What changed in this filing

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Item 1. Business

2026-02-17 compared with 2025-02-19 · 64 added, 97 removed, 160 unchanged (50% of the section changed)

1 unchanged sentence

Serving the new home construction, repair and remodeling, and outdoor structures markets, we have leveraged our expertise to become an industry leader known for innovation, quality, reliability, and sustainability.

The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America, with limited sales in Asia, Australia, and Europe.

The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America.

Since our founding in 1972, LP has been Building a Better World ™ by helping customers construct beautiful, durable homes while shareholders build lasting value.

We are headquartered in Nashville, Tennessee, and as of December 31, 2024, we operated 22 plants across the U.S., Canada, Chile, and Brazil.

The table below summarizes the relative sizes of our business segments in 2024:

Segment Net Sales

(in millions) Percentage of 2024 Net Sales

We are headquartered in Nashville, Tennessee, and as of December 31, 2025, we operate more than 20 manufacturing facilities across North and South America.

The table below summarizes net sales in 2025 (dollar amounts in millions):

Percentage of 2025 Net Sales

Siding $ 1,689 62 %

Oriented Strand Board (OSB) 832 31 %

LP South America (LPSA) 190 6 %

OUR BUSINESS SEGMENTS

Other 187 7 %

The Company conducts business through three operating segments:

Siding, OSB and LPSA.

In the fourth quarter of 2025, the Company determined that LPSA did not meet the reportable segment criteria and beginning with the fourth quarter of 2025, the financial information for the LPSA operating segment is included in Other.

These changes had no impact on our consolidated results of operations or financial position.

Prior period segment information has been recast to conform to our current presentation.

Our other operating segments, Siding and OSB remain reportable operating segments.

Other now comprises our South American operations and other products that are not individually significant.

See “Note 15 - Segment Information” of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K for further information regarding our reportable segments.

We believe we are the largest manufacturer of engineered wood siding in North America.

Our Siding segment serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia, including LP ® SmartSide ® Trim & Siding, LP ® SmartSide ® ExpertFinish ® Trim & Siding, LP BuilderSeries ® Lap Siding, and LP ® Outdoor Building Solutions ® (collectively referred to as Siding Solutions).

Our Siding business serves diverse end markets with a broad product portfolio of engineered wood siding, trim, soffit, and fascia.

Our Siding is offered primed (LP ® SmartSide ® Trim & Siding, LP BuilderSeries ® Lap Siding, and LP ® Outdoor Building Solutions ® ) and pre-finished (LP ® SmartSide ® ExpertFinish ® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications.

As compared to solid wood, these products offer superior protection against hail, wind, moisture, fungal decay, and termites.

The LP SmartSide environmental product declarations (EPDs), which detail the cradle-to-grave energy and materials required to produce LP SmartSide Lap, Panel and Trim in North America, demonstrate that the product stores more carbon than is released during its lifecycle, making it a carbon-negative exterior siding product.

Our Siding Solutions products are used in new home construction, repair and remodeling projects, and outdoor structures such as sheds.

We intend to continue growing sales in our Siding segment and to increase the breadth of our Siding Solutions product offerings.

The LP SmartSide environmental product declarations (EPDs), which detail the cradle-to-grave energy and materials required to produce LP SmartSide lap, panel, and trim in North America, demonstrate that the products store more carbon than is released during their lifecycles, making them carbon-negative exterior siding products.

Our Siding products are used in new home construction, repair and remodeling projects, and outdoor structures such as sheds.

We intend to continue growing sales in our Siding business and to increase the breadth of our Siding product offerings.

To do so, we plan to increase the production capacity of these high-margin, value-added products.

We have several options for increased capacity, including the addition of new plants, conversion of existing Oriented Strand Board plants to Siding manufacturing plants, expansion of existing Siding facilities, and expansion of our prefinished capacity and offerings.

We have several options for increased capacity, including the addition of new plants, conversion of existing OSB plants to Siding manufacturing plants, expansion of existing Siding facilities, and expansion of our prefinished capacity and offerings.

