Good morning. My name is Lea Will, and I will be your conference operator today. Welcome to Canfor and Canfor Pulp Products Inc.'s second quarter annual phone call. All lines have been placed on mute to prevent any background noise. During this call, Canfor and Canfor Pulp' s Chief Financial Officer will be referring to a slide presentation that is available in the Investor Relations section of the company's website. Also, the companies would like to point out that this call will include forward-looking statements, so please refer to the press releases for the associated risks of such statements. I would now like to turn the meeting over to Susan Yurkovich, President and CEO of Canfor. Thanks, Lea, and good morning, everyone. Thanks for joining the Canfor and Canfor Pulp Q2 2025 results conference call. I'm going to open up with a few remarks, then I'll turn it over to Stephen Mackie, Canfor's Chief Operating Officer and CEO of Canfor Pulp, followed by Pat Elliott, our Chief Financial Officer of Canfor Corporation through Canfor Pulp. We've also got Kevin Pankratz, Canfor's Senior Vice President of Sales and Marketing, and Brian Yuen, Vice President of Sales and Marketing for Canfor Pulp, who are here with us and available to take questions. While the market conditions remain really challenging, we continue to see improvement in our underlying business, supported by our geographic diversification, the capital investments that we've completed over the last few years, and our ongoing commitment to optimizing our portfolio of assets to enhance our financial performance. To that end, as you know, we made some very tough decisions to close a number of facilities in British Columbia since 2023 due to high costs and ongoing fiber challenges. In addition, this quarter, we announced the closure of our ESCO and Darlington facilities in South Carolina due to persistent weak market conditions and sustained losses at those facilities. In combination, these closures have removed more than 2 billion board feet that are aligning our production capacity with market demand. While extremely difficult for our people and communities, these decisions will enhance Canfor's ability to withstand significant trade headwinds, challenging market conditions, and the general uncertainty that are impacting our business at this time. In transforming our business and leveraging across our globally diversified lumber platform, we believe we will be able to generate more stable cash flow and enhance our competitiveness over the long term. Despite the challenging market dynamics we're facing right now, our balance sheet remains strong and is allowing us to pursue strategic growth at the bottom of the cycle. This quarter, we are very pleased to announce the pending acquisition of three small sawmills from Carl Hedin in Sweden. These sawmills have exceptionally high-quality fiber in Central Sweden, which is a new operating region for Canfor, and will enhance our ability to access global markets and further reduce our reliance on the U.S. market. Supported by recent capital investments and a strong cultural alignment with the identified synergies, these sawmills will complement Vita's operating platform once the acquisition, which is subject to normal closing conditions, is completed later this year. Following this acquisition, our lumber platform will include approximately 35% of our lumber production base in the US South, 35% in Sweden, and 30% in Western Canada, providing meaningful geographic products and market diversification for the company. With respect to duties and tariffs, we have, of course, been expecting the increase in duty rates that come into effect this week and have been adjusting our sales strategy accordingly. However, there remains significant uncertainty regarding tariffs and the ongoing Section 232 investigation in the U.S., as well as the broader trade environment. We continue to monitor these developments closely and will adjust our plans to mitigate the impacts to the greatest extent possible. Notwithstanding this uncertainty, we are well positioned to navigate these challenges, supported by the actions that we've taken over the last several years to build out our low-cost, globally diversified lumber platform. I'd now like to turn it over to Stephen Mackie to provide an overview of Canfor Pulp. Thanks, Susan. Good morning, everyone. Canfor Pulp generated modest dividends in the second quarter, with results reflecting the impact of lower sales realizations due to persistent economic and global trade uncertainty, as well as a 4% stronger Canadian dollar. Weak demand and elevated global pulp inventories contributed to a sharp decline in pricing, particularly in China, where prices fell 7% in the quarter. However, the full impact of these price declines will not be evident in our sales realizations until the third quarter. While pulp pricing in China has stabilized recently, we anticipate weak market