KP Tissue Q4 2025 Earnings Report

KP Tissue EPS Results

• Actual EPS: C$0.26
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

KP Tissue Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

KP Tissue Announcement Details

• Quarter: Q4 2025
• Date: 2/18/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, February 18, 2026
• Conference Call Time: 8:30AM ET

KP Tissue (TSE:KPT) Inc operates as a holding company. The firm produces, distributes, markets, and sells a range of disposable tissue products in North America. It offers bathroom and facial tissues, paper towels, paper towels, and napkins, as well as disposable wiping products and washroom dispensing systems.

KP Tissue Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Adjusted EBITDA rose 26% YoY to CAD 84.2M in Q4 (revenue CAD 560.1M) and the company returned to positive net income of CAD 23.4M versus a loss a year ago.
• Positive Sentiment: Kruger reported sustained market-share gains in Canada (facial tissue up 130 bps to 46.3%, paper towel up 130 bps to 25.3%) and says the U.S. is its key growth engine with continued distribution wins.
• Positive Sentiment: Operational progress and capacity moves — Sherbrooke insourcing improved AFH margins, a new Memphis converting line is on track for early Q2 2026 startup, and management expects to announce details for a Western U.S. TAD plant (slated for 2028) in H1 2026.
• Negative Sentiment: Management raised 2026 CapEx to CAD 100–120M (includes initial TAD spend), warns pulp prices may rise in 2026, and expects leverage could temporarily rise toward the mid‑4x range during construction — a potential short‑term headwind to shareholder returns.

Presentation

[Operator]

I will now turn the call over to Doris Grbic, Director of Investor Relations. You may begin your conference.

[Doris Grbic, Director of Investor Relations at KP Tissue]

Thank you, operator. Good morning, everyone, and thank you for joining us to review Kruger Products' Q4 2025 financial results. With me this morning is Dino Bianco, the CEO of KP Tissue and Kruger Products, and Michael Keays, the CFO of KP Tissue and Kruger Products. Today's discussion will include certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to known and unknown risks and uncertainties. A list of risk factors can be found in our public filings. In addition, today's discussion will include certain non-GAAP financial measures. The reconciliation of these non-GAAP financial measures to the most comparable GAAP measure can be found in our MD&A. The press release reporting our Q4 2025 results was published this morning and will be available on our website at kptissue.com. The financial statements in MD&A will also be posted on our website and on SEDAR+.

[Doris Grbic, Director of Investor Relations at KP Tissue]

The investor presentation to accompany today's discussion can be found in the Investor Relations section of our website. I will now turn the call over to our CEO, Dino Bianco. Dino?

[Dino Bianco, CEO at KP Tissue]

Thank you, Doris. Good morning, everyone, and thank you for joining us for our fourth quarter and full year earnings call for fiscal 2025. 2025 proved to be a strong year across many areas of our business, marked by share gains and revenue growth, strong margins, and greater profitability, along with enhanced operational efficiency and an improved safety record. We are particularly pleased revenue growth was well diversified, both in Canada, leveraging our leadership position in this mature market, and in the U.S., which is our growth engine for future years. In the fourth quarter of 2025, our momentum culminated with adjusted EBITDA growing more than 25% year-over-year to generate a run rate above CAD 80 million for a second consecutive quarter.

[Dino Bianco, CEO at KP Tissue]

In addition, expanded insourcing of paper from our Sherbrooke expansion project improved the margins of our away from home segment and overall business. Going forward, we intend to build on this solid foundation to deliver growth in 2026 and beyond. Now, let's take a closer look at the quarterly numbers on slide 6. Revenue improved nearly 4% in the fourth quarter of 2025, mainly driven by higher sales volume in both our consumer and away from home businesses. Revenue in Canada grew 5.1% in the fourth quarter, while U.S. sales rose 2.2% year over year. It should be noted that our U.S. segment was facing a high comparable, with revenue up almost 20% in Q4 last year.

[Dino Bianco, CEO at KP Tissue]

However, we're very pleased with the incremental growth year-over-year in the US market, as our annual growth rate was 8.2%. In terms of profitability, Adjusted EBITDA increased 26% year-over-year to reach CAD 84.2 million. The strong growth in Adjusted EBITDA can be attributed to higher sales volume and improved productivity at our manufacturing sites, along with lower pulp costs and freight rates. These factors were partially offset by a number of items that Michael will provide more details on in his financial review. On slide 7, I would like to highlight our revenue growth of 7.5% and Adjusted EBITDA increase of 20.2% in fiscal 2025. Following three consecutive years of profitable growth, we head into 2026 with strong momentum and are well positioned for further growth.

