West Fraser Timber Co. Ltd.

Good morning, ladies and gentlemen, and welcome to West Fraser's second quarter 2025 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If anyone has any difficulties during the conference, please press star zero for operator assistance at any time. During this conference call, West Fraser's representatives will be making certain statements about West Fraser's future financial and operational performance, business outlook, and capital plans. These statements may constitute forward-looking information or forward-looking statements within the meaning of Canadian and United States securities laws. Such statements involve certain risks, uncertainties, and assumptions, which may cause West Fraser's actual or future results and performance to be materially different from those expressed or implied in these statements. Additional information about these risk factors and assumptions is included both in the accompanying webcast presentation and in our 2024 annual MD&A and annual information form as updated in our quarterly MD&A, which can be accessed on Wes Fraser's website or through Cedar Plus for Canadian investors and EDGAR for United States investors. I would now like to turn the conference call over to Sean McLaren, President and Chief Executive Officer.

Please go ahead.

Thank you, Jenny. Good morning, everyone, and thank you for joining our second quarter 2025 earnings call. I am Sean McLaren, President and CEO of West Fraser, and joining me on the call today are Chris Verostek, Senior Vice President and Chief Financial Officer, Matt Tobin, Senior Vice President of Sales and Marketing, and other members of our leadership team. On the earnings call this morning, I will begin with a brief overview of Wes Fraser's Q2 2025 financial results and then pass the call to Chris for additional comments before I share some thoughts on our outlook and offer concluding remarks. Wes Fraser generated $84 million of adjusted EBITDA in the second quarter of 2025, representing an approximate 6% margin as we continue to operate within a cyclical downturn. After several months of relatively stable home building markets, New home construction has more recently taken a step lower, with annualized U.S. housing starts averaging just 1.32 million units on a seasonally adjusted basis in the second quarter, as relatively elevated mortgage and interest rates have continued to present headwinds to U.S. housing demand and affordability. Repair and remodeling demand has also appeared to be impacted by these broader macro factors, remaining somewhat subdued again this quarter. As an additional consideration, we continue to deal with the shifting landscape of tariffs and their possible inflationary effects that have the potential to moderate future demand for our wood building products. We'll continue to watch these developments closely. These factors notwithstanding, our balance sheet continues to demonstrate strength as we exited Q2 with nearly $1.7 billion of available liquidity and a strong cash position net of debts. A strong balance sheet and liquidity profile, along with our investment grade rating, remain key elements of our capital allocation strategy, which allow us to invest in our business counter cyclically and take advantage of growth opportunities if and when they arise. With that brief overview, I'll now turn the call to Chris for additional detail and comments.