Core Insights - Cascades Inc. reported its Q2 2025 financial results, showing a net loss of $3 million, or $0.03 per share, compared to a net profit of $1 million, or $0.01 per share, in Q2 2024 [10][18] - The company experienced a slight increase in sales to $1,187 million, up from $1,180 million in Q2 2024, driven by higher selling prices and favorable foreign exchange [8][4] - The adjusted EBITDA for Q2 2025 was $137 million, a 22% increase from $112 million in the same period last year, attributed to higher selling prices and lower raw material costs [9][4] Financial Performance - Sales for Q2 2025 were $1,187 million, compared to $1,154 million in Q1 2025 and $1,180 million in Q2 2024 [4][8] - Operating income decreased to $36 million from $50 million in Q1 2025 and was consistent with $34 million in Q2 2024 [4][6] - Net debt reduced by $112 million sequentially to $2,104 million, with a net debt to EBITDA ratio of 3.8x, down from 4.2x at the end of Q1 2025 [3][4] Segment Performance - Packaging Products segment sales were $763 million, slightly up from $745 million in Q2 2024, while Tissue Papers segment sales were $392 million, down from $397 million in Q2 2024 [5][28] - The Packaging Products segment reported an operating income of $46 million, while the Tissue Papers segment reported $25 million [6][7] - The overall EBITDA for the Packaging Products segment was $119 million, and for the Tissue Papers segment, it was $38 million [7][9] Outlook - The company anticipates a slight improvement in Q3 2025 performance, particularly in the tissue segment, driven by volume growth and stable raw material costs [3][8] - However, there remains caution in the packaging segment due to expected stable results amid constrained demand levels [3][8] Capital Expenditures - Capital expenditures for Q2 2025 totaled $18 million, with a full-year forecast of approximately $150 million, down from a previous estimate of $175 million [3][4][8] - Year-to-date capital expenditures reached $54 million [3][4] Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.12 per common share, payable on September 4, 2025 [12]