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- 1 - News Release Investors, analysts and other interested parties may access Acadian Timber Corp.’s 202 6 Third Quarter Results conference call and webcast on Thursday , October 29 , 2026 at 1 :00 PM ET . P lease register here or follow the link on our website at www.acadiantimber.com/presentations - webcasts , to receive your unique PIN. For those unable to participate, a recorded rebroadcast will be available until 4:00PM ET October 29 , 2027 . ACADIAN TIMBER CORP. REPORTS THIRD QUARTER RESULTS Edmundston , NEW BRUNSWICK – October 28 , 2026 – Acadian Timber Corp. (“Acadian” or the “Company” ) (TSX: ADN ) today reported financial and operating results 1 for the three months ended September 26 , 2026 (the “ third quarter” or “Q 3 2026” ) . "The changes that we made in Maine are paying off, with higher volumes and lower costs driving significantly stronger Adjusted EBITDA," said Malcolm Cockwell, Interim President and Chief Executive Officer. "New Brunswick faced weaker demand for some produc ts and stronger pricing for others, while we continued making progress with our real estate and carbon credit initiatives." During the third quarter, Acadian generated sales of $ 24.0 million compared to $ 23.0 million in the third quarter of 202 5 . Acadian generated $ 4.4 million of net income, $ 5.0 million of Adjusted EBITDA and $ 3.3 million of Free Cash Flow during the third quarter . The Board of Directors declared dividends of $5. 4 million , or $0.29 per share , to our shareholders. Acadian’s balance sheet remains solid with $ 16.4 million of net liquidity as at September 26 , 2026 , which includes funds available under our credit facilities. 1 This news release makes reference to “Adjusted EBITDA”, which Acadian’s management defines as net income before interest, income taxes, fair value ad justments, non - cash cost of sales related to carbon credits, recovery of or impairment of land and roads and depreciation and amort ization, and to “Adjusted EBITDA margin”, which is Adjusted EBITDA as a percentage of sales. Reference is also made to “Free Cash Flow”, which Acadian’s management def ines as Adjusted EBITDA less interest paid, current income tax expense, capital expenditures excluding acquisitions of timberlands and non - cash expenditures, and mandatory debt repayments, plus net proceeds from the sale of timberlands and other fixed assets (proceeds less gains or losses) . Management believes that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are key performance measures in evaluating Acadian’s operations and are important in enhancing investors’ understanding of th e Company’s operating performance. Adjusted EBITDA and Adjusted EBITDA margin are indicative of the underlying profitability of Aca dian’s operating segments and are used to evaluate operational performance. Free Cash Flow is used to evaluate Acadian’s ability to generate sustainable cash flows fro m our operations that are available for dividends, repurchases of common shares, debt reduction, acquisitions, and other capital allocation activities. Reference is also made to “net liquidity” which includes cash and cash equivalents and funds available under credit facilities less amounts reserved to support the minimum cash balan ce related to long -term debt. Please refer to the section entitled “Non - IFRS Measures” in Management’s Discussion and Analysis for further details. 20 Years of Sustainability

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- 2 - Review of Operations Financial and Operating Highlights Three Months Ended Nine Months Ended (CAD thousands, except volume and per share information) September 26, 2026 September 27, 2025 September 26, 2026 September 27, 2025 Timber sales and services $ 24,021 $ 23,017 $ 61,994 $ 64,980 Adjusted EBITDA $ 5,023 $ 3,508 $ 11,143 $ 10,602 Adjusted EBITDA margin 21% 15% 18% 16% Net income $ 4,384 $ 2,928 $ 9,168 $ 9,253 Free Cash Flow 3,253 991 5,950 4,778 Common shares outstanding 18,780,533 18,123,203 18,780,533 18,123,203 Per share – basic and diluted Net income $ 0.23 $ 0.16 $ 0.49 $ 0.51 Free Cash Flow 0.17 0.05 0.32 0.27 Book value 19.35 18.67 19.35 18.67 Timber sales volume (000s m 3 ) 225.3 260.6 625.1 718.5 Results for Q3 2026 and for the nine months ended September 26, 2026 reflect improvements at our internal harvesting operations in Maine, and increased pricing for our products, partially offset by lower sales volumes in New Brunswick. Timber sales and services were $24.0 million in Q3 2026, $1.0 million higher than Q3 2025. Timber sales were relatively flat, as a 17% increase in the weighted average selling price offset 14% lower sales volumes, both excluding biomass . Pricing benefited from stronger end - use markets and higher fuel surcharges. While volumes increased in Maine due to operational improvements, volumes decreased in New Brunswick due to weaker softwood pulpwood demand. Timber services revenue increased $0. 