Financial Analysis

The following table presents revenues disaggregated by revenue source (dollar amounts in millions): Year Ended December 31, 2025 2024 2023 Siding $ 1,679 $ 1,549 $ 1,319 Other 10 9 9 Net sales attributable to Siding 1,689 1,558 1,328 OSB - Structural Solutions 472 650 565 OSB - Commodity 347 514 446 Other 13 20 15 Net sales attributable to OSB 832 1,184 1,026 Other 187 199 227 Total Sales $ 2,708 $ 2,941 $ 2,581

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INCOME TAXES Income Tax Provision The components of income from continuing operations before income taxes, including equity in unconsolidated affiliates, were (dollar amounts in millions): Year Ended December 31, 2025 2024 2023 Domestic $ 163 $ 469 $ 207 Foreign 32 91 45 Total $ 196 $ 560 $ 252 The components of our income tax provision (benefit) from continuing operations were (dollar amounts in millions): Year Ended December 31, 2025 2024 2023 Current tax provision (benefit): U.S. federal $ 9 $ 97 $ 17 State and local (4) 18 (1) Foreign 21 29 14 Net current tax provision 26 144 30 Deferred tax provision (benefit): U.S. federal 26 (8) 22 State and local 5 (3) 1 Foreign (11) 2 21 Net valuation allowance increase (decrease) 4 5 Net deferred tax provision (benefit) 24 (4) 44 Total income tax provision $ 50 $ 140 $ 74 Deferred Taxes The tax effects of significant temporary differences creating deferred tax assets and liabilities were (dollar amounts in millions): December 31, 2025 2024 Deferred tax assets: Accrued liabilities $ 21 $ 22 Benefit relating to capital loss, operating loss, and credit carryforwards 21 9 Inventories 15 11 Operating lease liabilities 7 7 Stock-based compensation 6 2 Currency remeasurement loss 4 2 Deferred revenue 3 Research expenditures 26 Other deferred tax assets 8 9 Total deferred tax assets 82 91 Valuation allowance (14) (10) Total deferred tax asset net of valuation allowance $ 68 $ 81 Deferred tax liabilities: Property, plant and equipment (201) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

. LEASES Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, rail cars to transport our products, and a fleet of vehicles. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease term for all our leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that we are reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For each of the years ended December 31, 2025 and 2024 , our weighted average discount rate was 4%, and our weighted average remaining lease term was five years for operating leases. Our operating leases are included in our Consolidated Balance Sheets and Consolidated Statements of Income as follows (dollar amounts in millions): December 31, Balance Sheet Classification 2025 2024 Assets: Operating lease assets Operating lease assets, net $ 23 $ 25 Total lease assets $ 23 $ 25 Liabilities: Current operating lease liability Accounts payable and accrued liabilitie …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT December 31, 2025 December 31, 2024 (Dollar amounts in millions) Interest Rate Principal Unamortized Debt Costs Total Principal Unamortized Debt Costs Total Debentures: Senior unsecured notes, maturing 2029, interest rates fixed 3.625% $ 350 $ (2) $ 348 $ 350 $ (2) $ 348 Amended Credit Facility, maturing 2028, interest rates variable varies Total $ 350 $ (2) $ 348 $ 350 $ (2) $ 348 Less: current portion Long-term portion $ 350 $ (2) $ 348 $ 350 $ (2) $ 348 Senior Notes In March 2021, we issued $350 million of 3.625% Senior Notes due in 2029 (the 2029 Senior Notes). Since March 15, 2024, we have had the option, on one or more occasions, to redeem all or any portion of these notes at the redemption prices set forth in the indenture governing the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. The indenture governing the 2029 Senior Notes contains certain covenants that, among other things, limit our ability to grant liens to secure indebtedness, engage in sale and leaseback transactions, merge or consolidate or sell all or substantially all of our assets. If we are subject to a change of control, as defined in the indenture governing the 2029 Senior Notes, we are required to offer to repurchase the 2029 Senior Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, thereon up to, but not including, the date of purchase. The indenture governing the …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This pronouncement is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We have adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. See Note 6 - Income Taxes of the Notes to the Consolidated Financial Statements included in Item 8 of this annual report on Form 10-K. Recent Pronouncements Not Yet Adopted Income Statement (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggre …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RETIREMENT PLANS AND POST-RETIREMENT BENEFITS We sponsor various defined contribution retirement plans and benefit pension plans that provide retirement benefits to substantially all our employees. Most regularly scheduled employees are eligible to participate in the defined contribution retirement plans except those covered by a collective bargaining agreement unless the collective bargaining agreement explicitly allows for participation in our plans. We contribute to a multiemployer plan for certain employees covered by collective bargaining agreements. We also provide other post-retirement benefits consisting primarily of healthcare benefits to certain retirees who meet age and service requirements. The defined benefit pension plans were limited to active and retired employees that were eligible prior to the plans being frozen. Defined Contribution Plans We sponsor defined contribution plans in the U.S. and Canada. In the U.S., these plans are primarily 401(k) plans for hourly and salaried employees that allow for pre-tax employee deferrals and a Company match of up to 5% of an employees eligible wages (subject to certain limits). Under the profit-sharing feature of these plans, we may elect to contribute a discretionary amount as a percentage of eligible wages. Included in the assets of the 401(k) and profit-sharing plans are 0.4 million shares of LP common stock that represented approximately 6% of the total market value of plan assets at December 31, 2025. In Canada, we …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

