CMHC Launches 2025 Housing Research Awards Français
This theme highlights the importance of research that will support innovation to help transform the construction industry, making it more efficient, sustainable and affordable. The goal is to foster a deeper understanding of scientific and technological advances in building concepts, new materials, techniques and practices that optimize the construction process, improve productivity, and deliver housing that is high performing and resilient. Examples of potential research topics include technology and automation that enhance project management and overall capabilities in design and construction; as well as offsite construction and pre-fabrication, including modular homes, mass timber housing, and panelized systems. Construction innovations addressing the challenges of geographical areas, such as the North, will also be considered.
The Housing Research Awards recognize Canadian housing research, research training, knowledge mobilization and outreach activities that are impactful and innovative. This initiative helps to build and sustain Canada's culture of research-based housing knowledge across key fields, including the social sciences, humanities, health sciences, building sciences and beyond. The awards recognize outstanding housing research and provide monetary awards to help project teams to conduct further research, knowledge mobilization and outreach activities. CMHC administers this program on behalf of the Government of Canada as part of the National Housing Strategy (NHS).
Three awards are provided annually:
A panel of experts which may include representation from academia, as well as the private, public and not-for-profit sectors, will review the applications. Award recipients are selected using a rigorous set of criteria to identify projects with the greatest potential to produce the data and insights needed by decisionmakers to improve housing affordability and better address the housing needs of Canadians.
"Through the 2025 Housing Research Awards, CMHC is supporting transformative, impactful research that will help create more homes faster. Innovation in the construction industry is an important tool to support the government's commitment to accelerate the housing supply. These awards are another way that CMHC is promoting new ideas in housing."
—Coleen Volk, CMHC President and CEO
The Housing Research Awards application portal opens today. Applicants have until September 12, 2025, to submit their proposals. Winners will be selected later this year.
CMHC delivers programs under the National Housing Strategy (NHS), Canada's 10+year $115+billion plan to give more Canadians a place to call home. The NHS covers the entire housing continuum, from shelters and transitional housing to community and affordable housing to market rental and homeownership. Progress on the achievement of NHS targets is reported online.
CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Its mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, it contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
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RF CAPITAL REPORTS SECOND QUARTER 2025 RESULTS
Q2 2025 Financial Highlights (compared to Q2 2024, unless otherwise indicated) AUA 1,2 and Revenue Ending AUA 1,2 increased to $40.4 billion, up 9% or $3.2 billion driven by strong equity markets. Fee revenue increased 6% driven by higher average AUA. Overall revenue decreased 2% to $89.3 million driven by a decline in non-commissionable revenue 1, including 21% lower interest income which was impacted by lower interest rates in Canada. Profitability and Cash Flow Gross margin decreased 8% to $49.3 million, driven by the decrease in total revenue and increased share of commissionable revenue 1 in our revenue mix. EBITDA 1 decreased 29% to $10.7 million as operating expenses 1 were flat while gross margin declined. On a quarter over quarter basis, EBITDA 1 increased 13%. Net loss of $2.1 million compared to net income of $2.7 million in Q2 2024 primarily due to lower EBITDA. Cash from operating activities was $5.5 million compared to $5.2 million in Q2 2024, driven by a smaller adjustment for change in non-cash operating items. Free cash flow available for growth 1 was $1.8 million compared to $8.0 million in Q2 2024 due to lower EBITDA. Free cash flow 1 was ($0.2) million compared to $1.9 million in Q2 2024 due to lower free cash flow available for growth, partially offset by lower advisor loans issued. Balance sheet Net working capital 1 was $89.9 million, an increase of $3.3 million from Q1 2025 as the increase in current assets more than offset the increase in current liabilities. TORONTO, July 31, 2025 /CNW/ - RF Capital Group Inc. (RF Capital or the Company) (TSX: RCG) today reported revenue of $89.3 million in the second quarter of 2025, down 2% compared to the prior year. The decrease in revenue was driven by non-commissionable revenue, in particular lower interest income which was impacted by a declining interest rate environment in Canada. This was partly offset by the increase in fee revenue driven by higher average AUA 1,2 of $39.1 billion, up $2.1 billion compared to prior year Q2. The AUA increase was attributable mainly to strong equity markets and advisor team recruitment. For more detail on our results, please refer to our MD&A for the three and six months ending June 30, 2025. Subsequent to the end of the fiscal second quarter, on July 28, 2025, the Company and iA Financial Corporation Inc. ("iA"), a Canadian insurance and wealth management company, announced that they have entered into a definitive agreement ("Arrangement Agreement") for iA to acquire (the "Transaction") all issued and outstanding common shares of the Company, its revolving debt and preferred shares. 