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West Fraser Timber — WFG Q2 2026 Investor Presentation vfinal (company IR deck)
West Fraser Timber (WFG) · 57 slides · Filed Jul 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All WFG deck slides
Slide 1 — INVESTOR
INVESTOR PRESENTATION July 2026 Photo: Inverness OSB, Inverness, Scotland, U.K.
Slide 2 — Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q2 2026 interim Financial Statements (“Q2 2026 Financial
Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q2 2026 interim Financial Statements (“Q2 2026 Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and is discussed in our Managements’ Discussion and Analysis (“MD&A”) for the three months ended July 3, 2026 (our “Q2 2026 MD&A”). Additional Information is also discussed in our MD&A for the year ended December 31, 2025 (our “2025 Annual MD&A”) and in our audited Financial Statements for the year ended December 31, 2025 (“2025 Annual Financial Statements”). This Presentation uses various Non-GAAP and other specified financial measures, including “Adjusted EBITDA”, “Adjusted EBITDA by segment”, “Adjusted EBITDA margin”, “total debt to total capital”, “net debt to capital”, and “expected capital expenditures”. Additional information relating to the use of these Non-GAAP and other specified financial measures, including required reconciliations, is set out in the section of our Q2 2026 MD&A entitled “Non- GAAP and Other Specified Financial Measures”. Our Q2 2026 MD&A, our 2025 Annual MD&A, our Q2 2026 Financial Statements and our 2025 Annual Financial Statements are available on the Company’s website at www.westfraser.com, on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC website at www.sec.gov/edgar.shtml. Forward Looking Statements: This Presentation includes statements and information that constitutes “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward-looking statements”). Forward-looking statements include statements that are forward- looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts,” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could,” to identify these forward-looking statements. These forward-looking statements generally include statements which reflect management’s expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of West Fraser and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Forward-looking statements are included in the following slides in this Presentation: 2026 Outlook Summary West Fraser at a Glance West Fraser Lumber Capacity Shifting to Regions with Lower Tariff/Duty Risk, Lower Fiber Costs U.S. Housing Start Estimates Lumber and OSB are Not Typically Significant Cost Factors for Home Builders U.S. Leading Indicator of Remodeling (R&R) Activity Illustrative Ecosystem of U.S. South Lumber Mill North American OSB Capacity Liquidity West Fraser’s Growth Strategy Continuous Improvement Through Portfolio Evolution and Optimization U.S. Lumber Portfolio Optimization has Reduced the Cost Base Softwood Lumber Duties West Fraser has Maintained its U.S. Export Market Position M&A Target Attributes – Seeking “High Quality 2025 Sustainability Highlights Our Carbon Story 2025 Sustainability Report Broad Offering of Manufactured Wood Building Products Analyst Commodity Price Forecasts Modeling EBITDA 2
Slide 3 — 3
3 By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: • assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, including the ability to meet our shipment guidance, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East or elsewhere; • future increases in interest rates and inflation or continued sustained higher interest rates and rates of inflation could impact housing affordability and repair and remodelling demand, which could reduce demand for our products; • near and long-term impacts and uncertainties of U.S. administration tariffs, including direct and indirect impacts of the Section 338 tariffs and Section 232 tariffs, and other government policies on the demand and prices of our wood products in the U.S., the demand for products manufactured with our wood products and shipped to the U.S. and the consequential impact on the profitability of our Canadian business, financial condition, results of operations and cash flow and ability to meet our shipment guidance; • risks associated with international trade and trade restrictions, including impact of tariff actions and possible further actions from the Section 232 investigation such as potential tariffs, export controls, including quotas, or incentives to increase domestic production, future cross border trade rulings, agreements and duty rates, including the renegotiation of CUSMA and/or the failure to renew or replace CUSMA as well as the impact of other government policies, including the timing and effectiveness of affordability measures; • global supply chain issues may result in increases to our costs and may contribute to a reduction in near-term demand for our products; • continued governmental approvals and authorizations to access timber supply, and the impact of forest fires, infestations, environmental protection measures and actions taken and legislation adopted by government respecting Indigenous rights, title and/or reconciliation efforts on these approvals and authorizations, and evolving jurisprudence in Canada on aboriginal rights and title; • risks inherent in our product concentration and cyclicality; • effects of competition for logs, availability of fibre and fibre resources and product pricing pressures, including continued access to log supply and fibre resources at competitive prices and the impact of third-party certification standards; including reliance on fibre off-take agreements and third-party consumers of wood chips; • effects of variations in the price and availability of manufacturing inputs, including energy, employee wages, resin and other input costs, and the impact of inflationary pressures on the costs of these manufacturing costs, including increases in stumpage fees and log costs; • availability and costs of transportation services, including truck and rail services, and port facilities, and impacts on transportation services of wildfires and severe weather events, and the impact of increased energy prices on the costs of transportation services; • the recoverability of property, plant and equipment ($3,490 million), goodwill and intangibles ($1,700 million), both as at July 3, 2026, is based on numerous key assumptions which are inherently uncertain, including production volume, product pricing, operating costs, terminal multiple, and discount rate. Adverse changes in these assumptions could lead to a change in financial outlook which may result in carrying amounts exceeding their recoverable amounts and as a consequence an impairment, which could have a material non-cash adverse effect on our results of operations; • transportation constraints, including the impact of labour disruptions, may negatively impact our ability to meet projected shipment volumes; • the timing of our planned capital investments may be delayed, the ultimate costs of these investments may be increased as a result of inflation, and the projected rates of return may not be achieved; • various events that could disrupt operations, including natural, man-made or catastrophic events including drought, wildfires, fires, explosions, mechanical failures, cyber security incidents, any state of emergency and/or evacuation orders issued by governments, and ongoing relations with employees; • risks inherent to customer dependence; • implementation of important strategic initiatives and identification, completion and integration of acquisitions; • impact of changes to, or non-compliance with, environmental or other regulations; • government restrictions, standards or regulations intended to reduce greenhouse gas emissions and our inability to achieve our SBTi commitment for the reduction of greenhouse gases as planned; • the costs and timeline to achieve our greenhouse gas emissions objectives may be greater and take longer than anticipated; • changes in government policy and regulation, including actions taken by the Government of British Columbia pursuant to recent amendments to forestry legislation and initiatives to defer logging of forests deemed “old growth” and the impact of these actions on our timber supply; • impact of weather and climate change on our operations or the operations or demand of our suppliers and customers; • ability to implement new or upgraded information technology infrastructure; • impact of information technology service disruptions or failures or cyber security breaches or attacks; • impact of any product, property or general liability claims in excess of insurance coverage; • risks inherent to a capital intensive industry; • impact of future outcomes of tax exposures; • potential future changes in tax laws, including tax rates; • risks associated with investigations, claims and legal, regulatory and tax proceedings covering matters which if resolved unfavourably may result in a loss to and/or reputational issues for the Company; • effects of currency exposures and exchange rate fluctuations; • fair values of our electricity swaps may be volatile and sensitive to fluctuations in forward electricity prices and changes in government policy and regulation; • future operating costs; • availability of financing, bank lines, securitization programs and/or other means of liquidity; • continued access to timber supply in the traditional territories of Indigenous Nations and our ability to work with Indigenous Nations in B.C. to secure continued fibre supply for our lumber mills through various commercial agreements and joint ventures; • our ability to continue to maintain effective internal control over financial reporting; • the risks and uncertainties described in this document; and • other risks detailed from time to time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators. In addition, actual outcomes and results of these statements will depend on a number of factors including those matters described under “Risks and Uncertainties” in our 2025 Annual MD&A, as updated in our Q2 2026 MD&A, and may differ materially from those anticipated or projected. This list of important factors affecting forward-looking statements is not exhaustive and reference should be made to the other factors discussed in public filings with securities regulatory authorities. Accordingly, readers should exercise caution in relying upon forward-looking statements and we undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral, to reflect subsequent events or circumstances except as required by applicable securities laws.
