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Item 1. Financial Statements

2026-05-06 compared with 2025-11-05 · 137 added, 256 removed, 278 unchanged (59% of the section changed)

2 unchanged sentences

Amounts in millions, except per share amounts

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net sales $ 574 $ 724

2 unchanged sentences

Selling, general, and administrative expenses ( 78 ) ( 75 )

Loss on impairment ( 13 ) — ( 31 ) —

Other operating credits and charges, net ( 2 ) ( 2 )

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Investment income 2 4

Other non-operating income (expense) ( 1 ) ( 4 ) ( 13 ) 2

Other non-operating (expense) income 3 ( 5 )

Income before income taxes 36 116

Provision for income taxes ( 9 ) ( 26 )

Equity in unconsolidated affiliate — — 1 12

Net income $ 27 $ 91

3 unchanged sentences

Average shares of common stock used to compute net income per share:

Basic 70 70 70 71

Diluted 70 70

2 unchanged sentences

Amounts in millions

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 27 $ 91

5 unchanged sentences

Amounts in millions, except per share amounts

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Cash and cash equivalents $ 164 $ 292

Receivables, net of allowance for doubtful accounts of $ 1 as of September 30, 2025 and December 31, 2024

Receivables, net of allowance for doubtful accounts of $ 1 as of March 31, 2026 and December 31, 2025

Inventories 416 363

21 unchanged sentences

Common stock, $ 1 par value per share, 200 shares authorized;

85 shares issued and 70 shares issued and outstanding, respectively, as of September 30, 2025;

and 86 shares issued and 70 shares issued and outstanding, respectively, as of December 31, 2024

85 shares issued and 70 shares issued and outstanding as of March 31, 2026 and December 31, 2025

Additional paid-in capital 509 508

Retained earnings 1,627 1,621

Treasury stock, 15 shares and 16 shares at cost as of September 30, 2025 and December 31, 2024, respectively

Treasury stock, 15 shares at cost as of March 31, 2026 and December 31, 2025

( 388 ) ( 385 )

5 unchanged sentences

Amounts in millions

Nine Months Ended September 30,

Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

2 unchanged sentences

Depreciation and amortization 38 35

Loss on impairment 31 —

Stock-based compensation expense 7 5

Deferred taxes 14 —

Foreign currency remeasurement and transaction loss (gain) 8 ( 2 )

Foreign currency remeasurement and transaction (gains) losses ( 4 ) 1

Other adjustments, net ( 5 ) ( 1 )

5 unchanged sentences

Income taxes payable, net of receivables ( 16 ) 11

Net cash provided by operating activities 315 500

Net cash (used in) provided by operating activities ( 38 ) 64

CASH FLOWS FROM INVESTING ACTIVITIES:

Property, plant, and equipment additions ( 61 ) ( 64 )

Investment in affiliates — ( 17 )

Other investing activities, net — 16

Net cash used in investing activities ( 61 ) ( 64 )

1 unchanged sentence

Payment of cash dividends ( 21 ) ( 20 )

Repurchase of common stock ( 61 ) ( 188 )

Purchase of stock — ( 61 )

Other financing activities ( 8 ) ( 7 )

19 unchanged sentences

Taxes paid related to net settlement of stock-based awards — — — ( 8 ) — — — ( 8 )

Purchase of stock ( 1 ) ( 1 ) — — — ( 61 ) — ( 62 )

Compensation expense associated with stock-based compensation — — — — 7 — — 7

1 unchanged sentence

Balance, March 31, 2026 85 $ 85 15 $ ( 388 ) $ 509 $ 1,627 $ ( 103 ) $ 1,730

Net Income — — — — — 54 — 54

Dividends paid ($ 0.28 per share)

— — — — — ( 19 ) — ( 19 )

Issuance of shares under stock plans — — — 2 1 — — 3

Taxes paid related to net settlement of stock-based awards — — — ( 1 ) — — — ( 1 )

Purchase of stock — — — — — — — —

Compensation expense associated with stock-based compensation — — — — 7 — — 7

Other comprehensive income (loss) — — — — — — 6 6

Balance, June 30, 2025 85 $ 85 15 $ ( 386 ) $ 488 $ 1,659 $ ( 104 ) $ 1,742

Net Income — — — — — 9 — 9

Dividends paid ($ 0.28 per share)