1. Considered to be non-GAAP or supplementary financial measures (SFMs), which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. Dave Kelly, President and Chief Executive Officer, commented,"While we remain in a complex economic environment with ongoing market volatility, we continue to focus on controlling our expenditures and opportunities that drive growth. Those opportunities are centered on the diligent execution of our three-pillar strategy. My overarching goal is ensuring our advisory teams feel valued and respected and they have the products, services, and tools needed to do their best work. With all our teams aligned and working together as partners, we are, and will continue to be, the best independent choice in Canada. As announced on Monday July 28, the Transaction marks an exciting new chapter for RF Capital. By joining forces with iA, we unlock powerful opportunities across technology, product innovation, and operational scale—enhancing the advisor value proposition through expanded capabilities and support. Our advisors will continue to operate independently under the Richardson Wealth brand 1, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalized advice to their clients." Dave Kelly will continue to serve as President and CEO of RF Capital through completion of the transaction and remains committed to executing the company's strategic plan and ensuring a smooth transition of the business following the closing. Further information about the Transaction, including the announcement press release dated July 28, 2025, can be found on our website, and full details will be mailed to shareholders in our upcoming Transaction circular, expected in late August 2025. Outlook and Key Performance Drivers Our current view on the drivers of our financial performance and profitability for 2025 is as follows: AUA 2,3 is highly correlated with equity and bond market movements which are inherently difficult to predict and can be impacted by broader economic conditions. We expect to see increased volatility in these markets as a result of the new U.S. trade and tariff policies and their global ramifications. However, AUA will also be impacted by growth in our existing advisors' client assets and by recruitment and attrition. Interest revenue is impacted by prime rate trends, which economists expect to decline throughout the rest of the year, as well as client cash balances and margin loans. Transaction activity underlying our corporate finance revenue could rebound but is more likely to remain subdued. We expect inflation to remain in the Bank of Canada's target range for 2025, although there is uncertainty due to the new U.S. trade and tariff policies. We remain committed to finding operating cost savings and efficiencies in our business. Operating expenses are expected to be impacted by share price fluctuations, as mark-to-market adjustments on share-based compensation can create volatility in our results. Free cash flow available for growth 2 is expected to be deployed towards strengthening our support for our advisory teams and recruitment. Preferred Share Dividend On July 31, 2025, the Board of Directors approved a cash dividend of $0.233313 per Series B Preferred Share for a total of $1,073,000, payable on September 29, 2025 4 to preferred shareholders of record on September 15, 2025. 1. Richardson Wealth is a trade-mark of James Richardson & Sons, Limited and Richardson Wealth Limited is a licensed user of the mark. 2. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 3. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 4. In the event that the payment date is not a business day, such dividend shall be paid on the next succeeding day that is a business day. Second Quarter 2025 Earnings Conference Call and Webcast An earnings conference call and audio webcast will be held on Friday, August 1 at 10:00 a.m. (EST). The call will be hosted by Francis Baillargeon, Chief Financial Officer. Interested parties are invited to access the second quarter earnings conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll free) and entering participant passcode: 3903524 #. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website at A recording of the conference call will be available until Sunday, August 31, 2025, by dialing 905-694-9451 or 1-800-408-3053 (toll free) and entering access code 2356231#. The webcast will be archived at The following table presents the Company's financial results for Q2 2025, Q1 2025 and Q2 2024. As at or for the three months ended As at or for the six months ended June 30, March 31, Increase/ June 30, Increase/ June 30, June 30, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) 2025 2024 (decrease) Key performance drivers 1: AUA - ending 2 ($ millions) 40,373 39,152 3 % 37,125 9 % 40,373 37,125 9 % AUA - average 2 ($ millions) 39,117 39,746 (2 %) 36,976 6 % 39,432 36,518 8 % Fee revenue 71,329 77,496 (8 %) 67,514 6 % 148,826 133,660 11 % Operating expense ratio 3 (%) 78.4 82.9 (450) bps 71.9 +650 bps 80.7 73.1 +760 bps EBITDA margin 4 (%) 12.0 9.5 +250 bps 16.5 (450) bps 10.8 15.8 (500) bps Asset yield 5 (%) 0.80 0.89 (9) bps 0.86 (6) bps 0.84 0.87 (3) bps Advisory teams 6 (#) 143 147 (3 %) 150 (5 %) 143 150 (5 %) Operating Performance Reported results: Revenue 89,261 99,393 (10 %) 91,216 (2 %) 188,654 180,577 4 % Gross margin 7 49,339 55,417 (11 %) 53,566 (8 %) 104,756 106,334 (1 %) Operating expenses 1,8 38,660 45,951 (16 %) 38,496 0 % 84,612 77,725 9 % EBITDA 1 10,679 9,466 13 % 15,070 (29 %) 20,144 28,609 (30 %) Income/(loss) before income taxes (1,930) (3,301) (42 %) 2,462 n/m (5,231) 2,525 n/m Net income/(loss) (2,109) (4,112) (49 %) 2,714 n/m (6,221) 1,587 n/m Net income/(loss) per common share (0.21) (0.33) (36 %) 0.11 n/m (0.54) (0.04) n/m Net income/(loss) per common share - diluted (0.21) (0.33) (36 %) 0.10 n/m (0.54) (0.04) n/m Adjusted results 1: Income/(loss) before income taxes 1,333 (38) n/m 5,725 (77 %) 1,295 9,051 (86 %) Net income/(loss) 289 (1,714) n/m 5,112 (94 %) (1,425) 6,383 n/m Net income/(loss) per common share - diluted (0.05) (0.18) (72 %) 0.26 n/m (0.23) 0.27 n/m Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 2 % 5,162 7 % 10,918 (6,664) n/m Free cash flow available for growth 1 1,825 1,981 (8 %) 8,019 (77 %) 3,806 (5,316) n/m Free cash flow 1 (228) (1,808) (87 %) 1,859 n/m (2,036) (13,807) (85 %) As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Select balance sheet information: Total assets 1,375,213 1,400,887 (2 %) 1,458,681 (6 %) Debt 110,922 110,922 - 110,922 - Shareholders' equity 318,626 321,803 (1 %) 326,982 (3 %) Net working capital 1, 9 89,919 86,665 4 % 88,729 1 % Common share information: Book value per common share ($) 13.13 13.32 (1 %) 13.65 (4 %) Closing share price ($) 10.39 10.01 4 % 7.51 38 % Weighted-average number of common shares outstanding - diluted (millions) 15.72 15.73 (0 %) 15.73 (0 %) Common share market capitalization ($ millions) 163 157 4 % 118 38 % 1. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025 and two amalgamations in Q1 2025. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 10. Calculated as current assets less current liabilities. For further information, please see the "Liquidity and Share Capital" section of the Second Quarter 2025 MD&A. Quarterly Results The following table presents selected quarterly financial information for our eight most recently completed financial quarters. 1. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025, two in Q1 2025, one in Q2 2024, two in Q1 2024, and one team separation in Q1 2024. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. Non-GAAP and Supplementary Financial Measures In addition to GAAP prescribed measures, we use a variety of non-GAAP financial measures, non-GAAP ratios and SFMs to assess our performance. We use these non-GAAP financial measures and SFMs because we believe that they provide useful information to investors regarding our performance and results of operations. Readers are cautioned that non-GAAP financial measures, including non-GAAP ratios, and SFMs often do not have any standardized meaning and, therefore, may not be comparable to similar measures presented by other issuers. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS. Adjusted Results Some of our non-GAAP financial measures (including non-GAAP ratios) reflect adjusted results. In periods that we determine adjusting items have a significant impact on a user's assessment of ongoing business performance, we may present adjusted results in addition to reported results by removing these items from the reported results. Management considers the adjusting items to be outside of our core operating performance. We believe that adjusted results can enhance comparability across reporting periods and provide the reader with a better understanding of how management views core performance. Adjusted results are also intended to provide the user with results that have greater consistency and comparability to those of other issuers. All adjusting items affect reported expenses. Adjusting items in this release include the following: Transformation costs and other provisions: charges in connection with the transformation of our business and other matters. These charges encompass a range of transformation initiatives, including refining our ongoing operating model, outsourcing our carrying broker operations, realigning parts of our real estate footprint, and rolling out new strategy across the Company. There have been no transformation costs recorded since Q2 2023. Amortization of acquired intangibles: amortization of intangible assets created on the acquisition of Richardson Wealth. The following items are not included as adjusting items in this release: Balance sheet revaluation adjustments such as mark-to-market adjustments on our share-based compensation (RSUs and DSUs) and FX translation Costs related to our 2024 leadership transition Other one-time expenses or recoveries that we consider to be normal course of business, unless otherwise specified Non-GAAP Financial Measures A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in our 2024 Annual Financial Statements. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. The primary non-GAAP financial measures (including non-GAAP ratios) used in this document are: EBITDA EBITDA is commonly used in the wealth management industry. We believe it provides a more accurate measure of our core operating results and is a commonly used basis for enterprise valuation. EBITDA is used to evaluate core operating performance by adjusting net income/(loss) to exclude: Interest expense, which we record primarily in connection with debt Income tax expense/(recovery) Amortization and depreciation which we record in connection with leases, equipment, and leasehold improvements Amortization related to intangible assets Amortization in connection with investment advisor transition and loan programs. We view these loans as an effective recruiting and retention tool for advisors, the cost of which is assessed by management upfront when the loan is provided rather than over its term. Adjusted EBITDA is defined as EBITDA excluding adjusting items. Adjusted EBITDA margin is a non-GAAP ratio defined as adjusted EBITDA as a percentage of revenue. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to EBITDA and adjusted EBITDA. Operating Expenses Operating expenses are defined as total reported expenses less interest, advisor award and loan amortization, amortization and depreciation of premises and equipment, and amortization of intangibles. These are the expenses that factor into the EBITDA calculation discussed above. Operating expense ratio is a non-GAAP ratio defined as operating expenses divided by gross margin. Adjusted operating expenses are defined as operating expenses less adjusting items. Adjusted operating expense ratio is a non-GAAP ratio defined as adjusted operating expenses divided by gross margin. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported total expenses to operating expenses and adjusted operating expenses. Adjusted Net Income Adjusted net income is defined as net income/(loss) from continuing operations less adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to adjusted net income/(loss). Commissionable Revenue Commissionable revenue includes fee revenue, trading commissions, commission revenue earned in connection with the placement of new issues, and revenue earned on the sale of insurance products. We use commissionable revenue to evaluate advisor compensation paid on that revenue. Net Working Capital Net working capital represents the excess capital available to deploy in operations or growth and is comprised of current assets less current liabilities. We use net working capital to manage our liquidity as well as evaluate the efficiency of our operations. Net working capital is widely used across the wealth management industry and beyond to assess the financial health of entities and associated risks. Current assets include the non-client portion of cash and cash equivalents, securities owned by the Company, the non-client portion of net receivable from brokers, the current portion of employee loans and other receivables, and other assets. Current liabilities include accounts payable and accrued liabilities, the current portion of provisions, and the current portion of lease liabilities. The table in the "Quarterly Non-GAAP Information" section below provides our net working capital calculation. Free Cash Flow Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations to consider cash impacts of non-cash operating items and RF Capital preferred share dividends. Comparative periods have been revised to conform with the current period presentation. Free cash flow available for growth is the cash flow the Company generates from its continuing operations before any investments in growth or transformation initiatives. We use this metric to evaluate the efficiency of our operations and assess the capital available to reinvest in growth activities. It is calculated as cash provided by/(used in) operating activities per the Consolidated Statement of Cash Flows plus adjusting items and net outlays to attract new advisors to the firm, less lease payments, RF Capital preferred share dividends, and maintenance capital expenditures. Free cash flow is the net cash flow that the Company generates from its continuing operations after investments in growth and transformation initiatives. We use free cash flow to evaluate the efficiency of our growth initiatives and assess the capital available after investments in growth. It is calculated as free cash flow available for growth less net outlays to attract new advisors to the firm, capital expenditures on growth initiatives, and adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported cash provided by/(used in) operating activities to free cash flow for growth and free cash flow. Supplementary Financial Measures An SFM is a financial measure that is not reported in our financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows. The Company's key SFMs disclosed in this release include AUA, average AUA per team, recruited assets, and asset yield. Management uses these measures to assess the operational performance of the Company. These measures do not have any definition prescribed under IFRS and do not meet the definition of a non-GAAP measure or non-GAAP ratio and may differ from the methods used by other companies and, therefore, these measures may not be comparable to other companies. The composition and explanation of an SFM is provided in this release where the measure is first disclosed if the SFM's labeling is not sufficiently descriptive. The following table presents select quarterly non-GAAP financial information for our eight most recently completed financial quarters. 