West Fraser Timber Co. Ltd. (WFG): Business Model Canvas [Dec-2025 Updated]

You're looking at a global wood products giant navigating a tough housing cycle, so understanding West Fraser Timber Co. Ltd.'s core business model is defintely crucial right now. As a seasoned analyst, I see a company fighting through market softness by doubling down on its low-cost producer value proposition and a diversified product mix, all while managing over 50 manufacturing facilities and absorbing significant costs, like the $67 million US export duty hit in Q3 2025. Honestly, seeing how they balance a strong balance sheet-Debt/Equity of 0.05-against projected $400M to $450M in 2025 capital expenditures tells a real story about resilience. You need to see the full framework to grasp how they aim to sustain that $5.70 Billion USD trailing revenue stream, so check out the detailed Business Model Canvas below.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships West Fraser Timber Co. Ltd. (WFG) relies on to keep the fiber flowing and the mills running as of late $\mathbf{2025}$. These aren't just vendor agreements; they are foundational to securing resource access and managing regulatory risk in a tough market.

Lake Babine Nation for B.C. fiber access and tenure

The partnership with the Lake Babine Nation (LBN) is a prime example of advancing reconciliation while securing supply. This relationship formalized through a First Nations Woodland Licence in the Smithers area, following earlier agreements like the Log Supply and Forest Management Agreement signed in January $\mathbf{2025}$ and the Joint Development Agreement from April $\mathbf{2024}$.

West Fraser Timber Co. Ltd., valued around $\mathbf{\$5.65}$ billion as of July $\mathbf{2025}$, contributed licence volume from the Bulkley and Morice Timber Supply Areas to facilitate this. The result is a massive expansion of LBN's forestry tenure.

• LBN's tenure grew from approximately $\mathbf{5,600}$ hectares to over $\mathbf{126,000}$ hectares.
• The new licence adds nearly $\mathbf{212,000}$ cubic metres of Allowable Annual Cut (AAC).
• This brings LBN's total tenure volume to more than $\mathbf{230,000}$ cubic metres, equating to about $\mathbf{4,600}$ truckloads of logs annually.
• This move helps advance the 2020 Foundation Agreement goal of securing at least $\mathbf{250,000}$ cubic metres of forest tenure for the Nation.

Strategic logistics providers for North American and European transport

Logistics remain a key variable, especially given the market headwinds. You saw this play out in the second quarter of $\mathbf{2025}$, where the North America Engineered Wood Products segment, like the Lumber segment, had to catch up on previously delayed shipments caused by transportation challenges earlier in the year. Honestly, managing freight costs and reliability is crucial when product pricing is volatile.

West Fraser has a significant transport footprint to cover, targeting shipments of $\mathbf{2.6}$ to $\mathbf{2.8}$ billion board feet for Spruce-Pine-Fir (SPF) and $\mathbf{2.4}$ to $\mathbf{2.6}$ billion board feet for Southern Yellow Pine (SYP) in North America for $\mathbf{2025}$. In Europe, the guidance for OSB shipments for $\mathbf{2025}$ remains $\mathbf{1.0}$ to $\mathbf{1.25}$ billion square feet.

Suppliers for resins, chemicals, and mill equipment

Your operations depend on a steady stream of inputs. West Fraser noted in February $\mathbf{2025}$ that costs for inputs, including resins and chemicals, were expected to remain 'relatively stable' throughout $\mathbf{2025}$.

For specialized products, like Ultra-Low Emitting Formaldehyde (ULEF) composite wood products, the partnership with chemical suppliers is heavily regulated. For instance, specific Executive Orders mandate that West Fraser Timber Co. Ltd. must use commercial resins and suppliers listed in Section A of Confidential Attachment A of Executive Order N-21-379A. Furthermore, confirmatory testing for new resin systems requires demonstration that primary or secondary method test results are no higher than $\mathbf{0.04}$ parts per million ($\text{ppm}$) for those ULEF products.

Government and regulatory bodies for timber licenses

Government bodies dictate the very resource base WFG operates on. West Fraser undergoes comprehensive approval processes to secure the permits and licenses that underpin its total Annual Allowable Cut (AAC) of $\mathbf{12.5}$ million cubic metres. The company directly manages approximately $\mathbf{8.2}$ million hectares of public forestland in Canada, though its annual harvest from this base is less than $\mathbf{1\%}$ of the total area.

