West Fraser Timber Co. Ltd. published the corrected transcript of its Q4 2025 earnings conference call held on February 12, 2026. The call was led by President and CEO Sean McLaren, joined by Executive Vice President and CFO Chris Virostek, Senior Vice President of Sales and Marketing Matt Tobin, and other members of the leadership team. Management said results remained pressured by affordability-driven weakness in housing and repair-and-remodeling demand, but noted sequential improvement versus Q3. West Fraser reported adjusted EBITDA of negative $79 million in Q4 2025, improving from negative $144 million in the prior quarter, and full-year 2025 adjusted EBITDA of $56 million versus $673 million in 2024. “Results remained soft across our business in Q4, as broader housing and repair and remodeling markets continued to face affordability pressures,” the CEO said. The company highlighted portfolio actions and major project milestones, including the ramp-up of the Allendale OSB mill in South Carolina and the completion and commissioning of the new Henderson lumber mill in Texas. The CEO said West Fraser has been “actively investing in, and improving, the business,” adding that Henderson is “positioned to be one of the best mills in our fleet once it achieves full operating rates.” He also said the company has removed over 1.1 billion board feet of lumber capacity since 2022, a 16% reduction, while investing nearly $1 billion into its lumber business over the past four years. CFO Chris Virostek said Q4 sequential EBITDA improvement was supported by “reduced SPF log costs, lower Southern Yellow Pine manufacturing costs, and lower OSB labor costs,” alongside the absence of a prior-quarter out-of-period duty expense, partly offset by lower lumber and OSB prices. He also noted significant non-cash restructuring and impairment charges in Q4 tied to a U.S. lumber goodwill impairment, sawmill closures, and the planned indefinite curtailment of the High Level, Alberta OSB mill. On liquidity, the CEO said West Fraser exited 2025 with “total liquidity exceeding $1.2 billion,” providing flexibility through the cycle. On market conditions, management pointed to tighter product availability for customers as curtailments across the industry reduced supply. Tobin said customers are finding it “a little bit more difficult to get what they're looking for at the time they're looking for it,” which has supported pricing. On M&A, the CEO said the company has “a balance sheet to be able to react to anything of quality that presents itself,” while the CFO added that any leverage taken on would require “a very clear path” to quick deleveraging. The full transcript can be accessed through the link below.

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