[Dino Bianco, CEO at KP Tissue]

On slide 8, average pulp prices in Canadian dollars varied between a decline of 6.6% to an increase of 3.3% in the fourth quarter of 2025 compared to the previous quarter. On a year-over-year basis, average prices for NBSK and BEK declined 7.3% and 5.3%, respectively. Moving forward into 2026, industry analysts continue to expect pulp prices to turn upwards over the year. Let's move to our operations slide on page 9. Slide 9. Production rates for our paper machine and converting operations remained positive in the fourth quarter, helping us exceed our targets for the full year. At Memphis, our renewed asset strategy, focused on producing premium products, drove robust sequential improvements across both paper machine and converting lines.

[Dino Bianco, CEO at KP Tissue]

As well, our new state-of-the-art converting line in Memphis remains on track for startup in early Q2 2026. In terms of our newly proposed project in the western United States, we're in the process of firming up the location, project scope, and financial details of the new TAD facility, which is slated to open in 2028. We anticipate making a detailed announcement in the first half of 2026. Finally, we're proud to report that we achieved record safety results across our manufacturing assets in 2025, with several sites achieving key milestones throughout the year. Let's turn to our brand support on slide 10. During the fourth quarter, we continued developing equity building campaigns behind Cashmere, SpongeTowels, Bonterra, and Scotties to reinforce these brand names with our consumers. Cashmere Bathroom Tissue was recently featured in a full episode of Project Runway Canada Design Challenge.

[Dino Bianco, CEO at KP Tissue]

We are pleased with the exposure our Cashmere brand received from this televised event. Also, during the fourth quarter, we also initiated a Scottie for Scotties activation with Toronto Raptors star, Scottie Barnes. The campaign featured a playful stunt on social media in which the NBA basketball star changed his name to Scotties with an S to promote our facial tissue brand across Canada. Limited edition Scotties Barnes boxes were also released in December as part of this promotion. In addition, we recently unveiled the sixth edition of the Kruger Products Big Assist program, which has made hockey more accessible to Canadian families through CAD 1 million in donations to date. The program is highlighted in a Big Assist new TV commercial airing during CBC's broadcast of the Olympic Winter Games, Milano Cortina 2026.

[Dino Bianco, CEO at KP Tissue]

The ad recognizes and celebrates the dedication and sacrifice of minor hockey parents across the country. Also airing during the CBC broadcast is Kruger Big Assist content series, which shines a light on 12 Canadian hockey icons, both men and women, representing Team Canada at the Winter Olympics. Finally, we expanded support on Scotties seasonal cubes in the fourth quarter, with the release of the Toronto Maple Leafs, Montreal Canadiens, and Holiday Cube formats. Let's turn to slide 11, where the data presented is taken from Nielsen and shows Kruger Products' branded market share in Canada over a 52-week period ending December 27, 2025. The numbers reflect incremental growth year over year for Kruger Products in bathroom tissue, which is a highly competitive product category.

[Dino Bianco, CEO at KP Tissue]

Also, in terms of facial tissue, we increased share by 130 basis points from the same period last year to reach 46.3% share of the Canadian market. These share gains were driven by new innovations and continued support behind our market-leading Scotties brand, as I previously mentioned. Likewise, we grew share by 130 basis points on the paper towel category, raising our total to 25.3%. This was driven by our Made in Canada promotions, leveraging our dual marketing strategy for both high quality and base-level towels, as well as expanding our product portfolio with new formats and sizing options for consumers. Looking at our away-from-home segment on slide 12, revenue increased moderately year-over-year in the fourth quarter on higher volume, but decreased sequentially due to seasonality.

[Dino Bianco, CEO at KP Tissue]

Similarly, profitability improved compared to the fourth quarter last year, highlighted by a healthy 11% adjusted EBITDA margin, but declined from the previous quarter. As mentioned earlier, the network insourcing of paper contributed to AFH's greater profitability on a year-over-year basis in the fourth quarter. Also, the launch of Cashmere, Scotties, and Titan in away from home are already showing strong performance in this market. And finally, we continue to monitor the AFH market environment, given ongoing economic uncertainty. I will now turn the call over to Michael.

