KP Tissue Releases Fourth Quarter and Full Year 2025 Financial Results
Strong financial and operational performance in 2025
MISSISSAUGA, Ontario, Feb. 18, 2026 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX: KPT) reports the Q4 2025 and full year 2025 financial and operational results of KPT and Kruger Products Inc. (Kruger Products). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra®) and the Away-From-Home (AFH) market and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 12.1% interest in Kruger Products.
Kruger Products Q4 2025 Business and Financial Highlights
- Revenue was $560.1 million in Q4 2025 compared to $539.6 million in Q4 2024, an increase of $20.5 million or 3.8%.
- Adjusted EBITDA1 was $84.2 million in Q4 2025 compared to $66.8 million in Q4 2024, an increase of 26.0%.
- Net income was $23.4 million in Q4 2025 compared to a net loss of $13.7 million in Q4 2024, an increase of $37.1 million.
- Declared a quarterly dividend of $0.18 per share to be paid on April 15, 2026.
Kruger Products Full Year 2025 Financial Highlights
- Revenue was $2,203.4 million in Fiscal 2025 compared to $2,049.9 million in Fiscal 2024, an increase of $153.5 million or 7.5%.
- Adjusted EBITDA1 was $318.2 million in Fiscal 2025 compared to $264.8 million in Fiscal 2024 an increase of 20.2%.
- Net income was $75.5 million in Fiscal 2025 compared to $23.8 million in Fiscal 2024, an improvement of $51.7 million.
“Fiscal 2025 proved to be a strong year across many areas of our business, marked by share gains and revenue growth, higher margins and greater profitability, along with enhanced operational efficiency and an improved safety record,” stated Kruger Products and KP Tissue’s Chief Executive Officer, Dino Bianco. “We are particularly pleased revenue growth was well-diversified both in Canada, leveraging our leadership position in this mature market, and in the U.S., serving as our growth engine for years to come.
“In fact, we are firming up the location, project scope and financial details of a new through-air-dried (TAD) facility slated to open in the western United States in 2028 with an official announcement expected in the first half of 2026.
“In the fourth quarter of 2025, our momentum culminated with Adjusted EBITDA growing 26.0% year-over-year to $84.2 million, mainly driven by higher sales volume. In addition, expanded in-sourcing of paper from our Sherbrooke Expansion Project improved the margins of our Away-From-Home segment and overall business.
“Going forward, we intend to build on our solid foundation, entrenched by three consecutive years of increases in revenue and profitability, to deliver growth in 2026 and beyond,” Mr. Bianco added.
Outlook for Q1 2026
For the first quarter of 2026, we expect Adjusted EBITDA1 to be in the range of Q4 2025.
Kruger Products Q4 2025 Financial Results
Revenue was $560.1 million in Q4 2025 compared to $539.6 million in Q4 2024, an increase of $20.5 million or 3.8%. The increase in revenue was primarily due to higher sales volume across both segments.
Cost of sales was $451.9 million in Q4 2025 compared to $459.3 million in Q4 2024, a decrease of $7.4 million or 1.6%. The decrease in cost of sales was primarily due to lower pulp prices compared to the year ago quarter and favourable productivity across our manufacturing sites, partially offset by higher sales volume and additional manufacturing overhead spend to invest in our sites. Freight rates were lower compared to Q4 2024 while warehousing expenses remained essentially flat. As a percentage of revenue, cost of sales was 80.7% in Q4 2025, compared to 85.1% in Q4 2024.
Selling, general and administrative (SG&A) expenses were $55.3 million in Q4 2025 compared to $45.1 million in Q4 2024, an increase of $10.2 million or 22.6%. The increase was primarily due to additional headcount and related compensation costs that resulted in lower contracting costs, higher selling expenses related to higher sales volume, foreign exchange losses in Q4 2025 compared to gains in Q4 2024 and a favourable business tax adjustment in a U.S. entity in Q4 2024 that did not recur in Q4 2025. As a percentage of revenue, SG&A expenses were 9.9% in Q4 2025 compared to 8.4% in Q4 2024.