fundamentals to persist throughout the third quarter. While our paper business performed reasonably well, we also saw a sharp decline in sales realizations in the second quarter, reflecting the stronger Canadian dollar, weaker pricing in North America due to ongoing tariffs and economic uncertainty, and weaker demand driven by the aforementioned economic uncertainty. Notwithstanding the current macroeconomic challenges, Canfor Pulp continues to focus on areas within our control. As an organization, we are adapting to align with current market conditions. We've made progress on improving our productivity and reliability. We currently have an adequate chip supply to support our operating footprint, and we are intentionally focused on improving our cost structure. While market fundamentals are challenging in the short term, we believe our specialty product focus and unique fiber characteristics, combined with an enhanced focus on operational execution and disciplined cost management, will allow us to navigate the current market dynamics. I will now turn it over to Pat to provide an overview of our financial results. Thanks, Stephen, and good morning, everyone. In my comments this morning, I'll speak to our second quarter financial highlights, a summary of which is included in our overview slide presentation located in the Investor Relations section of the Canfor Pulp website. Our lumber business generated adjusted EBITDA of $62 million in the second quarter, $1 million higher than the prior quarter. Adjusted EBITDA includes restructuring charges following the announced closing of CapCo and Verizon, as Susan mentioned earlier. Excluding these one-time items, our lumber business generated EBITDA of $68 million in the second quarter, up approximately $80 million from Q1, supported by solid earnings in Europe and continued to ramp up low-cost capacity in the US South. While global lumber markets remain challenging in the short term, the transformation of our lumber business in recent years has supported an improved cost structure and improved profitability. Our lumber business generated EBITDA, including one-time items, of approximately $130 million in the first half of 2025. While market conditions appear challenging through the balance of the year, our lumber platform is well positioned to capitalize on stronger lumber prices over the medium to long term, supported by our geographic diversification and low operating costs. Turning to our pulp business, Canfor Pulp generated adjusted EBITDA of $6 million in the second quarter, down $15 million from the prior, reflecting the impact of lower pulp and paper sales realizations and, to a lesser extent, an uplift in pulp manufacturing costs. At the end of the second quarter, Canfor Pulp Products Inc. had a net debt of $74 million and $80 million of available liquidity, while Canfor, excluding Canfor Pulp and the duty loan, ended the second quarter with a net debt of approximately $87 million and available liquidity of $1.3 billion. On a consolidated basis, capital expenditures were approximately $51 million in the second quarter, including approximately $5 million for Canfor Pulp Products Inc. Following completion of several major capital investments this year, we are anticipating significantly lower capital spending starting this year, with approximately $240 million invested in our lumber business. Of this amount, approximately $160 million was spent in the first half of the year. For Canfor Pulp, we are currently forecasting capital spend of $45 million in 2025, including capitalized maintenance. Following completion of our recently announced acquisition in Sweden later this year, our balance sheet remains solid, supported by our improved operating platform, a seasonal working capital reduction in Sweden, and an expected tax refund in Canada. In addition, we anticipate Canfor will continue to allocate a modest amount of capital to opportunistically repurchase shares throughout the year under its normal course if it were to. With that, we're now ready to take questions from analysts. Thank you. We will now take questions from financial analysts. If you have a question, please press star one on your telephone keypad. If you are using a speaker phone, please lift your receiver and then press star one. If at any time you wish to cancel your question, please press star two. Please press star one now if you have a question. There will be a brief pause while participants register for questions. Thank you for your patience. Your first question comes from Ketan Mamtora with BMO. Your line is now open. Thank you and good morning. Maybe we start with, can we talk about if you saw any see buy ahead of, you know, kind of duties creeping higher on the STF guys? Kevin, you want to take that? Sure. Yeah. The buying behavior has actually been relatively steady through June and July, and there might be a little bit of a pre-positioning, but quite frankly, customers are