NASHVILLE, Tenn. (News release) -- Louisiana-Pacific Corporation, a leading manufacturer of high-performance building products, reported its financial results for the three months ended March 31, 2026.

Key Highlights for First Quarter 2026, Compared to First Quarter 2025

• Siding net sales decreased by $42 million, or 10%, to $360 million
• Oriented Strand Board (OSB) net sales decreased by $99 million to $168 million
• Consolidated net sales decreased by $149 million to $574 million
• Net income was $27 million, a decrease of $64 million
• Net income per diluted share was $0.39 per diluted share, a decrease of $0.91 per diluted share
• Adjusted EBITDA⁽¹⁾ was $82 million, a decrease of $80 million
• Adjusted Diluted EPS⁽¹⁾ was $0.38 per diluted share, a decrease of $0.95 per diluted share
• Cash used in operating activities was $38 million

(1)	This is a non-GAAP financial measure. See "Use of Non-GAAP Information," and "Reconciliation of Net Income to Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted Income, and Non-GAAP Adjusted Diluted EPS" below for additional information regarding non-GAAP measures.

Capital Allocation Update

• Invested $61 million in capital expenditures during the first quarter of 2026
• Paid $21 million in cash dividends during the first quarter of 2026
• Total liquidity of approximately $900 million as of March 31, 2026

"LP's teams responded to an increasingly volatile macroeconomic backdrop with resilience, operating safely and efficiently to deliver results that met or exceeded our guided ranges," said LP Chief Executive Officer Jason Ringblom.

Outlook

LP is providing financial guidance for the second quarter of 2026 and full year 2026 as set forth in the table below. Guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below under "Forward-Looking Statements."

	Second Quarter 2026		Full-Year 2026
Siding Net Sales Year-Over-Year Growth	$435-445 million (~4% decline)		$1.65-1.67 billion (~2% decline)
Siding Adjusted EBITDA(2)	$115-120 million (~26% margin(2)(3))		$410-425 million (25-26% margin(2)(3))
OSB Adjusted EBITDA(2)(4)	$(10) million		$(40) million
Consolidated Adjusted EBITDA(2)(4)(5)	$100-105 million		$345-360 million
Capital Expenditures(6)			~$390 million

(2)	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.
(3)	This is a non-GAAP financial measure and is calculated as Siding Adjusted EBITDA divided by net sales.
(4)	The second 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 May 1, 2026 (this is an assumption for modeling purposes and not a price forecast).
(5)	For purposes of calculating the second quarter and full year 2026 consolidated Adjusted EBITDA, it has been assumed that other operations will contribute approximately $(5)M and $(25)M in the second quarter and full year, respectively.
(6)	Capital expenditures related to strategic growth and sustaining maintenance projects are expected to be approximately $200 million and $190 million, respectively, for full year 2026.

First Quarter 2026 Highlights

Net sales for the first quarter of 2026 fell year over year by $149 million to $574 million. Siding revenue decreased by $42 million or 10%, primarily due to 9% higher prices offset by 18% lower volumes. OSB revenue decreased by $99 million, driven by a decline in both prices and volumes.

Net income for the first quarter of 2026 decreased year over year by $64 million to $27 million ($0.39 per diluted share). The decline primarily reflects an $80 million decrease in Adjusted EBITDA, partially offset by a benefit of $16 million related to the reduction in tax provision. The year-over-year decrease in Adjusted EBITDA includes a $66 million impact from lower OSB prices, $10 million from lower OSB volumes, and a $35 million impact from lower Siding volumes. These decreases were partially offset by a $27 million benefit from higher Siding prices.

Segment Results

Siding

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.

Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):

	Three Months Ended March 31,
		2026			2025		% Change
Net sales	$	360		$	402		(10	)%
Adjusted EBITDA		101			106		(5	)%

	Three Months Ended March 31, 2026 versus 2025
	Average Net Selling Price			Unit Shipments
Siding	9	%		(18	)%

For the three months ended March 31, 2026, Siding net sales decreased year over year by $42 million, reflecting higher prices offset by lower volumes. The increase in pricing was attributable to the annual price increase, favorable sales mix, and a slight reduction in rebate expense compared to the prior year.

Adjusted EBITDA for the Siding segment decreased year over year by $5 million, with pricing improvements contributing $27 million, which were more than offset by $35 million of lower volumes.

Oriented Strand Board (OSB)

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).

Segment sales and Adjusted EBITDA for this segment were as follows (dollar amounts in millions):

	Three Months Ended March 31,
		2026				2025		% Change
Net sales	$	168			$	267		(37	)%
Adjusted EBITDA		(12	)			54		(122	)%

	Three Months Ended March 31, 2026 versus 2025
	Average Net Selling Price			Unit Shipments
OSB - Structural Solutions	(21	)%		(18	)%
OSB - Commodity	(31	)%		(12	)%

For the three months ended March 31, 2026, OSB net sales decreased year over year by $99 million primarily driven by lower OSB prices and a decline in sales volumes.

Adjusted EBITDA for OSB for the same period decreased year over year by $66 million, reflecting the impact of lower OSB prices and a decline in sales volumes.

Other

Other operations include the Company's South American business that manufactures and distributes OSB structural panels and siding products in South America and certain export markets. Other operations also include timber and timberlands as well as other minor products, services, and closed operations, which do not qualify as discontinued operations. Additionally, other includes unallocated corporate expenses. Other net sales decreased by $8 million for the three months ended March 31, 2026, primarily due to a decline in OSB sales volumes. Adjusted EBITDA for the same period decreased year over year by $9 million, driven primarily by a decline in Other net sales.