Slide 4 — Earnings
Q2 2026 Earnings Summary
Slide 5 — Consolidated Financial Results
1 Q2-26 includes $13M recovery to adjust to West Fraser’s estimated ADD rate. Q1-26 Includes $114 million of duty adjustments related to prior period duty adjustment related to AR7, and changes in estimate of amounts recoverable and payable covering all administrative review periods. * Adjusted EBITDA and Adjusted EBITDA by segment are non-GAAP financial measures. See the "Non-GAAP and Other Specified Financial Measures" section of our Q2 2026 MD&A for more information on these measures, including reconciliations to the most directly comparable IFRS measures. ** Adjusted EBITDA margin is a non-GAAP ratio calculated as Adjusted EBITDA divided by sales and may not be comparable to similar financial measures disclosed by other issuers. We believe this ratio provides useful information to investors as an indicator of the Company’s operating performance. See slide 49 for more information on this measure. Consolidated Financial Results US$ Millions Adjusted EBITDA* Q2-26 Q1-26 Lumber1 $41 $(84) EWP - North America 13 11 EWP - Europe 13 10 Other (8) (2) Total $59 $(66) Adjusted EBITDA margin** 4% (5)% US$ Millions (except EPS) Q2-26 Q1-26 Sales $1,434 $1,334 Costs and expenses (1,513) (1,544) Restructuring and impairment 5 - Operating earnings (loss) (74) (210) Finance income (expense) (9) (53) Other income (expense) (5) 13 Earnings (loss) before tax $(89) $(250) Tax recovery (provision) 28 61 Earnings (loss) ($61) $(188) Diluted EPS $(0.78) $(2.40) 5 • Q2-26 Adjusted EBITDA includes $13M recovery to adjust to West Fraser’s estimated ADD rate • Q1-26 Adjusted EBITDA includes $(114)M non-cash adjustment for previous period duties and tariffs
Slide 6 — Q2-26 Consolidated Adjusted EBITDA Reconciliation
* Note: Reconciliation items are rounded to the nearest million. 6 Q2-26 Consolidated Adjusted EBITDA Reconciliation -66 48 59 51 8 18 23 -90 -60 -30 0 30 60 90 120 Q1-26 Realized Price Volume Duties/Tariffs current period Costs Inventory reserves Other Q2-26 4 Prior period duties adj. 114 Q1-26 before duties adjustment 3 Higher lumber and European pricing. Lumber: $43 million Europe: $8 million Higher freight and resin costs (freight recaptured through realized price) Negative net change in inventory valuation: Lumber: ($14) million NA EWP: ($8) million Preliminary AR7 duty adjustment and change in estimate of amounts recoverable related to prior periods
Slide 7 — Q2-26 versus Q1-26
Q2-26 versus Q1-26 Stable backdrop in Q2-26; financial position improved US$ millions unless otherwise indicated Q2 2026 Q1 2026 Change Comments Lumber Shipments (MMfbm) 1,288 1,159 129 SPF up 18% due mainly to restart of Blue Ridge, Alberta facility in late Q1. SYP up 5%, overcoming challenging transportation environment in U.S. South. NA OSB Shipments (MMsf 3/8”) 1,619 1,544 75 Slightly higher shipments in Q2 due to maintenance outages in Q1 offset by High Level closure. EU OSB Shipments (MMsf 3/8”) 289 320 (31) Tracking to full-year guidance. Adjusted EBITDA $59 $(66) $125 Improvement mostly due to larger non-cash duties adjustment in Q1. Cash flow from operations $192 $(170) $362 Working capital unwind in Q2 reversing build in Q1. Capital Expenditure $65 $94 $(26) Continue to execute on strategic capital. Net Debt (Cash)* $317 $457 $(140) Net debt decreased as cash flow from operations was put towards debt repayment; significant financial flexibility maintained. Net Debt to Capital* 5% 8% (3)% 7 * Net debt (cash) is calculated as total debt less cash and cash equivalents. Net debt to capital is a capital management measure calculated by dividing net debt by total capital, expressed as a percentage. See the “Non-GAAP and Other Specified Financial Measures” section of our Q2 2026 MD&A for more information on these measures, including reconciliations to the most directly comparable IFRS measures.
