STAMPEDE DRILLING INC. ANNOUNCES 2025 SECOND QUARTER RESULTS
The following press release should be read in conjunction with the December 31, 2024 audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting (together, "IFRS Accounting Standards"), and the annual information form ("AIF") for the year ended December 31, 2024, as well as the unaudited condensed consolidated interim financial statements and notes for the three and six month periods ended June 30, 2025 and 2024 and management's discussion and analysis thereon. Additional information regarding Stampede, including the AIF, is available on SEDAR+ at www.sedarplus.ca.
All amounts or dollar figures are denominated in thousands of Canadian dollars except for number of drilling rigs, operating days, or unless otherwise noted. All share amounts are presented to the nearest thousand.
Estimates and forward-looking information are based on assumptions of future events and actual results may vary from these estimates. See "Forward-Looking Information" in this press release for additional details.
SECOND QUARTER 2025 OPERATIONAL HIGHLIGHTS
Revenue of $6,009 – a decrease of $3,909 (39%) from $9,918 in the corresponding 2024 period. The decrease was primarily due to the decreased number of operating days.
Gross Margin (1) of 16% – a decrease of 14% from 30% in the corresponding 2024 period. The decrease was primarily due to the reduction in operating days and revenue, along with an increase in repair and maintenance costs per day.
Net Loss of $2,996 – a decrease of $748 (33%) from $2,248 in the corresponding 2024 period. The decrease was primarily due to an increase in depreciation offset by a recovery on deferred income tax expense compared to the corresponding period of 2024.
Adjusted EBITDA (1) of ($609) – a decrease of $1,543 (165%) from $934 in the corresponding 2024 period. The decrease was primarily due to customer drilling program deferrals and operator consolidation, which resulted in a reduction in operating days and operating margin.
Free Cash Flow (1) of ($2,301) – a decrease of $(1,460) (174%) from ($841) in the corresponding 2024 period, primarily due to a decrease in funds from operating activities compared to the corresponding 2024 period.
Repurchase of 3,125 common shares – In the second quarter of 2025, the Corporation repurchased and cancelled 3,125 common shares under its normal course issuer bid ("NCIB"), representing 13.4% of its issued and outstanding common shares as at June 30, 2025, at a weighted average price per common share of $0.14, for total consideration of $438. The Corporation's NCIB expired on June 2, 2025.
OUTLOOK
Commodity pricing continued to be volatile throughout the second quarter of 2025. Ongoing geopolitical challenges affecting global energy supply and demand are expected to continue to impact commodity pricing, which we anticipate continuing for the back half of 2025 and into 2026. However, increased tidewater access for Canadian producers from the startup of the Trans Mountain pipeline expansion during 2024 and LNG Canada commencing operations in 2025 are anticipated to help alleviate some of these pressures.
Despite the continued pressure on our customers 2025 capital budgets due to the continued commodity pricing volatility, Stampede had 14 out of its 17 marketable rigs operational during the first half of 2025. Stampede anticipates building on this positive momentum into the back half of 2025.
On July 21, 2025, with the support of its banking syndicate, Stampede extended the term of its Credit Agreement (as defined herein) from September 20, 2026, to September 20, 2028. Under the Credit Agreement, the total $50 million facility remains unchanged consisting of a $20 million non-revolving term loan and two separate $15 million revolving credit facilities. The extension of the Credit Facilities (as defined herein) will allow Stampede to continue to pursue further growth opportunities and potential returns to our shareholders.
(1) – Refer to "Non-GAAP and Other Financial Measures" for further information.
FINANCIAL SUMMARY
Three months ended, June 30
Six months ended, June 30
(000's CAD $ except per share amounts)
2025
2024
% Change
2025
2024
% Change
Revenue
6,009
9,918
(39 %)
29,416
37,417
(21 %)
Direct operating expenses
5,049
6,980
(28 %)
20,588
24,566
(16 %)
Gross margin (1)
960
2,938
(67 %)
8,828
12,851
(31 %)
Net (loss) income
(2,996)
(2,248)
33 %
(1,559)
2,691
(158 %)
Basic and diluted (loss) income per share
(0.01)
(0.01)
nm
(0.01)
0.01
nm
Adjusted EBITDA (loss) (1)
(609)
934
(165 %)
4,506
8,596
(48 %)
Funds (used in) from operating activities
(728)
905
(180 %)
4,373
8,516
(49 %)
Free cash flow (1)
(2,301)
(841)
nm
1,589
4,307
(63 %)
Weighted average common shares outstanding (000's)
199,942
213,557
(6 %)
201,992
212,417
(5 %)
Weighted average diluted common shares outstanding (000's)
199,942
213,557
(6 %)
201,992
212,728
(5 %)
Capital expenditures
4,439
3,632
22 %
9,231
9,812
(6 %)
Number of marketed rigs
17
19
(11 %)
17
19
(11 %)
Drilling rig utilization (2)
15 %
20 %
(5 %)
34 %
38 %
(4 %)
CAOEC industry average utilization (3)
30 %
30 %
nm
42 %
40 %
2 %
nm - not meaningful
(1) Refer to "Non-GAAP and Other Financial Measures" for further information.
(2) Drilling rig utilization is calculated based on operating days (spud to rig release).
(3) Source: The Canadian Association of Energy Contractors ("CAOEC") monthly Contractor Summary. The CAOEC industry average is based on operating days divided by total available drilling days.
DESCRIPTION OF STAMPEDE'S BUSINESS
Stampede is an energy services company that provides premier contract drilling services in Western Canada. Stampede operates a fleet of 17 marketable telescopic double drilling rigs suited for most formations within the Western Canadian Sedimentary Basin ("WCSB"). The Corporation's head office is located in Calgary, Alberta with operations based out of Nisku, Alberta and Estevan, Saskatchewan. The Corporation's common shares trade on the TSX Venture Exchange (the "TSXV") under the symbol "SDI".
RECENT DEVELOPMENTS
On July 21, 2025, the Corporation entered into an amending agreement (the "First Amending Agreement") to its amended and restated credit agreement with Royal Bank of Canada and The Toronto-Dominion Bank originally made as of September 20, 2023 and amended and restated as of August 21, 2024 (as amended by the First Amending Agreement, the "Credit Agreement"), extending the term and limits of the Credit Agreement from September 20, 2026 to September 20, 2028. Under the Credit Agreement, the Corporation has an available limit of $20 million under a non-revolving term loan (the "Term Loan Facility"), $15 million under a revolving credit facility (the "Syndicated Facility") and $15 million under an additional revolving credit facility (the "Operating Facility", and collectively with the Term Loan Facility and the Syndicated Facility, the "Credit Facilities").
RESULTS FROM OPERATIONS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025
(1) Refer to "Non-GAAP and Other Financial Measures" for further information.
(2) Defined as contract drilling days, between spud to rig release.
(3) Drilling rig revenue per day is calculated by revenue divided by drilling rig operating days.
(4) Drilling rig utilization is calculated based on operating days (spud to rig release).
(5) Source: The Canadian Association of Energy Contractors ("CAOEC") monthly Contractor Summary. The CAOEC industry average is based on Operating Days divided by total available drilling days.
Revenue of $29,416 – a decrease of $8,001 (21%) from $37,417 in the corresponding 2024 period. The decrease was primarily driven by a 21% decrease in operating days compared to the corresponding period of 2024.
Operating days of 1,031 – a decrease of 268 operating days (21%) from 1,299 operating days in the corresponding 2024 period. Operating days decreased due to customer consolidation and drilling program deferrals in the first half of 2025, resulting in lower drilling rig utilization compared to the corresponding period of 2024.
Gross margin percentage of 30% – a decrease of 4% from 34% in the corresponding 2024 period. The gross margin decrease was primarily due to the reduction in operating days and revenue, along with an increase in repair and maintenance costs per day.
Net loss of $1,559 – a decrease of $4,250 (158%) from $2,691 in the corresponding 2024 period. The decrease was primarily related to decreased Adjusted EBITDA, along with increased depreciation costs.
General and administrative expenses of $5,035 – a decrease of $121 (2%) from $5,156 in the corresponding 2024 period. The decrease was primarily related to the decrease in share-based payments in the first half of 2025.
Adjusted EBITDA of $4,506 – a decrease of $4,090 (48%) from $8,596 in the corresponding 2024 period. The decrease was primarily due to customer drilling program deferrals and operator consolidation resulting in a reduction in operating days and operating margin.
RESULTS FROM OPERATIONS FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2025
(1) Refer to "Non-GAAP and Other Financial Measures" for further information.
(2) Defined as contract drilling days, between spud to rig release.
(3) Drilling rig revenue per day is calculated by revenue divided by drilling rig operating days.
(4) Drilling rig utilization is calculated based on operating days (spud to rig release).
(5) Source: The Canadian Association of Energy Contractors ("CAOEC") monthly Contractor Summary. The CAOEC industry average is based on Operating Days divided by total available drilling days.
Revenue of $6,009 – a decrease of $3,909 (39%) from $9,918 in the corresponding 2024 period. The decrease was primarily driven by a 34% decrease in operating days compared to the corresponding period of 2024.
Operating days of 226 – a decrease of 117 operating days (34%) from 343 operating days in the corresponding 2024 period. Operating days decreased due to customer consolidation and drilling program deferrals in the second quarter of 2025, resulting in lower drilling rig utilization compared to the corresponding period of 2024.
Gross margin percentage of 16% – a decrease of 14% from 30% in the corresponding 2024 period. The gross margin decrease was primarily due to the reduction in operating days and revenue, along with an increase in repair and maintenance costs per day.
Net loss of $2,996 – a decrease of $748 (33%) from ($2,248) in the corresponding 2024 period. The decrease was primarily due to an increase in depreciation offset by a recovery on deferred income tax expense.
General and administrative expenses of $1,918 – a decrease of $712 (27%) from $2,630 in the corresponding 2024 period. The decrease was primarily related to the decrease in share based compensation, worker compensation insurance and credit loss allowance in the second quarter of 2025.
Adjusted EBITDA of ($609) – a decrease of $1,543 (165%) from $934 in the corresponding 2024 period. The decrease was primarily due to customer drilling program deferrals and operator consolidation resulting in a reduction in operating days and operating margin.
NON-GAAP AND OTHER FINANCIAL MEASURES
This press release contains references to (i) adjusted EBITDA, (ii) gross margin (iii) gross margin percentage, and (iv) free cash flow. These financial measures are not measures that have any standardized meaning prescribed by IFRS Accounting Standards and are therefore referred to as non-generally accepted accounting principles ("non-GAAP") measures. The non-GAAP measures used by the Corporation may not be comparable to similar measures used by other companies.
(i) Adjusted EBITDA - is defined as "income from operations before interest income, interest expense, taxes, transaction costs, depreciation and amortization, share-based compensation expense, gains on asset disposals, impairment expenses, other income, foreign exchange, non-recurring restructuring charges, finance costs, accretion of debentures and other income/expenses, foreign exchange gain and any other items that the Corporation considers appropriate to adjust given the irregular nature and relevance to comparable operations." Management believes that in addition to net income, adjusted EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Corporation's principal business activities prior to consideration of how these activities are financed, how assets are depreciated, amortized and impaired, the impact of foreign exchange, or how the results are affected by the accounting standards associated with the Corporation's stock-based compensation plan. Investors should be cautioned, however, that adjusted EBITDA should not be construed as an alternative to net income and comprehensive income determined in accordance with IFRS Accounting Standards as an indicator of the Corporation's performance. The Corporation's method of calculating adjusted EBITDA may differ from that of other organizations and, accordingly, its adjusted EBITDA may not be comparable to that of other companies.
