Matthew McKellar

Devin said the market is only slightly better and still tight; WY self-help includes rail shifting, extra loading days, and taking on more customer transport management.

Devin quantified modest elevation: mills carrying 8-10 days vs typical 7-8. Unlike Canada's very large decks, these can work through quickly with weather events or lumber demand pickup.

Devin explained Western log markets are fundamentally tight. Log prices follow lumber with 1-2 month lag. Regulatory changes in Washington state around stream buffer zones may impact smaller landowners but not WY materially.

Devin attributed Japan softness to a regulatory change impacting smaller house permits causing a backlog. Expects normalization. Japanese customers well positioned vs European lumber on cost. Optimistic about medium-term opportunity.

Dave Wold confirmed interest in Wood Products M&A. Have looked at deals in recent years and will continue evaluating. TRS increase from 20% to 25% provides additional capacity to grow manufacturing without jeopardizing REIT status.

Devin confirmed some of the 6 pipeline projects expected to be issued in 2025, remainder early 2026. Building additional projects beyond current pipeline. Expects pipeline to grow year after year.

Devin noted timberland is a very long-term asset class and investors think in decades, so near-term tariff uncertainty unlikely to impact valuations.

Devin confirmed maintenance is planned well in advance with contractors and equipment scheduled. Not pulling forward any work based on market conditions.

Dave Wold cited energy and resin cost increases despite continued strong operating performance and focus on maintaining cost structure.

Devin highlighted fiber demand tensioning in the local market and logistics savings from co-located timberland ownership as key integration benefits.

Lance framed recovery as likely but early days; Andy covered the network workaround. Neither quantified the recovery amount inside the guide.

Andy argued mill replacement costs have skyrocketed post-COVID, raising the return bar for new capacity, but conceded some movement is likely.

2% outperformance based entirely on already-won business, no major incremental wins needed. Future local wins would represent upside. National business on contract cycles so 2025 wins are now showing up in 2026.

Riverdale conversion to lightweight containerboard at approximately $250M investment targeting near 20% returns. Enabled by Savannah closure which avoided $300M capital call and redeployed approximately 30 people to Riverdale.

Assuming 1-1.5% NA and 1-2% EMEA market growth. Europe has stronger secular trend from plastics-to-fiber substitution. $500M profit shortfall from market softness made 2027 target adjustment obvious rather than hoping for recovery.

Probably north of 50% through exiting the nonstrategic export portion. Bifurcating between commodity dumping ground exports and strategic exports where customers value IP's capabilities. Must be done thoughtfully to avoid stranding assets.

Silvernail sees mill reliability as gateway to broader financial performance, not just recovering the $150M. Pushing hard to accelerate but constrained by needing to exit nonstrategic assets first to fund reinvestment. Currently $30-50M off target.

Silvernail declined to give specific CapEx figure, deferred to Investor Day. Targeting approximately 20% cash-on-cash returns through integrated value chain.

Silvernail expects similar results but acknowledged gains won't be linear across all locations. Current gains are from volume-mix matrix optimization rather than heavy CapEx.

Tony indicated opportunity is primarily commercial, selling more SBS through own integration rather than asset improvement, with a more subtle market approach than legacy WestRock employed.

Tony highlighted Brazil as biggest LatAm opportunity with strong assets and cost takeout already underway, Argentina as a fabulous business awaiting country stabilization, and convergence of legacy margins to the higher denominator.