8 million compared to Q3 2025, reflecting increased activity for neighbouring landowners in Maine. Operating costs and expenses increased $0.2 million from Q3 2025. Increased cost of sales per m 3 in New Brunswick, higher land management costs and higher silviculture spending were partially offset by the impact of lower total sales volumes and lower cost of sales per m 3 in Maine. Net income for Q3 2026 totaled $4.4 million, or $0.23 per share, compared to $2.9 million or $0.16 per share during the same period last year. Higher operating income, higher non - cash fair value adjustments and higher gains on the sale of timberlands and o ther fixed assets were partially offset by higher income tax expense. For the nine months ended September 26, 2026 timber sales and services were $62.0 million, $3.0 million lower than the same period of 2025. Timber sales decreased $2.5 million, as 13% lower sales volumes were partially offset by a 9% increase in the weight ed average selling price, both excluding biomass , for the reasons described above. Timber services revenue decreased $0.4 million, as lower activity on Crown licensed timberlands in New Brunswick was largely offset by increased activity for neighbouring landowners in Maine. Net income totaled $9.2 milli on, or $0.49 per share, compared to $9.3 million or $0.51 per share during the same period last year. Higher non - cash fair value adjustments and higher gains on the sale of timberlands and other fixed assets were offset by higher income tax expense. Segmented Results of Operations New Brunswick Timberlands Acadian’s New Brunswick Timberlands business owns and manages 775,000 acres of freehold timberlands in New Brunswick, and provides management services to 1.3 million acres of Crown licensed timberlands in New Brunswick. All harvesting operations are perfor med by third - party contractors. Freehold sales were $15.8 million in Q3 2026, compared to $16.9 million last year, reflecting primarily lower softwood sales

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- 3 - volumes due to elevated customer roundwood inventories and abundant sawmill residuals in the region, partially offset by higher hardwood sales volumes. The impact of lower sales volumes was largely offset by a 19% increase in the weighted average selling p rice, excluding biomass, driven by stronger softwood lumber markets and higher fuel surcharges. Freehold variable costs per m 3 were 16% higher due to higher fuel adjustment costs. Timber services activity was consistent with the same period last year. Adjusted EBITDA was $3.9 million for Q3 2026, compared to $4.4 million in Q3 2025. For the nine months ended September 26, 2026, freehold sales were $42.8 million, compared to $47.0 million last year, reflecting lower sales volumes. The impact of lower sales volumes was partially offset by an 11% increase in the weighted average selling price, excluding biomass, for the reasons described above. Freehold variable costs per m 3 were 14% higher, also for the reasons described above. Timber services activity was $2.4 million lower year over year as a result of a change in customer mix which redirected harvesting from Crown licensed timberlands to our freehold operations. Adjusted EBITDA was $11.8 million, compared to $14.2 million in the same period of 2025. Maine Timberlands Acadian’s Maine Timberlands business owns and manages 300,000 acres of freehold timberlands in Maine. Prior to January 1, 2025, all harvesting operations in Maine Timberlands were performed by third - party contractors. During Q1 2025, Acadian established its own inte rnal harvesting operations. The transition and rationale for the relevant transactions were described in Acadian’s Q1 2025 interim report dated May 7, 2025. Freehold sales were $3.5 million in Q3 2026, compared to $2.1 million in Q3 2025, reflecting a 54% increase in sales volumes, excluding biomass, as a result of operational improvements within our internal harvesting operations. The weighted average selling price, excluding biomass, increased 2% in U.S. dollar terms, due to a favourable product mix and higher fuel surcharges partly offset by a higher proportion of roadside sales. Timber services and other activity increased by $0.8 million, as the activity o n neighbouring landowners increased. Freehold cost of sales per m 3 were 39% lower than Q3 2025 due to reduced fixed costs and operational efficiencies. Gain on sale of timberlands was $0.8 million higher than the same period of 2025. Adjusted EBITDA was $1.3 million compared to $(0.5) million in Q3 2025. For the nine months ended September 26, 2026, freehold sales were $8.6 million, compared to $6.9 million last year, reflecting higher sales volumes. The weighted average selling price, excluding biomass, in U.S. dollar terms decreased 3% compared to the sa me period last year due to an increase in roadside sales, combined with stumpage sales that occurred during Q1 2026, partially offset by higher fuel surcharges . Freehold cost of sales per m 3 were 27% lower for the reasons cited above. Timber services and other activity was $2.0 million higher than the first nine months of 2025, reflecting