West Fraser(WFG) - 2025 Q3 - Quarterly Report

MANAGEMENT'S DISCUSSION & ANALYSIS INTRODUCTION This discussion and analysis by management ("MD&A") of West Fraser Timber Co. Ltd.'s ("West Fraser", the "Company", "we", "us", or "our") financial performance for the three and nine months ended September 26, 2025 should be read in conjunction with: (i) our unaudited condensed consolidated interim financial statements and accompanying notes for the three and nine months ended September 26, 2025 ("Interim Financial Statements"); (ii) our audited annual consoli ...