We will also seek to drive continued product innovation by utilizing our technological and engineering expertise in wood composites, overlays, chemical treatments, and durable and beautiful paints to better address the needs of our customers.

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Developed as a less expensive and more sustainable alternative to plywood, OSB is used as roof decking, sidewall sheathing, and floor underlayment.

Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP ® TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP NovaCore ® Thermal Insulated Sheathing, LP ® FlameBlock ® Fire-Rated Sheathing, and LP ® TopNotch ® 350 Durable Sub-Flooring).

Our LP Structural Solutions products are engineered to provide a variety of features such as superior fire resistance, enhanced water and moisture protection, and greater weight-bearing capacity.

We intend to continue to grow sales of our LP Structural Solutions portfolio as a percentage of our total production and to aggressively manage cost through (i) the efficiency with which we operate our manufacturing facilities (as measured by a widely used operational metric called Overall Equipment Effectiveness, or OEE), (ii) the efficiency with which we convert sustainably harvested wood fiber into our products, and (iii) our ongoing work to optimize logistics and reduce other costs.

LP South America (LPSA)

We believe that we are the leading producer of OSB and siding products in South America and that we are positioned to capitalize on the growing demand for materials used in wood-based residential construction in South America.

Our LPSA segment manufactures and distributes OSB structural panel and Siding Solutions products in South America and certain export markets.

This segment also sells and distributes a variety of companion products to support the region’s transition to wood frame construction.

The LPSA segment carries out manufacturing operations in Chile and Brazil and operates sales offices in Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru.

Our OSB business manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP ® FlameBlock ® Fire-Rated Sheathing, LP WeatherLogic ® Air & Water Barrier, LP ® TechShield ® Radiant Barrier, LP Legacy ® Premium Sub-Flooring, and LP ® TopNotch ® 350 Durable Sub-Flooring).

Our LP Structural Solutions products are engineered to provide a variety of features such as fire resistance, enhanced water and moisture protection, energy efficiency, and greater weight-bearing capacity.

Our focus remains on promoting the benefits of LP Structural Solutions while maintaining strict cost control by (i) the efficiency with which we operate our manufacturing facilities (as measured by a widely used operational metric called Overall Equipment Effectiveness, or OEE), (ii) the efficiency with which we convert sustainably harvested wood fiber into our products, and (iii) our ongoing work to optimize logistics and reduce other costs.

Our other operations include our South American business (LPSA) that manufactures and distributes OSB structural panels and siding products in South America and certain export markets.

Additionally, our other operations includes timber and timberlands as well as other minor products, services, and closed operations, which do not qualify as discontinued operations.

OUR BUSINESS STRATEGY

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We believe that our leadership position in engineered wood siding allows us to benefit from demand growth, particularly as sustainable engineered wood products continue to displace alternative siding materials such as vinyl, fiber cement, and other materials.

We have consistently grown our Siding segment above the underlying market growth rates, and this segment is less sensitive to new housing market cyclicality as over 50% of demand for our Siding Solutions comes from other markets, including off-site structure production and repair and remodeling.

We have consistently grown our Siding business above the underlying market growth rates, and this business is less sensitive to new housing market cyclicality as over 50% of the demand for our Siding comes from other markets, including off-site structure production and repair and remodeling.

We believe that long-term market trends and demographics suggest continued growth in demand for sustainable engineered wood siding in these markets, which we believe we are well-positioned to meet.

We routinely evaluate project schedules and market demand to determine when to begin related construction work on Siding Solutions capacity expansion projects.

Generate Value-Added Sales Growth Through Customer Focus and Innovation.

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We believe that our investments in South America will help us continue to satisfy the growing demand for wood-based residential construction in this region.

We believe that investments in this region can continue to be funded by cash generated by our LPSA segment.

We believe that investments in this region can continue to be funded by cash generated by our operations in this region.

Investments as a market leader in this region should enable us to leverage demand while diversifying both our revenue streams and exposure to market cycles.

