# EDGAR Filing Document

**Accession Number:** 0000912767
**File Stem:** 0000912767-25-000032
**Filing Date:** 2025-7
**Character Count:** 41098
**Document Hash:** d6e55dc8ada51364c5be0c2a6342ff79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912767-25-000032.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0000912767-25-000032

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UFP INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000912767
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAWMILLS, PLANNING MILLS, GENERAL [2421]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 381465835
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22684
- **FILM NUMBER:** 251155613

**BUSINESS ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49525
- **BUSINESS PHONE:** 6163646161

**MAIL ADDRESS:**
- **STREET 1:** 2801 EAST BELTLINE NE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49505

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL FOREST PRODUCTS INC
- **DATE OF NAME CHANGE:** 19930929

?xml version='1.0' encoding='ASCII'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 28, 2025

## UFP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Michigan**<br>(State or other Jurisdiction of Incorporation)<br>| **0-22684**<br>(Commission File Number)<br>| **38-1465835**<br>(IRS Employer Identification No.)<br>|

---

---

| | |
|:---|:---|
| **2801 East Beltline, NE Grand Rapids, Michigan**<br>(Address of Principal Executive Offices)<br>| **49525**<br>(Zip Code)<br>|

---

Registrant's telephone number, including area code: **(616) 364-6161**

**None**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | UFPI | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On July 28, 2025, the Registrant issued a press release announcing its financial results for the quarter-ended June 28, 2025. A copy of the Registrant's press release is attached as Exhibit 99(a) to this Current Report.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements, Pro Forma Financial Information, and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Exhibits

99(a)[Press Release dated July 28, 2025](ufpi-20250728xex99da.htm)

104Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Document** |
| 99(a) | [Press Release, dated July 28, 2025.](ufpi-20250728xex99da.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | UFP INDUSTRIES, INC. | UFP INDUSTRIES, INC. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Dated: July 28, 2025<br>| By:<br>| /s/ Michael R. Cole<br>|
|  |  | Michael R. Cole |
|  |  | Chief Financial Officer, |
|  |  | Principal Financial Officer and |
|  |  | Treasurer |

---

## Ex-99.(A)

**UFP Industries, Inc.**

**Page 1**

**Exhibit 99(a)**

![Graphic](ufpi-20250728xex99da001.jpg)

**FOR IMMEDIATE RELEASE**

**Monday, July 28, 2025**

**UFP Industries Announces Second Quarter 2025 Results**

<br> GRAND RAPIDS, MI – July 28, 2025 -- UFP Industries, Inc. (Nasdaq: UFPI) a leading manufacturer focused on delivering value-added products across its Retail, Packaging, and Construction segments reported results for the second quarter ended June, 28, 2025, including net sales of $1.84 billion, net earnings attributable to controlling interests of $100.7 million, earnings per diluted share of $1.70, and adjusted EBITDA of $174.1 million. Results for the quarter include impairment charges and one-time tax benefits which each amount to $0.05 per diluted share and offset one another.

Our second quarter was largely a continuation from our first quarter as visibility remains limited, tariff uncertainty remains a challenge for consumer and business sentiment, and end market demand remains soft but stable. Despite the current environment, we continue to make progress positioning UFP as a leaner and faster growing enterprise for when markets recover," said Will Schwartz UFP Industries CEO. "I want to thank each of our employees for their continued dedication and willingness to make the difficult but necessary business decisions during these uncertain times. We remain on target to realize approximately $60 million of structural cost savings by year-end 2026 and will continue to evaluate all aspects of our business to drive additional margin improvement."

"Looking ahead, we remain focused on driving innovation across the portfolio and making strategic investments to drive growth and profitability. Our long-term capital plans are focused on investing in our most attractive opportunities for growth, margin, and returns. We are also actively pursuing M&A transactions that complement our core capabilities. Our strong balance sheet and free cash flow generation remain competitive advantages, enabling us to pursue strategic investments, along with share repurchases and dividends, while maintaining a conservative capital structure."

