Slide 1: Investor Presentation
INVESTOR PRESENTATION July 2026 Photo: Inverness OSB, Inverness, Scotland, U.K.
Slide 2: Financial Information
Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q2 2026 interim Financial Statements (“Q2 2026 Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and is di
Slide 3: Forward-Looking Statements
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: Q2 2026 Earnings Summary
Q2 2026 Earnings Summary
Slide 5: Consolidated Financial Results
Consolidated Financial Results US$ Millions US$ Millions Q2-26 Q1-26 Q2-26 Q1-26 Adjusted EBITDA* (except EPS) Sales $1,434 $1,334 Lumber1 $41 $(84) Costs and expenses (1,513) (1,544) EWP - North America 13 11 Restructuring and impairment 5 - EWP - Europe 13 10 Operating earnings (loss) (74) (210) O
Slide 6: Q2-26 Consolidated Adjusted EBITDA Reconciliation
Q2-26 Consolidated Adjusted EBITDA Reconciliation 120 3 8 Preliminary AR7 duty 18 90 adjustment and change in estimate of amounts 23 recoverable related to prior 51 periods 4 59 60 48 30 Higher lumber and European pricing. Lumber: $43 million Europe: $8 million 0 114 Higher freight and resin costs N
Slide 7: Q2-26 versus Q1-26
Q2-26 versus Q1-26 US$ millions unless Q2 2026 Q1 2026 Change Comments otherwise indicated SPF up 18% due mainly to restart of Blue Ridge, Alberta facility in late Q1. SYP up Lumber Shipments (MMfbm) 1,288 1,159 129 5%, overcoming challenging transportation environment in U.S. South. Slightly higher
Slide 8: 2026 Outlook
2026 Outlook US$ unless indicated otherwise 2026F 2025 Commentary 100 Mile House (BC) mill closed in late 2025; another modest demand SPF Shipments (MMfbm) 2,400 – 2,700 2,664 year expected in 2026. Moderate shipment increase with redistribution of production from SYP Shipments (MMfbm) 2,400 – 2,700
Slide 9: Summary
Summary Q2 2026 Recap Looking Forward • SPF shipments up 18% from Q1 as Blue Ridge back to full • Q2 saw similar results to Q1; longer-term demand operations, and improved operating efficiency fundamentals are favourable • Ongoing focus on operational excellence and • SYP shipments up 5% from Q1 in
Slide 10: West Fraser Investment Rationale
West Fraser Investment Rationale
Slide 11: West Fraser at a Glance
West Fraser at a Glance A leading producer of renewable wood products with a diversified operating footprint, low-cost focus, strong balance sheet, and through-cycle financial resilience. SCALE & FINANCIAL POSITION INVESTMENT RATIONALE $5.5B >$1.0B $5.2B Offers financial resilience through a portfol
Slide 12: Resilience from Product and Geographic Diversity
Resilience from Product and Geographic Diversity
Slide 13: Product & Geographic Diversification – Capacity
Product & Geographic Diversification – Capacity Lumber North America EWP Pulp & Paper UK and Europe EWP 28 facilities 20 facilities 2 facilities 4 facilities SPF 3.0 Bfbm OSB: 8,060 MMsf 3/8” NBSK: 340 Mtonnes OSB 1,515 MMsf 3/8” SYP 3.5 Bfbm Plywood: 760 MMsf 3/8” Newsprint: 135 Mtonnes Particleboa
Slide 14: Wide-ranging Wood Building Products Offering
Wide-ranging Wood Building Products Offering for Principal Homebuilder, Building Construction, and Pro-Dealer Customers 14
Slide 15: Operating Footprint on Two Continents
Operating Footprint on Two Continents 15
Slide 16: Diverse Industry End-Use Demand
Diverse Industry End-Use Demand with Majority Driven by New Residential and Lower-Volatility R&R Markets North America Lumber End Use 2025 North America OSB End Use 2025 Non-Residential & Other 7% Non-Residential 10% Industrial New 10% Residential Industrial 31% New 23% Residential 56% R&R 25% R&R 3
Slide 17: Lumber Capacity Shifting to Regions with Lower Duty/Tariff Risk
West Fraser Lumber Capacity Shifting to Regions with Lower Duty/Tariff Risk, Lower Fiber Costs • US South growth to ~54% of capacity (from ~11% in 2004); lower-cost region, not subject to duty risk • Exposure to higher-cost B.C. fiber reduced to ~18% of capacity (from ~77% in 2004) 2004: 2.8 Bfbm 20
