INVESTOR PRESENTATION October 2025 Photo: Quesnel Sawmill, Quesnel, B.C., Canada Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q3 2025 interim Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") and is discussed in our Managements' Discussion and Analysis ("MD&A") for the three months ended September 26, 2025 (our "Q3 2025 MD&A"). Additional information is also disc ...

Financial Performance - The company's total Adjusted EBITDA for Q2 2025 was $336 million, compared to $328 million in Q1 2025, representing an increase of $8 million[6] - Net earnings for Q2 2025 were $87 million, with a diluted EPS of $0.12, compared to net earnings of $83 million and a diluted EPS of $0.11 in Q1 2025[8] - Adjusted Funds Available for Distribution (Adjusted FAD) for Q2 2025 was $311 million, and year-to-date Adjusted FAD was $304 million[43] Segment Performance - Real Estate, Energy & Natural Resources Adjusted EBITDA increased from $82 million in Q1 2025 to $143 million in Q2 2025, an increase of $61 million[6] - Wood Products Adjusted EBITDA decreased from $161 million in Q1 2025 to $101 million in Q2 2025, a decrease of $60 million[6] - Timberlands Adjusted EBITDA decreased from $167 million in Q1 2025 to $152 million in Q2 2025, a decrease of $15 million[6] Timberlands Key Drivers - In the West, fee harvest volumes and sales volumes were comparable between Q1 and Q2 2025, while sales realizations were comparable overall with moderately higher realizations for Japan[16] - In the South, fee harvest volumes and sales realizations were slightly higher in Q2 2025 compared to Q1 2025[16] - In the North, fee harvest volumes were significantly lower in Q2 2025 due to spring break-up conditions, while sales realizations were slightly higher[16] Real Estate, Energy & Natural Resources - Real Estate Adjusted EBITDA increased from $59 million in Q1 2025 to $113 million in Q2 2025, while Energy & Natural Resources Adjusted EBITDA increased from $23 million to $30 million[26] Wood Products Key Drivers - Lumber sales realizations decreased by 2% in Q2 2025 compared to Q1 2025[36] - Oriented Strand Board (OSB) sales realizations decreased by 12% in Q2 2025 compared to Q1 2025[36] - Engineered Wood Products (EWP) sales volumes were higher for all products, but sales realizations were lower for most products[36] Outlook - The company expects Timberlands earnings to be approximately $10 million lower in Q3 2025 compared to Q2 2025[51] - Real Estate, Energy & Natural Resources earnings are expected to be approximately $60 million lower in Q3 2025 than in Q2 2025, with Adjusted EBITDA approximately $80 million lower[51] - Wood Products earnings are expected to be comparable to Q2 2025, excluding the effect of changes in average sales realizations for lumber and oriented strand board[51]

Core Viewpoint - Louisiana-Pacific Corporation (LPX) reported better-than-expected first-quarter 2025 results, with adjusted earnings and net sales surpassing the Zacks Consensus Estimate, although the bottom line declined year-over-year while the top line remained flat [1][4]. Financial Performance - Adjusted earnings per share (EPS) were $1.27, exceeding the Zacks Consensus Estimate of $1.13 by 12.4%, down from $1.53 in the prior year [4]. - Net sales reached $724 million, surpassing the consensus mark of $693 million by 4.5%, remaining flat year-over-year [4]. - Adjusted EBITDA was $162 million, down 11% from the prior-year quarter, primarily due to lower OSB selling prices and volumes, partially offset by higher Siding net sales [5]. Segment Analysis - **Siding Segment**: Sales increased 11% year-over-year to $402 million, driven by a 9% rise in volume and a 2% increase in average selling prices. Adjusted EBITDA for this segment was $106 million, up 17% from the previous year [6][7]. - **OSB Segment**: Sales decreased 15% year-over-year to $267 million, with a $32 million drop in selling prices and a $13 million decline in sales volumes. Adjusted EBITDA fell 40% year-over-year to $54 million [8]. - **LP South America (LPSA)**: Sales grew 11% year-over-year to $52 million, with adjusted EBITDA increasing 22% to $12 million, largely due to higher sales volumes despite unfavorable currency fluctuations [9]. Cash Flow and Balance Sheet - As of March 31, 2025, the company had $1 billion in liquidity, with cash and cash equivalents at $256 million, down from $340 million at the end of 2024. Long-term debt remained flat at $348 million [10]. - Net cash provided by operations was $64 million compared to $105 million in the same period last year [10]. - The company repurchased 0.6 million shares for $61 million during the first quarter, with $177 million remaining under share repurchase authorizations [11]. Future Outlook - For Q2 2025, LPX expects Siding net sales to range between $445 million and $455 million, reflecting 9-11% growth year-over-year, with adjusted EBITDA between $110 million and $120 million [12]. - For the full year, Siding's net sales are anticipated to grow over 9%, reaching approximately $1.7 billion, with adjusted EBITDA expected between $425 and $435 million [14]. - Consolidated adjusted EBITDA is now projected to be between $535 million and $555 million, down from previous expectations [15].