— — — — — ( 19 ) — ( 19 )

Issuance of shares under stock plans — — — — — — — —

Taxes paid related to net settlement of stock-based awards — — — — — — — —

Purchase of stock — — — — — — — —

Compensation expense associated with stock-based compensation — — — — 12 — — 12

Other comprehensive income (loss) — — — — — — ( 4 ) ( 4 )

Balance, September 30, 2025 85 $ 85 15 $ ( 386 ) $ 500 $ 1,649 $ ( 108 ) $ 1,739

Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated Comprehensive (Loss) Income Total Stockholders’ Equity

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Balance, March 31, 2025 85 $ 85 15 $ ( 388 ) $ 480 $ 1,625 $ ( 110 ) $ 1,692

Net Income — — — — — 160 — 160

Dividends paid ($ 0.26 per share)

— — — — — ( 19 ) — ( 19 )

Issuance of shares under stock plans — — — 1 1 — — 3

Taxes paid related to net settlement of stock-based awards — — — — — — — —

Purchase of stock ( 1 ) ( 1 ) — — — ( 101 ) — ( 103 )

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive income (loss) — — — — — — ( 4 ) ( 4 )

Balance, June 30, 2024 87 $ 87 16 $ ( 385 ) $ 471 $ 1,595 $ ( 109 ) $ 1,658

Net Income — — — — — 90 — 90

Dividends paid ($ 0.26 per share)

— — — — — ( 18 ) — ( 18 )

Issuance of shares under stock plans — — — 3 ( 3 ) — — —

Taxes paid related to net settlement of stock-based awards — — — ( 4 ) — — — ( 4 )

Purchase of stock ( 1 ) ( 1 ) — — — ( 73 ) — ( 74 )

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive income (loss) — — — — — — 9 9

Balance, September 30, 2024 86 $ 86 16 $ ( 386 ) $ 472 $ 1,594 $ ( 100 ) $ 1,666

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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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, and we make limited sales to customers in Asia, Australia, and Europe.

We operate more than 20 manufacturing facilities across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries .

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

The Company operates more than 20 manufacturing facilities across North and South America and operates an additional facility through a joint venture .

References to “ LP,” the “ Company,” “ we,” “ our,” and “ us” refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

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All intercompany transactions, profits, and balances have been eliminated.

We disaggregate revenue from contracts with customers into major product lines.

We have determined that disaggregating revenue into these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

As noted in the segment reporting information in “Note 13.

Selected Segment Data” below, our reportable segments are Siding, Oriented Strand Board (OSB), and LP South America (LPSA).

Certain reclassifications have been made to prior years to conform to the current year presentation.

Revenue from contracts with customers is disaggregated into major product lines.

We believe disaggregation into these categories provides insight into how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):

Three Months Ended September 30, 2025

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 440 $ — $ 3 $ — $ 443

OSB - Structural Solutions — 105 35 — 140

440 105 38 — 583

OSB - commodity — 71 — — 71

Other products 2 3 1 2 9

$ 443 $ 179 $ 39 $ 2 $ 663

Three Months Ended September 30, 2024

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 418 $ — $ 6 $ — $ 423

OSB - Structural Solutions — 136 40 — 175

418 136 46 — 599

OSB - commodity — 112 — — 112

Other products 3 5 1 2 11

$ 420 $ 253 $ 47 $ 2 $ 722

Nine Months Ended September 30, 2025

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 1,298 $ — $ 16 $ — $ 1,313

OSB - Structural Solutions — 391 116 — 507

1,298 391 131 — 1,820

OSB - commodity — 295 — — 295

Other products 7 11 3 6 27

$ 1,305 $ 696 $ 134 $ 6 $ 2,141

Nine Months Ended September 30, 2024

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 1,190 $ — $ 17 $ — $ 1,207

Three Months Ended March 31,

Siding $ 359 $ 400

Net sales attributable to Siding 360 402

OSB - Structural Solutions 92 143

1,190 507 136 — 1,833

OSB - Commodity 73 120

Other products 7 15 4 7 33

$ 1,196 $ 917 $ 140 $ 7 $ 2,261

Revenue is recognized when obligations under the terms of contracts (e.g.