more or less keeping inventories adequately stocked in order just to meet their just-in-time demand. I haven't seen any material buying increases. Kevin, is it safe to say that in one phase you don't see any material buy lock-in in one phase? I think our customers' inventory positions are actually relatively balanced. Like I said, with all the uncertainty that they're facing, I think they're just going to be buying as they need on the just-in-time basis. That's helpful. Just one other question. With our duties going higher here, I'm curious as to your approach to production, particularly in light of demand being softer. Especially if startups, is your approach to pass through the entire duty increase? Can you just give us some sense of how you are approaching this? Yeah, good morning, Ketan and Stephen. I think from a production perspective, we obviously made some very difficult decisions over the last couple of years when we rationalized some of the higher cost capacity that we had in Canada. Our expectation is to run, and that's certainly our plan, to operate through the cycle. We think we're well positioned with limited exposure overall if you look broadly across our global platform to the U.S. There is lots of volatility and things can change, and we'll be responsive to the market dynamics that we see out there, but our plan is to operate. Understood. That's very helpful. I'm back in the queue. Good luck. Your next question comes from Sean Steuart with TD Cowen. Your line is now open. Thanks, Susan. Morning, everyone. I want to start with Europe. The pending acquisition there looks like attractive terms, and the margin profile there remains really resilient. I guess I'd be interested in your perspective on other M&A opportunities in Europe. Is the interest still specific to Sweden? Is there any opportunity to maybe extend beyond Scandinavia for growth opportunities there? Yeah, thanks, Sean. It's Susan. Yeah, we really like this. We like this in-acquisition. They're really good mills. They fit well into the Vita platform, and there's a lot of opportunity for us. It's mostly going into the European market and some into Japan. It's really good for us. We'll be looking at integrating those three facilities into our operations. Of course, we're always keeping our eye open, but this does open up really another reason for us because these assets are located in Central Sweden, which is a different operating area for Canfor Vita. I believe that is, I guess we have to pay for further growth initiatives there. Your balance sheet's still in relatively strong shape. Are you content to integrate this deal and sit tight, or if other opportunities would come forward, would you consider them at this point? Sean, you know, we're always looking for things. We're looking for things all the time. We're looking at opportunities across our platform. Right now, we've got a job to do to integrate these assets into our Vita platform, and we're going to do that. We'll keep our eyes open. Okay. Thanks for that. Susan, maybe a question you don't want to answer, but I just want to get your thoughts on trade evolution here on Canada-U.S. lumber. How is your optimism that lumber can be included in a broader U.S.-Canada negotiation? Do you have any thoughts that you would share on quota being a potential facet of a potential deal? Yeah, sure. I mean, I think what we've heard is signals from the federal government, important signals that, you know, lumber is a priority out there along with, you know, steel and aluminum and auto and a couple of other sectors. I think we appreciate that. This is a really important industry to Canada. I think these are incredibly complex multilateral discussions. I think, you know, my strong hope is that lumber is included in this. If we can achieve an agreement, I would very much like for lumber to be included in that resolution. As you know, this is a really long-standing agreement. As far as the form of that agreement, I think we leave it to our very competent negotiators, including the Chief Negotiator for Canada, Kirsten Hillman, who's a very seasoned negotiator, our Ambassador in the U.S. I think they'll be ready for flexibility to try and reach resolution. I'm not sure what form that resolution will take, but certainly, we've been working across, you know, working with the industry and are ready to support the federal government in finding a resolution on this file for lumber. Thank you for that detail. That's all I have for now. Thank you. Your next question comes from Hamir Patel with CIBC Capital Markets. Your line is now open. Hi, good morning. Kevin, I was wondering if you could give us a sense of how lumber demand has fared with your key R&R customers this year, both in North America and in Europe? Yeah, great to have you. Thanks for the question. Actually, R&R, for our experience here, has been actually relatively steady. I would say year to date, compared to last year, relatively