Western Forest Products Posts Negative Q4 EBITDA on Soft Lumber Demand

SEATTLE (Scrap Monster): Western Forest Products Inc. (TSX: WEF) reported an Adjusted EBITDA loss of $6.2 million in the fourth quarter of 2025, compared to Adjusted EBITDA of $14.4 million in the same period of 2024.

The third quarter of 2025 recorded a deeper Adjusted EBITDA loss of $65.9 million, which included a $59.5 million non-cash export tax expense related to final duty rates from the sixth Administrative Review.

Net loss for Q4 2025 totaled $17.5 million, widening from a $1.2 million loss in Q4 2024 but significantly improving from a $61.3 million loss in Q3 2025.

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Western Forest Products Announces Lumber Production Curtailments

Fourth-quarter lumber production declined to 94 million board feet from 135 million board feet a year earlier. Shipments fell 26% year-over-year to 108 million board feet, reflecting a 64% drop in U.S. shipments and an 8% decline in non-U.S. markets. Cedar lumber shipments decreased to 19 million board feet. The specialty lumber mix held steady at 52%, while the average lumber selling price edged down to $1,437 per mfbm. Average BC log prices increased to $144 per cubic meter.

For full-year 2025, lumber shipments decreased 11% to 522 million board feet, while average realized lumber prices rose to $1,463 per mfbm.

Lumber markets remain challenged heading into 2026, the company said commenting on its future outlook.