[Michael Keays, CFO at KP Tissue]

Thank you, Dino, and good morning, everyone. Please turn to slide 13 for a summary of our financial performance for the fourth quarter of 2025. As Dino mentioned, we generated an Adjusted EBITDA of CAD 84.2 million on sales of CAD 560.1 million in the quarter, representing a strong year-over-year Adjusted EBITDA growth of 26%. Net income totaled CAD 23.4 million in Q4 2025, compared to a net loss of CAD 13.7 million in the fourth quarter of 2024. The year-over-year increase is due to a favorable foreign exchange difference of CAD 29.7 million and a higher Adjusted EBITDA of CAD 17.4 million.

[Michael Keays, CFO at KP Tissue]

These items were partially offset by increased income from non-controlling interests of CAD 4.7 million, higher income tax expense of CAD 3.8 million, as well as higher interest and other finance costs of CAD 1.6 million. In our quarterly segmented view on slide 14, revenue from our consumer business grew 4.3% year-over-year to CAD 472.3 million, and this increase was driven by higher sales volume both in Canada and the U.S. In our away from home segment, revenue improved 1% year-over-year to CAD 87.8 million. This increase was also due to slightly higher sales volume in both Canada and the U.S.

[Michael Keays, CFO at KP Tissue]

The consumer adjusted EBITDA in the fourth quarter totals CAD 78.1 million, compared to CAD 64 million in Q4 2024, with a margin of 16.5%, representing an improvement of 2 points over the same period last year. On a sequential basis, the consumer adjusted EBITDA remains stable from Q3 2025. For our away from home business, adjusted EBITDA amounted to CAD 9.7 million, compared to CAD 4.6 million in Q4 2024. The margin more than doubled year-over-year to 11%, partially driven by the expected benefit of insourcing our paper supply post Sherbrooke extension, as Dino mentioned, and sequentially, the AFH adjusted EBITDA decreased 0.7 million from Q3 2025.

[Michael Keays, CFO at KP Tissue]

Moving on to slide 15, we show our consolidated revenue for Q4 2025, which improved 3.8% year-over-year to CAD 560.1 million on the strength of higher sales volume across both segments. On a geographic basis, revenue in Canada grew CAD 15 million or 5.1% year-over-year, while the U.S. revenue rose for CAD 5.5 million or 2.2%. On slide 16, we provide details of our year-over-year profitability. The Adjusted EBITDA increased CAD 17.4 million to CAD 84.2 million, resulting in a margin of 15%, compared to 12.4% for the same period last year. The year-over-year increase was driven by the higher sales volume, favorable productivity at our manufacturing sites, lower pulp prices, and a reduced freight cost.

[Michael Keays, CFO at KP Tissue]

These items were partially offset by higher manufacturing overhead costs and increased SG&A expenses. Now, let's turn to slide 17, where we compare Q4 revenue to Q3. Revenue decreased slightly by CAD 1 million sequentially, or 0.2%, primarily due to lower U.S. sales volume. Geographically, revenue in Canada increased by CAD 5 million, or 1.7%, while the U.S. revenue declined by CAD 6 million, or 2.3%. It's worth noting that Q3 is historically our strongest volume quarter, making the decrease in U.S. sales largely a timing effect this quarter. On slide 18, the adjusted EBITDA in the fourth quarter dropped by CAD 1.5 million, or 1.8%, driven by higher SG&A expenses, elevated freight and warehousing costs, increased marketing expenses, greater manufacturing overhead costs, and lower U.S. sales volume.

[Michael Keays, CFO at KP Tissue]

These factors were partially offset by the reduced pulp price, bringing the adjusted EBITDA margin to a comparable level to Q3 at 15%. Turning to our balance sheet and financial position on slide 19. Our cash position continued to improve, reaching CAD 196.1 million at the end of the fourth quarter, up from CAD 149.1 million at the end of Q3, 2025. The increase was primarily due to the higher adjusted EBITDA and a decrease in working capital at the end of the year. Long-term debt at quarter end stood at CAD 1,074.1 million, a decrease of CAD 9.4 million sequentially, reducing the net debt by CAD 55.7 million.

