Canfor Corporation · TSX:CFP
Canfor — Q1 2026 Earnings Presentation
63 slides from Canfor's earnings presentation, May 7, 2026
Slide 1: 2025 Sustainability Report
2025 Sustainability Report
Slide 2: Contents
Sustainability Overview Environment Social Governance Appendices Sustainability Overview Governance Contents. Message from leadership 3 Board & management 43 About us 4 responsibilities Sustainability highlights 7 Risk management 44 Our sustainability strategy 10 Human rights, supply chain 45 manage
Slide 3: Message from leadership
Sustainability Overview Environment Social Governance Appendices Message from leadership. Over the past year, the forest sector innovation and long-term resilience. and advanced work on a number faced significant turbulence, shaped by Developed through engagement of potential processes to increase s
Slide 4: About us
Sustainability Overview Environment Social Governance Appendices About us. Our values. Safety Canfor is a global leader in the manufacturing of Safety comes first. low-carbon forest products, including lumber, pulp, paper, bioproducts and renewable energy. Respect We foster a diverse workforce that
Slide 5: Our global presence
Sustainability Overview Environment Social Governance Appendices Our global presence. We manufacture high‑quality forest products across our global operations, supported by a workforce of more than 6,400 dedicated employees. Alberta Stockholm Prince George, BC British Columbia Atlanta, GA Edmonton,
Slide 6: Our products
Sustainability Overview Environment Social Governance Appendices Our products. 4.8 billion 416,000 126,000 board feet tonnes tonnes of lumber of pulp of paper Our high-value, low-carbon forest products are in demand around the world. We are known for our reliable quality and dedicated service. Produ
Slide 7: Sustainability Highlights
Sustainability Overview Environment Social Governance Appendices 100% of our North American wood products operations are certified to the SFI Fibre Sustainability Sourcing Standard. Highlights. Safety comes first. We are continuously improving our safety systems and We are proud to share a processes
Slide 8: Sustainability highlights
Sustainability Overview Environment Social Governance Appendices We encourage our suppliers to adopt sustainable forestry practices. 100% of our forestry operations in We increased our percentage of purchased fibre in the US certified to the SFI Forest Management Standard Sweden are certified to the
Slide 9: Sustainability highlights
Sustainability Overview Environment Social Governance Appendices Our pulp operations achieved a silver medal in the EcoVadis sustainability rating. 97% $1 million of our North American contributed to European health We ranked in the top 15% of companies rated, reflecting our commitment to environmen
Slide 10: Our sustainability strategy
Sustainability Overview Environment Social Governance Appendices Our Our Sustainability Framework sustainability strategy. Safety & Cli Ene hain hts ma rg te y y C Rig Ch pl an Operational & ang Hu up m Sustainability is embedded throughout our Excellence S e operations, from the forest to the finis
Slide 11: Performance at a glance
Sustainability Overview Environment Social Governance Appendices We are committed to ongoing sustainability improvement. Performance at a Glance summarizes our progress towards measurable targets in our sustainability focus areas. Achieved On track Not met Sustainable Forestry Safety 100% 29% Reduce
Slide 12: Environment
Sustainability Overview Environment Social Governance Appendices Environment. In this section Sustainable forestry 13 Fibre optimization 17 Energy & climate change 20 Environmental management 27 12
Slide 13: Sustainable forestry
Sustainability Overview Environment Social Governance Appendices Our approach. We aim to conserve wildlife habitats Sustainable forestry is integrated into our business and maintain biodiversity. operations and guided by our Sustainable Forest Management Commitments. Maintaining biodiversity and wil
Slide 14: We practise sustainable forestry across all international regions
Sustainability Overview Environment Social Governance Appendices • We maintain 100% certification to SFI or FSC Forest economic, social and cultural opportunities for the Advancing forestry stewardship Management Standards for all Canfor-managed benefit of current and future generations. We also Sin
Slide 15: 56 million seedlings planted
Sustainability Overview Environment Social Governance Appendices Retaining trees to protect habitat with support from the Canadian government’s 2 Billion Canfor continued to apply forest retention practices Trees program. All reforested sites will be monitored across our managed forests to protect w
Slide 16: Fibre Procurement
Sustainability Overview Environment Social Governance Appendices Fibre Procurement Providing training programs to logging contractors In addition to harvesting fibre from our managed forest In the US, we continued to promote forest certification tenures in Canada, we also procure timber and chips wi
Slide 17: Fibre optimization
Sustainability Overview Environment Social Governance Appendices Our approach. Optimization during manufacturing A large part of the optimization process happens in At Canfor, we work to proudly steward the resources the sawmill. Specialized software is used to maximize entrusted to us, and act with
Slide 18: Our progress
Sustainability Overview Environment Social Governance Appendices In Sweden, our Vida operations manufacture more and home building centres. Our custom pattern stock is than 65,000 tonnes of pellets each year from a premium, value-added wood product that is precision- residuals. These renewable energ
Slide 19: Salvaging and restoration after a wildfire
Sustainability Overview Environment Social Governance Appendices Salvaging and restoration after a wildfire At Canfor, we harvest, utilize and regenerate wildfire- damaged forests as part of our commitment to responsible resource stewardship and maximizing fibre use. By adopting new mill technologie
Slide 20: Energy & climate change
Sustainability Overview Environment Social Governance Appendices Our approach. 2. Climate-smart forest stewardship We will build on our existing work in sustainable At Canfor, we are committed to sustainably managing forest management by collaborating with Indigenous our forestry operations, reducin
Slide 21: Our progress
Sustainability Overview Environment Social Governance Appendices Canfor’s operations are powered by approximately 76% Advancing use of renewable energy renewable energy. We use manufacturing residuals Our North American wood products operations and (biomass) to fuel our mills and pulp operations. Cl
Slide 22: Initiatives at Our Pulp Operations
Sustainability Overview Environment Social Governance Appendices 17,000 emissions performance credits across our BC Initiatives at Our Pulp Operations Reducing electricity use facilities. In Alberta, our facilities earned over 30,000 As a part of the transition to a single-line operation We continue
Slide 23: Energy efficiency initiatives
Sustainability Overview Environment Social Governance Appendices Canfor is also enrolling in the Emissions Reduction • At our WynnWood Sawmill, we took steps to address Alberta’s Strategic Energy Management for compressed air leaks; targeted repairs and ongoing Industry (SEMI) program, which helps i
Slide 24: Our carbon cycle
Sustainability Overview Environment Social Governance Appendices Our carbon cycle. Carbon from the atmosphere is absorbed by trees. Restoration & Regeneration Climate-Smart Forestry Following harvest, Canfor starts forest Our sustainable forest management regeneration. Planted seeds become practices
Slide 25: Our metrics
Sustainability Overview Environment Social Governance Appendices Our metrics. • Emissions from our US wood products operations increased, primarily due to the addition of our new Scope 1 and 2 Emissions sawmill facilities In 2025, our total non-biogenic (market-based) scope 1 • Emissions from our Vi
Slide 26: Energy Consumption Trends
Sustainability Overview Environment Social Governance Appendices Employee at DeRidder Sawmill, DeRidder, LA. Energy Consumption Trends Total Energy Consumption Within Organization (GJ) a, b, c In 2025, Canfor’s total energy consumption was Source 2025 2024 38,670,736 GJ, compared to 44,056,427 GJ in
Slide 27: Environmental management
Sustainability Overview Environment Social Governance Appendices Our approach. management plans, and engage with the community by providing regular updates on actions being taken. At Canfor, we take a proactive approach to Reducing air emissions in our environmental management, including carefully w
Slide 28: Waste Management
Sustainability Overview Environment Social Governance Appendices We also continued to process water for neighbouring industrial sites. Variability in withdrawals continues to Optimizing water use in sawmills Waste Management We continued expanding water meter coverage at our be influenced by operati
Slide 29: Our metrics
Sustainability Overview Environment Social Governance Appendices Finding beneficial uses for ash Our metrics. Canfor Pulp advanced its waste diversion efforts through a strategic 2025 Water Withdrawn (megalitres)a partnership with a ranch located north of Prince George, BC. We diverted more Business
Slide 30: Social
Sustainability Overview Environment Social Governance Appendices Social. In this section Safety 31 People & culture 34 Communities 38 Indigenous relations 40 30
Slide 31: Safety
Sustainability Overview Environment Social Governance Appendices Our approach. Improving tracking and accountability In 2025, we initiated a revision to our gap assessment At Canfor, safety comes first. This is at the core of who and audit process to ensure audits are customized to we are and how we
Slide 32: Safety awards
Sustainability Overview Environment Social Governance Appendices Safety awards In Canada, our Grande Prairie Sawmill and Woodlands team was recognized for their exceptional safety record over the past three years, and for zero Days Away, Restricted or Transferred (DART) incidents in 2024. At Canfor
Slide 33: Safety metrics
