes and land management costs.

The transition to internal logging operations in Maine temporarily reduced production volumes and increased operating costs per cubic meter by approximately 30%.

 






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Q & A Highlights

Q: How are you thinking about a target for harvest volumes in Maine this year, and what are the important levers for reducing operating costs? A: Adam Sheparski, President and CEO, stated that the target for 2026 is approximately 240,000 cubic meters, with a 10% reduction due to marketability issues with softwood pulpwood. The focus is on internal logging operations, which have a fixed cost structure. Productivity improvements are crucial for achieving cost reductions, and most of the 30% cost reduction target is under Acadian’s control.

Q: How have US tariffs on cabinets and vanities affected your business, particularly on the hardwood side? A: Adam Sheparski explained that while hardwood timber volumes are expected to decrease, supporting Acadian’s volumes, the tariffs have kept end-use market prices for hardwood lumber down. The challenge is pushing through price increases to customers, as volume is not the issue for Acadian.

Q: Are there opportunities for Acadian in autonomous trucking, given the current trucking constraints? A: Adam Sheparski mentioned that while they have discussed AI and data internally, they have not yet pursued autonomous trucking. However, there is potential for off-road hauling on restricted roads, which could benefit from autonomous vehicles in the future.

Q: What steps are being taken to address the shortfall in external trucking capacity? A: Adam Sheparski highlighted efforts to expand the contractor network, work with customers on solutions, and explore internal operations to ensure greater reliability in meeting delivery demands.

Q: Can you provide an update on the registration of carbon credits and future opportunities? A: Adam Sheparski noted that the registration of the next batch of credits was delayed due to transitioning to a new protocol, but they expect registration soon for approximately 400,000 credits. They are also evaluating future projects for the remaining 900,000 acres under Canadian compliance or voluntary programs.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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