West Fraser Timber Co. Ltd.

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Good morning, ladies and gentlemen, and welcome to the West Fraser Q1 2026 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 zero for the operator. This call is being recorded on Thursday, April 30, 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 through Cedar Plus for Canadian investors and EDGAR for United States investors. I would now like to turn the conference over to Sean McLaren. Please go ahead.

Thank you, Ina. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. I am Sean McLaren, President and CEO of West Fraser, and joining me on the call today are Chris Verostek, Executive 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 West Fraser's first quarter and then pass the call to Chris for additional comments before I share some thoughts on our outlook and offer concluding remarks. As we entered 2026, we saw seasonal improvement in the lumber market. Southern Yellow Pine, in particular, saw better balance between available supply and seasonal demand. While underlying demand for new residential construction and repair and remodel remained subdued, we experienced healthier market conditions compared with the second half of 2025. In OSB, Q1 market conditions remained challenging, though modest signs of improvement began to appear toward the end of the quarter as seasonal demand increased. Against this backdrop, Wes Fraser saw a positive sequential turnaround in first quarter results, led by stronger lumber pricing and operational progress. We generated negative 66 million of adjusted EBITDA, but this result includes 114 million of prior period duty adjustments, which Chris will get into shortly. Removing the impact of these adjustments, the underlying business generated $48 million, with all three of our segments, lumber, North American engineered wood products, and Europe, contributing to the positive results. This reflects a significant improvement from the $79 million loss in the fourth quarter, representing a turnaround of over $120 million. We continued to high-grade our portfolio during the quarter. We have completed production activities at our high-level OSB mill in Alberta and are four months into the production ramp-up at our new Henderson lumber mill in Texas. Our U.S. lumber portfolio optimization continues to lower our cost structure, with five mill closures and two brownfield modernizations over the past five years. Our balance sheet remains strong, providing us with the flexibility through the cycle and optionality for the future. We ended the quarter with liquidity close to $900 million. The change in Q1 reflects the normal seasonal buildup of log inventory in Western Canada, which is consistent with our typical working capital cycle. We expect this inventory investment to reduce in the second and third quarters as our mills work through their log inventories. We continue to operate with a strong balance sheet allowing us to execute our capital allocation strategy. Our financial position also provides optionality for value creating opportunities should they arise. As always, we will be disciplined on execution and returns. With that high-level overview, I'll now turn the call to Chris for additional detail and comments.