Net sales attributable to OSB 168 267

Total Sales $ 574 $ 724

Revenue is recognized when obligations under the terms of a contract (e.g.

, purchase orders) with our customers are satisfied;

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Our businesses routinely incur customer program costs to obtain favorable product placement, promote sales of products, and maintain competitive pricing.

Customer program costs and incentives are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized.

The costs include, but are not

limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs.

These costs are recorded at the later of (i) the time of sale or (ii) the implementation of the program based on management’s best estimates.

Customer program costs and incentives, including rebates and promotion and volume allowances, are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized.

The costs include, but are not limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs.

These costs are recorded at the later of the time of sale or the implementation of the program based on management’s best estimates.

Estimates are based on historical and projected experience for each type of program or customer.

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As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers.

At that time, we invoice the retailers and recognize revenue for these consignment transactions.

We do not offer a right of return for products shipped to the retailers’ stores from the distribution centers.

At that point, we invoice the retailer and recognize revenue for these consignment transactions.

No right of return is offered for products shipped to the retailers’ stores from the distribution centers.

EARNINGS PER SHARE

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Diluted earnings per share is based upon the weighted-average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method.

This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights, restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive.

This method requires that the effect of potentially dilutive common stock equivalents (stock options, stock-settled appreciation rights (SSARs), restricted stock units, and performance stock units) be excluded from the calculation of diluted earnings per share for the periods in which losses are reported because the effect is anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 27 $ 91

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Receivables consisted of the following (dollar amounts in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Trade receivables $ 113 $ 95

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Total Receivables $ 155 $ 127

Other receivables as of September 30, 2025, and December 31, 2024, primarily consisted of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Other receivables as of March 31, 2026, and December 31, 2025, primarily consisted of sales tax receivables and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value.

Inventory cost includes materials, labor, and operating overhead.

The first-in, first-out or average cost methods are used to value our inventories as of September 30, 2025.

The first-in, first-out or average cost methods are used to value our inventories.

Inventories include a lower of cost or market adjustment of $ 18 million and $ 23 million as of March 31, 2026, and December 31, 2025, respectively.

Inventory consisted of the following (dollar amounts in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Logs $ 93 $ 62

4 unchanged sentences

Property, Plant, and Equipment

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollars in millions):

September 30, 2025 December 31, 2024

Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):

March 31, 2026 December 31, 2025

Land, Land improvements, and logging roads, net of road amortization $ 225 $ 225

5 unchanged sentences

Property, plant, and equipment, net $ 1,715 $ 1,709

Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized and are subject to assessment for impairment by applying a fair value-based test on an annual basis, or more frequently if circumstances indicate a potential impairment.

The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):

Goodwill Developed Technology Total Goodwill and Intangibles

Beginning balance December 31, 2025

$ 19 $ 3 $ 22

Amortization — ( 2 ) ( 2 )

Ending balance March 31, 2026

$ 19 $ 1 $ 21

1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets.

Timber and Timberlands

Timber and timberlands are comprised of timber deeds and allocations of the purchase price to Canadian timber harvesting licenses.

Timber deeds are transactions in which we purchase timber but not the underlying land.

We had timber and timberlands of $ 4 million and $ 5 million as of March 31, 2026, and December 31, 2025, respectively.

Timber licenses have a life of 20 to 25 years and are amortized on a straight-line basis over the life of the agreement.

Changes in timber licenses for the three months ended March 31, 2026, are provided in the following table (dollar amounts in millions):

Timber Licenses 1

Beginning balance December 31, 2025

Ending Balance March 31, 2026

1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities were as follows (dollars amounts in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Trade accounts payable $ 122 $ 129

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Total accounts payable and accrued liabilities

Other accrued liabilities at September 30, 2025, and December 31, 2024, primarily consisted of accrued interest, workers' compensation liabilities, and warranty reserves.

Additionally, trade accounts payable included $ 22 million and $ 32 million related to capital expenditures that had not yet been paid as of September 30, 2025, and December 31, 2024, respectively.

