Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP earnings of $324 million, or $0.45 per diluted share, on net sales of $6.9 billion. Excluding special items, earnings totaled $143 million, or $0.20 per diluted share, with adjusted EBITDA of $1 billion [3] - In the fourth quarter, GAAP earnings were $74 million, or $0.10 per diluted share, on net sales of $1.5 billion. Excluding special items, the company reported a loss of $67 million, or $0.09 per diluted share, with adjusted EBITDA of $140 million [3][4] Business Line Data and Key Metrics Changes - Timberlands contributed $50 million to fourth quarter earnings, with adjusted EBITDA of $114 million, a $34 million decrease compared to the third quarter, primarily due to lower sales volumes and realizations in the West [7] - Adjusted EBITDA for Southern Timberlands was $69 million, a $5 million decrease compared to the third quarter, with stable fiber markets but muted sawlog markets [10] - Real Estate and ENR contributed $84 million to earnings in the fourth quarter, with adjusted EBITDA of $95 million, driven by high-value transactions and a record average price for real estate sales at over $8,200 per acre [11][12] Market Data and Key Metrics Changes - In the Western domestic market, log demand and pricing softened in the fourth quarter due to ample supply and elevated log inventories, leading to a moderate decrease in average domestic sales realizations [7][8] - In Japan, demand for logs softened in the fourth quarter due to elevated finished goods inventories, although average sales realizations for export logs were moderately higher [8][9] - The company expects stable domestic log pricing in the first quarter, with potential upside if lumber prices improve [8] Company Strategy and Development Direction - The company launched an ambitious growth strategy through 2030, focusing on optimizing its Timberlands portfolio and expanding Climate Solutions offerings [4][6] - A new target was set to grow the Climate Solutions business to $250 million of annual EBITDA by 2030, with significant progress made in 2025 [12][13] - The company is committed to returning cash to shareholders, having returned $766 million in 2025, including a 5% increase in the base dividend and $160 million in share repurchases [4][19] Management's Comments on Operating Environment and Future Outlook - Management remains constructive on long-term fundamentals supporting the business, despite challenging market conditions in 2025 [6] - The housing market is expected to improve in 2026, driven by federal policies and potential decreases in mortgage rates, although near-term uncertainty remains [34][35] - The company anticipates a slight increase in housing starts in 2026, with a favorable long-term outlook supported by demographic trends [35][36] Other Important Information - The company completed two divestiture transactions covering non-core Timberlands for total proceeds of $406 million and expects to close another transaction for approximately 108,000 acres in Virginia for $193 million [6] - The company has reduced its pension obligations significantly since 2018, with gross pension plan obligations decreasing from approximately $5 billion to $1.9 billion by year-end 2025 [21][22] Q&A Session Summary Question: Pricing improvement for lumber and OSB - Management indicated that the pricing improvement is primarily driven by curtailment activity rather than underlying demand, although some demand pickup is expected as the spring building season approaches [42] Question: Constraints on production response in Southern markets - Management acknowledged that while Southern lumber prices have increased, the industry has been restrained in production, but there is potential for increased production as demand picks up [43][44] Question: Inventory levels for lumber and OSB - Management stated that inventory levels across the channel are reasonable for this time of year, with expectations for inventory building as the spring building season approaches [50][51] Question: Timberland acquisition and divestiture decisions - Management noted a solid market for timberland transactions and expects continued activity in 2026, capitalizing on high-value acreage opportunities [52][54] Question: Operating rates in lumber and OSB - Management reported mid-70% operating rates for lumber and mid-90% for OSB in Q4, with expectations for improved profitability as market conditions stabilize [62][63]

Core Viewpoint - PotlatchDeltic Corporation is a well-established REIT with a strong presence in timberland and real estate, recognized for sustainable practices and social responsibility [1] Price Target Adjustments - The consensus price target for PotlatchDeltic has decreased from $51.75 last year to $45 last month, indicating a shift in analyst sentiment [2] - RBC Capital has set a more optimistic price target of $60, reflecting confidence in the stock's future potential [2][4] Financial Performance - In Q3 2025, PotlatchDeltic reported a net income of $25.9 million, or $0.33 per diluted share, with revenues of $314.2 million, surpassing the Zacks Consensus Estimate of $0.15 per share [3][5] - The strong earnings report suggests robust financial health and growth for the company [5] Market Outlook - Despite the decline in consensus price targets, the positive earnings report and RBC Capital's price target indicate a favorable outlook for PotlatchDeltic [4] - Investors should monitor upcoming earnings reports and analyst updates, as factors like timber prices, real estate market conditions, and regulatory developments may impact stock performance [4]

Core Viewpoint - Doman Building Materials Group Ltd. has sold its remaining private timberland holdings in southeast British Columbia to the Nature Conservancy of Canada, marking a strategic shift away from the forestry business and focusing on strengthening its balance sheet [1][3]. Company Overview - Doman Building Materials Group Ltd. was founded in 1989 and is headquartered in Vancouver, British Columbia, trading on the Toronto Stock Exchange under the symbol DBM [4]. - The company is Canada's only fully integrated national distributor in the building materials sector, operating multiple divisions and distribution centers across Canada and the United States [4][5]. Timberland Management - During its nine years of ownership, Doman adhered to rigorous sustainable forest management standards, including the planting of approximately 10 million new seedlings [2]. - The company will no longer be materially involved in the harvesting aspect of the forestry business following the sale [2]. Transaction Details - The transaction with the Nature Conservancy of Canada closed on September 29, 2025, and the net proceeds will be utilized to further strengthen the company's balance sheet [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].