Slide 18: Historic Adjusted EBITDA
Historic Adjusted EBITDA Proforma Historical Combined Adj EBITDA (US$ millions) Segment Adj EBITDA Mix (US$ millions, excl. Corporate)(1) 2 Lumber NA EWP EU EWP Other 5,000 1,800 100% Ainsworth 4,500 Norbord 1,600 80% 13 West Fraser 13 4,000 60% 68 1,400 U.S Housing starts (000s, RHS) 3,500 40% 1,20
Slide 19: Serves Markets with Attractive Longer-term Fundamentals
Serves Markets with Attractive Longer-term Fundamentals
Slide 20: U.S. Housing Start Estimates
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 1,356 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 2025 2026F 2027F Actual Forecast Range (ex-High & Low) Source: U.S. C
Slide 21: Lumber and OSB are Not Typically Significant Cost Factors for Home Builders
Lumber and OSB are Not Typically Significant Cost Factors for Home Builders Lumber and OSB products generally comprise 15-20% of the total labour and materials costs to frame a SF house; combined, lumber and OSB costs are typically ~3% of total construction costs and ~2% of new home selling prices**
Slide 22: U.S. Leading Indicator of Remodeling Activity
U.S. Leading Indicator of Remodeling (R&R) Activity Predicting a modest recovery in 2026 550 Homeowner Improvement & Repairs 515 520 510 510 (US$ Billions) 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 Source: Joint Cen
Slide 23: Illustrative Ecosystem of U.S. South Lumber Mill
Illustrative Ecosystem of U.S. South Lumber Mill By building a new sawmill adjacent to an existing mill we are able to utilize existing infrastructure and skilled labour, enabling a faster ramp-up while reducing financial, operational and execution risks Approximate resources for 250 MMfbm U.S. sout
Slide 24: Serving a Broad Distribution Network and Customer Base
Serving a Broad Distribution Network and Customer Base West Fraser serves thousands of delivery points and customers across North America; the majority of product shipments use rail to transport Canadian SPF and OSB to U.S. markets and trucks to transport SYP and OSB from mills in the U.S. south. We
Slide 25: North American Lumber Supply at 10-year Lows
North American Lumber Supply at 10-year Lows BC Canada Other Canada US South Other US Offshore Imports US Housing Starts (R axis) Since the pandemic highs of production / 80 2.5 demand, 2025 marks the 4th consecutive year of contraction in North American production. 70 U.S. Housing Starts (millions)
Slide 26: North American OSB Capacity
North American OSB Capacity • West Fraser indefinitely curtailed its High Level, North America OSB Capacity and U.S. Housing Starts Alberta OSB mill in April 2026 35 2.5 • Arbec indefinitely curtailed its Amos, Quebec OSB mill in December 2025 30 2.0 • Martco/RoyOMartin started up its Corrigan II OS
Slide 27: Disciplined and Balanced Allocator of Capital
Disciplined and Balanced Allocator of Capital
Slide 28: Capital Allocation Priorities
Capital Allocation Priorities • Replace end-of-life assets • Maintain investment-grade rating • Maintain low-cost position • Maintain liquidity buffer to aid the • Strategically enhance pursuit of opportunistic M&A and product mix, productivity Reinvest Maintain larger-scale strategic growth and cap
Slide 29: 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 ~46% of cash generated • Excess capital returned to shareholders of ~52% of cash flow, heavily weighted to buybacks, influenced by two
Slide 30: Share Repurchases
Share Repurchases Cumulative Investment in Repurchases* (US$ millions) Average repurchase price (CAD$): $4,596 $4,596 $5,000 $4,198 $4,327 $4,472 2013 $44.60 $4,000 2014 $51.86 $3,000 $2,208 $2,000 2015 $55.57 $829 $890 $890 $1,000 $151 $294 $307 2016 $44.06 $2 $104 $0 2013 2014 2015 2016 2017 2018
