Cascades earnings date
Cascades (CADNF) Q3 2026 Earnings Report
CADNF Q3 2026 EPS Results
- Actual EPS
- $0.23
- Consensus EPS
- $0.27
- Beat/Miss
- Missed by -$0.04
- One Year Ago EPS
- $0.27
CADNF Q3 2026 Revenue Results
- Actual Revenue
- $892.93M
- Expected Revenue
- $911.41M
- Beat/Miss
- Missed by -$18.48M
- YoY Revenue Growth
- +2.34%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Cascades's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was cautiously positive. Cascades delivered sequential improvement in packaging and a significant recovery in tissue profitability, achieved record safety performance, made progress on cost-reduction and asset-monetization initiatives, and maintained a constructive 2027 outlook. These positives were partly offset by raw material, transportation, energy, and tariff pressures; uneven packaging demand; lower operating cash flow and adjusted EPS year over year; lower expected fourth-quarter results; and specific operational and market challenges.
For Q4, Cascades expects consolidated results to be slightly lower sequentially, while confirming its run rate adjusted EBITDA above CAD 600 million for the second half of 2026; the ongoing annual direct tariff impact on adjusted EBITDA is estimated to be less than CAD 10 million. The company expects the remaining CAD 20 million required to achieve its profitability improvement objective to be captured in Q4, following CAD 30 million in benefits realized in 2025 and CAD 50 million captured thus far in 2026, and has realized CAD 165 million of proceeds against its CAD 230 million target. For 2026, expected CapEx remains unchanged in the range of $150 million-$175 million, while 2027 cash usage is expected to be quite similar as this year, with some project spending maybe more in the year after or towards the end of the year; Bear Island is expected to run at basically close to capacity in 2027, defined as above 93%, and the company has confidence in its ability to deliver a stronger financial performance and target an adjusted EBITDA above CAD 650 million.
- Record Safety PerformanceCascades achieved a record safety performance in the third quarter of 2026, reflecting employee commitment to maintaining safe and healthy workplaces.
- Quarterly Results Met Expectations Despite HeadwindsThird-quarter results were within expectations despite significant tariff-related and cost-inflation disruptions. Management cited the implementation of price increases and improved operational execution as contributors to performance.
- Packaging Improved SequentiallyPackaging sales increased 5% sequentially to $807 million, while adjusted EBITDA increased 5% to $126 million. EBITDA margin remained stable at 15.6%, with higher average selling prices more than offsetting significantly higher recycled fibre costs.
- Solid Packaging Volumes and Operational ExecutionPackaging shipments remained stable at 426,000 short tons. External paper shipments decreased 1%, while box shipments increased 2%, in line with the adjusted industry increase. Greenpac maintained a strong production level, and Bear Island operated above 90% of total production capacity during the quarter.
- Comparable-Basis Box Shipment GrowthAlthough total shipments declined modestly because of the Niagara Falls mill closure and the sale of the West Coast box plant, comparable-asset box shipments increased 5% year over year, surpassing the adjusted industry increase of 1.6%.
- Tissue EBITDA Increased 34%Tissue sales increased 1.5% sequentially to $415 million, while adjusted EBITDA increased 34% to $47 million. EBITDA margin improved to 11.4% from 8.6% in the second quarter, driven by pricing initiatives and lower production costs that more than offset ongoing raw material and transportation inflation.
- Pryor Production ImprovementThe Pryor facility achieved another record production volume, increasing 4% sequentially. Since the initiative launched one year ago, production has improved 23%.
- Corporate Activities Outperformed ExpectationsCorporate activities performed better than anticipated due to cost-reduction initiatives and improved contribution from recovery and recycling operations.
- Pricing and Profitability Initiatives Continued to DeliverFollowing CAD 30 million of benefits realized in 2025, Cascades estimated that a further CAD 50 million had been captured in 2026 to date. The remaining CAD 20 million required to achieve the objective was expected to be captured in the fourth quarter.
- Balance Sheet and Liquidity ProgressNet debt decreased by $16 million sequentially, including an $11 million reduction from asset-disposal proceeds. The leverage ratio declined to 3.2 times, and available liquidity under the credit facility was CAD 708 million at the end of September.
- Asset Monetization ProgressCascades realized CAD 165 million of proceeds toward its CAD 230 million asset-monetization target, while continuing discussions on additional transactions.
- Tariff Exposure Was ReducedOn October 23, the U.S. administration excluded corrugated boxes, plastic products, and molded pulp packaging products from tariffs. Management said this significantly reduced the expected financial impact on results.
- Strong Roll Pricing EnvironmentManagement described the market for rolls as extremely tight following closures in 2025 and said the company was progressing well with announced price increases. Cascades had implemented three price increases in 2026.
- Away-from-Home Customer Volumes Expected to RecoverA major Away-from-Home customer ceased operations after selling its private brand to a new company. Cascades has an agreement with the new company and expects to recover the reduction in cash-flow generation in less than a year, with a non-material impact on coming quarters.
- Bear Island Progress and 2027 Optimization PlansBear Island operated above 90% of capacity in the third quarter after reaching as high as 95% in recent quarters. Management said the mill should run close to capacity in 2027, defined as above 93%, and is advancing lighter-basis-weight production that is expected to provide less tonnage but more sales and profitability.
- Retail Tissue Demand Remained StrongRetail tissue shipments increased 2% sequentially to 73,000 tons. Management said retail demand was extremely busy, that Cascades was shipping everything it could produce, and that summer-announced pricing was mostly fully implemented.
- Packaging Market Share and Customer Mix ImprovementsManagement said Cascades gained market share in the third quarter in targeted areas, October was a good and busy month, and the company continued improving execution in onboarding new customers. The company is also working toward a more resilient customer mix and longer production runs to improve equipment efficiency.
- Recovery and Recycling Platform ReviewCascades is evaluating its nationwide recovery and recycling operations to determine the best positioning, partnerships, and supply structure, with security of supply at a competitive price as the key objective.
- Positive 2027 OutlookManagement said market conditions in packaging and tissue were evolving favorably and that recent price initiatives should provide additional benefits in 2027 as their full impact is reflected. Cascades is targeting adjusted EBITDA above CAD 650 million in 2027.
- Capital Allocation OptionalityManagement expects 2027 cash usage to be quite similar to 2026, while the balance-sheet position could allow the company to unlock or accelerate selected projects and decisions in the coming years.
CADNF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 0.26- | 0.28 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.270.23 | 0.27 | -13.16% (-0.04) | |
| Aug 06, 2026 | 2026 (Q2) | 0.050.17 | 0.13 | 26.32% (+0.04) | |
| May 07, 2026 | 2026 (Q1) | 0.050.05 | 0.09 | -46.15% (-0.04) | |
| Feb 26, 2026 | 2025 (Q4) | 0.260.28 | 0.18 | 60.00% (+0.11) | |
| Nov 06, 2025 | 2025 (Q3) | 0.210.27 | 0.19 | 40.74% (+0.08) | |
| Aug 07, 2025 | 2025 (Q2) | 0.130.13 | 0.06 | 137.50% (+0.08) | |
| May 08, 2025 | 2025 (Q1) | 0.100.09 | 0 | ― | |
| Feb 20, 2025 | 2024 (Q4) | 0.210.18 | 0.04 | 400.00% (+0.14) | |
| Nov 07, 2024 | 2024 (Q3) | 0.110.19 | 0.31 | -38.64% (-0.12) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