Adjusted EBITDA1 was $84.2 million in Q4 2025 compared to $66.8 million in Q4 2024, an increase of $17.4 million or 26.0%. The increase was primarily due to higher sales volumes and favourable productivity in our manufacturing sites, along with lower pulp costs and freight rates, partially offset by higher manufacturing overhead spend and SG&A expenses.
Net income was $23.4 million in Q4 2025 compared to a net loss of $13.7 million in Q4 2024, an increase of $37.1 million. The increase was primarily due to a foreign exchange difference and higher Adjusted EBITDA1, partially offset by higher income tax expense, higher income from non-controlling interest and higher interest expense and other finance costs.
Kruger Products 2025 Financial Results
Revenue was $2,203.4 million in Fiscal 2025 compared to $2,049.9 million in Fiscal 2024, an increase of $153.5 million or 7.5%. The increase in revenue was primarily due to higher sales volume in the Consumer segment and favourable selling prices across both segments, partially offset by somewhat lower sales volume in the AFH segment from the first half of 2025. Revenue was also favorably impacted by foreign exchange fluctuations on U.S. dollar sales.
Adjusted EBITDA1 was $318.2 million in Fiscal 2025 compared to $264.8 million in Fiscal 2024, an increase of $53.4 million or 20.2%. The increase was primarily due to higher sales volumes and selling prices along with lower pulp prices and favourable manufacturing overhead cost absorption, partially offset by additional manufacturing overhead spend to invest in our sites and unfavourable mill performance at our Memphis site, along with higher warehousing and SG&A expenses.
Net income was $75.5 million in Fiscal 2025 compared to $23.8 million in Fiscal 2024, an improvement of $51.7 million. The improvement was primarily due to higher Adjusted EBITDA1 and a foreign exchange gain, partially offset by higher depreciation expense resulting from the Sherbrooke Expansion Project and a one-time expense related to the restructuring activity in our Memphis site, higher interest expense and other finance costs, higher income from non-controlling interest, higher restructuring costs and higher income tax expense.
Kruger Products Q4 2025 Financing Activity and Liquidity
On December 10, 2025, Kruger Products issued $165 million in an aggregate principal amount of 6.250% Senior Unsecured Notes (the Notes) due December 10, 2032 by way of private placement (the Offering). Interest on the Notes is payable semi-annually in arrears on June 10 and December 10 of each year, commencing on June 10, 2026. A portion of the proceeds were used to fund the repayment in full of the borrowings outstanding under the senior credit facilities of Kruger Products SB Inc. (KPSB) with the balance being used for general corporate purposes. In connection with the Offering, Kruger Products' syndicated credit agreement was amended and restated to, among other things, increase the facility amount from $230 million to $250 million, increase the accordion feature from $75 million to $100 million and add KPSB as a restricted credit party.
Total liquidity, representing cash and availability under the revolving credit agreements, was $451.3 million as of December 31, 2025.
KPT Q4 2025 Financial Results
KPT had net income of $2.6 million in Q4 2025. Included in net income was $2.8 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.1 million and depreciation expense of $0.3 million related to adjustments to carrying amounts on acquisition.
KPT 2025 Financial Results
KPT had net income of $8.5 million in Fiscal 2025. Included in net income was $9.2 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.4 million and depreciation expense of $1.1 million related to adjustments to carrying amounts on acquisition.
Dividends on Common Shares
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on April 15, 2026 to shareholders of record at the close of business on March 31, 2026.
Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and Kruger Products for the fourth quarter and fiscal year ended December 31, 2025 available on SEDAR+ at www.sedarplus.ca or our website at www.kptissueinc.com.
Fourth Quarter Results Conference Call Information
KPT will hold its fourth quarter conference call on Wednesday, February 18, 2026 at 8:30 a.m. Eastern Time.
