Core Viewpoint - West Fraser Timber Co. Ltd. is set to hold an analysts' conference call to discuss its second quarter 2025 financial and operating results on July 24, 2025 [1][2]. Group 1: Conference Call Details - The conference call will be chaired by Mr. Sean McLaren, President and Chief Executive Officer of West Fraser [2]. - Participants can join the call by dialing a toll-free number or through a webcast [1][2]. - The financial and operating results will be released on July 23, 2025, one day prior to the call [2]. Group 2: Company Overview - West Fraser 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, pulp, and newsprint [3]. - West Fraser's products are utilized in home construction, repair and remodeling, as well as in industrial applications and paper products [3].

Group 1 - West Fraser Timber Co. Ltd. has renewed its $1 billion credit facility and extended its maturity from July 2028 to May 2030 [1] - The company has increased its existing term loan from $200 million to $300 million, maturing in May 2028 [1] - The renewed credit facility is undrawn and available on similar terms as the previous facility [1] Group 2 - As of the end of Q1 2025, West Fraser had over $1.4 billion in available liquidity, enhancing its near-term financial flexibility [2] - The renewal and expansion of the credit facilities further strengthen the company's liquidity position [2] Group 3 - West Fraser is a diversified wood products company with over 50 facilities across Canada, the United States, the United Kingdom, and Europe [3] - The company produces a variety of products including lumber, engineered wood products, pulp, and newsprint, which are used in various applications such as home construction and industrial uses [3]

Core Viewpoint - West Fraser Timber Co. Ltd. has released its 2024 Sustainability Report, highlighting its commitment to sustainability alongside solid financial performance, and detailing progress made towards environmental, social, and governance goals [1][2]. Sustainability Achievements - The report outlines key achievements for 2024, including a 22% reduction in scope 1 and 2 emissions compared to 2019 levels, and a 13% reduction in scope 3 emissions compared to 2020 levels, both on track to meet 2030 GHG reduction targets [5]. - Manufacturing operations were powered by 75% renewable energy, with all mills progressing on energy reduction road maps [5]. - The company invested $4.3 million through 800 partnerships, focusing on youth support and mental health improvements in rural areas [5]. Partnerships and Community Engagement - West Fraser signed an agreement with the Lake Babine Nation's forestry company to secure long-term fibre supply, recognizing the Nation's role as a resource steward, pending approval from the Government of British Columbia [5]. - The company promotes sustainable forest practices and responsible sourcing through its Sustainable Forest and Wood Procurement Policy, implemented in 2024 [5]. Company Overview - West Fraser is a diversified wood products company with over 50 facilities across Canada, the United States, the United Kingdom, and Europe, producing a range of products including lumber, engineered wood products, and pulp [3].

Core Viewpoint - The global financial markets are closely monitoring the potential impacts of President Trump's trade tariffs, which could affect stocks across various countries and sectors. Two scenarios are presented for retail investors to consider regarding their portfolio strategies [1][2]. Group 1: Trade Environment Scenarios - A challenging trade environment could lead to sustained global GDP growth slowdown, but this scenario is deemed less likely as effective de-globalization would require significant cuts to the world economy [2]. - A more probable scenario involves a resolution of trade issues between the United States and its trading partners, alleviating fears related to tariffs [2]. Group 2: Investment Opportunities - Three stocks are highlighted as strong investment opportunities once tariff fears subside: Alibaba Group (NYSE: BABA), West Fraser Timber Co. (NYSE: WFG), and Canadian National Railway (NYSE: CNI) [3]. - Alibaba Group is noted for its strong market position despite recent negative sentiment surrounding China's stock market, with a current price of $119.16 and a potential price target of $150.36, indicating a possible upside of 26% [4][7]. - West Fraser Timber, a major Canadian lumber exporter, is expected to recover as clarity returns to the market, with a current price of $72.75 and a price target of $100.40, suggesting a potential increase of 38% [8][11]. - Canadian National Railway is positioned to benefit from increased lumber production and exports, with a current price of $97.58 and a price target of $120.36, indicating a potential upside of 23% [13][15].

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 ...

Financial Data and Key Metrics Changes - West Fraser generated $195 million of adjusted EBITDA in Q1 2025, representing a 13% margin, which is a significant improvement over the previous quarter [6] - Over the trailing 12 months, the company generated $668 million of adjusted EBITDA, representing an 11% margin, an improvement from $561 million reported during the trough year of 2023 [8] - Cash flow from operations was negative $75 million for Q1, with a cash balance of $390 million, down from $641 million in the previous quarter [13] Business Line Data and Key Metrics Changes - The Lumber segment posted adjusted EBITDA of $66 million in Q1 2025, compared to $21 million in the fourth quarter, driven by higher product pricing and shipment volumes [10] - The North America EWP segment generated $125 million adjusted EBITDA in Q1, similar to the $127 million reported in the fourth quarter [11] - The Pulp & Paper segment generated $7 million adjusted EBITDA in Q1, recovering from a $10 million loss in the previous quarter [11] - The European business reported negative $2 million adjusted EBITDA in Q1, down from positive $2 million in the fourth quarter, primarily due to pricing issues [12] Market Data and Key Metrics Changes - U.S. housing starts averaged nearly 1.4 million units in Q1, indicating stabilization in new home construction despite elevated mortgage rates [7] - Repair and remodeling demand remains stable but subdued, with no significant changes observed [7] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and liquidity profile, allowing for countercyclical investments and growth opportunities [9] - West Fraser is focused on low-cost operations and a diverse product mix to navigate macroeconomic uncertainties, particularly regarding evolving tariff policies [16][20] - The company is actively monitoring tariff impacts and preparing operational plans to adapt to various scenarios [19] Management's Comments on Operating Environment and Future Outlook - Management expressed considerable macroeconomic uncertainty due to evolving U.S. tariff policies but remains optimistic about long-term industry prospects [21] - The company expects to catch up on delayed shipments despite a slower-than-expected start to the year, adjusting guidance conservatively [14] Other Important Information - The preliminary combined tariff rate for softwood lumber is 26.05%, the lowest in the Canadian industry, with final rates expected in the second half of the year [15] Q&A Session Summary Question: Demand trends in lumber and OSB as the busy season approaches - Management noted that customer purchasing has been cautious, with no significant changes in demand trends observed [26] Question: Capital allocation strategy and M&A pipeline - The company maintains a durable capital allocation strategy and is open to growth opportunities that meet high-quality standards [32][38] Question: Timing for the Section 232 investigation resolution - Management indicated a lack of visibility on the investigation's timing and potential impacts on OSB and lumber [42] Question: Impact of tariffs on OSB projects - Management stated that recent projects are progressing well and future projects will consider cost implications before decisions are made [53] Question: Demand for repair and remodeling products - Demand for repair and remodeling has remained subdued, with no significant shifts observed in the early weeks of Q2 [61] Question: Log inventory status in the SPF business - Log deliveries were less than expected due to weather, but the impact on inventory is not considered material [63]

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- ...