(ii) Gross margin - is defined as "Income from operations before depreciation of property and equipment". Gross margin is a measure that provides shareholders and potential investors additional information regarding the Corporation's cash generating and operating performance. Management utilizes this measure to assess the Corporation's operating performance. Investors should be cautioned, however, that gross margin should not be construed as an alternative to net income (loss) determined in accordance with IFRS Accounting Standards as an indicator of the Corporation's performance. The Corporation's method of calculating gross margin may differ from that of other organizations and, accordingly, its gross margin may not be comparable to that of other companies
(iii) Gross margin percentage - is calculated as gross margin divided by revenue. The Corporation believes gross margin as a percentage of revenue is an important measure to determine how the Corporation is managing its revenues and corresponding cost of sales. The Corporation's method of calculating gross margin percentage may differ from that of other organizations and, accordingly, its gross margin percentage may not be comparable to that of other companies.
The following table reconciles the Corporation's income from operations, being the most directly comparable financial measure disclosed in the Corporation's interim financial statements, to gross margin and gross margin percentage:
(iv) Free cash flow - is calculated based on funds from operating activities less maintenance and sustaining capital, and interest and principal debt repayments. The Corporation uses this measure to assess the discretionary cash that management has to invest in growth capital, asset acquisitions, or return capital to shareholders. The Corporation's method of calculating free cash flow may differ from that of other organizations and, accordingly, its free cash flow may not be comparable to that of other companies. The following table reconciles the Corporation's funds from operating activities to free cash flow.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking information"). Forward-looking information relates to future events or the Corporation's future performance. All information other than statements of historical fact is forward-looking information. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "could", "should", "believe", "predict", and "forecast" are intended to identify forward-looking information.
This press release contains forward-looking information pertaining to, among other things: the Corporation's performance; expectations associated with the Corporation's outlook, including among other things, anticipated commodity prices and the volatility thereof and potential mitigating factors, including the Trans Mountain pipeline expansion and LNG Canada commencing operations; expectations about industry activities and the impacts thereof on the Corporation; market conditions and corresponding rig utilization; the ability of the Corporation to pursue growth opportunities and potential returns to its shareholders; future projects and the anticipated benefits thereof to the Corporation; and factors impacting global energy supply.
Forward-looking information is based on certain assumptions that Stampede has made in respect thereof as at the date of this press release regarding, among other things: the Corporation's ability to fully crew and contract its rigs; the success of the measures implemented by the Corporation to ensure the safe, efficient and reliable operations at each of its drilling sites; the effectiveness of the Corporation's financial risk management policies at ensuring all payables are paid within the pre-agreed credit terms; that the Corporation has adequate access to its credit facilities to provide the necessary liquidity needed to manage fluctuations in the timing of receipt and/or disbursement of operating cash flows; expectations regarding Stampede's share price; the impact of inflation, weather conditions, and expectations regarding the duration and overall impact of the continued conflicts in Ukraine and the Middle East; the ability of the Corporation to retain qualified staff; the ability of the Corporation to maintain key customers; the ability of the Corporation to obtain financing on acceptable terms; the belief that the Corporation's principal sources of liquidity will be sufficient to service its debt and fund its operations and other strategic opportunities; the ability to protect and maintain the Corporation's intellectual property; and the regulatory framework regarding taxes and environmental matters in the jurisdictions in which the Corporation operates.
Forward-looking information is presented in this press release for the purpose of assisting investors and others in understanding certain key elements of the Corporation's financial results and business plan, as well as the objectives, strategic priorities and business outlook of the Corporation, and in obtaining a better understanding of the Corporation's anticipated operating environment. Readers are cautioned that such forward-looking information may not be appropriate for other purposes.
While Stampede believes the expectations and material factors and assumptions reflected in the forward-looking information is reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. Forward-looking information is not a guarantee of future performance and actual results or events could differ materially from the expectations of the Corporation expressed in or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information is subject to a number of known and unknown risks and uncertainties including, but not limited to: the condition of the global economy, including trade, inflation, the ongoing conflict in Ukraine, the Middle East and other geopolitical risks, including the imposition of tariffs and other non-tariff trade barriers; the condition of the crude oil and natural gas industry and related commodity prices; other commodity prices and the potential impact on the Corporation and the industry in which the Corporation operates, including levels of exploration and development activities; the impact of increasing competition; fluctuations in operating results; the ongoing significant volatility in world markets and the resulting impact on drilling and completions programs; foreign currency exchange rates; interest rates; labour and material shortages; cyber security risks; natural catastrophes; and certain other risks and uncertainties detailed under the heading "Risks and Uncertainties" in the Corporation's annual MD&A and under the heading "Risk Factors" in the Corporation's AIF, each dated March 13, 2025, for the year ended December 31, 2024, and from time to time in Stampede's public disclosure documents available at www.sedarplus.ca.
This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted, or projected. Statements, including forward-looking information, are made as of the date of this press release and the Corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. All forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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Primo Brands also utilizes Adjusted net income (loss), Adjusted net income (loss) per diluted share, Adjusted EBITDA and Adjusted EBITDA margin to separate the impact of certain items as listed in the below reconciliations from the underlying business. Because Primo Brands uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Primo Brands' underlying business performance and the performance of its management. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Additionally, Primo Brands supplements its reporting of net cash provided by (used in) operating activities from continuing operations determined in accordance with GAAP by excluding additions to property, plant and equipment and additions to intangible assets to present Free Cash Flow, and by excluding the additional items identified on the exhibits hereto to present Adjusted Free Cash Flow, which management believes provides useful information to investors in assessing our performance, comparing Primo Brands' performance to the performance of the Company's peer group and assessing the Company's ability to service debt and finance strategic opportunities, which include investing in Primo Brands' business, making strategic acquisitions, paying dividends, and strengthening the balance sheet. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Primo Brands' financial statements prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables. In addition, the non-GAAP financial measures included in this earnings announcement reflect management's judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. We have not reconciled our long-term organic net sales growth guidance to GAAP net sales, because we do not provide guidance for such GAAP measures due to the uncertainty and potential variability of net sales from acquisitions, which is a reconciling item between organic net sales growth and net sales growth. Because this item cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure. However, such items could have a significant impact on our future GAAP net income or loss and GAAP net income or loss margin. Safe Harbor Statements This press release contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management's expectations as to the future based on plans, estimates and projections at the time Primo Brands makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo Brands cautions you that several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities," and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. The forward-looking statements contained in this press release include, but are not limited to, statements regarding future financial and operating trends and results (including Primo Brands' 2025 outlook), anticipated synergies and other benefits from the business combination of BlueTriton and Primo Water, the number of shares that may be repurchased under the share repurchase program, the impact of macroeconomic trends on Primo Brands' business, progress on resolving certain service issues and execution of the Company's strategy and Primo Brands' competitive position. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable, but there is no assurance that they will prove to be accurate. Factors that could cause actual results to differ materially from those described in this press release include, among others: our ability to manage our expanded operations following the business combination; we have no operating or financial history as a combined company; we face significant competition in the segment in which we operate; our success depends, in part, on our intellectual property; we may not be able to consummate acquisitions, or acquisitions may be difficult to integrate, and we may not realize the expected benefits; our business is dependent on our ability to maintain access to our water sources; our ability to respond successfully to consumer trends related to our products; the loss or reduction in sales to any significant customer; our packaging supplies and other costs are subject to price increases; the affiliates of One Rock Capital Partners, LLC own a significant amount of the voting power of the Company, and their interests may conflict with or differ from the interests of other stockholders; legislative and executive action risks; risks related to sustainability matters; costs to comply with developing laws and regulations, including those surrounding the production and use of plastics, as well as related litigation relating to plastics pollution; our products may not meet health and safety standards or could become contaminated, and we could be liable for injury, illness, or death caused by consumption of our products; and risks associated with our substantial indebtedness. The foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers are urged to carefully review and consider the various disclosures, including but not limited to risk factors contained in Primo Brands' Annual Report on Form 10-K and its quarterly reports on Form 10-Q, as well as other filings with the securities commissions. Primo Brands does not undertake to update or revise any of