Trade policy is another massive external factor impacting these partnerships, as evidenced by the financial impact of U.S. duties. Here's a quick look at the geographic split of lumber production in $\mathbf{2024}$ and the recent tariff impact:

The Lumber segment's Adjusted EBITDA in Q3 $\mathbf{2025}$ was $(\$\mathbf{123})$ million, which included $\$\mathbf{67}$ million of export duty expense tied to the finalization of AR6 rates. Tariffs imposed in March $\mathbf{2025}$ started at $\mathbf{25\%}$ on Canadian softwood lumber exports to the U.S., later shifting to a $\mathbf{10\%}$ minimum rate on all imports in April $\mathbf{2025}$.

Finance: draft $\mathbf{13}$-week cash view by Friday.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Key Activities

You're looking at the core actions West Fraser Timber Co. Ltd. is taking to navigate the market as of late 2025. It's a mix of running the mills, making tough calls on capacity, and managing external pressures like trade policy. Here's the quick math on what they're actively doing.

Manufacturing lumber, OSB, and engineered wood products

West Fraser Timber Co. Ltd. is actively producing across its product lines, though volumes and segment results are shifting based on housing demand. For instance, in the third quarter of 2025, sales were $1.307 billion, which resulted in a net loss of $(204) million, or $(2.63) per diluted share. The Adjusted EBITDA for that quarter was negative at $(144) million.

The operational guidance for 2025 shipments shows the expected output across key segments:

Still, the Pulp & Paper segment posted an Adjusted EBITDA of $7 million in Q1 2025, while the NA EWP segment saw its Q1 2025 Adjusted EBITDA at $125 million.

Portfolio optimization and high-cost capacity curtailment

West Fraser Timber Co. Ltd. is making significant moves to align production with current market conditions, which includes capacity reductions. They announced the indefinite curtailment of the High Level, Alberta OSB mill, which will reduce capacity by 860 million square feet (3/8-inch), with an expected asset impairment loss of approximately $200 million in the fourth quarter of 2025.

Further optimization actions include:

• Continuing to keep the Cordele, Georgia production line idled, representing 440 million square feet (3/8-inch) capacity.
• Permanently closing the Augusta, Georgia lumber mill, reducing capacity by 140 million board feet.
• Permanently closing the 100 Mile House, British Columbia lumber mill, reducing capacity by 160 million board feet.
• Making the 2024 indefinite curtailments at Huttig, Arkansas and Lake Butler, Florida lumber mills permanent.

The Q1 2025 President and CEO comments noted that portfolio optimization, including mill curtailments and closures, helped the Lumber segment post its best quarter in over two years, despite operating well below mid-cycle economics.

Forest management and sustainable fiber harvesting

While specific 2025 harvesting volume statistics aren't immediately present, the company's ongoing operational decisions reflect fiber supply considerations. For example, the permanent closure of the 100 Mile House, British Columbia lumber mill was explicitly stated to be the result of the mill no longer being able to reliably access an adequate volume of economically viable timber.

The company's overall business structure includes over 50 facilities across North America and Europe, with a commitment to sustainable forest practices.

Capital investment to modernize mills, like the Henderson project

Capital investment remains a key activity, focused on modernization and efficiency. The total expected capital expenditures for 2025 are guided to be between $400 million to $450 million. In the third quarter of 2025 alone, capital expenditures reached $90 million.

The Henderson, Texas modernization project is a prime example:

• Original estimated investment: $255 million.
• Revised total capital cost estimate: closer to $275 million.
• Expected ramp-up start: first half of 2025.
• Expected meaningful incremental production: starting in 2026.

These investments are targeted for optimization, automation, and reducing greenhouse gas emissions.

Managing complex international trade duties and tariffs

Managing trade policy is a direct financial activity. In the third quarter of 2025, West Fraser Timber Co. Ltd. incurred a $67 million duty expense linked to finalized U.S. softwood lumber tariffs, which contributed to the Lumber segment's $123 million EBITDA loss for that quarter. This was compounded by a newly announced 10% Section 232 tariff on softwood lumber.

