Financial Data and Key Metrics Changes - In 2025, the company delivered $2.3 billion of Adjusted EBITDA, a 13% increase over the prior year, with an Adjusted EBITDA margin expanding 160 basis points to 29.3% [4][10] - Aggregates cash gross profit per ton grew to $11.33, achieving the target of $11-$12, driving operating cash flow of over $1.8 billion, a 29% increase over the prior year [5][10] - SG&A expenses for the full year were $564 million, 10 basis points lower than the prior year as a percentage of revenue at 7.1% [11] Business Line Data and Key Metrics Changes - Aggregate shipments of approximately 227 million tons increased 3% for the full year, with growth driven by prior year acquisitions [7] - Same-store aggregate shipments for the full year were slightly lower than the prior year, with a 2% increase in the fourth quarter compared to the prior year [7][8] - Aggregates mix adjusted price improved 6% for the full year and 5% in the fourth quarter [8] Market Data and Key Metrics Changes - Public non-highway infrastructure investments continued to grow, with starts in Vulcan markets for water, sewer, and other infrastructure projects increasing double digits in 2025 [15] - Highway starts in Vulcan markets continue to grow at three times the rate compared to the U.S. overall [13] - In California, highway starts were up 47% in 2025 versus 2024, indicating strong demand in key markets [56] Company Strategy and Development Direction - The company is committed to improving its underlying business and expanding its industry-leading aggregates franchise in both current and new geographies [4] - In 2026, the company plans to continue its track record of compounding growth, expecting aggregate shipments to grow between 1% and 3% and freight adjusted average selling prices to increase between 4% and 6% [16] - The company anticipates further expansion in Adjusted EBITDA margin and return on invested capital with the closing of the pending ready-mix divestiture [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leveraging demand growth and a healthy pricing environment for 2026, with expectations of steady public growth and potential recovery in private demand [21][22] - The company expects residential activity to be limited in 2026 but is monitoring for improving opportunities in the second half of the year [15] - Management highlighted the importance of the IIJA funding, with over 50% of the funding yet to be spent, providing a tailwind for future growth [14][56] Other Important Information - The company returned $260 million to shareholders through dividends and $438 million through share repurchases [10] - The company plans to reinvest in its franchise through capital expenditures of $750 million to $800 million in 2026 [18] Q&A Session Summary Question: Can you talk about your confidence levels regarding end market demand and expectations around pricing and profitability for 2026? - Management indicated strong execution and a healthy pricing environment, expecting steady public growth and some recovery in private demand, particularly in industrial categories and data centers [21][22] Question: Can you clarify the pricing impacts and the mix issues affecting your fourth quarter results? - Management confirmed a "triple whammy" impact on pricing due to geographic mix, acquisition impacts, and product mix, with expectations for pricing to improve as demand recovers [36][37] Question: What gives you confidence in keeping costs down in 2026? - Management attributed confidence to the Vulcan Way of Operating, which focuses on efficiency and cost control, expecting low single-digit cost increases [46][49] Question: How is the IIJA reauthorization impacting your guidance? - Management expects a new bill to be passed, with historical trends indicating it will be higher than the previous bill, and noted that 50% of IIJA funding remains unspent [54][56] Question: What is the outlook for data centers and their impact on margins? - Management indicated that while base pricing for data centers is lower than clean stone products, the overall margin impact is manageable, with expectations for a more uniform mix as projects mature [62][65]

February 17, 2026 FORWARD-LOOKING STATEMENTS This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Forward looking ...

