GreenFirst posts Q2 profit, CEO Joel Fournier to resign

GreenFirst Forest Products Inc. (TSX: GFP) reported a net income of CA$5.5 million, or CA$0.24 per diluted share, for the second quarter ended June 27, 2026, compared to a net loss of CA$20.7 million, or CA$0.89 per diluted share, in the first quarter of 2026, according to a company press release.

Net sales rose to CA$96.1 million in Q2 2026, up approximately 59% from CA$60.6 million in Q1 2026, driven by higher shipment volumes and increased realized lumber prices. Average realized lumber prices reached CA$764 per thousand board feet in Q2, up from CA$666 in Q1. Adjusted EBITDA was CA$11.8 million in Q2, compared to negative CA$15.1 million in Q1.

Cost of sales were CA$62.1 million in Q2, roughly flat compared to Q1, partly due to a CA$16.2 million reversal of a net realizable value inventory provision. Duties and tariff expenses rose to CA$21.1 million from CA$12.1 million in Q1, reflecting higher shipment volumes and lumber prices. The company is subject to a combined duty rate of 45.16% following the implementation of Section 232 tariffs effective October 14, 2025.

At June 27, 2026, total assets stood at CA$209.6 million and total liabilities at CA$163.5 million, leaving shareholders' equity of CA$46.1 million. The company held CA$2.8 million in cash and CA$24.4 million in excess availability under its revolving credit facility.

Separately, GreenFirst announced that CEO Joel Fournier has resigned for personal reasons. Fournier will remain in his role until October 31, 2026 to facilitate a transition. The company said it will begin a search for a new chief executive.

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