Interfor Corporation

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Good morning. My name is Sylvie, and I will be your conference operator today. Welcome to InterFOR Corporations' fourth quarter 2025 results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. Following the prepared remarks, there will be an opportunity for analysts to ask questions. During this conference call, InterFOR's representatives may make forward-looking statements within the meaning of applicable securities law. Additional information regarding the risks, uncertainties, and assumptions of such statements can be found in Interfor's most recent press release, NMDNA. And I would like to turn the call over to Mr. Ian Fillinger, Interfor's President and CEO. Mr. Fillinger, you please go ahead.

Thank you, Operator, and thank you, everyone, for joining us this morning. With me on the call, I have Mike McKay, our Executive Vice President and Chief Financial Officer. and Bart Bender, our Senior Vice President of Sales and Marketing. I'll start off by providing a brief recap of 2025 and then pass the call to Mike and Bart to cover off Q4 and the outlook. 2025 was another year marked by historically weak lumber prices and significant market volatility. Yet, we continued to execute with discipline and strengthen the company in several important ways. I thought a few notables were worth mentioning. We took steps to reinforce liquidity and extend our financial runway, which Mike will speak more to. We also took decisive portfolio actions, adjusting operating postures at several mills and permanently closing two high-cost facilities in the US South, which were indefinitely curtailed in 2024, ensuring our production profile is better aligned with demand. Across the platform, working capital performance remained a highlight. Log and lumber inventories were reduced significantly, a meaningful achievement in a down cycle. We advanced the final phase of our Thomaston Mill in Georgia, with commissioning of the new sawmill expected in early March. We anticipate this asset will be a top decile performer and a key contributor to our long-term cost structure. And importantly, employee turnover continued to improve, reflecting the work our teams are doing on engagement and retention. 2026 will be hard to predict. However, we're well positioned to deal with uncertainty. We've implemented clear, measurable balance sheet guardrails to ensure resilience through the cycle and a commitment to directing free cash flow toward debt reduction targets. We've also defined cost structure targets benchmarked to trough cycle pricing, ensuring that further price weakness can be absorbed without eroding liquidity. and that we can continue to create long-term value even in constrained markets. Until we have more clarity on the economic impacts of political developments in both the U.S. and Canada, we will remain prudent in our approach to capital allocation. Our foundations are strong, our footprint is diversified, and we continue to see opportunities to improve the business without large capital commitments. With that, I'll now turn the call over to Mike to walk through the quarter in more detail.