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The building products industry is highly competitive.

We compete internationally with several thousand forest and building products firms, ranging from very large, fully integrated firms to smaller enterprises that may manufacture a few items.

We also compete less directly with firms that manufacture substitutes for wood building products.

Our specialty products, including Siding Solutions and LP Structural Solutions, generally compete based on product features, benefits, quality, sustainability, and availability.

We primarily compete with other building products firms that offer alternative architectural and structural solutions.

Our competitors include both large, diversified producers, and smaller regional manufacturers offering a wide variety of materials and product types.

Our specialty products, including our Siding portfolio and LP ® Structural Solutions, generally compete based on product features, benefits, quality, sustainability, and availability.

Our commodity OSB products generally compete based on price, quality, and availability of products.

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Our facilities utilize the best available manufacturing techniques based on the needs of our business segments, and we work continuously to improve our operating efficiency and productivity, as measured by OEE.

We currently operate 19 strategically located manufacturing and production facilities in the U.S.

and Canada, two facilities in Chile, and one facility in Brazil.

LP operates more than 20 manufacturing facilities across North and South America.

STRATEGIC SOURCING

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Resin product costs are influenced by changes in the prices of raw materials used to produce resin, primarily petroleum products and energy, as well as competing demand for resin products.

Currently, we purchase most of our resin from six major suppliers.

Currently, we purchase most of our resin from five major suppliers.

However, there can be no assurance that pricing or availability of resins will not be impacted by competing demand or supply chain disruptions due to significant weather or other uncontrollable events.

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These strategies, objectives, and measures are the basis of our workforce management framework and are advanced through the following programs, policies, and initiatives:

Labor Relations.

As of December 31, 2024, we employed approximately 4,300 team members, comprising approximately 2,800 in the United States, 800 in Canada, and 700 in South America.

Approximately 3,300 team members were employed at manufacturing facilities, and approximately 1,000 team members were subject to collective bargaining agreements and/or national trade union agreements.

Workforce & Labor Relations.

As of December 31, 2025, we employed approximately 4,300 employees, comprising approximately 2,800 in the United States, 800 in Canada, and 800 in South America.

Approximately 3,500 employees were employed at manufacturing facilities, and approximately 1,200 employees were subject to collective bargaining agreements and/or national trade union agreements.

We are committed to working collaboratively with the unions that represent some of our employees.

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We are committed to the health, safety, and wellness of our employees.

Safety is a core principle and key value at LP.

We safeguard our people, projects, and reputation by maintaining a safety culture that strives to eliminate workplace incidents, risks, and hazards.

Safety is a core value at LP.

We safeguard our people, projects, and reputation by maintaining a safety culture that strives to reduce risks to our employees.

Our innovative safety and health processes are at the forefront of everything we do.

We provide our employees, contractors, and guests with ongoing safety training to ensure that safety policies and procedures are effectively communicated and implemented.

We provide our employees, contractors, and guests with ongoing safety training to ensure that safety policies and procedures are effectively communicated, implemented, and followed.

We also aim to start every meeting, every mill tour, and every morning at our manufacturing facilities with a message about safety.

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The SIF Prevention program is a proactive approach to address the most significant exposures our employees face on the job.

WIR tracking reflects the severity and frequency of incidents to monitor our safety performance.

The SIF prevention program and WIR tracking program enhance hazard recognition and employee engagement and drive our teams to evaluate controls to ensure we are incorporating improved levels of protection whenever possible.

The WIR metric reflects the severity of incidents to monitor our safety performance.

The SIF Prevention program and the tracking of WIR enhance hazard recognition and employee engagement and drive our teams to evaluate controls to ensure we are incorporating improved levels of protection whenever possible.

We use this data to prioritize, manage, and carefully track safety performance at all our facilities and integrate sound safety practices to make a meaningful difference in every facet of our operations.

Inclusion and Belonging.

We embrace the diversity of our team members, customers, stakeholders, and consumers, including their unique backgrounds, experiences, ideas, and talents, and are committed to continued efforts to foster an inclusive workplace.

