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GreenFirst Reports Financial Results for the Second Quarter of 2025

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GreenFirst Reports Financial Results for the Second Quarter of 2025

TORONTO, August 13, 2025--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) ("GreenFirst" or the "Company") announced results for the second quarter and two quarters ended June 28, 2025. The Company's interim financial statements ("Financial Statements") and related Management's Discussion and Analysis ("MD&A") for the second quarter and two quarters ended June 28, 2025 are available on GreenFirst's website at and on SEDAR+ at Highlights Q2 2025 net loss from continuing operations was $9.6 million or $0.42 loss per share (diluted), compared to net income of $0.9 million or $0.04 earnings per share (diluted) in Q1 2025. Adjusted EBITDA from continuing operations for Q2 2025 was negative $5.2 million compared to positive $5.1 million in Q1 2025. Benchmark lumber prices declined during the quarter, resulting in an average realized lumber price of $712 per thousand board feet (mfbm) in Q2 2025, down from $729/mfbm in Q1 2025. During Q2 2025, the Company continued collaboration with the Chapleau large log line supplier to ensure the project remains on schedule and within budget. This counter-cyclical investment is supported by anticipated government funding expected in the coming months. The new production line is projected to enhance productivity and reduce unit costs, delivering significant EBITDA benefits starting in 2026 and beyond. On August 8, 2025, the US DOC's Final Determination of its Sixth Administrative Review with respect to imports of softwood lumber products from Canada for 2023 assessed a duty rate higher than what the Company was assessed in 2023. Based on this final rate, calculated to be 35.19%, the Company will record a non-cash duty expense of approximately US$19 million ($26 million CAD), plus accrued interest, in the third quarter of 2025 related to the increase in ADD and CVD rates. Cash deposits are paid at the most recent final ADD and CVD duty rates. Amounts paid to date remain held in trust by the US DOC. GreenFirst Reports Q2 Results Amid Market Uncertainty "Despite market uncertainty, we finished Q2 2025 with higher sales volumes compared to Q1 2025 - approximately 110,000 mfbm versus 90,000 mfbm. We recorded a negative EBITDA of $5.2 million in Q2 2025, primarily due to lower selling prices and higher lumber costs associated with inventory produced in Q1 2025," said Joel Fournier, GreenFirst's Chief Executive Officer. "On a positive note, GreenFirst set a new high during the quarter in terms of production records with volume reaching 115,000 mfbm, the highest in Company history for continuing operations. Looking ahead, we will maintain a prudent approach, preserve a solid balance sheet, and remain focused on the factors we can control - improving operational effectiveness and driving long-term performance." Financial Highlights The following selected financial information is from the Company's financial statements and MD&A: (In thousands of CAD, except per share amounts) June 28, March 29, June 29, For the quarter ended 2025 2025 2024(4 ) Net sales from continuing operations(3) $ 84,538 $ 71,830 $ 69,650 Operating earnings (loss) from continuing operations (8,828 ) 1,411 (9,650 ) Net income (loss) (9,593 ) 920 (14,529 ) Net income (loss) from continuing operations (9,593 ) 920 (9,946 ) Basic earnings (loss) per share (0.42 ) 0.04 (0.82 ) Basic earnings (loss) per share from continuing operations (0.42 ) 0.04 (0.56 ) Diluted earnings (loss) per share (0.42 ) 0.04 (0.82 ) Diluted earnings (loss) per share from continuing operations (0.42 ) 0.04 (0.56 ) Adjusted EBITDA from continuing operations(1)(2) $ (5,161 ) $ 5,060 $ (6,075 ) (In thousands of CAD) June 28, December 31, As at 2025 2024 Total assets $ 216,080 $ 220,466 Total liabilities 77,306 74,850 Total shareholders' equity $ 138,774 $ 145,616 1Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the Company's MD&A. 2Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and negative $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024. 3Includes net sales to external parties. 4Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for further information. Net sales in Q2 2025 were $84.5 million, representing an approximate 18% increase compared to Q1 2025. This increase was primarily driven by higher shipments during the quarter, partially offset by lower realized prices. Cost of sales were $80.1 million, an increase of approximately 29% compared to Q1 2025. The increase in cost of sales was primarily due to higher shipment volumes during the quarter. Other Expenses Duties expense of $8.3 million in the second quarter of 2025 was higher than the first quarter of 2025 of $5.7 million due to higher shipments. During both quarters the Company was subject to a combined duty rate of 14.4%. SG&A expenses were $4.6 million in the second quarter of 2025 compared to $2.6 million in the first quarter of 2025, which was primarily due to non-cash compensation expenses in addition to higher non-recurring professional and legal services in the current period. Liquidity and Borrowings At June 28, 2025, the Company had $4.4 million in cash on hand and $39.8 million, less $8.1 million for standby letters of credit, of excess availability under its revolving portion of the credit facility. In addition, the Company also had access to $12.7 million remaining under its equipment financing portion of the credit facility. The Company had drawn down $12.5 million under its revolving portion of the credit facility and $12.3 million (net of repayments) under its equipment financing agreement as at June 28, 2025. Outlook The economic outlook for the lumber industry reflects a balance of ongoing challenges and emerging opportunities. Macroeconomic concerns are beginning to stabilize, which may support a recovery in lumber demand and pricing. In North America, the housing market is showing signs of recovery after recent volatility. Mortgage rates are expected to ease while price growth moderates in 2025, which should improve affordability for borrowers. This could provide relief to homeowners and support demand in new construction, remodeling, and renovation activity which are all key factors that are expected to continue driving lumber demand. However, it's hard to say for sure how much mortgage rates will go down and it is also possible they will rise due to the current economic uncertainty. Structural market dynamics are also contributing to longer-term demand fundamentals. A persistent shortage of housing inventory in the U.S., the aging of the existing housing stock, and demographic-driven demand are likely to support the lumber market both in the near and long term. In the short term, reduced lumber demand and conservative inventory management are creating supply-side pressures. Supply constraints persist, particularly in Western Canada due to wildfire impacts, regulatory harvest limits, and mill curtailments. While these factors mainly affect Western provinces, limited timber availability and transportation challenges also influence the broader Canadian lumber supply chain, including Ontario. These constraints contribute to ongoing tightness in lumber supply which could help stabilize or even support lumber prices in the coming months. Labour market constraints remain a key challenge for the industry, contributing to higher costs and occasional production disruptions. Inflationary pressures across North America have further increased the cost of critical inputs, placing additional strain on operational efficiency. Staffing challenges and tight wood supply are ongoing risks that could negatively impact production output and margins across the industry. Despite these pressures, continuous improvements in production and processing techniques are driving gains in efficiency and helping reduce costs. Companies with access to capital to invest in modern, efficient equipment are better positioned to enhance long-term competitiveness. A growing focus on environmental sustainability is also reshaping the industry landscape. Organizations that prioritize sustainable forest management and environmentally responsible operations are increasingly gaining favor among regulators, consumers, and investors. GreenFirst is aligned with this trend, producing high-quality lumber in a safe and responsible manner. We are committed to protecting our employees and the environment while creating long-term value for our stakeholders. Our renewable building materials sequester carbon and represent a natural solution in the global effort to combat climate change. Nonetheless, downside risks remain. Should broader economic conditions or employment levels weaken significantly, or if interest rates remain elevated for an extended period without sufficient adjustments in housing prices, affordability could remain strained. This scenario could suppress new home construction and, in turn, reduce near-term demand for lumber products. Our company, based in Ontario, primarily supplies SPF lumber products to the U.S. market. On a year-to-date basis, SPF lumber prices have rebounded in 2025, with benchmark prices increasing approximately 8-10%. Pricing strength is supported by constrained supply, elevated U.S. rebuilding demand (notably in wildfire-affected areas), and ongoing trade-related duties on Canadian exports. Similar to most Canadian softwood lumber exporters, our company faces combined anti-dumping and countervailing duties of approximately 34–35% imposed by the U.S. Department of Commerce. Our SPF products have largely remained exempt from tariffs due to compliance with the United States-Mexico-Canada Agreement (USMCA), except for a two-day period in the first quarter of 2025. The actual impact of any current or future tariffs remains unknown and cannot be reasonably