West Fraser Timber Co. Ltd. · TSX:WFG
West Fraser Timber — Shareholder Meeting (April 2026)
30 slides from West Fraser Timber's shareholder meeting presentation, Apr 22, 2026
Slide 1: Annual General and Special Meeting
Annual General And Special Meeting April 22, 2026
Slide 2: Financial Information and Forward Looking Statements
Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our 2025 Annual Financial Statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and is discussed in our Managements’ Discussio
Slide 3: Forward-looking statements risk factors
By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, and other forward-looking statements will not occur. Factors that could cause actual resul
Slide 4: 2025 in Review
2025 in Review
Slide 5: West Fraser Business Strategy
West Fraser Business Strategy Our business strategy focuses on profitability and excellence in people, driven by three key elements. • Focusing on being low cost • Maintaining a strong balance sheet • Reinvesting our profits into the business 5
Slide 6: 2025 Achievements
2025 Achievements Continuing Growth Through Investment • Invested $411 million of capital into the business Returning Capital to Shareholders • Repurchased $129 million of shares, paid $101 million in dividends Reshaping Our Operating Footprint • Aligning production with demand by shifting output fr
Slide 7: Continuous Improvement Through Portfolio Evolution and Optimization
Continuous Improvement Through Portfolio Evolution and Optimization Actively seeking mill portfolio optimization through acquisitions, divestitures, curtailments/closures* and strategic capital West Fraser – Corporate Development Timeline (late 2021 thru 2025) +305MM FBM Angelina Forest Products saw
Slide 8: Historic Adjusted EBITDA
Historic Adjusted EBITDA Proforma Historical Adjusted EBITDA (US$ millions) Segment Adj EBITDA Mix (US$ millions, excl. Corporate) Lumber NA EWP EU EWP P&P 100% 2 5,000 2,000 7 2 West Fraser 5- year avg. 4,500 1,800 80% Norbord 10- year avg. 4,000 1,600 125 60% 68 127 3,500 Ainsworth 1,400 40% 3,000
Slide 9: Why Investors Should Own West Fraser
Why Investors Should Own West Fraser
Slide 10: Reasons to Invest in West Fraser
Reasons to Invest in West Fraser One of the world’s largest producers of sustainable wood-based building products Offers financial Serves markets Has a track record Has the scope, Is positioned to Has an attractive resilience through with attractive of disciplined and scale, and benefit from strong
Slide 11: Resilience from Product and Geographic Diversity
Resilience from Product and Geographic Diversity
Slide 12: Product & Geographic Diversification – Capacity
Product & Geographic Diversification – Capacity Lumber North America EWP Pulp & Paper UK and Europe EWP 28 facilities 21 facilities 2 facilities 3 facilities SPF 3.0 Bfbm OSB: 8,060 MMsf 3/8” NBSK: 340 Mtonnes OSB 1,515 MMsf 3/8” SYP 3.5 Bfbm Plywood: 760 MMsf 3/8” Newsprint: 135 Mtonnes Particleboa
Slide 13: Wide-ranging Wood Building Products Offering
Wide-ranging Wood Building Products Offering for Principal Homebuilder, Building Construction, and Pro-Dealer Customers 13
Slide 14: Operating Footprint on Two Continents
Operating Footprint on Two Continents 14
Slide 15: Serves Markets with Attractive Longer-term Fundamentals
Serves Markets with Attractive Longer-term Fundamentals
Slide 16: U.S. Housing Start Estimates (Thousands)
U.S. Housing Start Estimates (Thousands) 1,700 1,601 1,600 1,553 1,500 US Housing Starts (‘000s) 1,420 1,400 1,380 1,367 1,357 1,300 1,290 1,250 1,203 1,200 1,174 1,112 1,100 1,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026F 2027F Actual Forecast Range (ex-High & Low) Industry anal
Slide 17: U.S. Leading Indicator of Remodeling (R&R) Activity
U.S. Leading Indicator of Remodeling (R&R) Activity Predicting a modest recovery in 2026 550 Homeowner Improvement & Repairs 515 514 522 (US$ Billions) 510 500 500 450 407 400 362 350 328 323 300 289 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 - Predicted Housing repair an
Slide 18: North American Lumber Supply Is Less Than 60BBF
North American Lumber Supply Is Less Than 60BBF BC Canada Other Canada US South Other US Offshore Imports US Housing Starts (R axis) 80 2.5 70 • North American U.S. Housing Starts (millions) 2.0 60 supply is less than ~60BBF Billion Board Feet 50 1.5 40 • Largely accomplished 1.0 30 through US South
Slide 19: Considerations with Adding Greenfield Lumber Capacity - U.S. South
Considerations with Adding Greenfield Lumber Capacity - U.S. South Significant pre-requisites to building new supply include capital requirements, expertise and workforce needs, and strategy for residuals outlets Approximate resources for Factors related to 250 MMfbm U.S. South mill: adding greenfie
Slide 20: Disciplined and Balanced Allocator of Capital
Disciplined and Balanced Allocator of Capital
Slide 21: Capital Allocation Priorities
Capital Allocation Priorities • Maintain investment-grade rating • Replace end-of-life assets • Maintain cash buffer to aid the • Maintain low-cost position pursuit of opportunistic M&A and • Strategically enhance product larger-scale strategic growth Maintain Reinvest in mix, productivity and capac
Slide 22: Capital Allocation Lookback
Capital Allocation Lookback • Multi-year history of cash flow generation is strong • Significant investments in maintaining, expanding and improving the business at ~44% of cash generated • Excess capital returned to shareholders of ~51% of cash flow, heavily weighted to buybacks, influenced by two
Slide 23: Liquidity
Liquidity ($millions) Available Liquidity* Scheduled Maturities 3,000 1,200 West Fraser is considered 900 investment grade by two US$ Millions US$ Millions 2,000 600 leading rating agencies. 1,000 300 0 0 Agency Rating Outlook '20 '21 '22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2026 2027 2028 2029 2030
Slide 24: Scope, Scale and Expertise to Unlock Growth
Scope, Scale and Expertise to Unlock Growth
Slide 25: West Fraser's Growth Strategy
West Fraser’s Growth Strategy • Our objective is to be the premier wood building products company in North America, resulting in long-term value creation. • Our strategy to achieve this objective is to develop and maintain a highly disciplined organization relentlessly focused on continuous improvem
Slide 26: Positioned to Benefit from Strong Sustainability Fundamentals
Positioned to Benefit from Strong Sustainability Fundamentals
Slide 27: 2025 Sustainability Highlights
2025 Sustainability Highlights ENVIRONMENT SOCIAL GOVERNANCE Capital investment in our Signed a long-term fibre Embedding sustainability McDavid Florida mill supply and forest throughout our operations strengthens the connection management agreement including managing energy between sustainability a
Slide 28: Attractive Record of Creating Shareholder Value
Attractive Record of Creating Shareholder Value
Slide 29: Performance vs. Peers and Relevant Indices
Performance vs. Peers and Relevant Indices Enterprise Value (US$ billions) $6 +139% +127% $4 $2 -10% +174% $0 2005 YE Q4-25 YE West Fraser Peer 1 Peer 2 Peer 3 Source: Bloomberg, FactSet Annualized Total Shareholder Return (US$, dividends reinvested) Jan-01-06* to Feb-05-26 12% 10.9% 10% 8.5% 7.4% 8
Slide 30: Concluding Remarks and Q&A
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West Fraser Timber — Shareholder Meeting (April 2026) on 6ix