The Company is managed based on the primary products it manufactures: pulp and solid wood, whose operating results are regularly reviewed by the Company’s CODM to assess segment performance and to make decisions about resource allocation. The Company’s CODM is the Chief Executive Officer. Accordingly, the Company's four pulp mills are aggregated into the pulp segment. The Friesau sawmill, the Torgau facility and the mass timber facilities are aggregated into the solid wood segment.

Revenues between segments are accounted for at prices that approximate fair value. These include revenues from the sale of residual fiber from the solid wood segment to the pulp segment for use in the pulp production process and from the sale of residual fuel from the pulp segment to the solid wood segment for use in energy production.

The CODM uses net income (loss) before interest, tax, depreciation and amortization and impairments of long-lived assets (“Segment Operating EBITDA”) as the primary measure in its review of segment operating performance, using the measure to assess segment trends and identify strategies to improve the allocation of resources among the reportable segments.

Total assets and the income or loss items following Segment Operating EBITDA, other than depreciation, amortization and impairment of long-lived assets, are not allocated to the segments, as those items are reviewed separately by management.

Information about certain segment data for the years ended December 31, 2025, 2024 and 2023, was as follows:


Year Ended December 31, 2025	Pulp		Solid Wood			Total of Segments (a)
Revenues from external customers	$	1,386,680	$	467,438		$	1,854,118
Intersegment revenues		1,083		45,246			46,329
		1,387,763		512,684			1,900,447
Less segment expenses:
Fiber		635,426		269,915
Maintenance (b)		177,857		43,827
Freight		142,381		52,350
Labor (c)		93,104		59,573
Chemicals		124,821		—
Energy		42,038		30,512
Other (d)		156,535		81,699
Segment Operating EBITDA	$	15,601	$	(25,192	)	$	(9,591	)

Purchase of property, plant and equipment	$	63,059	$	25,417		$	88,476

(a)

The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:


Year Ended December 31, 2025	Pulp			Solid Wood			Total
Reconciliation of revenues
Total of segments’ revenues							$	1,900,447
Sandalwood business revenues								13,952
Elimination of intersegment revenues								(46,329	)
Consolidated revenues							$	1,868,070

Reconciliation to loss before income taxes
Total of segments’ Segment Operating EBITDA							$	(9,591	)
Segment depreciation and amortization		(104,727	)		(54,689	)		(159,416	)
Impairments of long-lived assets		(203,435	)		(12,247	)		(215,682	)
Interest expense								(114,834	)
Other income								1,372
Corporate expenses and eliminations								(13,060	)
Consolidated loss before income taxes							$	(511,211	)

Reconciliation of purchases of property, plant and equipment
Total of segments’ purchase of property, plant and equipment							$	88,476
Corporate and other								107
Consolidated purchase of property, plant and equipment							$	88,583

(b)

Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills.

(c)

Labor expense excludes maintenance and indirect labor costs.

(d)

Other expenses primarily include selling, general and administrative expenses, the net change in finished goods
inventories and foreign exchange gains or losses on the revaluation of dollar denominated receivable balances.


Year Ended December 31, 2025	Pulp		Solid Wood		Corporate and Other		Consolidated
Revenues from external customers by major products
Pulp	$	1,304,823	$	—	$	—	$	1,304,823
Lumber		—		247,572		—		247,572
Energy and chemicals		81,857		18,992		7,663		108,512
Manufactured products (a)		—		57,470		—		57,470
Pallets		—		100,124		—		100,124
Biofuels (b)		—		34,454		—		34,454
Wood residuals		—		8,826		6,289		15,115
Total revenues from external customers	$	1,386,680	$	467,438	$	13,952	$	1,868,070

Revenues from external customers by geography (c)
U.S.	$	141,946	$	155,311	$	1,689	$	298,946
Foreign countries
Germany		280,460		193,693		1,121		475,274
China		547,697		1,672		803		550,172
Other countries		416,577		116,762		10,339		543,678
		1,244,734		312,127		12,263		1,569,124
Total revenues from external customers	$	1,386,680	$	467,438	$	13,952	$	1,868,070

(a)

Manufactured products primarily includes CLT and glulam.

(b)

Biofuels includes pellets and briquettes.

(c)

Sales are attributed to countries based on the ship-to location provided by the customer.


Year Ended December 31, 2024	Pulp		Solid Wood			Total of Segments (a)
Revenues from external customers	$	1,548,556	$	485,991		$	2,034,547
Intersegment revenues		842		34,482			35,324
		1,549,398		520,473			2,069,871
Less segment expenses:
Fiber		555,832		238,992
Maintenance (b)		148,978		45,080
Freight		145,706		52,890
Labor (c)		88,460		54,884
Chemicals		121,053		—
Energy		58,835		28,488
Purchase of pulp from CPP (d)		19,707		—
Other (e)		149,913		104,529
Segment Operating EBITDA	$	260,914	$	(4,390	)	$	256,524

Purchase of property, plant and equipment	$	46,400	$	37,732		$	84,132

(a)

The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:


Year Ended December 31, 2024	Pulp			Solid Wood			Total
Reconciliation of revenues
Total of segments’ revenues							$	2,069,871
Sandalwood business revenues								8,813
Elimination of intersegment revenues								(35,324	)
Consolidated revenues							$	2,043,360

Reconciliation to loss before income taxes
Total of segments’ Segment Operating EBITDA							$	256,524
Segment depreciation and amortization		(119,501	)		(50,430	)		(169,931	)
Loss on disposal of investment in joint venture		(23,645	)		—			(23,645	)
Goodwill impairment		—			(34,277	)		(34,277	)
Interest expense								(109,150	)
Other income								7,228
Corporate expenses and eliminations								(13,664	)
Consolidated loss before income taxes							$	(86,915	)

Reconciliation of purchases of property, plant and equipment
Total of segments’ purchase of property, plant and equipment							$	84,132
Corporate and other								186
Consolidated purchase of property, plant and equipment							$	84,318

(b)

Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills.