Slide 8 — 2026 Outlook
2026 Outlook 8 US$ unless indicated otherwise 2026F 2025 Commentary SPF Shipments (MMfbm) 2,400 – 2,700 2,664 100 Mile House (BC) mill closed in late 2025; another modest demand year expected in 2026. SYP Shipments (MMfbm) 2,400 – 2,700 2,448 Moderate shipment increase with redistribution of production from recently closed mills, portfolio reliability and capital improvement gains, and ramp of Henderson, Texas sawmill. N.A. OSB Shipments (MMsf 3/8”) 5,900 – 6,300 6,345 High Level (AB) mill indefinitely curtailed as of end of April; expecting somewhat softer OSB demand in 2026. Europe OSB Shipments (MMsf 3/8”) 1,000 – 1,250 1,129 Expecting similar to slightly improved demand in 2026. Capital Expenditures* (MM) $300 – $350 $411 Focus on operationalizing recent major capital projects. Costs Fibre Limited pressure on fiber inputs in Canada Q/Q; U.S. South log costs are expected to decline modestly in 2026, with costs varying by region. Labour constraints expected to continue to improve. Expecting costs for chemicals, fuels, resins and waxes to rise relative to 2025 due to impact of Middle East conflict. Transportation Labour Resin * Expected capital expenditures is a supplemental financial measure that represents our best estimate of the amount of cash outflows relating to additions to capital assets for the year based on our current outlook. See the "Non-GAAP and Other Specified Financial Measures" section of our Q2 2026 MD&A for more information on this measure. No Changes to 2026 Shipments and Capital Expenditures Guidance
Slide 9 — Summary
Summary Continue transformation into leading global wood products company in face of market headwinds 9 Q2 2026 Recap • SPF shipments up 18% from Q1 as Blue Ridge back to full operations, and improved operating efficiency • SYP shipments up 5% from Q1 in spite of transportation issues in US South. • New Henderson mill producing at same level as old Henderson mill, ramp-up continues • High Level OSB mill curtailed as of the end of April ’26 on- time, under budget, with no safety incidents • Q1 and Q2 ’26 were two best quarters in Europe since Q1 and Q2 ‘23 • Declared $0.32 per share quarterly dividend • Strong liquidity position of over $1 billion at end of quarter Looking Forward • Q2 saw similar results to Q1; longer-term demand fundamentals are favourable • Ongoing focus on operational excellence and operationalizing the benefits of strategic capital to drive down costs • Ramp-up of modernized Henderson sawmill continues • Strong balance sheet and liquidity provide flexibility to navigate uncertainty and pursue disciplined capital allocation
Slide 10 — Rationale
West Fraser Investment Rationale
Slide 11 — West Fraser at a Glance
West Fraser at a Glance 11 SCALE & FINANCIAL POSITION INVESTMENT RATIONALE $5.5B FY 2025 sales Operating scale on 2 continents >$1.0B Available Liquidity* As at Q2-2026 $5.2B Market Cap. As at July 24, 2026 $5.1B Returned to shareholders Dividends + share repurchases since 2016 $4.6B Capital reinvested In the business since 2016 50+ Operating facilities Canada, U.S., U.K. and Europe Offers financial resilience through a portfolio that is product and geographically diverse Serves markets with attractive longer-term fundamentals Has a track record of disciplined and balanced capital allocation Has the scope, scale, and expertise to unlock further growth Is positioned to benefit from strong sustainability fundamentals Has an attractive record of creating shareholder value CORE PRODUCTS ENGINEERED WOOD PRODUCTS (EWP) Strategically integrated with our lumber operations PLYWOOD MDF LVL Integrated operations maximize the value of every log LUMBER ORIENTED STRAND BOARD (OSB) #1 Largest lumber producer in North America Diversified SPF and SYP lumber production #1 Largest OSB producer in the world Leading scale with operations across North America, U.K., and Europe Note: All dollar amounts in U.S. dollars. * For definition of Available Liquidity, refer to Slide 32. A leading producer of renewable wood products with a diversified operating footprint, low-cost focus, strong balance sheet, and through-cycle financial resilience.
Slide 12 — Geographic
Resilience from Product and Geographic Diversity
Slide 13 — Product & Geographic Diversification – Capacity
SPF 3.0 Bfbm SYP 3.5 Bfbm Total 6.5 Bfbm Portfolio diversified across products and regions Product & Geographic Diversification – Capacity 13 Lumber 28 facilities North America EWP 20 facilities Pulp & Paper 2 facilities OSB: 8,060 MMsf 3/8” Plywood: 760 MMsf 3/8” MDF: 240 MMsf 3/4” LVL: 2.7 MMcf NBSK: 340 Mtonnes Newsprint: 135 Mtonnes UK and Europe EWP 4 facilities OSB 1,515 MMsf 3/8” Particleboard 405 MMsf 3/8” MDF 380 MMsf 3/8” Note: Metrics as at December 31, 2025; EWP = Engineered Wood Products.
Slide 14 — Wide-ranging Wood Building Products Offering for Principal
Wide-ranging Wood Building Products Offering for Principal Homebuilder, Building Construction, and Pro-Dealer Customers 14
Slide 15 — Operating Footprint on Two Continents
Operating Footprint on Two Continents 15
Slide 16 — Diverse Industry End-Use Demand with Majority Driven by
0 5 10 15 20 25 30 35 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Billion ft North America Lumber Consumption Housing Construction Residential Improvements Industrial/Other Diverse Industry End-Use Demand with Majority Driven by New Residential and Lower-Volatility R&R Markets 16 North America Lumber End Use 2025 Source: FEA. New Residential 31% R&R 39% Industrial 23% Non-Residential & Other 7% North America OSB End Use 2025 New Residential 56% R&R 25% Industrial 10% Non-Residential 10%
Slide 17 — West Fraser Lumber Capacity Shifting to Regions with Lower
0 400 $USD/MBF US West Coast B.C. Interior Quebec Ontario US South West Fraser Lumber Capacity Shifting to Regions with Lower Duty/Tariff Risk, Lower Fiber Costs 17 British Columbia 18% Alberta 28% US South 54% 2025: 6.5 Bfbm British Columbia 77% Alberta 12% US South 11% 2004: 2.8 Bfbm Source: FEA, West Fraser analysis. Estimated Industry Variable Lumber Costs (2023-2025) • US South growth to ~54% of capacity (from ~11% in 2004); lower-cost region, not subject to duty risk • Exposure to higher-cost B.C. fiber reduced to ~18% of capacity (from ~77% in 2004) Net Delivered Wood Costs Manufacturing Costs
Slide 18 — Historic Adjusted EBITDA
Positive EBITDA contributions from all 3 segments in Q2-26 Historic Adjusted EBITDA 18 58 13 106 145 107 45 188 291 119 125 385 672 724 138 865 144 477 225 341 566 563 327 508 856 1,034 104 1,043 4,569 3,212 561 673 56 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Proforma Historical Combined Adj EBITDA (US$ millions) Ainsworth Norbord West Fraser U.S Housing starts (000s, RHS) 10-yr avg. 5-yr avg. 15 -123 -57 -84 41 68 -15 -24 11 13 2 1 4 1 13 -1 -6 -1 -2 -8 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Segment Adj EBITDA Mix (US$ millions, excl. Corporate)(1) Lumber NA EWP EU EWP Other Source: U.S. Census Bureau, West Fraser, Norbord filings. Note: Excludes the proforma effect for the acquisition by West Fraser of 11 sawmills between 2010 and 2017. (1) Totals may not add due to rounding.
Slide 19 — Longer-term
Serves Markets with Attractive Longer-term Fundamentals
Slide 20 — U.S. Housing Start Estimates (Thousands)
Industry analysts do not expect U.S. housing starts to show marked improvement until 2027 U.S. Housing Start Estimates (Thousands) 20 1,112 1,174 1,203 1,250 1,290 1,380 1,601 1,553 1,420 1,356 1,367 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F US Housing Starts (‘000s) Actual Forecast Range (ex-High & Low) Source: U.S. Census Bureau, industry analysts.
