Boise Cascade, L.L.C.

Good morning. My name is Rocco, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascades' fourth quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you must press star then one on your telephone keypad, and to withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Chris Forey, Senior Vice President, Finance and Investor Relations. Mr. Forey, you may begin your conference.

Thank you, Rocco, and good morning, everyone. I would like to welcome you to Boise Cascades' fourth quarter 2025 earnings call and business update. Joining me on today's call are Nate Jorgensen, our retiring CEO, Jeff Strum, our incoming CEO, Kelly Hibbs, our CFO, Joe Barney, leader of our building materials distribution operations, and Troy Little, leader of our wood products operations. Turning to slide two, this call will contain forward-looking statements. Please review the warning statements in our press release, on the presentation slides, and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that the appendix includes reconciliations from our gap net income to EBITDA and adjusted EBITDA and segment income or loss to segment EBITDA. I will now turn the call over to Nate.

Thanks, Chris. Good morning, everyone. Thank you for joining us for earnings call, slide number three. As I reflect on 2025, I want to begin by recognizing the dedication and perseverance of every Boise Cascade associate. Our people and shared values continue to be the foundation of our sustained success. We delivered strong operating results despite ongoing market headwinds with full year net income of $132.8 million, or $3.53 per share. We continue to expand our distribution business, the most notable examples being the opening of our Greenfield Distribution Center in Hondo, Texas, and the fourth quarter acquisition of Holden Humphrey. Our multi-year investments in support of our EWP production capabilities in the southeast remain a strategic focus in 2025. We completed the Oakdale modernization project and are substantially complete with the addition of the Thorsby High Line. The meaningful investments we have made the last three years position us to deliver above-market growth in the years to come. Lastly, we provided meaningful returns to our shareholders again in 2025 through a 5% increase in our quarterly dividend and more than $180 million of share repurchases. Turning to fourth quarter results, total U.S. housing starts, single-family housing starts increased 4% and 7% respectively compared to the prior year quarter. Our consolidated fourth quarter sales of $1.5 billion were down 7% from the fourth quarter of 2024. Our net income was $8.7 million, or $0.24 per share, compared to net income of $68.9 million, or $1.78 per share, in the year-ago quarter. Fourth quarter 2025 results were negatively impacted by approximately $6 million, or $0.16 per share after tax, related to accrual for illegal proceedings in our B&B segment that Kelly will address in his comments. As expected, sequential volume declines in both divisions reflected the seasonal softness in demand. In B&D, our team delivered steady gross margins sequentially. In web products, EWP prices stabilized while market markets, like commodities, other commodities, continued to experience weak pricing due to soft demand. Despite market challenges, we delivered solid earnings for the company. As announced in December, I will retire next week after 10 years with Boise Cascade, including six as CEO. It's been an honor and privilege to serve in this role. Jeff's transition into the CEO role reflects our deliberate and purposeful succession planning. I have great confidence in Jeff and the entirety of our leadership team to guide Boise Cascades' continued success and look forward to continued service on the company's board. Kelly will now walk through our segment financial results, capital allocation priorities, and the first quarter guidance. Jeff will then provide highlights on our business outlook and make closing comments before we open the call for questions. Kelly? Thank you, Nate, and good morning, everyone.