Other accrued liabilities as of March 31, 2026, and December 31, 2025, primarily consisted of accrued interest, the short-term portion of workers' compensation liabilities, the current portion of product warranties, and other items.

Additionally, trade accounts payable included $ 17 million and $ 33 million related to capital expenditures that had not yet been paid as of March 31, 2026, and December 31, 2025, respectively.

Other Long-Term Liabilities

September 30, 2025 December 31, 2024

Other long-term liabilities were as follows (dollar amounts in millions):

March 31, 2026 December 31, 2025

Post-retirement obligations $ 6 $ 6

2 unchanged sentences

Warranty reserves 5 5

Pension benefit obligation 1 2

Total other long-term liabilities

Other long-term liabilities at September 30, 2025 and December 31, 2024, consisted primarily of workers’ compensation liabilities and investment tax incentives associated with property, plant, and equipment.

Other long-term liabilities as of March 31, 2026, and December 31, 2025, consisted primarily of executive deferred compensation and the long-term portion of workers’ compensation liabilities.

See “Note 10.

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Carrying amounts reported on the balance sheet for cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturity of these instruments.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 348 million as of September 30, 2025 and December 31, 2024.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 335 million and $ 323 million as of September 30, 2025 and December 31, 2024, respectively.

The net carrying value of the Company's 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 348 million as of March 31, 2026 and December 31, 2025.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 336 million and $ 341 million as of March 31, 2026 and December 31, 2025, respectively.

The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S.

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Fair values are based on trading activity among the Company’s lenders and the average bid and ask price is determined using published rates.

In March 2025, LP entered into the First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) with American AgCredit, PCA, as administrative agent, CoBank, ACB, as letter of credit issuer, and the lenders and voting participants party thereto, which amends that certain Second Amended and Restated Credit Agreement (the Credit Agreement) that was entered into in November 2022.

The First Amendment amended the Credit Agreement to (1) increase the aggregate principal amount for the credit facility (the Amended Credit Facility) from $ 550 million to $ 750 million, (2) increase the sub-limit for letters of credit from $ 60 million to $ 75 million, (3) change the interest rate for revolving borrowing, (4) change the capitalization ratio limit, and (5) extend the maturity

date to March 26, 2032.

As of September 30, 2025, there were no outstanding borrowings pursuant to the Amended Credit Facility.

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the nine months ended September 30, 2025 are provided in the following table (dollar amounts in millions):

Timber Licenses 1

Goodwill Developed Technology

Beginning balance December 31, 2024

$ 23 $ 19 $ 7

Amortization ( 2 ) — ( 2 )

Ending balance September 30, 2025

$ 21 $ 19 $ 4

1 Timber licenses are included in timber and timberlands on the Condensed Consolidated Balance Sheets.

The Company regularly evaluates the estimated useful lives of its definite-lived intangible assets.

During the quarter ended June 30, 2025, the Company revised its estimate of the useful lives of its developed technology to better reflect the period over which the asset is expected to be utilized.

The developed technology previously had a remaining useful life of ten years and is now being amortized over a revised useful life of one year .

This revision in estimate resulted in a quarterly increase of $ 2 million in amortization expense.

In March 2025, LP entered into that certain First Amendment to Second Amended and Restated Credit Agreement (the First Amendment) with American AgCredit, PCA, as administrative agent, CoBank, ACB, as letter of credit issuer, and the lenders and voting participants party thereto, which amends that certain Second Amended and Restated Credit Agreement (the Credit Agreement) that was entered into in November 2022.

extend the maturity date to March 26, 2032.

As of March 31, 2026, there were no outstanding borrowings pursuant to the Amended Credit Facility.

For interim periods, income tax expense is recognized by applying the estimated annual effective tax rate to year-to-date results, unless doing so does not yield a reliable estimate.

Each period, the income tax accrual is updated based on the latest estimate, and any difference from the previously accrued year-to-date balance is recorded in the current quarter.

Each quarter, the income tax accrual is updated based on the latest estimate, and any difference from the previously accrued year-to-date balance is recorded in the current quarter.

Changes in profitability estimates across jurisdictions may affect quarterly effective tax rates.

