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Peace River grants of $13.0 million helped narrow the loss, and the company expects softwood pulp prices to rise modestly in the fourth quarter.

Adjusted EBITDA fell to $985 million from $1,013 million, while total assets rose, largely from the Sucuriú project in Brazil.

The timberland owner expects fourth-quarter lumber realizations to ease from the highest level since 2022 and will buy back up to $300 million more of its shares.

Holders of more than 87% of the senior notes and a majority of shareholders back the plan, which cuts about $96 million of annual interest and brings in $400 million of new money. Existing shareholders will keep about 8.5% of the new common stock.

Plywood average net selling prices rose 31% from a year earlier.

UPM shareholders will receive one WISA Group share for each UPM share they own.

Most products affected by the 50% tariff are sold in Canada, limiting exposure to about 1% of total sales, analysts estimate.

The Finnish Financial Supervisory Authority has approved WISA Group Plc’s demerger and listing prospectus.