Sustainability Overview Environment Social Governance Appendices Employees at Elko Sawmill, Elko, BC. Our metrics. A global safety culture built on sharing best Total Recordable Incident Frequency a, b, c practices and continuous Business Unit 2025 2024 improvement is fundamental Wood Products Opera
Slide 34: People & culture
Sustainability Overview Environment Social Governance Appendices Our approach. We take a structured, multi-faceted approach to • Transition to Leadership (T2L): A virtual program supporting and developing our people. This includes that prepares first-time supervisors to shift from investing in leade
Slide 35: Providing access to advanced credentials
Sustainability Overview Environment Social Governance Appendices Providing access to advanced credentials As we continue to strengthen our talent pipeline, Canfor This year, LEAP supported six employees preparing for remains focused on developing capable, engaged and their first leadership role, tra
Slide 36: Supporting students transitioning to the workforce
Sustainability Overview Environment Social Governance Appendices Supporting students transitioning to the workforce 97% We piloted the High School Career Pathway Program in Mobile, Alabama, in partnership with ACCEL Academy. This initiative provides students with training and coaching in employabili
Slide 37: Health and Wellness
Sustainability Overview Environment Social Governance Appendices Facilitating employee belonging Vice President. All reports are treated with strict In 2025, our Alberta mills piloted a mental health confidentiality, and employees who raise concerns are first aid training program. This training focu
Slide 38: Communities
Sustainability Overview Environment Social Governance Appendices Our approach. Our progress. Canfor is committed to the well-being of the This year, we supported numerous projects through communities in which we operate. As a significant Canfor’s Good Things Come From Trees community employer in man
Slide 39: Community investment
Sustainability Overview Environment Social Governance Appendices Health • $80,000 to local food banks in our North American operating areas • $500,000 over five years (2022 to 2026) to the VGH & UBC Hospital Foundation in support of the Urologic • $1,000 to the Friends of Spruce Grove Library in Sci
Slide 40: Indigenous relations
Sustainability Overview Environment Social Governance Appendices Our approach. Relationship Building Our Canadian Indigenous Relationships Policy guides Continuing engagement our ongoing work with Indigenous communities. It with Swan River First Nation states our aspiration to build strong, long-las
Slide 41: Scholarships and Bursaries; Indigenous Cultural Awareness
Sustainability Overview Environment Social Governance Appendices Expanding our relationship Scholarships and Bursaries with Ktunaxa First Nations We completed new joint tenure management Partnering with the New agreements with three of the Ktunaxa communities Relationship Trust Foundation in southea
Slide 42: Governance
Sustainability Overview Environment Social Governance Appendices Governance. In this section Board & management 43 responsibilities Risk management 44 Human rights, supply 45 chain management & ethical conduct About this report 46 Independent practitioner’s 50 limited assurance report 42
Slide 43: Governance
Sustainability Overview Environment Social Governance Appendices Our approach. Sustainability, Health and Safety Committee The Sustainability, Health and Safety Committee Achieving our sustainability objectives requires (SHS Committee) meets quarterly and is responsible effective governance that con
Slide 44: Risk Management
Sustainability Overview Environment Social Governance Appendices President and CEO monitors progress towards Canfor’s monitoring and reporting. The program, technology, market or reputational major ESG objectives, strategies and which is an important part of our changes. We evaluate our risk The Pre
Slide 45: Human Rights, Supply Chain Management & Ethical Conduct
Sustainability Overview Environment Social Governance Appendices When procuring fibre, we purchase Human Rights, Supply from sources in line with our Log Chain Management & Procurement Program Policy and Fibre Ethical Conduct Procurement Policy, which outline sustainability expectations. A certified
Slide 46: About this report
Sustainability Overview Environment Social Governance Appendices Throughout the report, we may refer to our Canadian Annual Reporting Suite wood products operations, which are also known as “Wood Products Canada”; to our US wood products This report and past sustainability reports operations, which
Slide 47: Changes to reporting in 2025
Sustainability Overview Environment Social Governance Appendices Changes to reporting in 2025 Task Force on Climate-related Certain comparative amounts for prior years have Financial Disclosures been reclassified or restated to conform with updated We are actively assessing the changing landscape of
Slide 48: Materiality Assessment