**Second Quarter 2025 Highlights (comparisons on a year-over-year basis except where noted):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net Sales of $1.84 billion decreased by 4 percent due to a 1 percent decrease in price and a 3 percent decline in organic units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●New product sales of $129.1 million were 7.0 percent of total net sales compared to 6.7 percent in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net Earnings of $100.7 million declined from $126.0 million a year ago.

------

**UFP Industries, Inc.**

**Page 2**

● Adjusted EBITDA <sup>[1](#footnote-2)</sup> was $174.1 million in the quarter, or 9.5% percent of net sales, compared to $203.9 million, or 10.7 percent of net sales, for the same period a year ago.

**Capital Allocation**

UFP Industries maintains a strong balance sheet and as of June 28, 2025, had approximately $2.1 billion of liquidity consisting of $841.9 million of cash and remaining availability under its revolving credit facility and a shelf agreement with certain lenders. The company's return-focused approach to capital allocation includes the following:

**Acquisitions and Organic Growth.** The company seeks strategic acquisitions and invests in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. In 2024, the company announced up to $1 billion in capital investments through 2028 for automation, technology upgrades, geographic expansion and increased capacity at existing facilities, primarily for its Deckorators and Site Built business units, as well as its Packaging segment. The company expects to invest approximately $300 million to $325 million in capital projects in 2025.

**Dividend payments.** On July 23, 2025, the UFP Industries Board of Directors approved a quarterly cash dividend payment of $0.35 per share, which represents a 6 percent year over year increase. This dividend is payable on September 15, 2025, to shareholders of record on September 1, 2025. We continue to consider our payout ratio and yield when determining the appropriate dividend rate and have a long-term objective of increasing our dividend in line with our earnings growth.

**Share repurchases.** On July 24, 2024, the UFP Industries Board of Directors authorized the company's repurchase of up to $200 million of shares through July 31, 2025. On April 23, 2025, the Board approved an increase in this repurchase authorization to $300 million. As of July 25, 2025, we have repurchased a total of approximately 2.6 million shares under this authorization for $269.6 million at an average share price of $103.55. On July 23, 2025, the Board approved a new share repurchase authorization totaling $300 million through July 31, 2026, which supersedes and replaces our prior share repurchase authorization.

<sup>1</sup> Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

------

**UFP Industries, Inc.**

**Page 3**

By business segment, the company reported the following results:

**UFP Retail Solutions**

Net sales of $788.2 million were down 3 percent compared to the second quarter of 2024. Organic unit sales decreased 7 percent, which was partially offset by a 4 percent increase in selling prices. Organic unit sales decreased 3 percent for Deckorators and 7 percent for ProWood. Within our Deckorators business unit, our sales of railings declined 25 percent, wood-plastic composite decking was flat, and mineral-based Surestone composite decking increased over 45 percent. Railing sales declined due to the loss of placement with a large retail customer, which also impacted our wood-plastic composite decking volumes. However, we gained market share with another major retailer, and initial stocking orders from this retailer for our mineral-based, Surestone decking board, and stronger demand from the pro channel for this product has provided an offset. This shift positions us for a modest net market share gain in 2025 as we add capacity to supply to approximately 1,500 stores by 2026. We expect to realize the full benefit of this share gain in 2026 and remain focused on our long-term goal to double our composite decking and railing market share over the next five years. ProWood volumes declined primarily due to softer demand as result of higher interest rates and weaker consumer sentiment, as well as our ongoing efforts to exit lower-margin product lines.

Gross profit was $113.7 million, or 14.4 percent of net sales, compared to $126.7 million, or 15.7 percent of net sales, over the same period in 2024. Gross profit declined for Deckorators as a result of lower unit sales of railings and an increase in costs due to a customer transition, while gross profit for our ProWood pressure-treated products was largely unchanged as higher material costs were offset by higher pricing. Higher costs contributed to a $4 million decline in gross profit for our Edge products.

**UFP Packaging**

Net sales of $428.7 million were down 2 percent compared to the second quarter of 2024. The declines in the quarter were driven by a 4 percent decline in selling prices and flat organic sales, which were partially offset by a 2 percent increase from an acquisition. Organic unit sales were flat as a 2 percent decline in Structural Packaging, due to lower demand, was offset by a 5 percent increase in PalletOne and an 8 percent increase in Protective Packaging as these business units continue to gain market share.

