Acadian Timber Corp. generated sales of $17.1 million, compared to $41.2 million in the prior year period. The Q2 2024 included $19.7 million in carbon credit sales, while no carbon credit sales occurred in the Q2 2025. Acadian generated $0.8 million of Free Cash Flow during the Q2 and declared dividends of $5.2 million or $0.29 per share to shareholders. Acadian’s balance sheet remains solid with $15.1 million of net liquidity as at June 28, 2025, which includes funds available under our credit facilities.
Adjusted EBITDA was $2.4 million during the Q2 compared to $20.6 million in the prior year period. Included in Adjusted EBITDA in the prior year period was $15.7 million related to carbon credit sales. Adjusted EBITDA margin for the quarter was 14% compared to 50% in the prior year period. Free Cash Flow was $0.8 million compared to $16.4 million in the prior year period.
Net income for the Q2 totaled $2.7 million, or $0.15 per share, compared to net income of $7.9 million, or $0.46 per share, in the same period of 2024, due to lower operating income and higher interest expense, partially offset by lower income tax expense.
“During the Q2, Acadian delivered mixed results,” said Adam Sheparski, President and CEO. “Steady operations in New Brunswick were offset by lower production in Maine, where we continue developing our new internal logging operations. We remain confident that these new operations will benefit Acadian over the long term.”
H1 2025
During the first half of 2025, Acadian generated revenue from timber sales and services of $42.0 million compared to $45.4 million in the prior year period. Carbon credit sales contributed an additional $24.6 million to sales in the first half of 2024 while no carbon credit sales occurred in the first half of 2025.
Adjusted EBITDA of $7.1 million was $24.1 million lower compared to the prior year period with $19.8 million attributable to the sale of carbon credits in 2024.
For the six months ended June 28, 2025, net income was $6.3 million, or $0.35 per share, a decrease of $7.6 million compared to the prior year period, primarily the result of lower operating income partially offset by lower income tax expense.
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.