Slide 21 — Lumber and OSB are Not Typically Significant Cost Factors for Home
Lumber & OSB are modest contributors to new home construction costs and historically have experienced demand inelasticity in the new home building segment Lumber and OSB are Not Typically Significant Cost Factors for Home Builders 21 Lumber and OSB products generally comprise 15-20% of the total labour and materials costs to frame a SF house; combined, lumber and OSB costs are typically ~3% of total construction costs and ~2% of new home selling prices** Mix of Total Construction* Costs for SF Home (2013-2024) Lumber & OSB Materials – Minor Proportion of Framing Costs * Construction costs include all labour and materials costs ** Used average of 2019 & 2024 house price and costing data to exclude COVID-related supply chain and pricing dynamics; assumes 15,000 fbm of lumber and 10,000 sf (3/8”) of OSB consumed per 2,400-2,600 sf SF house, $500/MBFM lumber and $300/MSF (7/16”) OSB prices. Site Work Foundations All Framing Exterior Finishes Major Systems Rough-ins Interior Finishes Final Steps Other Source: NAHB Construction Cost surveys, West Fraser analysis. Labour & Other Materials Lumber OSB
Slide 22 — U.S. Leading Indicator of Remodeling (R&R) Activity
U.S. Leading Indicator of Remodeling (R&R) Activity 22 Predicting a modest recovery in 2026 289 323 328 362 407 515 510 500 510 520 0 50 100 150 200 250 300 350 400 450 500 550 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 - Predicted Homeowner Improvement & Repairs (US$ Billions) Housing repair and remodeling dollar spend has largely trended sideways in the years after the COVID pandemic, but industry pundits forecast a modest spending recovery in 2026 Source: Joint Center for Housing Studies of Harvard University, July 2026. West Fraser analysis.
Slide 23 — Illustrative Ecosystem of U.S. South Lumber Mill
Illustrative Ecosystem of U.S. South Lumber Mill 23 By building a new sawmill adjacent to an existing mill we are able to utilize existing infrastructure and skilled labour, enabling a faster ramp-up while reducing financial, operational and execution risks Approximate resources for 250 MMfbm U.S. south mill: • 130-140 employees • 1MM tons of logs • 40k logging truck loads • 400-500k tons of residuals • 16-20k residual truck loads • 25-30k finished goods truck loads Brownfield sawmill Existing fiber supply and logging contractors Existing distribution and supply chain Existing skilled workforce and nearby community Existing energy infrastructure
Slide 24 — Serving a Broad Distribution Network and Customer Base
Serving a Broad Distribution Network and Customer Base West Fraser serves thousands of delivery points and customers across North America; the majority of product shipments use rail to transport Canadian SPF and OSB to U.S. markets and trucks to transport SYP and OSB from mills in the U.S. south. Rail interchange West Fraser Mill Illustrative Transportation Routes Big Box Pro-dealer Distributor & Wholesaler Treater Manufacturing NA Revenue Mix – Top 25 Customers (2025) West Fraser Logistics (shipments, approximate) • Canadian mill origination • 70/30 rail/truck split • Typical delivery to U.S. is 2-4 weeks, 2,000+ kilometers • U.S. mill origination • 15/85 rail/truck split • Typical delivery is 2-3 days, < 400 miles • Annual rail cars: 40-50k+ • Annual trucks: 200-300k+ 24 Pulp
Slide 25 — North American Lumber Supply at 10-year Lows
25 0.0 0.5 1.0 1.5 2.0 2.5 0 10 20 30 40 50 60 70 80 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 U.S. Housing Starts (millions) Billion Board Feet BC Canada Other Canada US South Other US Offshore Imports US Housing Starts (R axis) Since the pandemic highs of production / demand, 2025 marks the 4th consecutive year of contraction in North American production. Reduction in Canadian production of ~15 Bfbm (nearly 700k starts equivalent) due to lack of available logs, mill closures and other constraints, offsetting growth in U.S. South supply Lumber Supply Demand CAGRs B.C. Canada Other Canada U.S. South Other U.S. All N.A. U.S. Starts R & R Spend 5-yr -7.5% -1.3% 1.3% -2.4% -1.1% -0.3% 2.7% Since 2005 -5.7% -1.4% 0.9% -2.2% -1.6% -2.3% 1.4% North American Lumber Supply at 10-year Lows Source: FEA, West Fraser analysis. In recent years, ~1/3rd of N.A. lumber has been supplied by Canada; typically, the large majority (circa 70%) of that Canadian production is exported 44% 44% 44% 44% 44% 46% 45% 45% 44% 43% 45% 45% 44% 42% 39% 37% 37% 34% 33% 34% 32% Canada’s proportion of total supply
Slide 26 — North American OSB Capacity
Capacity has climbed incrementally since 2023; West Fraser is focusing production on its most efficient OSB Mills 26 • West Fraser indefinitely curtailed its High Level, Alberta OSB mill in April 2026 • Arbec indefinitely curtailed its Amos, Quebec OSB mill in December 2025 • Martco/RoyOMartin started up its Corrigan II OSB line in Texas in mid-2024, adding approximately 600 MMSF of annual capacity (3/8” basis) • West Fraser acquired the idled Allendale, South Carolina mill in late 2021 and began the re-start phase of the mill in Q2-23 (estimated annual capacity of 700MMSF (3/8” basis) • West Fraser re-started its OSB mill in Chambord, Quebec in March 2021 • Norbord’s 100 Mile House, B.C. OSB mill was permanently closed in 2020 while a press fire at Tolko’s High Prairie, AB OSB mill in spring 2022 kept that mill out of commission into H1-24 0.0 0.5 1.0 1.5 2.0 2.5 0 5 10 15 20 25 30 35 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NA OSB Capacity, BSF 3/8-inch (LHS) U.S Housing starts, millions (RHS) North America OSB Capacity and U.S. Housing Starts Source: FEA. North American OSB Capacity
Slide 27 — Allocator of
Disciplined and Balanced Allocator of Capital
Slide 28 — Capital Allocation Priorities
Capital Allocation Priorities 28 Maintain Financial Flexibility Return Excess Capital to Shareholders Reinvest in the Business • Replace end-of-life assets • Maintain low-cost position • Strategically enhance product mix, productivity and capacity • Maintain investment-grade rating • Maintain liquidity buffer to aid the pursuit of opportunistic M&A and larger-scale strategic growth initiatives • Repurchase shares when they trade at a discount to estimated intrinsic value • Pay a stable, sustainable dividend
Slide 29 — Capital Allocation Lookback
Capital Allocation Lookback 29 Balanced Capital Allocation Reinvested Returned Retained Debt Service 39% of cash reinvested in existing operations, 7% to growth and optimization 52% of cash flow returned to shareholders through dividends and buybacks 2% of cash retained or dedicated to leverage reduction $10,035 ($3,886) ($698) ($685) $30 $51 ($4,437) ($308) US$ millions $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2016 Through YTD - Jun 2026 (includes 2021 & 2022 SIBs) Reinvested Returned • Multi-year history of cash flow generation is strong • Significant investments in maintaining, expanding and improving the business at ~46% of cash generated • Excess capital returned to shareholders of ~52% of cash flow, heavily weighted to buybacks, influenced by two SIBs * Net of divestitures of US$124MM in H1-24 ** Net of shares issuance
Slide 30 — Share Repurchases
30 Trading volumes have strengthened following a period of subdued activity Share Repurchases $2 $104 $151 $294 $307 $829 $890 $890 $2,208 $4,198 $4,327 $4,472 $4,596 $4,596 $0 $1,000 $2,000 $3,000 $4,000 $5,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Cumulative Investment in Repurchases* (US$ millions) 0 100,000 200,000 300,000 400,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Total Volume Traded (‘000s, All Canadian and U.S. Exchanges) Average repurchase price (CAD$): 2013 $44.60 2014 $51.86 2015 $55.57 2016 $44.06 2017 $68.45 2018 $83.13 2019 $68.30 2020 N/A 2021 $95.29 2022 $112.98 2023 $95.99 2024 $110.72 2025 $106.45 YTD - 2026 N/A Source: FactSet. * Cumulative investment in repurchases is calculated as the sum of all historical cash outflows for share repurchases.