The provision for income taxes for the nine months ended September 30, 2025, and 2024, reflected estimated annual effective tax rates of 27 % and 25 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and nine months ended September 30, 2025, was $ 9 million and $ 54 million, respectively, compared to $ 23 million and $ 117 million for the corresponding periods in 2024, respectively.

The effective tax rate, including discrete items, for the three and nine months ended September 30, 2025, was 52 % and 26 %, respectively, compared to 20 % and 25 % for the comparable periods in 2024, respective.

During the nine months ended September 30, 2025, and 2024, we recognized net discrete tax benefits of $ 2 million and $ 1 million, respectively.

The current year net tax benefit is primarily related to inflationary and foreign currency exchange-related effects, as well as stock-based compensation.

The prior year net tax benefit related primarily to stock-based compensation.

In 2021, the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting, including the Pillar Two Model Rules (Pillar Two), applicable to large multinational corporations.

These rules establish a global per-country minimum tax of 15%.

Although, the United States has not enacted legislation to adopt the Pillar Two framework, and future adoption remains uncertain, certain countries where our operations are conducted have enacted such legislation.

Specifically, the Canadian government enacted legislation in 2024 implementing aspects of the OECD’s minimum tax rules under the Pillar Two framework, effective for the 2024 fiscal year, and proposed additional legislation to implement further aspects effective in the 2025 fiscal year.

Additionally, in 2024, the Brazilian Congress approved legislation, effective in 2025, that is largely aligned with certain aspects of the OECD’s minimum tax rules under the Pillar Two framework.

To date, no other jurisdictions in which LP operates have enacted Pillar Two legislation.

At this time, Pillar Two legislation is not expected to have a material impact on the Company’s effective tax rate,

consolidated results of operations, financial position, or cash flows.

The Company will continue to monitor future developments related to Pillar Two legislation to assess any potential impact in the relevant jurisdictions.

On July 4, 2025, H.R.

1, a bill to provide for reconciliation pursuant to title II of H.

14, informally known as the One Big Beautiful Bill Act (“The Tax Act”) was enacted in the U.S., introducing a series of corporate tax changes in the U.S., including significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented thereafter through 2027.

The provisions of The Tax Act effective in 2025 include 100% bonus depreciation on qualified property and full expensing for research and development expenditures.

The impacts of The Tax Act are reflected in our results for the nine months ended September 30, 2025, and have no material impact on our income tax expense or effective tax rate.

We expect certain provisions of The Tax Act will decrease cash taxes paid in the current fiscal year and may change the timing of cash tax payments in future periods.

The provision for income taxes for the three months ended March 31, 2026, and 2025, reflected an estimated annual effective tax rate of 24 % excluding discrete items discussed below.

The total tax provision for the three months ended March 31, 2026, was $ 9 million, compared to $ 26 million for the corresponding period in 2025.

The total effective tax rate for the three months ended March 31, 2026, was 25 %, compared to 22 % for the corresponding period in 2025.

The year-over-year increase in the total effective tax rate resulted from discrete tax benefits in the prior year not present in the current year.

During the three months ended March 31, 2026, discrete items were insignificant.

During the three months ended March 31, 2025, we recognized a $ 3 million net discrete tax benefit primarily related to inflationary and foreign currency exchange-related effects and stock-based compensation.

OTHER OPERATING AND NON-OPERATING ITEMS

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Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Reorganization charges $ ( 2 ) $ ( 1 )

Legal settlement — — — 3

Product-line discontinuance charges ( 1 ) —

Other ( 1 ) — 1 —

Loss on asset disposal — ( 1 )

Other operating credits and charges, net $ ( 2 ) $ ( 2 )

Other non-operating items

Other non-operating items is comprised of the following components (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Non-operating income (expense)

Non-operating income (expense) is comprised of the following components (dollar amounts in millions):

Three Months Ended March 31,

Foreign currency gain (loss) $ 3 $ ( 5 )

Other non-operating items $ ( 1 ) $ ( 4 ) $ ( 13 ) $ 2

Other non-operating income (expense)

IMPAIRMENT OF LONG-LIVED ASSETS

The carrying values of our long-lived assets are reviewed for potential impairments, and adequate support is believed by management to exist for each asset’s carrying value based on anticipated cash flows derived from estimates of future demand, pricing, and production costs, assuming certain levels of planned capital expenditures.

