Canadian Halal Investor

TSX Shariah screener · September 2026

Is Acadian Timber (ADN) Halal?

FAIL

Acadian Timber Corp. · TSX: ADN · Materials

The short answer

Acadian Timber (ADN) is a FAIL. The business gate passes: it owns and manages timberlands in New Brunswick and Maine, selling sawlogs, pulpwood and biomass, with no disclosed prohibited lines. The debt gate fails: about C$116.7M of interest-bearing debt at June 27, 2026 is roughly 36% of the ~C$322M market cap (C$17.16, September 30, 2026), over the ~33% ceiling - and this holds across alternative market-cap bases. The income gate passes: the company discloses only a net interest-expense line (C$4.0M net expense in fiscal 2025), meaning no material interest income. No public Zoya, Musaffa or ShariaPortfolio rating for ADN was found as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.

Gate 1 — Business activity: PASS

Acadian Timber Corp. is an Edmundston, New Brunswick-based company that owns about 775,000 acres of freehold timberlands in New Brunswick and 300,000 acres in Maine, and manages timber services on about 1.3 million acres of New Brunswick Crown licensed timberlands. It sells softwood and hardwood sawlogs, pulpwood and biomass byproducts to roughly 85 regional customers, and also develops voluntary carbon credits. Its shares trade on the Toronto Stock Exchange under the symbol ADN (majority shareholder: Macer Forest Holdings Inc., about 51%), and its fiscal year ends December 31. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.

Gate 2 — Debt: FAIL

The Q2 2026 interim financial statements (quarter ended June 27, 2026) show short-term debt of C$2.412M, a current portion of long-term debt of C$46.126M (including about C$45.4M of MetLife term facilities maturing March 6, 2027, which management intends to refinance), and long-term debt of C$68.189M - about C$116.7M of total interest-bearing debt (no separate lease liabilities are disclosed) - against cash of C$4.495M. Against a market capitalization of about C$322M (C$17.16, September 30, 2026, on 18,780,533 shares), the debt-to-market-cap ratio is roughly 36% - over the ~33% ceiling. The fail holds on stated market caps (Finnhub C$332.9M, Barchart C$319.1M), the 52-week high share price, and year-end 2025 debt.

Gate 3 — Non-compliant income: PASS

Acadian Timber does not disclose interest income as a standalone line. It reports only "Interest expense, net," which was a net expense of C$4.020M in fiscal 2025 against sales of C$86.956M and a net expense of C$2.259M for the six months ended June 27, 2026. Because the reported line is a net expense in every period, the company is a net payer of interest, not a net earner - so the non-compliant income gate passes, with interest income effectively 0% of revenue against the ~5% ceiling.

Key figures used

Frequently asked questions

Is Acadian Timber (ADN) halal?

Our September 2026 screen gives Acadian Timber Corp. (TSX: ADN) a FAIL. The business gate passes: it owns and manages timberlands in New Brunswick and Maine, selling sawlogs, pulpwood and biomass, with no disclosed prohibited lines. The debt gate fails: about C$116.7M of interest-bearing debt at June 27, 2026 is roughly 36% of the ~C$322M market cap (C$17.16, September 30, 2026), over the ~33% ceiling - and this holds across alternative market-cap bases. The income gate passes: the company discloses only a net interest-expense line (C$4.0M net expense in fiscal 2025), meaning no material interest income. No public Zoya, Musaffa or ShariaPortfolio rating for ADN was found as of September 2026. This is a rules-based screening of published figures, not a religious ruling.

What business is Acadian Timber in?

Acadian Timber Corp. is an Edmundston, New Brunswick-based company that owns about 775,000 acres of freehold timberlands in New Brunswick and 300,000 acres in Maine, and manages timber services on about 1.3 million acres of New Brunswick Crown licensed timberlands. It sells softwood and hardwood sawlogs, pulpwood and biomass byproducts to roughly 85 regional customers, and also develops voluntary carbon credits. Its shares trade on the Toronto Stock Exchange under the symbol ADN (majority shareholder: Macer Forest Holdings Inc., about 51%), and its fiscal year ends December 31. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.

Why does Acadian Timber fail the debt gate?

The Q2 2026 interim financial statements (quarter ended June 27, 2026) show short-term debt of C$2.412M, a current portion of long-term debt of C$46.126M (including about C$45.4M of MetLife term facilities maturing March 6, 2027, which management intends to refinance), and long-term debt of C$68.189M - about C$116.7M of total interest-bearing debt (no separate lease liabilities are disclosed) - against cash of C$4.495M. Against a market capitalization of about C$322M (C$17.16, September 30, 2026, on 18,780,533 shares), the debt-to-market-cap ratio is roughly 36% versus a ~33% ceiling. The fail holds on stated market caps (Finnhub C$332.9M, Barchart C$319.1M), the 52-week high share price, and year-end 2025 debt.

How much interest income does Acadian Timber earn?

Acadian Timber does not disclose interest income as a standalone line. It reports only "Interest expense, net," which was a net expense of C$4.020M in fiscal 2025 against sales of C$86.956M and a net expense of C$2.259M for the six months ended June 27, 2026. Because the reported line is a net expense in every period, the company is a net payer of interest, not a net earner - so the non-compliant income gate passes, with interest income effectively 0% of revenue against the ~5% ceiling.

What do Zoya, Musaffa or ShariaPortfolio say about ADN?

No public Zoya, Musaffa or ShariaPortfolio rating for ADN (TSX) was found as of September 2026, so this screen relies entirely on the company's published figures. Other Canadian forestry and materials names on this site - Western Forest Products, SSR Mining, Labrador Iron Ore Royalty, Aris Mining, Endeavour Mining and Algoma Steel - are screened on the same business, debt and income basis.

Sources

Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.