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Western Forest Products
Western Forest Products (WEF) investor relations material
Western Forest Products Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Entered 2026 with an improved balance sheet and liquidity despite challenging markets and higher softwood lumber duties in 2025.
Surpassed health and safety targets, achieving a medical incident rate of 2.7 in 2025, with several operations reporting zero recordable incidents.
Advanced strategic priorities, including transition to higher-value products and operational improvements in log and lumber recovery.
Specialty products made up 52% of sales in 2025, and kiln-dried sales reached a record 41% of total sales.
Completed a six-year collective agreement with USW hourly employees, one of the longest in the B.C. Coast sector.
Financial highlights
Q4 2025 Adjusted EBITDA was -CAD 6.2 million, down from CAD 14.4 million in Q4 2024, but improved from -CAD 65.9 million in Q3 2025.
Q4 2025 revenue was CAD 201.9 million, a 26% decrease year-over-year; annual revenue for 2025 was CAD 986.5 million, down from CAD 1,063.9 million in 2024.
Lumber shipments fell 26% and log shipments dropped 34% year-over-year in Q4, impacted by lower harvest volumes and higher duties (45% vs. 14%).
Liquidity at year-end 2025 was approximately CAD 212 million, with a net debt to capitalization ratio of 7%.
Net loss in Q4 2025 was CAD 17.5 million, compared to a net loss of CAD 1.2 million in Q4 2024.
Outlook and guidance
2026 CapEx expected between CAD 45–50 million, including CAD 16 million for new kilns.
Lumber markets remain challenged into 2026, with no significant demand improvement expected in H1.
Operating curtailments in 2025 and planned for Q1 2026 may reduce supply, potentially supporting prices as demand improves.
U.S. mortgage rates at three-year lows could modestly stimulate housing demand.
First quarter order file is approximately 78 million board feet; market demand for Q1 2026 is lower than Q4 2025.
Columbia Vista sale proceeds and debt impact?
Thermally modified Hemlock market strategy?
Optimal manufacturing capacity footprint?
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Next Western Forest Products earnings date
Q1 20266 May, 2026
Western Forest Products
Next Western Forest Products earnings date
Q1 20266 May, 2026
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Frequently asked questions
Western Forest Products Inc is an integrated forest products company operating in British Columbia and Washington State. The company manufactures and sells lumber and other wood products for residential, commercial, and industrial use, serving global markets. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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