Sustainability Overview Environment Social Governance Appendices Materiality Assessment 2. Validation 3. Approval Engaging with Our definition of materiality is aligned The topics are validated through a range After validation, we prioritize the most Stakeholders and Partners of internal and externa
Slide 49: Cautionary Note on Forward-looking Statements
Sustainability Overview Environment Social Governance Appendices Indigenous Peoples are rights-holders Cautionary Note on These statements speak only as of the development and use of new technology and titleholders, not stakeholders. date of this report. Forward-looking or lack of appropriate techno
Slide 50: Independent practitioner's limited assurance report
Sustainability Overview Environment Social Governance Appendices Independent practitioner’s limited assurance report. To the Board of Directors of Canfor Corporation. There are no mandatory requirements for the preparation or We exercised professional judgment and maintained presentation of the subj
Slide 51: Limitations, Restriction on Use and Conclusion
Sustainability Overview Environment Social Governance Appendices firm to design, implement and operate a system of Based on the procedures performed and evidence obtained, quality management, including policies or procedures no matters have come to our attention to cause us to believe regarding comp
Slide 52: Appendices
Sustainability Overview Environment Social Governance Appendices Appendices. In this section Glossary 53 Supplementary ESG data 55 On our website Reporting standards and framework indices Prince George Sawmill, Prince George, BC. 52
Slide 53: Glossary
Sustainability Overview Environment Social Governance Appendices Glossary. The following glossary aims to provide additional context for terms used in the Sustainability Report and related disclosures. Sources were accessed at the date of publication and may change over time. Biocomposites 1 – “Made
Slide 54: Glossary (continued)
Sustainability Overview Environment Social Governance Appendices Low carbon 4, 6, 12 – “Low embodied carbon (LEC) materials (commonly referred to as low carbon Sustainability 1, 9, 12 – In 1987, the United Nations Brundtland Commission defined sustainability transportation materials or low carbon ma
Slide 55: Supplementary ESG data
Sustainability Overview Environment Social Governance Appendices Supplementary ESG data. Sustainable forestry. Table 1: Sustainable Forest Management Table 2: Sustainable Fibre Procurement a Canadian Woodlands Operations 2025 2024 Wood Products Operations: Canada 2025 2024 Area of forestland owned,
Slide 56: Species-at-Risk data
Sustainability Overview Environment Social Governance Appendices Table 3: Species-at-Risk Potentially Occurring in Canfor’s Operating Areas Canadian Woodlands Operations a 2025 Critically Imperilled (global) G1 0 Imperilled (global) G2 2 Endangered (national) 6 Threatened (national) 11 Special Conce
Slide 57: Climate change
Sustainability Overview Environment Social Governance Appendices Climate change. Table 1: 2025 Scope 1 and 2 GHG Emissions (tonnes of CO2e) a, b, c, d, e, f, g, h Pulp Operations Wood Products Operations: Wood Products Operations: Vida Operations Total Canada US Scope 1 249,097 83,646 112,392 13,852
Slide 58: Scope 3 GHG Emissions
Sustainability Overview Environment Social Governance Appendices Table 3: Scope 3 GHG Emissions (non-biogenic, tonnes of CO2e) a, b Table 4: 2025 GHG Emissions Intensity (tonnes of CO₂e/unit of production) a Scope 3 Categories 2024 2022 Pulp Operations Wood Products Wood Products Vida Operations Woo
Slide 59: Energy management
Sustainability Overview Environment Social Governance Appendices Energy management. Table 1: Total Energy Consumption within Organization (gigajoules, GJ) a, b, c, d Table 3: Product-Specific Energy Intensities Source Fuel Type Pulp Wood Products Wood Products Vida Corporate Total 2025 Operations Op
Slide 60: Environmental management
Sustainability Overview Environment Social Governance Appendices Environmental management.1 Table 1: Water Withdrawn (megalitres)a, b, c Table 2: Waste Generated (tonnes)a, b, c, d 2025 2024 Pulp Wood Products Vida Total Total Total Operations Operations: Canada Operations On-site Off-site Total Sur
Slide 61: Safety
Sustainability Overview Environment Social Governance Appendices Safety. Table 1: Total Recordable Incident Frequencies (TRIF) a Table 2: Lost-Time Accident Frequency Rate a North American Operations 2025 2024 2025 2024 Vida Operations 19.1 19.3 Total Recordable Incident Frequencies 1.62 1.78 b a. O
Slide 62: People & culture
Sustainability Overview Environment Social Governance Appendices People & culture. Table 1: Key Target-related Metrics a, b Table 4: Total New Hires by Region, Age Group and Gender a 2025 Age 2025 2024 % of critical roles that have succession candidates identified and ready within 2 years 47% Men Wo
Slide 63: Indigenous relations, Community, Business ethics
Sustainability Overview Environment Social Governance Appendices Indigenous relations. Table 7: Board Directors by Age Group and Gender as a % Table 1: Indigenous Relations Age 2025 2024 2025 2024 Men Women Total Men Women Total % of total spend with Indigenous vendors for Canadian operations a 8.6%