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Western Forest Products (WEF) investor relations material
Western Forest Products Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Adjusted EBITDA was negative $65.9 million in Q3 2025, including a $59.5 million non-cash export duty expense, compared to negative $10.7 million in Q3 2024 and $0.5 million in Q2 2025.
Net loss widened to $61.3 million in Q3 2025 from $19.6 million in Q3 2024 and $17.4 million in Q2 2025.
Focused on operational controllables, reducing working capital and debt by $15.7 million, and maintaining a strong balance sheet amid challenging markets and increased lumber duties.
Improved log inventory turnover by 11% since 2023 and achieved above-target mill uptime of 87% in Q3.
Advanced construction of two continuous dry kilns, with commissioning expected in early and mid-2026.
Financial highlights
Revenue was $233.0 million in Q3 2025, down from $241.7 million in Q3 2024 and $289.1 million in Q2 2025.
Adjusted EBITDA margin was negative 28% in Q3 2025, compared to negative 4% in Q3 2024 and 0% in Q2 2025.
Net debt reduced by $15.7 million sequentially, ending at $11.6 million.
Liquidity increased to $234.2 million, supported by working capital reductions and a new $30 million US letter of credit facility.
Recorded $6.9 million in insurance recovery related to the Columbia Vista sawmill.
Outlook and guidance
North American markets expected to remain weak in the near term due to elevated channel inventories, high interest rates, and new U.S. tariffs.
Anticipated central bank rate cuts and lower mortgage rates may support modest U.S. housing demand in 2026.
Q4 order file at 87 million board feet; plan to reduce Q4 lumber production by 35 million board feet.
Adequate log inventories to execute Q4 and Q1 operating plans despite ongoing permitting delays.
Planned 2025 capital expenditures reduced to $30–$35 million, with $16 million allocated to dry kiln projects.
How will the 10% Section 232 tariff impact sales?
What is the specific nature of the La-kwa strike?
What are other liquidity alternatives being explored?
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Next Western Forest Products earnings date
Q4 202513 Feb, 2026
Next Western Forest Products earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Western Forest Products Inc is an integrated forest products company operating in British Columbia and Washington State. The company manufactures and sells lumber and other wood products for residential, commercial, and industrial use, serving global markets. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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