Financial Data and Key Metrics Changes - In 2025, the company delivered $2.3 billion of adjusted EBITDA, a 13% increase over the prior year, with an adjusted EBITDA margin expanding by 160 basis points to 29.3% [3][4] - Aggregates cash gross profit per ton grew to $11.33, achieving the target of $11-$12, driving operating cash flow of over $1.8 billion, a 29% increase over the prior year [4][6] - Free cash flow increased by over 40% after reinvesting $678 million in capital expenditures [8] Business Line Data and Key Metrics Changes - Aggregate shipments of approximately 227 million tons increased by 3% for the full year, with fourth-quarter shipments increasing by 2% compared to the prior year [5][6] - Same-store aggregate shipments for the full year were slightly lower than the prior year, impacted by weaker single-family residential activity [4][5] - Aggregates mix adjusted price improved by 6% for the full year and 5% in the fourth quarter [6] Market Data and Key Metrics Changes - Public non-highway infrastructure investments grew, with starts in Vulcan markets for water, sewer, and other infrastructure projects increasing double digits in 2025 [11][12] - Highway starts in Vulcan markets continue to grow at three times the rate compared to the U.S. overall [11] - The company expects aggregate shipments to grow between 1% and 3% in 2026, with freight adjusted average selling prices expected to increase between 4% and 6% [13] Company Strategy and Development Direction - The company is committed to improving its underlying business and expanding its industry-leading aggregates franchise in current and new geographies [3] - The focus remains on leveraging demand growth and maintaining a healthy pricing environment for 2026 [19] - The company anticipates further expansion in adjusted EBITDA margin and return on invested capital, driven by strategic portfolio optimization [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing profitability and driving cash gross profit in 2026, supported by improving public and private demand [19][21] - The company expects modest overall growth in 2026, with a focus on monitoring residential activity for potential improvements in the second half of the year [12][19] - Management highlighted the importance of the Infrastructure Investment and Jobs Act (IIJA) funding, with over 50% of the funding yet to be spent [11][12] Other Important Information - The company returned $260 million to shareholders through dividends and $438 million through share repurchases [9] - SAG expenses for the full year were $564 million, 10 basis points lower than the prior year as a percentage of revenue [9] - The company plans to reinvest $750 million to $800 million in capital expenditures for operating and maintenance needs in 2026 [15] Q&A Session Summary Question: Insights on Q4 performance and 2026 outlook - Management noted that Q4 performance was impacted by weaker residential activity, weather conditions, and timing costs, but expressed confidence in a healthy pricing environment for 2026 [18][22] Question: Pricing dynamics and mix impacts - Management acknowledged a "triple whammy" effect on pricing due to geographic mix, acquisitions, and product mix, and anticipated pricing to be lower in the first half of 2026, improving later in the year [31][34] Question: Confidence in cost control for 2026 - Management attributed confidence in controlling costs to the Vulcan Way of Operating, which focuses on efficiency and labor management [43][46] Question: Impact of IIJA reauthorization on guidance - Management expects a reauthorization bill to be completed, with historical trends indicating higher funding levels, and noted that 50% of IIJA funding remains unspent [49][50] Question: Data center projects and their impact on margins - Management indicated that data center projects currently represent a significant portion of private demand, with base pricing lower than clean stone products, but overall margins remain stable [60][62] Question: M&A pipeline and opportunities - Management expressed optimism about a healthy M&A pipeline for 2026, focusing on aggregates-led opportunities while maintaining discipline in acquisitions [70][72]

Financial Data and Key Metrics Changes - For Q4 2025, net sales decreased by 12% to $3.4 billion, driven by lower core organic sales and commodity deflation, partially offset by growth from acquisitions [19] - Gross profit was $1 billion, a decrease of 19% year-over-year, with a gross margin of 29.8%, down 250 basis points [22] - Adjusted EBITDA was $275 million, down approximately 44%, with an adjusted EBITDA margin of 8.2%, down 470 basis points from the prior year [23] - Adjusted EPS was $1.12, a decrease of 52% compared to the prior year [23] - Operating cash flow was $195 million, down $179 million, with free cash flow of $109 million for the quarter and $874 million for the year [24] Business Line Data and Key Metrics Changes - Core organic sales decreased by 15% in single-family and 20% in multifamily, with repair and remodel down 7% [20] - The company consolidated 25 facilities in 2025, maintaining an on-time and in-full delivery rate of 92% [9] - The install business remained around 16%-17% of overall business, outpacing the market decline [85] Market Data and Key Metrics Changes - The housing market remains weak, characterized by affordability challenges, muted consumer confidence, and depressed commodity prices [6] - Commodity prices for OSB were below $350 per thousand board foot as of the end of 2025 [7] - The company expects single-family and multifamily starts to be flat year-over-year in 2026, with repair and remodel up 1% [25] Company Strategy and Development Direction - The company is focused on reducing barriers to affordable housing and driving a more efficient, integrated supply chain [4] - Investments of over $110 million were made in new, expanded, or upgraded value-added operations across the footprint [10] - The company aims to pursue acquisitions that expand value-added product offerings and advance leadership in desirable geographies [11] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing housing affordability challenges and a weak market environment impacting sales [6] - The outlook for 2026 is cautious, with expectations for modest growth amid macroeconomic uncertainties [7] - The company remains committed to advancing its strategy with a focus on growth, continuous improvement, and innovation [8] Other Important Information - The company has made 40 acquisitions since the BMC merger in 2021, representing over $2.3 billion in annual sales [14] - Digital investments have processed nearly $7 billion of quotes, reflecting a year-over-year increase of over 130% [15] - The company is implementing SAP across its operations, with plans for broader deployment in 2026 [16] Q&A Session Summary Question: Can you discuss the cadence of the year and expectations for single-family versus R&R? - Management indicated a slow exit from 2025, with expectations for a ramp-up in the first half of 2026, particularly in single-family starts [33][34] Question: Can you provide more detail on the cost actions planned for this year? - Cost actions are primarily SG&A related, with most already executed, and benefits expected to materialize throughout the year [36] Question: What are the dynamics driving gross margin expectations? - Management noted that gross margins have been stable, but Q1 may see volatility due to seasonal factors and contract resets [40][42] Question: How should incremental margins be viewed as volume returns? - Management expects higher than average incremental margins due to operational leverage as the market grows [51] Question: What is the outlook for modular housing and the acquisition of Pleasant Valley Homes? - The acquisition is seen as a strategic move to enhance modular housing capabilities, focusing on partnerships with builders rather than traditional retail [63][65]