However, if demand and pricing for our products decline significantly below cycle-average levels, if capital is allocated to alternative projects, or if changes occur in the wood supply for mills, future impairment charges may be required.

However, if demand and pricing for our products fall to levels significantly below cycle-average demand and pricing, should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required.

Potential asset dispositions are also periodically reviewed, taking into account current and anticipated economic and industry conditions, the strategic plan, and other relevant factors.

A decision to dispose of specific assets may require assumptions regarding the transaction structure of the disposition to estimate the net sales proceeds, which could be lower than prior estimates of undiscounted future net cash flows.

A decision to dispose of specific assets may

require management to make assumptions regarding the transaction structure of the disposition and to estimate the net sales proceeds, which may be less than previous estimates of undiscounted future net cash flows.

As a result, impairment charges may be necessary in connection with such dispositions.

During the third quarter ended September 30, 2025, $ 13 million in non-cash, pre-tax impairment charges were recorded related to equipment that will not be utilized in future operations.

During the second quarter ended June 30.

2025, $17 million in non-cash, pre-tax impairment charges were recorded.

These included $ 11 million related to acquired equipment that will not be utilized in future operations, $ 4 million related to property, plant, and equipment associated with a facility closure, and $ 2 million primarily related to an operating lease asset associated with a previously closed facility.

No impairment was recognized during the three months ended March 31, 2026.

COMMITMENTS AND CONTINGENCIES

Reserves for various contingent liabilities were as follows (dollar amounts in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Environmental reserves $ 27 $ 27

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A reserve is maintained for undiscounted estimated environmental loss contingencies.

This reserve primarily covers estimated future costs for the remediation of hazardous or toxic substances at various sites currently or previously owned by the Company.

Estimates of environmental loss contingencies are based on a range of assumptions and judgments, which vary depending on the specific facts and circumstances of each case.

These estimates typically reflect management’s assumptions regarding the probable nature, magnitude, and timing of required investigation, remediation, and/or monitoring activities, as well as the probable costs associated with those activities.

This reserve is primarily maintained for estimated future costs of remediation of hazardous or toxic substances at numerous sites currently or previously owned by the Company.

Estimates of environmental loss contingencies are based on various assumptions and judgments, the specific nature of which varies considering the particular facts and circumstances surrounding each environmental loss contingency.

These estimates typically reflect management's assumptions and judgments as to the probable nature, magnitude, and timing of the required investigation, remediation, and/or monitoring activities, as well as the probable costs associated with those activities.

In some cases, estimates also consider the obligation, willingness, or ability of third parties to bear a proportionate or allocated share of the costs.

Due to the numerous uncertainties and variables associated with these assumptions and judgments-as well as the potential effects of changes in governmental regulations and environmental technologies-the precision and reliability of the resulting estimates are subject to substantial uncertainty.

Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the potential effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties.

Estimated exposure to environmental loss contingencies is regularly monitored, and estimates may be revised significantly as additional information becomes available.

Other Proceedings

From time to time, the Company and its subsidiaries are parties to certain legal proceedings arising in our ordinary course of business.

Based on currently available information, management does not believe that the resolution of such proceedings could reasonably be expected to have a material adverse effect on the Company’s financial position, results of operations, cash flows, or liquidity.

From time to time, the Company and its subsidiaries are parties to certain legal proceedings arising in the ordinary course of business.

Based on the information currently available, management does not believe that the resolution of such proceedings could reasonably be expected to have a material adverse effect on the Company’s financial position, results of operations, cash flows, or liquidity.

PRODUCT WARRANTIES

Warranties are offered on the sale of most of our products, and an accrual is recorded for estimated future claims.

These accruals are based upon historical experience and management’s estimate of future claim levels.

The activity in the warranty reserves is summarized in the following table for the three and nine months ended September 30, 2025, and 2024, (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Such accruals are based upon historical experience and management’s estimate of the level of future claims.