For context on past duty rates affecting results, the final duty rates for the 2021 Period of Investigation (POI) were a final CVD rate of 2.19% and a final ADD rate of 7.06%.

Finance: draft 13-week cash view by Friday.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Key Resources

You're looking at the core assets that let West Fraser Timber Co. Ltd. operate and compete, the stuff that can't easily be replicated. Honestly, in this cyclical industry, having the right physical and financial foundation is everything.

The sheer scale of their physical footprint is a major resource. West Fraser Timber Co. Ltd. runs more than 60 facilities across Canada, the United States, the United Kingdom, and Europe. This geographic spread helps them manage regional market softness, which is key when you're dealing with trade uncertainty, like the new Section 232 tariffs imposed in October 2025.

Their access to raw materials is strategically positioned. You see this in how they source their fiber for lumber production:

• Access to timberland in the US South and Canada.
• In 2024, 48% of West Fraser lumber came from the U.S. South.
• Another 30% was produced in Alberta.
• The remaining 22% came from British Columbia.

This diversification means they aren't solely reliant on one set of forestry regulations or one regional housing market. That's smart planning.

Financially, West Fraser Timber Co. Ltd. maintains a very strong position, which acts as a huge buffer during down-cycles. They have an investment-grade rating supporting their capital strategy. Here's a look at the balance sheet strength:

That low Debt/Equity ratio of 0.05 shows they finance operations primarily through equity, not debt, which is defintely a sign of financial conservatism.

The integrated production model is another critical asset, especially as they modernize. They aren't just running old equipment; they are actively investing to lower costs. For example, the modernization strategy in 2024 focused on safety, productivity, and reliability. You can see this in action with major projects:

• The $275 million redevelopment project at the Henderson, Texas site.
• Start-up for the new Henderson mill was expected in summer 2025.
• They are also wrapping up other capital projects expected to lower costs once operational.

These capital investments are their proprietary edge-they are building lower-cost capacity for the next up-cycle. Finance: draft 13-week cash view by Friday.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Value Propositions

Low-cost producer model for cyclical market resilience.

West Fraser Timber Co. Ltd. has actively managed capacity to maintain a competitive cost structure, evidenced by the indefinite curtailment of operations at its High Level, Alberta OSB mill in spring 2026, which reduces capacity by 860 million square feet (3/8-inch). Also, one production line at the Cordele, Georgia OSB facility, idled since late 2023, remains curtailed, representing 440 million square feet of production capacity. Earlier in 2025, the company cut 300 million board feet of capacity through permanent closures in Augusta, Georgia and 100 Mile House, British Columbia. This strategy supports a portfolio optimization that shifts a greater proportion of production to lower cost mills, as noted following Q1 2025 results. RBC Capital highlighted West Fraser Timber Co. Ltd.'s low-cost operations as a strength. The company maintained a TTM (trailing twelve months) revenue of $5.83 billion as of late 2025, despite a Q3 2025 net loss of $(204) million.

Diversified product mix (lumber, OSB, pulp) mitigates risk.

West Fraser Timber Co. Ltd. produces lumber, engineered wood products (EWP), pulp, and newsprint across its network. The company operates over 50 facilities across Canada, the United States, the United Kingdom, and Europe. The Q3 2025 Adjusted EBITDA was $(144) million, with the Lumber segment posting an Adjusted EBITDA of $(123) million (which included $67 million of export duty expense) and the North America Engineered Wood Products segment posting $(15) million. For comparison, Q1 2025 Adjusted EBITDA was $195 million, representing 13% of sales, while Q2 2025 Adjusted EBITDA was $84 million, or 6% of sales. The Pulp & Paper segment posted an Adjusted EBITDA of $(6) million in Q3 2025, compared to $7 million in Q1 2025.

Sustainable and renewable wood building products (SBTi commitment).

West Fraser Timber Co. Ltd. is on a path to reduce its Scope 1 and 2 GHG emissions by 46.2% by 2030 and its Scope 3 GHG emissions by 25% by 2030, with targets validated by the Science Based Targets initiative (SBTi). As of the 2024 Sustainability Report released in May 2025, manufacturing operations were powered by 75% renewable energy. Furthermore, 100% of the company's woodlands were certified to at least one globally-recognized Sustainable Forest Management standard as of the end of 2024. The company reported a 22% reduction in Scope 1 and 2 emissions compared to 2019 baseline levels, and a 13% reduction in Scope 3 emissions compared to the 2020 baseline levels.