Financial Data and Key Metrics Changes - For Q4 2025, net sales decreased by 12% to $3.4 billion, driven by lower core organic sales and commodity deflation, partially offset by growth from acquisitions [18] - Gross profit was $1 billion, a decrease of 19% year-over-year, with a gross margin of 29.8%, down 250 basis points [20] - Adjusted EBITDA was $275 million, down approximately 44%, with an adjusted EBITDA margin of 8.2%, down 470 basis points from the prior year [21] - Adjusted EPS was $1.12, a decrease of 52% compared to the prior year [21] - Operating cash flow was $195 million, down $179 million, with free cash flow of $109 million for the quarter and $874 million for the year [22] Business Line Data and Key Metrics Changes - Core organic sales decreased by 15% in single-family and 20% in multifamily, with repair and remodel down 7% [19] - The company consolidated 25 facilities in 2025, bringing the total to 55 over the past two years, while maintaining a delivery rate of 92% [9] Market Data and Key Metrics Changes - The housing market remains weak, characterized by affordability challenges, muted consumer confidence, and depressed commodity prices [5][6] - Commodity prices for OSB were below $350 per thousand board feet as of the end of 2025 [6] - Economists have mixed outlooks for 2026, with some predicting further declines in single-family starts and others expecting modest growth [6] Company Strategy and Development Direction - The company is focused on reducing barriers to affordable housing and driving a more efficient, integrated supply chain [4] - Investments in technology and operational excellence are prioritized to strengthen competitive positioning and drive long-term value creation [10][26] - The company plans to continue pursuing acquisitions to expand value-added product offerings and enhance market presence [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing housing affordability challenges and a weak market environment but expressed confidence in the company's ability to navigate these issues [4][5] - The company expects net sales for 2026 to be in the range of $14.8 billion to $15.8 billion, with adjusted EBITDA of $1.3 billion to $1.7 billion [24] - Guidance for 2026 includes expectations for flat single-family and multifamily starts, with a slight increase in repair and remodel [24] Other Important Information - The company invested over $110 million in new or upgraded value-added operations in 2025 [10] - The digital platform processed nearly $7 billion in quotes through 2025, representing a year-over-year increase of over 130% [14] Q&A Session Summary Question: Can you discuss the cadence of the year and expectations for single-family versus R&R? - Management indicated a slow exit from 2025 but expects a ramp-up in activity as builders prepare for a stronger summer in 2026 [30] Question: Can you provide more detail on the cost actions planned for this year? - Cost actions are primarily SG&A related and are already in place, with benefits expected to materialize throughout the year [33] Question: What is the outlook for gross margins given the current environment? - Management expects gross margins to remain stable but acknowledges potential variability due to market conditions [36][39] Question: How is the install business performing and what are the expectations for growth? - The install business is performing well, outpacing the overall market decline, and is seen as a growth lever for the company [80] Question: What are the expectations for working capital investments in 2026? - The company anticipates higher working capital investments in 2026 due to expected sales growth and commodity price normalization [87]

Footnote Safe Harbor & Non-GAAP Financial Measures Cautionary Notice Statements in this presentation and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, synergies, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. ...

