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LP BUILDING SOLUTIONS Q2 2026 Earnings Presentation August 5 , 2026
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FORWARD-LOOKING STATEMENTS PAGE 2 This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Forward looking statements can be identified by words such as “may,” “will,” “could,” “should,” “believe,” “expect,” “anticipate,” “assume,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “potential,” “continue,” “likely,” or “future,” as well as similar expressions, or the negative or other variations thereof. Forward-looking statements include other statements regarding matters that are not historical facts, including without limitation, plans for product development, forecasts of future costs and expenditures, possible outcomes of legal proceedings, capacity expansion and other growth initiatives, the adequacy of reserves for loss contingencies, and any statements regarding the Company’s financial outlook. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: changes in governmental fiscal, trade, and monetary policies, including the imposition of higher or new tariffs, trade barriers, and levels of employment; changes in general and global economic conditions, including impacts from rising inflation, supply chain disruptions, or new, ongoing, or escalated geopolitical or military conflicts or tensions; the commodity nature of a segment of our products and the prices for those products, which are determined in significant part by external factors such as total industry capacity and wider industry cycles affecting supply and demand trends; changes in the cost and availability of capital; changes in the cost and availability of financing for home mortgages; changes in the level of home construction and repair and remodel activity, including as a result of labor shortages; changes in competitive conditions and prices for our products; changes in the relationship between supply of and demand for building products; changes in the financial or business conditions of third-party wholesale distributors and dealers of building products; changes in prices and the relationship between the supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products; changes in the cost and availability of energy, primarily natural gas, electricity, and diesel fuel; changes in the cost and availability of transportation, including transportation services provided by third parties; our dependence on third-party vendors and suppliers for certain goods and services critical to our business; operational and financial impacts from manufacturing our products internationally; difficulties in the development, launch or production ramp-up of new products; our ability to attract and retain qualified executives, management and other key employees; the need to formulate and implement effective succession plans from time to time for key members of our management team; impacts from public health issues (including global pandemics) on the economy, demand for our products or our operations, including the actions and recommendations of governmental authorities to contain such public health issues; our ability to identify and successfully complete and integrate acquisitions, divestitures, joint ventures, capital investments and other corporate strategic transactions; unplanned interruptions to our manufacturing operations, such as explosions, fires, inclement weather, natural disasters, accidents, equipment failures, labor shortages or disruptions, transportation interruptions, supply interruptions, public health issues (including pandemics and quarantines), riots, civil insurrection or social unrest, looting, protests, strikes, and street demonstrations; changes in global or regional climate conditions, the impacts of climate change, and potential government policies adopted in response to such conditions; changes in other significant operating expenses; changes in currency values and exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian real, Chilean peso, and Argentine peso; changes in, and compliance with, general and industry- specific laws and regulations, including environmental and health and safety laws and regulations, the U.S. Foreign Corrupt Practices Act and anti-bribery laws, laws related to our international business operations, and changes in building codes and standards; changes in tax laws and interpretations thereof; changes in circumstances giving rise to environmental liabilities or expenditures; warranty costs exceeding our warranty reserves; challenges to or exploitation of our intellectual property or other proprietary information by our competitors or other third parties; the resolution of existing and future product- related litigation, environmental proceedings and remediation efforts, and other legal or environmental proceedings or matters; the effect of covenants and events of default contained in our debt instruments; the amount and timing of any repurchases of our common stock and the payment of dividends on our common stock, which will depend on market and business conditions and other considerations; cybersecurity events affecting our information technology systems or those of our third-party providers and the related costs and impact of any disruption on our business; and acts of public authorities, war, political or civil unrest, natural disasters, fire, floods, earthquakes, inclement weather, and other matters beyond our control. For additional information about factors that could cause actual results, events, and circumstances to differ materially from those described in the forward-looking statements, please refer to LP’s filings with the Securities and Exchange Commission (SEC). We urge you to consider all of the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this news release. We cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this news release. Except as required by law, LP undertakes no obligation to update any such forward-looking statements to reflect new information, subsequent events, or circumstances.