Gross profit for the Packaging segment was $70.6 million, or 16.5 percent of net sales, compared to $83.7 million, or 19.2 percent of net sales, in the second quarter last year. Gross profit declined primarily due to softer demand, which resulted in more competitive pricing in our Pallet One and Structural Packaging business units.

**UFP Construction**

Net sales of $551.6 million were down 4 percent compared to the second quarter of 2024 as a 6 percent decrease in selling prices was partially offset by an organic unit sales increase of 2 percent. Organic unit sales increased 8 percent in Factory Built due to higher industry production, market share gains, new products, and expanded capabilities. Organic unit sales increased 6 percent in Commercial and 11 percent in Concrete Forming. Site Built Housing volumes decreased 7 percent due to softer demand.

------

**UFP Industries, Inc.**

**Page 4**

Gross profit for the Construction segment was $100.2 million, or 18.2 percent of net sales, compared to $125.6 million, or 21.9 percent of net sales, in the second quarter last year. The decrease in gross profit was primarily driven by lower unit sales and more competitive pricing in our Site Built business unit. Favorable volumes in both the Concrete Forming Solutions and Factory Built businesses each supported year over year gross profit growth in the quarter.

**Short-Term Outlook**

<u>Tariff and duty impacts:</u> We are working closely with our domestic and international suppliers to navigate the recently proposed tariffs on several of our raw materials. If tariffs are enacted, the demand for domestic products would be expected to increase, which will likely increase costs as capacity gets challenged. Although the trade landscape continues to evolve, since we do not own any foreign sawmills and have excellent relationships with our mill partners, we believe we are currently in a strong position to adapt quickly to tariffs without material adverse financial impact after a short adjustment period. The company will continue to monitor the market and intends to make decisions quickly to minimize disruption.

On July 23, 2025, our Board of Directors approved a plan to close our Bonner, Montana manufacturing facilities, which manufacture our Edge siding, pattern, and trim products. We plan to transfer our trim and certain other products to existing facilities and will exit the coated siding business. As part of this restructuring, we expect to incur impairment charges and other one-time costs in a range of $15 million to $17 million in the third quarter of 2025 and expect a minimal impact on revenues. These actions are expected to eliminate future operating losses associated with these facilities of approximately $16 million in 2026. In addition, in July, we completed the sale of a small industrial component manufacturer as well as the sale of real estate associated with previously closed plants. We plan to recognize a one-time gain in July of approximately $13 million associated with these transactions. An additional property is under contract to be sold in the third quarter, which is expected to add approximately $2 million to this gain. These actions are part of our ongoing efforts to improve capacity utilization and reduce our costs by eliminating excess capacity and closing under-performing operations.

<u>End Market Demand:</u> Our 2025 outlook remains unchanged. We continue to anticipate the softer demand and competitive pricing environment will remain through the balance of 2025 and are planning for low single-digit unit declines in each of our segments. We anticipate a more significant decline in Site Built will be partially offset by an increase in Factory Built. We expect initial stocking orders for our new Surestone decking product and expanded manufacturing and distribution capabilities will continue to support momentum in our Deckorators business through the remainder of the year.

**Long-Term Outlook**

The company's <u>long-term</u> goals remain unchanged and include: 1) achieving 7-10 percent unit sales growth annually (including bolt-on acquisitions) with at least 10 percent of all sales coming from new products; 2) achieving 12.5 percent adjusted EBITDA margins; 3) earning an incremental return on new investments over our hurdle rate; and 4) maintaining a conservative capital structure.

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**UFP Industries, Inc.**

**Page 5**

**CONFERENCE CALL**

UFP Industries will conduct a conference call to discuss its outlook and information included in this news release at 9:00 a.m. ET on Tuesday, July 29, 2025. The call will be hosted by CEO Will Schwartz and CFO Michael Cole and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at https://www.ufpinvestor.com/news-filings-reports#events---presentations. A replay of the call will be available through the website.

**UFP Industries, Inc.**

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. For more about UFP Industries, go to www.ufpi.com.

