Louisiana-pacific Corporation · NYSE:LPX
Louisiana-pacific — Q4 2025 Earnings Presentation
17 slides from Louisiana-pacific's earnings presentation, Feb 17, 2026
Slide 1: Q4 and FY 2025 Earnings Presentation
Q4 and FY 2025 Earnings Presentation February 17, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the current
Slide 3: Statement Relating to the Use of Non-GAAP Financial Measures
STATEMENT RELATING TO THE USE OF NON-GAAP FINANCIAL MEASURES During the course of this presentation, certain non-GAAP financial measures will be presented. Non- GAAP financial measures should be considered only as a supplement to, and not as superior to, financial measures prepared in accordance wit
Slide 4: Highlights
HIGHLIGHTS
Slide 5: 2025 Highlights: Q4 and FY 2025 Financial Results
2025 Highlights Q4 2025 FINANCIAL RESULTS Compared to Q4 2024 $567M $50M 6% $0.03 Siding Growth & Margin Net Sales Adj. EBITDA1 Siding Sales Adj. EPS1 (17)% (60)% Growth $(1.00) • 26% EBITDA margin2 • 4% increase in sales volume • 4% increase in ASP $(84)M $67M $75M $20M • 18% growth in ExpertFinish
Slide 6: Financial Results
FINANCIAL RESULTS
Slide 7: Siding – Q4 2025 vs. Q4 2024
SIDING – Q4 2025 VS. Q4 2024 ($ in millions) $24 $97 $(4) $1 $(2) $5 $24 $72 Overall 8% Overall (2)% Raw Materials Prior Year Non- $3M Recurring Items Primed 6% Primed (5)% $6M Freight $(3)M ExpertFinish ExpertFinish Inventory/Other 9% 35% Labor $(2)M $2M 25% 27% SG&A $(3)M 20%2 25%2 2024 Siding Sol
Slide 8: Siding – FY 2025 vs. FY 2024
SIDING – FY 2025 VS. FY 2024 ($ in millions) $54 $(11) $(2) $31 $(23) $444 $60 $390 Overall 4% Overall 4% Freight $(9)M SG&A $(9)M Primed 3% Primed 2% Labor $(8)M Tariffs $(7)M ExpertFinish 9% ExpertFinish Inventory/Other Raw Materials 18% $(7)M $14M 25% 27% OEE 77% Flat to PY 25%2 26%2 2024 Siding
Slide 9: OSB – Q4 2025 vs. Q4 2024
OSB – Q4 2025 VS. Q4 2024 ($ in millions) $(88) $50 (111) MMSF, (100) MMSF Raw Materials SG&A $5M (27)% $3M Mix 50%, Labor $(1)M +1ppt $(84) 19%2 Overall (35)% Commodity (44)% 25% 27% Structural 27% Solutions (28)%2 (28)% $(3) $(8) $5 $(38) $1 2024 ASP Commodity Structural Solutions Inflationary Oth
Slide 10: OSB – FY 2025 vs. FY 2024
OSB – FY 2025 VS. FY 2024 ($ in millions) $(291) $298 (140) MMSF, (170) MMSF Raw Materials Tariffs $(1)M (8)% $9M Mix 50%, Labor $(6)M OEE 79%; Flat $(260) +1ppt vs. PY Overall (25)% Commodity (29)% $(11) 25% Structural 27% Solutions (21)% 27% $(21) $7 25%2 $3 $(1) 1%2 2024 ASP Commodity Structural
Slide 11: Cash Flow
CASH FLOW ($ in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Beginning cash $ 316 $ 346 $ 340 $ 222 Adjusted EBITDA1 50 125 436 688 Change in Working Capital 26 (19) (11) 31 Interest (net) 3 5 1 9 Cash taxes (net) (11) (44) (42) (124) Other operating
Slide 12: 2026 Guidance & Sensitivities
2026 GUIDANCE & SENSITIVITIES Siding Growth and Margin First Quarter Full Year Siding Revenue ~$350-355M (~12% decline) ~$1.7B (~2% growth) Siding Adjusted EBITDA1 ~$80-85M (~23% margin1,2) ~$450M (~26% margin1,2) OSB Guidance OSB Adjusted EBITDA1,3 $25-30M Loss ~$0M Total LP Adjusted EBITDA1,3,4 ~$
Slide 13: Appendix
APPENDIX
Slide 14: Financial Performance
FINANCIAL PERFORMANCE ($ in millions, except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Sales $ 567 $ 681 $ 2,708 $ 2,941 Cost of sales (482) (519) (2,119) (2,110) Gross profit 85 162 589 832 Selling, general, and administrative expenses (
Slide 15: Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA ($ in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income (loss) $ (8) $ 63 $ 146 $ 420 Add (deduct): Provision (benefit) for income taxes (4) 23 50 140 Depreciation and amortization 38 33
Slide 16: Reconciliation of Net Income to Non-GAAP Adjusted Income & Adjusted Diluted EPS
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED INCOME & ADJUSTED DILUTED EPS ($ in millions, except per share amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income per share — diluted $ (0.11) $ 0.89 $ 2.08 $ 5.89 Net income (loss) $ (8) $ 63 $ 1
Slide 17: Revenue and Adjusted EBITDA
REVENUE AND ADJUSTED EBITDA ($ in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 NET SALES Siding $ 384 $ 362 $ 1,689 $ 1,558 OSB 136 267 832 1,184 Other 47 52 187 199 Total Sales $ 567 $ 681 $ 2,708 $ 2,941 ADJUSTED EBITDA Siding $ 97 $ 72 $ 444 $ 390