WEST FRASER TIMBER CO., LTD

Pulp & Paper Segment

Following our attaining sole control of CPP in Q1-24 and completion of the pulp mill disposals, the Pulp & Paper segment is comprised of our 100% interest in CPP and our 50%-owned joint operation, Alberta Newsprint Company. In light of the composition of the segment on a go-forward basis, the production and shipment volumes for all periods disclosed in the above table relate to those of NBSK pulp produced and shipped from CPP only and exclude BCTMP and UKP pulp amounts related to the disposed pulp mills.

The comparison versus comparative periods is impacted by the sale of Hinton pulp mill on February 3, 2024, the sale of Quesnel River Pulp mill and Slave Lake Pulp mill on April 20, 2024, and our attaining sole control of CPP in Q1-24.

Sales decreased compared to Q3-24 driven primarily by lower shipments due to a major maintenance shutdown at CPP in Q4-24, discussed further in the section below. Sales decreased compared to Q4-23 due primarily to the pulp mill disposals.

In Q4-24, CPP completed a major maintenance shutdown. This shutdown period, in addition to the ramp-up time required to return the facility to its full production levels once maintenance was completed, reduced NBSK production in Q4-24 compared to Q3-24.

NBSK production volumes increased modestly from Q4-23 as our attaining sole control of CPP in Q1-24 offset the impacts of the maintenance shutdown discussed above.

Cost of products sold decreased compared to Q3-24 due primarily to lower shipment volumes, offset in part by higher repairs and maintenance costs and labour costs. Cost of products sold decreased compared to Q4-23 due primarily to the pulp mill disposals.

Freight and other distribution costs decreased from Q3-24 due primarily to lower shipment volumes. Freight and other distribution costs decreased compared to Q4-23 due primarily to the pulp mill disposals.

Amortization expense was comparable versus all comparable periods. In Q4-23, the disposed pulp mills were classified as held for sale and were no longer amortized.

Selling, general and administration costs were comparable to Q3-24 and decreased versus Q4-23 due to changes in the amount of allocated corporate shared service costs resulting from the pulp mill disposals.

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Restructuring and impairment charges of $6 million were recorded in Q4-23 upon remeasurement of estimated working capital adjustments specified in the asset purchase agreements for the Hinton pulp mill, Quesnel River Pulp mill, and Slave Lake Pulp mill.

Operating earnings for the Pulp & Paper Segment decreased by $12 million compared to Q3-24 and decreased by $8 million compared to Q4-23 due to the reasons explained above.

Adjusted EBITDA for the Pulp & Paper Segment decreased by $12 million compared to Q3-24 and decreased by $12 million compared to Q4-23 due to the reasons explained above.