Via telephone: 1-888-699-1199 or 416-945-7677
Via the internet at: www.kptissueinc.com
Presentation material referenced during the conference call will be available at www.kptissueinc.com.
A rebroadcast of the conference call will be available until midnight, February 25, 2026 by dialing 1-888-660-6345 or 289-819-1450 and entering passcode 25755.
The replay of the webcast will remain available on the website until midnight, February 25, 2026.
About KP Tissue Inc.
KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12.1% interest in Kruger Products. For more information visit www.kptissueinc.com.
About Kruger Products Inc.
Kruger Products is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and Bonterra®. In the U.S., Kruger Products manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. Kruger Products has approximately 3,000 employees and operates ten FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.
Non-GAAP Financial Measures
This press release uses certain non-GAAP financial measures which Kruger Products believes provide useful information to management of Kruger Products and the readers of the financial information in measuring the financial performance and financial condition of Kruger Products. These measures do not have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. “Adjusted EBITDA” is calculated by Kruger Products as net income (loss) before (i) interest expense and other finance costs, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) loss on sale of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities and (ix) changes in amortized cost of Partnership units liability. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this press release.
Forward-Looking Statements
Certain statements in this press release about KPT’s and Kruger Products' current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, items such as plans to build a new TAD tissue plant and its expected annual production capacity, expected date for starting production, the expected financing structure of the project and certain anticipated benefits of the project. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or Kruger Products, including, in respect of the plans to build a new TAD tissue plant, obtaining financing on acceptable terms for the project. Although KPT and Kruger Products believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.
The outlook provided in respect of Adjusted EBITDA1 for Q1 2026 is forward-looking information and is based on the assumptions and subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding Kruger Products’ future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.
Many factors could cause Kruger Products’ actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from KPT’s economic interest in Kruger Products) to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to Kruger Products’ Business” section of the KPT Annual Information Form dated February 18, 2026 available on SEDAR+ at www.sedarplus.ca (the Annual Information Form): Kruger Inc.’s influence over Kruger Products; Kruger Products’ reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the ownership of the TAD Sherbrooke Project; risks associated with the operation of the TAD Sherbrooke Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; Kruger Products’ inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of Kruger Products or Kruger Products’ brands; Kruger Products’ sales being less than anticipated; Kruger Products’ failure to implement its business and operating strategies; Kruger Products’ obligation to make regular capital expenditures; Kruger Products entering into unsuccessful acquisitions; Kruger Products’ dependence on key personnel; Kruger Products’ inability to retain its existing customers or obtain new customers; Kruger Products’ loss of key suppliers; Kruger Products’ failure to adequately protect its intellectual property rights; Kruger Products’ reliance on third party intellectual property licenses; adverse litigation and other claims affecting Kruger Products; material expenditures due to comprehensive environmental regulation affecting Kruger Products’ cash flow; Kruger Products’ pension obligations are significant and can be materially higher than predicted if Kruger Products Management’s underlying assumptions are incorrect; labour disputes adversely affecting Kruger Products’ cost structure and Kruger Products’ ability to run its plants; exchange rate and U.S. competitors; Kruger Products’ inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; information technology; cyber-security; insurance; internal controls; trade related and tax.
Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
INFORMATION:
Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
905-812-6936
francois.paroyan@krugerproducts.ca
INVESTORS:
Doris Grbic
Director, Investor Relations
KP Tissue Inc.
437-882-2596
IR@krugerproducts.ca
1 Adjusted EBITDA is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures section of this press release for more information on these measures.
