| Schedule of Segment Reporting Information, by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Total of Segments (a) |
|
Revenues from external customers |
|
$ |
325,074 |
|
|
$ |
134,203 |
|
|
$ |
459,277 |
|
Intersegment revenues |
|
|
527 |
|
|
|
13,865 |
|
|
|
14,392 |
|
|
|
|
325,601 |
|
|
|
148,068 |
|
|
|
473,669 |
|
Less segment expenses: |
|
|
|
|
|
|
|
|
|
Fiber |
|
|
178,249 |
|
|
|
90,741 |
|
|
|
|
Maintenance (b) |
|
|
24,468 |
|
|
|
9,946 |
|
|
|
|
Freight |
|
|
37,434 |
|
|
|
16,215 |
|
|
|
|
Labor (c) |
|
|
23,513 |
|
|
|
16,854 |
|
|
|
|
Chemicals |
|
|
34,330 |
|
|
|
— |
|
|
|
|
Energy |
|
|
12,955 |
|
|
|
8,494 |
|
|
|
|
Other (d) |
|
|
27,303 |
|
|
|
14,056 |
|
|
|
|
Segment Operating EBITDA |
|
$ |
(12,651 |
) |
|
$ |
(8,238 |
) |
|
$ |
(20,889 |
) |
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
$ |
10,457 |
|
|
$ |
1,697 |
|
|
$ |
12,154 |
|
(a)The total of segments’ Segment Operating EBITDA is reconciled to “Loss before income taxes” in the Interim Consolidated Statements of Operations as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Total |
|
Reconciliation to loss before income taxes |
|
|
|
|
|
|
|
|
|
Total of segments’ Segment Operating EBITDA |
|
|
|
|
|
|
|
$ |
(20,889 |
) |
Segment depreciation and amortization |
|
|
(22,624 |
) |
|
|
(15,279 |
) |
|
|
(37,903 |
) |
Interest expense |
|
|
|
|
|
|
|
|
(30,920 |
) |
Other income |
|
|
|
|
|
|
|
|
503 |
|
Corporate items and eliminations |
|
|
|
|
|
|
|
|
(182 |
) |
Loss before income taxes |
|
|
|
|
|
|
|
$ |
(89,391 |
) |
(b)Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c)Labor expense excludes maintenance and indirect labor costs. (d)Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Revenues from external customers by major products |
|
|
|
|
|
|
|
|
|
|
|
|
Pulp |
|
$ |
303,340 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
303,340 |
|
Lumber |
|
|
— |
|
|
|
56,643 |
|
|
|
— |
|
|
|
56,643 |
|
Energy and chemicals |
|
|
21,734 |
|
|
|
6,296 |
|
|
|
— |
|
|
|
28,030 |
|
Manufactured products (a) |
|
|
— |
|
|
|
25,821 |
|
|
|
— |
|
|
|
25,821 |
|
Pallets |
|
|
— |
|
|
|
31,908 |
|
|
|
— |
|
|
|
31,908 |
|
Biofuels (b) |
|
|
— |
|
|
|
10,724 |
|
|
|
— |
|
|
|
10,724 |
|
Wood residuals |
|
|
— |
|
|
|
2,811 |
|
|
|
1,001 |
|
|
|
3,812 |
|
Total revenues from external customers |
|
$ |
325,074 |
|
|
$ |
134,203 |
|
|
$ |
1,001 |
|
|
$ |
460,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers by geography (c) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
31,872 |
|
|
$ |
44,294 |
|
|
$ |
— |
|
|
$ |
76,166 |
|
Foreign countries |
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
70,173 |
|
|
|
57,885 |
|
|
|
— |
|
|
|
128,058 |
|
China |
|
|
114,884 |
|
|
|
106 |
|
|
|
— |
|
|
|
114,990 |
|
Other countries |
|
|
108,145 |
|
|
|
31,918 |
|
|
|
1,001 |
|
|
|
141,064 |
|
|
|
|
293,202 |
|
|
|
89,909 |
|
|
|
1,001 |
|
|
|
384,112 |
|
Total revenues from external customers |
|
$ |
325,074 |
|
|
$ |
134,203 |
|
|
$ |
1,001 |
|
|
$ |
460,278 |
|
(a)Manufactured products primarily include cross-laminated timber and glue-laminated timber. (b)Biofuels include pellets and briquettes. (c)Sales are attributed to countries based on the ship-to location provided by the customer.