estimated at this time. Several factors will influence the outcome, including the effective date and duration of any new trade actions, potential changes in the amount, scope, or nature of the tariffs, and the possibility of countermeasures by the Canadian government. Additionally, any mitigating actions available to the Company or the broader industry may affect the overall impact. We continue to monitor developments closely and assess their potential implications for our operations and financial position. Reconciliation of Adjusted EBITDA References to EBITDA in this document are measures of earnings (loss) before interest and finance costs, income taxes, depreciation and amortization, while references to Adjusted EBITDA reflect EBITDA plus other non-operating costs such as impact of valuation changes on the Company's investments, loss on sale of assets and other non-operating losses. Management believes that certain lenders, investors, and analysts use EBITDA and Adjusted EBITDA as a common valuation measurement and to measure the Company's ability to service debt and meet other payment obligations. EBITDA and Adjusted EBITDA are not intended to replace net earnings (loss), or other measures of financial performance and liquidity reported in accordance with GAAP. For more information on non-GAAP measures, please see the Company's MD&A. (In thousands of CAD) June 28, March 29, June 29, For the quarter ended 2025 2025 2024(3 ) Net income (loss) from continuing operations $ (9,593 ) $ 920 $ (9,946 ) Adjustments: Finance costs, net 797 440 1,101 Income taxes (32 ) 51 (321 ) Depreciation and amortization 3,667 3,649 3,575 EBITDA (5,161 ) 5,060 (5,591 ) Gain on sale of assets — — (484 ) Adjusted EBITDA from continuing operations(1)(2) $ (5,161 ) $ 5,060 $ (6,075 ) 1Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the Company's MD&A. 2Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and negative $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024. 3Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for further information. Earnings Conference Call GreenFirst will host a conference call to review the Q2 2025 financial results on Wednesday, August 13, 2025 at 9:00am (Eastern). The live webcast of the earnings conference call can be accessed via web: and via phone: (+1) 416 764 8658 or (+1) 888 886 7786. A replay of the webcast and presentation slides will be available on GreenFirst's website following the conference call. About GreenFirst GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over six million hectares of FSC® certified public Ontario forest lands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. Forward Looking Information Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "estimate" or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst's public disclosure record filed under its profile on Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more information, please visit: or contact Investor Relations (416) 775 2821 View source version on Contacts Investor Relations (416) 775 2821 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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GreenFirst Reports Financial Results for the Second Quarter of 2025

TORONTO, August 13, 2025--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) ("GreenFirst" or the "Company") announced results for the second quarter and two quarters ended June 28, 2025. The Company's interim financial statements ("Financial Statements") and related Management's Discussion and Analysis ("MD&A") for the second quarter and two quarters ended June 28, 2025 are available on GreenFirst's website at and on SEDAR+ at Highlights Q2 2025 net loss from continuing operations was $9.6 million or $0.42 loss per share (diluted), compared to net income of $0.9 million or $0.04 earnings per share (diluted) in Q1 2025. Adjusted EBITDA from continuing operations for Q2 2025 was negative $5.2 million compared to positive $5.1 million in Q1 2025. Benchmark lumber prices declined during the quarter, resulting in an average realized lumber price of $712 per thousand board feet (mfbm) in Q2 2025, down from $729/mfbm in Q1 2025. During Q2 2025, the Company continued collaboration with the Chapleau large log line supplier to ensure the project remains on schedule and within budget. This counter-cyclical investment is supported by anticipated government funding expected in the coming months. The new production line is projected to enhance productivity and reduce unit costs, delivering significant EBITDA benefits starting in 2026 and beyond. On August 8, 2025, the US DOC's Final Determination of its Sixth Administrative Review with respect to imports of softwood lumber products from Canada for 2023 assessed a duty rate higher than what the Company was assessed in 2023. Based on this final rate, calculated to be 35.19%, the Company will record a non-cash duty expense of approximately US$19 million ($26 million CAD), plus accrued interest, in