flat. However, we did see a little bit of a slowdown in the summer, like in early July, but I've seen some hiccups. I think that's been a positive in the marketplace. As far as Europe, I think they're experiencing the same thing. That DIY segment has been performing relatively steady and keeping pace with a relatively year-over-year cost, which is actually much better than what we're seeing in new home construction, which is actually lost. Okay. Thanks for that, Kevin. Susan, I had a question for you. Assuming the current trade situation continues, just given the large reduction in the BC platform over the past year, when you think about the difference between your combined anti-dumping countervailing rate and the rate for West Fraser, would you expect that spread to really narrow when the AR7 preliminary rates come out? Yes. Okay. Would that sort of play out over two years, or it'll be a big step down, you think, in AR7, just given the geographic? There will be a step down, but yes, we will expect that that spread will be diminished. Okay, that's probably it. I'll turn it over. Thanks. Your next question comes from Matthew McKellar with RBC. Your line is now open. Matthew McKellar, your line is open. Hi, good morning. Thanks for taking my questions. First, for me, just with the changes to your Southern Yellow Pine portfolio and the current market backdrop, how should you be thinking about SYP shipments in the second half? What kind of, maybe, reduction in fixed costs do you associate with those closures? Thanks. Maybe Kevin, do you want to talk about the markets and then Stephen? Okay. I think our outlook for shipments will be actually pretty, pretty flat, I think, quarter over quarter. Stephen? Yeah, I think our shipments, what you can expect, Matt, is it's, you know, obviously, we've seen the impact or will see the impact of the facility closures at Darlington with those capacity reactions. Those would be offsets to a fairly large degree with the ramp-up in capacity of some of our recent capital investments down in the Southeast U.S. with the modernization of our Urbana facility, the construction of our new Greenfield facility at Axis. Both of those operations are progressing through their startup terms very well. We're also looking at some potential incremental capacity to a couple of our other facilities. I think we'll largely offset and be reasonably flat on an annualized basis. Okay. Thanks for that detail. Thanks, Amir. You talked about adjusting your sales strategy following the implementation of higher duties. I guess, you know, things could change here, but based on your expectations of how you'd expect demand and prices to evolve, what percentage of Canadian produced wood do you expect to sell into the U.S. in a sort of status quo scenario where higher anti-dumping duties remain in place, final countervailing duties are in line with preliminary results, and we see no incremental specialty services tariffs? Maybe, Stephen, reframe it. How can you expect the geographic sales mix for lumber to evolve here over the next couple of quarters? Thanks. Yeah, thanks, Matt. Actually, the situation is quite fluid, as you can imagine. A lot's going to depend on how pricing reacts in the U.S. market versus the Canadian market. We have the flexibility to navigate through that. It's something that we're going to have to monitor and will be monitoring on a daily basis. It's kind of hard to exactly say because throughout this whole journey in the last couple of months, week to week, it has pivoted and changed depending on demand, liquidity, and financial results. I think it's kind of hard to say exactly because we're not dealing with a real fixed situation. Okay, that's fair. Lastly, could you just please reflect this on the most impactful initiatives you have underway to improve the cost structure at Canfor Pulp? Yeah, thanks, Matt. I mean, for the most part, the single biggest thing that we can do is really improve or continue to improve our reliability and our operational performance, uptime, and execution. I think the team is intently focused on running the facilities with greater stability. We've shored up the fiber supply. We've got sufficient fiber to support our operating footprint today, so we're in good shape there. We see continued modest progress downward on that cost curve within the fiber supply. It's really about operational reliability and stability. Our cost structure can be competitive when we run and run well, and that's the focus of the team, particularly as we head into, through the third quarter and into the fourth quarter and the turnaround that we'll have at Northwood in Q4. That's what I would say about that, Matt. Thanks for all the details. I'll pass it back. Thank you. There are no further questions. I'll now turn it over to Susan for closing comments. Thanks very much for joining us. We'll see you next quarter. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.