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STATEMENT RELATING TO THE USE OF NON-GAAP FINANCIAL MEASURES PAGE 3 During the course of this presentation, certain non-GAAP financial measures will be presented. Non-GAAP financial measures should be considered only as a supplement to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the earnings release filed as an exhibit to LP’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 5, 2026, and the Appendix of this presentation for a reconciliation of non-GAAP financial measures. It should be noted that other companies may present similarly titled measures differently, and therefore, such measures as presented by LP may not be comparable to similarly-titled measures reported by other companies. During the first quarter of 2026, the Company updated the definition of Adjusted Income to exclude foreign currency gains and losses. These gains and losses primarily arise from the remeasurement of all monetary assets and liabilities including intercompany notes that are denominated in a different currency than the entity's functional currency. The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations. The Company believes this exclusion provides investors with a clearer view of underlying operating performance by removing the effects of currency fluctuations that are largely outside of the Company's control and do not reflect its core business activities. For comparability and consistency, all prior period Adjusted Income and Adjusted Diluted EPS measures have been recast to conform to the current presentation. The impact of this update for the three and six months ended June 30, 2025, was an increase to Adjusted Income $6 million and $9 million respectively, and an increase to Adjusted Diluted EPS of $0.08 per share and $0.14 per share, respectively.
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HIGHLIGHTS
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Siding Growth & Margin • Broke ground on new prefinishing facility in North Branch, MN • 26% EBITDA margin2 Operational Excellence • Siding OEE: 85% (+2ppts YoY) • OSB OEE: 80% (+1ppts YoY) Innovation & Culture • 2026 Innovation Award for LP BurnGuard® FRT OSB (LBM Journal) • Top Workplaces Award (The Tennessean) 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Income to Non-GAAP Adjusted EBITDA” and “Reconciliation of Net Income to Non-GAAP Adjusted Income and Adjusted Diluted EPS.” 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. Q2 2026 Highlights PAGE 5 Q2 2026 FINANCIAL RESULTS Compared to Q2 2025 $664M $79M (4)% $0.40 Net Sales Adj. EBITDA1 Adj. EPS1 $(90)M $(63)M $(0.67) $(35)M $140M $(59)M $(21)M OSB Price Impact Operating Cash Flow Capital Expenditures Return to Shareholders Siding Sales Growth
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LP® SmartSide® Trim & Siding Long-Term Growth & Share Gains PAGE 6 The chart shows normalized growth of SmartSide sales revenue and volume compared to single-family housing starts on a trailing 12-month basis with 2011 as the common basis for growth comparisons. SmartSide volume and revenue include strand-based SmartSide and ExpertFinish® products. Fiber-based siding products and OSB produced in Siding mills are excluded. Housing Starts are as reported by the U.S. Census Bureau. *2026 housing data is through Q2-26. Siding data is through Q3-26 and assumes the midpoint of the Q3-26 guidance range for revenue. 2026*2012 2016 20222018 20242014 2020 SmartSide Sales Revenue SmartSide Sales Volume Single-Family Housing Starts
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FINANCIAL RESULTS
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SIDING – Q2 2026 VS. Q2 2025 ($ in millions) PAGE 8 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Income to Non-GAAP Adjusted EBITDA.” 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. Revenue 25% 27% $125 $113 $27 $(24) $(10) 2025 Adjusted EBITDA1 Price Volume $(1) Sales and Marketing Inflationary Costs $(4) Other 2026 Adjusted EBITDA1 $(12) Overall 7% Primed 7% ExpertFinish 7% Raw Materials $(4)M Freight $(4)M Labor $(2)M Overall (11)% Primed (12)% ExpertFinish 1% Inventory & Other $(4)M SG&A $1M 26%227%2 $460 $27 $(46) $441 Marketing $(1)M - - -
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OSB – Q2 2026 VS. Q2 2025 ($ in millions) PAGE 9 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Income to Non-GAAP Adjusted EBITDA.” 2 This is a non-GAAP financial measure and is calculated as Adjusted EBITDA1 divided by net sales. Revenue 25% 27% $19 2025 Adjusted EBITDA1 $(35) Price (w/o freight) $(11) Volume $(2) Inflationary Costs $9 Other 2026 Adjusted EBITDA1 $(21) $(40) Overall (18)% Commodity (21)% Structural Solutions (13)% $250 $(35) $(32) $182 Inventory & Other $9M Overall (113) MMSF; (13)% Mix 45%, (7)ppts Raw Materials $(1)M Labor $(1)M (12)%2 - $(1) 8%2
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PAGE 10 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Beginning cash $ 164 $ 256 $ 292 $ 340 Adjusted EBITDA1 79 142 161 304 Change in Working Capital 53 30 (43) (44) Interest (net) 5 3 1 — Cash taxes (net) 2 (13) (9) (28) Other operating — — (8) (6) Operating cash flow 140 162 102 226 Capital expenditures (59) (68) (120) (132) Repurchase of common stock — — — (61) Payment of cash dividends (21) (19) (42) (39) Other investing and financing 4 2 (4) (1) Net change in cash 64 77 (63) (7) Ending cash $ 228 $ 333 $ 228 $ 333 CASH FLOW ($ in millions) 1 This is a non-GAAP financial measure. See “Statement Relating to the Use of Non-GAAP Financial Measures” and “Reconciliation of Net Income to Non-GAAP Adjusted EBITDA.”