Reliable supply from a broad, geographically diverse network.

The company's operations span more than 50 facilities across Canada, the United States, the United Kingdom, and Europe. West Fraser Timber Co. Ltd. secured a key 2025 milestone with a long-term fiber supply and forest management agreement signed with the Lake Babine Nation's forestry company in British Columbia, subject to Government of British Columbia approval anticipated in 2025. The company maintained $546 million in cash and short-term investments as of September 26, 2025, demonstrating robust liquidity to support operations through market cycles. Capital Expenditures guidance for 2025 is set between $400 million and $450 million.

High-quality structural components for construction.

West Fraser Timber Co. Ltd. produces lumber, including Spruce-Pine-Fir (SPF) and Southern Yellow Pine (SYP), and Engineered Wood Products (EWP) like OSB. The company's 2025 shipment guidance for SPF is 2.6 to 2.7 billion board feet, and for SYP is 2.4 to 2.5 billion board feet. North America OSB shipment guidance for 2025 is reiterated at 6.3 to 6.5 billion square feet (3/8-inch basis). The company has maintained its quarterly dividend for 40 consecutive years, with the declared dividend at $0.32 per share for Q3 2025.

• Q1 2025 Sales: $1.459 billion.
• Q2 2025 Sales: $1.532 billion.
• Q3 2025 Sales: $1.307 billion.
• Q1 2025 Diluted EPS: $0.46 per share.
• Q3 2025 Diluted EPS: $(2.63) per share.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Customer Relationships

You're looking at how West Fraser Timber Co. Ltd. (WFG) manages its customer interactions across its diverse product lines, which range from high-volume commodities to specialized engineered wood. The scale of these interactions is significant; for instance, Q2 2025 sales hit $1.532 billion, while Q3 2025 sales were $1.307 billion, showing the transactional volume they manage.

The relationship structure clearly splits based on product type and customer sophistication.

Dedicated sales and technical support for large builders.

For major, ongoing projects, especially those involving North American Engineered Wood Products (NA EWP), the relationship is likely more direct and consultative. The Lumber Segment and NA EWP segment are the core revenue drivers, making up approximately 46.7% and 40.6% of annual revenues, respectively, suggesting these large-volume customers are critical to the top line. Management specifically noted softer demand in Q2 2025 due to moderating U.S. new home construction, which directly impacts these large-scale builder relationships.

Transactional sales for commodity products via brokers.

For commodity lumber like Spruce-Pine-Fir (SPF) and Southern Yellow Pine (SYP), sales often flow through brokers, fitting a more transactional model. The sheer volume moved suggests this channel is essential for clearing standard inventory. For example, the 2025 SPF shipment target was revised to a range of 2.6 to 2.7 billion board feet, and SYP to 2.4 to 2.5 billion board feet as of Q3 2025. These are massive volumes that require efficient, high-throughput transactional channels.

Long-term, strategic relationships with major distributors.

Distributors form the backbone for broader market reach, especially for panel products. West Fraser Timber Co. Ltd. maintains these relationships by focusing on operational reliability, even when facing headwinds like U.S. tariffs, which created demand uncertainty in Chinese markets for pulp. The company's strategy involves maintaining a defensive balance sheet and controlling costs to be prepared for market recovery, which reassures these long-term partners.

Focus on consistent supply and customer service.

Supply consistency is a measurable focus, as evidenced by the continuous refinement of shipment guidance throughout 2025. Transportation challenges in early 2025 sometimes limited the ability to ship OSB to meet customer demand, highlighting service as a key operational metric. The company actively manages its supply commitments through production adjustments, such as the two-week maintenance outage planned for the Cariboo mill.

Here's a look at the volume commitments that define supply relationships for 2025, based on Q3 guidance:

The company's ability to generate $195 million in Adjusted EBITDA in Q1 2025, representing a 13% margin, shows the effectiveness of managing supply to meet demand, even as the margin compressed to 6% ($84 million Adjusted EBITDA) in Q2 2025 due to softer demand.

