Lumber, OSB and engineered wood products / Operating producer / Forestry & Timber
West Fraser Timber
TSXWFGNYSEWFG
West Fraser's head office is in Vancouver, and its shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the same symbol, WFG [1]. The company describes itself as a diversified wood products business with more than 50 facilities in Canada, the United States, the United Kingdom and Europe, making lumber, engineered wood panels (OSB, LVL, MDF, plywood and particleboard), pulp, paper and wood residuals [2]. It reports in U.S. dollars, so the figures below need no conversion for an American reader; lumber is sold by the thousand board feet (Mfbm) and OSB by the thousand square feet on a 3/8-inch basis.
The asset map is the thing to understand first, because it is the company's answer to the softwood lumber dispute. At December 31, 2025 West Fraser had 6.5 billion board feet of lumber capacity across 28 North American mills, 3.0 billion of it spruce-pine-fir (SPF) and 3.5 billion southern yellow pine (SYP); by region, 54% of that capacity sat in the U.S. South, 28% in Alberta and 18% in British Columbia, against a 2004 split of 11% U.S. South and 89% Canada [3]. The company says a majority of its U.S.-destination lumber sales now originate in the United States, which puts them outside the countervailing and anti-dumping duties that apply to Canadian softwood lumber [3]. The Canadian mills still matter: SPF shipments were 654 million board feet in the second quarter of 2026 against 634 million of SYP [4].
The duty mechanism is worth stating plainly. U.S. Customs collects cash deposits on every Canadian entry at rates set in the latest final administrative review; the amended final results of the sixth review, published in September 2025, set West Fraser's combined rate at 26.47% (9.65% anti-dumping plus 16.82% countervailing), against 35.16% for companies not individually examined and 47.59% for Canfor [5]. Those deposits, required since the orders took effect in November 2017, are refundable or collectable with interest once each year's entries are finally assessed [16]. The preliminary results of the seventh review, published April 14, 2026, gave West Fraser a 4.77% dumping margin and a countervailing rate of 15.93%, later amended to 16.15%, which the company said would cut its combined deposit rate to 20.70% once finalized [6][7][4][8]. At July 3, 2026 export duties paid and payable on deposit with the U.S. Department of Commerce stood at US$1,077 million, up from US$1,003 million at year end [9]. On top of all of this sits a 10% Section 232 tariff on softwood timber and lumber, in force since October 14, 2025; the 50% Section 338 tariffs that took effect on August 19, 2026 do not apply to the company's softwood lumber, OSB or about half of its MDF, though West Fraser estimates they would have caught about 3% of its plywood and 20% of its LVL shipments to the U.S. on a year-to-date basis [1].
The 2026 results so far are a recovery from a bad year. Second-quarter sales were US$1,434 million, the net loss US$61 million (US$0.78 a share) and adjusted EBITDA, management's non-IFRS measure, US$59 million, after a first-quarter loss of US$188 million and negative adjusted EBITDA of US$66 million that included a US$114 million charge for duty adjustments relating to prior periods [1][4][10]. The lumber segment earned US$41 million of adjusted EBITDA in the second quarter, including a US$13 million favorable duty adjustment, against a loss of US$84 million in the first quarter; North America EWP earned US$13 million as OSB shipments of 1,619 million square feet sold at lower prices than a year earlier [4]. For 2025 as a whole the company reported sales of US$5,462 million, a net loss of US$937 million (US$12.08 a share) and adjusted EBITDA of US$56 million, with the lumber segment at negative US$100 million including US$67 million of duty expense attributable to the finalization of the sixth review [11]. Cash was US$74 million at July 3, 2026 and net debt US$317 million, 5% of capital [4]; on September 16 the company replaced its US$300 million term loan due 2028 with a new US$500 million three-year term loan and declared a US$0.32 quarterly dividend [2].