the third quarter of 2025 related to the increase in ADD and CVD rates. Cash deposits are paid at the most recent final ADD and CVD duty rates. Amounts paid to date remain held in trust by the US DOC. GreenFirst Reports Q2 Results Amid Market Uncertainty "Despite market uncertainty, we finished Q2 2025 with higher sales volumes compared to Q1 2025 - approximately 110,000 mfbm versus 90,000 mfbm. We recorded a negative EBITDA of $5.2 million in Q2 2025, primarily due to lower selling prices and higher lumber costs associated with inventory produced in Q1 2025," said Joel Fournier, GreenFirst's Chief Executive Officer. "On a positive note, GreenFirst set a new high during the quarter in terms of production records with volume reaching 115,000 mfbm, the highest in Company history for continuing operations. Looking ahead, we will maintain a prudent approach, preserve a solid balance sheet, and remain focused on the factors we can control - improving operational effectiveness and driving long-term performance." Financial Highlights The following selected financial information is from the Company's financial statements and MD&A: (In thousands of CAD, except per share amounts) June 28, March 29, June 29, For the quarter ended 2025 2025 2024(4 ) Net sales from continuing operations(3) $ 84,538 $ 71,830 $ 69,650 Operating earnings (loss) from continuing operations (8,828 ) 1,411 (9,650 ) Net income (loss) (9,593 ) 920 (14,529 ) Net income (loss) from continuing operations (9,593 ) 920 (9,946 ) Basic earnings (loss) per share (0.42 ) 0.04 (0.82 ) Basic earnings (loss) per share from continuing operations (0.42 ) 0.04 (0.56 ) Diluted earnings (loss) per share (0.42 ) 0.04 (0.82 ) Diluted earnings (loss) per share from continuing operations (0.42 ) 0.04 (0.56 ) Adjusted EBITDA from continuing operations(1)(2) $ (5,161 ) $ 5,060 $ (6,075 ) (In thousands of CAD) June 28, December 31, As at 2025 2024 Total assets $ 216,080 $ 220,466 Total liabilities 77,306 74,850 Total shareholders' equity $ 138,774 $ 145,616 1Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the Company's MD&A. 2Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and negative $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024. 3Includes net sales to external parties. 4Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for further information. Net sales in Q2 2025 were $84.5 million, representing an approximate 18% increase compared to Q1 2025. This increase was primarily driven by higher shipments during the quarter, partially offset by lower realized prices. Cost of sales were $80.1 million, an increase of approximately 29% compared to Q1 2025. The increase in cost of sales was primarily due to higher shipment volumes during the quarter. Other Expenses Duties expense of $8.3 million in the second quarter of 2025 was higher than the first quarter of 2025 of $5.7 million due to higher shipments. During both quarters the Company was subject to a combined duty rate of 14.4%. SG&A expenses were $4.6 million in the second quarter of 2025 compared to $2.6 million in the first quarter of 2025, which was primarily due to non-cash compensation expenses in addition to higher non-recurring professional and legal services in the current period. Liquidity and Borrowings At June 28, 2025, the Company had $4.4 million in cash on hand and $39.8 million, less $8.1 million for standby letters of credit, of excess availability under its revolving portion of the credit facility. In addition, the Company also had access to $12.7 million remaining under its equipment financing portion of the credit facility. The Company had drawn down $12.5 million under its revolving portion of the credit facility and $12.3 million (net of repayments) under its equipment financing agreement as at June 28, 2025. Outlook The economic outlook for the lumber industry reflects a balance of ongoing challenges and emerging opportunities. Macroeconomic concerns are beginning to stabilize, which may support a recovery in lumber demand and pricing. In North America, the housing market is showing signs of recovery after recent volatility. Mortgage rates are expected to ease while price growth moderates in 2025, which should improve affordability for borrowers. This could provide relief to homeowners and support demand in new construction, remodeling, and renovation activity which are all key factors that are expected to continue driving lumber demand. However, it's hard to say for sure how much mortgage rates will go down and it is also possible they will rise due to the current economic uncertainty. Structural market dynamics are also contributing to longer-term demand fundamentals. A persistent shortage of housing inventory in the U.S., the aging of the existing housing stock, and demographic-driven demand are likely to support the lumber market both in the near and long term. In the short term, reduced lumber demand and conservative inventory management are creating supply-side pressures. Supply