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Capital & Financial MarketsMarkets & Customers 5 Nov 2026

Cascades lifts Q3 adjusted EBITDA as tissue gains outweigh weaker packaging

Cascades reported third-quarter 2026 sales of USD 900m (CAD 1,267m), up 2% year on year, and adjusted EBITDA of USD 115m (CAD 162m), against USD 113m (CAD 159m) a year earlier. Tissue beat management expectations as earlier price increases largely offset cost inflation and lower Away-from-Home volumes, while packaging earnings fell on higher raw-material and transport costs and about USD 3m (CAD 4m) of tariff effects. Net debt fell to USD 1,324m (CAD 1,863m), 3.2 times adjusted EBITDA, and management expects fourth-quarter results slightly below the third quarter.

Why this mattersAt Cascades, tissue price increases are offsetting packaging margin erosion from raw material, transport and tariff costs, leaving group earnings broadly flat.

  • Q3 2026 sales were USD 900m (CAD 1,267m), up 2% year on year
  • Adjusted EBITDA was USD 115m (CAD 162m), up from USD 113m (CAD 159m) in Q3 2025
  • Packaging adjusted EBITDA fell to USD 90m (CAD 126m) from USD 97m (CAD 136m) a year earlier, with about USD 3m (CAD 4m) of tariff effects
  • Tissue adjusted EBITDA rose to USD 33m (CAD 47m), up USD 1m (CAD 1m) year on year and up from USD 25m (CAD 35m) in Q2
  • Net debt was USD 1,324m (CAD 1,863m) at 30 September, 3.2 times adjusted EBITDA, against 3.6 times a year earlier
  • Management expects Q4 consolidated results slightly below Q3
Cascades
Sources papnews.com
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Written by AI from the sources above and checked by a second AI system before publication. No human wrote or edited this story. How it is made.

Updates

  • 2026-11-07 · Edited before publication: Several errors corrected. CAD 159m is the Q3 2025 figure, not Q2, so 'slightly ahead of Q2' was wrong. The dividend (CAD 0.12, payable 3 December) is not in the source text and is removed. CAD 1,267m converts to USD 900m, not USD 901m. The CAD 4m tariff effect had no USD conversion. The headline wrongly said tissue pricing offset packaging costs; in the source it offset
  • 2026-11-07 · Edited before publication: CAD conversions at 1.407 are correct. The summary ran to four sentences and is merged into three. 'Why this matters' said tissue was carrying earnings, but packaging adjusted EBITDA (CAD 126m) is still far above tissue (CAD 47m); the source also does not say the tariffs are US.