Slide 31 — Lookback on West Fraser’s Capital Reinvested
17% average ROCE through the cycle Lookback on West Fraser’s Capital Reinvested 31 Source: FactSet, West Fraser analysis. * ROCE defined as EBIT / Average ((Total Assets less Cash) – (Current Liabilities less Current Portion of LT Debt)) Note: 2021 ROCE is a proforma estimation that includes Norbord operating earnings and capital employed for Jan 1, 2021 through Jan 31, 2021; excluding this January 2021 stub period, West Fraser’s 2021 ROCE would be 73% 16% 26% 29% -4% 26% 66% 33% -4% 0% -17% -20% 60% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Return on Capital Employed (ROCE)* 17% average
Slide 32 — Liquidity ($millions)
Strong liquidity continues to support financial flexibility Liquidity ($millions) 32 0 1,000 2,000 3,000 '20 '21 '22 23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 US$ Millions Available Liquidity* Bank lines Cash 0 300 600 900 1,200 2026 2027 2028 2029 2030 US$ Millions Term loan Revolver Scheduled Maturities * Available liquidity is a capital management measure calculated as the sum of cash and short-term investments and funds available under committed and uncommitted bank credit facilities. Note: Cash consists of cash and short-term investments less cheques issued in excess of funds on deposit. “Total Debt to Total Capital” is a capital management measure calculated by dividing total debt by total capital, expressed as a percentage. See the “Non-GAAP and Other Specified Financial Measures” section of our Q2 2026 MD&A for more information on these measures, including reconciliations to the most directly comparable IFRS measures. Agency Rating Outlook Moody’s Baa2 Negative Standard & Poor’s BBB- Negative West Fraser Timber is considered investment grade by two leading rating agencies. Note: Ratings are as at July 28, 2026. 0% 20% 40% 60% 2019 2020 2021 2022 2023 Q1 '24 Q2'24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Total Debt to Total Capital Actual Maximum
Slide 33 — and Expertise to
Scope, Scale and Expertise to Unlock Growth
Slide 34 — West Fraser’s Growth Strategy
West Fraser’s Growth Strategy 34 • Our objective is to be the premier wood building products company in North America, resulting in long-term value creation. • Our strategy to achieve this objective is to develop and maintain a highly disciplined organization relentlessly focused on continuous improvement in safety and productivity across all our operations. • We will continually invest in our people and our business to achieve best-in-class productivity and returns that enable continued growth.
Slide 35 — Continuous Improvement Through Portfolio Evolution and
Continuous Improvement Through Portfolio Evolution and Optimization Actively seeking mill portfolio optimization through acquisitions, divestitures, curtailments/closures* and strategic capital Angelina Forest Products sawmill (TX) acquired Dec 2021 Spray Lake Sawmills (AB) acquired Nov 2023 Completed sale of Hinton Pulp mill Feb 2024 2023 2022 2024 Announced closures of Maxville (FL) and Fraser Lake (BC) sawmills and indefinite curtailment of Huttig (AR) sawmill Jan 2024 Announced indefinite curtailment of Perry (FL) sawmill Jan 2023 (reclassified as a closure YE 2023) Announced permanent shift reductions at Fraser Lake (BC) and Williams Lake (BC) sawmills and Quesnel Plywood (BC) Aug 2022 Announced brownfield modernization of Henderson (TX) sawmill Oct 2022 Announced sales of Slave Lake Pulp, Quesnel River Pulp and Hinton Pulp Jul and Sep 2023 West Fraser – Corporate Development Timeline (late 2021 thru Q1 2026) Allendale OSB mill (SC) acquired Dec 2021 +155MM FBM +700MM SF-3/8” +305MM FBM (170MM) FBM (85MM) SF-3/8” (100MM) FBM Proceeds ~US$124MM (440MM) FBM Announced dissolution of 50/50 JV and WF’s continuation as sole owner and operator of Cariboo Pulp & Paper Apr 2024 +170M Tonnes Completed sale of Slave Lake Pulp and Quesnel River Pulp mills Apr 2024 Announced indefinite curtailment of Lake Butler (FL) sawmill Sep 2024 (110MM) FBM * Approximately 1.12 billion fbm of lumber capacity and 860 million square feet (3/8”) of OSB capacity has been removed since 2022 through a combination of permanent shift reductions and mill closures. A West Fraser mill that is indefinitely curtailed has its operations wound down and is typically off-line for a multi-year period. 35 2025 Reclassified Huttig (AK) and Lake Butler (FL) sawmills as closures (previously indefinite curtailments) and announced closures of 100 Mile House (BC) and Augusta (GA) sawmills Nov 2025 (300MM) FBM Began commissioning of Henderson (TX) sawmill; legacy mill ceased operations Oct 2025 +275MM (net +145MM) FBM Announced will indefinitely curtail High Level (AB) OSB mill in spring 2026 Dec 2025 (860MM) SF-3/8” 2026 Completed wind- down of operations at High Level (AB) OSB mill in Apr 2026
Slide 36 — West Fraser has reshaped its U.S. lumber platform to improve cost structure and asset quality
West Fraser has reshaped its U.S. lumber platform to improve cost structure and asset quality 36 2021 - 2025 U.S. Lumber Portfolio Optimization -5 mill closures 22 2.0 2.5 3.0 3.5 4.0 0 5 10 15 20 25 # of Sawmills Capacity - Bfbm 2021 2025 17 -5 sawmills U.S. South Capacity - Bfbm U.S. South Sawmills Actions taken to optimize our U.S. lumber portfolio • Closed 5 sawmills in the U.S. South where long-term economics were less attractive, including those related to log access, market access, and residual outlets • Replaced 2 sawmills via brownfield modernization at Dudley, Georgia, and Henderson, Texas to improve mill efficiency and strengthen position in attractive operating regions • Added 1 sawmill in late 2021 through M&A at Angelina, Texas Continuous improvement delivering lower unit costs Site count down 5, capacity largely preserved Removed high-cost mills while preserving output +2 sawmill brownfield modernizations +1 M&A sawmill acquisition Net Lumber U.S. Capacity Decrease ~2% • Removing higher-cost mills reduced the fixed cost base while preserving our output capacity • Production shifted to lower-cost mills, improving utilization and lowering unit costs • Targeted strategic capex continues to improve capacity, reliability, and cost performance Note: Costs measured in nominal dollars per unit of production. Includes ramp up of New Henderson Facility. Source: West Fraser’s 2021 and 2025 Annual Information Form. Source: Public filings, West Fraser analysis. -2% capacity 100 96 750 900 1,050 1,200 1,350 1,500 90 100 Index Production - MMfbm H1-24 H1-25 H1-26 97 -4% Production - MMfbm Cost/Unit (Q1-24 = 100) U.S. Lumber Portfolio Optimization Has Reduced the Cost Base