The demand side is American housing. The U.S. Census Bureau put June 2026 housing starts at a seasonally adjusted annual rate of 1,427,000 units, up 3.5% from a year earlier, with permits at 1,367,000 [12], and Canada supplied 82.15% of U.S. softwood lumber imports in the second half of 2025 by the Commerce Department's own count [13]. The company reiterated 2026 shipment targets of 2.4 to 2.7 billion board feet for each of SPF and SYP, 5.9 to 6.3 billion square feet of North American OSB, and capital spending of US$300–350 million, having completed the wind-down of the High Level, Alberta OSB mill and more than doubled output at the new Henderson, Texas sawmill between the first and second quarters [1][11]. The seventh review's final results, which the B.C. government's page says Commerce expects in October 2026, are the next date that matters [14].
Primary assets & business
- Lumber: 28 North American mills with 6.5 billion board feet of capacity at December 31, 2025 (SPF 3.0 Bfbm, SYP 3.5 Bfbm); 54% U.S. South, 28% Alberta, 18% British Columbia [3]
- Henderson, Texas sawmill: new mill in ramp-up, production more than doubled from Q1 to Q2 2026 [1]
- Closed or curtailed: 100 Mile House, B.C. lumber mill (permanent closure); Augusta, Georgia lumber mill (permanent closure Q4 2025); High Level, Alberta OSB mill (wind-down completed Q2 2026); Blue Ridge, Alberta lumber mill restarted after a January 2026 fire [4][10]
- OSB: 8,060 million square feet (3/8-inch) of capacity per the April 2026 investor presentation; Q2 2026 shipments 1,619 MMsf; 2026 guidance 5.9–6.3 Bsf North America and 1.0–1.25 Bsf Europe [3][4][11]
- Engineered wood: LVL, MDF, plywood and particleboard in North America and Europe (Europe EWP adjusted EBITDA US$13M in Q2 2026) [1][2]
- Pulp and paper: northern bleached softwood kraft pulp and paper [2]
- Export duties on deposit with the U.S. Department of Commerce: US$1,077 million at July 3, 2026; export duties receivable of US$436 million and payable of US$290 million on the balance sheet [9]
Financial position
| Sales (latest quarter) | US$1,434MQ1 2026: US$1,334M; Q2 2025: US$1,532M. First half 2026: US$2,767M (US$2,990M) [4]. | Quarter ended Jul 3, 2026 [1] |
|---|---|---|
| Net earnings (latest quarter) | −US$61MUS$(0.78) per diluted share. Q1 2026: US$(188)M, US$(2.40); Q2 2025: US$(24)M. First half 2026: US$(249)M [4]. | Quarter ended Jul 3, 2026 [1] |
| Adjusted EBITDA (latest quarter) | US$59MManagement's non-IFRS measure, 4% of sales. Lumber US$41M (incl. US$13M favorable duty adjustment); North America EWP US$13M; Europe EWP US$13M. Q1 2026: US$(66)M incl. US$114M prior-period duty charge; Q2 2025: US$84M [4][10]. | Quarter ended Jul 3, 2026 [1] |
| Cash from operations (latest quarter) | US$192MFirst half 2026: US$22M. Capital expenditures Q2 US$65M; first half US$159M; 2026 guidance US$300–350M [1]. | Quarter ended Jul 3, 2026 [4] |
| Lumber shipments (latest quarter) | 654 MMfbm SPF; 634 MMfbm SYPQ1 2026: 555 / 604; Q2 2025: 696 / 680. 2026 targets 2.4–2.7 billion board feet for each of SPF and SYP [1][11]. | Quarter ended Jul 3, 2026 [4] |
| Sales (fiscal 2025) | US$5,462MNet loss US$(937)M, US$(12.08)/share; adjusted EBITDA US$56M (Lumber US$(100)M, NA EWP US$153M, Pulp & Paper US$(2)M, Europe EWP US$5M); capex US$411M. | Year ended Dec 31, 2025 [11] |
| Cash | US$74MDec 31, 2025: US$202M [11]. Pro forma for the September 2026 term loan the company put cash at US$219M and liquidity above US$1.2B [2]. | Jul 3, 2026 [4] |
| Net debt | US$317MTotal debt US$437M incl. US$300M term loan and US$55M operating loans; net debt to capital 5%; shareholders' equity US$5,566M. Term loan refinanced September 16, 2026 with a US$500M three-year loan [2]. | Jul 3, 2026 [4] |
| Combined U.S. duty cash deposit rate | 26.47%9.65% anti-dumping + 16.82% countervailing (AR6 amended final, Sept 2025) [5]. AR7 preliminary: 4.77% AD + 16.15% CVD (amended June 29, 2026) = 20.70% once finalized [6][7][8]. | In force at Jul 3, 2026 [4] |
| Duties on deposit with USDOC | US$1,077MDec 31, 2025: US$1,003M. Export duties receivable US$436M and payable US$290M on the balance sheet. | Jul 3, 2026 [9] |
| Market capitalization | Not yet verifiedNot verified against a dated close. |
All figures are in U.S. dollars, West Fraser's reporting currency. The second quarter of 2026 ended July 3, 2026; figures are from the July 29, 2026 news release, the interim MD&A and the interim financial statements filed on EDGAR the same day. Annual figures are from the February 11, 2026 release. Adjusted EBITDA is management's non-IFRS measure as the company defines it. Lumber volumes are in million board feet (MMfbm); OSB in million square feet on a 3/8-inch basis. Blank means not yet verified, never zero.