2025 2024 2023 ($ thousands, except as otherwise indicated) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 EBITDA: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) Income tax expense/(recovery) 179 811 1,804 1,751 (252) 1,190 713 2,281 Income/(loss) before income taxes - reported (1,930) (3,301) 3,094 (558) 2,462 63 (2,169) 2,092 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 EBITDA 10,679 9,466 16,238 12,493 15,070 13,539 14,518 16,932 Operating expenses: Total expenses - reported 51,269 58,718 51,979 52,246 51,104 52,705 53,055 49,732 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 Operating expenses 38,660 45,951 38,835 39,195 38,496 39,229 36,368 34,892 Adjusted net income: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) After-tax adjusting items: Transformation costs and other provisions - - - - - - - - Amortization of acquired intangibles 2,398 2,398 2,398 2,398 2,398 2,398 2,399 2,398 Adjusted net income/(loss) 289 (1,714) 3,688 89 5,112 1,271 (483) 2,209 Net income/(loss) per common share from continuing operations: Basic (0.21) (0.33) 0.01 (0.22) 0.11 (0.14) (0.26) (0.10) Diluted (0.21) (0.33) 0.01 (0.22) 0.10 (0.14) (0.26) (0.10) Adjusted net income/(loss) per common share: Basic (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.09 Diluted (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.07 Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 14,442 15,977 5,162 (11,826) 2,836 16,624 Add/(less): Advisor loans net of repayments 199 1,820 1,270 6,290 7,088 2,249 13,224 557 Capital expenditures - maintenance (644) (1,995) (1,004) (790) (901) (419) (797) (348) Lease payments (2,174) (2,172) (2,169) (2,196) (2,257) (2,266) (2,041) (2,044) Preferred share dividends (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) Free cash flow available for growth 1,825 1,981 11,466 18,208 8,019 (13,335) 12,149 13,716 Advisor loans net of repayments (199) (1,820) (1,270) (6,290) (7,088) (2,249) (13,224) (557) Capital expenditures - growth (net of lease inducements) (1,854) (1,969) (465) (115) 928 (82) 936 225 Free cash flow (228) (1,808) 9,731 11,803 1,859 (15,666) (139) 13,384 As at As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Net working capital: Current assets: Cash and cash equivalents (non-client portion) 86,520 86,748 (0 %) 88,556 (2 %) Securities owned 854 820 4 % 1,593 (46 %) Net receivable from brokers (non-client portion) 59,209 60,034 (1 %) 61,125 (3 %) Employee and other loans receivable (current portion) 1,035 1,113 (7 %) 1,244 (17 %) Other assets 17,840 15,156 18 % 14,758 21 % Current liabilities: Accounts payable and accrued liabilities 58,154 60,500 (4 %) 60,261 (3 %) Provisions (current portion) 12,364 12,030 3 % 13,587 (9 %) Lease liabilities (current portion) 5,021 4,676 7 % 4,699 7 % Net working capital 89,919 86,665 4 % 88,729 1 % YTD Non-GAAP Information The following table presents select year-to-date non-GAAP financial information for the current and prior fiscal years. For the six months ended June 30, June 30, ($ thousands, except as otherwise indicated) 2025 $ 2024 EBITDA: Net income/(loss) from continuing operations - reported (6,221) 1,587 Income tax expense/(recovery) 990 938 Income/(loss) before income taxes - reported (5,231) 2,525 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 EBITDA 20,144 28,609 Operating expenses: Total expenses - reported 109,987 103,809 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 Operating expenses 84,612 77,725 Adjusted net income: Net income/(loss) from continuing operations - reported (6,221) 1,587 After-tax adjusting items: Transformation costs and other provisions - - Amortization of acquired intangibles 4,796 4,796 Adjusted net income/(loss) (1,425) 6,383 Net income/(loss) per common share from continuing operations: Basic (0.54) (0.04) Diluted (0.54) (0.04) Adjusted net income/(loss) per common share: Basic (0.23) 0.27 Diluted (0.23) 0.27 Cash flow: Cash provided by/(used in) operating activities 10,918 (6,664) Add/(less): Advisor loans net of repayments 2,019 9,337 Capital expenditures - maintenance (2,640) (1,320) Lease payments (4,345) (4,523) Preferred share dividends (2,146) (2,146) Free cash flow available for growth 3,806 (5,316) Advisor loans net of repayments (2,019) (9,337) Capital expenditures - growth (net of lease inducements) (3,823) 846 Free cash flow (2,036) (13,807) About RF Capital Group Inc. RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $40.4 billion in assets under administration (as of June 30, 2025) and 23 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Centre for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. For the seventh year in a row, Richardson Wealth has been certified as a "great place to work" by Great Place to Work®, a global authority on workplace culture. To learn more about the Company, please visit and to view our 2024 annual report and our latest recruiting brochure. SOURCE RF Capital Group Inc.