[Michael Keays, CFO at KP Tissue]

Our leverage ratio also declined to 3.1 times compared to 3.4 times in Q3 2025, demonstrating further our commitment to strengthening our balance sheet. To conclude my section, we will review capital expenditures on slide 20. Our CapEx for Q4 2025 totaled CAD 33.4 million, and for the full fiscal year, CapEx totaled CAD 78 million. For 2026, we have raised our CapEx range to be between CAD 100-CAD 120 million, which includes some spending for the new converting line in Memphis and other strategic projects as previously shared. Thank you for joining us this morning, and I'll now turn the call back to Dino.

[Dino Bianco, CEO at KP Tissue]

Thank you, Michael. Please turn to slide 22 for my closing comments, which reflect sustained momentum from the last three years of profitable growth. We are finalizing details for a new TAD tissue plant in the Western United States that will better serve our fast-growing US business with ultra-premium tissue products, which is slated to open in 2028. We will continue managing our margins and navigating through volatile economic conditions. We are investing in our operations to enhance efficiency and support growing capacity, all the while keeping our people safe. We intend to continue to build market share across our brand portfolio on a long-term basis. And as mentioned on many calls, our away-from-home business has built a sustainable business model and is well positioned to maintain this positive momentum going forward.

[Dino Bianco, CEO at KP Tissue]

Of course, we will continue to build the foundation of our organization through capabilities that will enhance our adaptability and resilience in years to come. Finally, let's turn to our outlook for the first quarter, 2026, where we expect Adjusted EBITDA to be in a similar range of Q4 2025. We'd be happy now to take your questions.

[Operator]

Thank you, sir. Ladies and gentlemen, if you have any questions at this time, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised. Should you wish to withdraw from the polling process, please press star followed by two. And if using a speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. First, we will hear from Ahmed Abdullah at National Bank of Canada. Please go ahead.

[Ahmed Abdullah, Equity Research Associate at National Bank of Canada]

Yeah, good morning. Thanks for taking my question. On the CapEx raise, does that include any preparatory spend for the TAD project?

[Michael Keays, CFO at KP Tissue]

Morning, Ahmed. Yeah, it would include a small amount for the, TAD project, mainly, you know, first year expenses, which will be still fairly low for, 2026. Our, our base CapEx will be anywhere from CAD 50-70 million this year. Line 11, which is a previously announced project, would be anywhere from, CAD 25-35 million. So that leaves a very small amount, that could be expected for the, TAD 3 project, at least in the first year, but nothing significant.

[Ahmed Abdullah, Equity Research Associate at National Bank of Canada]

Okay, thanks for that. And you highlighted the U.S. as your growth engine. What are the share trends that you're seeing there, and kind of what's driving that for you? Is it, you know, distribution wins, promos, or any other trends that you can highlight would be helpful.

[Dino Bianco, CEO at KP Tissue]

Yeah, that's Dino. Yeah, it's our growth engine because we're relatively a small player there, and we have been supporting some key customers, and those customers continue to grow. And every time we pick up new distribution, could be a new customer or new warehouses of an existing customer, it has a fairly multiplier impact on our growth rate, given our smaller base there. So we see that as, you know, a great growth opportunity with existing assets that we have. And then, of course, when the new asset comes on board in a few years, that will continue to fuel the growth and continue to serve our growing customers.

[Ahmed Abdullah, Equity Research Associate at National Bank of Canada]

Okay, thanks. That's helpful. Just on volume versus price mix for the quarter, is there any comment you can give us there on any impact from price that helped you in the quarter, or is it purely we can assume 100% volume driven?

[Michael Keays, CFO at KP Tissue]

Well, there would be 100% volume driven, Ahmed, for this quarter. No, no specific price impact, as pulp has been fairly stable or, or a slight decline in the quarter.

[Ahmed Abdullah, Equity Research Associate at National Bank of Canada]

Okay. I'll jump back in the queue. Thank you very much.

[Operator]

Thank you. Next question will be from Hamir Patel at CIBC Capital Markets. Please go ahead.

[Hamir Patel, Executive Director at CIBC Capital Markets]

Hi, good morning. Dino, we're seeing pulp, pulp, list prices heading higher here in 2026. Are you considering additional consumer tissue price hikes or de-sheeting in either Canada or the U.S.?