|
Kruger Products Inc. | |||||
|
Consolidated Statements of Financial Position | |||||
|
(thousands of Canadian dollars) | |||||
| December 31, 2025 | December 31, 2024 | ||||
| $ | $ | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 196,094 | 119,460 | |||
| Restricted cash | 46,070 | 48,375 | |||
| Trade and other receivables | 143,313 | 138,177 | |||
| Receivables from related parties | 79 | 80 | |||
| Inventories | 284,183 | 287,756 | |||
| Income tax recoverable | 2,963 | 3,208 | |||
| Prepaid expenses | 5,381 | 6,383 | |||
| 678,083 | 603,439 | ||||
| Non-current assets | |||||
| Property, plant and equipment | 1,430,206 | 1,509,592 | |||
| Right-of-use assets | 152,243 | 186,460 | |||
| Other long-term assets | - | 92 | |||
| Pensions | 91,118 | 92,661 | |||
| Goodwill | 152,021 | 152,021 | |||
| Intangible assets | 40,362 | 42,572 | |||
| Deferred income taxes | 64,671 | 10,500 | |||
| Total assets | 2,608,704 | 2,597,337 | |||
| Liabilities | |||||
| Current liabilities | |||||
| Trade and other payables | 350,831 | 346,264 | |||
| Payables to related parties | 13,441 | 17,829 | |||
| Income tax payable | - | 3 | |||
| Dividends payable | 14,853 | 14,308 | |||
| Current portion of long-term debt | 98,649 | 54,168 | |||
| Current portion of lease liabilities | 43,576 | 40,156 | |||
| Current portion of long-term payable to related party | 5,800 | 5,800 | |||
| Current portion of provisions | 7,283 | 4,184 | |||
| 534,433 | 482,712 | ||||
| Non-current liabilities | |||||
| Long-term debt | 1,074,148 | 1,180,488 | |||
| Long-term lease liabilities | 139,694 | 165,563 | |||
| Long-term payable to related party | 28,064 | 31,925 | |||
| Long-term provisions | 12,602 | 9,398 | |||
| Pensions | 17,745 | 17,845 | |||
| Post-retirement benefits | 48,333 | 47,140 | |||
| Deferred income taxes | 47,140 | - | |||
| Total liabilities | 1,902,159 | 1,935,071 | |||
| Equity | |||||
| Share capital | 334,479 | 308,622 | |||
| Contributed surplus | 395,382 | 395,382 | |||
| Deficit | (151,965) | (171,874) | |||
| Accumulated other comprehensive income | 89,343 | 100,177 | |||
| Equity attributable to Kruger Products | 667,239 | 632,307 | |||
| Non-controlling interest | 39,306 | 29,959 | |||
| Total equity | 706,545 | 662,266 | |||
| Total liabilities and equity | 2,608,704 | 2,597,337 | |||
|
Kruger Products Inc. | ||||||||
|
Consolidated Statements of Income (Loss) | ||||||||
|
(thousands of Canadian dollars) | ||||||||
| 3-month | 3-month | 12-month | 12-month | |||||
| period ended | period ended | period ended | period ended | |||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||
| $ | $ | $ | $ | |||||
| Revenue | 560,056 | 539,621 | 2,203,391 | 2,049,938 | ||||
| Expenses | ||||||||
| Cost of sales | 451,902 | 459,271 | 1,825,077 | 1,721,704 | ||||
| Selling, general and administrative expenses | 55,290 | 45,105 | 201,567 | 178,250 | ||||
| Restructuring costs | 51 | - | 3,782 | 219 | ||||
| Operating income | 52,813 | 35,245 | 172,965 | 149,765 | ||||
| Interest expense and other finance costs | 23,018 | 21,355 | 86,844 | 72,487 | ||||
| Other expense (income) | (4,927 | ) | 24,718 | (18,375 | ) | 31,870 | ||
| Income (loss) before income taxes | 34,722 | (10,828 | ) | 104,496 | 45,408 | |||
