U.S. imposing 20.56% anti-dumping duties on Canadian softwood
The B.C. Council of Forest Industries issued a statement Friday saying the trade action will harm workers, families and communities across the province and Canada.
The council is calling on the Canadian government to make finding a resolution to the softwood dispute a top national priority, saying the latest escalation from the Commerce Department shows they can't wait for the United States to act.
The B.C. Lumber Trade Council says in a separate statement that if the U.S. department's pending review on countervailing duties is in line with its preliminary results, the combined rate against Canadian softwood shipped to the United States will be well over 30 per cent.
Prime Minister Mark Carney said earlier this month that a future trade agreement with the United States could include quotas on softwood lumber, an area that has caused friction between two countries for years before the latest trade war.
The American department had issued a preliminary anti-dumping rate in March of 20.07 per cent, up from 7.66 per cent set three years before, which is in addition to the countervailing duties of 6.74 per cent.
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'This decision represents yet another example of ongoing U.S. protectionism at a time when cross-border co-operation should be a shared priority,' the statement from the B.C. Lumber Trade Council said.
The B.C. Council of Forest Industries said the provincial government could make a number of changes that would help the industry keep mills operating.
By activating timber sales, fast-tracking permits and cutting through regulatory gridlock, it said B.C. could send a signal that it is serious about rebuilding a sustainable forest sector.
'These unjustified and punitive trade actions continue to harm workers, families, and communities across British Columbia and Canada — and have gone unresolved for far too long,' the statement from the council said.
This report by The Canadian Press was first published July 25, 2025.
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The following is a description of the composition of the non-IFRS measures used in this earnings release (note that some significant items excluded may not be applicable to the calculation of the non-IFRS measure for each comparative period): (i) revenue excluding significant items, which is revenue per IFRS excluding any applicable fair value adjustments on certain illiquid or restricted marketable securities, warrants and options as recorded for IFRS reporting purposes but which are excluded for management reporting purposes and are not used by management to assess operating performance; (ii) expenses excluding significant items are expenses per IFRS less any applicable amortization of intangible assets acquired in connection with a business combination, restructuring costs, certain expenses related to leased premises under construction, acquisition-related expense items, which includes costs recognized in relation to both prospective and completed acquisitions, certain incentive-based costs related to the acquisitions and growth initiatives of Canaccord Genuity Wealth Management in the UK and Crown Dependencies ("CGWM UK") and the US and UK capital markets divisions, fair value adjustment of certain contingent consideration in connection with prior acquisitions, fair value adjustments to the derivative liability component of non-controlling interests in CGWM UK, fair value adjustments to the derivative liability component related to the convertible debentures; a fair value adjustment in respect of the CGWM UK management incentive plan; and certain provisions and professional fees related to the ongoing US regulatory matters (iii) overhead expenses excluding significant items, which are calculated as expenses excluding significant items less compensation expense; (iv) net income before taxes after intersegment allocations and excluding significant items, which is composed of revenue excluding significant items less expenses excluding significant items; (v) income taxes (adjusted), which is composed of income taxes per IFRS adjusted to reflect the associated tax effect of the excluded significant items; (vi) net income excluding significant items, which is net income before income taxes excluding significant items less income taxes (adjusted); (vii) non-controlling interests (adjusted), which is composed of the non-controlling interests per IFRS less the amortization of the equity component of the non-controlling interests in CGWM UK and adjusted as applicable under the treasury stock method when dilutive; (viii) net income attributable to common shareholders excluding significant items, which is net income excluding significant items less non-controlling interests (adjusted) and preferred share dividends paid on the Series A and Series C Preferred Shares. Other non-IFRS measures include earnings before income taxes, interest, depreciation and amortization (EBITDA), which is net income before taxes excluding significant items and also excludes certain corporate interest revenue and corporate interest expense, depreciation and amortization and normalized EBITDA which is EBITDA excluding certain expenses of a specialized or non-recurring nature. EBITDA does not exclude right of use assets amortization and lease interest expense. The respective figures as described in this paragraph for the Company's operating divisions are determined as described herein and are non-IFRS measures. A reconciliation of non-IFRS measures that exclude significant items to the applicable IFRS measures from the unaudited interim condensed consolidated financial statements for the first quarter of fiscal 2026 can be found above in the table entitled "Summary of results for Q1 fiscal 2026 and selected financial information excluding significant items". Non-IFRS Ratios Non-IFRS ratios are calculated using the non-IFRS measures defined above. For the periods presented herein, we have used the following non-IFRS ratios: (i) total expenses excluding significant items as a percentage of revenue, which is calculated by dividing expenses excluding significant items by revenue excluding significant items; (ii) earnings per common share excluding significant items, which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (basic); (iii) diluted earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (diluted); and (iv) pre-tax profit margin which is calculated by dividing net income before taxes excluding significant items by revenue excluding significant items. Supplementary Financial Measures Client assets are supplementary financial measures that do not have any definitions prescribed under IFRS but do not meet the definition of a non-IFRS measure or non-IFRS ratio. Client assets, which include both assets under management (AUM) and assets under administration (AUA), is a measure that is common to the wealth management business. Client assets is the market value of client assets managed and administered by the Company from which the Company earns commissions and fees. This measure includes funds held in client accounts as well as the aggregate market value of long and short security positions. The Company's method of calculating client assets may differ from the methods used by other companies, and therefore these measures may not be comparable to other companies. Management uses these measures to assess operational performance of the Canaccord Genuity Wealth Management business segment. ACCESS TO QUARTERLY RESULTS INFORMATION Interested parties are invited to listen to Canaccord Genuity's first quarter fiscal 2026 results conference call via live webcast or a toll-free number. The conference call is scheduled for Thursday, August 7, at 8:00 a.m. Eastern time, 1:00 p.m. UK, and 10:00 p.m. Australia AEST. The conference call may be accessed live and will also be archived on a listen-only basis at: Analysts and institutional investors can call in via telephone at: 1-416-945-7677 (within Toronto) 1-888-699-1199 (toll free in North America) 448-002-797-040 (toll free from the United Kingdom) 612-801-71385 (toll free from Australia) Please ask to participate in the Canaccord Genuity Group Inc. Q1/26 results call. If a conference call ID is requested, please use 49869. A replay of the conference call will be made available from approximately two hours after the live call on August 7, 2025, until September 7, 2025, at 1-289-819-1450 or 1-888-660-6345 by entering passcode 49869 followed by the (#) key. ABOUT CANACCORD GENUITY GROUP INC.: Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, the UK & Europe, Asia, and Australia. Canaccord Genuity Group Inc. is listed under the symbol CF on the TSX. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This earnings release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect the Company's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including statements related to potential future transactions, actions by the Management Group or future Board representation. Such forward-looking statements reflect management's current beliefs and are based on information currently available to the Company. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, the trading price of the Company's shares; the Company's financial condition and earnings; market and general economic conditions (including slowing economic growth, inflation and rising interest rates); the dynamic nature of the financial services industry; and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks. Although the forward-looking statements contained in this earnings release are based upon assumptions that the Company believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this earnings release are made as of the date of this earnings release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this earnings release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise. SOURCE Canaccord Genuity Group Inc.