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Total of Segments (a) |
|
Revenues from external customers |
|
$ |
332,308 |
|
|
$ |
117,268 |
|
|
$ |
449,576 |
|
Intersegment revenues |
|
|
165 |
|
|
|
11,548 |
|
|
|
11,713 |
|
|
|
|
332,473 |
|
|
|
128,816 |
|
|
|
461,289 |
|
Less segment expenses: |
|
|
|
|
|
|
|
|
|
Fiber |
|
|
167,000 |
|
|
|
69,975 |
|
|
|
|
Maintenance (b) |
|
|
47,097 |
|
|
|
12,140 |
|
|
|
|
Freight |
|
|
32,907 |
|
|
|
13,364 |
|
|
|
|
Labor (c) |
|
|
24,947 |
|
|
|
15,038 |
|
|
|
|
Chemicals |
|
|
32,044 |
|
|
|
— |
|
|
|
|
Energy |
|
|
11,828 |
|
|
|
4,771 |
|
|
|
|
Other (d) |
|
|
26,912 |
|
|
|
18,389 |
|
|
|
|
Segment Operating EBITDA |
|
$ |
(10,262 |
) |
|
$ |
(4,861 |
) |
|
$ |
(15,123 |
) |
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
$ |
15,802 |
|
|
$ |
8,549 |
|
|
$ |
24,351 |
|
(a)The total of segments’ Segment Operating EBITDA is reconciled to “Loss before income taxes” in the Interim Consolidated Statements of Operations as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Total |
|
Reconciliation to loss before income taxes |
|
|
|
|
|
|
|
|
|
Total of segments’ Segment Operating EBITDA |
|
|
|
|
|
|
|
$ |
(15,123 |
) |
Segment depreciation and amortization |
|
|
(24,689 |
) |
|
|
(12,664 |
) |
|
|
(37,353 |
) |
Interest expense |
|
|
|
|
|
|
|
|
(28,411 |
) |
Other expenses |
|
|
|
|
|
|
|
|
(1,120 |
) |
Corporate items and eliminations |
|
|
|
|
|
|
|
|
(5,928 |
) |
Loss before income taxes |
|
|
|
|
|
|
|
$ |
(87,935 |
) |
(b)Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c)Labor expense excludes maintenance and indirect labor costs. (d)Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Revenues from external customers by major products |
|
|
|
|
|
|
|
|
|
|
|
|
Pulp |
|
$ |
313,705 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
313,705 |
|
Lumber |
|
|
— |
|
|
|
66,332 |
|
|
|
— |
|
|
|
66,332 |
|
Energy and chemicals |
|
|
18,603 |
|
|
|
4,242 |
|
|
|
1,823 |
|
|
|
24,668 |
|
Manufactured products (a) |
|
|
— |
|
|
|
12,418 |
|
|
|
— |
|
|
|
12,418 |
|
Pallets |
|
|
— |
|
|
|
26,586 |
|
|
|
— |
|
|
|
26,586 |
|
Biofuels (b) |
|
|
— |
|
|
|
5,095 |
|
|
|
— |
|
|
|
5,095 |
|
Wood residuals |
|
|
— |
|
|
|
2,595 |
|
|
|
2,125 |
|
|
|
4,720 |
|
Total revenues from external customers |
|
$ |
332,308 |
|
|
$ |
117,268 |
|
|
$ |
3,948 |
|
|
$ |
453,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers by geography (c) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
32,179 |
|
|
$ |
40,275 |
|
|
$ |
607 |
|
|
$ |
73,061 |
|
Foreign countries |
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
67,531 |
|
|
|
47,028 |
|
|
|
220 |
|
|
|
114,779 |
|
China |
|
|
130,411 |
|
|
|
113 |
|
|
|
— |
|
|
|
130,524 |
|
Other countries |
|
|
102,187 |
|
|
|
29,852 |
|
|
|
3,121 |
|
|
|
135,160 |
|
|
|
|
300,129 |
|
|
|
76,993 |
|
|
|
3,341 |
|
|
|
380,463 |
|
Total revenues from external customers |
|
$ |
332,308 |
|
|
$ |
117,268 |
|
|
$ |
3,948 |
|
|
$ |
453,524 |
|
(a)Manufactured products primarily include cross-laminated timber and glue-laminated timber. (b)Biofuels include pellets and briquettes. (c)Sales are attributed to countries based on the ship-to location provided by the customer.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Total of Segments (a) |
|