(c)

Labor expense excludes maintenance and indirect labor costs.

(d)

Purchase of pulp inventory from the CPP mill prior to the disposition in 2024.

(e)


Year Ended December 31, 2024	Pulp		Solid Wood		Corporate and Other		Consolidated
Revenues from external customers by major products
Pulp	$	1,460,460	$	—	$	—	$	1,460,460
Lumber		—		217,471		—		217,471
Energy and chemicals		88,096		16,512		8,813		113,421
Manufactured products (a)		—		100,565		—		100,565
Pallets		—		104,386		—		104,386
Biofuels (b)		—		40,082		—		40,082
Wood residuals		—		6,975		—		6,975
Total revenues from external customers	$	1,548,556	$	485,991	$	8,813	$	2,043,360

Revenues from external customers by geography (c)
U.S.	$	151,053	$	194,880	$	2,497	$	348,430
Foreign countries
Germany		334,361		195,867		721		530,949
China		574,264		2,488		—		576,752
Other countries		488,878		92,756		5,595		587,229
		1,397,503		291,111		6,316		1,694,930
Total revenues from external customers	$	1,548,556	$	485,991	$	8,813	$	2,043,360

(a)

Manufactured products primarily includes CLT and glulam.

(b)

Biofuels includes pellets and briquettes.

(c)

Sales are attributed to countries based on the ship-to location provided by the customer.


Year Ended December 31, 2023	Pulp		Solid Wood			Total of Segments (a)
Revenues from external customers	$	1,516,130	$	472,054		$	1,988,184
Intersegment revenues		1,037		41,351			42,388
		1,517,167		513,405			2,030,572
Less segment expenses:
Fiber		633,141		243,369
Maintenance (b)		128,511		45,526
Freight		154,918		60,459
Labor (c)		85,092		48,499
Chemicals		152,120		—
Energy		97,649		39,358
Purchase of pulp from CPP		97,836		—
Other (d)		102,011		106,537
Segment Operating EBITDA	$	65,889	$	(30,343	)	$	35,546

Purchase of property, plant and equipment	$	90,126	$	45,707		$	135,833

(a)

The total of segments’ revenues, Segment Operating EBITDA and purchases of property, plant and equipment are reconciled to the corresponding consolidated amounts as follows:


Year Ended December 31, 2023	Pulp			Solid Wood			Total
Reconciliation of revenues
Total of segments’ revenues							$	2,030,572
Sandalwood business revenues								5,660
Elimination of intersegment revenues								(42,388	)
Consolidated revenues							$	1,993,844

Reconciliation to loss before income taxes
Total of segments’ Segment Operating EBITDA							$	35,546
Segment depreciation and amortization		(114,151	)		(57,320	)		(171,471	)
Impairment of sandalwood business								(33,734	)
Interest expense								(88,246	)
Other income								7,197
Corporate expenses and eliminations								(19,115	)
Consolidated loss before income taxes							$	(269,823	)

Reconciliation of purchases of property, plant and equipment
Total of segments’ purchase of property, plant and equipment							$	135,833
Corporate and other								491
Consolidated purchase of property, plant and equipment							$	136,324

(b)

Maintenance expense for the pulp segment includes expenditures for planned annual maintenance downtime at our pulp mills.

(c)

Labor expense excludes maintenance and indirect labor costs.

(d)

Other expenses primarily includes selling, general and administrative expenses and the net change in finished goods inventories.


Year Ended December 31, 2023	Pulp		Solid Wood		Corporate and Other		Consolidated
Revenues from external customers by major products
Pulp	$	1,402,620	$	—	$	—	$	1,402,620
Lumber		—		217,939		—		217,939
Energy and chemicals		113,510		21,451		5,660		140,621
Manufactured products (a)		—		58,895		—		58,895
Pallets		—		121,424		—		121,424
Biofuels (b)		—		40,680		—		40,680
Wood residuals		—		11,665		—		11,665
Total revenues from external customers	$	1,516,130	$	472,054	$	5,660	$	1,993,844

Revenues from external customers by geography (c)
U.S.	$	123,818	$	169,883	$	1,227	$	294,928
Foreign countries
Germany		349,685		224,741		472		574,898
China		551,945		2,981		—		554,926
Other countries		490,682		74,449		3,961		569,092
		1,392,312		302,171		4,433		1,698,916
Total revenues from external customers	$	1,516,130	$	472,054	$	5,660	$	1,993,844

(a)

Manufactured products primarily includes CLT and glulam.

(b)

Biofuels includes pellets and briquettes.

(c)

Sales are attributed to countries based on the ship-to location provided by the customer.

In 2025, no single customer accounted for greater than 10% of the Company’s total revenues (2024 – no customer; 2023 – no customer).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details