Cascades Reports Strong Q3 2025 with $159 Million Adjusted EBITDA and Increased Sales

Cascades Inc. reported robust third quarter 2025 results, with sales reaching $1,238 million, up from $1,201 million in Q3 2024. Operating income rose to $73 million compared to $36 million the previous year, while adjusted EBITDA increased 14% to $159 million. Net earnings improved significantly to $29 million, or $0.29 per share, from $1 million in Q3 2024. The packaging division experienced solid volume growth, particularly at the Bear Island mill, and benefited from higher selling prices and reduced raw material costs. The tissue business also showed positive momentum with volume gains and favorable raw material costs. Cascades reduced net debt by $81 million sequentially, lowering its leverage to 3.6x from 3.8x. The company is on track for $120 million in asset monetization by mid-2026, aimed at debt reduction. Despite stable demand, Cascades cautions on potential seasonal softness in packaging volumes in Q4 2025 but expects continued tissue business strength.

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