Overview.
For the third quarter of 2025, the Company reported an operating loss of $16 million, a net loss of $12 million, and a loss per share of $0.19.
Global pulp market fundamentals remained at depressed levels throughout the third quarter; markets in China were persistently weak, while North American markets softened, adjusting to the lower pricing environment in other regions.
Global pulp producer inventories remained well above the balanced range and continued to increase throughout the third quarter.
Global demand for North American kraft paper experienced further declines in the third quarter driven by persistent economic uncertainty and heightened competition.
Pulp production improved by 5% quarter-over-quarter.
Financial results.
The following table summarizes selected financial information for CPPI for the comparative periods:
(millions of Canadian dollars, except per share amounts)
Q3 2025
Q2 2025
YTD 2025
Q3 2024
YTD 2024
Sales
$
164.6
$
177.9
$
538.7
$
193.2
$
635.5
Reported operating income (loss) before amortization,
asset write-down and impairment
$
(7.2)
$
3.5
$
17.6
$
18.8
$
31.0
Reported operating loss
$
(16.0)
$
(5.3)
$
(10.5)
$
(209.3)
$
(230.6)
Adjusted operating income (loss) before amortization,
asset write-down and impairment1
$
(2.3)
$
6.4
$
25.4
$
18.8
$
31.0
Adjusted operating income (loss)1
$
(11.1)
$
(2.4)
$
(2.7)
$
1.7
$
(19.6)
Net loss
$
(12.4)
$
(6.7)
$
(13.1)
$
(156.1)
$
(164.8)
Net loss per share, basic and diluted
$
(0.19)
$
(0.10)
$
(0.20)
$
(2.39)
$
(2.53)
