Louisiana-Pacific Corporation

Good day and thank you for standing by. Welcome to the third quarter 2025 Louisiana Pacific Corporation earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone and you will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Aaron Howald. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining us to discuss LP's results for the third quarter of 2025, as well as our updated outlook for the full year. On the call this morning are Brad Southern, Alan Hockey, and Jason Ringbloom, who are LP's chief executive officer, chief financial officer, and president, respectively. As always, after prepared remarks, we will take a round of questions. During this morning's call, we will refer to a presentation that has been posted to LP's IR webpage, which is investor.lpcorp.com. Our 8-K filing, earnings press release, and other materials are also available there. Finally, I will caution you that today's discussion contains forward-looking statements and non-GAAP financial metrics as described on slides two and three of LP's earnings presentation. The appendix of the presentation also contains reconciliations that are further supplemented by this morning's 8 filing. Rather than reading those materials, I will incorporate them herein by reference. And with that, I will turn the call over to Brad.

Thanks, Aaron. Good morning, everyone. Thank you for joining us. As usual, I'll discuss some highlights from the quarter before Alan shares more detail about our results and updated guidance. After that, Jason, Alan, and I will be happy to take your questions. As expected, cited volume in the third quarter was flat. This result in a softening market, especially compared to the difficult comp from last year, reinforces our confidence in our ongoing share gains. Five percent growth in citing sales revenue, driven primarily by price and a strong mix, exceeded our expectations and guidance. While we anticipated the normalization of demand in the shared component of our citing business, Our Expert Finish pre-finished siding product, primarily designed for R&R applications, saw sales volumes increase by 17% year-over-year. The April launch of our Expert Finish Naturals Collection, which is a new line of nature-inspired two-tone colors, has contributed materially to a beneficial price-mix effect. Expert Finish accounted for 10% of overall siding volume and 17% of overall siding revenue in the quarter. showing once again the power of SmartSight innovation to drive price, volume growth, and share gains. Inventory levels and sell-through rates held steady through the quarter, consistent with servicing seasonally normal demand levels. The only exception is expert finish, which remains in such high demand that we have implemented a managed order file until new capacity comes online early next year. Total sales in the quarter were down 8% compared to prior year, and EBITDA of 82 million was also down significantly. The extended trough in OSB prices was the main drag on both metrics. While we obviously cannot control OSB prices, we can manage the OSB business effectively, and our teams did that exceptionally well in the face of what remains a difficult market. The OSB business achieved 80% overall equipment effectiveness or OEE in the quarter, up two points from last year. Increasing OEE is never easy and it can be particularly challenging when we are also managing our capacity with discipline to balance supply and demand. I want to congratulate and thank everyone on the OSB operations team who contributed to this impressive achievement. Our results are only possible because of our teams and the strong culture we have built. In the third quarter, LP was named one of the 50 best manufacturers in the United States by Industry Week, debuting on the list at number 24, and one of very few specially building products manufacturers to be recognized. We were also named by Newsweek as one of America's most admired workplaces. Finally, as you saw, I informed LP's Board of Directors of my intention to retire this coming February after more than 25 years of service. It has been the honor of my career to lead LP's 4,300-person team. Ultimately, the job of a CEO is to build an engaged culture focused on safety, growth, innovation, and execution to deliver value long after he or she is gone. When we launched LP's transformation strategy, I was daunted by the challenges we faced and the aggressive goals we set for value creation. I am proud to say that we exceeded those goals. As LP's team and strategy have evolved, the magnitude of the opportunity before us has only grown, and our confidence that we can continue to execute our strategy and achieve our ambitious goals has never been stronger. Jason Ringbloom and I have been friends and colleagues for over 20 years. He was instrumental in the development and execution of LP's strategic transformation. He led LP's OSB and EWP businesses for five years, and for the last three, led LP's siting business before being named president. This perspective makes him uniquely suited to serve as LP's next CEO. I have total confidence that with Jason, LP's future has never been brighter. And with that, I will turn the call over to Alan.