these statements considering new information or future events, except as expressly required by applicable law. (in millions of U.S. dollars, except share and per share amounts) Unaudited Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 1,730.1 $ 1,314.4 $ 3,343.8 $ 2,450.2 Cost of sales 1,189.2 884.6 2,281.9 1,674.9 Gross profit 540.9 429.8 1,061.9 775.3 Selling, general and administrative expenses 378.6 256.3 706.4 475.0 Acquisition, integration and restructuring expenses 49.7 13.2 89.5 19.0 Other operating (income) expense, net (0.2) 1.3 — (2.5) Operating income 112.8 159.0 266.0 283.8 Other income, net (15.9) — (15.8) — Loss on modification and extinguishment of debt — — 18.6 — Interest and financing expense, net 81.9 86.2 164.0 166.1 Income from continuing operations before income taxes 46.8 72.8 99.2 117.7 Provision for income taxes 16.3 18.3 34.0 29.7 Net income from continuing operations $ 30.5 $ 54.5 $ 65.2 $ 88.0 Net loss from discontinued operations, net of tax (2.9) — (8.9) — Net income $ 27.6 $ 54.5 $ 56.3 $ 88.0 Net income (loss) per common share Basic: Continuing operations $ 0.08 $ 0.25 $ 0.17 $ 0.40 Discontinued operations $ (0.01) $ — $ (0.02) $ — Net income per common share $ 0.07 $ 0.25 $ 0.15 $ 0.40 Diluted: Continuing operations $ 0.08 $ 0.25 $ 0.17 $ 0.40 Discontinued operations $ (0.01) $ — $ (0.02) $ — Net income per common share $ 0.07 $ 0.25 $ 0.15 $ 0.40 Weighted-average shares of common stock outstanding (in thousands) Basic 374,796 218,618 377,011 218,618 Diluted 376,815 218,618 379,029 218,618 PRIMO BRANDS CORPORATION EXHIBIT 2 CONDENSED CONSOLIDATED BALANCE SHEETS (in millions of U.S. dollars, except share amounts) Unaudited June 30, 2025 December 31, 2024 ASSETS Current Assets: Cash, cash equivalents and restricted cash $ 412.0 $ 614.4 Trade receivables, net of allowance for expected credit losses of $12.6 ($4.7 as of December 31, 2024) 587.0 444.0 Inventories 248.3 208.4 Prepaid expenses and other current assets 179.3 150.4 Current assets held for sale 76.1 111.8 Total current assets 1,502.7 1,529.0 Property, plant and equipment, net 2,045.4 2,083.9 Operating lease right-of-use-assets, net 611.4 628.7 Goodwill 3,581.4 3,572.2 Intangible assets, net 3,124.2 3,191.7 Other non-current assets 74.6 70.1 Non-current assets held for sale 109.5 118.9 Total assets $ 11,049.2 $ 11,194.5 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 70.4 $ 64.5 Trade payables 533.6 471.6 Accruals and other current liabilities 632.0 697.7 Current portion of operating lease obligations 93.1 95.5 Current liabilities held for sale 90.9 82.2 Total current liabilities 1,420.0 1,411.5 Long-term debt, less current portion 5,022.2 4,963.6 Operating lease obligations, less current portion 540.0 555.6 Deferred income taxes 737.8 738.7 Other non-current liabilities 54.9 49.8 Non-current liabilities held for sale 28.1 31.1 Total liabilities $ 7,803.0 $ 7,750.3 Stockholders' Equity: Common stock, $0.01 par value, 900,000,000 shares authorized, 373,337,220 shares and 379,792,996 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively $ 3.8 $ 3.8 Additional paid-in capital 4,994.1 4,971.3 Accumulated deficit (1,749.7) (1,513.7) Accumulated other comprehensive loss (2.0) (17.2) Total stockholders' equity 3,246.2 3,444.2 Total liabilities and stockholders' equity $ 11,049.2 $ 11,194.5 PRIMO BRANDS CORPORATION EXHIBIT 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) Unaudited Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities of continuing operations: Net income $ 27.6 $ 54.5 $ 56.3 $ 88.0 Less: Net loss from discontinued operations, net of income taxes (2.9) — (8.9) — Net income from continuing operations $ 30.5 $ 54.5 $ 65.2 $ 88.0 Adjustments to reconcile net income from continuing operations to cash flows from operating activities of continuing operations: Depreciation and amortization 145.3 74.3 273.9 149.5 Amortization of debt discount and issuance costs 7.6 4.5 13.7 8.0 Stock-based compensation costs 12.9 0.3 24.9 0.6 Restructuring charges 2.4 — 2.9 — Inventory obsolescence expense 6.0 6.2 7.2 8.7 Charge for expected credit losses 10.3 1.1 17.4 3.2 Deferred income taxes 1.8 (12.9) (0.8) (30.2) Other non-cash items (16.4) 4.2 (14.9) 1.4 Changes in operating assets and liabilities, net of effects of businesses acquired: Trade receivables (91.9) (85.0) (159.0) (146.3) Inventories (3.4) 9.1 (49.1) (28.3) Prepaid expenses and other current and non-current assets (34.9) 6.4 (0.3) 13.7 Trade payables and accruals and other current and non-current liabilities 84.8 39.8 12.7 40.2 Net cash provided by operating activities of continuing operations 155.0 102.5 193.8 108.5 Cash flows from investing activities of continuing operations: Purchases of property, plant and equipment (53.9) (41.1) (115.9) (64.6) Purchases of intangible assets (17.7) (6.2) (25.2) (27.4) Acquisitions, net of cash received (5.7) — (5.7) — Proceeds from sale of other assets 11.3 — 56.9 — Other investing activities 15.4 (0.3) 16.1 2.7 Net cash used in investing activities of continuing operations (50.6) (47.6) (73.8) (89.3) Cash flows from financing activities of continuing operations: Proceeds from 2024 Incremental Term Loan, net of discount — — — 392.0 Proceeds from borrowings from ABL Credit Facility — — — 25.0 Repayment of borrowings from ABL Credit Facility — (60.0) — (60.0) Repayment of Term Loans (7.8) (8.0) (15.5) (16.0) Proceeds from borrowings of other debt — 1.0 — 3.1 Principal repayment of other debt (1.4) (1.3) (2.7) (1.7) Principal payment of finance leases (8.6) (1.5) (15.8) (2.3) Financing fees (0.2) — (7.7) (5.1) Issuance of common stock 3.6 — 4.8 — Common stock repurchased and cancelled (101.8) — (221.0) — Dividends paid to common stockholders (37.4) — (76.0) — Dividends paid to Sponsor Stockholder — — — (382.7) Other financing activities (0.4) — (0.9) — Net cash used in financing activities of continuing operations (154.0) (69.8) (334.8) (47.7) Cash flows from discontinued operations: Net cash (used in) provided by operating activities from discontinued operations (0.6) — 2.3 — Net cash provided by (used in) investing activities from discontinued operations 6.7 — (1.3) — Net cash provided by financing activities from discontinued operations 1.0 — 3.4 — Net cash provided by discontinuing operations 7.1 — 4.4 — Effect of exchange rates on cash, cash equivalents and restricted cash 1.6 (0.1) 2.1 (0.4) Net decrease in cash, cash equivalents and restricted cash (40.9) (15.0) (208.3) (28.9) Cash and cash equivalents and restricted cash, beginning of period 453.3 33.1 620.7 47.0 Cash and cash equivalents and restricted cash, end of period $ 412.4 $ 18.1 $ 412.4 $ 18.1 Cash and cash equivalents and restricted cash of discontinued operations, end of period 0.4 — 0.4 — Cash and cash equivalents and restricted cash of continuing operations, end of period $ 412.0 $ 18.1 $ 412.0 $ 18.1 PRIMO BRANDS CORPORATION EXHIBIT 4 & AMORTIZATION (EBITDA) (in millions of U.S. dollars, except percentage amounts) Unaudited Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income from continuing operations $ 30.5 $ 54.5 $ 65.2 $ 88.0 Interest and financing expense, net 81.9 86.2 164.0 166.1 Provision for income taxes 16.3 18.3 34.0 29.7 Depreciation and amortization 145.3 74.3 273.9 149.5 EBITDA $ 274.0 $ 233.3 $ 537.1 $ 433.3 Acquisition, integration and restructuring expenses (a) 1 72.8 13.2 112.6 19.0 Stock-based compensation costs (b) 12.9 0.3 24.9 0.6 Unrealized (gain) loss on foreign exchange and commodity forwards, net (c) (0.2) 1.1 — (2.7) Loss on disposal of property plant and equipment, net (d) 1.9 0.1 3.4 1.7 Loss on modification and extinguishment of debt (e) — — 18.6 — Management fees (f) — 4.8 — 14.1 Purchase accounting adjustments (g) — — 1.2 — Other adjustments, net (h) 5.3 5.2 10.4 9.7 Adjusted EBITDA $ 366.7 $ 258.0 $ 708.2 $ 475.7 Net sales $ 1,730.1 $ 1,314.4 $ 3,343.8 $ 2,450.2 Adjusted EBITDA margin % 21.2 % 19.6 % 21.2 % 19.4 % Three Months Ended June 30, Six Months Ended June 30, Location in Consolidated Statements of Operations 2025 2024 2025 2024 (Unaudited) (a) Acquisition, integration and restructuring expenses 1 Acquisition, integration and restructuring expenses $ 49.7 $ 13.2 $ 89.5 $ 19.0 Cost of Sales 23.1 — 23.1 — (b) Stock-based compensation costs Selling, general and administrative expenses 12.9 0.3 24.9 0.6 (c) Unrealized (gain) loss on foreign exchange and commodity forwards, net Other operating (income) expense, net (0.2) 1.1 — (2.7) (d) Loss on disposal of property plant and equipment, net Cost of sales 2.3 0.1 3.8 1.7 Selling, general and administrative expenses (0.4) — (0.4) — (e) Loss on modification and extinguishment of debt Loss on modification and extinguishment of debt — — 18.6 — (f) Management fees Selling, general and administrative expenses — 4.8 — 14.1 (g) Purchase accounting adjustments Cost of sales — — 1.2 — (h) Other adjustments, net Other income, net (15.8) — (15.8) — Cost of Sales 12.5 — 12.5 — Selling, general and administrative expenses 8.6 5.2 13.7 9.7 1 Amounts include labor related costs. PRIMO BRANDS CORPORATION EXHIBIT 5 SUPPLEMENTARY INFORMATION - NON-GAAP - FREE CASH FLOW AND ADJUSTED FREE CASH FLOW (in millions of U.S. dollars) Unaudited Three Months Ended June 30, 2025 2024 Net cash provided by operating activities of continuing operations $ 155.0 $ 102.5 Less: Additions of property, plant and equipment (53.9) (41.1) Less: Additions of intangible assets (17.7) (6.2) Free cash flow $ 83.4 $ 55.2 Acquisition and integration cash costs 62.0 13.2 Integration capital expenditures 23.3 — Management fees — 4.8 Debt restructuring costs 0.8 — Tariffs refunds related to property, plant and equipment 0.2 — Adjusted Free Cash Flow $ 169.7 $ 73.2 Six Months Ended June 30, 2025 2024 Net cash provided by operating activities of continuing operations $ 193.8 $ 108.5 Less: Additions to property, plant and equipment (115.9) (64.6) Less: Additions to intangible assets (25.2) (27.4) Free cash flow $ 52.7 $ 16.5 Acquisition, integration and restructuring cash costs 127.2 19.0 Integration capital expenditures 26.1 — Management fees — 14.1 Debt restructuring costs 18.2 — Tariffs refunds related to property, plant and equipment 0.2 — Adjusted free cash flow $ 224.4 $ 49.6 PRIMO BRANDS CORPORATION EXHIBIT 6 SUPPLEMENTARY INFORMATION-NON-GAAP-ADJUSTED NET INCOME AND ADJUSTED EPS (in millions of U.S. dollars, except share amounts) Unaudited Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income from continuing operations $ 30.5 $ 54.5 $ 65.2 $ 88.0 Adjustments: Amortization expense of customer lists 46.5 4.8 68.6 9.5 Acquisition, integration and restructuring expenses 72.8 13.2 112.6 19.0 Stock-based compensation costs 12.9 0.3 24.9 0.6 Unrealized (gain) loss on foreign exchange and commodity forwards, net (0.2) 1.1 — (2.7) Gain on sale leaseback — — — — Loss on modification and extinguishment of debt — — 18.6 — Management fees — 4.8 — 14.1 Purchase accounting adjustments — — 1.2 — Other adjustments, net 5.3 5.2 10.4 9.7 Tax impact of adjustments 1 (30.7) (7.2) (52.5) (12.4) Adjusted net income $ 137.1 $ 76.7 $ 249.0 $ 125.8 Earnings Per Share (as reported) Net income from continuing operations $ 30.5 $ 54.5 $ 65.2 $ 88.0 Basic EPS $ 0.08 $ 0.25 $ 0.17 $ 0.40 Diluted EPS $ 0.08 $ 0.25 $ 0.17 $ 0.40 Weighted average shares of common stock outstanding (in thousands) Basic 374,796 218,618 377,011 218,618 Diluted 376,815 218,618 379,029 218,618 Adjusted Earnings Per Share (Non-GAAP) Adjusted net income from continuing operations (Non-GAAP) $ 137.1 $ 76.7 $ 249.0 $ 125.8 Adjusted diluted EPS (Non-GAAP) $ 0.36 $ 0.35 $ 0.66 $ 0.58 Weighted average shares of common stock outstanding (in thousands) Basic 374,796 218,618 377,011 218,618 Diluted weighted average common shares outstanding (in thousands) (Non-GAAP)2 376,815 218,618 379,029 218,618 1 The tax effect for adjusted net income is based upon an analysis of the statutory tax treatment and the applicable tax rate for the jurisdiction in which the pre-tax adjusting items incurred and for which realization of the resulting tax benefit (if any) is expected. A reduced or 0% tax rate is applied to jurisdictions where we do not expect to realize a tax benefit due to a history of operating losses or other factors resulting in a valuation allowance related to deferred tax assets.
