Canfor Corporation

Good morning. My name is Carmen, and I will be your host today. Welcome to Canfor and CanforPulse's fourth quarter analyst call. At this time, all lines have been placed to mute to prevent any background noise. A question and answer session will be available after today's presentation. During this call, Canfor and CanforPulse'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 risk for such statements. I would now like to turn the meeting over to Susan Yurkovich, Canfor Corporation's President and Chief Executive Officer. Please go ahead, Susan.

Thank you, Carmen, and good morning, everyone. Thanks for joining the Canfor and Canfor Pulp Q4 2025 results conference call. I'll kick off with a few comments this morning before I turn things over to Stephen Mackey, Canfor's Chief Operating Officer and the CEO of Canfor Pulp, and Pat Elliott, Chief Financial Officer of Canfor Corporation and Canfor Pulp. I'm also joined by Kevin Pankratz, our Senior Vice President of Sales and Marketing for Canfor, and Brian Ewan, Vice President of Sales and Marketing for Canfor Pulp. who will be available to take questions as well. Before discussing our fourth quarter results, I just want to highlight the significant transformation that Canfor has undertaken over the past several years. Our strategy is focused on strengthening our operating platform to reduce the impact of elevated duties, further diversify our asset base and product offering, and improve our cost competitiveness. In that vein, since 2023, we've made the difficult but necessary decisions to close nine high-cost sawmills, including two in 2025, with a total capacity of 2.3 billion board feet. At the same time, we've invested heavily in new facilities in the US South, expanded our operations in Sweden, and proactively managed our Canadian business in response to the challenges we're seeing accessing economic fiber in BC and elevated countervailing and anti-dumping duties as well as the more recent Section 232 tariffs. While 2025 was another challenging year, we have started to see the benefit of these strategic actions, and although the near-term uncertainty is likely to persist, Canfor is well-positioned to navigate the challenging markets supported by our high-quality, globally diversified operating platform. Looking ahead, we continue to believe the medium- to long-term lumber demand fundamentals remain strong, and the improvements to our asset base will enable us to capitalize on stronger market dynamics going forward. Finally, notwithstanding the current market uncertainty, we have maintained a strong balance sheet and have the flexibility to pursue strategic growth should the right opportunities present themselves, although we will continue to remain patient and disciplined in our approach. I'd now like to turn it over to Stephen to provide an overview of CAMFORT Pulse.

Thanks, Susan, and good morning, everyone. Canberra pulp continues to be impacted by weak global pulp and paper markets with ongoing trade disputes and broader economic uncertainty contributing to elevated inventory levels and weak pricing through much of 2025 and continuing into 2026. Against the challenging market backdrop, we continue to focus on achieving targeted cost reductions and improving our operating performance. While we have made some progress on identified initiatives in recent months, weak market conditions continue to weigh on our financial results and available liquidity, with results in the fourth quarter further impacted by scheduled maintenance downtime at Northwood. Notwithstanding the pending transaction with Canfor, Canfor Pulp's management team remains committed to mitigating the impact of global trade dynamics and economic uncertainty by closely managing factors within our control. This includes managing our balance sheet, preserving available liquidity, and continually assessing our operating footprint based on our cost structure, availability of economically viable fiber, and market demand. We'll now turn it over to Pat to provide an overview of our financial results.