Slide 37 — Softwood Lumber Duties
Softwood Lumber Duties 37 West Fraser has comparatively low AR6 duty rates vs. the Canadian industry; an asset optimization and U.S. growth strategy help to mitigate duty risks AR1 ’20-’21 AR2 ’21-’22 AR3 ’22-’23 AR4 ’23-’24 AR5 ’24-’25 AR6 ’25-’26 AR7 ’26-’27 Preliminary ** 4.6% 9.0% 9.0% 19.5% 17.9% 11.1% 5.9% 8.6% 8.3% 6.6% 8.1% 9.3% 16.6% 14.4% 11.9% 47.6% 35.2% 26.5% 31.4% 25.2% 20.9% Canfor All Others West Fraser Final Combined Countervailing and Anti-Dumping Cash Deposit Duty Rates (%) West Fraser – Duties Summary Cash on Deposit with U.S. Department of Commerce (DoC) At Q2 / 26 US $1,077 MM Risk Mitigators for West Fraser • To help mitigate duty payments, West Fraser has optimized its Canadian lumber portfolio (modern, low-cost mills), continues to invest in high-quality U.S. lumber assets (e.g., Angelina, Henderson) and generates a majority of U.S. destination lumber sales from U.S. origins. Source: Government of Canada (Global Affairs website), public filings, West Fraser analysis. Current period * * West Fraser and Canfor are the two mandatory respondents for AR6; “All Others” represent the Canadian lumber exporters other than mandatory and voluntary respondents, whose countervailing and anti-dumping duty rates are determined separately using weighted average calculations of the rates for the respondents. ** Starting in AR7, Resolute FP Canada Inc. is an additional mandatory respondent (combined rate of 25.5%). In AR7, Canfor is not a mandatory respondent for CVD, only for ADD.
Slide 38 — West Fraser has Maintained its U.S. Export Market Position
West Fraser has Maintained its U.S. Export Market Position Source: Global Affairs Canada, West Fraser public disclosures, West Fraser analysis. A low-cost, integrated Canadian platform has allowed West Fraser to weather the downturn and compete effectively through a period of significant industry contraction Estimated Canada-U.S. Softwood Lumber Exports • Since 2021, weaker U.S. demand, higher duties and tariffs, and a reduced annual harvest in B.C. have accelerated capacity reductions and lowered Canada-U.S. softwood lumber exports • The decline is roughly equivalent to the lumber required for 230k housing starts • Against this backdrop, West Fraser has grown its share of Canadian softwood lumber shipments to the U.S. • West Fraser benefits from a lower combined duty and tariff burden than its Canadian lumber peers • With challenges to restarting curtailed capacity, West Fraser is better positioned to serve both Canadian and U.S. customers Note: The AR rates are for the period of review, which do not directly correspond to fiscal calendar years. 13.2 13.7 12.7 11.8 11.8 10.3 9.7 2.0 2.1 1.8 1.8 1.7 1.7 -2 0 2 4 6 8 10 12 14 -2 0 2 4 6 8 10 12 14 Exports (Billion Board Feet) % AR1 2020 AR2 2021 AR3 2022 AR4 2023 AR5 2024 AR6 2025 AR7 – Prelim. Jun-2026 TTM -22% -13% Total Canadian-US Softwood Exports Total West Fraser SPF Shipments to US WFG Advantage to "All Others" Combined Duty and Tariff Rate Weaker economics have reduced Canadian lumber exports to the U.S.; West Fraser has better preserved shipments and strengthened its relative position 38
Slide 39 — M&A Target Attributes – Seeking “High Quality”
M&A Target Attributes – Seeking “High Quality” 39 As West Fraser develops its M&A pipeline and pursues opportunities, a primary focus is on identifying “high quality” assets/businesses that will lower costs or enhance margins, ideally while also moderating West Fraser’s overall EBITDA variability through the cycle • We consider a number of factors when pursuing M&A; examples of “high quality” attributes include: ✓ Close proximity to sustainable, accessible, stable-priced fiber baskets to supply the mill ✓ Synergies with existing mill network e.g. log procurement savings ✓ Attractive or modern manufacturing facilities i.e. good “steel in the ground” ✓ An efficient, reliable work force with supporting community facilities ✓ Nearby access to a robust logistics and transportation network, including available truck/rail capacity ✓ Close proximity to a large customer base ✓ A reliable outlet for sawmill residuals (for the Lumber segment) Attribute “High Quality” Factors at Time of Acquisition Proximity to Fiber Near abundant east Texas fiber baskets Synergies Shared log procurement with WF’s Nacogdoches OSB mill Manufacturing Assets Modern greenfield mill ~18 months into start-up curve Work Force Highly skilled, trained for modernized mill; near Lufkin, TX Logistics/Transportation Efficient site logistics with supportive local infrastructure Proximity to Customers Near three large and growing Texas population centres Outlet for Residuals Multiple buyers in the region Case Study – Angelina Forest Products, Lufkin, Texas (acquired December 2021)
Slide 40 — Sustainability
Positioned to Benefit from Strong Sustainability Fundamentals
Slide 41 — 2025 Sustainability Highlights