Cision Canada
30 minutes ago
- Cision Canada
QUEBECOR INC. REPORTS CONSOLIDATED RESULTS FOR SECOND QUARTER 2025 Français
MONTRÉAL, Aug. 7, 2025 /CNW/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the second quarter of 2025. Second quarter 2025 highlights In the second quarter of 2025, Quebecor recorded cash flows provided by operating activities of $538.0 million, up $146.4 million (37.4%) from the same quarter of 2024, revenues of $1.38 billion, down slightly by $6.5 million (‑0.5%), and adjusted EBITDA 1 of $605.1 million, down $19.8 million (‑3.2%), due to a significant $24.2 million increase in the stock‑based compensation charge. Excluding this accounting charge, adjusted EBITDA was up $4.4 million (0.7%). The Telecommunications segment's adjusted EBITDA increased by $1.4 million (0.2%), or $8.8 million (1.4%), excluding the impact of the stock‑based compensation charge, its revenues were stable, and its adjusted cash flows from operations 2 increased by $13.7 million (3.1%) in the second quarter of 2025. There was a net increase of 72,000 (1.7%) connections to the mobile telephony service and 33,700 (0.4%) total revenue‑generating units 3 ("RGUs") in the Telecommunications segment. Quebecor's net income attributable to shareholders: $217.7 million ($0.95 per basic share), an increase of $10.1 million ($0.05 per basic share) or 4.9%. Adjusted income from operating activities: 4 $226.8 million ($0.99 per basic share), up $21.7 million ($0.10 per basic share) or 10.6%. The consolidated net debt leverage ratio 5 decreased to 3.20x, still the lowest among Canada's major telecommunications providers. On June 16, 2025, Videotron Ltd. ("Videotron") redeemed at maturity its Senior Notes in aggregate principal amount of $400.0 million, bearing interest at 5.625%. On June 11, 2025, Videotron announced a major expansion of its GIGA Internet service in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean and Hautes‑Laurentides areas, and the Rivière‑du‑Loup regional county municipality (RCM). In all, more than 350,000 additional households can now enjoy higher download speeds. On April 4, 2025, Freedom Mobile Inc. ("Freedom") began the phased rollout of 3800 MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This rollout will significantly increase network capacity and deliver improved connectivity for customers with 5G+ compatible devices and plans, with theoretical download speeds in excess of 1 Gbps. Comments by Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor "Quebecor posted a solid financial performance in the second quarter of 2025, as evidenced by the 37.4% increase in cash flows provided by operating activities and the 10.6% increase in adjusted income from operating activities. Thanks to disciplined management of operating costs, we reduced our consolidated net debt by approximately $200 million during the quarter, after paying out over $160 million in dividends and nearly $30 million for share repurchases. This lowered our consolidated net debt leverage ratio by 0.06x during the quarter to 3.20x at June 30, 2025, the lowest among major telecommunications providers in Canada. In a fiercely competitive market environment, we continued to gain market share by offering innovative products at competitive prices, while expanding access to our state‑of‑the‑art technology for a growing number of Canadians. This strategy is paying off, particularly in mobile telephony, where we again posted the highest growth rate among Canada's major carriers, with an increase of 72,000 lines (1.7%) in the second quarter of 2025, for a total increase of 346,000 lines (8.8%) over the past twelve months. Freedom successfully continued the gradual rollout of 3800 MHz spectrum across its 5G+ network in Ontario, British Columbia and Alberta, recently adding Edmonton and Calgary. With state‑of‑the‑art 5G+ technology now included in all Freedom monthly plans, regardless of price, this upgrade significantly boosts network capacity and performance. In July 2025, in line with its commitment to transforming the Canadian wireless market and pursuing a consumer‑centric strategy, Freedom launched the Roam Beyond Travel Data eSIM, a travel data eSIM card available to all Canadians, regardless of their carrier. This outside‑the‑box product offers worry‑free connectivity in over 120 global destinations with no fixed‑term contracts, transparent rates and no hidden charges. Also in the second quarter of 2025, we substantially expanded access to Videotron's GIGA Internet service, which supports superior download speeds. GIGA is now available to more than 350,000 additional households across Québec, including in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean, Hautes‑Laurentides and Rivière‑du‑Loup RCM areas. Another innovation was the launch of our new 2.5 GIGA symmetrical speed Internet plan, powered by Videotron's 100% fibre network. This innovative service guarantees exceptional download and upload speeds and is now available in several regions of Québec, including Abitibi‑Témiscamingue, Montérégie, Québec City, Lanaudière, Laurentides, Bas‑Saint‑Laurent, Saguenay‑Lac‑Saint‑Jean and Côte‑Nord. TVA Group Inc. ("TVA Group") generated adjusted EBITDA of $1.8 million in the second quarter of 2025, down $11.4 million from the same period of 2024, mainly as a result of a favourable non‑recurring retroactive adjustment of $10.2 million recorded in the second quarter of 2024 in connection with carriage rates for the LCN specialty channel, and the absence of major foreign production shoots at MELS studios. These factors were partially offset by savings stemming from the reorganization measures we have implemented, including with respect to our workforce. However, despite these sustained efforts, TVA Group continues to incur significant financial losses due to the continuing challenges facing the television industry, which affect all private broadcasters. Total viewership of Québec's three French‑language over‑the‑air channels throughout the day fell by 13% during the period from March 31 to June 1, 2025 compared with the same period of 2024. This across‑the‑board decline directly affects advertising revenues, the only source of revenue for over‑the‑air channels. The sharp drop in advertising revenue, combined with major competitive imbalances in relation to the Web giants and CBC/Radio‑Canada's commercial practices, is seriously undermining Québec's audiovisual ecosystem. Since 2023, TVA Group has implemented far‑reaching restructuring plans that have resulted in the elimination of approximately 680 positions, including some 30 related to television activities in the second quarter of 2025. In all, its workforce has been reduced by almost half. In addition, operating costs have been steadily pared over the years, real estate holdings have been optimized, budgets for original productions have been reduced and some popular content has been removed from TVA Group's programming. Despite their scope, these measures are still insufficient to ensure the long‑term viability of our television business. In this situation, we again call on government authorities and the CRTC to correct the imbalances that are undermining Canada's private broadcasters. Among other things, they must establish a level regulatory playing field for Canada's traditional broadcasters in relation to foreign online platforms, eliminate all advertising from CBC/Radio‑Canada's platforms, and eliminate the tax deduction for advertising on foreign platforms. As we have been saying for years, equitable structural changes are urgently needed to ensure the survival of Canada's private broadcasters, which are pillars of our culture and our democracy. Despite the challenging environment, TVA Group had a market share of 43.8% from April 1 to June 30, 2025, a 1.3‑point increase over the same period of 2024. For the 2025 spring season, March 31 to June 1, 2025, the increase was 1.7 points, while the market shares of Radio‑Canada and Bell were down 0.4 and 0.5 points, respectively, a clear indication of the continuing appeal of our content for viewers. The LCN channel remained the undisputed news channel leader with an 8.5% market share from March 31 to June 1, 2025, a 1.4‑point increase over the same period of 2024. The TVA Nouvelles newscast maintained its lead in all its time slots on the TVA and LCN channels. Meanwhile, the TVA Sports channel was boosted by its broadcast of the National Hockey League playoffs. Between April 19 and June 17, 2025, it recorded a 10.9% market share in prime time, an impressive 3.5‑point increase over the same period of 2024. The broadcasts of the five Montreal Canadiens games in the first round of the playoffs averaged a 35.6% market share, making them the most‑watched sports program in Québec in 2025 thus far. Quebecor remains firmly committed to growth through innovation, operational excellence and industry‑leading financial discipline. Our ambition is clear: to deliver an unrivaled customer experience, to continually enrich our product offerings and to extend access to our services to more Canadians. With our superior track record and solid balance sheet, we are well positioned to create long‑term value for all our stakeholders. Non‑IFRS financial measures The Corporation uses financial measures not standardized under International Financial Reporting Standards ("IFRS"), such as adjusted EBITDA, adjusted income from operating activities, adjusted cash flows from operations, free cash flows from operating activities and consolidated net debt leverage ratio, and key performance indicators, including RGUs. Definitions of the non‑IFRS measures and key performance indicator used by the Corporation in this press release are provided in the "Definitions" section. Financial table Table 1 Consolidated summary of income, cash flows and balance sheet (in millions of Canadian dollars, except per basic share data) Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Income Revenues: Telecommunications $ 1,186.8 $ 1,186.9 $ 2,346.9 $ 2,366.4 Media 174.4 184.4 339.0 353.2 Sports and Entertainment 51.5 45.4 101.2 92.1 Inter‑segments (32.3) (29.8) (63.6) (62.0) 1,380.4 1,386.9 2,723.5 2,749.7 Adjusted EBITDA (negative adjusted EBITDA): Telecommunications 609.5 608.1 1,190.9 1,183.6 Media 9.3 18.9 (9.3) 2.2 Sports and Entertainment 4.7 1.0 8.2 4.9 Head Office (18.4) (3.1) (35.1) (6.3) 605.1 624.9 1,154.7 1,184.4 Depreciation and amortization (213.8) (237.6) (429.1) (473.8) Financial expenses (86.0) (108.1) (178.5) (217.0) Gain on valuation and translation of financial instruments – 5.7 – 15.5 Restructuring, impairment of assets and other (14.0) (7.0) (10.7) (9.2) Income taxes (75.1) (71.3) (135.9) (125.7) Net income $ 216.2 $ 206.6 $ 400.5 $ 374.2 Net income attributable to shareholders $ 217.7 $ 207.6 $ 408.4 $ 380.8 Adjusted income from operating activities 226.8 205.1 411.9 368.2 Per basic share: Net income attributable to shareholders 0.95 0.90 1.77 1.65 Adjusted income from operating activities 0.99 0.89 1.79 1.60 Table 1 (continued) Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Capital expenditures: Telecommunications $ 149.8 $ 162.1 $ 292.0 $ 295.0 Media 1.0 11.0 3.9 17.2 Sports and Entertainment 1.5 1.9 2.7 3.3 Head Office – 0.2 – 0.2 152.3 175.2 298.6 315.7 Acquisition of spectrum licences – 239.1 – 298.9 Cash flows: Adjusted cash flows from operations: Telecommunications 459.7 446.0 898.9 888.6 Media 8.3 7.9 (13.2) (15.0) Sports and Entertainment 3.2 (0.9) 5.5 1.6 Head Office (18.4) (3.3) (35.1) (6.5) 452.8 449.7 856.1 868.7 Free cash flows from operating activities [6] 374.9 220.8 612.7 443.4 Cash flows provided by operating activities 538.0 391.6 958.2 780.4 June 30, 2025 Dec. 31, 2024 Balance sheet Cash and cash equivalents $ 21.0 $ 61.8 Working capital (388.8) (36.0) Net assets related to derivative financial instruments 5.6 141.2 Total assets 12,587.2 12,998.7 Bank indebtedness 3.4 6.7 Total long‑term debt (including current portion) 7,097.6 7,619.7 Lease liabilities (current and long term) 411.9 409.7 Equity attributable to shareholders 2,375.0 2,157.2 Equity 2,474.6 2,264.7 Consolidated net debt leverage ratio 1 3.20x 3.31x ______________________________________ 1 See "Non-IFRS financial measures." 