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West Fraser Timber
West Fraser Timber (WFG) investor relations material
West Fraser Timber Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 adjusted EBITDA was -$79 million, improving from -$144 million in Q3, with sales of $1.165 billion and a net loss of $751 million, including $712 million in restructuring and impairment charges.
Full year 2025 adjusted EBITDA was $56 million, with sales of $5.462 billion and a net loss of $937 million, reflecting a challenging lumber market and significant one-time charges.
Portfolio optimization included closures and curtailments of higher-cost assets, ramp-up of Allendale OSB mill, and commissioning of the new Henderson lumber mill.
Management focused on maintaining strong liquidity, exceeding $1.2 billion at year-end, supporting capital allocation and operational flexibility.
Transformation strategy executed through mill closures, asset optimization, and ramp-up of modernized facilities.
Financial highlights
Q4 2025 sales were $1.165 billion, down from $1.307 billion in Q3; net loss widened to $751 million from $204 million.
Q4 adjusted EBITDA was -$79 million, up from -$144 million in Q3; full year adjusted EBITDA was $56 million, down from $673 million in 2024.
Q4 cash flow from operations was -$172 million; net debt at $131 million, up from net cash of $212 million in Q3.
$712 million in restructuring and impairment charges significantly impacted pre-tax earnings.
Cumulative duties on deposit reached $1.003 billion.
Outlook and guidance
2026 shipment targets reiterated: SPF and SYP lumber at 2.4–2.7 billion board feet; NA OSB at 5.9–6.3 billion square feet.
Capital expenditures expected to be $300–$350 million, focusing on operationalizing recent projects.
Management remains cautious on demand outlook, especially for OSB, and continues to focus on cost reduction and operational flexibility.
Long-term fundamentals remain favorable despite near-term headwinds from tariffs and affordability.
Europe EWP segment expects stable or slightly improved demand; OSB shipments targeted at 1.0–1.25 billion square feet.
What is the combined US lumber tariff rate?
How will robust liquidity be maintained in 2026?
What is the net impact of mill closures on 2026 shipments?
How do capacity cuts enhance cost structure?
Impact of Q4 net debt on future flexibility?
M&A: What defines a 'quality' asset?
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Next West Fraser Timber earnings date
Q1 202622 Apr, 2026
West Fraser Timber
Next West Fraser Timber earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
West Fraser Timber Co. Ltd., operates as a diversified manufacturer and marketer of lumber, engineered wood products, pulp, newsprint, and other residuals and renewable energy. The company's products include lumber such as SPF, laminated veneer lumber, pre-fabricated modular buildings and components, and engineered wood products such as I-joists; pulp produced via the kraft process; newsprint; engineered wood building systems; logs harvested from private forests in British Columbia for sale to the company's sawmills under long-term timber supply agreements; and processed stumpage from private forests that it purchases for resale to the sawmill operations in Canada. West Fraser Timber Co. Ltd. was founded in 1955 and is based in Vancouver, Canada.
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