West Fraser (TSX/NYSE: WFG) reported Q1 2026 results: sales $1.334B, net loss $(188)M or $(2.40) per diluted share, and Adjusted EBITDA $(66)M (includes $114M duty adjustment related to prior periods). Cash and short-term investments were $81M at April 3, 2026; capital expenditures were $94M.

Management reiterated 2026 shipment targets and $300–$350M capex guidance, and noted operational recovery after the Blue Ridge fire and completion of High Level OSB wind-down.


First Quarter Highlights 

Sales of $1.334 billion and earnings of $(188) million, or $(2.40) per diluted share
Adjusted EBITDA1 of $(66) million (including $114 million charge for duty adjustments related to prior periods), representing (5%) of sales
Lumber segment Adjusted EBITDA1 of $(84) million (including $114 million charge for duty adjustments related to prior periods)
North America Engineered Wood Products ("NA EWP") segment Adjusted EBITDA1 of $11 million
Europe Engineered Wood Products ("Europe EWP") segment Adjusted EBITDA1 of $10 million

"In the first quarter of 2026 we benefited from improved commodity pricing and continue to demonstrate the resilience of West Fraser's diversified portfolio. Although net income was impacted by significant non-cash duty adjustments, these relate to prior year shipments. Operationally, our Blue Ridge lumber team did a remarkable job in quickly and effectively restoring operations following the January fire, with no recordable injuries, and the mill is now back to normal operating rates. The wind-down of our High Level, Alberta OSB mill is now complete and reflects our commitment to proactively aligning our supply with customer demand," said Sean McLaren, West Fraser's President and CEO. "Excluding the impact of prior year duty adjustments, we were pleased to see all of our core segments - lumber, NA EWP, and Europe EWP - report positive Adjusted EBITDA."

"Housing affordability continues to be a key constraint as we continue into 2026. The impact of the conflict in the Middle East has pushed 30-year mortgage rates back over 6%, which could cause additional headwinds as the year progresses. Our strong financial position and resilient balance sheet positions us well to navigate continued macroeconomic uncertainty while remaining disciplined in our approach to capital deployment. We continue to be focused on cost control, taking a disciplined approach to managing expenses and operationalizing the investments we have made through the past several years. These priorities form a key part of our strategy to continually strengthen our competitive position and generate long-term value for all stakeholders."

About West Fraser

West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.

  
Source: westfraser.com