Earnings
TAIGA (TBL) REPORTS MODEST SALES AND MARGIN GAINS IN THE THIRD QUARTER
TBL · Price
Executive Summary
- Taiga Building Products reported Q3 2025 net sales of C$431.3 M (up 2% YoY) with gross margin increasing to C$48.2 M, but net earnings fell to C$12.8 M due to higher SG&A and interest expense.
- For the nine months ended September 30 2025, consolidated sales reached C$1.272 B (up 2% YoY) with gross margin of C$134.9 M; net earnings declined to C$37.7 M for the same period.
- EBITDA remained roughly flat year‑over‑year (Q3: C$21.8 M vs. C$21.5 M; nine months: C$62.1 M vs. C$64.0 M).
Key Details
- Quarterly Sales: C$431,276 k in Q3 2025 vs. C$423,886 k in Q3 2024 (+2%).
- Quarterly Gross Margin: C$48,215 k in Q3 2025 vs. C$45,544 k in Q3 2024; margin % 11.2% vs. 10.7%.
- Quarterly Net Earnings: C$12,809 k in Q3 2025 vs. C$14,331 k in Q3 2024 (‑12%).
- Quarterly EBITDA: C$21,780 k in Q3 2025 vs. C$21,497 k in Q3 2024 (+1%).
- Nine‑Month Sales: C$1,272,184 k in 2025 vs. C$1,245,340 k in 2024 (+2%).
- Nine‑Month Gross Margin: C$134,934 k in 2025 vs. C$132,009 k in 2024.
- Nine‑Month Net Earnings: C$37,705 k in 2025 vs. C$41,025 k in 2024 (‑8%).
- Nine‑Month EBITDA: C$62,052 k in 2025 vs. C$64,037 k in 2024 (‑3%).
Financial Statement Highlights (selected):
| Item | Q3 2025 (C$ ‘000) | Q3 2024 (C$ ‘000) |
|---|---|---|
| Sales | 431,276 | 423,886 |
| Gross margin | 48,215 | 45,544 |
| Distribution expense | 7,916 | 8,151 |
| Selling & admin expense | 21,882 | 19,169 |
| Finance expense | 1,685 | 3 |
| Net earnings | 12,809 | 14,331 |
| EBITDA | 21,780 | 21,497 |
| Item | Nine‑Month 2025 (C$ ‘000) | Nine‑Month 2024 (C$ ‘000) |
|---|---|---|
| Sales | 1,272,184 | 1,245,340 |
| Gross margin | 134,934 | 132,009 |
| Distribution expense | 24,113 | 24,605 |
| Selling & admin expense | 58,930 | 53,183 |
| Finance expense | 2,650 | 202 |
| Net earnings | 37,705 | 41,025 |
| EBITDA | 62,052 | 64,037 |
- Drivers of Sales Growth: Higher average lumber pricing and product‑mix changes.
- Reasons for Earnings Decline: Increases in selling & administrative expenses and higher interest costs from renewed borrowing under the company’s credit facility (linked to Q2 dividend payments).
Notable Quotes
(No CEO/President quotes were included in the release.)
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May 09, 2026 · 00:16