constraints persist, particularly in Western Canada due to wildfire impacts, regulatory harvest limits, and mill curtailments. While these factors mainly affect Western provinces, limited timber availability and transportation challenges also influence the broader Canadian lumber supply chain, including Ontario. These constraints contribute to ongoing tightness in lumber supply which could help stabilize or even support lumber prices in the coming months. Labour market constraints remain a key challenge for the industry, contributing to higher costs and occasional production disruptions. Inflationary pressures across North America have further increased the cost of critical inputs, placing additional strain on operational efficiency. Staffing challenges and tight wood supply are ongoing risks that could negatively impact production output and margins across the industry. Despite these pressures, continuous improvements in production and processing techniques are driving gains in efficiency and helping reduce costs. Companies with access to capital to invest in modern, efficient equipment are better positioned to enhance long-term competitiveness. A growing focus on environmental sustainability is also reshaping the industry landscape. Organizations that prioritize sustainable forest management and environmentally responsible operations are increasingly gaining favor among regulators, consumers, and investors. GreenFirst is aligned with this trend, producing high-quality lumber in a safe and responsible manner. We are committed to protecting our employees and the environment while creating long-term value for our stakeholders. Our renewable building materials sequester carbon and represent a natural solution in the global effort to combat climate change. Nonetheless, downside risks remain. Should broader economic conditions or employment levels weaken significantly, or if interest rates remain elevated for an extended period without sufficient adjustments in housing prices, affordability could remain strained. This scenario could suppress new home construction and, in turn, reduce near-term demand for lumber products. Our company, based in Ontario, primarily supplies SPF lumber products to the U.S. market. On a year-to-date basis, SPF lumber prices have rebounded in 2025, with benchmark prices increasing approximately 8-10%. Pricing strength is supported by constrained supply, elevated U.S. rebuilding demand (notably in wildfire-affected areas), and ongoing trade-related duties on Canadian exports. Similar to most Canadian softwood lumber exporters, our company faces combined anti-dumping and countervailing duties of approximately 34–35% imposed by the U.S. Department of Commerce. Our SPF products have largely remained exempt from tariffs due to compliance with the United States-Mexico-Canada Agreement (USMCA), except for a two-day period in the first quarter of 2025. The actual impact of any current or future tariffs remains unknown and cannot be reasonably estimated at this time. Several factors will influence the outcome, including the effective date and duration of any new trade actions, potential changes in the amount, scope, or nature of the tariffs, and the possibility of countermeasures by the Canadian government. Additionally, any mitigating actions available to the Company or the broader industry may affect the overall impact. We continue to monitor developments closely and assess their potential implications for our operations and financial position. Reconciliation of Adjusted EBITDA References to EBITDA in this document are measures of earnings (loss) before interest and finance costs, income taxes, depreciation and amortization, while references to Adjusted EBITDA reflect EBITDA plus other non-operating costs such as impact of valuation changes on the Company's investments, loss on sale of assets and other non-operating losses. Management believes that certain lenders, investors, and analysts use EBITDA and Adjusted EBITDA as a common valuation measurement and to measure the Company's ability to service debt and meet other payment obligations. EBITDA and Adjusted EBITDA are not intended to replace net earnings (loss), or other measures of financial performance and liquidity reported in accordance with GAAP. For more information on non-GAAP measures, please see the Company's MD&A. (In thousands of CAD) June 28, March 29, June 29, For the quarter ended 2025 2025 2024(3 ) Net income (loss) from continuing operations $ (9,593 ) $ 920 $ (9,946 ) Adjustments: Finance costs, net 797 440 1,101 Income taxes (32 ) 51 (321 ) Depreciation and amortization 3,667 3,649 3,575 EBITDA (5,161 ) 5,060 (5,591 ) Gain on sale of assets — — (484 ) Adjusted EBITDA from continuing operations(1)(2) $ (5,161 ) $ 5,060 $ (6,075 ) 1Adjusted EBITDA is a Non‐GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the Non-GAAP Measures section in the Company's MD&A. 2Non-GAAP Adjusted EBITDA before one-time duties recoveries for the second quarter and two quarters ended June 28, 2025 was negative $5.2 million and negative $0.1 million respectively, compared to negative $6.1 million and $0.2 million respectively, for the second quarter and two quarters ended June 29, 2024. 