We believe all LP team members are valued and appreciated for their distinct contributions to the growth and sustainability of our business.

We strive to cultivate a culture and vision that supports and enhances our ability to recruit, develop, and retain diverse talent at every level.

Our executive management team provides oversight of our programs, policies, and initiatives focusing on workforce inclusion and belonging, talent and development, and compensation and benefits.

It is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

We value the diverse backgrounds, experiences, and perspectives of our employees, customers, and stakeholders, and are committed to fostering an environment where everyone feels a strong sense of belonging.

This sense of belonging strengthens our ability to attract, develop, and retain top talent at all levels.

Talent and Development.

Our talent strategy is focused on cultivating a safe and supportive workplace that attracts and welcomes innovative, agile, diverse and resilient talent committed to value creation.

We are committed to recognizing and rewarding the contributions of our valued employees while continually working to develop, engage, and retain our workforce.

We focus on the team member experience, removing barriers to engagement, further modernizing the human relations process, and continually improving our talent practices.

We are committed to hiring exceptional talent and providing resources that support continuous career growth.

We begin with talented individuals who join for a role and stay for long, rewarding careers because we invest in their development, listen to their feedback, and respond to their concerns.

Our talent development programs provide employees with the resources they need to help achieve their career goals, build management skills, and lead the Company.

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In addition, we offer employees the ability to customize benefits options to meet their individual needs and the needs of their families.

Our executive management team provides oversight of our programs, policies, and initiatives focusing on workforce inclusion and belonging, talent and development, and compensation and benefits.

It is our policy to fully comply with all laws (domestic and foreign) applicable to equal employment opportunity and discrimination in the workplace.

SEGMENT AND PRICE TREND DATA

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In addition, information concerning our:

(i) net sales by business segment;

(ii) profit by business segment;

(i) profit by segment;

(ii) capital expenditures by segment;

(iii) identifiable assets by segment;

(iv) depreciation and amortization by business segment;

(v) capital expenditures by business segment;

and (vi) geographic segment information, is included in "Note 18 - Segment Information" of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

(iv) goodwill by segment;

and (v) geographic area information, is included in “Note 15 - Segment Information” of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K.

Housing Starts

2 unchanged sentences

Other companies may present housing start data differently, and therefore, as presented by us, our housing start data may not be comparable to similarly titled indicators reported by other companies.

The following table sets forth U.S.

housing starts data reported by the U.S.

Census Bureau for the quarter and year ended December 31, 2025, 2024, and 2023 (amounts based upon information published through January 9, 2026, in thousands):

Year Ended December 31,

2024 2023 2022

Housing starts:

2 unchanged sentences

1,364 1,367 1,420

1 Actual U.S.

Housing starts data, in thousands, reported by U.S.

Census Bureau is based upon information published through January 17, 2025.

1 November and December 2025 housing starts have not yet been published by the U.S.

Census Bureau, and therefore, we have used October 2025 housing starts as the November and December 2025 actual housing starts.

Sales Volume Information Summary

We monitor sales volumes for our products in our Siding, OSB, and LPSA segments, which we define as the amount of our products sold within the applicable period measured in million square feet (MMSF) on a standard 3/8" thickness basis.

We monitor sales volumes for our products in our Siding and OSB segments, which we define as the amount of our products sold within the applicable period measured in million square feet (MMSF) on a standard 3/8" thickness basis.

Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth.

1 unchanged sentence

We believe that sales volumes can be a useful measure for evaluating and understanding our business.

