Cascades Taps M&A Veteran Brisson to Bridge Strategy and Investor Relations

KINGSEY FALLS, QC – November 02, 2026 – For institutional investors navigating the complex intersections of capital reallocation and operational efficiency, Cascades Inc. has signaled a definitive shift in how it intends to interface with capital markets. The sustainable packaging and hygiene solutions provider has officially appointed Martin Brisson as Vice-President of Corporate Strategy and Investor Relations. Effective today, the appointment merges the company’s internal strategic execution with its external financial messaging under a single leadership mandate, reflecting a growing trend among publicly traded industrial firms to closely align operational transformation with shareholder value creation.

Brisson arrives at the Kingsey Falls-based organization with a formidable two-decade track record encompassing mergers and acquisitions, business transformation, venture capital, and procurement. By placing an executive with deep restructuring and M&A expertise at the helm of both corporate strategy and investor relations, Cascades is telegraphing an upcoming phase of disciplined capital reallocation, structural realignment, and intensified dialogue with institutional markets.

Strategic Realignment: Tying M&A Ambition to Wall Street Messaging

The decision to fuse corporate strategy with investor relations is rarely incidental. In today’s financial landscape, institutional capital demands transparent, actionable roadmaps for how a company plans to deploy its resources. Brisson’s dual-function role positions him as the critical conduit between the boardroom’s strategic whiteboards and the trading desks evaluating the stock.

This alignment comes at a pivotal moment for the packaging giant. Cascades recently reported a strong second quarter for 2026, generating $1.219 billion in sales—an increase of $32 million year-over-year—and pushing its adjusted EBITDA to $140 million. However, beneath the surface of these robust quarterly figures lies a balance sheet carrying a net debt of $1.879 billion. With a net debt-to-EBITDA ratio stabilizing at 3.3x, the company remains leveraged above the industry benchmark of 2.50x.

To optimize this capital structure, the organization has aggressively pursued an asset disposal objective, targeting $230 million by early 2027. Having already generated $154 million in asset sale proceeds between 2025 and mid-2026, the final stretch of this divestiture program will require surgical precision. Brisson’s extensive background in M&A makes him uniquely equipped to not only identify non-core assets for divestment but also to scout potential acquisitions that align with the company's high-margin recycled packaging segments.

"We are very pleased to welcome Martin to our leadership team. His recognized expertise in strategy and transformation, combined with his strong experience in value creation, will be a significant asset in supporting our growth ambitions, positioning the Company for the future, and maintaining strong and transparent relationships with our investors," stated Hugues Simon, President and Chief Executive Officer of Cascades, in the official announcement.

A Market Communication Makeover

Beyond the mechanics of buying and selling assets, Brisson faces the immediate challenge of revitalizing shareholder confidence and bridging a persistent valuation gap on the Toronto Stock Exchange. Currently trading with a market capitalization of CAD 1.74 billion, the stock exhibits a trailing price-to-earnings ratio of 13.76 and a forward PE of 10.57. More notably, the company's enterprise value to EBITDA multiple sits at 5.6x, trailing significantly behind its historical five-year average of 8.2x.

This discounted valuation suggests that while the underlying business is generating cash, equity markets remain hesitant, likely waiting for clearer operating visibility and sustained debt reduction. Analysts currently maintain a consensus rating of "Moderate Buy," with an average 12-month price target forecasting a modest upside. Yet, institutional investors are actively reassessing their positions ahead of the upcoming third-quarter earnings update, looking for evidence that improved operating discipline and recycled-packaging innovation can support a steadier, less volatile earnings profile.

One equity research analyst covering the North American materials sector noted that the market has historically struggled to price in the company's long-term transformation efforts amid short-term margin fluctuations. By placing a transformation specialist in the investor relations seat, the company is directly addressing this communication hurdle. Brisson’s mandate will require him to translate complex supply chain optimizations and debt reduction strategies into a compelling, easily digestible equity story that resonates with portfolio managers and retail shareholders alike.

The Transformation Playbook for a Volatile Sector

The broader macroeconomic environment adds another layer of complexity to Brisson's new role. The North American packaging market is projected to expand from $348.31 billion in 2026 to over $510 billion by 2035. This growth is heavily driven by regulatory pressures for material efficiency, the rise of e-commerce, and brand commitments to recyclability—areas where Cascades, with its half-century of recycling experience and recent launch of 100% recyclable thermoformed cardboard food trays, is well-positioned to capitalize.

However, the sector is also fraught with severe headwinds. Input cost fluctuations, volatile paper demand, Chinese overcapacity, and rising freight costs continue to pressure margins across the industry. During the second quarter of 2026, higher raw material and transportation costs partially offset the company's gains from higher volumes and selling prices.

Navigating this volatility requires immense operational agility across the company's network of 60 operating facilities and nearly 9,000 employees. Brisson’s background in procurement and cross-functional leadership will be essential in breaking down organizational silos. By fostering agile decision-making, he can help ensure that corporate strategy is not just a theoretical exercise but a practical playbook that adapts to real-time supply chain disruptions.

Furthermore, the global paper and packaging industry is undergoing a wave of consolidation. Paper packaging led all subsectors in recent M&A activity, driven by private equity involvement and the need for upstream and downstream integration. As competitors consolidate to build scale and weather input cost volatility, Brisson’s venture capital and strategic background will be crucial in ensuring the organization remains on the offensive, identifying growth opportunities that strengthen its market share in an increasingly consolidated landscape. Through this multifaceted approach, the newly appointed Vice-President will be instrumental in defining the company's trajectory as it balances debt reduction with strategic expansion in a fiercely competitive global market.