Financial Data and Key Metrics Changes - Weyerhaeuser reported first quarter GAAP earnings of $83 million or $0.11 per diluted share on net sales of $1.8 billion [6] - Adjusted EBITDA totaled $328 million, a 12% increase over the fourth quarter of 2022 [7] - The company ended the first quarter with $560 million of cash and total debt of just under $5.2 billion [31] Business Line Data and Key Metrics Changes - Timberlands contributed $102 million to first quarter earnings with adjusted EBITDA of $167 million, a $41 million increase compared to the fourth quarter [8] - Real Estate and Natural Resources contributed $56 million to first quarter earnings and $82 million to adjusted EBITDA, with a $6 million increase from the fourth quarter [16] - Wood Products contributed $106 million to first quarter earnings with adjusted EBITDA of $161 million, comparable to fourth quarter results [19] Market Data and Key Metrics Changes - Log demand was healthy in the first quarter, with pricing for grade logs increasing significantly compared to the fourth quarter [9] - In Japan, sales volumes for export logs increased significantly compared to the fourth quarter due to improved demand [11] - In China, log demand moderated significantly due to reduced consumption during the Lunar New Year holiday, leading to a decrease in sales volumes [12] Company Strategy and Development Direction - The company is focused on advancing its Carbon Capture and Sequestration (CCS) project, with a significant milestone achieved through a 25-year off-take agreement with Occidental Petroleum [18] - Weyerhaeuser aims to capitalize on steady demand and pricing for high-value real estate properties [16] - The company is strategically shifting logs to domestic customers in response to market conditions, particularly in light of the ban on U.S. log imports to China [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market remains uncertain, with homebuilder sentiment waning due to economic concerns [50] - The company remains optimistic about long-term housing demand supported by demographic trends and low existing home inventories [51] - Management expects a slight uptick in demand for engineered wood products as building activity increases in warmer months [72] Other Important Information - The company returned $152 million to shareholders through dividends, marking the fourth consecutive year of increasing the base dividend by 5% [32] - Capital expenditures for the quarter were $93 million, including $16 million for the construction of an engineered wood products facility [34] - The company anticipates adjusted EBITDA for the real estate segment to be approximately $50 million higher in the second quarter compared to the first quarter [43] Q&A Session Summary Question: What is the outlook for lumber demand as the building season begins? - Management indicated that overall lumber demand is steady, with some pullback noted in builder confidence levels [62] Question: How do you see the outlook for engineered wood products (EWP) pricing? - Management expects pricing for EWP to remain comparable in the near term, with volumes anticipated to increase due to seasonal building activity [72] Question: Have you adjusted your harvest profile given the softer demand? - Management stated that harvest levels are set to be within sustainable levels and do not anticipate changes unless a significant recession occurs [78] Question: Can you provide more details on the Occidental Petroleum agreement? - Management expressed excitement about the CCS project, noting it is a significant milestone and expects first injection to begin in 2029 [84] Question: How do you view the impact of potential tariffs on timberland valuations? - Management does not expect a meaningful impact on timberland valuations in the near term due to the long-term nature of the asset class [94] Question: What is the expected impact of planned maintenance on OSB pricing? - Management indicated that the planned maintenance would not have a meaningful impact on operating rates in the second quarter [102] Question: How are channel inventories characterized in the current market? - Management noted that inventories are lighter than usual for this time of year, but supply is currently meeting demand [114] Question: What is the outlook for repair and remodel (R&R) activity? - Management expects R&R activity to pick up later in the year, supported by high levels of home equity and an aging housing stock [141]

Financial Performance - Q1 2025 - Total Adjusted EBITDA reached $328 million, a $34 million increase compared to Q4 2024[6] - Net sales increased to $1.763 billion in Q1 2025 from $1.708 billion in Q4 2024[8] - Net earnings before special items were $83 million in Q1 2025, compared to $81 million in Q4 2024[8] - Diluted EPS before special items remained constant at $0.11 in both Q4 2024 and Q1 2025[8] Segment Performance - Q1 2025 - Timberlands Adjusted EBITDA increased to $167 million in Q1 2025, up from $126 million in Q4 2024[6] - Real Estate, Energy & Natural Resources (ENR) Adjusted EBITDA increased to $82 million in Q1 2025, compared to $76 million in Q4 2024[6] - Wood Products Adjusted EBITDA remained stable at $161 million in both Q4 2024 and Q1 2025[6] - Unallocated items resulted in a charge of $82 million to Adjusted EBITDA in Q1 2025, compared to a charge of $69 million in Q4 2024[6] Timberlands Key Drivers - Western Timberlands Adjusted EBITDA increased to $95 million in Q1 2025 from $53 million in Q4 2024, driven by higher domestic sales realizations and moderately higher fee harvest and domestic sales volumes[15, 17] - Southern Timberlands Adjusted EBITDA decreased slightly to $71 million in Q1 2025 from $74 million in Q4 2024, with comparable fee harvest volumes and sales realizations[15, 17] Financial Position - The company's ending cash balance decreased to $560 million in Q1 2025 from $684 million in Q4 2024[45] - Total debt increased to $5.167 billion in Q1 2025 from $5.076 billion in Q4 2024[45]