increased activity for neighbouring landowners in Maine . Gain on sale of timberlands, which were small, waterfront building lots, was $0.6 million higher than the same period of 2025. Adjusted EBITDA was $1.4 million compared to $(2.1) million. Other Businesses Environmental Solutions leverages the ecological functions of Acadian’s land and technical expertise of its team to address pressing environmental challenges, such as climate change. During Q3 2026 and Q3 2025, no carbon credits were sold. Acadian is in th e process of registering additional carbon credits for sale, which is expected to occur by the end of 2026. Real Estate is an emerging business, which develops new sources of revenue from Acadian’s land through recreational activities and leases, commercial leases, and land sales. The financial performance of Real Estate is currently included in t he reported res ults for New Brunswick Timberlands and Maine Timberlands. As these activities are further developed, Real Estate may be reported as its own segment.

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- 5 - O utlook Sufficient contractor availability in New Brunswick is expected to continue through the remainder of 2026 and the 2027 winter season. In Maine, we expect to build upon the improvements made since Q2 and to continue progressing towards our targeted producti on levels as well as cost structure over the course of the year. Demand for Acadian’s products is mainly driven by regional supply dynamics. Near - term sawlog demand and pricing is expected to remain stable until end - use markets improve. Demand and pricing for pulpwood in both New Brunswick and Maine is expected to remai n at reduced levels until existing customers increase their production and new facilities that consume pulpwood as well as biomass are commissioned. Looking through to end - use markets, most macroeconomic indicators are neutral in the short - term and positive in the long - term. The consensus forecast for U.S. housing starts is steady at approximately 1.34 million starts in each of 2026 and 2027. Temporary and permanent curtailments of forest products facilities in other regions of North America are expected to support the demand and pricing conditions for Acadian’s customers in New Brunswick and Maine. These trends align with our conviction in the stability of the northeastern forestry sector. Furthermore, several regional initiatives, including the planned conversion of a coal plant to biomass and announcements relating to expansions of existing sawmills and pulp mills, lend confidence to growing demand for our products. Noting that Acadian mai ntains multiple customers for each of its products, the positive and incremental demand represented by these announcements may be partially offset by the recent curtailment of a regional hardwood pulp mill. Tariffs and duties continue impacting most of our customers. Higher fuel costs, which took effect in early - Q2 and which we are able to partially recover from our customers, are also impacting our customers. While we have not observed significant curtailmen ts among our customers so far this year, these factors are expected to continue limiting the extent to which our customers utilize the full capacity of their manufacturing facilities. With respect to voluntary carbon credits, demand and pricing are expected to remain stable. Issuance of the next tranche of carbon credits from Acadian’s current project has been delayed due to the transition to ACR’s updated Improved Forest Management pro tocol . The registration of additional carbon credits is anticipated before the end of 2026, and the updated protocol is expected to improve the marketability of the resulting carbon credits. While Acadian is evaluating opportunities to develop additional projec ts, our focus is on the existing carbon credit project in Maine. Quarterly Dividend Acadian is pleased to announce a dividend of $ 0.2 9 per sh are, payable on January 15, 2027 to shareholders of record December 31 , 20 2 6 . * * * * * * * * * Acadian Timber Corp. (“Acadian”) is one of the largest timberland owners in Eastern Canada and the Northeastern U.S. We own and manage 775,000 acres of freehold timberlands in New Brunswick and approximately 300,000 acres of freehold timberlands in Maine. Acadian also provides timber serv ices relating to 1.3 million acres of Crown licensed timberlands in New Brunswick. Our primary business is the production of softwood and hardwood sawlogs, pulpwood, and biomass by - products, sold to approximately 85 regional customers. Acadian also generates income through other operations, including Real Estate and Environmental Solutio ns. Acadian’s business strategy is to maximize cash flows from its existing timberland assets through sustainable forest management and other land use activities. We aim to grow our business by acquiring additional timberland assets at value and actively manag e those assets to drive improved performance. Acadian’s shares are listed for trading on the Toronto Stock Exchange under the symbol ADN .