People and Communities • 3% Y/Y reduction in Total Recordable Incident Rate (TRIR) • Bell Seal-certified for workplace mental health • 3% Y/Y reduction in U.S. employee turnover • Named one of Canada’s Top 100 Employers for the 13th year • ~70% completion of mental health training (in progress) for Wellness Champions and Team Leaders • Strengthened commitment to PAIR (Indigenous relations) Climate and Environment • 100% Sustainable Forest Initiative (SFI®) fibre sourcing certified • 25% improvement in scope 1 and 2 emissions vs. 2019 baseline • 20% improvement in scope 3 emissions vs. 2020 baseline • 75M+ seedlings planted across regions • $13.3M in carbon credit sales from regulatory compliance operations • Completed Taskforce on Nature-related Financial Disclosures (TNFD) risk assessment 2025 Sustainability Highlights 41 Governance • 42% women on the Board of Directors • Completed double materiality assessment • Filed 2nd annual submission under Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act • Zero material cybersecurity incidents • Biodiversity Community of Excellence (BCOE) established
Slide 42 — Our Carbon Story
Our Carbon Story 42 1 Forest Carbon Stock Change (0.4)*M tonnes CO₂e Net carbon added to managed and sourced forests in 2025 ANNUAL STOCK CHANGE 2 Operations Emissions 6.6M tonnes CO₂e Scope 1, 2 and 3 emissions GHG INVENTORY 3 Wood Product Stock Change (8.8)M tonnes CO₂e Net carbon added to product storage in 2025 ANNUAL STOCK CHANGE 4 Avoided Emissions** (19.8)M tonnes CO₂e Potential emissions avoided versus more emissions-intensive non-wood alternatives such as steel or concrete COMPARATIVE ANALYSIS Renewable wood products store carbon and can displace more emissions-intensive alternatives such as steel and concrete Four distinct carbon flows illustrate the carbon stored, emitted, and potentially avoided across our forests, operations, and products Source: 2025 West Fraser Sustainability Report. Note: * ( ) = net removals, stored carbon, or potential emissions avoided, depending on the category. ** This represents potential emissions avoided when our wood products are used in place of more emission-intensive non-wood alternatives. It is shown in parentheses as it reflects emissions kept out of the atmosphere. It is a comparative value and not an actual removal, sitting outside our GHG inventory. Accumulates Year Over Year Within the GHG Protocol Inventory Boundary Accumulates Year Over Year Outside GHG Protocol Inventory Boundary
Slide 43 — 2025 Sustainability Report
2025 Sustainability Report 43 Our report measures sustainability performance across a variety of environmental, social and governance goals and disclosed targets. Scan the QR code to get our Sustainability Report
Slide 44 — Record of Creating
Attractive Record of Creating Shareholder Value
Slide 45 — Performance vs. Peers and Relevant Indices
Substantial growth in enterprise value, with long-term shareholder returns outperforming peers Performance vs. Peers and Relevant Indices 45 7.8% 11.1% 4.4% 6.1% 2.1% 0.4% 0% 2% 4% 6% 8% 10% 12% West Fraser S&P 500 Global Timber & Forestry** Peer 1 Peer 2 Peer 3 Annualized Total Shareholder Return (US$, dividends reinvested) Jan-01-06* to Jul-24-26 Source: FactSet. * January 1, 2006 starting date selected as it approximates the peak of the last housing cycle in new construction. ** S&P Global Timber & Forestry Index (basket of more than two dozen of the largest publicly-traded companies engaged in ownership, management or the supply chain of forests and timberlands, including makers of forest products, paper and paper packaging). $0 $2 $4 $6 2005 YE Q1-26 QTD Enterprise Value (US$ billions) West Fraser Peer 1 Peer 2 Peer 3 +201% +121% +4% +141% Source: FactSet.
Slide 46 — Appendix
Appendix
Slide 47 — Broad Offering of Manufactured Wood Building Products
Broad Offering of Manufactured Wood Building Products 47 SPF Spruce Pine Fir (SPF) is a species that includes Engelmann spruce, white spruce, hybrid white spruce, lodgepole pine and subalpine fir. This lumber is lightweight, easily worked, takes paint well, holds nails well and exhibits small knots. Plywood Plywood is made from multiple layers, or ply, of softwood veneer glued together with the grain of each layer perpendicular to adjacent layers. Plywood panels have superior dimensional stability, two-way strength and stiffness properties and an excellent strength-to-weight ratio. Particleboard Particleboard is a non-structural, engineered wood panel produced by pressing recycled wood fibre to create a product with a consistent, pristine surface that caters to many everyday applications, such as furniture or cabinets. HiLine® Treated HiLine® Treated is wood pressure treated with a preservative that uses innovative micronized pigment technology to achieve a warm, natural brown tone. Our advanced treatment process, combined with a high quality, consistent substrate, delivers exceptional value for a variety of outdoor building applications OSB Oriented Strand Board (OSB) is a versatile structural wood panel. Used in roofs, walls and floor applications, OSB makes use of wood that may not otherwise have commercial value, which helps to maximize forest utilization. MDF Medium-Density Fibreboard (MDF) is an engineered non-structural wood panel made from 100% western white softwoods that have a consistent light sandy colour. The purity and long fibre allow the finishing to fit a variety of interior applications. SYP Southern Yellow Pine (SYP), known for its strength and durability, grows in the southern United States from Virginia to Florida and west to Texas. SYP lumber is a versatile product used in a variety of applications. LVL Laminated Veneer Lumber (LVL) is manufactured primarily for structural framing in residential and commercial construction. LVL is made from rotary-peeled veneers bonded together under heat and pressure into large panels that are cut into a range of widths.
