West Fraser Announces First Quarter 2026 Results

West Fraser Timber Co. Ltd. (TSX and NYSE: WFG) today reported its financial and operating results for the first quarter of 2026.

First Quarter 2026 Highlights

• Sales: $1.334 billion

• Net Earnings: $(188) million, or $(2.40) per diluted share

• Adjusted EBITDA: $(66) million (including $114 million in duty adjustment charges)

• Segment Performance:

  • Lumber: $(84) million Adjusted EBITDA

  • North America EWP: $11 million Adjusted EBITDA

  • Europe EWP: $10 million Adjusted EBITDA

CEO Commentary

Sean McLaren, President and CEO, stated:

“We benefited from improved commodity pricing and demonstrated the resilience of our diversified portfolio. While results were impacted by non-cash duty adjustments related to prior periods, all core segments delivered positive Adjusted EBITDA excluding these items.”

He also noted successful operational recovery at the Blue Ridge lumber mill following a January fire and confirmed the completion of the High Level, Alberta OSB mill wind-down.

Financial Summary

• Q1 sales increased from $1.165 billion in Q4 2025

• Net loss improved from $(751) million in Q4 2025

• Adjusted EBITDA improved from $(79) million in Q4 2025

Liquidity and Capital Allocation

• Cash & short-term investments: $81 million (down from $202 million at year-end 2025)

• Credit facility usage: $203 million drawn

• Capital expenditures: $94 million in Q1

• Dividend: $0.32 per share paid and declared

• Share repurchases: None year-to-date

Market Outlook

West Fraser expects continued long-term demand for wood building products driven by:

• Aging U.S. housing stock (median age ~44 years)

• Population entering prime home-buying years

• Growth in repair, renovation, and mass timber construction

However, near-term headwinds remain:

• Mortgage rates above 6%

• Housing affordability challenges

• Geopolitical risks, including Middle East conflict impacts on inflation and interest rates

Operational Outlook

• Lumber shipments (2026 target): 2.4–2.7 billion board feet

• North America OSB shipments: 5.9–6.3 billion sq. ft.

• Europe OSB shipments: 1.0–1.25 billion sq. ft.

• Expected capital expenditures (2026): $300–$350 million

The company anticipates stable operations but notes potential cost pressures from higher energy and input prices.

Conference Call Details

West Fraser will host a conference call on:

• Date: April 30, 2026

• Time: 8:30 AM PT / 11:30 AM ET

• Dial-in: 1-888-510-2154 (North America)

A webcast and replay will be available on the company’s website.