. REVENUE 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. 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. The following table presents revenues disaggregated by revenue source (dollar amounts in millions): Year Ended December 31, 2025 2024 2023 Siding $ 1,679 $ 1,549 $ 1,319 Other 10 9 9 Net sales attributable to Siding 1,689 1,558 1,328 OSB - Structural Solutions 472 650 565 OSB - Commodity 347 514 446 Other 13 20 15 Net sales attr …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION 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 Companys Chief Executive Officer. Change in Reportable Segments The Company conducts business through three operating segments: Siding, OSB and LP South America (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. 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 pre-finished (LP SmartSide ExpertFinish Trim & Siding) to meet the needs of builders and installers in …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Louisiana-Pacific Corporation and our subsidiaries are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. 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. 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. See Note 15 - Segment Information below for information regarding our products and segments. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. The Consolidated Financial Statements include the accounts of LP and our controlled subsidiaries. All inte …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

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 Value-add Siding Solutions $ 440 $ $ 3 $ $ 443 OSB - Structural Solutions 105 35 140 440 105 38 583 Commodity OSB - commodity 71 71 Other 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 Value-add Siding Solutions $ 418 $ $ 6 $ $ 423 OSB - Structural Solutions 136 40 175 418 136 46 599 Commodity OSB - commodity 112 112 Other 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 Value-add Siding Solutions $ 1,298 $ $ 16 $ $ 1,313 OSB - Structural Solutions 391 116 507 1,298 391 131 1,820 Commodity OSB - commodity 295 295 Other 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 Value-add Siding Solutions $ 1,190 $ $ 17 $ $ 1,207 OSB - Structural Solutions 507 119 626 1,190 507 136 1,833 Commodity OSB - commodity 395 395 Other Other products 7 15 4 7 33 $ 1,196 $ 917 $ 140 $ 7 $ 2,261 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. We are required to classify these financial assets and liabilities into two groups: (i) recurringmeasured on a periodic basis, and (ii) non-recurringmeasured on an as-needed basis. There are three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3 Valuations based on models where significant inputs are not observable. Unobservable inputs are used when little or no market data is available and reflect the Companys own assumptions about the assumptions market participants would use. The Companys financial instruments consist of cash and cash equivalents, short-term receivables, trade payables, d …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER 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 Companys 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. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES 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. 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 Or …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Reserves for various contingent liabilities were as follows (dollar amounts in millions): September 30, 2025 December 31, 2024 Environmental reserves $ 27 $ 28 Total contingencies 27 28 Current portion (included in accounts payable and accrued liabilities) (1) (1) Long-term portion $ 26 $ 27 Estimates of loss contingencies are based on various assumptions and judgments. Due to the numerous uncertainties and variables associated with these assumptions and judgments, both the precision and reliability of the resulting estimates are subject to substantial uncertainty. Estimated exposure to contingencies is regularly monitored, and as additional information becomes available, estimates may change significantly. Although no estimate of the range of any such change can be made at this time, the amount ultimately paid in connection with these matters could materially exceed, in either the near term or the longer term, the amounts accrued to date. Estimates of loss contingencies do not reflect potential future recoveries from insurance carriers, except to the extent that recovery is deemed probable based on an insurers agreement to payment terms. Environmental Matters 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 conti …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

REVENUE 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). 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 Value-add Siding Solutions $ 440 $ $ 3 $ $ 443 OSB - Structural Solutions 105 35 140 440 105 38 583 Commodity OSB - commodity 71 71 Other 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 Value-add Siding Solutions $ 418 $ $ 6 $ $ 423 OSB - Structural Solutions 136 40 175 418 136 46 599 Commodity OSB - commodity 112 112 Other 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 Value-add Siding Solutions $ 1,298 $ $ 16 $ $ 1,313 OSB - Structural Solutions 391 116 507 1,298 391 131 1,820 Commodity OSB - commodity 295 295 Other Other products 7 11 3 6 27 $ 1,305 $ 696 $ 134 $ 6 $ 2,141 Nine Months Ended September 30, 2024 By product …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 regions transition to wood frame construction. The LPSA segment carries out manufacturing operations in …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing