Ketan Mamtora

Devin explained Q2 EWP gains were mostly mix, with Q3 reflecting price increases largely passing along higher resin and input costs.

Devin confirmed SYP gaining traction driven by less SPF from Canada (beetle, regulatory, duties) and WY's warp-stable transition products. Momentum picking up recently.

Dave Wold quantified Middle East-driven cost headwind at ~$10M/month gross across log/haul, fertilizer, ocean freight, resin, and transportation. Able to offset majority through procurement expertise and cost-sharing with vendors/customers.

Dave Wold reiterated 3.5x is mid-cycle target, currently at trough EBITDA. Princeton proceeds and timberland divestiture proceeds offset significant portion of 2026 Monticello spend. Investment-grade rating remains foundational.

Devin attributed Douglas fir strength to improved California market demand with limited incremental supply to meet it.

Dave Wold acknowledged 5x is elevated but it's a trough EBITDA phenomenon (3.5x target is mid-cycle). Devin added this is exactly how they expected the framework to work, 1x at peak, 5x at trough. Reduced annual interest expense by $100M since 2019.

Dave Wold confirmed openness to additional divestitures. Demonstrated ability to create value on both buy and sell side. Declined to commit to net buyer vs seller positioning.

Devin acknowledged significant pulp and paper capacity exiting the system. WY can redirect volume to different customers and between segments (e.g., shifting to OSB mill). Arkansas TimberStrand facility will add pulpwood demand. More details at Investor Day.

Dave Wold confirmed openness to Wood Products M&A including bolt-on and larger scale. Must meet stringent criteria: complementary to portfolio, cohesive with strategy, and drive significant shareholder value.

Devin provided specific operating rates: lumber high 80s, OSB mid-90s, EWP high 70s. Lumber and EWP rates up from prior quarters reflecting seasonal production.

Devin sees clear opportunity for SYP market share gains given price gap. Noted historical concerns about warp are outdated with modern drying technology. WY has warp-stable products positioned for conversion.

Devin confirmed 5-10x increase target on track with 2 projects approved and 7 more in pipeline at various stages of audit and review with ACR.

Devin noted inventories lighter than typical for the season but supply currently meeting demand. No urgency from buyers to build inventories given uncertainty.

Devin acknowledged pandemic-era conversion to open web trusses has been slow to reverse due to low lumber prices but expects EWP to recapture share.

Devin disclosed 15,000 credits sold in 2024 at premium pricing, expects 5x to 10x increase in 2025 as seven additional projects work through pipeline.

CEO reiterated 1-2x comfort zone but wouldn't set hard ceiling. Board monitors closely. Decisions evaluated strategically based on market position, balance sheet strength, liquidity, and opportunity quality.

CEO confirmed stabilization appearing in manufactured products and broader value-add categories. Cautioned it's a broad statement but directionally correct. Still competitive quarter to quarter within small range.

CEO confirmed slow start with as-expected ramp. January weather shut down big swaths including Texas, Carolinas, parts of Florida. CFO quantified $30-40M sales impact from last week of January.

CEO emphasized looking at leverage on full-year basis not quarterly. Confident in balance sheet strength, liquidity, and cash flow generation. Right asset wouldn't be deterred by short-term leverage.

CEO acknowledged modest SYP substitution trend existing for years. Current duty markup not yet creating step-function change in pace. Measured substitution continues.

CEO gave concise answer: lower starts, slightly tighter margins (correlated to lower starts), partially offset by multifamily stabilization.

CEO confirmed multifamily headwind on track with 80% front-half weighted. Tail of remaining normalization still fading but largely stable.

Rick confirmed increase driven by balance sheet strength and attractive valuation, enabled by $500M delayed-draw term loan. Opportunistic share repurchases the primary intent absent M&A. Jon reiterated bolt-on M&A strategy unchanged.

Rick confirmed midpoint assumption is reasonable given current information. Top line raised from flat-to-up to up low single digits. Earnings growth and EPS expansion expected within $4.10-$4.30 range.

Steve said net synergies are the primary positive, with a ~$30 million reduction in depreciation over the 6-month period as a tailwind and modestly higher incentive compensation as a partial offset.