| Current tax expense (recovery) | 2,661 | (415 | ) | 4,711 | 2,734 | |||
| Deferred tax expense | 5,652 | 4,956 | 14,926 | 16,679 | ||||
| Income tax expense | 8,313 | 4,541 | 19,637 | 19,413 | ||||
| Net income (loss) including non-controlling interest | 26,409 | (15,369 | ) | 84,859 | 25,995 | |||
| Net income (loss) attributable to non-controlling interest | 2,985 | (1,649 | ) | 9,347 | 2,174 | |||
| Net income (loss) attributable to Kruger Products | 23,424 | (13,720 | ) | 75,512 | 23,821 | |||
|
Kruger Products Inc. | ||||||||
|
Consolidated Statements of Cash Flows | ||||||||
|
(thousands of Canadian dollars) | ||||||||
| 3-month | 3-month | 12-month | 12-month | |||||
| period ended | period ended | period ended | period ended | |||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||
| $ | $ | $ | $ | |||||
| Cash flows from (used in) operating activities | ||||||||
| Net income (loss) including non-controlling interest | 26,409 | (15,369 | ) | 84,859 | 25,995 | |||
| Items not affecting cash | ||||||||
| Depreciation | 29,434 | 29,105 | 133,309 | 107,793 | ||||
| Amortization | 1,929 | 2,022 | 8,099 | 6,322 | ||||
| Loss on sale of property, plant and equipment | 79 | 370 | 74 | 639 | ||||
| Loss on disposal of leased assets | 65 | 47 | 88 | 47 | ||||
| Foreign exchange loss (gain) | (4,927 | ) | 24,719 | (18,375 | ) | 32,752 | ||
| Interest expense and other finance costs | 23,018 | 21,355 | 86,844 | 72,487 | ||||
| Pension and post-retirement benefits | 2,853 | 3,328 | 11,270 | 12,292 | ||||
| Provisions | 2,287 | 1,464 | 8,146 | 4,879 | ||||
| Income tax expense | 8,313 | 4,541 | 19,637 | 19,413 | ||||
| Loss on sale of non-financial assets | - | 18 | - | 45 | ||||
| Total items not affecting cash | 63,051 | 86,969 | 249,092 | 256,669 | ||||
| Net change in non-cash working capital | 35,002 | (5,630 | ) | 5,532 | (58,604 | ) | ||
| Contributions to pension and post-retirement benefit plans | (686 | ) | (1,058 | ) | (3,570 | ) | (4,476 | ) |
| Provisions paid | - | - | (4,679 | ) | (3,695 | ) | ||
| Income tax payments, net | 233 | (665 | ) | (2,259 | ) | (3,786 | ) | |
| Net cash from operating activities | 124,009 | 64,247 | 328,975 | 212,103 | ||||
| Cash flows from (used in) investing activities | ||||||||
| Purchases of property, plant and equipment | (29,157 | ) | (28,941 | ) | (52,470 | ) | (44,762 | ) |
| Purchases of property, plant and equipment related to the Sherbrooke Expansion Project |
(1,344 | ) | (13,511 | ) | (20,517 | ) | (129,678 | ) |
| Interest paid on credit facilities related to the Sherbrooke Expansion Project |
- | (2,628 | ) | - | (7,764 | ) | ||
| Government assistance received | 1,000 | - | 4,119 | - | ||||
| Purchases of software | (2,900 | ) | (2,978 | ) | (4,983 | ) | (3,272 | ) |
| Proceeds on sale of property, plant and equipment | 339 | - | 339 | 28 | ||||
| Net cash used in investing activities | (32,062 | ) | (48,058 | ) | (73,512 | ) | (185,448 | ) |
| Cash flows from (used in) financing activities | ||||||||
| Proceeds from long-term debt | 165,000 | 160,156 | 174,171 | 279,353 | ||||
| Repayment of long-term debt | (166,517 | ) | (130,770 | ) | (215,635 | ) | (163,815 | ) |
| Payment of deferred financing fees | (3,561 | ) | (3,181 | ) | (3,584 | ) | (4,493 | ) |
