VANCOUVER, BC — February 11, 2026 — Leads & Copy — West Fraser Timber Co. Ltd. (TSX and NYSE: WFG) reported its fourth quarter results of 2025 today.
The company’s fourth quarter sales reached $1.165 billion, with earnings of $(751) million, or $(9.63) per diluted share. These results compare to the third quarter of 2025, which saw sales of $1.307 billion and earnings of $(204) million, or $(2.63) per diluted share. Adjusted EBITDA for the fourth quarter was $(79) million, compared to $(144) million in the previous quarter.
Annual sales totaled $5.462 billion, with earnings of $(937) million, or $(12.08) per diluted share. This is in contrast to 2024, which had sales of $6.174 billion and earnings of $(5) million, or $(0.07) per diluted share. The full year Adjusted EBITDA was $56 million, a decrease from $673 million in 2024.
Pre-tax earnings included $712 million of restructuring and impairment charges. The Lumber segment Adjusted EBITDA was $(57) million, excluding $473 million in restructuring and impairment charges. The North America Engineered Wood Products (NA EWP) segment Adjusted EBITDA was $(24) million, excluding $239 million in restructuring and impairment charges. The Pulp & Paper segment Adjusted EBITDA was $(1) million, while the Europe Engineered Wood Products (Europe EWP) segment Adjusted EBITDA was $4 million.
For the full year, the Lumber segment Adjusted EBITDA was $(100) million, which includes $67 million in export duty expense linked to the finalization of AR6, but excludes $473 million in restructuring and impairment charges. The NA EWP segment Adjusted EBITDA was $153 million, excluding $239 million in restructuring and impairment charges. The Pulp & Paper segment Adjusted EBITDA was $(2) million, and the Europe EWP segment Adjusted EBITDA was $5 million.
West Fraser repurchased 108,079 shares in the fourth quarter for $7 million. Annually, the company repurchased 1,639,207 shares for $124 million.
West Fraser President and CEO Sean McLaren noted the challenging period marked by softwood lumber duties and tariffs, southern yellow pine lumber and OSB oversupply, and tempered demand attributed to housing affordability constraints. He highlighted advances made with capital investments, including the modernized lumber mill in Henderson, Texas, and the large-scale OSB mill in Allendale, South Carolina. McLaren also mentioned closures and curtailments of uneconomic mills to align with customer demand.
Looking ahead, West Fraser expects key trends to support medium and longer-term demand for new home construction in North America. These include stabilization of inflation and interest rates, a large cohort entering home buying age, and an aging U.S. housing stock. The company anticipates industry demand in Europe and the U.K. to improve but remain challenging in the near term.
The Board of Directors declared a dividend of $0.32 per share, payable on April 2, 2026, to shareholders of record on March 13, 2026. Dividends are designated as eligible dividends under the Income Tax Act (Canada) and are payable in U.S. dollars, with an option for shareholders to receive them in Canadian dollars.
West Fraser is a diversified wood products company with over 50 facilities in Canada, the U.S., the U.K., and Europe. It produces lumber, engineered wood products, pulp, paper, and other residuals used in home construction, repair, industrial applications, papers, and tissue.
Adjusted EBITDA is a non-GAAP financial measure. All dollar amounts in this news release are expressed in U.S. dollars unless noted otherwise.
Source: West Fraser Timber Co. Ltd.