*This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," "likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; changes in tariffs, import/export regulations, and other trade policies; concentration of sales to customers; the success of vertical integration strategies; excess capacity or supply chain challenges; inbound and outbound transportation costs; alternatives to replace treated wood products; government regulations, particularly involving environmental and safety regulations; our ability to make successful business acquisitions; cybersecurity breaches; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission*

*Non-GAAP Financial Information*

*This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measure. See the table below for a reconciliation of Adjusted EBITDA to net earnings.*

*Net earnings* 

*Net earnings refers to net earnings attributable to controlling interest unless specifically noted.* 

\# \# \#

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**UFP Industries, Inc.**

**Page 6**

---------------AT THE COMPANY---------------

Stanley Elliott

Director of Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804) 337-8217

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**UFP Industries, Inc.**

**Page 7**

**CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND** 

**COMPREHENSIVE INCOME (UNAUDITED)**

**FOR THE THREE AND SIX MONTHS ENDED**

**JUNE 2025/2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Quarter Period** | **Year to Date** | **Year to Date** | **Year to Date** | **Year to Date** |
| **(In thousands, except per share data)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **NET SALES** | $1835374 | 100.0% | $1901959 | 100.0% | $3430893 | 100.0% | $3540925 | 100.0% |
| **COST OF GOODS SOLD**  | 1522640 | 83.0 | 1539216 | 80.9 | 2849963 | 83.1 | 2852104 | 80.5 |
| **GROSS PROFIT** | 312734 | 17.0 | 362743 | 19.1 | 580930 | 16.9 | 688821 | 19.5 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 184995 | 10.1 | 203155 | 10.7 | 361249 | 10.5 | 395214 | 11.2 |
| **NET LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 3830 | 0.2 | 2222 | 0.1 | 3754 | 0.1 | 1991 | 0.1 |
| **OTHER LOSSES (GAINS), NET** | 818 |  | (1668) | (0.1) | 584 |  | (1241) |  |
| **EARNINGS FROM OPERATIONS** | 123091 | 6.7 | 159034 | 8.4 | 215343 | 6.3 | 292857 | 8.3 |
| **INTEREST AND OTHER** | (8854) | (0.5) | (9406) | (0.5) | (17283) | (0.5) | (22169) | (0.6) |
| **EARNINGS BEFORE INCOME TAXES** | 131945 | 7.2 | 168440 | 8.9 | 232626 | 6.8 | 315026 | 8.9 |
| **INCOME TAXES** | 31074 | 1.7 | 42208 | 2.2 | 52332 | 1.5 | 67695 | 1.9 |
| **NET EARNINGS** | 100871 | 5.5 | 126232 | 6.6 | 180294 | 5.3 | 247331 | 7.0 |
| **LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST** | (137) |  | (302) |  | (807) |  | (610) |  |
| **NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST** | $100734 | 5.5 | $125930 | 6.6 | $179487 | 5.2 | $246721 | 7.0 |
| **EARNINGS PER SHARE - BASIC**  | $1.70 |  | $2.05 |  | $2.99 |  | $4.01 |  |
| **EARNINGS PER SHARE - DILUTED** | $1.70 |  | $2.05 |  | $2.99 |  | $4.00 |  |
| **COMPREHENSIVE INCOME** | $112609 |  | $118252 |  | $195213 |  | $238221 |  |
| **LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST** | (1754) |  | 2020 |  | (2391) |  | 1429 |  |
| **COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST** | $110855 |  | $120272 |  | $192822 |  | $239650 |  |

