Cascades reports third-quarter 2025 results

Cascades Inc. released its unaudited financial results for the third quarter of 2025, reporting solid improvements in its key operating and profitability metrics. The company posted sales of USD 1.238 billion, higher than both the second quarter of 2025 (USD 1.187 billion) and the third quarter of 2024 (USD 1.201 billion). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA (A)) reached USD 159 million, an increase compared with USD 137 million in the previous quarter and USD 140 million in the same period last year. This 14% year-over-year growth was driven by higher selling prices and lower raw material costs, partially offset by increased production and energy expenses.

Operating income rose to USD 73 million, doubling the result of the previous quarter and the third quarter of 2024. The company reported net earnings of USD 29 million (USD 0.29 per common share), compared with a net loss of USD 0.03 per share in Q2 2025 and net earnings of USD 0.01 per share in Q3 2024. On an adjusted basis, net earnings per share were USD 0.38, up from USD 0.19 in the previous quarter and USD 0.27 a year earlier.

 

Cascades reduced its net debt to USD 2.023 billion, down from USD 2.104 billion at the end of June, bringing the net debt-to-EBITDA (A) ratio from 3.8x to 3.6x.

The company also updated its asset monetization plan, now expecting to reach USD 120 million by mid-2026, up from a previous target of USD 80 million. Including the sale of its flexible packaging operations on October 8, Cascades has generated USD 57 million so far, with proceeds intended primarily for debt reduction.

Capital expenditures totaled USD 30 million during the quarter. The corporation maintains its forecast of approximately USD 140 million in capital spending for the full year 2025.