VANCOUVER, B.C. — West Fraser Timber Co. Ltd. has reported its third-quarter results for 2025. All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.

Highlights:

• Sales of $1.307 billion and earnings of $(204) million, or $(2.63) per diluted share.
• Adjusted EBITDA1 of $(144) million, representing (11%) of sales.
• Lumber segment Adjusted EBITDA1 of $(123) million, including $67 million of export duty expense attributable to the finalization of AR6.
• North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $(15) million.
• Pulp & Paper segment Adjusted EBITDA1 of $(6) million.
• Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $1 million.
• Repurchased 553,467 shares for aggregate consideration of $40 million.

"There's no escaping that supply and demand imbalances persist for many of our wood-based building products in an environment where elevated mortgage rates continue to impact housing affordability. And this challenging backdrop has now been joined by increased duty rates and new Section 232 tariffs on Canadian softwood lumber," said Sean McLaren, West Fraser's president and CEO. "Despite these conditions and the resulting uncertainty faced by our industry, we remain steadfast in our strategy, taking appropriate action that will ensure our operations remain flexible and sized to meet the needs of our customers while also controlling costs. We continue to evaluate strategic investments that will make our Company stronger through the cycle and generate long-term shareholder value, even as we maintain robust liquidity and a balanced capital allocation strategy."

Results summary

Third quarter sales were $1.307 billion, compared to $1.532 billion in the second quarter of 2025. Third quarter earnings were $(204) million, or $(2.63) per diluted share, compared to earnings of $(24) million, or $(0.38) per diluted share in the second quarter of 2025. Third quarter Adjusted EBITDA was $(144) million compared to $84 million in the second quarter of 2025. 

Operations

McLaren continues: "The Lumber segment continued to experience a muted demand environment in the third quarter of 2025, which has carried into the fourth quarter. With this backdrop, we are reducing the upper end of the ranges of our 2025 lumber shipment targets. For SPF shipments, we are now targeting 2.6 to 2.7 billion board feet (previously 2.6 to 2.8 billion board feet) and for SYP shipments, we are now targeting 2.4 to 2.5 billion board feet (previously 2.4 to 2.6 billion board feet).

On balance, we continued to experience relatively stable costs for inputs across our supply chain in Q3-25, including chemicals and waxes, while we have experienced some downward cost pressure for resins, and contract labour availability and capital equipment lead times continued to show improvement. We expect these trends to largely continue over the near term.

Based on our current outlook, assuming no deterioration from current market demand conditions in the fourth quarter and no additional lengthening of lead times for projects underway or planned, expected capital expenditures remain in the range of $400 million to $450 million in 20251."

To read the full report, visit westfraser.com.