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2026 GUIDANCE & SENSITIVITIES Siding Growth and Margin Third Quarter Full Year Siding Revenue $460M - $470M (~5% growth) $1.65B - $1.67B (~1% decline) Siding Adjusted EBITDA1 $110M - $120M (~25% margin1,2) $410M - $425M (25-26% margin1,2) OSB Guidance OSB Adjusted EBITDA1,3 $(45)M $(120)M Total LP Adjusted EBITDA1,3,4 $50-60M $255M - $270M Adjusted EBITDA1 Sensitivities Change Annual Adjusted EBITDA1 Impact Siding Volume +/- 10 MMSF +/- $4M OSB Volume +/- 10 MMSF +/- $2M OSB Price +/- 10 $/MSF +/- $34M Full-Year Capital Expenditures Full Year Strategic Growth ~$140M Sustaining Maintenance ~$180M Total ~$320M (1) This is a non-GAAP financial measure. Reconciliation of Siding Adjusted EBITDA, OSB Adjusted EBITDA, and consolidated Adjusted EBITDA guidance to the closest corresponding GAAP measure on a forward-looking basis is not available without unreasonable efforts. Our inability to reconcile these measures results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliation. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliation, such as loss on impairment attributed to LP, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, and other non-operating items, that would be required to be included in the comparable forecasted U.S. GAAP measures. LP expects that these adjustments may potentially have a significant impact on future U.S. GAAP financial results. (2) This is a non-GAAP financial measure and is calculated as Siding Adjusted EBITDA1 divided by net sales. (3) The third quarter and full year OSB Adjusted EBITDA are based on the assumption that OSB prices published by Random Lengths remain unchanged from those published on July 31, 2026 (this is an assumption for modeling purposes and not a price forecast). (4) For purposes of projecting consolidated Adjusted EBITDA, it has been assumed that Other is approximately $(15)M and $(35)M in the third quarter and full year, respectively. PAGE 11
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APPENDIX
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PAGE 13 FINANCIAL PERFORMANCE ($ in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Sales $ 664 $ 755 $ 1,239 $ 1,478 Cost of sales (549) (577) (1,008) (1,103) Gross profit 116 178 231 375 Selling, general, and administrative expenses (80) (79) (158) (154) Loss on impairment — (17) — (17) Other operating credits and charges, net (5) (2) (7) (4) Income from operations 31 80 66 200 Non-operating income (expense) 3 (7) 4 (11) Provision for income taxes (8) (19) (17) (45) Equity in unconsolidated affiliate — — — 1 Net income $ 26 $ 54 $ 53 $ 145 Average shares outstanding — diluted 70 70 70 70 Net income per share — diluted $ 0.38 $ 0.77 $ 0.76 $ 2.07
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PAGE 14 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA ($ in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 26 $ 54 $ 53 $ 145 Add (deduct): Provision for income taxes 8 19 17 45 Depreciation and amortization 39 36 77 70 Stock-based compensation expense 5 7 12 12 Loss on impairment — 17 — 17 Other operating credits and charges, net 5 2 6 4 Product-line discontinuance charges — — 1 — Interest expense 4 4 8 7 Investment income (6) (4) (8) (8) Other non-operating items (1) 7 (4) 12 Adjusted EBITDA $ 79 $ 142 $ 161 $ 304
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PAGE 15 RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED INCOME & ADJUSTED DILUTED EPS ($ in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income per share — diluted $ 0.38 $ 0.77 $ 0.76 $ 2.07 Net income $ 26 $ 54 $ 53 $ 145 Add (deduct): Loss on impairment — 17 — 17 Other operating credits and charges, net 5 2 6 4 Product-line discontinuance charges — — 1 — Foreign currency (gain) loss (1) 7 (4) 12 Reported tax provision 8 19 17 45 Adjusted income before tax 37 99 73 223 Normalized tax provision at 25% (9) (25) (18) (56) Adjusted Income $ 28 $ 75 $ 54 $ 167 Diluted shares outstanding 70 70 70 70 Adjusted Diluted EPS $ 0.40 $ 1.07 $ 0.78 $ 2.40
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PAGE 16 REVENUE & ADJUSTED EBITDA ($ in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NET SALES Siding $ 441 $ 460 $ 801 $ 862 OSB 182 250 350 517 Other 41 45 87 99 Total Sales $ 664 $ 755 $ 1,239 $ 1,478 ADJUSTED EBITDA Siding $ 113 $ 125 $ 214 $ 230 OSB (21) 19 (33) 73 Other (13) (1) (19) 1 Total Adjusted EBITDA $ 79 $ 142 $ 161 $ 304