Ownership & capital structure
| Shares outstanding | 78,303,82276,022,344 Common shares and 2,281,478 Class B Common shares. No shares repurchased between January 1 and July 28, 2026 [1]; 1,639,207 shares bought for US$124M in 2025 [11]. | Jul 28, 2026 [4] |
|---|---|---|
| Quarterly dividend | US$0.32 per shareRecord September 29, payable October 19, 2026; eligible dividend for Canadian tax; paid in U.S. dollars with a Canadian-dollar election. Dividends paid in 2025: US$101M [11]. | Declared Sep 16, 2026 [2] |
| Term loan | US$500M, three yearsMatures September 2029; floating rate; replaces the US$300M loan due 2028. US$1B syndicated facility to May 2030, undrawn. | Sep 16, 2026 [2] |
| Significant shareholders | Not yet verifiedNot verified; see the management proxy circular on SEDAR+. Class B Common shares are not listed. |
What has to happen next
- Final results of the seventh administrative review (2024 entries), which the B.C. government's August 19, 2026 page says Commerce expects in October 2026; West Fraser's deposit rate would fall to 20.70% at the preliminary rates [14][8].
- Third-quarter 2026 results, due in late October, and whether the lumber segment holds the second-quarter recovery without duty adjustments [1].
- Ramp-up of the Henderson, Texas sawmill toward full rate [1].
- Delivery against 2026 shipment targets of 2.4–2.7 billion board feet for each of SPF and SYP and 5.9–6.3 billion square feet of North American OSB [1][11].
- The scheduled January 1, 2027 increase in Section 232 rates on upholstered furniture, kitchen cabinets and vanities, delayed by proclamation on December 31, 2025; the 10% lumber rate is unchanged [15].
- Any amendment to the Section 338 annexes that would bring softwood lumber or OSB inside the 50% tariff [1].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
No valuation conclusion is published here. The company reports in U.S. dollars and lists on the NYSE, so the comparison with U.S. producers of SYP lumber and OSB is direct, but it must be done on a mid-cycle rather than a spot basis: 2025 adjusted EBITDA was US$56 million on US$5,462 million of sales, and the second quarter of 2026 was US$59 million on US$1,434 million, neither of which is a normal year [11][1]. A dated comparison needs the 78,303,822 shares at July 28, 2026, net debt of US$317 million at July 3, and a view on the US$1,077 million of duties on deposit, which is neither an asset the company can spend nor a liability it has written off; the receivable recognized on the balance sheet was US$436 million [4][9].
Mandatory reading
Key risks
- Cash deposits at 26.47% on Canadian lumber entries are paid up front; the seventh review's final results could land above the 20.70% preliminary rate, or be delayed past October 2026, which keeps cash locked in Washington [4][8][14].
- The U.S. Section 232 tariff of 10% on softwood lumber applies regardless of the review results, and the Section 338 annexes that currently exclude softwood lumber and OSB can be rewritten by proclamation [1].
- U.S. housing starts were 1,427,000 at an annual rate in June 2026, but the company itself cites mortgage rates and affordability as constraints on demand; a weaker housing year flows straight into lumber and OSB prices [12][4].