Slide 31: Lookback on West Fraser's Capital Reinvested
Lookback on West Fraser’s Capital Reinvested Return on Capital Employed (ROCE)* 66% 60% 33% 29% 26% 26% 16% 17% average 0% -4% -4% -20% -17% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: FactSet, West Fraser analysis. 17% average ROCE through the cycle * ROCE defined as EBIT / Average ((
Slide 32: Liquidity
Liquidity ($millions) Available Liquidity* Scheduled Maturities 3,000 1,200 West Fraser Timber is 900 considered investment US$ Millions US$ Millions 2,000 600 grade by two leading 1,000 rating agencies. 300 0 0 Agency Rating Outlook '20 '21 '22 23 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2026 2027 2028 2029 2
Slide 33: Scope, Scale and Expertise to Unlock Growth
Scope, Scale and Expertise to Unlock Growth
Slide 34: 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 35: 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 Q1 2026) +305MM FBM Angelina Forest Products
Slide 36: U.S. Lumber Portfolio Optimization Has Reduced the Cost Base
U.S. Lumber Portfolio Optimization Has Reduced the Cost Base Site count down 5, capacity largely preserved Continuous improvement delivering lower unit costs 2021 - 2025 -4% -5 sawmills 100 U.S. Lumber Portfolio 25 4.0 100 1,500 22 Optimization Production - MMfbm -2% capacity Capacity - Bfbm 20 1,35
Slide 37: Softwood Lumber Duties
Softwood Lumber Duties Final Combined Countervailing and Anti-Dumping Cash Deposit Duty Rates (%) Current period * West Fraser – Duties Summary 47.6% Cash on Deposit At Q2 / 26 with U.S. Department of Commerce (DoC) US $1,077 MM 35.2% 31.4% 26.5% 25.2% Risk Mitigators for West Fraser 19.5% 20.9% • T
Slide 38: West Fraser has Maintained its U.S. Export Market Position
West Fraser has Maintained its U.S. Export Market Position Weaker economics have reduced Canadian lumber exports to the U.S.; West Fraser has better preserved shipments and strengthened its relative position • Since 2021, weaker U.S. demand, higher Estimated Canada-U.S. Softwood Lumber Exports dutie
Slide 39: M&A Target Attributes – Seeking High Quality
M&A Target Attributes – Seeking “High Quality” As West Fraser develops its M&A pipeline and pursues opportunities, a primary focus is on identifying “high quality” assets/businesses that will lower costs or enhance margins, ideally while also moderating West Fraser’s overall EBITDA variability throu
Slide 40: Positioned to Benefit from Strong Sustainability Fundamentals
Positioned to Benefit from Strong Sustainability Fundamentals
Slide 41: 2025 Sustainability Highlights
2025 Sustainability Highlights Climate and Environment People and Communities Governance • 100% Sustainable Forest Initiative • 3% Y/Y reduction in Total Recordable • 42% women on the Board of Directors (SFI®) fibre sourcing certified Incident Rate (TRIR) • Completed double materiality • 25% improve
Slide 42: Our Carbon Story
Our Carbon Story Four distinct carbon flows illustrate the carbon stored, emitted, and potentially avoided across our forests, operations, and products Forest Carbon Wood Product 1 Stock Change 2 Operations Emissions 3 Stock Change 4 Avoided Emissions** (0.4)*M 6.6M (8.8)M (19.8)M tonnes CO₂e tonnes
Slide 43: 2025 Sustainability Report
2025 Sustainability Report Our report measures sustainability performance across a variety of environmental, social and governance goals and disclosed targets. Scan the QR code to get our Sustainability Report 43
Slide 44: Attractive Record of Creating Shareholder Value
Attractive Record of Creating Shareholder Value
Slide 45: Performance vs. Peers and Relevant Indices
Performance vs. Peers and Relevant Indices Enterprise Value (US$ billions) $6 +141% +121% $4 +4% $2 +201% $0 2005 YE Q1-26 QTD West Fraser Peer 1 Peer 2 Peer 3 Source: FactSet. Annualized Total Shareholder Return (US$, dividends reinvested) Jan-01-06* to Jul-24-26 12% 11.1% 10% 7.8% 8% 6.1% 6% 4.4%