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- Cision Canada
Canfor reports results for the second quarter of 2025.
VANCOUVER, BC, /CNW/ - Canfor Corporation ("the Company" or "Canfor") (TSX: CFP) today reported its second quarter of 2025 results: Overview. Q2 2025 operating loss of $251 million, shareholder net loss of $203 million, or $1.71 per share. After taking into consideration adjusting items 1 of $201 million, Q2 2025 operating loss of $51 million, compared to a similarly adjusted operating loss of $32 million in Q1 2025. Solid earnings from Europe; North American operations impacted by sustained weakness in lumber benchmark pricing. Persistent weak market conditions in the US South led to the announcement of the permanent closure of the Company's Estill and Darlington sawmills, and, as a result, an asset write-down and impairment charge of $189 million and restructuring costs of $7 million in the lumber segment. Rising global economic uncertainty put downward pressure on global pulp market fundamentals, particularly in China, and on North American kraft paper markets; global pulp producer inventories climbed to well above the balanced range. The Canadian dollar strengthened by 3 cents, or 4%, versus the US-dollar quarter-over-quarter, weakening revenues. Vida AB announced agreement to purchase AB Karl Hedin Sågverk ("Hedin") for $164 million, including approximately $39 million of working capital, which will add 230 million board feet to Vida's annual capacity. Financial results. The following table summarizes selected financial information for the Company for the comparative periods: (millions of Canadian dollars, except per share amounts) Q2 2025 Q1 2025 YTD 2025 Q2 2024 YTD 2024 Sales $ 1,379.4 $ 1,417.5 $ 2,796.9 $ 1,381.5 $ 2,764.2 Reported operating income (loss) before amortization, asset write-downs and impairments $ 39.6 $ 72.6 $ 112.2 $ (98.3) $ (78.5) Reported operating loss $ (251.4) $ (28.5) $ (279.9) $ (250.8) $ (336.6) Adjusted operating income (loss) before amortization, asset write-downs and impairments 1 $ 51.7 $ 68.9 $ 120.6 $ (46.9) $ (57.3) Adjusted operating loss 1 $ (50.7) $ (32.2) $ (82.9) $ (167.8) $ (283.8) Net loss 2 $ (202.8) $ (31.0) $ (233.8) $ (191.1) $ (255.6) Net loss per share, basic and diluted 2 $ (1.71) $ (0.26) $ (1.97) $ (1.61) $ (2.15) Adjusted net loss 1, 2 $ (67.0) $ (38.1) $ (105.1) $ (168.7) $ (220.8) Adjusted net loss per share, basic and diluted 1, 2 $ (0.56) $ (0.32) $ (0.88) $ (1.42) $ (1.86) 1. Adjusted results referenced throughout this news release are defined as non-IFRS financial measures. For further details, refer to the "Non-IFRS financial measures" section of this document. 2. Attributable to equity shareholders of the Company. The Company reported an operating loss of $251.4 million for the second quarter of 2025, compared to an operating loss of $28.5 million in the first quarter of 2025. After accounting for adjusting items totaling $200.7 million, consisting of an inventory write-down as well as an asset write-down and impairment charge, the Company's operating loss was $50.7 million for the current quarter. This compares to a similarly adjusted operating loss of $32.2 million in the prior quarter. These results reflect a decline in results for both the lumber and pulp and paper segments. Commenting on the Company's second quarter results, Canfor's President and Chief Executive Officer, Susan Yurkovich, stated: "While our European operations produced solid earnings this quarter, the North American market continued to experience significant challenges reflecting the impact of sluggish demand and a persistent weak pricing environment. During the second quarter, we made the difficult decision to permanently close our Estill and Darlington sawmills in South Carolina following an extended period of sustained financial losses. With punitive US softwood lumber duties combining with ongoing global economic and trade uncertainty, we remain focused on what we can control and will continue to leverage our globally diversified operating platform to combat these headwinds." "For our pulp business" Yurkovich added, "our second quarter results were impacted by trade policy uncertainty between China and the US, which slowed pulp purchasing activity and gave rise to climbing pulp producer inventory levels and a declining US-dollar pulp pricing environment. We anticipate that these challenging conditions will persist well into the third quarter. Consistent with our approach in the lumber business, we are maintaining our focus on safety, reliability, productivity and disciplined cost management." Second quarter lumber segment highlights. For the lumber segment, the operating loss was $229.2 million for the second quarter of 2025, compared