- OSB adjusted EBITDA fell to US$13 million in the second quarter from US$68 million a year earlier on lower prices; panel prices move faster than lumber prices and the segment carried the company in 2025 [4][11].
- Mill closures (100 Mile House, Augusta, High Level) and the Henderson ramp-up change the cost base in both directions; a slow ramp at Henderson defers the U.S. South volumes that are the hedge against the border [4][1].
- Class B Common shares are unlisted and the company's own filings direct readers to the proxy circular for control arrangements; the NYSE line is the Common share only [4].
Source documents
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1
West Fraser Announces Second Quarter 2026 Results
Q2 2026: sales US$1.434B; net loss US$(61)M, US$(0.78)/share; adjusted EBITDA US$59M (Lumber US$41M, NA EWP US$13M, Europe EWP US$13M, other US$(8)M); Q1 2026 comparatives; cash US$74M; credit facility borrowings US$55M; H1 capex US$159M; 2026 capex US$300–350M; dividend US$0.32; no buybacks Jan 1–Jul 28, 2026; shipment guidance 2.4–2.7 Bfbm SPF/SYP, 5.9–6.3 Bsf NA OSB, 1.0–1.25 Bsf Europe OSB; Henderson output more than doubled; High Level wind-down completed; Section 232 10% from Oct 14, 2025; Section 338 50% from Aug 19, 2026 with lumber, OSB and about half of MDF unaffected, ~3% of plywood and 20% of LVL shipments affected; June 2026 starts 1.43M, permits 1.37M; TSX and NYSE: WFG; Vancouver.
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2
West Fraser Announces Term Loan Refinancing and Declares Dividend (Form 6-K, Exhibit 99.1)
New US$500M three-year term loan maturing September 2029 retires the US$300M loan due 2028; US$1B syndicated facility to May 2030 undrawn; pro forma Q2 cash US$219M, liquidity over US$1.2B, net debt to capital 5.4%; dividend US$0.32, record Sept 29, payable Oct 19, 2026; company description: more than 50 facilities in Canada, the U.S., the U.K. and Europe making lumber, engineered wood products, pulp and paper.
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3
Investor Presentation, April 2026 (Q1 2026)
Slide 13: lumber capacity at Dec 31, 2025 SPF 3.0 Bfbm, SYP 3.5 Bfbm, total 6.5 Bfbm, 28 facilities; OSB 8,060 MMsf 3/8". Slide 17: U.S. South 54%, Alberta 28%, B.C. 18% (2004: U.S. South 11%, Canada 89%). Slide 37: cash on deposit US$1,035M at Q1 2026; majority of U.S.-destination lumber sales from U.S. origins. The slide's duty-rate table could not be transcribed reliably and is not used.
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4
Management's Discussion and Analysis, second quarter 2026 (Form 6-K, Exhibit 99.2)
Cash deposit rates ADD 9.65%, CVD 16.82%, combined 26.47%; AR7 preliminary CVD 16.15% (amended June 29, 2026 from 15.93%) and ADD 4.77%; Q2 export duties, net, and tariffs US$45M (US$21M); US$13M favorable adjustment; cash deposits US$42M; Lumber adjusted EBITDA US$41M / US$(84)M / US$15M; SPF shipments 654 / 555 / 696 MMfbm; SYP 634 / 604 / 680; OSB shipments 1,619 / 1,544 / 1,710 MMsf; NA EWP adjusted EBITDA US$13M / US$11M / US$68M; consolidated Q2 2025 sales US$1,532M, net loss US$(24)M, adjusted EBITDA US$84M; H1 2026 sales US$2,767M, net loss US$(249)M, adjusted EBITDA US$(7)M; CFO Q2 US$192M, H1 US$22M; capex Q2 US$65M; shares 76,022,344 Common + 2,281,478 Class B = 78,303,822 at July 28, 2026; total debt US$437M; net debt US$317M; net debt to capital 5%; equity US$5,566M; liquidity US$1,039M; mill actions; outlook on mortgage rates and affordability.
