Acadian Timber Corp. reported Adjusted EBITDA of $5.2 million for the quarter ended December 31, 2025, a 41% increase from $3.7 million in the same period last year, driven by higher sales volumes from favorable weather and improved contractor availability.
Net income for the Q4 2025 totaled $39.7 million, compared to $5.6 million in the prior year period, largely due to higher gains on non-cash fair value adjustments. Sales increased by 9% to $22.0 million.
Sales volume, excluding biomass, was 21% higher than the Q4 2024, supported by more favorable weather in both operating regions and improved contractor availability in New Brunswick. However, the weighted average selling price, excluding biomass, decreased by 6%. Hardwood sawlog pricing fell 10% due to a lower value product mix and continued weakness in lumber markets, while softwood sawlog pricing was 2% lower.
For the full year 2025, revenue from timber sales and services was $87.0 million, compared to $91.6 million in 2024. The prior year included $24.6 million from the sale of 752,100 voluntary carbon credits, with no such sales in 2025. Weighted average selling price, excluding biomass, decreased 4% to $78.51 per cubic meter. Adjusted EBITDA for the year was $15.8 million, down from $38.9 million in 2024, with $19.8 million of the change attributable to the absence of carbon credit sales.
The company ended the year with net liquidity of $17.4 million and declared dividends of $20.9 million, or $1.16 per share.
Looking ahead, Acadian stated that near-term pressures on end-use markets have continued, with trade policy developments adding further complexity. Despite these headwinds, the consensus forecast for U.S. housing starts is steady at approximately 1.38 million in 2026. The company expects contractor availability in New Brunswick to continue into 2026 and anticipates production momentum from the Q4 to continue through the winter. Near-term sawlog demand is expected to remain stable, while pricing may remain challenged until end-use markets improve. Demand and pricing for pulpwood are expected to remain at reduced levels. Registration of additional carbon credits is anticipated in the near term following a protocol transition, and the updated protocol is expected to improve marketability.
Acadian Timber Corp. is one of the largest timberland owners in Eastern Canada and the Northeastern U.S. and has a total of approximately 2.4 million acres of land under management.