3Certain prior period amounts have been restated as a result of a change in presentation of the Company's Financial Statements for continuing and discontinued operations under IFRS. Please refer to Note 4 - Discontinued Operations, in the Company's Financial Statements for further information. Earnings Conference Call GreenFirst will host a conference call to review the Q2 2025 financial results on Wednesday, August 13, 2025 at 9:00am (Eastern). The live webcast of the earnings conference call can be accessed via web: and via phone: (+1) 416 764 8658 or (+1) 888 886 7786. A replay of the webcast and presentation slides will be available on GreenFirst's website following the conference call. About GreenFirst GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over six million hectares of FSC® certified public Ontario forest lands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. Forward Looking Information Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend", "estimate" or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst's public disclosure record filed under its profile on Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more information, please visit: or contact Investor Relations (416) 775 2821 View source version on Contacts Investor Relations (416) 775 2821 Sign in to access your portfolio

Electric Cars Are the Future. VinFast Wants to Make Owning One Effortless

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Electric Cars Are the Future. VinFast Wants to Make Owning One Effortless

MARKHAM, Ontario, August 13, 2025--(BUSINESS WIRE)--VinFast's strategy in Canada centers on giving owners confidence in their purchases, with its two SUV models backed by an industry-leading 10-year warranty. Today's EVs are safer, smarter and more reliable than ever. Advances in battery technology, onboard software and vehicle design have brought features once exclusive to luxury sedans into the mainstream. Every new model, even in the mid-price segment, offers compelling range, high-resolution touchscreens and advanced driver-assist systems that rival those of long-established brands. Yet the true test of any car comes after the sale. Drivers know that prompt, competent service can make or break long-term satisfaction. A delayed repair or an unresponsive service can quickly turn early enthusiasm into buyer's remorse. And in Canada, a robust warranty and a dependable service network are essentials in a country that spans six time zones and a climate that ranges from bitter cold to scorching heat. VinFast's approach begins with one of the most generous warranty packages the industry offers. Each of its models—the mid-size VF 8 with up to 412 km of range and the full-size VF 9 that seats seven—carries a 10-year or 200,000-kilometre bumper-to-bumper guarantee and a 10-year unlimited-km battery warranty under normal usage. "10-year warranty is definitely the easy decision to pick up the VF8 and additional peace of mind," said retiree Dien Do, a VF 8 owner. For charging convenience, VinFast has partnered with local networks and integrated its mobile app with 95 percent of public charging stations across North America. The VinFast app provides more public charging options than any other OEM or third-party app, granting owners access to over 100,000 Level 2 AC and DC fast chargers . It also enables users to book service appointments and summon roadside assistance through a single interface. Industry data underline the importance of these measures by VinFast. A 2024 survey by Capgemini Research Institute found that 57 percent of car owners who are unhappy with post-purchase service would consider switching brands within 18 months1, and nearly 80 percent rank warranties as a key factor in their buying decision2. By combining class-leading coverage with local service partnerships, VinFast aims to convert these wary customers into lifelong advocates. But VinFast's commitment goes beyond warranties and service accreditation. The company offers software updates for infotainment and driver-assist systems. Whether it's refining the user interface or improving the drive handling or even adding new features, these upgrades keep vehicles performing at their best. For Canadian drivers weighing their first EV purchase, VinFast's model offers a clear proposition: two well-equipped SUVs, one of the strongest warranty packages in the business, and a growing network of service partners across the country. Its focus on after-sales support represents a practical step toward making electric-vehicle ownership as effortless as promised. ____________________ 1 2 View source version on Contacts John Lindo – Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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