2025/2024 second quarter comparison Revenues: $1.38 billion, a $6.5 million (‑0.5%) decrease. Revenues decreased in Media ($10.0 million or ‑5.4%). Revenues increased in Sports and Entertainment ($6.1 million or 13.4%). Revenues were stable in the Telecommunications segment. Adjusted EBITDA: $605.1 million, a $19.8 million (‑3.2%) decrease. This decrease was due to, among other things, a $24.2 million increase in the stock‑based compensation charge due to a significant change in the fair value of Quebecor stock options and stock‑price‑based share units. There was an unfavourable variance at Head Office ($15.3 million) and a decrease in the Media segment ($9.6 million). Adjusted EBITDA increased in Sports and Entertainment ($3.7 million) and in Telecommunications ($1.4 million). Net income attributable to shareholders: $217.7 million ($0.95 per basic share) in the second quarter of 2025, compared with $207.6 million ($0.90 per basic share) in the same period of 2024, an increase of $10.1 million ($0.05 per basic share) or 4.9%. The main favourable variances were: $23.8 million decrease in the depreciation and amortization charge; $22.1 million decrease in financial expenses. The unfavourable variances were: $19.8 million decrease in adjusted EBITDA; $7.0 million unfavourable variance in the charge for restructuring, impairment of assets and other; $5.7 million unfavourable variance related to gains on valuation and translation of financial instruments; $3.8 million increase in the income tax expense. Adjusted income from operating activities: $226.8 million ($0.99 per basic share) in the second quarter of 2025, compared with $205.1 million ($0.89 per basic share) in the same period of 2024, an increase of $21.7 million ($0.10 per basic share) or 10.6%. Adjusted cash flows from operations: $452.8 million, a $3.1 million (0.7%) increase in the second quarter of 2025 due to the $22.9 million decrease in capital expenditures, partially offset by a $19.8 million decrease in adjusted EBITDA. Cash flows provided by operating activities: $538.0 million, a $146.4 million (37.4%) increase in the second quarter of 2025 due primarily to the favourable net change in non‑cash balances related to operating activities and a decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, an increase in current income taxes, and the increase in the cash portion of the charge for restructuring, impairment of assets and other. 2025/2024 year‑to‑date comparison Revenues: $2.72 billion, a $26.2 million (‑1.0%) decrease. Revenues decreased in Telecommunications ($19.5 million or ‑0.8% of segment revenues) and in Media ($14.2 million or ‑4.0%). Revenues increased in Sports and Entertainment ($9.1 million or 9.9%). Adjusted EBITDA: $1.15 billion, a $29.7 million (‑2.5%) decrease. This decrease was due to, among other things, a $46.7 million increase in the stock‑based compensation charge resulting from a significant change in the fair value of Quebecor stock options and stock‑price‑based share units. There were unfavourable variances at Head Office ($28.8 million) and in the Media segment ($11.5 million). Adjusted EBITDA increased in Telecommunications ($7.3 million or 0.6% of segment adjusted EBITDA) and in Sports and Entertainment ($3.3 million). Net income attributable to shareholders: $408.4 million ($1.77 per basic share) in the first half of 2025, compared with $380.8 million ($1.65 per basic share) in the same period of 2024, an increase of $27.6 million ($0.12 per basic share) or 7.2%. The main favourable variances were: $44.7 million decrease in the depreciation and amortization charge; $38.5 million decrease in financial expenses. The main unfavourable variances were: $29.7 million decrease in adjusted EBITDA; $15.5 million unfavourable variance related to gains on valuation and translation of financial instruments; $10.2 million increase in the income tax expense. Adjusted income from operating activities: $411.9 million ($1.79 per basic share) in the first half of 2025, compared with $368.2 million ($1.60 per basic share) in the same period of 2024, an increase of $43.7 million ($0.19 per basic share) or 11.9%. Adjusted cash flows from operations: $856.1 million, a $12.6 million (‑1.5%) decrease due to the $29.7 million decrease in adjusted EBITDA, partially offset by a $17.1 million decrease in capital expenditures. Cash flows provided by operating activities: $958.2 million, a $177.8 million (22.8%) increase due primarily to the favourable net change in non‑cash balances related to operating activities and a decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, an increase in current income taxes, and an increase in the cash portion of the charge for restructuring, impairment of assets and other. Financing operations On June 16, 2025, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of $400.0 million, bearing interest at 5.625%. On April 15, 2025, Quebecor Media Inc. ("Quebecor Media") terminated its $300.0 million secured revolving credit facility. On May 27, 2025, Videotron increased its revolving credit facility by an equivalent amount, from $500.0 million to $800.0 million, consistent with its rights, under its credit agreement, to request additional commitments of up to $1.00 billion from its lenders. Capital stock Normal course issuer bid On August 6, 2025, the Board of Directors of the Corporation authorized a normal course issuer bid for a maximum of 1,000,000 Class A Multiple Voting Shares ("Class A Shares"), representing approximately 1.3% of issued and outstanding Class A Shares, and for a maximum of 5,000,000 Class B Subordinate Voting Shares ("Class B Shares"), representing approximately 3.2% of issued and outstanding Class B Shares as of August 1, 2025. The purchases can be made from August 15, 2025 to August 14, 2026, at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange ("TSX") or other alternative trading systems in Canada. All repurchased shares will be cancelled. As of August 1, 2025, 75,449,875 Class A Shares and 154,026,304 Class B Shares were issued and outstanding. The average daily trading volume of the Class A Shares and Class B Shares of the Corporation between February 1, 2025 and July 31, 2025 through the facilities of the TSX in accordance with its requirements, or through other alternative trading systems in Canada, was 947 Class A Shares and 930,564 Class B Shares. Consequently, the Corporation will be authorized to purchase a maximum of 1,000 Class A Shares and 232,641 Class B Shares during the same trading day, pursuant to its normal course issuer bid. The Corporation believes that the repurchase of these shares under this normal course issuer bid is in the best interests of the Corporation and its shareholders. The Corporation also announced that on or around August 8, 2025 it will enter into an automatic securities purchase plan ("the plan") with a designated broker whereby shares may be repurchased under the plan at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self‑imposed blackout periods. The plan received prior approval from the TSX. It will come into effect on August 15, 2025 and terminate on the same date as the normal course issuer bid. Under the plan, before entering a self‑imposed blackout period, the Corporation may, but is not required to, ask the designated broker to make purchases under the normal course issuer bid. Such purchases will be made at the discretion of the designated broker, within parameters established by the Corporation prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of the Corporation's management. Between August 15, 2024 and August 1, 2025, of the 1,000,000 Class A Shares and 5,000,000 Class B Shares it was authorized to repurchase under its previous normal course issuer bid, the Corporation repurchased no Class A Shares and 4,829,092 Class B Shares at a weighted average price of $34.3572 per share on the open market through the facilities of the TSX and alternative trading systems in Canada. During the first half of 2025, the Corporation repurchased and cancelled 2,570,000 Class B Shares for a total cash consideration of $90.7 million (940,000 Class B Shares for a total cash consideration of $27.7 million in 2024) and 48,444 Class B Shares were issued following the exercise of stock options for a total cash consideration of $1.3 million (no shares were issued in 2024). Dividends declared On August 6, 2025, the Board of Directors of Quebecor declared a quarterly dividend of $0.35 per share on its Class A Shares and Class B Shares, payable on September 16, 2025 to shareholders of record at the close of business on August 22, 2025. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart. Board of Directors On May 8, 2025, Frantz Saintellemy was elected to the Board of Directors of Quebecor and Quebecor Media. Detailed financial information For a detailed analysis of Quebecor's second quarter 2025 results, please refer to the Management Discussion and Analysis and condensed consolidated financial statements of Quebecor, available on the Corporation's website at and the SEDAR+ website at Conference call for investors and webcast Quebecor will hold a conference call to discuss its second quarter 2025 results on August 7, 2025, at 11:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1‑800‑990‑4777. The conference call will also be broadcast live on Quebecor's website at A recording will be available at the same address until October 10, 2025 for anyone unable to attend the call. Cautionary statement regarding forward‑looking statements The statements in this press release that are not historical facts are forward‑looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause Quebecor's actual results for future periods to differ materially from those set forth in forward‑looking statements. Forward‑looking statements may be identified by the use of the conditional or by forward‑looking terminology such as the terms "plans," "expects," "may," "anticipates," "intends," "estimates," "projects," "seeks," "believes," or similar terms, variations of such terms or the negative of such terms. Some important factors that could cause actual results to differ materially from those expressed in these forward‑looking statements include, but are not limited to: Quebecor's ability to continue successfully developing its network and the facilities that support its mobile services; general economic climate, financial and economic market conditions, global business challenges, such as tariffs and trade barriers, as well as market conditions and variations in the businesses of local, regional and national advertisers in Quebecor's newspapers, television outlets and other media properties; Quebecor's ability to implement its business and growth strategies successfully; the intensity of competitive activity in the industries in which Quebecor operates and its ability to penetrate new markets and successfully develop its business, including in growth sectors and new geographies; fragmentation of the media landscape and its impact on the advertising market and the media properties of Quebecor; new technologies that might change consumer behaviour with respect to Quebecor's product suites; unanticipated higher capital spending required for developing Quebecor's network or to address the continued development of competitive alternative technologies, or the inability to obtain additional capital to continue the development of Quebecor's business segments; risks relating to the ongoing integration of Freedom, acquired in 2023, which could result in additional and unforeseen expenses, capital expenditures and financial risks, such as the incurrence of unexpected write‑offs, unanticipated or unknown liabilities, or unforeseen litigation. In addition, the anticipated benefits of the Freedom acquisition may not be fully realized or could take longer to realize than expected; the impacts of the significant and recurring investments that will be required for development and expansion and to compete effectively with the incumbent local exchange carriers ("ILECs") and other current or potential competitors in the Telecommunications segment's target markets; disruptions to the network through which Quebecor provides its television, Internet access, mobile and wireline telephony and over‑the‑top (OTT) services, and its ability to protect such services against piracy, unauthorized access and other security breaches; labour disputes and strikes, service interruptions resulting from equipment breakdown, network failure, the threat of natural disasters, epidemics, public‑health crises and political instability in some countries; impacts related to environmental issues, cybersecurity and the protection of personal information; changes in Quebecor's ability to obtain services and equipment critical to its operations; changes in laws and regulations, or in their interpretations, which could result, among other things, in increased competition, changes in Quebecor's markets, increased operating expenses, capital expenditures or tax expenses, or a reduction in the value of some assets; and Quebecor's substantial indebtedness, interest rate and exchange rate fluctuations, the tightening of credit markets and the restrictions on its business imposed by the terms of its debt. The forward‑looking statements in this document are made to provide investors and the public with a better understanding of the Corporation's circumstances and are based on assumptions it believes to be reasonable as of the day on which they are made. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings, available at and including, in particular, the "Trend Information" and "Risks and Uncertainties" sections of the Corporation's Management Discussion and Analysis for the year ended December 31, 2024. The forward‑looking statements in this document reflect the Corporation's expectations as of August 7, 2025, and are subject to change after that date. The Corporation expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. About Quebecor Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best‑performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor's subsidiaries and brands are differentiated by their high‑quality, multiplatform, convergent products and services. Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec and employs more than 11,000 people in Canada. A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations in the vital fields of culture, health, education, the environment, and entrepreneurship. Visit our website: Follow us on X: DEFINITIONS Adjusted EBITDA In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income under IFRS, as net income before depreciation and amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring, impairment of assets and other, and income taxes. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and depreciation/amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its business segments. Adjusted EBITDA is also relevant because it is a component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the capital expenditures and acquisitions of spectrum licences needed to generate revenues in the Corporation's segments. The Corporation also uses other measures that do reflect capital expenditures, such as adjusted cash flows from operations and free cash flows from operating activities. The Corporation's definition of adjusted EBITDA may not be the same as similarly titled measures reported by other companies. Table 2 provides a reconciliation of adjusted EBITDA to net income as disclosed in Quebecor's condensed consolidated financial statements. Adjusted income from operating activities The Corporation defines adjusted income from operating activities, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before the gain on valuation and translation of financial instruments, and restructuring, impairment of assets and other, net of income tax related to adjustments and net income attributable to non controlling interest related to adjustments. Adjusted income from operating activities, as defined above, is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted income from operating activities to analyze trends in the performance of its businesses. The above listed items are excluded from the calculation of this measure because they impair the comparability of financial results. Adjusted income from operating activities is more representative for forecasting income. The Corporation's definition of adjusted income from operating activities may not be identical to similarly titled measures reported by other companies. Table 3 provides a reconciliation of adjusted income from operating activities to the net income attributable to shareholders measure used in Quebecor's condensed consolidated financial statements. Table 3 (in millions of Canadian dollars) 1 Includes impact of fluctuations in income tax applicable to adjusted items, either for statutory reasons or in connection with tax transactions. Adjusted cash flows from operations and free cash flows from operating activities Adjusted cash flows from operations Adjusted cash flows from operations represents adjusted EBITDA less capital expenditures (excluding spectrum licence acquisitions). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long term debt and lease liabilities, and share repurchases. Adjusted cash flows from operations is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. Adjusted cash flows from operations is used by the Corporation's management and Board of Directors to evaluate the cash flows generated by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. Adjusted cash flows from operations is also relevant because it is a component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted cash flows from operations may not be identical to similarly titled measures reported by other companies. Free cash flows from operating activities Free cash flows from operating activities represents cash flows provided by operating activities calculated in accordance with IFRS, less cash flows used for capital expenditures (excluding spectrum licence acquisitions), plus proceeds from disposal of assets. Free cash flows from operating activities is used by the Corporation's management and Board of Directors to evaluate cash flows generated by the Corporation's operations. Free cash flows from operating activities represents available funds for business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long term debt and lease liabilities, and share repurchases. Free cash flows from operating activities is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. The Corporation's definition of free cash flows from operating activities may not be identical to similarly titled measures reported by other companies. Tables 4 and 5 provide a reconciliation of adjusted cash flows from operations and free cash flows from operating activities to cash flows provided by operating activities reported in the condensed consolidated financial statements. Table 4 Adjusted cash flows from operations (in millions of Canadian dollars) Table 5 Free cash flows from operating activities and cash flows provided by operating activities reported in the condensed consolidated financial statements (in millions of Canadian dollars) Consolidated net debt leverage ratio The consolidated net debt leverage ratio represents consolidated net debt divided by the trailing 12 month adjusted EBITDA. Consolidated net debt represents total long term debt plus bank indebtedness, lease liabilities and liabilities related to derivative financial instruments, less assets related to derivative financial instruments and cash and cash equivalents. The consolidated net debt leverage ratio serves to evaluate the Corporation's financial leverage and is used by management and the Board of Directors in decisions on the Corporation's capital structure, including its financing strategy, and in managing debt maturity risks. Consolidated net debt leverage ratio is not a measure established in accordance with IFRS. It is not intended to be used as an alternative to IFRS measures or the balance sheet to evaluate the Corporation's financial position. The Corporation's definition of consolidated net debt leverage ratio may not be identical to similarly titled measures reported by other companies. Table 6 provides the calculation of consolidated net debt leverage ratio and the reconciliation to balance sheet items reported in Quebecor's condensed consolidated financial statements. Table 6 Consolidated net debt leverage ratio (in millions of Canadian dollars) 1 Excluding financing costs. 2 Total liabilities. 3 Assets less liabilities. Key performance indicator Revenue generating unit The Corporation uses RGU, an industry metric, as a key performance indicator. An RGU represents, as the case may be, subscriber connections to the mobile and wireline telephony services and subscriptions to the Internet access and television services. RGU is not a measurement that is consistent with IFRS and the Corporation's definition and calculation of RGU may not be the same as identically titled measurements reported by other companies or published by public authorities. 1 The Chief Executive Officer uses adjusted EBITDA as the measure of profit to assess the performance of each segment. Adjusted EBITDA is a non-IFRS measure and is defined as net income before depreciation and amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring, impairment of assets and other and income taxes. QUEBECOR INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of Canadian dollars) Three months ended Six months ended (unaudited) June 30 June 30 2025 2024 2025 2024 Cash flows related to operating activities Net income $ 216.2 $ 206.6 $ 400.5 $ 374.2 Adjustments for: Depreciation of property, plant and equipment 127.4 142.0 253.5 283.9 Amortization of intangible assets 54.3 62.7 111.7 128.0 Depreciation of right-of-use assets 32.1 32.9 63.9 61.9 Gain on valuation and translation of financial instruments - (5.7) - (15.5) Impairment of assets 0.9 8.0 1.5 10.4 Amortization of financing costs 2.4 2.4 4.7 4.7 Share of results in associates (2.0) (7.2) (8.6) (7.8) Deferred income taxes (8.0) 6.6 (22.4) (21.1) Other (0.9) (1.3) (2.0) - 422.4 447.0 802.8 818.7 Net change in non-cash balances related to operating activities 115.6 (55.4) 155.4 (38.3) Cash flows provided by operating activities 538.0 391.6 958.2 780.4 Cash flows related to investing activities Capital expenditures (163.7) (171.3) (346.2) (337.5) Deferred subsidies (used) received to finance capital expenditures (3.4) - 14.9 37.0 Acquisition of spectrum licences - (239.1) - (298.9) Business acquisition - (7.0) - (7.0) Proceeds from disposals of assets 0.6 0.5 0.7 0.5 Acquisitions of investments and other 0.1 (0.8) 1.2 (15.4) Cash flows used in investing activities (166.4) (417.7) (329.4) (621.3) Cash flows related to financing activities Net change in bank indebtedness (6.2) (3.3) (3.3) (0.6) Net change under revolving facilities, net of financing costs 59.4 (109.4) 59.4 (217.2) Issuance of long-term debt, net of financing costs - 992.6 - 992.6 Repayment of long-term debt (400.0) (825.3) (400.0) (825.3) Settlement of hedging contracts - 163.0 - 163.0 Repayment of lease liabilities (30.3) (31.6) (60.2) (59.9) Issuance of Class B Shares - - 1.3 - Repurchase of Class B Shares (29.9) (27.7) (90.7) (27.7) Dividends (161.2) (150.0) (161.2) (150.0) Cash flows (used in) provided by financing activities (568.2) 8.3 (654.7) (125.1) Net change in cash, cash equivalents and restricted cash (196.6) (17.8) (25.9) 34.0 Cash, cash equivalents and restricted cash at beginning of period 266.7 62.9 96.0 11.1 Cash, cash equivalents and restricted cash at end of period $ 70.1 $ 45.1 $ 70.1 $ 45.1 QUEBECOR INC. CONSOLIDATED BALANCE SHEETS (in millions of Canadian dollars) (unaudited) June 30 December 31 2025 2024 Assets Current assets Cash and cash equivalents $ 21.0 $ 61.8 Restricted cash 49.1 34.2 Accounts receivable 1,084.4 1,208.9 Contract assets 115.8 139.6 Income taxes 27.8 32.6 Inventories 389.1 440.1 Other current assets 198.7 185.1 1,885.9 2,102.3 Non-current assets Property, plant and equipment 3,263.6 3,302.7 Intangible assets 3,452.9 3,486.9 Right-of-use assets 375.9 376.7 Goodwill 2,713.4 2,713.4 Derivative financial instruments 46.8 148.4 Deferred income taxes 39.4 24.7 Other assets 809.3 843.6 10,701.3 10,896.4 Total assets $ 12,587.2 $ 12,998.7 Liabilities and equity Current liabilities Bank indebtedness $ 3.4 $ 6.7 Accounts payable, accrued charges and provisions 950.1 1,167.0 Deferred revenue 377.0 376.7 Deferred subsidies 49.1 34.2 Income taxes 89.6 46.5 Current portion of long-term debt 695.4 400.0 Current portion of lease liabilities 110.1 107.2 2,274.7 2,138.3 Non-current liabilities Long-term debt 6,369.3 7,182.2 Lease liabilities 301.8 302.5 Derivative financial instruments 41.2 7.2 Deferred income taxes 812.6 814.7 Other liabilities 313.0 289.1 7,837.9 8,595.7 Equity Capital stock 1,025.6 1,041.2 Contributed surplus 17.9 17.4 Retained earnings 1,317.0 1,143.6 Accumulated other comprehensive income (loss) 14.5 (45.0) Equity attributable to shareholders 2,375.0 2,157.2 Non-controlling interests 99.6 107.5 2,474.6 2,264.7 Total liabilities and equity $ 12,587.2 $ 12,998.7 SOURCE Québecor Source: Hugues Simard, Chief Financial Officer, Quebecor Inc. and Quebecor Media Inc., [email protected], 514 380 7414; Information: Communications Department, Quebecor Inc. and Quebecor Media Inc., [email protected], 514 380 4572
Cision Canada
30 minutes ago
- Cision Canada
Cascades Reports Results for the Second Quarter of 2025 Français