| Payment of lease liabilities | (9,634 | ) | (9,736 | ) | (35,109 | ) | (36,199 | ) |
| Change in restricted cash | (1,425 | ) | (3,543 | ) | 2,305 | (35,924 | ) | |
| Interest paid on long-term debt | (19,797 | ) | (15,839 | ) | (61,193 | ) | (54,678 | ) |
| Payment to related party | - | - | (5,800 | ) | (5,800 | ) | ||
| Dividends paid | (14,726 | ) | (14,173 | ) | (58,079 | ) | (55,806 | ) |
| Proceeds from issuing partnership units | 6,529 | 6,248 | 25,676 | 30,456 | ||||
| Net cash used in financing activities | (44,131 | ) | (10,838 | ) | (177,248 | ) | (46,906 | ) |
| Effect of exchange rate changes on cash and cash equivalents held in foreign currency |
(853 | ) | 2,894 | (1,581 | ) | 3,983 | ||
| Increase (Decrease) in cash and cash equivalents during the year |
46,963 | 8,245 | 76,634 | (16,268 | ) | |||
| Cash and cash equivalents - Beginning of year | 149,131 | 111,215 | 119,460 | 135,728 | ||||
| Cash and cash equivalents - End of year | 196,094 | 119,460 | 196,094 | 119,460 | ||||
|
Kruger Products Inc. | ||||||||
|
Segment and Geographic Results | ||||||||
|
(thousands of Canadian dollars) | ||||||||
| 3-month | 3-month | 12-month | 12-month | |||||
| period ended | period ended | period ended | period ended | |||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||
| $ | $ | $ | $ | |||||
| Segment Information | ||||||||
| Segment Revenue | ||||||||
| Consumer | 472,286 | 452,709 | 1,855,011 | 1,708,119 | ||||
| AFH | 87,770 | 86,912 | 348,380 | 341,819 | ||||
| Revenue from external customers | 560,056 | 539,621 | 2,203,391 | 2,049,938 | ||||
| Other segment items | ||||||||
| Consumer | 394,156 | 388,737 | 1,553,401 | 1,458,774 | ||||
| AFH | 78,052 | 82,293 | 316,531 | 313,259 | ||||
| Corporate and other costs | 3,565 | 1,831 | 15,230 | 13,122 | ||||
| Total other segment items | 475,773 | 472,861 | 1,885,162 | 1,785,155 | ||||
| Adjusted EBITDA | ||||||||
| Consumer | 78,130 | 63,972 | 301,610 | 249,345 | ||||
| AFH | 9,718 | 4,619 | 31,849 | 28,560 | ||||
| Corporate and other costs | (3,565 | ) | (1,831 | ) | (15,230 | ) | (13,122 | ) |
| Total Adjusted EBITDA | 84,283 | 66,760 | 318,229 | 264,783 | ||||
| Reconciliation to net income (loss) | ||||||||
| Depreciation and amortization | 31,363 | 31,127 | 141,408 | 114,115 | ||||
| Interest expense and other finance costs | 23,018 | 21,355 | 86,844 | 72,487 | ||||
| Loss on disposal of property, plant and equipment | 56 | 370 | 74 | 639 | ||||
| Loss on sale of non-financial assets | - | 18 | - | 45 | ||||
| Change in amortized cost of Partnership units liability | - | - | - | (882 | ) | |||
| Restructuring costs, net | 51 | - | 3,782 | 219 | ||||
| Foreign exchange loss (gain) | (4,927 | ) | 24,718 | (18,375 | ) | 32,752 | ||
| Income (loss) before income taxes | 34,722 | (10,828 | ) | 104,496 | 45,408 | |||
| Income tax expense | 8,313 | 4,541 | 19,637 | 19,413 | ||||
| Net income (loss) including non-controlling interest | 26,409 | (15,369 | ) | 84,859 | 25,995 | |||
| Geographic Revenue | ||||||||
| Canada | 306,368 | 291,391 | 1,195,585 | 1,118,754 | ||||
| US | 253,688 | 248,230 | 1,007,806 | 931,184 | ||||
| Total revenue | 560,056 | 539,621 | 2,203,391 | 2,049,938 | ||||
|
KP Tissue Inc. | ||
| Statements of Financial Position | ||
|
(thousands of Canadian dollars) | ||