Core Insights - A multi-sensory installation is featured prominently at the International Builders' Show, showcasing collaboration among Therma-Tru, Larson, Fiberon, Fypon, and Solar Innovations [1] Company Collaboration - Therma-Tru, Larson, Fiberon, Fypon, and Solar Innovations are uniting for this installation, indicating a trend of collaboration within the building materials industry [1]

Core Insights - The company reported consolidated sales of €3,854 million in 2025, reflecting a -0.8% decline on a reported basis but a +3.3% increase on a like-for-like basis, with growth accelerating to +8.1% in the fourth quarter [3][4][48] - EBITDA for 2025 was €771 million, down -1.6% reported but up +3.7% like-for-like, indicating strong operational performance despite adverse exchange rate effects [7][8][48] - The company achieved a consolidated net income of €307 million, representing a +5.7% increase on a reported basis and +11.9% on a like-for-like basis, with a net margin of 8.0% [11][48] Financial Performance - Consolidated sales: €3,854 million in 2025, down -0.8% reported, up +3.3% like-for-like [3][48] - EBITDA: €771 million, down -1.6% reported, up +3.7% like-for-like [7][48] - Recurring EBIT: €445 million, down -2.7% reported, up +4.0% like-for-like [9][48] - Consolidated net income: €307 million, up +5.7% reported, +11.9% like-for-like [11][48] - Free cash flow: €324 million, down -13.0% from €373 million in 2024 [24][48] Geographic Performance - France: Consolidated sales of €1,198 million, up +3.5% reported, down -2.6% like-for-like [15][51] - Americas: Consolidated sales of €943 million, down -6.0% reported, down -2.0% like-for-like [15][58] - Asia: Consolidated sales of €393 million, down -10.5% reported, down -1.5% like-for-like [15][62] - Mediterranean: Consolidated sales of €514 million, up +3.3% reported, up +34.4% like-for-like [15][64] - Africa: Consolidated sales of €363 million, down -3.3% reported, down -2.9% like-for-like [15][67] Operational Highlights - Cement volumes stabilized in France, with a +3.0% increase for the year, while the Mediterranean region saw strong growth [12][64] - The company achieved a significant reduction in net debt by €85 million, with a leverage ratio of 1.49x [25][48] - The alternative fuel rate increased to 37.4%, reflecting a commitment to sustainability [28][48] Strategic Developments - The company made progress on the VAIA carbon capture project, securing €340 million in subsidies from the French government [33][34] - The outlook for 2026 is positive, with expectations for slight growth in sales and EBITDA on a like-for-like basis [35][36]

Core Insights - UFP Industries showcased innovative, solutions-focused products at the 2026 NAHB International Builders Show aimed at enhancing customer value and advancing the construction industry [1] Product Innovations - The Deckorators® brand introduced the Summit decking line, utilizing proprietary Surestone® technology, and the new Altitude decking line, which features a fire-resistant core with a Class B flame-spread rating [1] - ProWood launched the TrueFrame™ Joist, a kiln-dried after treatment (KDAT) framing solution that is lighter than laminated veneer lumber (LVL) or steel, designed to reduce cupping, twisting, and warping for improved stability [1] - Edge presented the Arris™ mineral-based composite trim, the first of its kind in the category, which is lightweight, durable, and resistant to cracking and separation over time [1] - UFP Site Built introduced Frame Forward Systems, which combines offsite precision with onsite execution, offering wall panels, floor cassettes, roof trusses, and stairs that are accurately built and delivered on time [1] Company Vision - UFP Industries has been a trusted industry leader for over 70 years, focusing on bringing value-added, solutions-focused products to market that meet customer needs and drive innovation in core markets [1]

Core Viewpoint - Titan America SA, a leading fully-integrated producer and supplier of building materials, will participate in the Citi 2026 Global Industrial Tech and Mobility Conference in Miami, Florida on February 18, 2026 [1] Company Overview - Titan America SA operates along the U.S. East Coast and is recognized as a major player in the construction industry [1] - The company specializes in the production of cement and building materials, providing a range of services and solutions [1]