Western Forest Products (WEF) Investor presentation summary

Strategic direction

• Five-year vision: modernize primary manufacturing and shift toward higher-value products through targeted kiln drying, planing and remanufacturing investment.

• Priorities include acquisition and organic growth, leveraging the specialty glulam business, improving fibre utilization and building customer demand for value-added products.

• Coastal fibre supply is shifting from larger logs to smaller second-growth logs; long-term plans align manufacturing capacity with the changing fibre profile.

Business and operating platform

• Platform includes 5 sawmills with 785 million board feet of annual lumber capacity, 4 remanufacturing facilities, 2 glulam facilities and 1 distribution centre.

• Allowable annual cut from coastal B.C. timberlands is 5.6 million m³; operations process a diverse mix including cedar, hemlock, balsam and Douglas fir.

• Average annual revenue since 2015 was $1.12 billion and average annual EBITDA was $93 million, including strike-impacted 2019 and 2020.

• Approximately 76% of lumber revenue comes from non-commodity products; specialty products and global market exposure support margin opportunities.

Financial position and risk management

• At Q2/26, net debt was $32.2 million and available liquidity was $244 million; net debt to capitalization was 6%.

• Non-core asset sales generated $76.4 million gross proceeds in 2025; Columbia Vista property insurance and sawmill site sale generated US$43.5 million gross proceeds.

• Current U.S. softwood lumber duty rate was 35.16%; preliminary AR #7 rate was 25.18%, with the final rate anticipated in H2/26. Section 232 tariffs were 10%.

• Duties on deposit totalled US$225 million (C$319 million) as of June 30, 2026; mitigation includes adjusting sales mix and passing through incremental duties or tariffs.