to the previous quarter's operating loss of $25.5 million. These results include adjusting items consisting of an asset write-down and impairment charge of $188.6 million and an inventory write-down of $9.2 million. After taking into consideration these adjusting items, the lumber segment operating loss in the second quarter of 2025 was $31.4 million, compared to a similarly adjusted operating loss of $29.2 million in the prior quarter. These results reflect another period of solid earnings from the Company's European operations, largely tied to improved market pricing in that region and a 6% weaker Canadian dollar versus the Swedish Krona ("SEK"), tempered somewhat by log cost escalation in Europe. However, these earnings were overshadowed by challenging results from the Company's North American operations, primarily associated with ongoing weakness in North American lumber benchmark pricing. In June 2025, the Company announced its decision to permanently close its Darlington and Estill sawmills in South Carolina, effective August 2025. The closures follow an extended period of persistently weak market conditions and sustained financial losses. As a result of this announcement, the Company recognized an asset write-down and impairment charge of $188.6 million, as well as restructuring costs of $6.7 million, during the second quarter of 2025. North American housing markets experienced a moderate decline through the second quarter of 2025. Ongoing affordability concerns, combined with general economic and political uncertainty, especially relating to potential US tariffs, continued to dampen demand and slow market activity. These factors led to an increase in housing supply and a reduction in new home construction as well as repair and remodel activity, all of which exerted downward pressure on most North American lumber benchmark prices compared to the previous quarter. In Japan, lumber demand and pricing strengthened as the second quarter progressed, driven largely by an increase in building activity in the current period following a surge in homebuying in the previous quarter ahead of building code changes. In contrast, lumber demand and prices in China remained under pressure throughout most of the second quarter, primarily due to elevated inventory levels in the region. European lumber demand continued to face downward pressure through the second quarter of 2025, principally reflecting affordability challenges and muted consumer sentiment. However, some pressure on lumber inventory supply in the region led to a slight uplift in pricing quarter-over-quarter. On July 22, 2025, the Company announced that its 77%-owned subsidiary, Vida AB, had entered into an agreement with Mattsbo Såg AB and certain minority shareholders to acquire AB Karl Hedin Sågverk ("Hedin") for a purchase price of $164 million (SEK 1.15 billion), which includes approximately $39 million in working capital. Hedin operates three sawmills in Central Sweden and specializes in the production of dimensional and specialty wood products. This acquisition is projected to increase Vida's annual production capacity by 230 million board feet, resulting in a total estimated capacity of 2.1 billion board feet following completion. The transaction is anticipated to close later in 2025, subject to customary closing conditions. On July 25, 2025, the US Department of Commerce announced a final anti-dumping duty ("ADD") rate of 35.56% for the Company for the sixth period of review ("POR6"). When taking into consideration the preliminary countervailing duty ("CVD") rate of 11.87% for POR6 that was announced earlier in 2025, the total combined rate for POR6 is 47.43%. Upon finalization of both CVD and ADD for POR6 (anticipated in early August 2025), the Company anticipates recognizing an estimated expense of $88.3 million (US$64.6 million) in its interim consolidated financial statements for the third quarter of 2025. Lumber segment outlook. Looking ahead, North American lumber demand is anticipated to remain relatively weak through the third quarter of 2025. Ongoing uncertainty, affordability challenges as well as constrained consumer confidence and tariff-related concerns are projected to continue to weigh on near term demand and put downward pressure on prices early in the third quarter. However, a gradual price improvement is forecast later in the third quarter, particularly for Western SPF, as producers look to recover the higher duties that come into effect in August 2025. In addition to the pre-existing CVD and ADD impacts on the Company, Canfor continues to monitor the trade situation between Canada and the US. With a diversified global operating platform, the Company is positioned to mitigate some of these costs, however, potential tariffs