Year Ended December 31, 2024

Sales Volume Siding OSB LPSA Total

Siding Solutions (MMSF) 1,719 — 35 1,754

OSB - Structural Solutions (MMSF) — 1,705 548 2,253

OSB - Commodity (MMSF) — 1,680 — 1,680

Year Ended December 31, 2023

Sales Volume Siding OSB LPSA Total

Siding Solutions (MMSF) 1,547 — 33 1,580

OSB - Structural Solutions (MMSF) — 1,559 502 2,061

OSB - Commodity (MMSF) — 1,512 — 1,512

The following table sets forth sales volumes for the year ended December 31, 2025 and 2024 (in MMSF):

Year Ended December 31,

Sales Volume Siding OSB LPSA Total

Siding Solutions (MMSF) 1,797 — 33 1,830

OSB - Structural Solutions (MMSF) — 1,803 554 2,357

OSB - Commodity (MMSF) — 1,944 — 1,944

2025 2024 2023

Siding 1,786 1,719 1,547

Total Siding sales volume 1,786 1,719 1,547

OSB - Structural Solutions 1,535 1,705 1,559

OSB - Commodity 1,540 1,680 1,512

Total OSB sales volume 3,075 3,384 3,071

Overall Equipment Effectiveness Summary

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It should be noted that other companies may present OEE data differently, and therefore, as presented by us, OEE data may not be comparable to similarly titled measures reported by other companies.

Years Ended December 31,

OEE for the year ended December 31, 2025 and 2024 for each of our businesses is listed below:

Year Ended December 31,

2025 2024 2023

1 unchanged sentence

OSB 79 % 78 % 75 %

LPSA 72 % 75 % 71 %

AVAILABLE INFORMATION

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Information contained on, or accessible through, our website is not a part of, and is not incorporated by reference into, this annual report on Form 10-K.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following list sets forth information about our executive officers who are elected annually by the Board of Directors.

All information is as of the date of the filing of this annual report on Form 10-K.

Bradley Southern , age 65, has been Chairperson of the Board of Directors since May 2020 and Chief Executive Officer of the Company since July 2017, and previously was Executive Vice President, Chief Operating Officer from November 2016 to June 2017.

Prior to that, Mr.

Southern served as Executive Vice President of OSB beginning in March 2015, Senior Vice President of Siding beginning in 2012 and Vice President of Specialty Operations beginning in 2004.

Southern has also served as a member of the board of directors of GMS Inc.

GMS) since January 2024.

Southern also serves on the boards of directors of The Forest Products Association of Canada and the Nashville Branch of the Federal Reserve Bank of Atlanta.

Daniel , age 56, has been Senior Vice President, General Counsel and Corporate Secretary since September 2019.

From July 2013 to September 2019, Ms.

Daniel served as Vice President, General Counsel and Corporate Secretary at Ciner Resources LP, a leading producer of natural soda ash, which was known as OCI Enterprises prior to its purchase by Ciner in 2015.

She also held legal and compliance leadership roles at Albemarle Corp from 2002 to 2013.

Haughie , age 61, has been Executive Vice President, Chief Financial Officer since January 2019.

From 2013 to 2017, he was Senior Vice President and Chief Financial Officer of ServiceMaster Global Holdings Inc., a Fortune 1000 public company that provides residential and commercial services.

From 2010 until 2013, Mr.

Haughie served as Senior Vice President and Chief Financial Officer of Federal-Mogul Corporation.

Mason , age 46, has been Executive Vice President, General Manager, OSB since February 2022.

Prior to that, he served as Vice President, Siding Manufacturing from November 2018 to February 2022, as Director Regional Operations for the Company’s Siding business from January 2018 to November 2018, and as Regional Operations Manager for the Siding business from 2015 until January 2018.

Mason has worked in manufacturing operations since 2001, joining the Company in 2006.

Prior to joining the Company, Mr.

Mason held positions with International Paper and Milliken & Company .

Ringblom , age 42, has been Executive Vice President, General Manager, Siding since February 2022.

He previously also held the title Executive Vice President, General Manager, EWP from February 2022 until August 2022, when the Company sold the assets related to its Engineered Wood Products (EWP) business.

Prior to that, Mr.

Ringblom served as Executive Vice President, OSB and EWP from January 2017 to February 2022 and as Vice President of OSB sales and marketing from February 2015 to December 2016, and has held various other sales leadership positions at the Company since 2004.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business