For the fourth quarter ended November 30, 2025, the Company reported net earnings of $3.2 million or $0.39 per share compared to net earnings of $2.4 million or $0.29 per share a year ago. Consolidated sales for the three months ended November 30, 2025 were $137.0 million compared to $124.2 million last year.
For the fiscal year ended November 30, 2025, the Company reported net earnings of $7.1 million or $0.86 per share compared to net earnings of $13.4 million or $1.58 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2025 were $543.0 million compared to $509.5 million last year.
Fiscal year 2025 opened against a backdrop of economic uncertainty, shifting trade dynamics, and uneven demand across North American markets. These dynamics, combined with ongoing labor constraints, rising costs, and continued dependence on imported materials, created a complex operating environment for distributors and manufacturers across the sector. Goodfellow navigated these uncertain conditions to achieve a 6.6%, or $33.4 million, increase in revenues, while earnings decreased by $6.2 million as compared to last year. Recently acquired value-added lumber handling and kiln-drying assets in the U.S. had a meaningful non-recurring impact on results for the year, supporting solid revenue growth while generating significant integration costs that reduced earnings. Although broader economic conditions may support only stable and modest growth next year, Goodfellow enters the year with solid fundamentals that position the Company to manage uncertainty and strengthen its position as an industry leader.
The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.15 per share payable on March 19, 2026, to shareholders of record at the close of business on March 5, 2026. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
About GoodfellowGoodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol "GDL".
GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the years ended November 30, 2025 and 2024
(in thousands of dollars, except per share amounts)Unaudited
Years ended
November 302025
November 30 2024 (Restated)1
$
$
Sales
542,983
509,541
Expenses
Cost of goods sold
439,459
409,140
Selling, administrative and general expenses
89,895
79,958
Net financial costs
4,029
2,379
533,383
491,477
Earnings before income taxes
9,600
18,064
Income taxes
2,458
4,695
Net earnings
7,142
13,369
Items that will not subsequently be reclassified to net earnings
Remeasurement of defined benefit plan obligation net of taxes of $179 ($1,984 in 2024)
459
5,103
Total comprehensive income
7,601
18,472
Net earnings
-per share, Basic
0.86
1.58
-per share, Diluted
0.85
1.58
1 In the fourth quarter of 2025, the Company corrected an error in presentation for certain production related expenses that were recognized as selling, administrative and general expenses and recording them to cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for fiscal year 2024 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for $21,344, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in shareholders equity.
GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)Unaudited
As at
As at
November 30 2025
November 30 2024
$
$
Assets
Current Assets
Cash
3,767
5,314
Trade and other receivables
55,471
56,601
Income taxes receivable
1,360
6,634
Inventories
144,484
131,284
Prepaid expenses
3,168
4,047
Total Current Assets
208,250
203,880
Non-Current Assets
Property, plant and equipment
42,625
43,883
Intangible assets
381
896
Right-of-use assets
19,304
19,936
Defined benefit plan asset
21,739
21,925
Deferred income taxes
744
-
Other assets
1,875
1,336
Total Non-Current Assets
86,668
87,976
Total Assets
294,918
291,856
Liabilities
Current Liabilities
