Core Viewpoint - West Fraser Timber Co. Ltd. will record a non-cash impairment of approximately $409 million in its Lumber segment goodwill for Q4-2025 due to ongoing challenging economic conditions [2] Financial Performance - The impairment reflects a recalibration of assumptions in the annual goodwill impairment test, influenced by species-specific product pricing trends, lower demand for wood chip residuals, and the anticipated depth and duration of the current downcycle [2] - The impairment represents the entire amount of goodwill associated with the Company's U.S. lumber operations [2] Operational Guidance for 2026 - SPF shipments are targeted to be between 2.4 to 2.7 billion board feet [6] - SYP shipments are also targeted to be between 2.4 to 2.7 billion board feet [6] - N.A. OSB shipments are expected to be between 5.9 to 6.3 billion square feet (3/8-inch basis) [6] - European and U.K. OSB shipments are projected to be between 1.0 to 1.25 billion square feet (3/8-inch basis) [6] - Input costs, including resins and chemicals, are expected to remain stable, while contractor availability and capital equipment lead times are anticipated to improve [6] - Capital expenditures are expected to be in the range of $300 to $350 million [6] Company Overview - West Fraser is a diversified wood products company with over 50 facilities across Canada, the U.S., the U.K., and Europe, focusing on sustainable forest practices [4] - The Company produces a variety of products including lumber, engineered wood products, pulp, newsprint, and wood chips, which are utilized in home construction, industrial applications, and paper products [4]