West Fraser Announces First Quarter 2026 Resultsadmin
VANCOUVER, BC, April 29, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the first quarter results of 2026 ("Q1-26"). All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
First Quarter Highlights
Sales of $1.334 billion and earnings of $(188) million, or $(2.40) per diluted share
Adjusted EBITDA1 of $(66) million (including $114 million charge for duty adjustments related to prior periods), representing (5%) of sales
Lumber segment Adjusted EBITDA1 of $(84) million (including $114 million charge for duty adjustments related to prior periods)
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $11 million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $10 million
"In the first quarter of 2026 we benefited from improved commodity pricing and continue to demonstrate the resilience of West Fraser's diversified portfolio. Although net income was impacted by significant non-cash duty adjustments, these relate to prior year shipments. Operationally, our Blue Ridge lumber team did a remarkable job in quickly and effectively restoring operations following the January fire, with no recordable injuries, and the mill is now back to normal operating rates. The wind-down of our High Level, Alberta OSB mill is now complete and reflects our commitment to proactively aligning our supply with customer demand," said Sean McLaren, West Fraser's President and CEO. "Excluding the impact of prior year duty adjustments, we were pleased to see all of our core segments - lumber, NA EWP, and Europe EWP - report positive Adjusted EBITDA."
"Housing affordability continues to be a key constraint as we continue into 2026. The impact of the conflict in the Middle East has pushed 30-year mortgage rates back over 6%, which could cause additional headwinds as the year progresses. Our strong financial position and resilient balance sheet positions us well to navigate continued macroeconomic uncertainty while remaining disciplined in our approach to capital deployment. We continue to be focused on cost control, taking a disciplined approach to managing expenses and operationalizing the investments we have made through the past several years. These priorities form a key part of our strategy to continually strengthen our competitive position and generate long-term value for all stakeholders."
1.
Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
Results Summary
First quarter sales were $1.334 billion, compared to $1.165 billion in the fourth quarter of 2025. First quarter earnings were $(188) million, or $(2.40) per diluted share, compared to earnings of $(751) million, or $(9.63) per diluted share in the fourth quarter of 2025. First quarter Adjusted EBITDA was $(66) million compared to $(79) million in the fourth quarter of 2025. Included in first quarter Adjusted EBITDA in the Lumber segment is ($114) million of duty adjustments related to prior periods compared to nil in the fourth quarter of 2025.
Liquidity and Capital Allocation
Cash and short-term investments decreased to $81 million at April 3, 2026 from $202 million at December 31, 2025. Borrowings on our $1 billion credit facility totaled $203 million at April 3, 2026 from nil at December 31, 2025.
Capital expenditures in the first quarter were $94 million.
We paid a $0.32 per share dividend that was declared in the fourth quarter of 2025, and declared and paid a $0.32 per share dividend in the first quarter.
In the first quarter of 2026, we repurchased no shares under our current normal course issuer bid ("2026 NCIB"). From January 1, 2026 to April 28, 2026, no shares have been repurchased under the 2026 NCIB.
Outlook
Markets
Several key trends that have served as positive drivers in recent years are expected to continue to support medium and longer-term demand for new home construction in North America.
The most significant uses for our North American lumber, OSB and engineered wood panel products are residential construction, repair and remodelling and industrial applications. Over the medium term, improved housing affordability from stabilizing inflation and interest rates, a large cohort entering the typical home‑buying stage, and the advanced age of the U.S. housing stock (with a median home age of approximately 44 years) are expected to support new home construction and repair and renovation activity that drives lumber, plywood and OSB demand. Over the longer term, growing market penetration of mass timber in industrial and commercial applications is also expected to become a more significant source of demand growth for wood building products in North America.
The seasonally adjusted annualized rate of U.S. housing starts was 1.50 million units in March 2026, with permits issued for 1.37 million units, according to the U.S. Census Bureau. On a 3-month trailing average basis, there were 1.42 million units started and permits issued for 1.43 million units. While there are near-term uncertainties for new home construction, owing in large part to the level and rate of change of mortgage rates and the resulting impact on housing affordability, unemployment remains relatively low in the U.S. Further, the U.S. central bank has cut its key lending rate a total of 175 bps since September 2024. While recent rate trends are directionally supportive for the broader housing industry, competing forces continue to create uncertainty around the near-term path of interest rates and rates of inflation. U.S. employment growth has shown signs of slowing, while the conflict in the Middle East and the potential inflationary effects of tariff and other government policies may exert upward pressure on inflation and interest rates. Given these developments, demand for new home construction and our wood building products may continue to be challenged and even decline over the near term should the broader economy and employment slow or the trend in interest and mortgage rates negatively impact consumer sentiment and housing affordability.
In Europe and the U.K., we expect industry demand to continue to improve in the near term. In the longer term, we continue to expect demand for our European products to grow as use of OSB as an alternative to plywood grows. An aging housing stock is also expected to support long-term repair and renovation spending and additional demand for our wood building products. That said, ongoing geopolitical developments, including the potential inflationary effect of the conflict in the Middle East, may adversely impact near-term demand for our panel products in the region. Despite these risk factors, we are confident that we will be able to navigate demand markets and capitalize on the long-term growth opportunities ahead.
Operations
Demand for lumber products is not expected to increase meaningfully in 2026, reflecting persistent housing affordability challenges. Based on the current operating environment, the sawmill closures announced in 2025, and offsets from ongoing reliability and capital improvement gains across our lumber mill portfolio, including the ramp up of our modernized Henderson mill, we are reiterating our SPF and SYP shipments targets of 2.4 to 2.7 billion board feet for 2026.
In our NA EWP segment, we expect somewhat softer demand for our OSB products in 2026. Similar to the Lumber segment, we acknowledge risks to our demand forecasts given the near-term uncertainty from potential trade tariffs and housing affordability challenges. In light of these factors as well as the planned OSB mill curtailment we announced in late 2025, we are reiterating 2026 North American OSB target shipments of 5.9 to 6.3 billion square feet (3/8-inch basis).
In our Europe EWP segment, we expect 2026 demand for our MDF, particleboard and OSB panel products to be similar or improve slightly from 2025 levels, recognizing there are ongoing macroeconomic uncertainties in the region. As such, we are reiterating 2026 OSB shipments targeted in the range of 1.0 to 1.25 billion square feet (3/8-inch basis).
Global events during the first quarter of 2026 are expected to increase oil‑based input costs, including fuels, chemicals and waxes. While no material impacts on contract labour availability or capital equipment lead times are currently anticipated, ongoing geopolitical uncertainty in the Middle East and broader macroeconomic conditions create uncertainty regarding the duration and magnitude of these impacts.
Based on our current outlook, assuming no deterioration from current market demand conditions and no additional lengthening of lead times for projects underway or planned, expected capital expenditures remain in the range of $300 million to $350 million in 20261.
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
Refer to the discussion in our 2025 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" under "Risks and Uncertainties" for a detailed discussion of the risks and uncertainties associated with the imposition of tariffs, which may impact our operational guidance and our profitability during 2026.
Management Discussion & Analysis ("MD&A")
Our Q1-26 MD&A and interim consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca and the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") website at www.sec.gov/edgar under the Company's profile.
Risks and Uncertainties
Risk and uncertainty disclosures are included in our 2025 Annual MD&A, as updated in the disclosures in our Q1-26 MD&A, as well as in our public filings with securities regulatory authorities. See also the discussion of "Forward-Looking Statements" below.
Conference Call
West Fraser will hold an analyst conference call to discuss the Company's Q1-26 financial and operating results on Thursday, April 30, 2026, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). To participate in the call, please dial: 1-888-510-2154 (toll-free North America) or 437-900-0527 (toll) or connect on the webcast. The call and an earnings presentation may also be accessed through West Fraser's website at www.westfraser.com. Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, investors and the analyst community will be invited to ask questions. The call will be recorded for webcasting purposes and will be available on the West Fraser website at www.westfraser.com.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release includes statements and information that constitutes "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would," and "could," to identify these forward-looking statements. These forward-looking statements generally include statements which reflect management's expectations regarding the operations, business, financial condition, results of operations expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of West Fraser and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods.
Forward-looking statements included in this news release include references to the following and their impact on our business:
our plan to follow a balanced capital allocation strategy that allows us to grow while maintaining robust liquidity, increasing through cycle-resilience and creating long-term shareholder value;
demand in North American and European markets for our products, including demand from new home construction, repairs and renovations and industrial and commercial applications;
the impact on demand for our products resulting from the ongoing housing affordability challenges and the U.S. administration's tariff and other government policies;
international trade and trade restrictions, including the impact of tariff actions and possible actions from the Section 232 investigation;
the impact of sustained elevated interest rates and inflationary pressures on mortgage rates and housing affordability;
the anticipated growing market penetration of mass timber;
the anticipated moderation of interest rates, including prospects of at least one additional rate cut in 2026, and the potential impact of the U.S. administration's tariff and other government policies and other competing forces on this trend;
our plans to take action to ensure our operations are flexible, sized to meet the needs of our customers, and that they continue to be managed with a strong focus on controlling costs;
our strategy of improving our cost position across our portfolio of mills and investing to modernize our mills;
the anticipated ongoing reliability and capital improvement gains across our lumber mill portfolio;
the anticipated continuation of relatively stable costs across our supply chain over the near term and continued challenges on labour availability and capital equipment lead times;
operational guidance, including projected shipments, projected capital expenditures and the potential impact of tariffs on our projections; and
the continuation of investments in our assets and the maintenance of our balance sheet flexibility to be able to pursue a balanced capital allocation strategy and opportunistic growth objectives.
By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to:
assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, including the ability to meet our shipment guidance, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East or elsewhere;
future increases in interest rates and inflation or continued sustained higher interest rates and rates of inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products;
near and long-term impacts and uncertainties of U.S. administration tariffs and other government policies on the demand and prices of our wood products in the U.S. and the consequential impact on the profitability of our Canadian business, financial condition, results of operations and cash flow and ability to meet our shipment guidance;
risks associated with international trade and trade restrictions, including impact of tariff actions and possible further actions from the Section 232 investigation such as potential tariffs, export controls, including quotas, or incentives to increase domestic production, future cross border trade rulings, agreements and duty rates, including the renegotiation of CUSMA and/or the failure to renew or replace CUSMA as well as the impact of other government policies;
global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products;
continued governmental approvals and authorizations to access timber supply, and the impact of forest fires, infestations, environmental protection measures and actions taken and legislation adopted by government respecting Indigenous rights, title and/or reconciliation efforts on these approvals and authorizations, and evolving jurisprudence in Canada on aboriginal rights and title;
risks inherent in our product concentration and cyclicality;
effects of competition for logs, availability of fibre and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; including reliance on fibre off-take agreements and third party consumers of wood chips;
effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs;
availability and costs of transportation services, including truck and rail services, and port facilities, and impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services;
the recoverability of property, plant and equipment ($3,551 million), goodwill and intangibles ($1,713 million), both as at April 3, 2026, is based on numerous key assumptions which are inherently uncertain, including production volume, product pricing, operating costs, terminal multiple, and discount rate. Adverse changes in these assumptions could lead to a change in financial outlook which may result in carrying amounts exceeding their recoverable amounts and as a consequence an impairment, which could have a material non-cash adverse effect on our results of operations;
transportation constraints, including the impact of labour disruptions, may negatively impact our ability to meet projected shipment volumes;
the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved;
various events that could disrupt operations, including natural, man-made or catastrophic events including drought, wildfires, fires, explosions, mechanical failures, cyber security incidents, any state of emergency and/or evacuation orders issued by governments, and ongoing relations with employees;
risks inherent to customer dependence;
implementation of important strategic initiatives and identification, completion and integration of acquisitions;
impact of changes to, or non-compliance with, environmental or other regulations;
government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our inability to achieve our SBTi commitment for the reduction of greenhouse gases as planned;
the costs and timeline to achieve our greenhouse gas emissions objectives may be greater and take longer than anticipated;
changes in government policy and regulation, including actions taken by the Government of British Columbia pursuant to recent amendments to forestry legislation and initiatives to defer logging of forests deemed "old growth" and the impact of these actions on our timber supply;
impact of weather and climate change on our operations or the operations or demand of our suppliers and customers;
ability to implement new or upgraded information technology infrastructure;
impact of information technology service disruptions or failures or cyber security breaches or attacks;
impact of any product, property or general liability claims in excess of insurance coverage;
risks inherent to a capital intensive industry;
impact of future outcomes of tax exposures;
potential future changes in tax laws, including tax rates;
risks associated with investigations, claims and legal, regulatory and tax proceedings covering matters which if resolved unfavourably may result in a loss to and/or reputational issues for the Company;
effects of currency exposures and exchange rate fluctuations;
fair values of our electricity swaps may be volatile and sensitive to fluctuations in forward electricity prices and changes in government policy and regulation;
future operating costs;
availability of financing, bank lines, securitization programs and/or other means of liquidity;
continued access to timber supply in the traditional territories of Indigenous Nations and our ability to work with Indigenous Nations in B.C. to secure continued fibre supply for our lumber mills through various commercial agreements and joint ventures;
our ability to continue to maintain effective internal control over financial reporting;
the risks and uncertainties described in this document; and
other risks detailed from time to time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators.
In addition, actual outcomes and results of these statements will depend on a number of factors including those matters described under "Risks and Uncertainties" in our 2025 Annual MD&A and the Q1-26 MD&A and may differ materially from those anticipated or projected. This list of important factors affecting forward‑looking statements is not exhaustive and reference should be made to the other factors discussed in public filings with securities regulatory authorities. Accordingly, readers should exercise caution in relying upon forward‑looking statements and we undertake no obligation to publicly update or revise any forward‑looking statements, whether written or oral, to reflect subsequent events or circumstances except as required by applicable securities laws.
Non-GAAP and Other Specified Financial Measures
Throughout this news release, we make reference to (i) certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA by segment (our "Non-GAAP Financial Measures"), and (ii) certain supplementary financial measures, including our expected capital expenditures (our "Supplementary Financial Measures"). We believe that these Non-GAAP Financial Measures and Supplementary Financial Measures (collectively, our "Non-GAAP and other specified financial measures") are useful performance indicators for investors with regard to operating and financial performance and our financial condition. These Non-GAAP and other specified financial measures are not generally accepted financial measures under IFRS Accounting Standards and do not have standardized meanings prescribed by IFRS Accounting Standards. Investors are cautioned that none of our Non-GAAP Financial Measures should be considered as an alternative to earnings or cash flow, as determined in accordance with IFRS Accounting Standards. As there is no standardized method of calculating any of these Non-GAAP and other specified financial measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these Non-GAAP and other specified financial measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Non-GAAP and other specified financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The reconciliation of the Non-GAAP measures used and presented by the Company to the most directly comparable measures under IFRS Accounting Standards is provided in the tables set forth below. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts.
Adjusted EBITDAand Adjusted EBITDA by segment
Adjusted EBITDA is defined as earnings determined in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings: finance income or expense, tax provision or recovery, amortization, equity-based compensation, restructuring and impairment charges, and other income or expense.
Adjusted EBITDA by segment is defined as operating earnings determined for each reportable segment in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings for that reportable segment: amortization, equity-based compensation, and restructuring and impairment charges.
EBITDA is commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance, ability to incur and service debt, and as a valuation metric. We calculate Adjusted EBITDA and Adjusted EBITDA by segment to exclude items that do not reflect our ongoing operations and that should not, in our opinion, be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt.
We believe that disclosing these measures assists readers in measuring performance relative to other entities that operate in similar industries and understanding the ongoing cash generating potential of our business to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted EBITDA is used as an additional measure to evaluate the operating and financial performance of our reportable segments.
The following tables reconcile Adjusted EBITDA to the most directly comparable IFRS Accounting Standards measure, earnings.
Quarterly Adjusted EBITDA ($ millions)
Q1-26
Q4-25
Loss
$ (188)
$ (751)
Finance expense (income), net
53
(3)
Tax recovery
(61)
(167)
Amortization
138
144
Equity-based compensation
6
(4)
Restructuring and impairment charges
--
712
Other income
(13)
(10)
Adjusted EBITDA
$ (66)
$ (79)
The following tables reconcile Adjusted EBITDA by segment to the most directly comparable IFRS Accounting Standards measures for each of our reportable segments. We consider operating earnings to be the most directly comparable IFRS Accounting Standards measure for Adjusted EBITDA by segment as operating earnings is the IFRS Accounting measure most used by the chief operating decision maker when evaluating segment operating performance.
Quarterly Adjusted EBITDA by segment ($ millions)
Q1-26
Lumber
NA EWP
Europe EWP
Other Operating Segments
Corporate & Eliminations
Total
Operating loss
$ (137)
$ (58)
$ --
$ (6)
$ (8)
$ (210)
Amortization
53
69
10
3
2
138
Equity-based compensation
--
--
--
--
6
6
Adjusted EBITDA by segment
$ (84)
$ 11
$ 10
$ (2)
$ --
$ (66)
Q4-25
Lumber
NA EWP
Europe EWP
Other Operating Segments
Corporate & Eliminations
Total
Operating earnings (loss)
$ (586)
$ (335)
$ (7)
$ (5)
$ 3
$ (931)
Amortization
56
73
11
3
1
144
Equity-based compensation
--
--
--
--
(4)
(4)
Restructuring and impairment charges
473
239
--
--
--
712
Adjusted EBITDA by segment
$ (57)
$ (24)
$ 4
$ (1)
$ --
$ (79)
Expected capital expenditures
This measure represents our best estimate of the amount of cash outflows relating to additions to capital assets for the current year based on our current outlook. This amount is comprised primarily of various improvement projects and maintenance-of-business expenditures, and projects focused on optimization and automation of the manufacturing process. This measure assumes no deterioration in market conditions during the year and that we are able to proceed with our plans on time and on budget. This estimate is subject to the risks and uncertainties identified in the Company's 2025 Annual MD&A and Q1-26 MD&A.
West Fraser Announces Voting Results of the Annual Shareholders Meetingadmin
VANCOUVER, BC, April 22, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced the voting results from its Annual General and Special Meeting held on Wednesday, April 22, 2026 in Vancouver, B.C.
Voting Results for the Election of Directors
A total of 69,106,612 Common shares and Class B Common shares were voted at the meeting, representing 88.26% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:
Director
Votes For
% of Votes in Favour
Votes Withheld
% of Votes Withheld
Hank Ketcham
57,936,642
86.40
9,119,807
13.60
Doyle N. Beneby
66,543,465
99.23
512,984
0.77
Eric L. Butler
67,031,881
99.96
24,568
0.04
Reid E. Carter
65,657,002
97.91
1,399,447
2.09
John N. Floren
66,323,395
98.91
733,054
1.09
Ellis Ketcham Johnson
66,626,552
99.36
429,897
0.64
Brian G. Kenning
58,403,048
87.10
8,653,401
12.90
Marian Lawson
67,030,026
99.96
26,423
0.04
Sean P. McLaren
66,780,396
99.94
37,518
0.06
Colleen M. McMorrow
67,018,931
99.94
37,518
0.06
Gillian D. Winckler
66,895,719
99.76
160,729
0.24
Voting Results for Other Matters
Shareholders approved the fixing the number of directors at eleven (11) by show of hands.
Shareholders approved the appointment of PricewaterhouseCoopers LLP as auditor of the Company by show of hands.
The resolution on the Company's approach to executive compensation (Say-on-Pay) as described in the Company's management information circular dated March 6, 2026 was also approved, with 86.41% of votes cast in favour.
The resolution on the reconfirmation and continuation of the Company's Shareholder Rights Plan as described in the Company's management information circular dated March 6, 2026 was also approved, with 87.03% of votes cast in favour.
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Notice of First Quarter Results Conference Call and Softwood Lumber Duties and Operational Updateadmin
VANCOUVER, BC, April 16, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss first quarter 2026 financial and operating results on Thursday, April 30, 2026 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
Update on US Department of Commerce ('USDOC') Softwood Lumber Duties The USDOC issued preliminary rates for the seventh administrative review period (AR7) on April 9 for Anti-Dumping Duties (ADD) and Countervailing Duties (CVD), covering shipments made during the 2024 calendar year. These rates are expected to be finalized and come into effect later this year and would decrease the Company's combined current cash deposit rate from 26.47% to 20.70% at the announced rates.
The Company expects to record a $73 million non-cash charge in Q1-26 to export duty expense, representing the difference between previously recorded expense for 2024 based on CVD cash deposit rates of 2.19% and 6.85% during the year and the preliminary CVD rate released of 15.93%.
Additionally, the USDOC is processing the liquidation of ADD for the first administrative review period (AR1) covering exports between August 2017 and December 2017. Based on the liquidation rate, the Company expects to receive a refund of $15 million in 2026. The Company expects to take an additional $41 million non-cash charge to export duty expense in Q1-26, representing a change in the estimate of amounts recoverable and payable covering all the administrative review periods as a result of additional information from the liquidation process.
The Company expects to record incremental interest expense on export duty deposits in Q1-26 in relation to the above matters.
Operationalupdate Full operations have resumed at the Company's Blue Ridge Alberta lumber mill following a fire in January of 2026, and production has commenced at the new lumber facility in Henderson, Texas. Manufacturing operations at the Company's High Level, Alberta OSB mill will be concluded by the end of April.
Lumber pricing rebounded in the first quarter as compared to the fourth quarter of 2025. The Western SPF 2x4 Random benchmark rose from $423/Mfbm in Q4 2025 to $463/Mfbm in Q1 2026, an increase of 9%. The Westside SYP 2x4 Random benchmark rose from $323/Mfbm to $436/Mfbm in the same time period, an increase of 35%.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's first quarter 2026 financial and operating results will be released on Wednesday, April 29, 2026.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Forward-Looking Statements This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including those relating to the expected impact of the AR7 preliminary rate on the combined cash deposit rate, the anticipated timing of implementation of the expected rate reduction, the expected non-cash charge in Q1-26 to export duty expense, the impact of the AR1 liquidation process including the anticipated refund in relation thereto, the expected additional non-cash charge in Q1-2026 to export duty expense resulting from a change in estimate of amounts recoverable and payable over all of the administrative review periods (AR1 through AR8), the expected incremental interest expense on the duty deposits and liabilities, and the anticipated timing of conclusion of the High Level OSB operations. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions, including our assessment of the expected impact of the USDOC liquidation process, the AR7 preliminary rate and related additional duties payable and our assumption that amounts recoverable and payable over all of the administrative review periods will be as estimated which are subject to inherent risks and uncertainties, including uncertainties concerning the outcome of trade investigations and litigation, including the impact on anticipated recoverability of duties on deposit under appeal and the ability to recover through the liquidation process or otherwise as estimated, as well as the consequential impact on the profitability of our Canadian business, financial condition and results of operations. Readers should also refer to the risk factors and uncertainties set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2025, each dated February 11, 2026, as updated in our management's discussion and analysis quarterly reports filed from time to time, each available at SEDAR+ (www.sedarplus.ca) and EDGAR (http://www.sec.gov). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
West Fraser Announces Renewal of Normal Course Issuer Bidadmin
VANCOUVER, BC, March 19, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that the Toronto Stock Exchange ("TSX") has accepted West Fraser's notice to renew its normal course issuer bid ("NCIB"). Under the renewed NCIB, West Fraser will be entitled to purchase up to 3,800,917 Common shares ("Shares") of the Company, representing approximately 5% of the 76,018,344 Shares issued and outstanding as at March 10, 2026. The NCIB will commence on March 24, 2026. The purpose of the NCIB is to enable the Company to return capital to shareholders by way of repurchases of Shares, including when the Company believes its Shares are undervalued or represent an attractive investment opportunity. The Company believes that such repurchases are an appropriate use of the Company's available funds and in its best interests.
Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange ("NYSE") and alternative trading systems in Canada and/or the United States, if eligible. Purchases of Shares under the NCIB may be made on the TSX, at the market price at the time of purchase in accordance with the rules and policies of the TSX, or on the NYSE in compliance with Rule 10b-18 under the United States Securities Exchange Act of 1934 (the "Exchange Act"). In addition, purchases may also be made by private agreement or under a specific share repurchase program pursuant to an issuer bid exemption order issued by a securities regulatory authority, in which event purchases will be at a discount to the prevailing market price.
The rules and policies of the TSX contain restrictions on the number of Shares that can be purchased under the NCIB, based on the average daily trading volumes on the TSX. Similarly, the safe harbor conditions of Rule 10b-18 under the Exchange Act impose certain limitations on the number of Shares that can be purchased on the NYSE each day. As a result of the restrictions, subject to certain exceptions for block purchases, the maximum number of Shares that can be purchased per day during the NCIB on the TSX is 51,608 based on 25% of the average daily trading volume on the TSX for the prior six months (being 206,434 Shares on the TSX). Subject to certain exceptions for block purchases, the maximum number of Shares that can be purchased per day on the NYSE is 25% of the average daily trading volume on NYSE for the four calendar weeks preceding the date of purchase. Subject to regulatory requirements, the actual number of Shares purchased and the timing of such purchases, if any, will be determined by West Fraser having regard to future price movements and other factors. All Shares purchased by West Fraser under the NCIB will be cancelled.
The NCIB will terminate on March 23, 2027 or earlier if the maximum number of Shares authorized for repurchase under the NCIB have been purchased. West Fraser reserves the right to terminate the NCIB earlier if it feels it is appropriate to do so.
West Fraser plans to enter into an automatic purchase plan with a broker, which will enable West Fraser to provide standard instructions and purchase Shares on the open market during self-imposed blackout periods. Outside of these blackout periods, Shares may be purchased in accordance with management's discretion.
West Fraser's prior normal course issuer bid for the purchase of up to 3,868,177 Shares expired on March 2, 2026. West Fraser purchased a total of 1,286,185 Shares at a volume weighted-average price of US$73.47 per Share, excluding brokerage fees, all of which purchases were made on the open market.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including future purchases of West Fraser's Shares under the NCIB, including pursuant to private agreements or a specific share repurchase program under an issuer bid exemption order issued by applicable securities regulatory authorities, and the return of capital to West Fraser's shareholders. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends and current conditions. Readers should also refer to the risk factors set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2025 each dated February 11, 2026, available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov). There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders.
West Fraser Announces Completion Of Form 40-F Filingadmin
VANCOUVER, BC, Feb. 11, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that it filed its 2025 annual report on Form 40-F with the SEC on EDGAR (www.sec.gov/edgar). The Form 40-F includes the Company's audited financial statements for the year ended December 31, 2025, annual management's discussion and analysis ("MD&A") and annual information form, each of which have been filed with Canadian securities authorities on SEDAR+ (www.sedarplus.ca). These documents are also available in the investors section of the Company's website at www.westfraser.com and a hard copy will be provided to shareholders free of charge upon request to shareholder@westfraser.com.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.
West Fraser Announces Completion Of Form 40-F Filingadmin
VANCOUVER, BC, Feb. 11, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that it filed its 2025 annual report on Form 40-F with the SEC on EDGAR (www.sec.gov/edgar). The Form 40-F includes the Company's audited financial statements for the year ended December 31, 2025, annual management's discussion and analysis ("MD&A") and annual information form, each of which have been filed with Canadian securities authorities on SEDAR+ (www.sedarplus.ca). These documents are also available in the investors section of the Company's website at www.westfraser.com and a hard copy will be provided to shareholders free of charge upon request to shareholder@westfraser.com.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.
West Fraser Announces Fourth Quarter 2025 Resultsadmin
VANCOUVER, BC, Feb. 11, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the fourth quarter results of 2025 ("Q4-25"). All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
Fourth Quarter Highlights
Sales of $1.165 billion and earnings of $(751) million, or $(9.63) per diluted share
Pre-tax earnings included $712 million of restructuring and impairment charges
Adjusted EBITDA1 of $(79) million, representing (7%) of sales
Lumber segment Adjusted EBITDA1 of $(57) million, excluding $473 million of restructuring and impairment charges
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $(24) million, excluding $239 million of restructuring and impairment charges
Pulp & Paper segment Adjusted EBITDA1 of $(1) million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $4 million
Repurchased 108,079 shares for aggregate consideration of $7 million
Annual Highlights
Sales of $5.462 billion and earnings of $(937) million, or $(12.08) per diluted share
Pre-tax earnings included $712 million of restructuring and impairment charges
Adjusted EBITDA1 of $56 million, representing 1% of sales
Lumber segment Adjusted EBITDA1 of $(100) million, including $67 million of export duty expense attributable to the finalization of AR6 but excluding $473 million of restructuring and impairment charges
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $153 million, excluding $239 million of restructuring and impairment charges
Pulp & Paper segment Adjusted EBITDA1 of $(2) million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $5 million
Repurchased 1,639,207 shares for aggregate consideration of $124 million
1. Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
"The fourth quarter of 2025 was another challenging period for West Fraser, marked by elevated softwood lumber duties and tariffs, southern yellow pine lumber and OSB oversupply, and tempered demand for many of our wood-based building products, much of which can be attributed to housing affordability constraints that have continued into early 2026. Notwithstanding this environment, we made great advances with some of our major capital investments that will improve both our cost profile and our operating flexibility, completing construction and starting-up our modernized lumber mill in Henderson, Texas, and effectively completing the ramp-up of our large-scale OSB mill in Allendale, South Carolina. We did have to make some difficult decisions late in the year with announced closures or curtailments of uneconomic lumber and OSB mills, but these decisions were made to size our portfolio to our customers' demand and with a view to make the Company stronger and better positioned for the future," said Sean McLaren, West Fraser's President and CEO. "We are steadfast in our strategy and will continue to take the necessary steps to ensure our operations remain safe places to work, flexible, and able to effectively serve our customers while controlling costs. We will continue to evaluate strategic investments and follow a balanced capital allocation strategy that allows us to grow while maintaining robust liquidity, increasing through-cycle resilience and creating long-term shareholder value."
Results Summary
Fourth quarter sales were $1.165 billion, compared to $1.307 billion in the third quarter of 2025. Fourth quarter earnings were $(751) million, or $(9.63) per diluted share, compared to earnings of $(204) million, or $(2.63) per diluted share in the third quarter of 2025. Fourth quarter Adjusted EBITDA was $(79) million compared to $(144) million in the third quarter of 2025.
Full year sales were $5.462 billion, compared to $6.174 billion in 2024. Full year earnings were $(937) million, or $(12.08) per diluted share, compared to earnings of $(5) million, or $(0.07) per diluted share in 2024. Full year Adjusted EBITDA was $56 million compared to $673 million in 2024.
Tariffs
Canadian softwood lumber exports to the U.S. have been the subject of trade disputes and managed trade arrangements for several decades. The current round of countervailing and antidumping duties have been in place since April 2017.
On March 4, 2025, the U.S. administration, under the International Emergency Economic Powers Act ("IEEPA"), implemented an additive 25% tariff on all goods imported into the U.S. Our wood products were subject to the IEEPA tariffs for a two-day period from March 4, 2025 to March 6, 2025. The legality of the IEEPA tariffs is currently under review by the Supreme Court of the United States as of February 10, 2026.
On September 29, 2025, the U.S. administration issued a proclamation that imposed a tariff of 10% under Section 232 of the Trade Expansion Act of 1962 on imported softwood timber and lumber into the U.S., effective October 14, 2025. This tariff is in addition to the existing softwood lumber duties applied to U.S. imports of Canadian lumber. The tariffs implemented under Section 232 of the Trade Expansion Act of 1962 are still in effect as of February 10, 2026.
For additional information, refer to the discussion in our 2025 Annual MD&A under "Risks and Uncertainties – Trade Restrictions" for a detailed discussion of the risks and uncertainties associated with the imposition of tariffs.
Liquidity and Capital Allocation
Cash and short-term investments decreased to $202 million at December 31, 2025 from $641 million at December 31, 2024.
Capital expenditures in the fourth quarter were $139 million. Full year capital expenditures were $411 million in 2025 and $487 million in 2024.
We paid $25 million of dividends in the fourth quarter, or $0.32 per share, and declared a $0.32 per share dividend payable in the first quarter of 2026. We paid $101 million of dividends in 2025.
In the fourth quarter of 2025, we repurchased 108,079 shares under our current normal course issuer bid ("2025 NCIB") for aggregate consideration of $7 million. For the full year, we repurchased 1,639,207 shares under the 2024 and 2025 NCIBs for aggregate consideration of $124 million. As of February 10, 2025, 1,286,185 shares have been repurchased under the 2025 NCIB, leaving 2,581,992 shares available for purchase at our discretion until the expiry of the 2025 NCIB.
Outlook
Markets
Several key trends that have served as positive drivers in recent years are expected to continue to support medium and longer-term demand for new home construction in North America.
The most significant uses for our North American lumber, OSB and engineered wood panel products are residential construction, repair and remodelling and industrial applications. Over the medium term, improved housing affordability from the stabilization of inflation and interest rates, a large cohort of the population approaching the typical home buying stage, and an aging U.S. housing stock are expected to drive new home construction and repair and renovation spending that supports lumber, plywood and OSB demand. Over the longer term, growing market penetration of mass timber in industrial and commercial applications is also expected to become a more significant source of demand growth for wood building products in North America.
The seasonally adjusted annualized rate of U.S. housing starts was 1.25 million units in October 2025, with permits issued for 1.41 million units, according to the U.S. Census Bureau. On a 3-month trailing average basis, there were 1.28 million units started and permits issued for 1.39 million units. While there are near-term uncertainties for new home construction, owing in large part to the level and rate of change of mortgage rates and the resulting impact on housing affordability, unemployment remains relatively low in the U.S. Further, the U.S. central bank has cut its key lending rate a total of 175 bps since September 2024 and Federal funds futures indicate prospects for at least one additional rate cut in 2026. Though these rate trends are directionally positive for the broader housing industry, there appear to be competing forces on future rates as U.S. employment growth has shown recent signs of slowing while there is risk that tariff and other government policies will be inflationary, creating a measure of uncertainty for the near-term path of interest rates. Given these developments, demand for new home construction and our wood building products may continue to be challenged and even decline over the near term should the broader economy and employment slow or the trend in interest and mortgage rates negatively impact consumer sentiment and housing affordability.
In Europe and the U.K., we expect industry demand to improve but remain challenging over the near term. In the longer term, we continue to expect demand for our European products to grow as use of OSB as an alternative to plywood grows. An aging housing stock is also expected to support long-term repair and renovation spending and additional demand for our wood building products. In the current environment, inflation appears to have stabilized and interest rates have continued to ease, which is directionally positive for housing demand. That said, ongoing geopolitical developments, including the potential inflationary effect of U.S. tariffs on the U.K. and Europe, may adversely impact near-term demand for our panel products in the region. Despite these risk factors, we are confident that we will be able to navigate demand markets and capitalize on the long-term growth opportunities ahead.
Operations
The Lumber segment is expected to experience another year of modest demand in 2026, as unknowns persist related to the potential demand impacts from new tariffs imposed by the U.S. administration late in 2025 as well as persistent housing affordability challenges. Based on the current environment, the sawmill closures we announced in 2025, plus offsets from ongoing reliability and capital improvement gains across our lumber mill portfolio and the ramp up of our modernized Henderson mill, we are reiterating each of our SPF and SYP shipments targets to be 2.4 to 2.7 billion board feet in 2026.
In our NA EWP segment, we expect somewhat softer demand for our OSB products in 2026. Similar to the Lumber segment, we acknowledge risks to our demand forecasts given the near-term uncertainty from potential trade tariffs and housing affordability challenges. In light of these factors as well as the planned OSB mill curtailment we announced in late 2025, we are reiterating 2026 North American OSB target shipments of 5.9 to 6.3 billion square feet (3/8-inch basis).
In our Europe EWP segment, we expect 2026 demand for our MDF, particleboard and OSB panel products to be similar or improve slightly from 2025 levels, recognizing there are ongoing macroeconomic uncertainties in the region. As such, we are reiterating 2026 OSB shipments targeted in the range of 1.0 to 1.25 billion square feet (3/8-inch basis).
The global pulp market continues to experience disruption with the economic impact of U.S. tariffs creating considerable demand uncertainty in Chinese markets. However, given recent trends, we anticipate NBSK pricing will be relatively stable to slightly higher over the near to medium term.
As per our previously announced 2026 operational guidance, we expect relatively stable input costs across our supply chain this year, including chemicals and waxes, while contract labour availability and capital equipment lead times are expected to continue to improve.
Based on our current outlook, assuming no deterioration from current market demand conditions and no additional lengthening of lead times for projects underway or planned, expected capital expenditures remain in the range of $300 million to $350 million in 20261.
Refer to the discussion in our 2025 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" under "Risks and Uncertainties" for a detailed discussion of the risks and uncertainties associated with the imposition of tariffs.
Dividend Declared
The Board of Directors of the Company has declared a dividend of $0.32 per share on the Common shares and the Class B Common shares in the capital of the Company, payable on April 2, 2026 to shareholders of record on March 13, 2026. Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
Management Discussion & Analysis ("MD&A")
Our 2025 Annual MD&A and audited annual consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca and the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") website at www.sec.gov/edgar under the Company's profile.
Risks and Uncertainties
Risk and uncertainty disclosures are included in our 2025 Annual MD&A, as well as in our public filings with securities regulatory authorities. See also the discussion of "Forward-Looking Statements" below.
Conference Call
West Fraser will hold an analyst conference call to discuss the Company's Q4-25 financial and operating results on Thursday, February 12, 2026, at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time). To participate in the call, please dial: 1-888-510-2154 (toll-free North America) or 437-900-0527 (toll) or connect on the webcast. The call and an earnings presentation may also be accessed through West Fraser's website at www.westfraser.com. Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, investors and the analyst community will be invited to ask questions. The call will be recorded for webcasting purposes and will be available on the West Fraser website at www.westfraser.com.
1.This is a supplementary financial measure . Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the U.S., the U.K., and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release includes statements and information that constitutes "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would," and "could," to identify these forward-looking statements. These forward-looking statements generally include statements which reflect management's expectations regarding the operations, business, financial condition, results of operations expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of West Fraser and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods.
Forward-looking statements included in this news release include references to the following and their impact on our business:
improvements to our cost profile and operating flexibility resulting from our major capital investments;
our plan to follow a balanced capital allocation strategy that allows us to grow while maintaining robust liquidity, increasing through cycle-resilience and creating long-term shareholder value;
demand in North American and European markets for our products, including demand from new home construction, repairs and renovations and industrial and commercial applications;
the impact on demand for our products resulting from the ongoing housing affordability challenges and the U.S. administration's tariff and other government policies;
international trade and trade restrictions, including the impact of tariff actions and possible actions from the Section 232 investigation;
the impact of sustained elevated interest rates and inflationary pressures on mortgage rates and housing affordability;
the anticipated growing market penetration of mass timber;
the anticipated moderation of interest rates, including prospects of at least one additional rate cut in 2026, and the potential impact of the U.S. administration's tariff and other government policies and other competing forces on this trend;
our plans to take action to ensure our operations are flexible, sized to meet the needs of our customers, and that they continue to be managed with a strong focus on controlling costs;
our strategy of improving our cost position across our portfolio of mills and investing to modernize our mills;
the anticipated ongoing reliability and capital improvement gains across our lumber mill portfolio;
the anticipated continuation of relatively stable costs across our supply chain over the near term and continued challenges on labour availability and capital equipment lead times;
operational guidance, including projected shipments, projected capital expenditures and the potential impact of tariffs on our projections; and
the continuation of investments in our assets and the maintenance of our balance sheet flexibility to be able to pursue a balanced capital allocation strategy and opportunistic growth objectives.
By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to:
assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, including the ability to meet our shipment guidance, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East or elsewhere;
future increases in interest rates and inflation or continued sustained higher interest rates and rates of inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products;
near and long-term impacts and uncertainties of U.S. administration tariffs and other government policies on the demand and prices of our wood products in the U.S. and the consequential impact on the profitability of our Canadian business, financial condition, results of operations and cash flow and ability to meet our shipment guidance;
risks associated with international trade and trade restrictions, including impact of tariff actions and possible further actions from the Section 232 investigation such as potential tariffs, export controls, including quotas, or incentives to increase domestic production, future cross border trade rulings, agreements and duty rates, including the renegotiation of CUSMA and/or the failure to renew or replace CUSMA as well as the impact of other government policies;
global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products;
continued governmental approvals and authorizations to access timber supply, and the impact of forest fires, infestations, environmental protection measures and actions taken and legislation adopted by government respecting Indigenous rights, title and/or reconciliation efforts on these approvals and authorizations, and evolving jurisprudence in Canada on aboriginal rights and title;
risks inherent in our product concentration and cyclicality;
effects of competition for logs, availability of fibre and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; including reliance on fibre off-take agreements and third party consumers of wood chips;
effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs;
availability and costs of transportation services, including truck and rail services, and port facilities, and impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services;
the recoverability of property, plant and equipment ($3,593 million), goodwill and intangibles ($1,726 million), both as at December 31, 2025, is based on numerous key assumptions which are inherently uncertain, including production volume, product pricing, operating costs, terminal multiple, and discount rate. Adverse changes in these assumptions could lead to a change in financial outlook which may result in carrying amounts exceeding their recoverable amounts and as a consequence an impairment, which could have a material non-cash adverse effect on our results of operations;
transportation constraints, including the impact of labour disruptions, may negatively impact our ability to meet projected shipment volumes;
the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved;
various events that could disrupt operations, including natural, man-made or catastrophic events including drought, wildfires, fires, explosions, mechanical failures, cyber security incidents, any state of emergency and/or evacuation orders issued by governments, and ongoing relations with employees;
risks inherent to customer dependence;
implementation of important strategic initiatives and identification, completion and integration of acquisitions;
impact of changes to, or non-compliance with, environmental or other regulations;
government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our inability to achieve our SBTi commitment for the reduction of greenhouse gases as planned;
the costs and timeline to achieve our greenhouse gas emissions objectives may be greater and take longer than anticipated;
changes in government policy and regulation, including actions taken by the Government of British Columbia pursuant to recent amendments to forestry legislation and initiatives to defer logging of forests deemed "old growth" and the impact of these actions on our timber supply;
impact of weather and climate change on our operations or the operations or demand of our suppliers and customers;
ability to implement new or upgraded information technology infrastructure;
impact of information technology service disruptions or failures or cyber-security breaches or attacks;
impact of any product, property or general liability claims in excess of insurance coverage;
risks inherent to a capital intensive industry;
impact of future outcomes of tax exposures;
potential future changes in tax laws, including tax rates;
risks associated with investigations, claims and legal, regulatory and tax proceedings covering matters which if resolved unfavourably may result in a loss to and/or reputational issues for the Company;
effects of currency exposures and exchange rate fluctuations;
fair values of our electricity swaps may be volatile and sensitive to fluctuations in forward electricity prices and changes in government policy and regulation;
future operating costs;
availability of financing, bank lines, securitization programs and/or other means of liquidity;
continued access to timber supply in the traditional territories of Indigenous Nations and our ability to work with Indigenous Nations in B.C. to secure continued fibre supply for our lumber mills through various commercial agreements and joint ventures;
our ability to continue to maintain effective internal control over financial reporting;
the risks and uncertainties described in this document; and
other risks detailed from time to time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators.
In addition, actual outcomes and results of these statements will depend on a number of factors including those matters described under "Risks and Uncertainties" in our 2025 Annual MD&A and may differ materially from those anticipated or projected. This list of important factors affecting forward‑looking statements is not exhaustive and reference should be made to the other factors discussed in public filings with securities regulatory authorities. Accordingly, readers should exercise caution in relying upon forward‑looking statements and we undertake no obligation to publicly update or revise any forward‑looking statements, whether written or oral, to reflect subsequent events or circumstances except as required by applicable securities laws.
Non-GAAP and Other Specified Financial Measures
Throughout this news release, we make reference to (i) certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA by segment (our "Non-GAAP Financial Measures"), and (ii) certain supplementary financial measures, including our expected capital expenditures (our "Supplementary Financial Measures"). We believe that these Non-GAAP Financial Measures and Supplementary Financial Measures (collectively, our "Non-GAAP and other specified financial measures") are useful performance indicators for investors with regard to operating and financial performance and our financial condition. These Non-GAAP and other specified financial measures are not generally accepted financial measures under IFRS Accounting Standards and do not have standardized meanings prescribed by IFRS Accounting Standards. Investors are cautioned that none of our Non-GAAP Financial Measures should be considered as an alternative to earnings or cash flow, as determined in accordance with IFRS Accounting Standards. As there is no standardized method of calculating any of these Non-GAAP and other specified financial measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these Non-GAAP and other specified financial measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Non-GAAP and other specified financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The reconciliation of the Non-GAAP measures used and presented by the Company to the most directly comparable measures under IFRS Accounting Standards is provided in the tables set forth below. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts.
Adjusted EBITDA and Adjusted EBITDA by segment
Adjusted EBITDA is defined as earnings determined in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings: finance income or expense, tax provision or recovery, amortization, equity-based compensation, restructuring and impairment charges, and other income or expense.
Adjusted EBITDA by segment is defined as operating earnings determined for each reportable segment in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings for that reportable segment: amortization, equity-based compensation, and restructuring and impairment charges.
EBITDA is commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance, ability to incur and service debt, and as a valuation metric. We calculate Adjusted EBITDA and Adjusted EBITDA by segment to exclude items that do not reflect our ongoing operations and that should not, in our opinion, be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt.
We believe that disclosing these measures assists readers in measuring performance relative to other entities that operate in similar industries and understanding the ongoing cash generating potential of our business to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted EBITDA is used as an additional measure to evaluate the operating and financial performance of our reportable segments.
The following tables reconcile Adjusted EBITDA to the most directly comparable IFRS Accounting Standards measure, earnings.
Annual Adjusted EBITDA ($ millions)
2025
2024
Loss
$ (937)
$ (5)
Finance income, net
(1)
(34)
Tax provision (recovery)
(233)
43
Amortization
544
549
Equity-based compensation
(14)
14
Restructuring and impairment charges
712
102
Other expense (income)
(15)
2
Adjusted EBITDA
$ 56
$ 673
Quarterly Adjusted EBITDA ($ millions)
Q4-25
Q3-25
Loss
$ (751)
$ (204)
Finance expense (income), net
(3)
12
Tax recovery
(167)
(73)
Amortization
144
133
Equity-based compensation
(4)
(2)
Restructuring and impairment charges
712
—
Other income
(10)
(11)
Adjusted EBITDA
$ (79)
$ (144)
The following tables reconcile Adjusted EBITDA by segment to the most directly comparable IFRS Accounting Standards measures for each of our reportable segments. We consider operating earnings to be the most directly comparable IFRS Accounting Standards measure for Adjusted EBITDA by segment as operating earnings is the IFRS Accounting measure most used by the chief operating decision maker when evaluating segment operating performance.
Annual Adjusted EBITDA by segment ($ millions)
2025
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (766)
$ (376)
$ (16)
$ (37)
$ 9
$ (1,187)
Amortization
193
290
15
42
5
544
Equity-based compensation
—
—
—
—
(14)
(14)
Restructuring and impairment charges
473
239
—
—
—
712
Adjusted EBITDA by segment
$ (100)
$ 153
$ (2)
$ 5
$ —
$ 56
2024
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (303)
$ 459
$ (13)
$ (110)
$ (26)
$ 7
Amortization
192
284
14
48
11
549
Equity-based compensation
—
—
—
—
14
14
Restructuring and impairment charges
28
1
3
70
1
102
Adjusted EBITDA by segment
$ (82)
$ 744
$ 4
$ 8
$ —
$ 673
Quarterly Adjusted EBITDA by segment ($ millions)
Q4-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (586)
$ (335)
$ (5)
$ (7)
$ 3
$ (931)
Amortization
56
73
3
11
1
144
Equity-based compensation
—
—
—
—
(4)
(4)
Restructuring and impairment charges
473
239
—
—
—
712
Adjusted EBITDA by segment
$ (57)
$ (24)
$ (1)
$ 4
$ —
$ (79)
Q3-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (169)
$ (88)
$ (10)
$ (10)
$ 1
$ (275)
Amortization
46
72
3
10
1
133
Equity-based compensation
—
—
—
—
(2)
(2)
Adjusted EBITDA by segment
$ (123)
$ (15)
$ (6)
$ 1
$ —
$ (144)
Expected capital expenditures
This measure represents our best estimate of the amount of cash outflows relating to additions to capital assets for the current year based on our current outlook. This amount is comprised primarily of various improvement projects and maintenance-of-business expenditures, and projects focused on optimization and automation of the manufacturing process. This measure assumes no deterioration in market conditions during the year and that we are able to proceed with our plans on time and on budget. This estimate is subject to the risks and uncertainties identified in the Company's 2025 Annual MD&A.
Notice of Fourth Quarter Results Conference Calladmin
VANCOUVER, BC, Jan. 22, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss fourth quarter 2025 financial and operating results on Thursday, February 12, 2026 at 7:00 a.m. Pacific Time/10:00 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's fourth quarter 2025 financial and operating results will be released on Wednesday, February 11, 2026.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Notice of Fourth Quarter Results Conference Calladmin
VANCOUVER, BC, Jan. 22, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss fourth quarter 2025 financial and operating results on Thursday, February 12, 2026 at 7:00 a.m. Pacific Time/10:00 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's fourth quarter 2025 financial and operating results will be released on Wednesday, February 11, 2026.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
West Fraser Announces Goodwill Impairment and Provides 2026 Operational Outlookadmin
VANCOUVER, BC, Jan. 8, 2026 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that it will record an impairment of its Lumber segment goodwill in the fourth quarter of 2025 due to persistently challenging economic conditions. The Company is also providing initial 2026 guidance for key product shipments, operational costs and capital expenditures.
In Q4-2025, West Fraser expects to record an approximately $409 million non-cash impairment of goodwill as a result of the protracted downcycle that has caused management to recalibrate certain assumptions used in its annual goodwill impairment test. Adjustments to these assumptions include, but are not limited to, species-specific product pricing trends, lower demand and pricing for wood chip residuals, and the depth and duration of the current downcycle and its expected recovery. The impairment represents the entire amount of goodwill associated with the Company's U.S. lumber operations.
West Fraser is also providing the following operational guidance for 2026:
SPF shipments are targeted to be 2.4 to 2.7 billion board feet
SYP shipments are targeted to be 2.4 to 2.7 billion board feet
N.A. OSB shipments are targeted to be 5.9 to 6.3 billion square feet (3/8-inch basis)
European and U.K. OSB shipments are targeted to be 1.0 to 1.25 billion square feet (3/8-inch basis)
Costs for inputs, including resins and chemicals, are expected to remain relatively stable, while contractor availability and capital equipment lead times are expected to continue to improve
Capital expenditures1 are expected to be $300 to $350 million
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this news release for more information on this measure.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including those relating to the Company's expected non-cash impairment of Lumber segment goodwill in the fourth quarter of 2025 and our 2026 operational guidance, including SPF, SYP, N.A. OSB and European and U.K. OSB shipment targets, expectations regarding our costs for inputs, contractor availability and capital equipment lead times and capital expenditures. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent risks and uncertainties including our assessment of recoverability of capital assets and goodwill and the assumptions on which these relate, including but are not limited to, species-specific product pricing trends, lower demand and pricing for wood chip residuals, and the depth and duration of the current downcycle and its expected recovery and those factors and sensitivities set out in Note 9 to our annual audited consolidated financial statements and accompanying notes for the year ended December 31, 2024, as supplemented with our quarterly unaudited consolidated financial statements from time to time. There are numerous uncertainties and sensitivities inherent in making these estimates, including many factors beyond our control, that could cause actual results to differ materially from expected financial and operating results. If management's estimates of forecasted results deteriorate, we may be required to recognize material non-cash charges relating to impairments of capital assets and/or goodwill. Readers should also refer to the risk factors and uncertainties set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024, each dated February 12, 2025, as updated in our management's discussion and analysis quarterly reports filed from time to time, each available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
Non-GAAP and Other Specified Financial Measures
In this new release, we make reference to certain supplementary financial measures, including our expected capital expenditures (our "Supplementary Financial Measures"). We believe that these Supplementary Financial Measures are useful performance indicators for investors to understand our operating and financial performance and our financial condition. These Supplementary Financial Measures are not generally accepted financial measures under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and do not have standardized meanings prescribed by IFRS Accounting Standards. Investors are cautioned that none of our Supplementary Financial Measures should be considered as an alternative to earnings or cash flow, as determined in accordance with IFRS Accounting Standards. As there is no standardized method of calculating any of these Supplementary Financial Measures, our method of calculating them may differ from the methods used by other entities and, accordingly, our use of any of these Supplementary Financial Measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Supplementary Financial Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Additional information concerning our expected capital expenditures is provided below.
Expected capital expenditures
This measure represents our best estimate of the amount of cash outflows relating to additions to capital assets for the current year based on our current outlook. This amount is comprised primarily of various improvement projects and maintenance-of-business expenditures, and projects focused on optimization and automation of the manufacturing process. This measure assumes no deterioration in market conditions during the year and that we are able to proceed with our plans on time and on budget. This estimate is subject to the risks and uncertainties identified in our management's discussion and analysis for the year ended December 31, 2024, dated February 12, 2025, as updated in our management's discussion and analysis quarterly reports filed from time to time.
VANCOUVER, BC, Dec. 10, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on January 14, 2026 to shareholders of record on December 29, 2025.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
VANCOUVER, BC, Dec. 10, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on January 14, 2026 to shareholders of record on December 29, 2025.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
VANCOUVER, BC, Dec. 4, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that it will indefinitely curtail its oriented strand board (OSB) mill in High Level, Alberta in the spring of 2026 following an orderly wind-down and consumption of the mill's existing log supply.
Today's decision is the result of a significant weakening of OSB demand and is expected to reduce West Fraser's capacity by 860 million square feet (3/8-inch). West Fraser expects to mitigate the impact on the approximate 190 affected employees at the site by providing work opportunities at other company operations, where available.
West Fraser also confirmed that the idling of one of its production lines at its Cordele, Georgia OSB facility since late 2023 will continue indefinitely. The idled production line at Cordele has a capacity of 440 million square feet (3/8-inch).
The most significant uses for West Fraser's North American OSB products are residential construction (sheathing, sub-flooring, roof decking, etc.), repair and remodelling and industrial applications. The High Level mill has been in the West Fraser family since the OSB line of business was acquired in 2021.
West Fraser expects to record an approximately $200 million asset impairment loss in the fourth quarter of 2025 in connection with the indefinite curtailment of the High Level OSB mill.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including those relating to the Company's indefinite curtailment of its High Level OSB mill and one of its production lines of its Cordele, Georgia OSB mill, the anticipated timing of wind-down, utilization of existing log supply and curtailment of the High Level OSB mill, expected reduction of OSB capacity, anticipated asset impairment loss in the fourth quarter of 2025 as well as related workforce impact and our ability to mitigate the impact on affected employees. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent risks and uncertainties including our assessment of significant weakening of OSB demand, the size of the estimated asset retirement loss and the ability, costs and time to, wind down, reduce existing log supply and curtail the High Level OSB mill, as well as other factors impacting the demand and prices of our OSB in North America and the consequential impact on the profitability of our Canadian business, financial condition and results of operations. Readers should also refer to the risk factors and uncertainties set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024, each dated February 12, 2025, as updated in our management's discussion and analysis quarterly reports filed from time to time, each available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
VANCOUVER, BC, Nov. 6, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX: WFG) (NYSE: WFG) announced today that it will permanently close both its Augusta, Georgia and 100 Mile House, British Columbia lumber mills by the end of 2025 following an orderly wind-down. Today's decision is the result of timber supply challenges and soft lumber markets.
The 100 Mile House lumber mill is no longer able to reliably access an adequate volume of economically viable timber. Challenging softwood lumber demand, higher duties and additional tariffs have compounded this situation. The mill closure will impact approximately 165 employees at the site and reduce West Fraser's capacity by 160 million board feet.
The closure of the Augusta lumber mill is a result of challenging lumber demand, and the loss of economically viable residual outlets, which combined has compromised the mill's long-term viability. The closure will impact approximately 130 employees at the site and reduce West Fraser's capacity by 140 million board feet.
West Fraser expects to mitigate the impact on affected employees by providing work opportunities at other company operations, where available.
West Fraser is also announcing that the 2024 indefinite curtailment of its lumber mills in Huttig, Arkansas and Lake Butler, Florida will now be permanent, and the mills will be dismantled and the sites sold. The Company also confirms its replacement Henderson, Texas mill has commenced start up and the adjacent mill has ceased operations.
The closure of these mills better positions West Fraser to compete in this challenging environment. The Company expects to record restructuring and impairment charges in the fourth quarter of 2025 associated with this announcement and the factors outlined herein.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including those relating to the Company's permanent closure of its Augusta, 100 Mile House, Huttig (previously announced indefinite curtailment), and Lake Butler (previously announced indefinite curtailment) lumber mills and anticipated timing of wind-down and/or dismantling, expected reduction of lumber capacity, anticipated restructuring and impairment charge in the fourth quarter of 2025 as well as related workforce impact and our ability to mitigate the impact on affected employees and better position West Fraser to compete in this challenging environment. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent risks and uncertainties including our assessment of lack of adequate volume of economically viable timber supply, the continued challenging lumber demand and price fluctuations, near and long-term impacts and uncertainties of U.S. administration tariffs and other policies on the demand and prices of our wood products in the U.S. and the consequential impact on the profitability of our Canadian business, financial condition and results of operations, loss of economically viable residual outlets, and uncertainty and risks associated with future restructuring and impairment charges, including factors that influence recoverability of capital assets and goodwill. Readers should also refer to the risk factors and uncertainties set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024, each dated February 12, 2025, as updated in our management's discussion and analysis quarterly reports filed from time to time, each available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
West Fraser Announces Third Quarter 2025 Resultsadmin
VANCOUVER, BC, Oct. 22, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the third quarter results of 2025 ("Q3-25"). All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
Third Quarter Highlights
Sales of $1.307 billion and earnings of $(204) million, or $(2.63) per diluted share
Adjusted EBITDA1 of $(144) million, representing (11%) of sales
Lumber segment Adjusted EBITDA1 of $(123) million, including $67 million of export duty expense attributable to the finalization of AR6
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $(15) million
Pulp & Paper segment Adjusted EBITDA1 of $(6) million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $1 million
Repurchased 553,467 shares for aggregate consideration of $40 million
"There's no escaping that supply and demand imbalances persist for many of our wood-based building products in an environment where elevated mortgage rates continue to impact housing affordability. And this challenging backdrop has now been joined by increased duty rates and new Section 232 tariffs on Canadian softwood lumber," said Sean McLaren, West Fraser's President and CEO. "Despite these conditions and the resulting uncertainty faced by our industry, we remain steadfast in our strategy, taking appropriate action that will ensure our operations remain flexible and sized to meet the needs of our customers while also controlling costs. We continue to evaluate strategic investments that will make our Company stronger through the cycle and generate long-term shareholder value, even as we maintain robust liquidity and a balanced capital allocation strategy."
1.
Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
Results Summary
Third quarter sales were $1.307 billion, compared to $1.532 billion in the second quarter of 2025. Third quarter earnings were $(204) million, or $(2.63) per diluted share, compared to earnings of $(24) million, or $(0.38) per diluted share in the second quarter of 2025. Third quarter Adjusted EBITDA was $(144) million compared to $84 million in the second quarter of 2025.
Tariffs
Canadian softwood lumber exports to the U.S. have been the subject of trade disputes and managed trade arrangements for several decades. Countervailing and antidumping duties have been in place since April 2017. Except for a two-day window in Q1-25, our wood products imported to the U.S. have not been subject to tariffs during the nine months ended September 26, 2025.
On September 29, 2025, the U.S. administration issued a proclamation that will impose a Section 232 tariff of 10% on imported softwood timber and lumber into the U.S., effective October 14, 2025. This tariff will be in addition to the existing softwood lumber duties applied to U.S. imports of Canadian lumber.
Refer to the discussion in our 2024 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" as supplemented by the discussion in our Q1-25 MD&A under "Risks and Uncertainties" for discussion of risks associated with the aforementioned tariffs and possible further actions resulting from the Section 232 investigation.
Liquidity and Capital Allocation
Cash and short-term investments decreased to $546 million at September 26, 2025 from $641 million at December 31, 2024.
Capital expenditures in the third quarter were $90 million.
We paid $25 million of dividends in the third quarter, or $0.32 per share, and declared a $0.32 per share dividend payable in the fourth quarter of 2025.
On February 27, 2025, we renewed our normal course issuer bid ("2025 NCIB") allowing us to acquire up to 3,868,177 Common shares for cancellation from March 3, 2025 until the expiry of the bid on March 2, 2026. From January 1, 2025 to October 21, 2025, 1,593,052 shares have been repurchased under both the prior NCIB and the 2025 NCIB.
Outlook
Markets
Several key trends that have served as positive drivers in recent years are expected to continue to support medium and longer-term demand for new home construction in North America.
The most significant uses for our North American lumber, OSB and engineered wood panel products are residential construction, repair and remodelling and industrial applications. Over the medium term, improved housing affordability from the stabilization of inflation and interest rates, a large cohort of the population entering the typical home buying stage, and an aging U.S. housing stock are expected to drive new home construction and repair and renovation spending that supports lumber, plywood and OSB demand. Over the longer term, growing market penetration of mass timber in industrial and commercial applications is also expected to become a more significant source of demand growth for wood building products in North America.
The seasonally adjusted annualized rate of U.S. housing starts was 1.31 million units in August 2025, with permits issued for 1.31 million units, according to the U.S. Census Bureau. On a 3-month trailing average basis, there were 1.37 million units started and permits issued for 1.36 million units. While there are near-term uncertainties for new home construction, owing in large part to the level and rate of change of mortgage rates and the resulting impact on housing affordability, unemployment remains relatively low in the U.S. Further, the U.S. central bank has cut its key lending rate a total of 125 bps since September 2024 and Federal funds futures indicate prospects for additional rate cuts later in 2025 and into early 2026. Though these rate trends are directionally positive for the broader housing industry, there appear to be competing forces on future rates as U.S. employment growth has shown recent signs of slowing while there is risk that tariff and other government policies will be inflationary, creating some uncertainty for the near-term path of interest rates. Given these developments, demand for new home construction and our wood building products may continue to be challenged and even decline over the near term should the broader economy and employment slow or the trend in interest and mortgage rates negatively impact consumer sentiment and housing affordability.
In Europe and the U.K., we expect industry demand to improve but remain challenging over the near term. In the longer term, we continue to expect demand for our European products to grow as use of OSB as an alternative to plywood grows. An aging housing stock is also expected to support long-term repair and renovation spending and additional demand for our wood building products. In the current environment, inflation appears to have stabilized and interest rates have continued to ease, which is directionally positive for housing demand. That said, ongoing geopolitical developments, including the potential inflationary effect of U.S. tariffs on the U.K. and Europe, may adversely impact near-term demand for our panel products in the region. Despite these risk factors, we are confident that we will be able to navigate demand markets and capitalize on the long-term growth opportunities ahead.
Operations
The Lumber segment continued to experience a muted demand environment in the third quarter of 2025, which has carried into the fourth quarter. With this backdrop, we are reducing the upper end of the ranges of our 2025 lumber shipments targets. For SPF shipments, we are now targeting 2.6 to 2.7 billion board feet (previously 2.6 to 2.8 billion board feet) and for SYP shipments, we are now targeting 2.4 to 2.5 billion board feet (previously 2.4 to 2.6 billion board feet).
In our NA EWP segment, the softer demand for our OSB products in the third quarter also has carried into the fourth quarter. This trend remains broadly consistent with our expectations and thus we are reiterating our 2025 North American OSB target shipments of 6.3 to 6.5 billion square feet (3/8-inch basis).
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
In our Europe EWP segment, we continue to expect demand to improve for our MDF, particleboard and OSB panel products in the near term, recognizing there are ongoing macroeconomic uncertainties in the region. As such, we reiterate guidance for 2025 OSB shipments in the range of 1.0 to 1.25 billion square feet (3/8-inch basis).
The global pulp market continues to experience disruption with the economic impact of U.S. tariffs creating considerable demand uncertainty in Chinese markets. However, given recent trends, we anticipate NBSK pricing will be relatively stable over the near to medium term.
On balance, we continued to experience relatively stable costs for inputs across our supply chain in Q3-25, including chemicals and waxes, while we have experienced some downward cost pressure for resins, and contract labour availability and capital equipment lead times continued to show improvement. We expect these trends to largely continue over the near term.
Based on our current outlook, assuming no deterioration from current market demand conditions in the fourth quarter and no additional lengthening of lead times for projects underway or planned, expected capital expenditures remain in the range of $400 million to $450 million in 20251.
Refer to the discussion in our 2024 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" and in our Q1-25 MD&A under "Risks and Uncertainties" for a detailed discussion of the risks and uncertainties associated with the imposition of tariffs.
Management Discussion & Analysis ("MD&A")
Our Q3-25 MD&A and interim consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca and the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") website at www.sec.gov/edgar under the Company's profile.
Risks and Uncertainties
Risk and uncertainty disclosures are included in our 2024 Annual MD&A, as updated in the disclosures in our Q1-25 MD&A and our Q3-25 MD&A, as well as in our public filings with securities regulatory authorities. See also the discussion of "Forward-Looking Statements" below.
Conference Call
West Fraser will hold an analyst conference call to discuss the Company's Q3-25 financial and operating results on Thursday, October 23, 2025, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). To participate in the call, please dial: 1-888-510-2154 (toll-free North America) or 437-900-0527 (toll) or connect on the webcast. The call and an earnings presentation may also be accessed through West Fraser's website at www.westfraser.com. Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, investors and the analyst community will be invited to ask questions. The call will be recorded for webcasting purposes and will be available on the West Fraser website at www.westfraser.com.
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release includes statements and information that constitutes "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would," and "could," to identify these forward-looking statements. These forward-looking statements generally include statements which reflect management's expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of West Fraser and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods.
Forward-looking statements included in this news release include references to the following and their impact on our business:
demand in North American and European markets for our products, including demand from new home construction, repairs and renovations and industrial and commercial applications;
the impact on demand for our products resulting from the ongoing housing affordability and the U.S. administration's tariff and other government policies;
international trade and trade restrictions, including the impact of tariff actions and possible actions from the Section 232 investigation;
the impact of sustained elevated interest rates and inflationary pressures on mortgage rates and housing affordability;
the anticipated growing market penetration of mass timber;
the anticipated moderation of interest rates, including prospects of additional rate cuts in 2025, and the potential impact of the U.S. administration's tariff and other government policies and other competing forces on this trend;
our plans to take action to ensure our operations are flexible, sized to meet the needs of our customers, and that they continue to be managed with a strong focus on controlling costs;
our strategy of improving our cost position across our portfolio of mills and investing to modernize our mills;
the anticipated continuation of relatively stable costs across our supply chain over the near term and continued challenges on labour availability and capital equipment lead times;
operational guidance, including projected shipments, projected capital expenditures and the potential impact of tariffs on our projections; and
the continuation of investments in our assets and the maintenance of our balance sheet flexibility to be able to pursue a balanced capital allocation strategy and opportunistic growth objectives.
By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to:
assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, including the ability to meet our shipment guidance, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East;
future increases in interest rates and inflation or continued sustained higher interest rates and rates of inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products;
near and long-term impacts and uncertainties of U.S. administration tariffs and other government policies on the demand and prices of our wood products in the U.S. and the consequential impact on the profitability of our Canadian business, financial condition and results of operations, and ability to meet our shipment guidance;
risks associated with international trade and trade restrictions, including impact of tariff actions and possible further actions from the Section 232 investigation such as potential tariffs, export controls, including quotas, or incentives to increase domestic production, future cross border trade rulings, agreements and duty rates, as well as the impact of other government policies;
global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products;
continued governmental approvals and authorizations to access timber supply, and the impact of forest fires, infestations, environmental protection measures and actions taken by government respecting Indigenous rights, title and/or reconciliation efforts on these approvals and authorizations;
risks inherent in our product concentration and cyclicality;
effects of competition for logs, availability of fibre and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; including reliance on fibre off-take agreements and third party consumers of wood chips;
effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs;
availability and costs of transportation services, including truck and rail services, and port facilities, and impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services;
the recoverability of property, plant and equipment ($3,799 million), goodwill and intangibles ($2,147 million), both as at September 26, 2025, is based on numerous key assumptions which are inherently uncertain, including production volume, product pricing, operating costs, terminal multiple, and discount rate. Adverse changes in these assumptions could lead to a change in financial outlook which may result in carrying amounts exceeding their recoverable amounts and as a consequence an impairment, which could have a material non-cash adverse effect on our results of operations;
transportation constraints, including the impact of labour disruptions, may negatively impact our ability to meet projected shipment volumes;
the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved;
various events that could disrupt operations, including natural, man-made or catastrophic events including drought, wildfires, cyber security incidents, any state of emergency and/or evacuation orders issued by governments, and ongoing relations with employees;
risks inherent to customer dependence;
implementation of important strategic initiatives and identification, completion and integration of acquisitions;
impact of changes to, or non-compliance with, environmental or other regulations;
government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our inability to achieve our SBTi commitment for the reduction of greenhouse gases as planned;
the costs and timeline to achieve our greenhouse gas emissions objectives may be greater and take longer than anticipated;
changes in government policy and regulation, including actions taken by the Government of British Columbia pursuant to recent amendments to forestry legislation and initiatives to defer logging of forests deemed "old growth" and the impact of these actions on our timber supply;
impact of weather and climate change on our operations or the operations or demand of our suppliers and customers;
ability to implement new or upgraded information technology infrastructure;
impact of information technology service disruptions or failures;
impact of any product liability claims in excess of insurance coverage;
risks inherent to a capital intensive industry;
impact of future outcomes of tax exposures;
potential future changes in tax laws, including tax rates;
risks associated with investigations, claims and legal, regulatory and tax proceedings covering matters which if resolved unfavourably may result in a loss to the Company;
effects of currency exposures and exchange rate fluctuations;
fair values of our electricity swaps may be volatile and sensitive to fluctuations in forward electricity prices and changes in government policy and regulation;
future operating costs;
availability of financing, bank lines, securitization programs and/or other means of liquidity;
continued access to timber supply in the traditional territories of Indigenous Nations and our ability to work with Indigenous Nations in B.C. to secure continued fibre supply for our lumber mills through various commercial agreements and joint ventures;
our ability to continue to maintain effective internal control over financial reporting;
the risks and uncertainties described in this document; and
other risks detailed from time to time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators.
In addition, actual outcomes and results of these statements will depend on a number of factors including those matters described under "Risks and Uncertainties" in our 2024 Annual MD&A, Q1-25 MD&A, and the Q3-25 MD&A and may differ materially from those anticipated or projected. This list of important factors affecting forward‑looking statements is not exhaustive and reference should be made to the other factors discussed in public filings with securities regulatory authorities. Accordingly, readers should exercise caution in relying upon forward‑looking statements and we undertake no obligation to publicly update or revise any forward‑looking statements, whether written or oral, to reflect subsequent events or circumstances except as required by applicable securities laws.
Non-GAAP and Other Specified Financial Measures
Throughout this news release, we make reference to (i) certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA by segment (our "Non-GAAP Financial Measures"), and (ii) certain supplementary financial measures, including our expected capital expenditures (our "Supplementary Financial Measures"). We believe that these Non-GAAP Financial Measures and Supplementary Financial Measures (collectively, our "Non-GAAP and other specified financial measures") are useful performance indicators for investors with regard to operating and financial performance and our financial condition. These Non-GAAP and other specified financial measures are not generally accepted financial measures under IFRS Accounting Standards and do not have standardized meanings prescribed by IFRS Accounting Standards. Investors are cautioned that none of our Non-GAAP Financial Measures should be considered as an alternative to earnings or cash flow, as determined in accordance with IFRS Accounting Standards. As there is no standardized method of calculating any of these Non-GAAP and other specified financial measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these Non-GAAP and other specified financial measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Non-GAAP and other specified financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The reconciliation of the Non-GAAP measures used and presented by the Company to the most directly comparable measures under IFRS Accounting Standards is provided in the tables set forth below. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts.
Adjusted EBITDA and Adjusted EBITDA by segment
Adjusted EBITDA is defined as earnings determined in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings: finance income or expense, tax provision or recovery, amortization, equity-based compensation, restructuring and impairment charges, and other income or expense.
Adjusted EBITDA by segment is defined as operating earnings determined for each reportable segment in accordance with IFRS adding back the following line items from the consolidated statements of earnings and comprehensive earnings for that reportable segment: amortization, equity-based compensation, and restructuring and impairment charges.
EBITDA is commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance, ability to incur and service debt, and as a valuation metric. We calculate Adjusted EBITDA and Adjusted EBITDA by segment to exclude items that do not reflect our ongoing operations and that should not, in our opinion, be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt.
We believe that disclosing these measures assists readers in measuring performance relative to other entities that operate in similar industries and understanding the ongoing cash generating potential of our business to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted EBITDA is used as an additional measure to evaluate the operating and financial performance of our reportable segments.
The following tables reconcile Adjusted EBITDA to the most directly comparable IFRS measure, earnings.
Quarterly Adjusted EBITDA ($ millions)
Q3-25
Q2-25
Loss
$ (204)
$ (24)
Finance expense (income), net
12
(4)
Tax recovery
(73)
(19)
Amortization
133
134
Equity-based compensation
(2)
(5)
Other expense (income)
(11)
2
Adjusted EBITDA
$ (144)
$ 84
The following tables reconcile Adjusted EBITDA by segment to the most directly comparable IFRS measures for each of our reportable segments. We consider operating earnings to be the most directly comparable IFRS measure for Adjusted EBITDA by segment as operating earnings is the IFRS measure most used by the chief operating decision maker when evaluating segment operating performance.
Quarterly Adjusted EBITDA by segment ($ millions)
Q3-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (169)
$ (88)
$ (10)
$ (10)
$ 1
$ (275)
Amortization
46
72
3
10
1
133
Equity-based compensation
—
—
—
—
(2)
(2)
Adjusted EBITDA by segment
$ (123)
$ (15)
$ (6)
$ 1
$ —
$ (144)
Q2-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (31)
$ (5)
$ (5)
$ (8)
$ 3
$ (45)
Amortization
46
73
4
10
1
134
Equity-based compensation
—
—
—
—
(5)
(5)
Adjusted EBITDA by segment
$ 15
$ 68
$ (1)
$ 2
$ —
$ 84
Expected capital expenditures
This measure represents our best estimate of the amount of cash outflows relating to additions to capital assets for the current year based on our current outlook. This amount is comprised primarily of various improvement projects and maintenance-of-business expenditures, projects focused on optimization and automation of the manufacturing process, and projects targeted to reduce greenhouse gas emissions. This measure assumes no deterioration in market conditions during the year and that we are able to proceed with our plans on time and on budget. This estimate is subject to the risks and uncertainties identified in the Company's 2024 Annual MD&A and Q3-25 MD&A.
Notice of Third Quarter Results Conference Calladmin
VANCOUVER, BC, Oct. 2, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss third quarter 2025 financial and operating results on Thursday, October 23, 2025 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's third quarter 2025 financial and operating results will be released on Wednesday, October 22, 2025.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Notice of Third Quarter Results Conference Calladmin
VANCOUVER, BC, Oct. 2, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss third quarter 2025 financial and operating results on Thursday, October 23, 2025 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's third quarter 2025 financial and operating results will be released on Wednesday, October 22, 2025.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Notice of Third Quarter Results Conference Calladmin
VANCOUVER, BC, Oct. 2, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss third quarter 2025 financial and operating results on Thursday, October 23, 2025 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's third quarter 2025 financial and operating results will be released on Wednesday, October 22, 2025.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
VANCOUVER, BC, Sept. 10, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 14, 2025 to shareholders of record on September 25, 2025.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
VANCOUVER, BC, Sept. 10, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 14, 2025 to shareholders of record on September 25, 2025.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
VANCOUVER, BC, Sept. 10, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) has declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 14, 2025 to shareholders of record on September 25, 2025.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the "Investors/Dividends" section.
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Lake Babine Nation And West Fraser Partnership Strengthens B.C.'s Forest Sectoradmin
Innovative collaboration supports long-term fibre security and economic development
VANCOUVER, BC, July 24, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) and the Lake Babine Nation Forestry Limited Partnership (LBN Forestry) welcomed today's announcement by the Government of British Columbia approving the creation of a new First Nations Woodland Licence in the Smithers area. The licence, created from timber tenures contributed by West Fraser and LBN Forestry, will be held by LBN Forestry which is owned by the Lake Babine Nation.
The creation of the new licence announced today by the Government of British Columbia marks a key milestone in the growing partnership between West Fraser and LBN Forestry, and reflects a new model for timber tenures and collaboration in B.C.'s forest sector.
"As stewards of our lands since time immemorial, Lake Babine Nation has always recognized the deep responsibility we hold in ensuring our forests are managed with respect and sustainably. For Lake Babine Nation, forestry is not just an industry; it is woven into our identity, our traditions, and our vision for the future. We take another important step forward by formalizing our partnership with West Fraser—a collaboration that will bring broader economic opportunities to our people and region, while protecting the integrity of our lands for future generations," said Chief Wilf Adam, Lake Babine Nation.
"This partnership embodies what is possible when Indigenous knowledge and modern forestry practices unite—ensuring that our resources are used wisely, our community's benefit, and our environment remains intact. Our Nation has long advocated for meaningful participation in resource management in our territory. With this partnership, we are ensuring that our voices, expertise, and priorities are central to decision-making. By working alongside West Fraser, we are fostering a relationship built on mutual respect and shared goals—one that will strengthen our economic opportunities and secure a sustainable future for Lake Babine and the region as a whole," Adam added.
To enable the creation of the new tenure, West Fraser contributed portions of its licence volume held in the Bulkley and Morice Timber Supply Areas, to help create a meaningful area-based licence. Additional volume was made available through the Government-held, BC Timber Sales, helping enhance the licence's scope and potential impact.
"I want to congratulate the Lake Babine Nation on what we have been able to build together," said Sean McLaren, President and CEO of West Fraser. "This milestone recognizes Lake Babine Nation's role as the resource steward in its traditional territory and reflects our shared commitment to sustainable forestry. By working together, we are helping bring greater stability to the forest sector — for our and Lake Babine Nation's employees, contractors and businesses throughout the region."
"This achievement would not have been possible without the leadership and the support of government," McLaren added. "By recognizing the importance of fibre security and Indigenous Partnerships, the Province is helping secure the future of B.C.'s forest sector."
West Fraser will provide forest stewardship services to LBN Forestry to support the management of the new area-based licence, in alignment with the Nation's stewardship values and vision for its traditional territory.
The licence announced today builds on two previous agreements: a Joint Development Agreement (JDA) signed in April 2024, and a Log Supply and Forest Management Agreement (LSFMA) signed in January 2025.
"This is a significant forestry partnership in British Columbia," said Ravi Parmar, Minister of Forests. "This on-the-ground collaboration between Lake Babine Nation, West Fraser, and the Province is an opportunity to create jobs and strengthen our forest economy to deliver for people and communities here in B.C."
About West Fraser West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
About Lake Babine Nation Lake Babine Nation is one of the largest Indigenous nations in B.C., with over 2,500 members. Its Territory is centred around Babine Lake, the Province's longest natural lake. Lake Babine has five communities: Wit'at (Fort Babine), Nedo'ats (Old Fort), Tachet, Donald's Landing/Pinkut and Woyenne. The Lake Babine Nation Foundation Agreement provides a shared vision and high-level roadmap for implementing Lake Babine's existing rights, including self-government, Aboriginal title and harvesting rights. Growing Lake Babine's role in forestry and forest management is a priority under the Foundation Agreement, and Lake Babine established its company, Lake Babine Nation Forestry, in 2016 to pursue that objective. The company now has about 27 employees and is managed by Lake Babine member Duane Crouse.
Forward-Looking Statements This news release contains statements and information that constitute "forward-looking information" or "forward-looking statements" (collectively, "forward‑looking statements") within the meaning of applicable Canadian and United States securities laws. Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would", and "could", to identify these forward-looking statements. These forward-looking statements include, among other things, the ability to bring greater stability to the forest sector for our and Lake Babine Nation's employees, contractors and businesses throughout the region and expectations as to long-term fibre security and Indigenous Partnerships as a path to securing the future of the forest sector. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent risks and uncertainties including the expectations and assumptions concerning the laws and regulations which will apply to our business, our ability to attract and retain skilled employees to implement our plans, changes in laws and governmental regulations, including the evolution of forest policy and stewardship, general business and economic conditions and the future operation and financial performance of the Company generally. Readers should also refer to the risk factors set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2024, each dated February 12, 2025, as updated in our quarterly reports from time to time and other documents, available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information: West Fraser, Media Contact, Joyce Wagenaar, Director, Communications, Tel. (604) 817-5539, media@westfraser.com; Investor Contact, Robert B. Winslow, CFA, Director, Investor Relations & Corporate Development, Tel. (416) 777-4426, shareholder@westfraser.com; Lake Babine Nation Forestry, Media Contact, Laura Cropper, Lead Consultant, Tel. (778) 323-3827, laura@story-pr.ca
West Fraser Announces Second Quarter 2025 Resultsadmin
VANCOUVER, BC, July 23, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) reported today the second quarter results of 2025 ("Q2-25"). All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
Second Quarter Highlights
Sales of $1.532 billion and earnings of $(24) million, or $(0.38) per diluted share
Adjusted EBITDA1 of $84 million, representing 6% of sales
Lumber segment Adjusted EBITDA1 of $15 million
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $68 million
Pulp & Paper segment Adjusted EBITDA1 of $(1) million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $2 million
Renewed and extended $1 billion credit facility and increased and extended $300 million term loan
Repurchased 448,001 shares for aggregate consideration of $33 million
Released 2024 Sustainability Report
"Demand for many of our wood-based building products slowed in the second quarter as spring building activity fell short of our expectations. This was more acute in our NA EWP segment, which experienced further easing of demand as the quarter progressed, consistent with government data pointing to softer U.S. new home construction," said Sean McLaren, West Fraser's President and CEO.
"However, while uncertainty for wood building products demand persists given ongoing housing affordability challenges and the lingering prospects of higher lumber duties and tariffs on many of our products, it is important to note that we are taking action to ensure our operations are flexible, sized to meet the needs of our customers, and that they continue to be managed with a strong focus on controlling costs. Further, we continue to evaluate mill investments that upgrade our portfolio and generate returns above our cost of capital, all while maintaining strong liquidity and a balance sheet that allows us to pursue a balanced capital allocation strategy and opportunistic growth objectives should they meet our long-term strategy."
1.
Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
Results Summary
Second quarter sales were $1.532 billion, compared to $1.459 billion in the first quarter of 2025. Second quarter earnings were $(24) million, or $(0.38) per diluted share, compared to earnings of $42 million, or $0.46 per diluted share in the first quarter of 2025. Second quarter Adjusted EBITDA was $84 million compared to $195 million in the first quarter of 2025.
Tariffs
Canadian softwood lumber exports to the U.S. have been the subject of trade disputes and managed trade arrangements for several decades. Countervailing and antidumping duties have been in place since April 2017. Except for a two-day window in Q1-25, our wood products imported to the U.S. have not been subject to tariffs. A Section 232 investigation by the U.S. Secretary of Commerce is ongoing to determine the effects on national security of imports of timber, lumber and their derivative products.
The actual impact of tariffs and possible actions resulting from the Section 232 investigation are subject to a number of factors and uncertainties including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs in the future, any countermeasures that the Canadian government may take, and any mitigating actions that may become available.
Refer to the discussion in our 2024 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" as supplemented by the discussion in our Q1-25 MD&A under "Risks and Uncertainties" for discussion of risks associated with the aforementioned tariffs and possible actions resulting from the Section 232 investigation.
Liquidity and Capital Allocation
Cash and short-term investments increased slightly to $646 million at June 27, 2025 from $641 million at December 31, 2024.
Capital expenditures in the second quarter were $78 million.
We paid $25 million of dividends in the second quarter, or $0.32 per share, and declared a $0.32 per share dividend payable in the third quarter of 2025.
On February 27, 2025, we renewed our normal course issuer bid ("2025 NCIB") allowing us to acquire up to 3,868,177 Common shares for cancellation from March 3, 2025 until the expiry of the bid on March 2, 2026. From January 1, 2025 to July 22, 2025, 1,094,770 shares have been repurchased under both the prior NCIB and the 2025 NCIB.
Outlook
Markets
Several key trends that have served as positive drivers in recent years are expected to continue to support medium and longer-term demand for new home construction in North America.
The most significant uses for our North American lumber, OSB and engineered wood panel products are residential construction, repair and remodelling and industrial applications. Over the medium term, improved housing affordability from the stabilization of inflation and interest rates, a large cohort of the population entering the typical home buying stage, and an aging U.S. housing stock are expected to drive new home construction and repair and renovation spending that supports lumber, plywood and OSB demand. Over the longer term, growing market penetration of mass timber in industrial and commercial applications is also expected to become a more significant source of demand growth for wood building products in North America.
The seasonally adjusted annualized rate of U.S. housing starts was 1.32 million units in June 2025, with permits issued of 1.40 million units, according to the U.S. Census Bureau. While there are near-term uncertainties for new home construction, owing in large part to the level and rate of change of mortgage rates and the resulting impact on housing affordability, unemployment remains relatively low in the U.S. Further, the U.S. central bank has cut its key lending rate a total of 100 bps since September 2024 and Federal funds futures indicate prospects for additional rate cuts later in 2025, though there are evolving risks related to the U.S. administration's tariff and other policies, which may be inflationary and could impact rates and rate cut expectations. These developments notwithstanding, demand for new home construction and our wood building products may decline in the near term should the broader economy and employment slow or the trend in interest and mortgage rates negatively impact consumer sentiment and housing affordability.
In Europe and the U.K., we expect challenging industry demand to persist over the near term. In the longer term, we continue to expect demand for our European products will grow as use of OSB as an alternative to plywood grows. An aging housing stock is also expected to support long-term repair and renovation spending and additional demand for our wood building products. In the current environment, inflation appears to have stabilized and interest rates have continued to ease, which is directionally positive for housing demand. That said, ongoing geopolitical developments, including the potential price inflation of U.S. tariffs on the U.K. and Europe, may adversely impact near-term demand for our panel products in the region. Despite these risk factors, we are confident that we will be able to navigate demand markets and capitalize on the long-term growth opportunities ahead.
Operations
While the second quarter experienced some catch-up of previously delayed SYP lumber shipments caused by transportation and weather disruptions earlier in the year, the Lumber segment more broadly has experienced a slower than expected demand environment in the first half of 2025, owing primarily to continued housing affordability challenges as well as uncertainty related to impacts from the U.S. administration's shifting tariff policies. Therefore, based on current conditions, including the mill closures and indefinite curtailments we announced last year and the uncertainties around the impact of tariffs, offset in part by the ongoing reliability and capital improvement gains across our lumber mill portfolio, we are reducing the ranges of our 2025 lumber shipments targets. For SPF shipments, we are now targeting 2.6 to 2.8 billion board feet (previously 2.7 to 2.9 billion board feet) and for SYP shipments, we are now targeting 2.4 to 2.6 billion board feet (previously 2.5 to 2.7 billion board feet).
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
In our NA EWP segment, much like the Lumber segment, the second quarter experienced some catch-up of previously delayed shipments caused by transportation challenges earlier in the year. However, the latter part of the second quarter also saw a slowing of demand for our OSB products, which continued into the third quarter. Given this trend and the ongoing risks to our demand forecasts related to trade tariffs and policy uncertainty, we are reducing the range of our 2025 North American OSB target shipments. We are now targeting shipments of 6.3 to 6.5 billion square feet (3/8-inch basis) versus our previous target of 6.5 to 6.8 billion square feet (3/8-inch basis).
In our Europe EWP segment, we continue to expect demand to improve for our MDF, particleboard and OSB panel products in 2025, recognizing there are ongoing macroeconomic uncertainties surrounding interest rates and economic growth in the region. As such, we reiterate guidance for 2025 OSB shipments in the range of 1.0 to 1.25 billion square feet (3/8-inch basis).
The global pulp market continues to experience disruption with the economic impact of U.S. tariffs creating considerable demand uncertainty in Chinese markets. As such, we anticipate NBSK pricing weakness over the near to medium term and a potentially adverse financial impact on our Pulp & Paper segment. Further, we anticipate the Cariboo Pulp & Paper mill will be down for approximately two weeks late in the third quarter for annual maintenance.
On balance, we continued to experience relatively stable costs for inputs across our supply chain in Q2-25, including resins and chemicals, and contract labour availability and capital equipment lead times continued to show improvement. We expect these trends to largely continue in second half of 2025.
Based on our current outlook, assuming no deterioration from current market demand conditions during the year and no additional lengthening of lead times for projects underway or planned, expected capital expenditures remain in the range of $400 million to $450 million in 20251.
As the U.S. administration's tariff and other policies evolve, we will evaluate the impact of the tariffs on our operations and consider whether any further revisions to our shipment estimates are warranted. Refer to the discussion in our 2024 Annual MD&A under "Risks and Uncertainties - Trade Restrictions" and in our Q2-25 MD&A under "Risks and Uncertainties" for a detailed discussion of the risks and uncertainties associated with the imposition of tariffs, which may impact our operational guidance and our profitability during 2025.
1.
This is a supplementary financial measure. Refer to the "Non-GAAP and Other Specified Financial Measures" section of this document for more information on this measure.
Management Discussion & Analysis ("MD&A")
Our Q2-25 MD&A and interim consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca and the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") website at www.sec.gov/edgar under the Company's profile.
Risks and Uncertainties
Risk and uncertainty disclosures are included in our 2024 Annual MD&A, as updated in the disclosures in our Q1-25 MD&A and our Q2-25 MD&A, as well as in our public filings with securities regulatory authorities. See also the discussion of "Forward-Looking Statements" below.
Conference Call
West Fraser will hold an analyst conference call to discuss the Company's Q2-25 financial and operating results on Thursday, July 24, 2025, at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). To participate in the call, please dial: 1-888-510-2154 (toll-free North America) or 437-900-0527 (toll) or connect on the webcast. The call and an earnings presentation may also be accessed through West Fraser's website at www.westfraser.com. Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, investors and the analyst community will be invited to ask questions. The call will be recorded for webcasting purposes and will be available on the West Fraser website at www.westfraser.com.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release includes statements and information that constitutes "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of United States securities laws (collectively, "forward-looking statements"). Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would," and "could," to identify these forward-looking statements. These forward-looking statements generally include statements which reflect management's expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of West Fraser and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods.
Forward-looking statements included in this news release include references to the following and their impact on our business:
demand in North American and European markets for our products, including demand from new home construction, repairs and renovations and industrial and commercial applications;
the impact on demand for our products resulting from the ongoing housing affordability and the U.S. administration's tariff and other policies;
international trade and trade restrictions, including the impact of tariff actions and possible actions from the 232 investigation;
the impact of sustained elevated interest rates and inflationary pressures on mortgage rates and housing affordability;
the anticipated growing market penetration of mass timber;
the anticipated moderation of interest rates, including prospects of additional rate cuts in 2025, and the potential impact of the U.S. administration's tariff and other policies on this trend;
our plans to take action to ensure our operations are flexible, sized to meet the needs of our customers, and that they continue to be managed with a strong focus on controlling costs;
our strategy of improving our cost position across our portfolio of mills and investing to modernize our mills;
the anticipated continuation of relatively stable costs across our supply chain over the near term and continued challenges on labour availability and capital equipment lead times;
operational guidance, including projected shipments, projected capital expenditures and the potential impact of tariffs on our projections; and
the continuation of investments in our assets and the maintenance of our balance sheet flexibility to be able to pursue a balanced capital allocation strategy and opportunistic growth objectives.
By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to:
assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, including the ability to meet our shipment guidance, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East;
future increases in interest rates and inflation or continued sustained higher interest rates and rates of inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products;
near and long-term impacts and uncertainties of U.S. administration tariffs and other policies on the demand and prices of our wood products in the U.S. and the consequential impact on the profitability of our Canadian business, financial condition and results of operations;
risks associated with international trade and trade restrictions, including impact of tariff actions and possible actions from the Section 232 investigation such as potential tariffs, export controls, including quotas, or incentives to increase domestic production, future cross border trade rulings, agreements and duty rates;
global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products;
continued governmental approvals and authorizations to access timber supply, and the impact of forest fires, infestations, environmental protection measures and actions taken by government respecting Indigenous rights, title and/or reconciliation efforts on these approvals and authorizations;
risks inherent in our product concentration and cyclicality;
effects of competition for logs, availability of fibre and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; including reliance on fibre off-take agreements and third party consumers of wood chips;
effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs;
availability and costs of transportation services, including truck and rail services, and port facilities, and impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services;
the recoverability of property, plant and equipment ($3,812 million), goodwill and intangibles ($2,159 million), both as at June 27, 2025, is based on numerous key assumptions which are inherently uncertain, including production volume, product pricing, operating costs, terminal multiple, and discount rate. Adverse changes in these assumptions could lead to a change in financial outlook which may result in carrying amounts exceeding their recoverable amounts and as a consequence an impairment, which could have a material non-cash adverse effect on our results of operations;
transportation constraints, including the impact of labour disruptions, may negatively impact our ability to meet projected shipment volumes;
the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved;
various events that could disrupt operations, including natural, man-made or catastrophic events including drought, wildfires, cyber security incidents, any state of emergency and/or evacuation orders issued by governments, and ongoing relations with employees;
risks inherent to customer dependence;
implementation of important strategic initiatives and identification, completion and integration of acquisitions;
impact of changes to, or non-compliance with, environmental or other regulations;
government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our inability to achieve our SBTi commitment for the reduction of greenhouse gases as planned;
the costs and timeline to achieve our greenhouse gas emissions objectives may be greater and take longer than anticipated;
changes in government policy and regulation, including actions taken by the Government of British Columbia pursuant to recent amendments to forestry legislation and initiatives to defer logging of forests deemed "old growth" and the impact of these actions on our timber supply;
impact of weather and climate change on our operations or the operations or demand of our suppliers and customers;
ability to implement new or upgraded information technology infrastructure;
impact of information technology service disruptions or failures;
impact of any product liability claims in excess of insurance coverage;
risks inherent to a capital intensive industry;
impact of future outcomes of tax exposures;
potential future changes in tax laws, including tax rates;
risks associated with investigations, claims and legal, regulatory and tax proceedings covering matters which if resolved unfavourably may result in a loss to the Company;
effects of currency exposures and exchange rate fluctuations;
fair values of our electricity swaps may be volatile and sensitive to fluctuations in forward electricity prices and changes in government policy and regulation;
future operating costs;
availability of financing, bank lines, securitization programs and/or other means of liquidity;
continued access to timber supply in the traditional territories of Indigenous Nations and our ability to work with Indigenous Nations in B.C. to secure continued fibre supply for our lumber mills through various commercial agreements and joint ventures;
our ability to continue to maintain effective internal control over financial reporting;
the risks and uncertainties described in this document; and
other risks detailed from time to time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators.
In addition, actual outcomes and results of these statements will depend on a number of factors including those matters described under "Risks and Uncertainties" in our 2024 Annual MD&A, Q1-25 MD&A, and the Q2-25 MD&A and may differ materially from those anticipated or projected. This list of important factors affecting forward–looking statements is not exhaustive and reference should be made to the other factors discussed in public filings with securities regulatory authorities. Accordingly, readers should exercise caution in relying upon forward–looking statements and we undertake no obligation to publicly update or revise any forward–looking statements, whether written or oral, to reflect subsequent events or circumstances except as required by applicable securities laws.
Non-GAAP and Other Specified Financial Measures
Throughout this news release, we make reference to (i) certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA by segment (our "Non-GAAP Financial Measures"), and (ii) certain supplementary financial measures, including our expected capital expenditures (our "Supplementary Financial Measures"). We believe that these Non-GAAP Financial Measures and Supplementary Financial Measures (collectively, our "Non-GAAP and other specified financial measures") are useful performance indicators for investors with regard to operating and financial performance and our financial condition. These Non-GAAP and other specified financial measures are not generally accepted financial measures under IFRS Accounting Standards and do not have standardized meanings prescribed by IFRS Accounting Standards. Investors are cautioned that none of our Non-GAAP Financial Measures should be considered as an alternative to earnings or cash flow, as determined in accordance with IFRS Accounting Standards. As there is no standardized method of calculating any of these Non-GAAP and other specified financial measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these Non-GAAP and other specified financial measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Non-GAAP and other specified financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The reconciliation of the Non-GAAP measures used and presented by the Company to the most directly comparable measures under IFRS Accounting Standards is provided in the tables set forth below. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts.
Adjusted EBITDA and Adjusted EBITDA by segment
Adjusted EBITDA is defined as earnings determined in accordance with IFRS Accounting Standards adding back the following line items from the consolidated statements of earnings and comprehensive earnings: finance income or expense, tax provision or recovery, amortization, equity-based compensation, restructuring and impairment charges, and other income or expense.
Adjusted EBITDA by segment is defined as operating earnings determined for each reportable segment in accordance with IFRS adding back the following line items from the consolidated statements of earnings and comprehensive earnings for that reportable segment: amortization, equity-based compensation, and restructuring and impairment charges.
EBITDA is commonly reported and widely used by investors and lending institutions as an indicator of a company's operating performance, ability to incur and service debt, and as a valuation metric. We calculate Adjusted EBITDA and Adjusted EBITDA by segment to exclude items that do not reflect our ongoing operations and that should not, in our opinion, be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt.
We believe that disclosing these measures assists readers in measuring performance relative to other entities that operate in similar industries and understanding the ongoing cash generating potential of our business to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Adjusted EBITDA is used as an additional measure to evaluate the operating and financial performance of our reportable segments.
The following tables reconcile Adjusted EBITDA to the most directly comparable IFRS measure, earnings.
Quarterly Adjusted EBITDA ($ millions)
Q2-25
Q1-25
Earnings (loss)
$ (24)
$ 42
Finance income, net
(4)
(6)
Tax provision (recovery)
(19)
25
Amortization
134
134
Equity-based compensation
(5)
(3)
Restructuring and impairment charges
—
—
Other expense
2
3
Adjusted EBITDA
$ 84
$ 195
The following tables reconcile Adjusted EBITDA by segment to the most directly comparable IFRS measures for each of our reportable segments. We consider operating earnings to be the most directly comparable IFRS measure for Adjusted EBITDA by segment as operating earnings is the IFRS measure most used by the chief operating decision maker when evaluating segment operating performance.
Quarterly Adjusted EBITDA by segment ($ millions)
Q2-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ (31)
$ (5)
$ (5)
$ (8)
$ 3
$ (45)
Amortization
46
73
4
10
1
134
Equity-based compensation
—
—
—
—
(5)
(5)
Adjusted EBITDA by segment
$ 15
$ 68
$ (1)
$ 2
$ —
$ 84
Q1-25
Lumber
NA EWP
Pulp & Paper
Europe EWP
Corp & Other
Total
Operating earnings (loss)
$ 21
$ 52
$ 3
$ (13)
$ 1
$ 64
Amortization
46
72
4
10
1
134
Equity-based compensation
—
—
—
—
(3)
(3)
Adjusted EBITDA by segment
$ 66
$ 125
$ 7
$ (2)
$ (1)
$ 195
Expected capital expenditures
This measure represents our best estimate of the amount of cash outflows relating to additions to capital assets for the current year based on our current outlook. This amount is comprised primarily of various improvement projects and maintenance-of-business expenditures, projects focused on optimization and automation of the manufacturing process, and projects targeted to reduce greenhouse gas emissions. This measure assumes no deterioration in market conditions during the year and that we are able to proceed with our plans on time and on budget. This estimate is subject to the risks and uncertainties identified in the Company's 2024 Annual MD&A and Q2-25 MD&A.
Notice of Second Quarter Results Conference Calladmin
VANCOUVER, BC, June 25, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss second quarter 2025 financial and operating results on Thursday, July 24, 2025 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's second quarter 2025 financial and operating results will be released on Wednesday, July 23, 2025.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
Notice of Second Quarter Results Conference Calladmin
VANCOUVER, BC, June 25, 2025 /CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) will hold an analysts' conference call to discuss second quarter 2025 financial and operating results on Thursday, July 24, 2025 at 8:30 a.m. Pacific Time/11:30 a.m. Eastern Time.
To participate in the call, please dial: 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) or connect on the webcast.
Please let the operator know you wish to participate in the West Fraser conference call chaired by Mr. Sean McLaren, President and Chief Executive Officer.
Following management's discussion of the quarterly results, the analyst community will be invited to ask questions.
The call will be recorded for webcasting purposes and will be available on our website at www.westfraser.com. West Fraser's second quarter 2025 financial and operating results will be released on Wednesday, July 23, 2025.
About West Fraser
West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit: westfraser.com.
