VANCOUVER, BC, May 22, 2025 /PRNewswire/ - Today, West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX: WFG) (NYSE: WFG) released its 2024 Sustainability Report, Building Together: People and Partnerships. The report highlights the Company's sustainability performance across a variety of environmental, social, and governance goals and disclosed targets."Since our founding 70 years ago, West Fraser has recognized our responsibility to the environment and society while delivering solid financial ...

Core Points - West Fraser Timber Co. Ltd. held its Annual General Meeting on April 23, 2025, in Quesnel, B.C., where shareholders voted on various matters [1]. Voting Results for the Election of Directors - A total of 60,282,131 shares were voted, representing 75.75% of all outstanding shares [2]. - All director nominees were elected with significant support, including: - Hank Ketcham: 90.39% in favor - Doyle N. Beneby: 96.27% in favor - Eric L. Butler: 99.91% in favor - Reid E. Carter: 98.40% in favor - John N. Floren: 98.97% in favor - Ellis Ketcham Johnson: 98.86% in favor - Brian G. Kenning: 96.71% in favor - Marian Lawson: 99.90% in favor - Sean P. McLaren: 99.93% in favor - Colleen M. McMorrow: 99.93% in favor - Janice G. Rennie: 90.16% in favor - Gillian D. Winckler: 99.58% in favor [2]. Voting Results for Other Matters - Shareholders approved the number of directors to be fixed at twelve [3]. - PricewaterhouseCoopers LLP was appointed as the auditor of the Company [3]. - The resolution on executive compensation (Say-on-Pay) was approved with 90.04% of votes in favor [3]. Company Overview - West Fraser is a diversified wood products company with over 50 facilities across Canada, the United States, the United Kingdom, and Europe [5]. - The Company produces a variety of products including lumber, engineered wood products, pulp, and newsprint, which are utilized in home construction, industrial applications, and paper products [5].

INVESTOR PRESENTATION April 2025 Photo: Chetwynd Woodlands, Chetwynd, B.C., Canada Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q1 2025 interim Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") and is discussed in our Managements' Discussion and Analysis ("MD&A") for the three months ended March 28, 2025 (our "Q1 2025 MD&A"). Additional information is also discus ...

West Fraser Timber Co. Ltd. (NYSE:WFG) Q1 2025 Earnings Conference Call April 23, 2025 10:00 AM ET Company Participants Sean McLaren – President and Chief Executive Officer Chris Virostek – Senior Vice President and Chief Financial Officer Matt Tobin – Senior Vice President of Sales and Marketing Conference Call Participants Ketan Mamtora – BMO Capital Markets Sean Steuart – TD Cowen Hamir Patel – CIBC Capital Markets Matthew McKellar – RBC Capital Markets Operator Good morning, ladies and gentlemen, and we ...

Core Insights - West Fraser Timber Co. Ltd. reported a strong first quarter in 2025, with sales of $1.459 billion and earnings of $42 million, marking a significant recovery from a loss in the previous quarter [4] - The company is navigating challenges related to demand uncertainty for wood products due to housing affordability issues and U.S. tariffs, while focusing on cost management and capital investments [3][5] Financial Performance - First quarter sales increased to $1.459 billion from $1.405 billion in the previous quarter, with earnings of $42 million compared to a loss of $62 million [4] - Adjusted EBITDA for Q1-25 was $195 million, up from $140 million in Q4-24, indicating improved operational efficiency [4] Market Conditions - Demand for wood building products remains uncertain due to ongoing housing affordability challenges and recent tariff actions by the U.S. administration [3][5] - The U.S. housing market showed a seasonally adjusted annualized rate of 1.32 million housing starts in March 2025, with permits issued at 1.48 million [14] Tariff Impacts - The U.S. administration imposed a 25% tariff on Canadian wood products in early March 2025, which was temporarily paused for USMCA-compliant goods until April 2, 2025 [6][7] - Following the pause, a new executive order imposed tariffs starting at 10% on all imports, affecting Canadian goods but exempting USMCA-compliant products [7] Operational Strategy - The company is optimizing its production by shifting to lower-cost mills and modernizing operations to enhance efficiency [2][3] - Capital expenditures in Q1-25 were $104 million, with a total expected range of $400 million to $450 million for the year [9][21] Segment Performance - The Lumber segment achieved an Adjusted EBITDA of $66 million, while the North America Engineered Wood Products segment reported $125 million [11] - The Pulp & Paper segment faced challenges with anticipated pricing weakness due to tariff impacts, particularly in Chinese markets [19] Future Outlook - The company expects medium to long-term demand for new home construction to be supported by improved housing affordability and an aging housing stock [12][13] - Despite near-term uncertainties, the company remains optimistic about navigating market challenges and capitalizing on growth opportunities [15]

