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- ...

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].

Core Insights - West Fraser Timber Co. Ltd. reported its fourth quarter results for 2024, highlighting a continued resilience in its North American Engineered Wood Products business and modest improvements in its Lumber segment [4][6][7]. Financial Performance - Fourth quarter sales were $1.405 billion, a slight decrease from $1.437 billion in the previous quarter. The company reported a loss of $62 million, or $(0.80) per diluted share, compared to a loss of $83 million, or $(1.03) per diluted share in Q3-24. The loss included a non-cash impairment of $70 million related to European EWP goodwill [6][10]. - For the full year, sales totaled $6.174 billion, down from $6.454 billion in 2023. The annual loss was $5 million, or $(0.07) per diluted share, significantly improved from a loss of $167 million, or $(2.01) per diluted share in 2023. Restructuring and impairment charges were recorded at $102 million in 2024, compared to $279 million in 2023 [7][10]. Segment Performance - Adjusted EBITDA for Q4-24 was $140 million, representing 10% of sales, compared to $62 million in Q3-24. The Lumber segment had an Adjusted EBITDA of $21 million, while the North America Engineered Wood Products segment reported $127 million [10][39]. - For the full year, Adjusted EBITDA was $673 million, or 11% of sales, compared to $561 million in 2023. The Lumber segment reported an Adjusted EBITDA loss of $82 million, while the North America Engineered Wood Products segment had $744 million [10][39]. Liquidity and Capital Allocation - Cash and short-term investments decreased to $641 million at the end of 2024 from $900 million at the end of 2023, primarily due to the repayment of $300 million in senior notes [8][9]. - Capital expenditures for Q4-24 were $156 million, with total capital expenditures for 2024 amounting to $487 million, slightly up from $477 million in 2023 [8][9]. Dividend and Share Repurchase - The company paid $26 million in dividends during Q4-24, or $0.32 per share, and declared a similar dividend for Q1-25. Total dividends paid in 2024 were $101 million [9][18]. - In Q4-24, West Fraser repurchased 311,523 shares for $27 million, and for the full year, it repurchased 1,799,217 shares for $144 million [11][9]. Market Outlook - The company anticipates continued demand for new home construction in North America, driven by improved housing affordability and an aging housing stock. However, near-term uncertainties remain due to high mortgage rates and potential tariffs on Canadian exports [12][14][15]. - In Europe and the U.K., a modest market recovery is expected, with long-term demand growth anticipated as OSB gains market penetration as an alternative to plywood [15][14]. Operational Guidance - The company plans to evaluate the impact of evolving U.S. tariffs on its operations and shipment estimates for 2025 [16]. Expected shipments for various products 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].

Core Viewpoint - West Fraser Timber Co. Ltd. will hold an analysts' conference call to discuss its fourth quarter 2024 financial and operating results on February 13, 2025 [1][2]. Group 1: Conference Call Details - The conference call will take place at 8:30 a.m. Pacific Time / 11:30 a.m. Eastern Time [1]. - Participants can join the call by dialing 1-888-510-2154 (Toll-free North America) or (437) 900-0527 (Toll number) [1]. - 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 discussion [2]. Group 2: Company Overview - West Fraser is a diversified wood products company with over 60 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, newsprint, and renewable energy [3]. - West Fraser's products are utilized in home construction, repair and remodeling, industrial applications, and various paper products [3].