| December 31, 2025 | December 31, 2024 | |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Dividends receivable | 1,803 | 1,798 |
| 1,803 | 1,798 | |
| Non-current assets | ||
| Investment in associate | 69,799 | 69,517 |
| Total assets | 71,602 | 71,315 |
| Liabilities | ||
| Current liabilities | ||
| Dividend payable | 1,803 | 1,798 |
| Total liabilities | 1,803 | 1,798 |
| Equity | ||
| Common Shares | 23,001 | 22,762 |
| Contributed surplus | 144,819 | 144,819 |
| Deficit | (114,985) | (116,673) |
| Accumulated other comprehensive income | 16,964 | 18,609 |
| Total equity | 69,799 | 69,517 |
| Total liabilities and equity | 71,602 | 71,315 |
| KP Tissue Inc. | ||||||||
| Statements of Income (Loss) | ||||||||
| (thousands of Canadian dollars, except share and per share amounts) | ||||||||
| 3-month | 3-month | 12-month | 12-month | |||||
| period ended | period ended | period ended | period ended | |||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||
| $ | $ | $ | $ | |||||
| Share of income (loss) | 2,793 | (1,765 | ) | 9,165 | 2,993 | |||
| Depreciation of fair value increments | (267 | ) | (276 | ) | (1,094 | ) | (1,123 | ) |
| Equity income (loss) | 2,526 | (2,041 | ) | 8,071 | 1,870 | |||
| Dilution gain | 110 | 119 | 433 | 619 | ||||
| Income (loss) before income taxes | 2,636 | (1,922 | ) | 8,504 | 2,489 | |||
| Current tax expense | - | 56 | - | 56 | ||||
| Income tax expense | - | 56 | - | 56 | ||||
| Net income (loss) | 2,636 | (1,978 | ) | 8,504 | 2,433 | |||
| Basic earning (loss) per share | 0.26 | (0.20 | ) | 0.85 | 0.24 | |||
| Weighted average number of shares outstanding | 10,014,269 | 9,986,446 | 10,003,661 | 9,976,725 | ||||
| KP Tissue Inc. | ||||||||
| Statements of Cash Flows | ||||||||
| (thousands of Canadian dollars) | ||||||||
| 3-month | 3-month | 12-month | 12-month | |||||
| period ended | period ended | period ended | period ended | |||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||
| $ | $ | $ | $ | |||||
| Cash flows from (used in) operating activities | ||||||||
| Net income (loss) | 2,636 | (1,978 | ) | 8,504 | 2,433 | |||
| Items not affecting cash | ||||||||
| Equity income (loss) | (2,526 | ) | 2,041 | (8,071 | ) | (1,870 | ) | |
| Dilution gain | (110 | ) | (119 | ) | (433 | ) | (619 | ) |
| Current tax expense | - | 56 | - | 56 | ||||
| Total items not affecting cash | (2,636 | ) | 1,978 | (8,504 | ) | (2,433 | ) | |
| Decrease (increase) in payable to investee | - | 65 | - | (595 | ) | |||
| Tax refunds, net | - | (65 | ) | - | 595 | |||
| Net cash from operating activities | - | - | - | - | ||||
| Cash flows from (used in) investing activities | ||||||||
| Dividends received, net | 1,734 | 1,735 | 6,963 | 6,974 | ||||
| Net cash from investing activities | 1,734 | 1,735 | 6,963 | 6,974 | ||||
| Cash flows from (used in) financing activities | ||||||||
| Dividends paid, net | (1,734 | ) | (1,735 | ) | (6,963 | ) | (6,974 | ) |
| Net cash used in financing activities | (1,734 | ) | (1,735 | ) | (6,963 | ) | (6,974 | ) |
| Increase in cash and cash equivalents during the year | - | - | - | - | ||||
| Cash and cash equivalents - Beginning of year | - | - | - | - | ||||
| Cash and cash equivalents - End of year | - | - | - | - | ||||
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