Revenues from external customers |
|
$ |
670,057 |
|
|
$ |
265,945 |
|
|
$ |
936,002 |
|
Intersegment revenues |
|
|
1,289 |
|
|
|
26,571 |
|
|
|
27,860 |
|
|
|
|
671,346 |
|
|
|
292,516 |
|
|
|
963,862 |
|
Less segment expenses: |
|
|
|
|
|
|
|
|
|
Fiber |
|
|
351,343 |
|
|
|
170,785 |
|
|
|
|
Maintenance (b) |
|
|
47,949 |
|
|
|
19,181 |
|
|
|
|
Freight |
|
|
74,261 |
|
|
|
31,145 |
|
|
|
|
Labor (c) |
|
|
48,351 |
|
|
|
33,511 |
|
|
|
|
Chemicals |
|
|
66,133 |
|
|
|
— |
|
|
|
|
Energy |
|
|
27,211 |
|
|
|
16,905 |
|
|
|
|
Other (d) |
|
|
61,852 |
|
|
|
34,858 |
|
|
|
|
Segment Operating EBITDA |
|
$ |
(5,754 |
) |
|
$ |
(13,869 |
) |
|
$ |
(19,623 |
) |
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
$ |
22,198 |
|
|
$ |
3,119 |
|
|
$ |
25,317 |
|
(a)The total of segments’ Segment Operating EBITDA is reconciled to “Loss before income taxes” in the Interim Consolidated Statements of Operations as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Total |
|
Reconciliation to loss before income taxes |
|
|
|
|
|
|
|
|
|
Total of segments’ Segment Operating EBITDA |
|
|
|
|
|
|
|
$ |
(19,623 |
) |
Segment depreciation and amortization |
|
|
(48,462 |
) |
|
|
(30,069 |
) |
|
|
(78,531 |
) |
Interest expense |
|
|
|
|
|
|
|
|
(60,021 |
) |
Other income |
|
|
|
|
|
|
|
|
2,323 |
|
Corporate items and eliminations |
|
|
|
|
|
|
|
|
6,288 |
|
Loss before income taxes |
|
|
|
|
|
|
|
$ |
(149,564 |
) |
(b)Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c)Labor expense excludes maintenance and indirect labor costs. (d)Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
Pulp |
|
|
Solid Wood |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Revenues from external customers by major products |
|
|
|
|
|
|
|
|
|
|
|
|
Pulp |
|
$ |
622,510 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
622,510 |
|
Lumber |
|
|
— |
|
|
|
116,734 |
|
|
|
— |
|
|
|
116,734 |
|
Energy and chemicals |
|
|
47,547 |
|
|
|
11,894 |
|
|
|
525 |
|
|
|
59,966 |
|
Manufactured products (a) |
|
|
— |
|
|
|
46,862 |
|
|
|
— |
|
|
|
46,862 |
|
Pallets |
|
|
— |
|
|
|
61,768 |
|
|
|
— |
|
|
|
61,768 |
|
Biofuels (b) |
|
|
— |
|
|
|
22,904 |
|
|
|
— |
|
|
|
22,904 |
|
Wood residuals |
|
|
— |
|
|
|
5,783 |
|
|
|
13,055 |
|
|
|
18,838 |
|
Total revenues from external customers |
|
$ |
670,057 |
|
|
$ |
265,945 |
|
|
$ |
13,580 |
|
|
$ |
949,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers by geography (c) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
67,866 |
|
|
$ |
86,336 |
|
|
$ |
— |
|
|
$ |
154,202 |
|
Foreign countries |
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
141,340 |
|
|
|
115,991 |
|
|
|
— |
|
|
|
257,331 |
|
China |
|
|
270,487 |
|
|
|
510 |
|
|
|
— |
|
|
|
270,997 |
|
Other countries |
|
|
190,364 |
|
|
|
63,108 |
|
|
|
13,580 |
|
|
|
267,052 |
|
|
|
|
602,191 |
|
|
|
179,609 |
|
|
|
13,580 |
|
|
|
795,380 |
|
Total revenues from external customers |
|
$ |
670,057 |
|
|
$ |
265,945 |
|
|
$ |
13,580 |
|
|
$ |
949,582 |
|
(a)Manufactured products primarily include cross-laminated timber and glue-laminated timber. (b)Biofuels include pellets and briquettes. (c)Sales are attributed to countries based on the ship-to location provided by the customer.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Total of Segments (a) |
|
Revenues from external customers |