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- 6 - For further information, please visit our website at www.acadiantimber.com or contact: Susan Wood Chief Financial Officer Tel: 506 - 737 - 2345 Email: ir@acadiantimber.com Cautionary Statement Regarding Forward - Looking Information and Statements This New s Release contains forward - looking information and statements within the meaning of applicable Canadian securities laws that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Acadian T imber Corp. and its subsidiaries (collectively, “Acadian”), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward - looking statements. Forward - looking information is include d in this News Release and includes statements made in the section entitled “Outlook” and without limitation other statements regarding management’s beliefs, intentions, results, performance, goals, achievements, future events, plans and objectives, business strategy, growth st rategy and prospects, access to capital, liquidity and trading volumes, dividends, taxes, capital expenditures, projected costs, market trends and similar statements concerning anticipated future events, results, achievements, circumstances, performance or expectations that are not historical facts. All forward - looking statements in this News Release are qualified by these cautionary statements. Forward - looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Actual results may vary. These forward - looking statements include, but are not limited to:  Expectations regarding the number and timing of carbon credits that will be successfully registered and available for sale. Actual credit issuances will be adjusted each reporting period based on actual harvesting, natural disturbances and other factors, a s well as periodic updating for inventory and verification activities.  Expectations regarding product demand, pricing and end use markets, including expectations for U.S. housing starts, which may be impacted by changes in interest rates, U.S. population demographics and the inventory of homes for sale. Expectations regarding product demand and pricing are based on anticipated market conditions, anticipated regional inventory levels of key customers, and the economic situation of key customers. Estimates for U.S. housing starts are based on forecasts published by major financi al institutions.  Expectations regarding future production volumes and costs which may be impacted by operational efficiency, the regional supply of skilled operators, product demand, sales pricing, fuel price volatility, and end use markets.  Expectations regarding the impacts of escalated duties on softwood lumber and tariffs or potential tariffs levied on U.S. imports from Canada, which may include direct impacts related to changes to the price of and demand for Acadian’s products originating in Canada as well as the U.S., and indirect impacts associated with changes in the price of and demand for the products of Acadian’s key customers and the greater economy.  Expectations regarding future contractor availability, which may be impacted by regional supply of trained contractors and changes in the demographics of the available workforce. Other risks and factors are discussed in Management’s Discussion and Analysis for the third quarter of 2026 dated October 28 , 2026, and the Annual Information Form and Management Information Circular dated March 27, 2026 , and other filings of Acadian made with securities regulatory authorities, which are available on SEDAR+ at www.sedarplus.ca . . Forward - looking information is based on various material factors or assumptions, which are based on information currently available to Acadian. Readers are cautioned that the preceding list of material factors or assumptions is not exhaustive. Although t he forward - looking statements contained in this News Release are based upon what management believes are reasonable assumptions, Acadian cannot assure readers that actual results will be consistent with these forward - looking statements. The forward - looking statements in this New s Release are made as of the date of this News Release based on information currently available to management and should not be relied upon as representing Acadian’s views as of any date subsequent to the date of this News Release . Acadian assumes no obligation to update or revise these forward - looking statements to reflect new information, events, circumstances or otherwise, except as may be required by applicable law.

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