The customer relationship strategy is supported by the company's physical footprint and operational flexibility:

• Operates across over 60 locations in Canada, the U.S., the UK, and Europe.
• Owns 34 lumber mills and 15 OSB facilities across North America.
• Focus on portfolio optimization that shifts a greater proportion of production to its lower cost mills.
• Maintained $546 million in cash and short-term investments as of September 26, 2025, ensuring liquidity to support customer commitments.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Channels

West Fraser Timber Co. Ltd. utilizes a multi-pronged distribution approach to move its lumber, engineered wood products, pulp, and paper across North America and globally.

Direct Sales to Large Industrial Customers

Direct sales channels target large-scale industrial users, including construction companies and other manufacturers needing high-volume, consistent supply.

• Primary customers include entities like BMC Stock Holdings, Bois Cascade, Builders FirstSource, and Doman Building Materials.
• The company supplies the Industrial sector directly from its mills.
• West Fraser Timber Co. Ltd. has 40 operations throughout Western Canada and the Southern United States, positioning them near key end-use markets.

Wholesale Distributors and Dealers in North America and Europe

A significant portion of volume moves through established wholesale networks serving the construction and remanufacturing industries.

West Fraser Timber Co. Ltd. employs wholesale lumber distribution to construction companies and serves remanufacturers and treating businesses through its sales channels. The geographic focus is heavily weighted toward the United States, which accounted for approximately 65% of sales in 2021, with 20% in Canada and 15% in Asia and other markets.

Big-Box Retailers for the Repair and Remodeling (R&R) Market

The channel mix includes direct sales to home improvement retailers to capture demand from the repair and remodeling sector, which remains relatively stable.

• Products are utilized for repair and remodeling applications.
• Repair and remodeling demand is noted as relatively stable, though somewhat subdued.

Global Shipping Network for International Exports

West Fraser Timber Co. Ltd. exports lumber and Medium Density Fiberboard (MDF) globally, supported by dedicated logistics and customer service infrastructure.

The company conducts export sales via its Canadian office, which includes customer service support in an office in Japan to manage Asian market demand. The logistics network relies on rail transportation across Canada and into the U.S., utilizing reload sites for efficient delivery. The impact of trade policy on this channel is significant; in Q3 2025, the Lumber segment recorded $67 million of export duty expense attributable to the finalization of AR6.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Customer Segments

You're looking at West Fraser Timber Co. Ltd.'s customer base as of late 2025. The company serves diverse markets, but the core demand drivers for its North American lumber, OSB, and engineered wood panel products remain centered on housing and industrial uses. The financial context for 2025 shows volatility; for instance, third quarter sales were $1.307 billion, down from the second quarter's $1.532 billion, reflecting ongoing market uncertainty.

The most significant uses for West Fraser Timber Co. Ltd.'s North American lumber, OSB, and engineered wood panel products are clearly segmented, though the exact 2025 revenue split isn't published yet, we can use the 2024 breakdown as a strong proxy for the customer mix:

This table shows that for lumber, the Repair and Remodeling (R&R) market was the largest consumer in 2024 at 38%, closely followed by new residential construction at 32%. For OSB, the New Residential segment dominates at 57% of the end-use.

Residential construction (new home builders)

This group is a primary driver for the Lumber segment. West Fraser Timber Co. Ltd.'s CEO noted in Q1 2025 that new home construction showed signs of stabilization, with U.S. housing starts at an annualized rate of nearly 1,400,000 units in that quarter. The company's strategy is to remain prepared for an eventual market recovery, which hinges on this segment improving from the challenges posed by housing affordability.

Repair and Remodeling (R&R) contractors and consumers

R&R was the single largest end-use for North American lumber in 2024 at 38%. Demand from this segment was described as relatively stable but somewhat subdued in early 2025. This customer base relies on the company's products for ongoing maintenance and smaller-scale projects, often less sensitive to high mortgage rates than new builds, but still impacted by overall consumer spending confidence.

Industrial users (e.g., packaging, papers, tissue)

Industrial applications account for a meaningful portion of demand, taking 23% of North American lumber and 10% of OSB in 2024. This segment ties into broader economic activity beyond housing. The Pulp & Paper segment, which serves industrial customers for products like tissue, posted an Adjusted EBITDA of $7 million in Q1 2025, though it saw a loss of $(6) million by Q3 2025. Furthermore, the global pulp market faced disruption in 2025 due to U.S. tariffs affecting Chinese markets.

