西弗莱泽木材公司2025年度报告

West Fraser, Inc.57 Germantown Court, Suite 300Cordova, TN 38018-4274Tel: (901) 620-4200 Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:None Audited Annual Financial Statements Indicate the number of outstanding shares of each of the Registrant’s classes of capital or common stock as of the close of the periodcovered by the annual report:78,299,822 Common Shares Indicate by check mark whether the Registrant (1) hasfiled all reports required to befiled by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the Registrant was required tofile such reports), and (2) has been Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant If an emerging growth company that prepares itsfinancial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards The term "new or revisedfinancial accounting standard" refers to any update issued by the Financial Accounting Standards Board to itsAccounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment of the effectivenessof its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrantincluded in thefiling reflect the correction of an error to previously issuedfinancial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). INTRODUCTORY INFORMATION West Fraser Timber Co. Ltd. (“West Fraser”) is a company amalgamated under the laws of British Columbia, Canada. West Fraser’scommon shares were registered under Section12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), effectiveFebruary 1, 2021. West Fraser is a Canadian issuer eligible tofile its annual report pursuant to Section 13 of the Exchange Act on Form40-F pursuant to the multi-jurisdictional disclosure system (the "MJDS") adopted by the United States Securities and ExchangeCommission (the "SEC"). The equity securities of the Company are further exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of theExchange Act pursuant to Rule 3a12-3 of the Exchange Act. The common shares of West Fraser are traded in the United States on theNew York Stock Exchange (“NYSE”) under the symbol "WFG". In this annual report on Form 40-F (this "Annual Report"), references to "we", "our", "us", the "Company" or "West Fraser", mean WestFraser Timber Co. Ltd. and its consolidated subsidiaries, unless the context suggests otherwise. Unless otherwise indicated, all amounts in this Annual Report are in United States dollars and all references to "$" mean United Statesdollars. PRINCIPAL DOCUMENTS The following documents have beenfiled as part of this Annual Report: FORWARD-LOOKING STATEMENTS This Annual Report and the exhibits attached hereto include certain statements that constitute "forward-looking statements" under theprovisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 21E under the Exchange Act, Section 27A of the U.S.Securities Act of 1933, as amended, and forward-looking information within the meaning of applicable Canadian securities legislation.Actual results or events could differ materially from those set forth in, or implied by, the forward-looking statements and the relatedassumptions due to a variety of factors. Investors are referred to the cautionary notes entitled “Forward-Looking Statements” that areincluded in each of our 2025 AIF and 2025 Annual MD&A for a discussion of these forward-looking statements and the risks that impactthese forward-looking statements. Investors are also referred to the risks described under the title “Risks and Uncertainties” in our 2025 NOTE TO UNITED STATES READERS REGARDING DIFFERENCESBETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES West Fraser is permitted to prepare this Annual Report in accordance with Canadian disclosure requirements which require Canadianpublic companies to preparefinancial statements in accordance with International Financial Reporting Standards as issued by theInternational Accounting Standards Board ("IFRS Accounting Standards"). Accordingly, the Company’s 2025 Audited Annual FinancialStatements have been prepared