Three months ended
September 30,

Nine months ended
September 30,

2025

2024

2025

2024

Income (loss) before tax

$

(137,904

)

$

73,006

$

(109,116

)

$

184,956

Multiplied by the statutory income tax rates

26.39

%

26.40

%

26.39

%

26.40

%

(36,393

)

19,274

(28,796

)

48,828

Income tax recorded at rates different from the Canadian tax rate

(521

)

(578

)

(5,216

)

(8,452

)

Permanent differences

9,581

(8,626

)

12,615

(10,895

)

Effect of temporary differences not recognized as deferred tax assets

16,984

(5,568

)

4,217

12,994

Foreign taxes

(36

)

—

(170

)

—

Change in estimates related to prior periods

36

(293

)

126

(255

)

Foreign exchange

(6,569

)

1,065

4,608

(1,972

)

Other

97

(110

)

511

(56

)

Tax expense (recovery)

$

(16,821

)

$

5,164

$

(12,105

)

$

40,192

Effective income tax rate

12.20

%

7.07

%

11.09

%

21.73

%