---

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**UFP Industries, Inc.**

**Page 8**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED JUNE 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $788224 | $428669 | $551590 | $65026 | $1865 | $1835374 |
| **COST OF GOODS SOLD** | 674484 | 358087 | 451401 | 51789 | (13121) | 1522640 |
| **GROSS PROFIT** | 113740 | 70582 | 100189 | 13237 | 14986 | 312734 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 58642 | 43148 | 63727 | 10398 | 9080 | 184995 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 1083 | 1225 | 211 | 2616 | (1305) | 3830 |
| **OTHER LOSSES (GAINS), NET** | 536 |  | 191 | 302 | (211) | 818 |
| **EARNINGS FROM OPERATIONS** | 53479 | 26209 | 36060 | (79) | 7422 | 123091 |
| **INTEREST AND OTHER** | (54) | (795) |  | (2512) | (5493) | (8854) |
| **EARNINGS BEFORE INCOME TAXES** | 53533 | 27004 | 36060 | 2433 | 12915 | 131945 |
| **INCOME TAXES** | 12405 | 6371 | 8497 | 419 | 3382 | 31074 |
| **NET EARNINGS** | $41128 | $20633 | $27563 | $2014 | $9533 | $100871 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $809067 | $435204 | $574547 | $81470 | $1671 | $1901959 |
| **COST OF GOODS SOLD** | 682307 | 351518 | 448992 | 61564 | (5165) | 1539216 |
| **GROSS PROFIT** | 126760 | 83686 | 125555 | 19906 | 6836 | 362743 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 65291 | 52996 | 73307 | 14576 | (3015) | 203155 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 1158 | 1174 | 287 | 23 | (420) | 2222 |
| **OTHER LOSSES (GAINS), NET** | 528 |  | (50) | (2189) | 43 | (1668) |
| **EARNINGS FROM OPERATIONS** | 59783 | 29516 | 52011 | 7496 | 10228 | 159034 |
| **INTEREST AND OTHER** | (178) | 645 | (14) | (1202) | (8657) | (9406) |
| **EARNINGS BEFORE INCOME TAXES** | 59961 | 28871 | 52025 | 8698 | 18885 | 168440 |
| **INCOME TAXES** | 15025 | 7234 | 13036 | 2180 | 4733 | 42208 |
| **NET EARNINGS** | $44936 | $21637 | $38989 | $6518 | $14152 | $126232 |

---

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**UFP Industries, Inc.**

**Page 9**

**CONDENSED CONSOLIDATED STATEMENTS** 

**OF EARNINGS BY SEGMENT (UNAUDITED)**

**FOR THE SIX MONTHS ENDED JUNE 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $1395607 | $838677 | $1067530 | $125324 | $3755 | $3430893 |
| **COST OF GOODS SOLD** | 1200572 | 698521 | 876541 | 101455 | (27126) | 2849963 |
| **GROSS PROFIT** | 195035 | 140156 | 190989 | 23869 | 30881 | 580930 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 113997 | 90917 | 126511 | 18860 | 10964 | 361249 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 1107 | 1257 | 331 | 2616 | (1557) | 3754 |
| **OTHER LOSSES (GAINS), NET** | 318 |  | 271 | 248 | (253) | 584 |
| **EARNINGS FROM OPERATIONS** | 79613 | 47982 | 63876 | 2145 | 21727 | 215343 |
| **INTEREST AND OTHER** | (114) | (467) | (1) | (3459) | (13242) | (17283) |
| **EARNINGS BEFORE INCOME TAXES** | 79727 | 48449 | 63877 | 5604 | 34969 | 232626 |
| **INCOME TAXES** | 17936 | 10899 | 14370 | 1088 | 8039 | 52332 |
| **NET EARNINGS** | $61791 | $37550 | $49507 | $4516 | $26930 | $180294 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET SALES** | $1437832 | $859622 | $1092443 | $148417 | $2611 | $3540925 |
| **COST OF GOODS SOLD** | 1209948 | 690496 | 852553 | 110566 | (11459) | 2852104 |
| **GROSS PROFIT** | 227884 | 169126 | 239890 | 37851 | 14070 | 688821 |
| **SELLING, GENERAL AND ADMINISTRATIVE EXPENSES** | 120901 | 106937 | 142457 | 27967 | (3048) | 395214 |
| **NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS** | 886 | 1427 | 286 | 14 | (622) | 1991 |
| **OTHER LOSSES (GAINS), NET** | 334 |  | (206) | (1499) | 130 | (1241) |
| **EARNINGS FROM OPERATIONS** | 105763 | 60762 | 97353 | 11369 | 17610 | 292857 |
| **INTEREST AND OTHER** | (272) | 1233 | (25) | (4793) | (18312) | (22169) |
| **EARNINGS BEFORE INCOME TAXES** | 106035 | 59529 | 97378 | 16162 | 35922 | 315026 |
| **INCOME TAXES** | 23036 | 12564 | 20921 | 3478 | 7696 | 67695 |
| **NET EARNINGS** | $82999 | $46965 | $76457 | $12684 | $28226 | $247331 |