The activity in the warranty reserves is summarized in the following table for the three months ended March 31, 2026, and 2025 (dollar amounts in millions):

Three Months Ended March 31,

Beginning balance $ 6 $ 6

Change in warranty provision — —

Payments made — ( 1 ) ( 1 ) ( 1 )

Total warranty reserves 7 6

1 unchanged sentence

Long-term portion of warranty reserves (included in other long-term liabilities) $ 5 $ 5

Warranty and other product-related claims continue to be monitored by management, and as of September 30, 2025, the warranty reserve balances associated with these matters are considered adequate to cover future warranty payments.

However, additional adjustments may be required in the future.

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three and nine months ended September 30, 2025 and 2024 (dollar amounts in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Beginning Balance $ ( 104 ) $ ( 109 ) $ ( 122 ) $ ( 89 )

Translation Adjustments ( 4 ) 9 14 ( 11 )

Ending Balance $ ( 108 ) $ ( 100 ) $ ( 108 ) $ ( 100 )

Warranty and other product-related claims continue to be monitored by management, and as of March 31, 2026, the warranty reserve balances associated with these matters are considered adequate to cover future warranty payments.

However, it is possible that additional adjustments may be required in the future.

SELECTED SEGMENT DATA

The Company operates in three segments:

Siding, OSB, and LPSA.

Our business units have been aggregated into these three segments based upon the similarity of economic characteristics, customers, and distribution methods.

The results of operations are summarized below for each of these segments separately, as well as for the “Other” category, which comprises other products that are not individually significant.

• The 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).

• The 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 Sheathing, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP ® FlameBlock ® Fire-Rated Sheathing, and LP ® TopNotch ® 350 Durable Sub-Flooring) and LP ® Oriented Strand Board.

• The 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.

Performance of our business segments is evaluated based on net sales and segment Adjusted EBITDA.

Accordingly, our chief operating decision maker, the chief executive officer, evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for each business segment.

Segment Adjusted EBITDA is defined as income attributed to LP excluding interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, 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, pension settlement charges, other non-operating items, income from discontinued operations, net of income taxes, and net income attributed to noncontrolling interest.

The Company defines its operating segments as those operations that engage in business activities from which revenues are earned and expenses incurred, for which discrete financial information is available, and that are regularly reviewed to analyze performance and allocate resources by the chief operating decision maker ("CODM"), the Company's Chief Executive Officer.

The Company conducts business through two reportable segments:

Siding and OSB.

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

• The Siding segment 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 prefinished (LP ® SmartSide ® ExpertFinish ® Trim & Siding) to meet the needs of builders and installers in new construction and repair and remodeling applications.

• The 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 ® FlameBlock ® Fire-Rated Sheathing, LP BurnGuard™ FRT OSB, LP WeatherLogic ® Air & Water Barrier, LP ® TechShield ® Radiant Barrier Sheathing, LP Legacy ® Premium Sub-Flooring, and LP ® TopNotch ® 350 Durable Sub-Flooring).

The results of our business segments are evaluated based on segment Adjusted EBITDA, which the CODM uses to assess performance and make decisions regarding the allocation of operating and capital resources.

Additionally, the budgeting and forecasting process monitors budget versus actual results, with emphasis on Adjusted EBITDA.

Segment Adjusted EBITDA is defined as income attributed to LP excluding interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, loss on impairment, business exit credits and charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, other non-operating income (expense), income from discontinued operations, net of income taxes, and net income attributed to noncontrolling interest.

Information regarding the Company’s business segments is presented below (dollar amounts in millions):

Three Months Ended September 30, 2025

Siding OSB LPSA Segment Total Other Consolidated

Net sales $ 443 $ 179 $ 39 $ 661 $ 2 $ 663

Cost of sales ( 301 ) ( 203 ) ( 27 ) ( 531 ) ( 3 ) ( 534 )

Selling, general, and administrative expenses ( 48 ) ( 18 ) ( 9 ) ( 75 ) ( 20 ) ( 95 )

Adjustments to Adjusted EBITDA:

Depreciation and amortization

20 14 2 36 — 36

Other charges 1

Adjusted EBITDA $ 117 $ ( 27 ) $ 5 $ 95 $ ( 13 ) $ 82

Three Months Ended September 30, 2024

Siding OSB LPSA Segment Total Other Consolidated

Net sales $ 420 $ 253 $ 47 $ 720 $ 2 $ 722

Cost of sales ( 280 ) ( 215 ) ( 32 ) ( 527 ) ( 2 ) ( 530 )

Selling, general, and administrative expenses ( 38 ) ( 17 ) ( 6 ) ( 61 ) ( 15 ) ( 75 )

Adjustments to Adjusted EBITDA:

Depreciation and amortization

Three Months Ended March 31, 2026

Siding OSB Total

Revenues from external customers

$ 360 $ 168 $ 528

Other charges 1

Adjusted EBITDA $ 123 $ 33 $ 9 $ 165 $ ( 12 ) $ 153

Nine Months Ended September 30, 2025

Siding OSB LPSA Segment Total Other Consolidated

Net sales $ 1,305 $ 696 $ 134 $ 2,135 $ 6 $ 2,141

Reconciliation of revenue

Other revenues 1

Total consolidated revenues

Cost of sales ( 244 ) ( 179 )

Selling, general, and administrative expenses ( 39 ) ( 17 )

Adjustments to Adjusted EBITDA:

Depreciation and amortization

Other segment items 2

Reportable segment Adjusted EBITDA

$ 101 $ ( 12 ) $ 89

Other charges 1

Three Months Ended March 31, 2025

Siding OSB Total

Revenues from external customers

$ 402 $ 267 $ 669

Adjusted EBITDA $ 348 $ 46 $ 25 $ 419 $ ( 33 ) $ 386

Nine Months Ended September 30, 2024

Siding OSB LPSA Segment Total Other Consolidated

Net sales $ 1,196 $ 917 $ 140 $ 2,253 $ 7 $ 2,261

Reconciliation of revenue

Other revenues 1

Total consolidated revenues

Cost of sales ( 276 ) ( 211 )

Selling, general, and administrative expenses ( 42 ) ( 16 )

Adjustments to Adjusted EBITDA:

Depreciation and amortization

55 33 4 92 — 93

Other charges 1

4 2 — 6 10 17

Adjusted EBITDA $ 318 $ 249 $ 29 $ 594 $ ( 32 ) $ 564

1 Other charges includes stock compensation and income from equity in unconsolidated affiliates.

Three Months Ended September 30, Nine Months Ended September 30,

Other segment items 2

Reportable segment Adjusted EBITDA

$ 106 $ 54 $ 160

NET INCOME TO ADJUSTED EBITDA RECONCILIATION

Net income $ 9 $ 90 $ 154 $ 358

1 Other revenues include sales from the Company's South American operations and other minor products and services.

2 Other segment items include stock compensation expense.

Three Months Ended March 31,

Reconciliation of profit (loss)

Reportable segment Adjusted EBITDA

Add (deduct):

Provision for income taxes 9 23 54 117

Other Adjusted EBITDA 1

Depreciation and amortization ( 38 ) ( 35 )

Stock-based compensation expense ( 7 ) ( 5 )

Loss on impairment 13 — 31 —

Other operating credits and charges, net 2

Business exit credits and charges 1 — 1 ( 14 )

Product-line discontinuance charges 2

Interest expense ( 4 ) ( 3 )

Investment income 2 4

Other non-operating items 1 4 13 ( 2 )

Adjusted EBITDA $ 82 $ 153 $ 386 $ 564

Other non-operating (expense) income 2

Income before income taxes

1 Other Adjusted EBITDA includes the Company's South American operations, unallocated corporate expenses, and other minor products and services.

2 See further discussion in “Note 7 - Other Operating and Non-Operating Items” of the Notes to the Condensed Consolidated Financial Statements.

Information concerning identifiable assets by segment is as follows (dollar amounts in millions):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Identifiable Assets

2 unchanged sentences

Total assets $ 2,581 $ 2,627

Other segment related assets include cash and cash equivalents, short-term and long-term investments, corporate assets, and other items.

Other segment related assets include cash and cash equivalents, accounts receivable, short-term and long-term investments, corporate assets, and other items.

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-Q

Item 1. Financial Statements