Dear Fellow Investors and Industry Colleagues,

Expanding lumber markets is essential to the industry’s growth in any economic climate. In softer demand cycles, however, the work of the Softwood Lumber Board and its funded programs becomes even more consequential. I’m pleased to present the SLB’s 2025 Annual Report, which highlights the measurable results, disciplined investments, and strategic focus that continue to deliver value for our industry.

Since its inception in 2012, the SLB’s investments have generated 16.7 BBF of incremental lumber demand. In 2025 alone, the SLB delivered a return of $34 for every dollar invested, and $43 in revenue for every dollar contributed by the lumber industry over the life of the program.

These returns reflect efficiency and clarity of purpose. Stepping back, the broader impact is even more compelling. Over the past decade, mass timber has evolved from a niche concept into a fully engineered, widely accepted structural system. Light-frame construction has expanded well beyond its traditional applications, penetrating a broader range of commercial and multifamily projects.

The growth of lumber-based building systems strengthens the economic health of our industry—and it delivers meaningful benefits to society. Whether through light-frame construction, mass timber, or hybrid systems, lumber provides high-value, efficient, and sustainable solutions for the built environment. Nowhere is this more evident than in housing, where wood-based construction supports homes that are both desirable to live in and attainable for a broad range of households.

The SLB remains an industry-driven organization. In 2025, the expansion of the Board—with three new regional alternates and the addition of a public member and alternate—brings critical new perspectives and strengthens representation across our constituencies. I extend my sincere thanks to outgoing directors Jim Neiman of Neiman Enterprises, Ray Ferris of West Fraser, and Tim Biewer of Biewer Lumber. Their professionalism, commitment, and guidance have helped position the SLB for continued success.

As market conditions evolve, the SLB will continue to adapt. Sustained industry support is essential as we press forward on building codes and standards, education, and converting more projects to wood construction—particularly as competitive materials intensify their efforts.

Thank you for your continued investment, your confidence in the SLB, and your support of the communities we serve. I look forward to seeing our shared vision advance in 2026 and beyond.