EDMUNDSTON, New Brunswick — February 11, 2026 — Leads & Copy — Acadian Timber Corp. (TSX:ADN) reported its financial and operating results for the three months and year ended Dec. 31, 2025.
The company’s fourth-quarter conference call and webcast will be held Thursday, Feb. 12, 2026, at 1 p.m. ET. Those interested can register to receive a PIN or follow a link on Acadian’s website. A recorded rebroadcast will be available until 4 p.m. ET Feb. 12, 2027.
“While 2025 brought a multitude of challenges, Acadian delivered steady operational performance in New Brunswick, helping to offset weather-related challenges, trucking constraints, and productivity issues in Maine,” said Adam Sheparski, President and Chief Executive Officer. “Amid global and regional uncertainty, our team remained disciplined and focused on strengthening the business for the years ahead.”
Fourth-Quarter 2025 Results
Acadian generated sales of $22.0 million during the fourth quarter, compared to $20.2 million in the fourth quarter of 2024. Adjusted EBITDA was $5.2 million, and Free Cash Flow was $1.9 million. The company declared dividends of $5.3 million, or $0.29 per share, to shareholders.
Sales volume, excluding biomass, increased 21% year-over-year due to favorable weather conditions in both operating regions. New Brunswick benefited from improved contractor availability and a change in customer mix. Maine saw increased harvested volumes, but deliveries were limited by trucking capacity.
The weighted average selling price, excluding biomass, decreased 6% year-over-year. Softwood sawlog pricing was 2% lower, while hardwood sawlog pricing decreased 10%. Softwood pulpwood pricing remained consistent, but hardwood pulpwood pricing decreased 12%.
Operating costs and expenses were $17.7 million, compared to $17.0 million in the fourth quarter of 2024. Increased costs were primarily due to higher sales volumes and land management costs, offset by lower timber services activity.
Net income for the fourth quarter totaled $39.7 million, or $2.18 per share, compared to $5.6 million, or $0.32 per share, in the same period of 2024.
Full-Year 2025 Results
Acadian reported revenue from timber sales and services of $87.0 million, compared to $91.6 million in the prior year. The sale of 752,100 voluntary carbon credits contributed $24.6 million to total sales in 2024, while no carbon credit sales occurred in 2025.
Adjusted EBITDA was $15.8 million, and Free Cash Flow was $6.6 million. The company declared dividends of $20.9 million, or $1.16 per share, to shareholders.
Freehold timber sales volume, excluding biomass, was consistent with 2024. Increased sales volumes in New Brunswick were offset by decreased sales volumes in Maine. The weighted average selling price, excluding biomass, decreased 4% from the prior year.
Operating costs and expenses were $73.6 million, compared to $92.5 million in the prior year. Included in operating costs and expenses in the prior year were $18.9 million related to carbon credit sales.
Net income for the year totaled $49.0 million, or $2.70 per share, compared to $21.7 million, or $1.24 per share, in the prior year.
Segment Performance
New Brunswick Timberlands reported sales of $19.0 million for the fourth quarter, compared to $17.2 million during the prior year period. Sales for the year totaled $76.0 million, compared to $74.3 million in 2024.
Maine Timberlands reported sales of $3.0 million during the fourth quarter, consistent with the prior year period. Sales for the year were $10.9 million, compared to $17.3 million in 2024.
Environmental Solutions reported no sales during the quarter or year, compared to $24.6 million in 2024 from the sale of 752,100 carbon credits.
Outlook
The company expects near-term pressures on end-use markets to continue. Macroeconomic indicators remain supportive, with North American interest rates easing and U.S. housing starts expected to remain steady. Acadian anticipates sufficient contractor availability in New Brunswick and expects production from internal harvesting operations to improve. Demand and pricing for softwood and hardwood pulpwood are expected to remain at reduced levels in the near term.
Dividend
Acadian announced a dividend of $0.29 per share, payable on April 15, 2026, to shareholders of record March 31, 2026.
Acadian Timber Corp. is one of the largest timberland owners in Eastern Canada and the Northeastern U.S., with approximately 2.4 million acres of land under management.
Acadian’s shares are listed for trading on the Toronto Stock Exchange under the symbol ADN.
Source: Acadian Timber Corp.