[Dino Bianco, CEO at KP Tissue]

Yeah, Amir, good morning. You know, one thing we've built over the last few years is a very robust pricing model, for our businesses, both on the branded... Well, branded away from home and, and our private label supply. We always look at a bundle of inputs, not just pulp. We look at obviously energy, labor, freight, labor, other inflation. And we use that to determine, whether we should go up, when we should go up, or whether we should go down. So we'll just let it go through that, that model. I can't... You know, pulp predictions are just that, they're forecast. We'll watch the market and be ready to react, accordingly, if and when it does go up, according to our pricing model.

[Hamir Patel, Executive Director at CIBC Capital Markets]

Good. Fair enough. And, Dino, when we look at list prices for North America, how should we think about actual realized costs? Because I know the historically, we see list the sort of discount off list increase every year. So what was that sort of, discount factor for 2026 for the industry?

[Dino Bianco, CEO at KP Tissue]

Yeah, I don't know if I quote you. As you said, it's a big number, and it seems to grow a couple of percentage points each year. I don't know if I could quote to you what it is this year relative to last year. It's probably, I'll give you a wide range. It's probably in the 40-60 range, and then, you know, as a discount, there, there is a wide range there. I mean, we focus on... Honestly, we focus on our landed cost, you know, which moves in directionally with the list, but we just focus on what is our landed cost of pulp. And we believe that to be common to market, and we will then use that as our input to determine any pricing action we need to take.

[Hamir Patel, Executive Director at CIBC Capital Markets]

Okay. Fair enough. Just the last question I had here. On the away-from-home side, it looks like margins, they've been over 10% for the last three quarters in a row. Should we think of that as kind of a consistently double-digit margin business going forward?

[Dino Bianco, CEO at KP Tissue]

Yeah. Look, you asked me this question about five years ago, I think, and I said, I think we can get to 10%, and we have. And, you know, I'd also say it's a sustainable business model. It isn't just a one-off, we got lucky. So I really believe it, you know, this is the model that we run. The team has done a great job. Certainly in sourcing papers help, but we've got better OEEs on our, on our operations. We've got a stronger pricing model. We've got a better mix of premium products, a really robust growth in the United States. So a lot of things going well in that business, which I believe, you know, will it be 10% every quarter? I don't know.

[Dino Bianco, CEO at KP Tissue]

There's still volatility in the business, but I think long term, this is a business that should be in the low double digits.

[Hamir Patel, Executive Director at CIBC Capital Markets]

Okay. Great. Thanks, Dino. That's all I had. I'll turn it over.

[Dino Bianco, CEO at KP Tissue]

Thank you, Amir.

[Operator]

Next question will be from Sean Steuart at TD Cowen. Please go ahead.

[Sean Steuart, Managing Director at TD Cowen]

Thanks. Good morning, everyone.

[Dino Bianco, CEO at KP Tissue]

Hi.

[Sean Steuart, Managing Director at TD Cowen]

Dino, a couple questions on the TAD project coming. I guess, we're gonna get details in the coming months, but what are the remaining hurdles, milestones that need to be addressed before you make the final decision, whether it's site location or project scope? Maybe we'll start there.

[Dino Bianco, CEO at KP Tissue]

Yeah, it's a great question, Sean, and it's exactly the right question because it is really activity-based that will determine when we make the decision versus time, but we're assuming those activities will be concluded in time for us to make an announcement, you know, in the first half. So really, the big three are working, and we've been working tirelessly with a couple of communities, but one in particular, around solidifying the any incentives, operational plan, you know, labor stats, et cetera. So we've been working through that. We hope to get that finalized in the coming weeks. There's, you know, the community is very anxious, and so are we to get that resolved.

[Dino Bianco, CEO at KP Tissue]

The second area is making sure we've got all our permitting in place, you know, construction permits, air permits, et cetera. So we're well ahead on that. And then the big one is making sure that we've got our project financing secured, which we are working actively with our lenders on that. So I believe the conclusion of those three things will happen over the next month to two months, and we should be in a position to make an announcement, as I said, in the first half.

[Sean Steuart, Managing Director at TD Cowen]

Okay. Thanks, Dino, for that. And then following on that, Michael, you guys have been comfortable taking leverage ratios higher through previous, big CapEx initiatives. Can you speak to any thresholds you're managing around for this project, as you speak with your lending, your lenders on this project going forward?

[Michael Keays, CFO at KP Tissue]

Yeah, Sean. Obviously, we wouldn't get back to a situation where we were, like, in 2021, 2022, with this project, and our balance sheet is in a much stronger position today than it was also at the beginning of our last few projects, whether it's the first TAD in Sherbrooke or the Sherbrooke expansion. So, the leverage ratio could get back above four during a short period of time, but we would expect to be able to maintain an acceptable ratio of between four and five during that construction period, if not below. So-

[Dino Bianco, CEO at KP Tissue]

... I think we'll take a prudent approach here, based on what we know today and our experience over the last two years, to be able to get this project across the finish line.

[Sean Steuart, Managing Director at TD Cowen]

That's great. Okay, that's all I have for now. Thanks very much.

[Dino Bianco, CEO at KP Tissue]

Thank you.

[Operator]

Ladies and gentlemen, a reminder to please press star one on your telephone keypad should you have any questions. Thank you. Next, we will hear from Frederic Tremblay at Desjardins. Please go ahead.

[Frederic Tremblay, Managing Director at Desjardins]

Thanks. Good morning.

[Dino Bianco, CEO at KP Tissue]

Morning.

[Frederic Tremblay, Managing Director at Desjardins]

Question on insourcing and insourcing paper and AFH. Do you feel like there's more to do there, or have you reached the maximum quantity that you can get internally for that? Do you feel like, you know, we've seen the full margin benefit from paper insourcing in AFH?

[Dino Bianco, CEO at KP Tissue]

Yeah, I think we'll be stable for a period of time. Depends how fast we grow before you know the new paper machine comes on board with the TAD project. Because even though that won't necessarily be AFH, it'll reset the network again. I think we're gonna be okay. There may be times when we might have to buy on the market, but nowhere near you know being a structural part of that business like it was the last few years. It'll be more tactical as we need paper or unique types of paper. So I don't see it as being a major thing, but I still see us needing to buy paper on the market in certain quantities when needed.

[Frederic Tremblay, Managing Director at Desjardins]

Okay. Switching to the new U.S. facility, you mentioned earlier on the call, you know, supporting growth of existing customers and targeting new customers as well. Do you have a bit of color on your expectations for customer mix on this new facility? Is it mainly gonna support your current client base, or are you targeting an expansion of the customer base with that facility?

[Dino Bianco, CEO at KP Tissue]

Yeah, I mean, that's a great question. We represent customers either in whole or in part, that are over 70% of the ACV of customers in the United States. So there are some customers we're not in, but we think we have a wide enough base. And given the fact that this facility will be in the Western United States, I think it gives us a great opportunity to service the western divisions and warehouses of those existing customers who are also growing significantly in the West. So it lines us up quite well with existing customers and their growth, and maybe an underserved area being their Western US business. So may there be new customers? I think at the...

[Dino Bianco, CEO at KP Tissue]

You know, on the margin, yes, but the way we built our model, we will be able to satisfy the output of that facility with our existing customers and the growth from those existing customers.

[Frederic Tremblay, Managing Director at Desjardins]

Great. That's all I had. Thank you.

[Operator]

Thank you. At this time, we have no other questions registered, so I would like to turn the call back over to Dino Bianco.

[Dino Bianco, CEO at KP Tissue]

Thank you. Before I conclude, you know, as 2025 has come to a successful end for conclusion for our business, you know, I really want to thank our 3,000 employees across North America for the amazing work that they are doing to drive these results and set up our company for continued success. As I said on the call, you know, we had certainly had strong financials, but also strong safety, strong share growth, capability building operational performance. There's lots going on in the business, all moving in the right direction. And as important as it is in delivering our current results, we're setting ourselves up for future success. So I'm so proud of everything we have accomplished. On that note, I also want to thank all of you on the call today.

[Dino Bianco, CEO at KP Tissue]

We look forward to speaking with you again following the release of our first quarter results for 2026. So thank you. Have an amazing day. Thanks.

[Dino Bianco, CEO at KP Tissue]

Thank you.

[Operator]

Thank you, sir. Ladies and gentlemen, this does conclude the conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your line.

Participants

Executives

• Dino Bianco, CEO
• Doris Grbic, Director of Investor Relations
• Michael Keays, CFO

Analysts

• Ahmed Abdullah, Equity Research Associate at National Bank of Canada
• Frederic Tremblay, Managing Director at Desjardins
• Hamir Patel, Executive Director at CIBC Capital Markets
• Sean Steuart, Managing Director at TD Cowen