European construction and panel product markets

West Fraser Timber Co. Ltd. serves this market through its Europe Engineered Wood Products (Europe EWP) segment, which focuses on MDF, particleboard, and OSB panel products. Demand in Europe was expected to improve through 2025, despite ongoing macroeconomic uncertainties surrounding interest rates. The segment's financial performance was weak in early 2025, reporting an Adjusted EBITDA of $(2) million in Q1, but it managed a small positive $1 million by Q3 2025. The company reiterated guidance for 2025 OSB shipments in Europe to be in the range of 1.0 to 1.25 billion square feet (3/8-inch basis).

To keep your finger on the pulse of the company's operational health across these segments, track the quarterly Adjusted EBITDA figures; for example, the North America Engineered Wood Products (NA EWP) segment generated $125 million in Q1 2025, but this fell to a loss of $(15) million by Q3 2025.

Finance: draft 13-week cash view by Friday.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Cost Structure

West Fraser Timber Co. Ltd. operates with a cost structure heavily influenced by raw material availability and significant non-recurring charges, reflecting its operational scale across more than 50 facilities in Canada, the United States, the United Kingdom, and Europe.

Input costs showed mixed trends in late 2025; for instance, in Q3 2025, there was downward cost pressure for resins, while costs for chemicals and waxes remained relatively stable. Manufacturing costs for SPF and SYP units were higher due to reduced production, which was partially offset by lower OSB resin costs.

Key financial data points relevant to the cost and investment structure for the period ending late 2025 include:

The impact of trade policy was a significant cost factor, with the Lumber segment in Q3 2025 including a $67 million export duty expense resulting from the finalization of Administrative Review 6 (AR6). This occurred as the U.S. administration also imposed a new 10% Section 232 tariff effective October 14, 2025.

A major non-cash charge impacting the cost structure in the final quarter of 2025 is the expected asset impairment loss of approximately $200 million. This loss is directly tied to the announced indefinite curtailment of the High Level, Alberta OSB mill, which will reduce capacity by 860 million square feet.

The capital allocation for the year reflects ongoing investment despite market conditions:

• 2025 capital expenditure guidance is set between $400 million and $450 million.
• Sustaining capital is projected at $225 million annually.
• Capital spending in Q3 2025 was $90 million.
• The company is wrapping up capital projects expected to lower costs once operationalized.

The company is focused on operational excellence and operationalizing strategic capital to drive down costs.

West Fraser Timber Co. Ltd. (WFG) - Canvas Business Model: Revenue Streams

You're looking at West Fraser Timber Co. Ltd. (WFG) revenue streams right as the market is showing clear signs of a trough, so the numbers reflect that current pressure. The Trailing Twelve Months (TTM) revenue ending Q3 2025 for West Fraser Timber Co. Ltd. stood at approximately $5.70 Billion USD.

The most recent quarterly snapshot, Q3 2025 sales, came in at $1.307 billion USD. This top-line figure is derived from the core product segments that define how West Fraser Timber Co. Ltd. generates its income.

Here is the breakdown of the primary revenue sources based on the Q3 2025 sales figures:

The Engineered Wood Products (EWP) total above combines the North America EWP segment revenue of $491 Million and the Europe EWP segment revenue of $128 Million from Q3 2025.

Focusing on the specific product lines that feed into those main streams, you see the concentration of the business:

• Lumber sales are driven by Spruce-Pine-Fir (SPF) and Southern Yellow Pine (SYP) volumes.
• Engineered Wood Products sales heavily feature Oriented Strand Board (OSB) across North America and Europe.
• Pulp & Paper sales accounted for $82 Million in Q3 2025.

The company's geographic revenue concentration is also a key part of the revenue story, with the United States being the largest contributor historically, bringing in approximately 67.22% of total revenue in 2024.

You should note the specific shipment data points for Q3 2025, which directly impact the revenue recognized:

• SPF Shipments targeted for 2025 are between 2.6 to 2.7 billion board feet.
• SYP Shipments targeted for 2025 are between 2.4 to 2.5 billion board feet.
• North America OSB Shipments guidance for 2025 is 6,300 to 6,500 MMsf 3/8".

Finance: draft 13-week cash view by Friday.