Glama KRAFT™ – Printable Kraft Papers & Packaging

*Q2 2024 net loss from continuing operations was $14.5 million or $0.08 per share (diluted), compared to net loss of $13.4 million or loss of $0.08 per share (diluted) in Q1 2024. Adjusted EBITDA for Q2 2024 was negative $12.1 million compared to negative $3.5 million in Q1 2024. Both the lumber and paper operations had a negative contribution to Q2 2024 as a result of weak market conditions. *Lumber sales volumes in Q2 2024 were lower than Q1 2024 due to the continued drag on lumber demand as housing affordability remains significantly impacted by high mortgage rates. There also remain an oversupply of lumber, which resulted in lower field takeaways. Average realized lumber prices of $637/mfbm for Q2 2024 were also lower than the $644/mfbm pricing realized in Q1 2024. Benchmark prices continued to be under pressure subsequent to Q2 2024. The recent cuts by the Bank of Canada is signalling a reversal in monetary policy. *The valuation provision for lumber and log inventory was increased to $3.2 million from $1.0 million at the end of Q1 2024, generating a $2.2 million charge to lumber cost of sales in Q2 2024. *Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. The Company’s initial duty deposit rate, totaling 20.23%, remained in effect for almost two years, since the Company’s acquisition of its sawmill and paper mill assets on August 28, 2021. *The Company plans to complete a spin-out transaction of Kap Corporation (“Kap”), the holding company of Kap Paper Inc., which holds all operating assets related to the paper mill operations.

Q4 2023 highlights: *Sales decreased by 22% to EUR 2,531 million (3,231 million in Q4 2022) *Comparable EBIT decreased by 51% to EUR 323 million, 12.8% of sales (653 million, 20.2%) *Operating cash flow was EUR 456 million (1,576 million), supported by cash inflow from working capital. 2023 highlights: *Sales decreased by 11% to EUR 10,460 million (11,720 million in 2022) *Comparable EBIT decreased by 52% to EUR 1,013 million (2,096 million), and was 9.7% (17.9%) of sales *Operating cash flow was record strong at EUR 2,269 million (508 million), supported by cash inflow from energy hedges

Fortress Paper Ltd. reports that its wholly owned subsidiary, Fortress Security Papers AG ("FSP"), has entered into and completed a share purchase agreement with the Swiss National Bank ("SNB") and Orell Füssli Holding AG ("OF"), pursuant to which the Company sold the two legal entities representing their security paper products business comprised of all of the shares of its wholly owned subsidiaries, Landqart AG and Landqart Management and Services AG, to SNB and OF for an aggregate purchase price of CHF21,500,000 (approximately CDN$28 million). With the sale of Landqart, Fortress Paper no longer operates in the security paper products segment. Click Read More below for additional information.