LOUISIANA-PACIFIC CORP Q1 FY2025 earnings call

· Siding business continues to grow, with 11% revenue growth in Q1, driven by 9% higher volumes and 2% higher prices. EBITDA margin was 26% in Q1. · Introduced new two-tone ExpertFinish Naturals Collection siding products at IBS, with 14% of Q1 volume from recently launched products. · Tariffs had a ~$2 million EBITDA impact in Q1, with an expected ~$12 million impact for the full year if current regime continues. · Integration of businesses under CCO/COO structure for strategic continuity and execution.

For the first quarter, net sales were $724 million, flat to prior year. Siding business saw 11% revenue growth due to 9% higher volumes and 2% higher prices. OSB revenue was lower due to lower commodity prices. Siding contributed 11% growth, with an EBITDA margin of 26% in Q1. OSB had a $32 million reduction in revenue and $7 million in EBITDA due to lower commodity prices.

· Siding: Revised full-year outlook with revenue expected ~$1.7 billion and EBITDA $425M-$435M. Q2 Siding revenue expected $445M-$455M, EBITDA $110M-$120M. · OSB: Assumed flat commodity OSB prices for remainder of year, full-year EBITDA estimate $110M-$120M.

· Tariffs: Potential EBITDA impact from current tariff regime, including retaliatory tariffs on U.S. products exported to Canada. · Macro Uncertainty: Volatility in U.S. and Canadian economies, tariff uncertainty affecting consumer sentiment and equity markets, impacting single-family starts and OSB prices.

Q: Ketan Mamtora asks about key drivers for Siding outperformance vs single-family starts and R&R demand.

A: Brad Southern responds about strength in shed orders, R&R sector, and new construction holding up Q: Ketan Mamtora asks about inventories in Siding channel A: Brad Southern discusses home center inventory pull down, normal seasonality, and prompt delivery in Siding Q: Michael Roxland asks about Siding margin progression and OSB competitive dynamics A: Alan Haughie and Brad Southern respond about margin conservatism, future expansion, and OSB market dynamics Q: Steven Ramsey asks about marketing investments and time lag for success A: Brad Southern talks about strategic marketing investments in R&R siding and product innovation driving order file success Q: Susan Maklari asks about Siding mix shift impact on pricing and OSB affordability implications A: Brad Southern and Alan Haughie discuss price increase, mix impact, and OSB affordability headwinds Q: Sean Steuart asks about Houlton expansion return profile and OSB project capital lock-in A: Brad Southern and Alan Haughie state Houlton project has nice return above cost of capital and majority capital still open Q: Mark Weintraub asks about competitor synergy and Siding growth opportunities A: Brad Southern talks about Siding scale, strategic focus, and market share growth in new residential market Q: Kurt Yinger asks about new residential market share and penetration A: Brad Southern discusses chunkier share gain in large builders, program-related growth, and long runway for success