West Fraser Timber Reports Weak Q4, Highlights Liquidity

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West Fraser Timber (NYSE: WFG) reported continued weak operating conditions in the fourth quarter of 2025, but management highlighted sequential improvement in adjusted EBITDA, ongoing portfolio optimization, and a liquidity position it said provides flexibility to manage through the cycle. The company generated adjusted EBITDA of -$79 million in Q4 2025, improving from -$144 million in Q3 2025, though results remained 'soft across our business' as broader housing and repair-and-remodeling markets continued to face affordability pressures.

Why it matters

West Fraser Timber is one of the largest lumber producers in the world, so its quarterly results provide insight into the broader state of the lumber and housing markets. The company's commentary on liquidity, cost-cutting measures, and potential policy impacts are also closely watched by investors.

The details

West Fraser reported adjusted EBITDA of -$79 million in Q4 2025, improving from -$144 million in Q3 2025. The company recorded $473 million of non-cash restructuring and impairment charges in the lumber segment in Q4, related to a goodwill impairment of the U.S. lumber business and the closure of two sawmills. In the North America EWP segment, the company recorded a $239 million non-cash restructuring and impairment charge tied to the indefinite curtailment of the High Level, Alberta OSB mill. Management said the sequential improvement in overall Q4 adjusted EBITDA was supported by reduced log costs, lower manufacturing costs, and the absence of a prior quarter duty expense, partially offset by lower lumber and OSB prices.

• West Fraser reported cash flow from operations of -$172 million in Q4 2025.
• The company had more than $1.2 billion of available liquidity at year-end 2025.

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