Company Overview - West Fraser Timber Co. Ltd. is a diversified wood products company with over 50 facilities across Canada, the United States, the United Kingdom, and Europe [3] - The company promotes sustainable forest practices and produces a variety of products including lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals [3] - West Fraser's products are utilized in home construction, repair and remodeling, industrial applications, and for producing papers, tissue, and box materials [3] Upcoming Financial Results - West Fraser will hold an analysts' conference call to discuss its first quarter 2025 financial and operating results on April 23, 2025, at 7:00 a.m. Pacific Time / 10:00 a.m. Eastern Time [1] - The financial and operating results will be released on April 22, 2025, prior to the conference call [2] - The call will be chaired by Mr. Sean McLaren, President and Chief Executive Officer, and will include a Q&A session for analysts after the management's discussion [2]

INVESTOR PRESENTATION February 2025 Photo: Edson Forest Products – Edson, Alberta, Canada Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our 2024 Annual Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") and is discussed in our Managements' Discussion and Analysis ("MD&A") for the year ended December 31, 2024 (our "2024 Annual MD&A"). This Presentation uses various Non- ...

Financial Data and Key Metrics Changes - West Fraser generated $140 million of adjusted EBITDA in Q4 2024, representing a 10% margin, compared to $673 million of adjusted EBITDA for the full year 2024, which is an 11% margin and a significant improvement from $561 million in 2023 [5][7][10] - The company had nearly $1.7 billion of available liquidity at year-end, providing financial flexibility for capital allocation [8][19] - Cash flow from operations was $173 million in Q4, with a net cash balance of $412 million, slightly down from $463 million in the previous quarter [14] Business Line Data and Key Metrics Changes - The lumber segment posted adjusted EBITDA of $21 million in Q4, down from $62 million in Q3, while the North America Engineered Wood Products (EWP) segment achieved $127 million of adjusted EBITDA, up from $121 million in Q3 [9][10] - The Pulp & Paper segment incurred a $10 million adjusted EBITDA loss in Q4, compared to a $2 million positive EBITDA in Q3, primarily due to a major maintenance shutdown [11] - The Europe business reported adjusted EBITDA of $2 million in Q4, up from $1 million in Q3, but faced a $70 million non-cash impairment of goodwill due to weaker macroeconomic conditions [12] Market Data and Key Metrics Changes - In the U.S. South, Southern Yellow Pine (SYP) shipments declined more than 10% from 2023 levels, while demand for SPF lumber showed improvement [13][24] - New home construction in the U.S. showed signs of stability, supported by recent U.S. Central Bank rate cuts, although mortgage and interest rates remain elevated [6] Company Strategy and Development Direction - The company remains confident in its strategy, emphasizing geographic and product diversification to weather challenging lumber markets [17][20] - West Fraser plans to continue countercyclical investing with capital expenditures forecasted in the range of $400 million to $450 million for 2025 [15] - The company is actively scenario planning for potential tariffs and trade impacts, ensuring operational flexibility [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding inflation risk, noting stabilization in supply chain costs and improvements in labor availability [22][23] - The company is focused on operational excellence and maintaining financial strength to capitalize on growth opportunities as market conditions improve [27] Other Important Information - The company has reduced higher-cost capacity across its lumber platform through mill closures and curtailments, which has strengthened its cost position [24] - The company is preparing for potential tariffs by maintaining close communication with government entities and engaging in scenario planning [29] Q&A Session Summary Question: What are you doing and what are you seeing from both your peers and those downstream in terms of preparing for the tariffs? - Management noted that inventory levels are normal and selling patterns appear consistent, with a focus on operational flexibility [34][36] Question: In your scenario planning for the tariffs, what is the general frame of mind regarding the U.S. portfolio versus the Canadian portfolio? - Management indicated that it is difficult to predict the impact of tariffs but feels well-positioned to react in both Canada and the U.S. [39] Question: Can you provide context on the expected SPF and OSB volume guidance for 2025? - Management confirmed that the guidance does not incorporate potential tariff impacts and reflects current market conditions [43][46] Question: What are your expectations for the outcome of the BC government's review of its timber sales program? - Management remains hopeful for improved access to timber and is working with the BC government to enhance stability [70][71] Question: How much of your Canadian OSB goes to the U.S.? - Approximately 40% of Canadian OSB production is shipped to the U.S., with 90% of total North American production ending up in the U.S. [91][93]