Slide 46: Appendix
Appendix
Slide 47: Broad Offering of Manufactured Wood Building Products
Broad Offering of Manufactured Wood Building Products SPF SYP OSB Plywood Spruce Pine Fir (SPF) is a species that includes Southern Yellow Pine (SYP), known for its Oriented Strand Board (OSB) is a versatile Plywood is made from multiple layers, or ply, of Engelmann spruce, white spruce, hybrid whit
Slide 48: West Fraser is North America's Largest Lumber Producer
West Fraser is North America’s Largest Lumber Producer West Fraser West Fraser 2025 Capacity 6.5 Billion feet 9% Weyerhaeuser British Columbia 8% 18% Interfor 6% 2025 N.A. Other 48% Industry Production 6% Canfor 56 Bfbm US South 54% 5% Sierra Pacific Alberta 4% 28% Georgia-Pacific Domtar Hampton Tol
Slide 49: West Fraser is the World's Largest OSB Producer
West Fraser is the World’s Largest OSB Producer West Fraser OSB Capacity by Region Europe 16% North American OSB Industry* European OSB Industry US 50% 10 Bsf-3/8" Canada Other Other 34% Smartply 6% West 12% Martco 4% Kronospan 9% Fraser Sonae- 46% 29% Huber Arauco 8% 4% Industry Egger Industry Capa
Slide 50: West Fraser N.A. Lumber and EWP Adjusted EBITDA Margin
West Fraser N.A. Lumber and EWP Adjusted EBITDA Margin1 NA Lumber 10-year Average: 15% NA EWP* (proforma) 10-year Average: 29% 60% 50% 40% 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021* 2022 2023 2024 2025 -10% North America Lumber North America EWP (proforma) Note: Lumb
Slide 51: Analyst Coverage
Analyst Coverage Organization Analyst Name Contact BMO Capital Markets Ketan Mamtora (212) 883-5121 ketan.mamtora@bmo.com CIBC World Markets Hamir Patel (604) 331-3047 hamir.patel@cibc.com ERA Forest Products John Cooney (604) 267-3021 jcooney@era-research.com Research Raymond James Daryl Swetlishof
Slide 52: Analyst Commodity Price Forecasts
Analyst Commodity Price Forecasts (SPF & SYP US$/Mfbm; OSB US$/Msf) SPF W 2x4 SYP W 2x4 OSB NC 7/16” $550 $524 $300 RJ TD* $509 RJ $475 $250 $539 $475 $296 TD RJ $425 TD $493 $240 $535 $455 $280 RBC ERA $443 BMO $475 $235 $535 $450 $270 BMO BMO $420 RBC $480 $230 $530 $445 ERA RBC $425 CIBC $265 $48
Slide 53: Modeling EBITDA
Modeling EBITDA Estimated Earnings Sensitivity to Key Variables (Based on 2025 annual shipment volumes - $ millions) Factor Variation Change in pre-tax earnings1 Lumber price $10 (per Mfbm) 51 NA OSB price $10 (per Msf) 54 Europe OSB price £10 (per Msf) 15 U.S. / CAD $ exchange rate2 $0.01 (per $ CA
Slide 54: Illustrative Variable Production Costs for North American Lumber Industry
Illustrative Variable Production Costs for North American Lumber Industry $USD/MBF Variable Lumber Costs (2023-2025) 400 0 US West Coast B.C. Interior Quebec Ontario US South Net Delivered Wood Costs Manufacturing Costs Source: FEA, West Fraser analysis. Lumber Manufacturing Costs (2023-2025) 100% M
Slide 55: Illustrative Variable Production Costs for North American OSB Industry
Illustrative Variable Production Costs for North American OSB Industry Variable OSB Costs (2023-2025) $USD/MSF 3/8” 200 0 US North US South Western Canada Eastern Canada Net Delivered Wood Costs Manufacturing Costs Source: FEA, West Fraser analysis. OSB Manufacturing Costs (2023-2025) 100% Misc. 25%
Slide 56: West Fraser Timber Co. Ltd.
West Fraser Timber Co. Ltd. These materials have been prepared by Management of the Company. No regulatory authority has approved or disapproved of the contents of these materials. These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company
Slide 57: External Information
External Information: Where this presentation quotes any information or statistics from any external source, it should not be interpreted that West Fraser has adopted or endorsed such information or statistics as being accurate. Some of the information presented herein is based on or derived from st