Slide 48 — West Fraser is North America’s Largest Lumber Producer
9% 8% 6% 6% 5% 4% 48% West Fraser Weyerhaeuser Interfor Canfor Sierra Pacific Georgia-Pacific Domtar Hampton Tolko Idaho Forest Group Rayonier Other West Fraser lumber capacity concentrated in lower-cost timber regions 48 British Columbia 18% Alberta 28% US South 54% West Fraser 2025 Capacity 6.5 Billion feet 2025 N.A. Industry Production 56 Bfbm Source: FEA, Public filings, West Fraser analysis. West Fraser is North America’s Largest Lumber Producer
Slide 49 — West Fraser is the World’s Largest OSB Producer
49 West Fraser is the World’s Largest OSB Producer * Excluding OSB siding capacity. European OSB Industry Kronospan 46% SwissKrono 18% West Fraser 10% Egger 7% Sonae- Arauco 4% Smartply 4% Other 12% Industry Capacity 15 Bsf-3/8" North American OSB Industry* West Fraser 29% Louisiana- Pacific* 15% Georgia- Pacific 12% Weyer- haeuser 12% Tolko 9% Huber 8% Martco 9% Other 6% Source: Company documents, other public filings and West Fraser estimates – capacities estimated as at December 31, 2025. Industry Capacity 28 Bsf-3/8" Europe 16% Canada 34% US 50% West Fraser OSB Capacity by Region 10 Bsf-3/8"
Slide 50 — West Fraser N.A. Lumber and EWP Adjusted EBITDA Margin1
West Fraser N.A. Lumber and EWP Adjusted EBITDA Margin1 Similar, yet different, supply/demand factors for Lumber and OSB markets reflected in margin cycles 50 Note: Lumber adjusted EBITDA is after duties; North America EWP includes Norbord historic North American OSB results. * 2021 cost of products sold for EWP was increased and Adjusted EBITDA decreased by an $86 million one-time charge related to inventory purchase price accounting, lowering 2021 adjusted EBITDA margin ~190 bps -10% 0% 10% 20% 30% 40% 50% 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* 2022 2023 2024 2025 North America Lumber North America EWP (proforma) NA Lumber 10-year Average: 15% NA EWP* (proforma) 10-year Average: 29% 1 Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by sales. See the “Non-GAAP and Other Specified Financial Measures” section of our MD&A for more information on Adjusted EBITDA, including a reconciliation to the most directly comparable IFRS measure. We believe that disclosing this measure assists readers in measuring performance relative to other entities that operate in similar industries and understanding the ongoing cash generating potential of our business. EBITDA margin and Adjusted EBITDA are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers.
Slide 51 — Analyst Coverage
Analyst Coverage 51 Organization Analyst Name Contact BMO Capital Markets Ketan Mamtora (212) 883-5121 [email protected] CIBC World Markets Hamir Patel (604) 331-3047 [email protected] ERA Forest Products Research John Cooney (604) 267-3021 [email protected] Raymond James Daryl Swetlishoff (604) 659-8246 [email protected] RBC Capital Markets Matthew McKellar (236) 333-7429 [email protected] Scotiabank Ben Isaacson (437) 996-8535 [email protected] TD Securities Sean Steuart (416) 308-3399 [email protected]
Slide 52 — Analyst Commodity Price Forecasts (SPF & SYP US$/Mfbm; OSB US$/Msf)
Analyst Commodity Price Forecasts (SPF & SYP US$/Mfbm; OSB US$/Msf) 52 $479 $484 $485 $480 $475 $493 $475 $456 $510 $530 $535 $535 $539 $550 Scotia CIBC ERA BMO RBC TD RJ SPF W 2x4 $235 $236 $236 $230 $235 $240 $250 $241 $245 $265 $270 $280 $296 $300 Scotia ERA CIBC RBC BMO TD RJ OSB NC 7/16” $420 $421 $425 $420 $443 $425 $509 $386 $425 $445 $450 $455 $475 $524 Scotia CIBC RBC BMO ERA RJ TD* SYP W 2x4 Source: Analyst reports as of July 28, 2026. 2026E 2027E Note: * TD SYP price estimates are for SYP East 2x4 #2&Btr.
Slide 53 — Modeling EBITDA
Modeling EBITDA 53 Factor Variation Change in pre-tax earnings1 Lumber price $10 (per Mfbm) 51 NA OSB price $10 (per Msf) 54 Europe OSB price £10 (per Msf) 15 U.S. / CAD $ exchange rate2 $0.01 (per $ CAD) 19 Estimated Earnings Sensitivity to Key Variables (Based on 2025 annual shipment volumes - $ millions) Notes: 1. Each sensitivity has been calculated on the basis that all other variables remain constant and is based on changes in our realized sales prices. 2. Represents the USD impact of the initial $0.01 change on CAD revenues and expenses. Additional changes are substantially, but not exactly, linear. Source: West Fraser analysis.
Slide 54 — Illustrative Variable Production Costs for North American
54 Source: FEA, West Fraser analysis. Illustrative Variable Production Costs for North American Lumber Industry 57% 55% 49% 49% 51% 11% 10% 9% 10% 9% 32% 36% 42% 41% 40% B.C. Interior US West Coast Quebec Ontario US South Misc. Energy Labour 100% Variable Lumber Costs (2023-2025) Lumber Manufacturing Costs (2023-2025) Source: FEA, West Fraser analysis. 0 400 $USD/MBF B.C. Interior US West Coast Quebec Ontario US South Net Delivered Wood Costs Manufacturing Costs Note: 1) Canadian costs converted to USD using the average of BoC yearly rates from ‘23-‘25. 2) Misc. = all misc. costs associated with maintaining a mill. For example: maintenance costs, supplies to operate the mill, and any other costs incurred when the mill is operational.
Slide 55 — Illustrative Variable Production Costs for North American
55 Source: FEA, West Fraser analysis. Illustrative Variable Production Costs for North American OSB Industry 25% 24% 29% 21% 39% 35% 39% 41% 11% 9% 8% 8% 25% 32% 24% 30% US North US South Western Canada Eastern Canada Misc. Energy Resin / Wax Labour 100% Variable OSB Costs (2023-2025) OSB Manufacturing Costs (2023-2025) Source: FEA, West Fraser analysis. 0 200 $USD/MSF 3/8” US North US South Western Canada Eastern Canada Net Delivered Wood Costs Manufacturing Costs Note: 1) Canadian costs converted to USD using the average of BoC yearly rates from ‘23-‘25. 2) Misc. = all misc. costs associated with maintaining a mill. For example: maintenance costs, supplies to operate the mill, and any other costs incurred when the mill is operational.
Slide 56 — West Fraser Timber Co. Ltd.
West Fraser Timber Co. Ltd. These materials have been prepared by Management of the Company. No regulatory authority has approved or disapproved of the contents of these materials. These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, and shall not constitute an offer, solicitation or sale of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Securities of the Company may not be offered or sold in the United States absent their prior registration or qualification or an applicable exemption from the applicable registration or qualification requirements. TSX and NYSE: WFG WestFraser.com
Slide 57 — 57
57 External Information: Where this presentation quotes any information or statistics from any external source, it should not be interpreted that West Fraser has adopted or endorsed such information or statistics as being accurate. Some of the information presented herein is based on or derived from statements by third parties and has not been independently verified by or on behalf by West Fraser, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein. Currency: In this presentation, all amounts are in U.S. dollars, unless otherwise indicated. Terminology: References in this presentation to “MMfbm” or “mmfbm” mean million board feet, “Bfbm” mean billion board feet, “Bsf-3/8”” mean billion square feet on a 3/8-inch basis, “SPF” means spruce-pine-fir and “SYP” means southern yellow pine. For any other technical terms used in this presentation, please see the Glossary of Industry Terms found in our most recent Annual Report.