Group 1 - West Fraser Timber Co. Ltd. filed its 2024 annual report on Form 40-F with the SEC, which includes audited financial statements, management's discussion and analysis, and annual information form [1] - The filed documents are also available on Canadian securities authorities' SEDAR+ and the company's website [1] - Shareholders can request a hard copy of the annual report free of charge [1] Group 2 - West Fraser is a diversified wood products company with over 50 facilities across Canada, the United States, the United Kingdom, and Europe [2] - The company promotes sustainable forest practices and produces a variety of products including lumber, engineered wood products, pulp, and newsprint [2] - West Fraser's products are utilized in home construction, industrial applications, and various paper products [2]

Financial Performance - Q4-24 sales were $1.405 billion, a decrease from $1.437 billion in Q3-24, with a loss of $62 million or $(0.80) per diluted share[7]. - Full year 2024 sales totaled $6.174 billion, down from $6.454 billion in 2023, with a loss of $5 million or $(0.07) per diluted share[8]. - Adjusted EBITDA for Q4-24 was $140 million, representing 10% of sales, compared to $62 million in Q3-24[7]. - Adjusted EBITDA for 2024 was $673 million, an increase of 20% from $561 million in 2023[38]. - The company reported a loss of $5 million for 2024, significantly improved from a loss of $167 million in 2023[38]. - Annual operating earnings for the Lumber segment were a loss of $303 million, while the EWP segment reported operating earnings of $459 million[40]. - Restructuring and impairment charges for 2024 amounted to $102 million, down from $279 million in 2023[38]. Capital Expenditures - Capital expenditures for Q4-24 were $156 million, with total capital expenditures for 2024 at $487 million, slightly up from $477 million in 2023[9]. - The company anticipates capital expenditures of $400 million to $450 million for 2025, with stable input costs expected[20]. - Expected capital expenditures for the current year focus on optimization, automation, and greenhouse gas emissions reduction projects[43]. Shareholder Returns - The company declared a dividend of $0.32 per share, payable on April 3, 2025, with $101 million in dividends paid for the full year 2024[10]. - The company repurchased 311,523 shares for $27 million in Q4-24, totaling 1,799,217 shares repurchased for $144 million in 2024[11]. Market Outlook - The company expects U.S. housing starts to stabilize at an annualized rate of 1.50 million units, with permits issued at 1.48 million units as of December 2024[14]. - Projected shipments for 2025 include 2.7 to 3.0 billion board feet of spruce-pine-fir and 2.5 to 2.8 billion board feet of southern yellow pine[20]. - Transportation constraints and labor disruptions may negatively impact projected shipment volumes[6]. Risks and Assumptions - The recoverability of property, plant, and equipment is based on key assumptions, including production volume and product pricing, totaling $3,842 million[6]. - The company faces risks related to international trade and potential changes in government regulations affecting timber supply[6]. Non-GAAP Measures - The company emphasizes the importance of non-GAAP financial measures for evaluating operating performance and financial condition[32].