West Fraser Timber Co. Ltd. (NYSE:WFG) Q2 2021 Earnings Conference Call July 29, 2021 11:30 AM ET Company Participants Raymond Ferris - President & CEO Chris Virostek - Chief Financial Officer Chris McIver - Senior Vice President, Marketing and Corporate Development Robert Winslow - Director of Investor Relations & Corporate Development Conference Call Participants Mark Wilde - BMO Hamir Patel - CIBC Paul Quinn - RBC Capital Markets Sean Steuart - TD Securities Operator Good morning, ladies and gentlemen, a ...

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Financial Data and Key Metrics Changes - West Fraser generated record consolidated adjusted EBITDA of $1 billion in Q1 2021, up from $453 million in the previous quarter, partly due to the addition of Norbord's results [19] - The first quarter EBITDA was reduced by $93 million due to acquisition-related noncash purchase price accounting impacts [20] - The company exited the quarter with $2.55 billion of available liquidity and total debt of $1.3 billion, with net cash of $164 million [28] Business Line Data and Key Metrics Changes - The Lumber segment reported adjusted EBITDA of $646 million in Q1 2021, compared to $425 million in Q4 2020, driven by higher pricing despite lower shipments and higher fiber costs [21] - The North American Engineered Wood Products (EWP) segment's adjusted EBITDA grew to $353 million from $48 million in the prior quarter, primarily due to the addition of OSB results and higher plywood pricing [22] - The Pulp and Paper segment's adjusted EBITDA increased to $11 million from negative $20 million in the previous quarter, attributed to higher pulp pricing and reduced maintenance downtime [23] Market Data and Key Metrics Changes - U.S. home construction activity continued to recover, with new home starts reaching levels not seen since 2006, driving demand for wood building products [11] - The OSB market experienced stronger-than-expected demand recovery, leading to the restart of the Chambord mill in Quebec [14] - The company noted that the European EWP segment reported adjusted EBITDA of $11 million, reflecting Norbord's results for February and March [24] Company Strategy and Development Direction - The company plans to invest an additional $180 million across several projects through 2023, focusing on increasing capacity and reducing production costs [35] - West Fraser aims to achieve targeted annual synergies of $61 million from the integration of Norbord over the next 18 to 24 months [37] - The company emphasizes organic growth as a primary focus for capital allocation, while remaining open to other opportunities [56] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about favorable market fundamentals, supported by low mortgage rates and a trend towards remote work driving demand for single-family homes [31][33] - The company acknowledges potential external factors that could influence markets but maintains a positive outlook on the underlying demand for wood products [33] - Management is focused on creating shareholder value and will be patient and thoughtful in capital allocation strategies [34] Other Important Information - Capital expenditures were $62 million in Q1 2021, with plans to invest approximately $450 million on capital projects throughout the year [25] - The company repurchased $102 million worth of shares at an average price of CAD82.86, indicating a belief that shares are trading below intrinsic value [26] - The company plans to redeem Norbord's 2023 notes, which will reduce annual interest costs by approximately $40 million [29] Q&A Session Summary Question: What is the anticipated CapEx number for 2022? - Management indicated that the 2022 CapEx number is expected to be in the same range as 2021, with potential for additional high-return capital projects [42][43] Question: Are there any cost inflation concerns for capital projects? - Management noted ongoing pressures on costs and productivity, which have been present for several years, but did not indicate a material change recently [44][45] Question: Will the company be able to move the built-up lumber inventory into the market? - Management observed improvements in shipping early in Q2 and expressed optimism about moving inventory, but acknowledged the need for continued effort [46][48] Question: What are the expected shipment levels for 2021? - Management provided guidance of approximately $3.3 billion for SPF and $3 billion for SYP, expecting to ship all production subject to seasonal fluctuations [50][51] Question: How does management view the sustainability of current lumber pricing? - Management acknowledged strong underlying demand but indicated that high prices may not last indefinitely [54] Question: Is the company considering greenfield projects? - Management stated that while they are always looking for growth opportunities, they primarily focus on organic growth and consider greenfield projects lower on their capital allocation strategy [56] Question: What is the outlook for lumber and OSB imports? - Management noted limited import opportunities for OSB and a reduction in exports on the lumber side, with stronger European markets impacting supply responses [65][68] Question: How is the trade dialogue evolving regarding U.S. trade cases? - Management expressed hope that current market conditions might change the dialogue but noted that no significant changes have occurred yet [70] Question: What is the outlook for Norbord's specialty OSB business? - Management indicated that pricing in the industrial business is improving, albeit at a slower pace than commodity pricing [72]

West Fraser Timber Co. Ltd (WFTBF) Q3 2020 Results Conference Call October 27, 2020 11:30 AM ET Company Participants Ray Ferris - President and Chief Executive Officer Chris Virostek - Vice President of Finance and Chief Financial Officer Chris McIver - Vice President of Sales and Marketing Conference Call Participants Sean Stewart - TD Securities Hamir Patel - CIBC capital Markets Mark Wilde - Bank of Montreal Paul Quinn - RBC Operator Good morning, ladies and gentlemen. And welcome to the West Fraser Q3 2 ...

Q3 Earnings Presentation October 2020 2 . General: This presentation and comments associated with it contains historical information, descriptions of current circumstances and statements about potential future developments and anticipated financial results. Readers are cautioned that this presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in West Fraser Timber Co. Ltd.'s (WFT's) management's discussion and analysis for the annual and in ...

West Fraser Timber Co. Ltd (WFTBF) Q2 2020 Results Conference Call July 28, 2020 11:30 AM ET Company Participants Raymond Ferris - President and Chief Executive Officer Christopher Virostek - Vice President of Finance and Chief Financial Officer Christopher McIver - Vice President of Sales and Marketing Conference Call Participants Sean Stewart - TD Securities Mark Wilde - BMO Capital Hamir Patel - CIBC Capital Markets Paul Quinn - RBC Capital Markets Operator Good morning, ladies and gentlemen. And welcome ...

Q2 Earnings Presentation July 2020 . General: This presentation and comments associated with it contains historical information, descriptions of current circumstances and statements about potential future developments and anticipated financial results. Readers are cautioned that this presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in West Fraser Timber Co. Ltd.'s (WFT's) management's discussion and analysis for the annual and interim ...

West Fraser Timber Co. Ltd. (WFTBF) Q1 2020 Earnings Conference Call April 29, 2020 11:30 AM ET Company Participants Ray Ferris - President and Chief Executive Officer Chris Virostek - Chief Financial Officer Chris Mclver - Vice President of Sales and Marketing Conference Call Participants Paul Quinn - RBC Capital Markets Mark Wilde - BMO Capital Markets Sean Steuart - TD Securities Hamir Patel - CIBC Capital Markets Operator Good morning, ladies and gentlemen. And welcome to the West Fraser Q1 2020 Results ...