Canfor Corporation

Good morning. My name is Constantine, and I will be your conference operator today. Welcome to Canfor and Canfor POP's third quarter analyst call. All lines have been placed to mute to prevent any background noise. During this call, Canfor and Canfor POP's chief financial officer will be referring to a slide presentation that is available in the investor relations section of the company's website. Also, the companies would like to point out that this call will include forward-looking statements So please refer to the press releases for the associated risks of such statements. I would now like to turn the meeting over to Susan Yurkovich, Canforia Corporation's President and Chief Executive Officer. Please go ahead, Susan.

Thanks, Konstantin, and good morning, everybody. Thanks for joining the Canfor and Canfor PULP Q3 2025 results conference call. I'm going to start off with a few comments before turning it over to Stephen Mackey, Canfor's Chief operating officer and CEO of Canfor Pulp and Pat Elliott, Chief Financial Officer of Canfor Corporation and Canfor Pulp. Kevin Pankratz, our Senior Vice President of Sales and Marketing would normally be with us as well, but he's traveling in the market today with customers. And so we will do our best to handle your lumber market questions. But of course, if there's any that need follow up, we can do that after the call. However, we do have Brian Yuen, our Vice President of Sales and Marketing for Canfor Pulse with us, and he can take any questions related to the pulp market. As we've indicated in previous calls, over the last several years, Canfor has taken significant actions to further diversify our portfolio, improve our underlying cost structure, and prepare for the challenging duty environment that our industry is facing. And this has included making difficult decisions to permanently close some of our higher cost operating assets, including the recent closure of our Estill and Darlington sawmills in South Carolina this last quarter. At the same time, we've largely completed a significant modernization of our fleet in the US South and expanded our presence in Sweden with the acquisition of three additional sawmills from Carl Hedin, a transaction that closed in September. As a result, while global lumber market conditions remain very challenging, we have better aligned our production capacity with market demand and significantly improved our cost competitiveness and leveraged our balance sheet strength to opportunistically acquire strategic assets. This transformation has been hard work. However, we now have a diverse portfolio of assets that are better positioned to both serve our customers and withstand these difficult market conditions. And with approximately 70% of our business located out of Canada, we are also able to mitigate some of the impacts of the punishing duty environment we are currently facing. While we expect the economic uncertainty is likely to persist in the near term, Canfor is well positioned to navigate these turbulent times. And importantly, our balance sheet remains strong. And with over $1.2 billion of available liquidity, we have significant financial flexibility to withstand current market conditions while also pursuing opportunistic strategic investments at the bottom of the cycle. I'd now like to turn it over to Stephen to provide an overview of CAMFORT PULP.

Thanks, Susan, and good morning, everyone. CAMFORT PULP continues to be impacted by challenging global pulp markets with elevated inventories and weak demand weighing on our financial results in the third quarter. While our paper business continued to perform well, we also experienced subdued demand for bleached craft paper. With challenging market fundamentals and current economic uncertainty, CamperPulp continues to focus on achieving targeted cost reductions and improving our operating performance. We've made progress on several operating initiatives in recent quarters, including sourcing additional fiber supply to support our current operating footprint, enhancing reliability and productivity, and improving our cost structure. Notwithstanding recent operational improvements, results in the fourth quarter will continue to reflect the impact of weak global pulp markets and results will also be impacted by a scheduled maintenance outage at Northwood. This outage was recently completed and the Northwood operation is currently in the process of restarting. As a management team, we remain focused on mitigating the impacts of global trade and economic uncertainty as we closely manage factors within our control. Within the challenging financial position of Camp for Pulse, management has introduced additional cost-saving measures, working capital reductions, and the deferral of some capital expenditures in 2026 as we continue managing our financial covenants, debt levels, and available liquidity. We'll now turn it over to Pat to provide an overview of our financial results.