KINGSEY FALLS, QC, Aug. 7, 2025 /CNW/ - Cascades Inc. (TSX: CAS) reports its unaudited financial results for the three-month period ended June 30, 2025. Q2 2025 Highlights Sales of $1,187 million (compared with $1,154 million in Q1 2025 and $1,180 million in Q2 2024); Operating income of $36 million (compared with $50 million in Q1 2025 and $34 million in Q2 2024); Net loss per common share of ($0.03) (compared with net earnings per common share of $0.07 in Q1 2025 and net earnings per common share of $0.01 in Q2 2024); Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A) 1) of $137 million (compared with $125 million in Q1 2025 and $112 million in Q2 2024); Adjusted net earnings per common share 1 of $0.19 (compared with $0.13 in Q1 2025 and $0.08 in Q2 2024); Net debt 1 of $2,104 million as of June 30, 2025 (compared with $2,216 million as of March 31, 2025). Net debt to EBITDA (A) ratio 1 of 3.8x, down from 4.2x as of March 31, 2025; Total capital expenditures, net of disposals of $26 million, totaled $18 million in Q2 2025, compared to $36 million in Q1 2025 and $23 million in Q2 2024. The Corporation's 2025 forecasted capital expenditures before disposals will be approximately $150 million. Hugues Simon, President and CEO, commented: "Second quarter performance was in line with our forecasts. On a consolidated basis, sequential improvement was underpinned by stronger volumes and selling prices, and lower transportation and energy costs. Packaging results were driven by the implementation of selling price increases and stable shipments. As expected, these were partially offset by higher operational costs per unit attributable to lower operating rates. Operational metrics at Bear Island improved sequentially, with production levels up 8%. This trend has continued into July. Our tissue segment generated stable results sequentially as benefits from improved pricing, sales volume and mix were offset by higher operational costs due to planned shutdowns and maintenance activities. These initiatives were scheduled to improve line efficiencies, support the execution of our retail tissue realignment strategy, and manage inventory in the Away-from-Home tissue market. The Corporation's net debt levels decreased by $112 million sequentially, and leverage contracted to 3.8x from 4.2x at the end of the first quarter. Net of disposals, capital expenditures totaled $18 million in the quarter, and $54 million year-to-date. We now expect full year 2025 levels to be in the range of $150 million, before disposals, down from $175 million previously." Discussing near-term outlook, Mr. Simon commented, "We are anticipating third quarter performance to be slightly higher sequentially. We remain cautious in packaging, where results are expected to be largely stable as benefits from continued favourable pricing and raw material trends are forecasted to be offset by constrained demand levels. We expect a stronger tissue performance in the third quarter, driven by volume growth and largely stable raw material costs and selling prices. Continued uncertainty in the macro-economic environment may impact future demand levels across North America and our outlook." Selected consolidated information (in millions of Canadian dollars, except amounts per common share) (unaudited) Q2 2025 Q1 2025 Q2 2024 Sales 1,187 1,154 1,180 As Reported Operating income 36 50 34 Net earnings (loss) (3) 7 1 per common share (basic) ($0.03) $0.07 $0.01 Adjusted 1 Earnings before interest, taxes, depreciation and amortization (EBITDA (A)) 137 125 112 Net earnings 19 13 8 per common share (basic) $0.19 $0.13 $0.08 Margin (EBITDA (A) / Sales) 11.5 % 10.8 % 9.5 % Net debt 1 2,104 2,216 2,093 Net debt / EBITDA (A) ratio 1 3.8x 4.2x 4.2x Segmented sales (in millions of Canadian dollars) (unaudited) Q2 2025 Q1 2025 Q2 2024 Packaging Products 763 762 745 Tissue Papers 392 364 397 Inter-segment sales, Corporate, Recovery and Recycling activities 32 28 38 Sales 1,187 1,154 1,180 Segmented operating income (loss) (in millions of Canadian dollars) (unaudited) Q2 2025 Q1 2025 Q2 2024 Packaging Products 46 60 34 Tissue Papers 25 24 38 Corporate, Recovery and Recycling activities (35) (34) (38) Operating income 36 50 34 Segmented EBITDA (A) 1 (in millions of Canadian dollars) (unaudited) Q2 2025 Q1 2025 Q2 2024 Packaging Products 119 109 86 Tissue Papers 38 37 54 Corporate, Recovery and Recycling activities (20) (21) (28) EBITDA (A) 1 137 125 112 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. Analysis of results for the three-month period ended June 30, 2025 (compared to the same period last year) The Corporation's second quarter sales of $1,187 million increased by $7 million compared with the same period last year. This increase was driven by consolidated net benefits of $51 million from higher selling prices and $8 million from a more favourable foreign exchange. These were partially offset by $46 million from lower volumes. The second quarter EBITDA (A) 1 totaled $137 million, an increase of $25 million, or 22%, from the $112 million generated in the same period last year. This increase was driven by net benefits of $51 million from higher selling prices and by lower raw material costs of $15 million, mainly in the Packaging Products segment. These were partially offset by net impacts of $23 million from higher production and energy costs and $18 million from lower volumes. The main specific items, before income taxes, that impacted our second quarter of 2025 operating income and/or net loss were: $23 million of impairment charge on inventory and some equipment related to a closed facility in the United Sates (operating income and net loss); $2 million loss of other items (operating income and net loss); $4 million unrealized loss on financial instruments (operating income and net loss); $1 million loss on repurchase of long-term debt (net loss). For the three-month period ended June 30, 2025, the Corporation posted a net loss of $(3) million, or ($0.03) per common share, compared to net earnings of $1 million, or $0.01 per common share, in the same period of 2024. On an adjusted basis 1, the Corporation posted net earnings of $19 million in the second quarter of 2025, or $0.19 per common share, compared to net earnings of $8 million, or $0.08 per common share, in the same period of 2024. 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. Dividend on common shares and normal course issuer bid The Board of Directors of Cascades declared a quarterly dividend of $0.12 per common share to be paid on September 4, 2025 to shareholders of record at the close of business on August 21, 2025. This dividend is an "eligible dividend" as per the Income Tax Act (R.C.S. (1985), Canada). During the second quarter of 2025, Cascades purchased no common shares for cancellation. 2025 Second Quarter Results Conference Call Details Management will discuss the 2025 second quarter financial results during a conference call today at 9:00 a.m. ET. The call can be accessed by dialing 1-800-990-4777 (international 1-289-819-1299). The conference call, including the investor presentation, will be broadcast live on the Cascades website ( under the "Investors" section. A replay of the call will be available on the Cascades website and may also be accessed by phone until September 7, 2025 by dialing 1-888-660-6345 (international 1-289-819-1450), access code 49150 #. Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 9,600 women and men across a network of 66 operating facilities, including 17 Recovery and Recycling facilities which are part of Corporate Activities and joint ventures managed by the Corporation, in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Corporation's products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors. CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) For the 3-month periods ended June 30, For the 6-month periods ended June 30, (in millions of Canadian dollars, except per common share amounts and number of common shares) (unaudited) 2025 2024 2025 2024 Sales 1,187 1,180 2,341 2,289 Supply chain and logistic 702 722 1,381 1,390 Wages and employee benefits expenses 275 275 555 542 Depreciation and amortization 72 69 141 136 Maintenance and repair 67 60 131 122 Other operational costs 6 11 12 20 Impairment charges 23 — 24 2 Other loss (gain) 1 — 5 3 Restructuring costs 1 10 6 33 Unrealized loss (gain) on derivative financial instruments 4 (1) — (2) Operating income 36 34 86 43 Financing expense 33 37 69 72 Share of results of associates and joint ventures (3) (6) (6) (9) Earnings (loss) before income taxes 6 3 23 (20) Provision for (recovery of) income taxes 3 (1) 8 (7) Net earnings (loss) including non-controlling interests for the period 3 4 15 (13) Net earnings attributable to non-controlling interests 6 3 11 6 Net earnings (loss) attributable to Shareholders for the period (3) 1 4 (19) Net earnings (loss) per common share Basic ($0.03) $0.01 $0.04 ($0.19) Diluted ($0.03) $0.01 $0.04 ($0.19) Weighted average basic number of common shares outstanding 101,152,145 100,781,388 101,073,415 100,742,283 Weighted average number of diluted common shares 101,169,690 100,870,224 101,294,977 101,043,122 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) For the 3-month periods ended June 30, For the 6-month periods ended June 30, (in millions of Canadian dollars) (unaudited) 2025 2024 2025 2024 Net earnings (loss) including non-controlling interests for the period 3 4 15 (13) Other comprehensive income (loss) Items that may be reclassified subsequently to earnings Translation adjustments Change in foreign currency translation of foreign subsidiaries (63) 12 (104) 38 Change in foreign currency translation related to net investment hedging activities 34 (5) 74 (15) Recovery of (provision for) income taxes (5) 1 (5) 2 (34) 8 (35) 25 Items that are not released to earnings Actuarial gain (loss) on employee future benefits — 4 (1) 11 Provision for income taxes — (1) — (3) — 3 (1) 8 Other comprehensive income (loss) (34) 11 (36) 33 Comprehensive income (loss) including non-controlling interests for the period (31) 15 (21) 20 Comprehensive income attributable to non-controlling interests for the period 4 3 9 7 Comprehensive income (loss) attributable to Shareholders for the period (35) 12 (30) 13 For the 6-month period ended June 30, 2025 (in millions of Canadian dollars) (unaudited) CAPITAL STOCK CONTRIBUTED SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE INCOME TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS NON- CONTROLLING INTERESTS TOTAL EQUITY Balance - Beginning of period 616 16 1,019 73 1,724 47 1,771 Comprehensive income (loss) Net earnings — — 4 — 4 11 15 Other comprehensive loss — — (1) (33) (34) (2) (36) — — 3 (33) (30) 9 (21) Dividends — — (24) — (24) (27) (51) Stock options expense — 1 — — 1 — 1 Issuance of common shares upon exercise of stock options 2 — — — 2 — 2 Balance - End of period 618 17 998 40 1,673 29 1,702 For the 6-month period ended June 30, 2024 (in millions of Canadian dollars) (unaudited) CAPITAL STOCK CONTRIBUTED SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE INCOME TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS NON- CONTROLLING INTERESTS TOTAL EQUITY Balance - Beginning of period 613 15 1,096 15 1,739 42 1,781 Comprehensive income (loss) Net earnings (loss) — — (19) — (19) 6 (13) Other comprehensive income — — 8 24 32 1 33 — — (11) 24 13 7 20 Dividends — — (24) — (24) (8) (32) Stock options expense — 1 — — 1 — 1 Issuance of common shares upon exercise of stock options 3 (1) — — 2 — 2 Acquisition of non-controlling interests — — (2) — (2) — (2) Balance - End of period 616 15 1,059 39 1,729 41 1,770 CONSOLIDATED STATEMENTS OF CASH FLOWS For the 3-month periods ended June 30, For the 6-month periods ended June 30, (in millions of Canadian dollars) (unaudited) 2025 2024 2025 2024 Operating activities Net earnings (loss) attributable to Shareholders for the period (3) 1 4 (19) Adjustments for: Financing expense 33 37 69 72 Depreciation and amortization 72 69 141 136 Impairment charges 23 — 24 2 Other loss (gain) 1 — 5 3 Restructuring costs 1 10 6 33 Unrealized loss (gain) on derivative financial instruments 4 (1) — (2) Provision for (recovery of) income taxes 3 (1) 8 (7) Share of results of associates and joint ventures (3) (6) (6) (9) Net earnings attributable to non-controlling interests 6 3 11 6 Net financing expense paid (25) (18) (74) (65) Net income taxes received (paid) (5) 2 (7) (3) Dividends received 7 8 7 9 Payments, net of provisions, for charges and other liabilities (22) (26) (51) (46) 92 78 137 110 Changes in non-cash working capital components (25) (24) (122) (94) 67 54 15 16 Investing activities Payments for property, plant and equipment (44) (40) (80) (81) Proceeds from disposals of property, plant and equipment 26 17 26 17 Change in intangible and other assets — (20) 1 (20) (18) (43) (53) (84) Financing activities Bank loans and advances (1) 1 (7) 3 Change in credit facilities (375) 8 (108) 85 Change in credit facilities without recourse to the Corporation 120 3 121 18 Issuance of unsecured senior notes, net of related expenses 541 — 541 — Repurchase of unsecured senior notes (281) — (456) — Increase in delayed draw unsecured term loan credit facility — — 36 — Payments of other long-term debt, including lease obligations (2025 - $39 million for the 6-month period ($21 million for the 3-month period); 2024 - $35 million for the 6-month period ($15 million for the 3-month period)) (21) (16) (40) (37) Issuance of common shares upon exercise of stock options 1 2 2 2 Dividends paid to non-controlling interests (24) (5) (27) (8) Acquisition of non-controlling interests — — — (3) Dividends paid to the Corporation's Shareholders (12) (12) (24) (24) (52) (19) 38 36 Net change in cash and cash equivalents during the period (3) (8) — (32) Currency translation on cash and cash equivalents — — (1) 1 Cash and cash equivalents - Beginning of the period 29 31 27 54 Cash and cash equivalents - End of the period 26 23 26 23 SEGMENTED INFORMATION In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation's operations are managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been restated to conform with the current year's presentation. The accounting policies of the reportable segments are the same as the Corporation's accounting policies described in the most recent Audited Consolidated Financial Statements for the year ended December 31, 2024. The Corporation's operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The Chief Executive Officer has authority for resource allocation and management of the Corporation's performance and is therefore the CODM. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A)). The CODM considers EBITDA (A) to be the best performance measure of the Corporation's activities. Sales for each segment are prepared on the same basis as those of the Corporation. Inter-segment operations are recorded on the same basis as sales to third parties, which are at fair market value. EBITDA (A) does not have a standardized meaning under IFRS Accounting Standards; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA (A) as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS Accounting Standards measures. EBITDA (A) by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table: For the 3-month period ended June 30, 2024 (in millions of Canadian dollars) (unaudited) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Consolidated Operating income (loss) 34 38 (38) 34 Depreciation and amortization 44 13 12 69 Restructuring costs 7 3 — 10 Unrealized loss (gain) on derivative financial instruments 1 — (2) (1) EBITDA (A) 86 54 (28) 112 Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) 617 322 58 997 For the 6-month period ended June 30, 2025 (in millions of Canadian dollars) (unaudited) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Consolidated Operating income (loss) 106 49 (69) 86 Depreciation and amortization 95 27 19 141 Impairment charges 23 — 1 24 Other loss (gain) 6 (1) — 5 Restructuring costs 1 — 5 6 Unrealized loss (gain) on derivative financial instruments (3) — 3 — EBITDA (A) 228 75 (41) 262 Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) 1,197 635 104 1,936 For the 6-month period ended June 30, 2024 (in millions of Canadian dollars) (unaudited) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Consolidated Operating income (loss) 46 69 (72) 43 Depreciation and amortization 87 26 23 136 Impairment charges 2 — — 2 Other loss 3 — — 3 Restructuring costs 23 9 1 33 Unrealized gain on derivative financial instruments — — (2) (2) EBITDA (A) 161 104 (50) 215 Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) 1,206 617 109 1,932 Payments for property, plant and equipment by business segment are shown in the following table: PAYMENTS FOR PROPERTY, PLANT AND EQUIPMENT For the 3-month periods ended June 30, For the 6-month periods ended June 30, (in millions of Canadian dollars) (unaudited) 2025 2024 2025 2024 Packaging Products 33 63 67 77 Tissue Papers 14 12 22 20 Corporate, Recovery and Recycling activities 1 13 7 19 Total acquisitions 48 88 96 116 Right-of-use assets acquisitions (non-cash) (10) (51) (34) (54) 38 37 62 62 Acquisitions for property, plant and equipment included in "Trade and other payables" Beginning of the period 20 29 32 45 End of the period (14) (26) (14) (26) Payments for property, plant and equipment 44 40 80 81 Proceeds from disposals of property, plant and equipment (26) (17) (26) (17) Payments for property, plant and equipment net of proceeds from disposals 18 23 54 64 SUPPLEMENTAL INFORMATION ON NON-IFRS ACCOUNTING STANDARDS MEASURES AND OTHER FINANCIAL MEASURES SPECIFIC ITEMS The Corporation incurs some specific items that adversely or positively affect its operating results. We believe it is useful for readers to be aware of these items as they provide additional information to measure performance, compare the Corporation's results between periods, and assess operating results and liquidity, notwithstanding these specific items. Management believes these specific items are not necessarily reflective of the Corporation's underlying business operations in measuring and comparing its performance and analyzing future trends. Our definition of specific items may differ from that of other corporations and some of these items may arise in the future and may reduce the Corporation's available cash. They include, but are not limited to, charges for (reversals of) impairment of assets, restructuring gains or costs, loss on refinancing and repurchase of long-term debt, some deferred tax asset provisions or reversals, premiums paid on repurchase of long-term debt, gains or losses on the acquisition or sale of a business unit, gains or losses on the share of results of associates and joint ventures, unrealized gains or losses on derivative financial instruments that do not qualify for hedge accounting, unrealized gains or losses on interest rate hedge instruments and option fair value revaluation, foreign exchange gains or losses on long-term debt and financial instruments, fair value revaluation gains or losses on investments, specific items of discontinued operations and other significant items of an unusual, non-cash or non-recurring nature. To provide more information for evaluating the Corporation's performance, the financial information included in this analysis contains certain data that are not performance measures under IFRS Accounting Standards ("non-IFRS Accounting Standards measures"), which are also calculated on an adjusted basis to exclude specific items. We believe that providing certain key performance and capital measures, as well as non-IFRS Accounting Standards measures, is useful to both Management and investors, as they provide additional information to measure the performance and financial position of the Corporation. This also increases the transparency and clarity of the financial information. The following non-IFRS Accounting Standards measures and other financial measures are used in our financial disclosures: Non-IFRS Accounting Standards measures Adjusted earnings before interest, taxes, depreciation and amortization or EBITDA (A): represents the operating income (as published in the Consolidated Statements of Earnings (Loss) of the Consolidated Financial Statements) before depreciation and amortization excluding specific items. Measure used to assess recurring operating performance and the contribution of each segment on a comparable basis. Adjusted net earnings: Measure used to assess the Corporation's consolidated financial performance on a comparable basis. Adjusted cash flow: Measure used to assess the Corporation's capacity to generate cash flows to meet financial obligations and/or discretionary items such as share repurchases, dividend increases and strategic investments. Free cash flow: Measure used to calculate the excess cash the Corporation generates by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A). Working capital: Measure used to assess the short-term liquidity of the Corporation. Other financial measures Total debt: Measure used to calculate all the Corporation's debt, including long-term debt and bank loans. Often put in relation to equity to calculate the debt-to-equity ratio. Net debt: Measure used to calculate the Corporation's total debt less cash and cash equivalents. Often put in relation to EBITDA (A) to calculate the net debt to EBITDA (A) ratio. Non-IFRS Accounting Standards ratios Net debt to EBITDA (A) ratio: Ratio used to assess the Corporation's ability to pay its debt and evaluate financial leverage. EBITDA (A) margin: Ratio used to assess operating performance and the contribution of each segment on a comparable basis calculated as a percentage of sales. Adjusted net earnings per common share: Ratio used to assess the Corporation's consolidated financial performance on a comparable basis. Ratio of net debt / (total equity and net debt): Ratio used to evaluate the Corporation's financial leverage and the risk to Shareholders. Working capital as a percentage of sales: Ratio used to assess the Corporation's operating liquidity performance. Adjusted cash flow per common share: Ratio used to assess the Corporation's financial flexibility. Free cash flow ratio: Ratio used to measure the liquidity and efficiency of how much more cash the Corporation generates than it uses to run the business by subtracting capital expenditures (excluding strategic projects) from the EBITDA (A) calculated as a percentage of sales. Non-IFRS Accounting Standards measures and other financial measures are mainly derived from the consolidated financial statements, but do not have the meanings prescribed by IFRS Accounting Standards. These measures have limitations as an analytical tool and should not be considered on their own or as a substitute for an analysis of our results as reported under IFRS Accounting Standards. In addition, our definitions of non-IFRS Accounting Standards measures and other financial measures may differ from those of other corporations. Any such modification or reformulation may be significant. In the fourth quarter of 2024, the Corporation announced organizational changes designed to support its strategic growth. These changes involve the combination of the Containerboard and Specialty Products activities into a single operational unit. Since January 2025, the Corporation's operations are managed in two segments: Packaging Products and Tissue Papers. The comparative figures have been restated to conform with the current year's presentation. The CODM assesses the performance of each reportable segment based on sales and earnings before interest, taxes, depreciation and amortization, adjusted to exclude specific items (EBITDA (A) 1). The CODM considers EBITDA (A) 1 to be the best performance measure of the Corporation's activities. EBITDA (A) 1 by business segment is reconciled to IFRS Accounting Standards measure, namely operating income (loss), and is shown in the following table: Q1 2025 (in millions of Canadian dollars) (unaudited) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Consolidated Operating income (loss) 60 24 (34) 50 Depreciation and amortization 46 13 10 69 Impairment charges — — 1 1 Other loss 4 — — 4 Restructuring costs 1 — 4 5 Unrealized gain on derivative financial instruments (2) — (2) (4) EBITDA (A) 1 109 37 (21) 125 Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) 603 304 52 959 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. Q2 2024 (in millions of Canadian dollars) (unaudited) Packaging Products Tissue Papers Corporate, Recovery and Recycling activities Consolidated Operating income (loss) 34 38 (38) 34 Depreciation and amortization 44 13 12 69 Restructuring costs 7 3 — 10 Unrealized loss (gain) on derivative financial instruments 1 — (2) (1) EBITDA (A) 1 86 54 (28) 112 Supply chain and logistic and Wage and employee benefits expenses included in operating income (loss) 617 322 58 997 The following table reconciles net earnings (loss) and net earnings (loss) per common share, as reported, with adjusted net earnings 1 and adjusted net earnings per common share 1: The following table reconciles cash flow from operating activities with EBITDA (A) 1: 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. 2 Specific amounts per common share are calculated on an after-tax basis and are net of the portion attributable to non-controlling interests. Per share amounts in line item ''Tax effect on specific items, other tax adjustments and attributable to non-controlling interests'' only include the effect of tax adjustments. Please refer to the "Provision for (recovery of) income taxes" section for more details. The following table reconciles cash flow from operating activities with cash flow from operating activities (excluding changes in non-cash working capital components) and adjusted cash flow from operating activities 1. It also reconciles adjusted cash flow from operating activities 1 to adjusted cash flow generated (used) 1, which is also calculated on a per common share basis: (in millions of Canadian dollars, except per common share amounts or otherwise noted) (unaudited) Q2 2025 Q1 2025 Q2 2024 Cash flow from operating activities 67 (52) 54 Changes in non-cash working capital components 25 97 24 Cash flow from operating activities (excluding changes in non-cash working capital components) 92 45 78 Restructuring costs paid 9 17 17 Adjusted cash flow from operating activities 1 101 62 95 Payments for property, plant and equipment (44) (36) (40) Change in intangible and other assets — 1 (20) Lease obligation payments (21) (18) (15) Proceeds from disposals of property, plant and equipment 26 — 17 62 9 37 Dividends paid to non-controlling interests (24) (3) (5) Dividends paid to the Corporation's Shareholders and to non-controlling interests (12) (12) (12) Adjusted cash flow generated (used) 1 26 (6) 20 Adjusted cash flow generated (used) per common share 1 (in Canadian dollars) $0.26 ($0.06) $0.20 Weighted average basic number of common shares outstanding 101,152,145 100,993,811 100,781,388 The following table reconciles total debt 1 and net debt 1 with the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)) 1: (in millions of Canadian dollars) (unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Long-term debt 2,057 1,873 1,878 Current portion of unsecured senior notes — 296 175 Current portion of long-term debt 70 72 60 Bank loans and advances 3 4 3 Total debt 1 2,130 2,245 2,116 Less: Cash and cash equivalents (26) (29) (23) Net debt 1 as reported 2,104 2,216 2,093 Last twelve months EBITDA (A) 1 548 523 498 Net debt / EBITDA (A) ratio 1 3.8x 4.2x 4.2x 1 Please refer to the "Supplemental Information on Non-IFRS Accounting Standards Measures and Other Financial Measures" section for a complete reconciliation. SOURCE Cascades Inc.