do present challenges for the Company's operations. As a result, the Company continues to focus on strengthening domestic markets and its presence in non-US markets. In offshore markets, Japan is anticipated to experience a modest decrease in lumber prices through the third quarter of 2025, as the housing construction backlog eases. China lumber markets are anticipated to remain depressed. In Europe, lumber markets are projected to see further pricing pressure in the third quarter of 2025, as persistent affordability challenges and cautious consumer behaviours are anticipated to keep demand muted. In addition, with lumber inventories being redirected from the Middle East North Africa region into the UK market, it is projected that ample lumber supply will keep prices in that region relatively subdued. Second quarter pulp and paper segment highlights. For the pulp and paper segment, the operating loss was $5.3 million for the second quarter of 2025, compared to operating income of $10.8 million for the first quarter of 2025. After adjusting for a $2.9 million inventory write-down in the current period, Canfor Pulp Product Inc.'s ("CPPI") operating loss was $2.4 million for the second quarter of 2025. These results were largely driven by a decline in both CPPI's average Northern Bleached Softwood Kraft ("NBSK") pulp and paper unit sales realizations in the current quarter and, to a lesser extent, an uplift in pulp unit manufacturing costs. Global softwood pulp markets experienced downward pressure throughout the second quarter of 2025, primarily driven by weak demand from China, largely tied to the impact of new trade policies between China and the US, as well as general global economic uncertainty. As a result, US-dollar NBSK list prices to China, the world's largest pulp consumer, started the quarter at a high of US$798 per tonne, before declining steadily throughout the period, ending June at US$690 per tonne. For the current quarter overall, US-dollar NBSK pulp list prices to China averaged US$734 per tonne, down US$59 per tonne, or 7%, from the prior quarter. As a result of weak demand, global softwood pulp producer inventories climbed significantly through the second quarter of 2025 to well above the balanced range, ending May at 46 days of supply, an increase of 8 days compared to March 2025. Market conditions are generally considered balanced when inventories are in the 32-43 days of supply range. Pulp and paper segment outlook. Looking forward, global softwood kraft pulp market conditions are anticipated to remain weak throughout the third quarter of 2025 as purchasing activity, particularly from China, is forecast to be soft through the traditionally slower summer period, despite the announcement of market curtailments from some Nordic pulp producers. As a result, global pulp producer inventories are forecast to remain well above the balanced range through the third quarter of 2025. CPPI continues to actively monitor developments in the trade relationship between Canada and the United States. In the event that tariffs are imposed on US pulp and paper shipments, CPPI has mitigation strategies intended to largely offset potential impacts. A minor scheduled maintenance outage will take place during the third quarter of 2025 at CPPI's Intercontinental NBSK pulp mill and at its paper machine. This maintenance outage is projected to reduce both NBSK market pulp production and paper production by 2,000 tonnes each. Additional information and conference call. A conference call to discuss the second quarter's financial and operating results will be held on Friday, August 1, 2025, at 9:00 AM Pacific time. To participate in the call, please dial Toll-Free 1-888-510-2154. For instant replay access until August 15, 2025, please dial Toll-Free 1-888-660-6345 and enter participant pass code 18122#. The conference call will be webcast live and will be available at This news release, the attached financial statements and a presentation used during the conference call can be accessed via the Company's website at Non-IFRS financial measures. Throughout this press release, reference is made to certain non-IFRS financial measures which are used to evaluate the Company's performance but are not generally accepted under IFRS and may not be directly comparable with similarly titled measures used by other companies. The following table provides a reconciliation of these non-IFRS financial measures to figures reported in the Company's condensed consolidated interim financial statements: Forward-looking statements. Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on Management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law. About Canfor Corporation. Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit
