Highlights

• Acadian Timber paid four quarterly dividends of C$0.29 each with ex-dates inside the year to 10 November.

• The C$1.16 annual total equals a trailing Yield of 6.70% on the C$17.31 closing price of 10 November.

• Freehold forests in New Brunswick and Maine sit alongside services provided on Crown-licensed woodland in New Brunswick.

• In the third quarter of 2025, dividends declared were roughly five times the free Cash Flow the Business generated.

Forests stretching across New Brunswick and northern Maine sit behind Acadian Timber Corp. (TSX:ADN), a company that harvests logs, services Crown land and hands its owners C$0.29 a share every quarter. The shares closed at C$17.31 on Tuesday 10 November 2026, which puts the four payments with ex-dates over the past year, worth C$1.16 together, at a trailing yield of 6.70%.

Because the rate has not moved in any of those quarters, the indicated yield, calculated as the latest payment multiplied by four, lands on exactly the same number. The more searching question is how comfortably the woodlands generate the cash to keep paying it.

A steady C$0.29 rhythm

The payments inside the lookback carried ex-dates of 31 December 2025, 31 March 2026, 30 June 2026 and 29 September 2026. The most recent instalment was paid on 15 October to shareholders on the register at 30 September, continuing a pattern of quarter-end record dates followed by cash in the middle of the next month.

No special dividends or return-of-capital components were identified over the period. The next declaration, which the company has typically paired with its third-quarter numbers, could not be independently confirmed at the time of writing, so the forward picture rests on the established rate rather than a fresh announcement.

Freehold land, Crown licences and a logging experiment

As reported in October 2025, Acadian had roughly 2.4 million acres under management. That figure combined about 775,000 acres of freehold timberland in New Brunswick, around 300,000 acres in Maine and timber services on approximately 1.3 million acres of Crown-licensed land in New Brunswick.

Early in 2025 the company brought logging in Maine in-house. In the third quarter of that year, production there fell short of targets and costs per cubic metre ran high, leaving Maine with negative adjusted EBITDA for the period. Leadership has also shifted: in February 2026 Malcolm Cockwell was appointed interim president and chief executive, succeeding Adam Sheparski.

Where coverage looks thin

Cash generation is the pressure point. For the quarter to 27 September 2025, free cash flow came to about C$1.0 million while dividends declared reached roughly C$5.3 million. That release did not publish a payout ratio, and a single quarter does not describe a full year, but the gap shows how much the Dividend leans on stronger periods and on the balance sheet.

Net Liquidity stood at C$15.1 million at that quarter end. Updated coverage figures from the third quarter of 2026 had not been verified when this piece was prepared.

What the share price has done

The stock ended 28 September at C$17.75 before easing to C$17.31 by 10 November. With the payout unchanged, that softer price is the only reason the trailing yield has edged higher over those six weeks.

Index membership for the shares has not been verified, so no benchmark inclusion is assumed here.