Louisiana-Pacific Corporation Q1 FY2026 earnings call

• First quarter saw navigation of complex market challenges, delivered on guidance with price realization in Siding and OSB exceeding expectations. • Safety performance was excellent with North America team members working over 1.5 million hours and a total incident rate of 0.26. • New Siding mill in Segola, Michigan achieved two years without a recordable injury. • Discussed Siding market segments: off-site construction with channel inventory normalizing, repair and remodeling with ExpertFinish as fastest growing, and new residential construction with opportunities with national homebuilders. • OSB operations team controlled costs and prioritized safety. • Crude oil price impact on freight and raw materials discussed with sensitivity analyses.

For Siding: Unit volumes down 18% YoY in Q1. ExpertFinish is best performing, volumes flat. Price increase mitigated volume decline. Revenue reduction $42M, EBITDA hit $8M. Second quarter expected Siding revenue $435M - $445M, EBITDA $115M - $120M. Full-year Siding revenue $1.4B - $1.66B, EBITDA $410M - $425M. For OSB: Price 28% lower YoY, volume lower, resulting in $66M less revenue and EBITDA. Second quarter OSB EBITDA expected to be a loss of about $10M. Full-year OSB guidance based on flat prices from prior print but revised due to price drops.

• Siding second quarter revenue expected $435M - $445M, EBITDA $115M - $120M. Full-year Siding revenue $1.4B - $1.66B, EBITDA $410M - $425M. • OSB second quarter EBITDA expected to be a loss of about $10M, revised full-year guidance due to oversupplied market and price drops. • ExpertFinish expected to have full-year volume growth in mid-single-digits. • Louisiana-Pacific South America and unallocated corporate expenses reflected in adjusted EBITDA guidance.

• Macro-economic challenges with housing market weakness, impact on OSB demand and prices. • Uncertainty about demand in the back half of the year due to high input costs, falling consumer confidence, and increasing interest rates. • Crude oil price volatility impact on raw material and freight costs with variable timing of impacts from supply contracts.

Q: Clarification on oil pricing in guidance and cost impact split.

A: Guidance reflects current understanding, cost of manufacturing raw materials has larger impact than freight, 75% of manufacturing cost impact lands in Siding.

Q: 100 million square feet of Siding across top 25 builders - actual volume or run rate?

A: 100 million feet is 2026 expected volume, prior-year volumes lower, above 10% growth.

Q: Narrowing spread between vinyl and engineered wood Siding - impact on orders?

A: Customers hearing vinyl price increases make SmartSide more attractive, but no material impact in order file yet.

Q: Capacity and margin benefit of Green Bay line?

A: Margin benefit accrues more when facility fully ramped, early ramp-up effect less pronounced.

Q: New construction opportunity growth strategy?

A: Focus on underpenetrated markets, building stocking dealer base.

Q: Full-year Siding guidance swing - key points?

A: Majority volume related, about $35M from volume, balance from oil-based costs in back half.

Q: Distribution partnerships and penetration?

A: Focus on improving access to market through two-step distributors in underpenetrated regions.

Q: Cross-selling to builders with OSB and Siding?

A: Both OSB and Siding involved, tailored programs leveraging integrated portfolio.

Q: Second-half Siding margin dynamics?

A: Volume decline and raw material price increases main factors.

Q: Strategic growth capex for ExpertFinish and Maniwaki?

A: Close to $100M for ExpertFinish expansion, $20M - $30M for next Siding mill.

Q: Log inventory build and unwind?

A: Unwind through normal consumption, forward logging and maintenance projects triggered it.

Q: Siding volume decline vs market and market share?

A: Off-site and ExpertFinish growing, rest down high teens, gaining market share.

Q: ExpertFinish volume deceleration?

A: Allocation hangover and channel inventory higher, first half weaker than second.

Q: Siding price elasticity and ExpertFinish growth drivers?

A: Monitor raw materials and competition, holding steady on pricing, focus on long-term consistency.

Q: OSB production plans and industry capacity?

A: Strategy unchanged, competitor plants coming offline, housing backdrop may change plans.

Q: Siding sell-through trend and ExpertFinish interest from builders?

A: Sell-through rates mirrored last year, ExpertFinish interest plays role in partnerships.

Q: Price elasticity and ExpertFinish growth drivers?

A: Monitor raw materials, holding steady on pricing, focus on long-term consistency.