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West Fraser Timber (WFG) investor relations material
West Fraser Timber Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 saw negative adjusted EBITDA of $(144) million and a net loss of $204 million, driven by lower product pricing, higher costs, and significant duty expenses, with all segments except Europe EWP reporting negative results.
Liquidity and balance sheet strength remained robust, supported by nearly $1.6 billion available and disciplined working capital management.
Strategic actions included permanent or indefinite closure of underperforming mills, divestiture of three pulp mills, and advancement of capital projects such as the Henderson mill modernization.
Persistent supply-demand imbalances, elevated mortgage rates, and new U.S. tariffs on Canadian softwood lumber impacted results.
A $0.32 per share dividend was declared and approximately 0.55 million shares were repurchased under the NCIB.
Financial highlights
Q3 2025 sales were $1.307 billion, down from $1.532 billion in Q2; adjusted EBITDA was $(144) million, with an adjusted EBITDA margin of (11)%.
Net loss for Q3 2025 was $204 million, or $(2.63) per diluted share, compared to a net loss of $24 million in Q2.
Cash flow from operations was $58 million, down from $285 million in Q2; net cash balance decreased to $212 million.
Capital expenditures increased to $90 million from $78 million quarter-over-quarter.
553,467 shares repurchased for $40 million; $25 million in dividends paid.
Outlook and guidance
2025 shipment guidance for SPF and SYP lumber was lowered at the upper end due to ongoing demand weakness; NA OSB shipment guidance reiterated at 6.3–6.5 billion square feet.
2025 capital expenditure guidance confirmed at $400–$450 million.
Q4 operating rate for OSB expected around 80% due to planned maintenance downtime.
Near-term demand for some wood products remains challenging, but long-term fundamentals are viewed as favorable.
Section 232 tariff's Q4-25 profit impact?
Capital allocation priority: buybacks vs. growth?
Lumber segment: actions beyond shipment cuts?
What is the impact of new Section 232 tariffs?
Are M&A opportunities increasing in this downturn?
What cost reductions from new capital projects?
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Next West Fraser Timber earnings date
Q4 202513 Feb, 2026
Next West Fraser Timber earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
West Fraser Timber Co. Ltd., operates as a diversified manufacturer and marketer of lumber, engineered wood products, pulp, newsprint, and other residuals and renewable energy. The company's products include lumber such as SPF, laminated veneer lumber, pre-fabricated modular buildings and components, and engineered wood products such as I-joists; pulp produced via the kraft process; newsprint; engineered wood building systems; logs harvested from private forests in British Columbia for sale to the company's sawmills under long-term timber supply agreements; and processed stumpage from private forests that it purchases for resale to the sawmill operations in Canada. West Fraser Timber Co. Ltd. was founded in 1955 and is based in Vancouver, Canada.
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