|
$ |
713,388 |
|
|
$ |
239,988 |
|
|
$ |
953,376 |
|
Intersegment revenues |
|
|
509 |
|
|
|
21,569 |
|
|
|
22,078 |
|
|
|
|
713,897 |
|
|
|
261,557 |
|
|
|
975,454 |
|
Less segment expenses: |
|
|
|
|
|
|
|
|
|
Fiber |
|
|
305,284 |
|
|
|
136,343 |
|
|
|
|
Maintenance (b) |
|
|
89,063 |
|
|
|
21,333 |
|
|
|
|
Freight |
|
|
68,339 |
|
|
|
26,688 |
|
|
|
|
Labor (c) |
|
|
49,140 |
|
|
|
29,685 |
|
|
|
|
Chemicals |
|
|
60,105 |
|
|
|
— |
|
|
|
|
Energy |
|
|
26,235 |
|
|
|
13,195 |
|
|
|
|
Other (d) |
|
|
76,121 |
|
|
|
39,466 |
|
|
|
|
Segment Operating EBITDA |
|
$ |
39,610 |
|
|
$ |
(5,153 |
) |
|
$ |
34,457 |
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
$ |
29,562 |
|
|
$ |
14,830 |
|
|
$ |
44,392 |
|
(a)The total of segments’ Segment Operating EBITDA is reconciled to “Loss before income taxes” in the Interim Consolidated Statements of Operations as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Total |
|
Reconciliation to loss before income taxes |
|
|
|
|
|
|
|
|
|
Total of segments’ Segment Operating EBITDA |
|
|
|
|
|
|
|
$ |
34,457 |
|
Segment depreciation and amortization |
|
|
(52,911 |
) |
|
|
(24,624 |
) |
|
|
(77,535 |
) |
Interest expense |
|
|
|
|
|
|
|
|
(56,566 |
) |
Other expenses |
|
|
|
|
|
|
|
|
(1,305 |
) |
Corporate items and eliminations |
|
|
|
|
|
|
|
|
(8,593 |
) |
Loss before income taxes |
|
|
|
|
|
|
|
$ |
(109,542 |
) |
(b)Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills. (c)Labor expense excludes maintenance and indirect labor costs. (d)Other expenses primarily include selling, general and administrative expenses, the net change in finished goods inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Pulp |
|
|
Solid Wood |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Revenues from external customers by major products |
|
|
|
|
|
|
|
|
|
|
|
|
Pulp |
|
$ |
670,669 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
670,669 |
|
Lumber |
|
|
— |
|
|
|
131,718 |
|
|
|
— |
|
|
|
131,718 |
|
Energy and chemicals |
|
|
42,719 |
|
|
|
9,108 |
|
|
|
4,997 |
|
|
|
56,824 |
|
Manufactured products (a) |
|
|
— |
|
|
|
31,242 |
|
|
|
— |
|
|
|
31,242 |
|
Pallets |
|
|
— |
|
|
|
49,763 |
|
|
|
— |
|
|
|
49,763 |
|
Biofuels (b) |
|
|
— |
|
|
|
14,319 |
|
|
|
— |
|
|
|
14,319 |
|
Wood residuals |
|
|
— |
|
|
|
3,838 |
|
|
|
2,125 |
|
|
|
5,963 |
|
Total revenues from external customers |
|
$ |
713,388 |
|
|
$ |
239,988 |
|
|
$ |
7,122 |
|
|
$ |
960,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from external customers by geography (c) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
71,027 |
|
|
$ |
87,585 |
|
|
$ |
1,249 |
|
|
$ |
159,861 |
|
Foreign countries |
|
|
|
|
|
|
|
|
|
|
|
|
Germany |
|
|
144,589 |
|
|
|
93,657 |
|
|
|
381 |
|
|
|
238,627 |
|
China |
|
|
267,981 |
|
|
|
506 |
|
|
|
— |
|
|
|
268,487 |
|
Other countries |
|
|
229,791 |
|
|
|
58,240 |
|
|
|
5,492 |
|
|
|
293,523 |
|
|
|
|
642,361 |
|
|
|
152,403 |
|
|
|
5,873 |
|
|
|
800,637 |
|
Total revenues from external customers |
|
$ |
713,388 |
|
|
$ |
239,988 |
|
|
$ |
7,122 |
|
|
$ |
960,498 |
|
(a)Manufactured products primarily include cross-laminated timber and glue-laminated timber. (b)Biofuels include pellets and briquettes. (c)Sales are attributed to countries based on the ship-to location provided by the customer.
|