BURNABY, BC, Feb. 27, 2026 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the year ended December 31, 2025.
Fourth Quarter Ended December 31, 2025 Earnings Results
The Company's consolidated net sales for the quarter ended December 31, 2025 were $359.6 million compared to $389.0 million in the same quarter last year. The decrease in sales by $29.4 million or 8% was largely due to lower average lumber prices and a decline in sales volume during the quarter.
Gross margin for the quarter ended December 31, 2025 increased to $41.4 million from $41.3 million in the same quarter last year . Gross margin percentage rose to 11.5% from 10.6% over the same period last year. The increase in gross margin dollars was primarily driven by lower product costs during the quarter.
Net earnings for the quarter ended December 31, 2025 decreased to a loss of $9.1 million, compared to net income of $6.6 million in the same period last year, primarily due to a $20.5 million non-cash write-off of goodwill and intangible assets related to Taiga's subsidiary in Washington State. The impairment is related to a decline in housing market activity in the US. While the write--down reflects current market conditions, management continues to believe in the long--term fundamentals of the operation and expects its underlying value and performance to improve as U.S. housing and renovation markets recover.
EBITDA for the quarter ended December 31, 2025 was a loss of $5.3 million, compared to a profit of $15.7 million in the same period last year.
Year Ended December 31, 2025 Earnings Results
The Company's consolidated net sales for the year ended December 31, 2025 were $1,631.8 million compared to $1,634.4 million last fiscal year. The decrease in sales by $2.6 million or 0.2% was largely due to a lower average lumber pricing and a decline in sales volume.
Gross margin for the year ended December 31, 2025 increased to $176.4 million from $173.3 million last fiscal year. The increase was primarily due to lower product costs, partially offset by the decline in net sales.
Net earnings for the year ended December 31, 2025 decreased to $28.6 million from $47.6 million last fiscal year, primarily due to the impairment of the U.S. subsidiary's goodwill and intangible asset.
EBITDA for the year ended December 31, 2025 was $56.7 million compared to $79.8 million last fiscal year.
Condensed Consolidated Statement of Earnings
For the Three Months Ended
December 31,
(in thousands of Canadian dollars, except for per 2025 2024
share amounts)
Sales 359,588 389,042
Gross margin 41,433 41,278
Distribution expense 8,304 8,093
Selling and administration expense 21,437 20,768
Finance expense 1,259 (463)
Impairment of goodwill and intangible assets 20,718 0
Other income (289) (49)
Earnings before income taxes (9,996) 12,929
Income tax expense (848) 6,341
Net earnings (9,148) 6,588
Net earnings per share(1) (0.08) 0.06
EBITDA(2) (5,333) 15,717
The following is the reconciliation of net earnings to EBITDA:
December 31,
(in thousands of Canadian dollars) 2025 2024
Net earnings (9,148) 6,588
Income tax expense (848) 6,341
Finance and subordinated debt interest expense 1,259 (463)
Amortization 3,404 3,251
EBITDA (5,333) 15,717
For the Year Ended
December 31,
(in thousands of Canadian dollars, except for per 2025 2024
share amounts)
Sales 1,631,772 1,634,382
Gross margin 176,367 173,287
Distribution expense 32,417 32,698
Selling and administration expense 80,367 73,951
Finance expense 3,909 (261)
Impairment of goodwill and intangible assets 20,718 0
Other income (524) (232)
Earnings before income taxes 39,480 67,131
Income tax expense 10,923 19,518
Net earnings 28,557 47,613
Net earnings per share(1) 0.26 0.44
EBITDA(2) 56,720 79,755
The following is the reconciliation of net earnings to EBITDA:
December 31,
(in thousands of Canadian dollars) 2025 2024
Net earnings 28,558 47,613
Income tax expense 10,923 19,518
Finance and subordinated debt interest expense 3,909 (261)
Amortization 13,330 12,885
EBITDA 56,720 79,755
Notes:
(1) Earnings per share is calculated using the weighted
average number of shares.
(2) Reference is made above to EBITDA, which represents
earnings before interest, taxes, and amortization.
As there is no generally accepted method of calculating
EBITDA, the measure as calculated by Taiga might not
be comparable to similarly titled measures reported
by other issuers. EBITDA is presented as management
believes it is a useful indicator of a company's ability
to meet debt service and capital expenditure requirements
and because management interprets trends in EBITDA
as an indicator of relative operating performance.
EBITDA should not be considered by an investor as
an alternative to net income or cash flows as determined
in accordance with IFRS. For the disclosure of the
manner in which EBITDA is calculated and reconciliation
to net earnings refer to the "EBITDA" section of the
Company's management's discussion and analysis which
will be available shortly on SEDAR+ at www.sedarplus.ca.
The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with our consolidated financial statements for the year ended December 31, 2025, and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR+ at www.sedarplus.ca.
SOURCE Taiga Building Products Ltd.
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February 27, 2026 17:05 ET (22:05 GMT)