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5
Softwood lumber — recent developments
AR6 amended final rates (Sept 11, 2025): Canfor 35.47% AD + 12.12% CVD = 47.59%; West Fraser 9.65% + 16.82% = 26.47%; all others 20.53% + 14.63% = 35.16%. Section 232 10% on softwood timber and lumber from Oct 14, 2025; Dec 31, 2025 proclamation delaying furniture/cabinet increases to Jan 1, 2027; CUSMA Chapter 10 challenges.
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6
Certain Softwood Lumber From Canada: Preliminary Results and Intent To Rescind, in Part, of Antidumping Duty Administrative Review; 2024
Period of review Jan 1–Dec 31, 2024; preliminary dumping margins Canfor 16.85%, Resolute 13.25%, West Fraser 4.77%, non-examined companies 10.66%; final results within 120 days; case A-122-857.
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7
Certain Softwood Lumber Products From Canada: Preliminary Results and Partial Rescission of Countervailing Duty Administrative Review; 2024
Preliminary subsidy rates Resolute 11.70%, West Fraser 15.93%, non-selected companies 14.17%; case C-122-858.
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8
Notice of First Quarter Results Conference Call and Softwood Lumber Duties and Operational Update
AR7 preliminary rates would cut the combined cash deposit rate from 26.47% to 20.70%; US$73M non-cash charge (CVD estimates of 2.19% and 6.85% versus 15.93% preliminary) and US$41M charge for a change in recoverable estimate in Q1 2026; US$15M AR1 refund expected; rates 'expected to be finalized and come into effect later this year'.
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9
Condensed consolidated interim financial statements, second quarter 2026 (Form 6-K, Exhibit 99.1)
Export duties paid and payable on deposit with the USDOC US$1,077M at July 3, 2026 (US$1,003M at Dec 31, 2025); export duties receivable US$436M; export duties payable US$290M; US$15M AR1 ADD liquidation payments received in Q2; total assets US$7,437M; long-term debt US$300M; equity US$5,566M.
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10
West Fraser Announces First Quarter 2026 Results
Q1 2026 sales US$1.334B; net loss US$188M (US$2.40/share); adjusted EBITDA US$(66)M; Lumber US$(84)M including a US$114M charge for duty adjustments related to prior periods; Blue Ridge restart; High Level wind-down.
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11
West Fraser Announces Fourth Quarter 2025 Results
FY2025: sales US$5.462B; net loss US$(937)M, US$(12.08)/diluted share; adjusted EBITDA US$56M (Lumber US$(100)M incl. US$67M AR6 duty expense; NA EWP US$153M; Pulp & Paper US$(2)M; Europe EWP US$5M); Q4 2025 sales US$1.165B, net loss US$(751)M, adjusted EBITDA US$(79)M; cash US$202M at Dec 31, 2025; capex US$411M; dividends US$101M; 1,639,207 shares repurchased for US$124M; 2026 guidance capex US$300–350M, SPF 2.4–2.7 Bfbm, SYP 2.4–2.7 Bfbm, NA OSB 5.9–6.3 Bsf, Europe OSB 1.0–1.25 Bsf.
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12
Monthly New Residential Construction, June 2026
Housing starts 1,427,000 SAAR in June 2026 (May 1,199,000 revised; June 2025 1,379,000), up 19.0% m/m and 3.5% y/y; single-family 895,000; permits 1,367,000; completions 1,392,000.
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13
Softwood Lumber Subsidies Report to the Congress
Covers July 1–December 31, 2025; Canada 82.15% of U.S. softwood lumber imports; AR7 preliminary results issued April 14, 2026.
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14
Softwood Lumber Trade Dispute
Current rates table (AR6 amended final); June 30, 2026 post-preliminary CVD results with final determination expected October 2026; AR8 initiated March 9, 2026 for 2025 entries.
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15
Amendments to Adjusting Imports of Timber, Lumber, and Their Derivative Products Into the United States (Proclamation 11000)
10% ad valorem on softwood timber and lumber unchanged; increases on upholstered wooden products, kitchen cabinets and vanities delayed to January 1, 2027.
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16
Softwood lumber — frequently asked questions
Final determinations published November 8, 2017; annual administrative reviews set updated deposit rates and final assessment rates; importers post cash deposits at the rates in effect at entry and receive refunds or bills with interest after final results; CUSMA Chapter 10 panels and WTO review.
