West Fraser Timber Co. Ltd.

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Good morning, ladies and gentlemen, and welcome to the West Fraser Q4 2025 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on February 12, 2026. 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 accompanying webcast presentation and in our 2025 annual MD&A and annual information form as updated in our quarterly MD&A, which can be accessed on Wes Fraser's website or CEDAR Plus for Canadian investors and EDGAR for United States investors. I would now like to turn the conference over To Mr. Sean McLaren, President and CEO, thank you. Please go ahead.

Thank you, Ina. Good morning, everyone, and thank you for joining our fourth quarter 2025 earnings call. I am Sean McLaren, President and CEO of West Fraser, and joining me on the call today are Chris Verostik, Executive Vice President and CFO, 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 West Fraser's Q4 and fiscal 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. West Fraser generated $-79M of adjusted EBITDA in the fourth quarter of 2025, an improvement from the negative $144 million reported in the prior quarter, which had included a $67 million out-of-period duty expense relating to the calendar 2023 duty year. Results remain soft across our business in Q4 as broader housing and repair and remodeling markets continued to face affordability pressures. For full year 2025, We generated $56 million of adjusted EBITDA down from the $673 million reported in 2024. The lumber segment had a challenge in 2025 with the protracted down cycle in lumber among the toughest we've experienced in many years. During the year, we made meaningful progress high grading our mill portfolio, which included a number of closures or curtailments of higher cost assets, but more importantly, the completion of the ramp-up of our Allendale OSB Mill in South Carolina, and the completion and commissioning of our new Henderson Lumber Mill in Texas. In terms of our balance sheet, we had more than $1.2 billion of available liquidity at year-end, which offers us the financial flexibility and strength to support a consistent capital allocation strategy through the cycle. With that high-level overview, I'll now turn the call to Chris for additional detail and comments.