---

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**UFP Industries, Inc.**

**Page 10**

**RECONCILIATION OF NET EARNINGS TO** 

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE THREE MONTHS ENDED JUNE 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** | **Quarter Period 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**41128** | $**20633** | $**27563** | $**2014** | $**9533** | $**100871** |
| &nbsp;&nbsp;INTEREST AND OTHER | (54) | (795) |  | (2512) | (5493) | (8854) |
| &nbsp;&nbsp;INCOME TAXES | 12405 | 6371 | 8497 | 419 | 3382 | 31074 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 867 | 1617 | 2175 | 174 | 3976 | 8809 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 1083 | 1225 | 211 | 2616 | (1305) | 3830 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  | (1511) |  |  |  | (1511) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 7592 | 9090 | 6330 | 1109 | 9879 | 34000 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 957 | 2166 | 704 | 1671 | 430 | 5928 |
| **ADJUSTED EBITDA** | $**63978** | $**38796** | $**45480** | $**5491** | $**20402** | $**174147** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 5.2% | 4.8% | 5.0% | 3.1% | \* | 5.5% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 8.1% | 9.1% | 8.2% | 8.4% | \* | 9.5% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** | **Quarter Period 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**44936** | $**21637** | $**38989** | $**6518** | $**14152** | $**126232** |
| &nbsp;&nbsp;INTEREST AND OTHER | (178) | 645 | (14) | (1202) | (8657) | (9406) |
| &nbsp;&nbsp;INCOME TAXES | 15025 | 7234 | 13036 | 2180 | 4733 | 42208 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 1124 | 1587 | 1811 | 170 | 3307 | 7999 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 1158 | 1174 | 287 | 23 | (420) | 2222 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  |  | (1818) |  |  | (1818) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 7124 | 8467 | 5621 | 828 | 8584 | 30624 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 998 | 2216 | 703 | 1503 | 433 | 5853 |
| **ADJUSTED EBITDA** | $**70187** | $**42960** | $**58615** | $**10020** | $**22132** | $**203914** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 5.6% | 5.0% | 6.8% | 8.0% | \* | 6.6% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 8.7% | 9.9% | 10.2% | 12.3% | \* | 10.7% |
| \* Not meaningful |  |  |  |  |  |  |

---

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**UFP Industries, Inc.**

**Page 11**

**RECONCILIATION OF NET EARNINGS TO** 

**ADJUSTED EBITDA BY SEGMENT (UNAUDITED)**

**FOR THE SIX MONTHS ENDED JUNE 2025/2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**61791** | $**37550** | $**49507** | $**4516** | $**26930** | $**180294** |
| &nbsp;&nbsp;INTEREST AND OTHER | (114) | (467) | (1) | (3459) | (13242) | (17283) |
| &nbsp;&nbsp;INCOME TAXES | 17936 | 10899 | 14370 | 1088 | 8039 | 52332 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 2291 | 3781 | 5000 | 438 | 8860 | 20370 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 1107 | 1257 | 331 | 2616 | (1557) | 3754 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  | (1511) | (344) |  |  | (1855) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 14902 | 17987 | 12521 | 2053 | 19478 | 66941 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 1914 | 4345 | 1406 | 3272 | 808 | 11745 |
| **ADJUSTED EBITDA** | $**99827** | $**73841** | $**82790** | $**10524** | $**49316** | $**316298** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 4.4% | 4.5% | 4.6% | 3.6% | \* | 5.3% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 7.2% | 8.8% | 7.8% | 8.4% | \* | 9.2% |
| \* Not meaningful |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** | **Year to Date 2024** |
| **(In thousands)** | **Retail** | **Packaging** | **Construction** | **All Other** | **Corporate** | **Total** |
| **NET EARNINGS** | $**82999** | $**46965** | $**76457** | $**12684** | $**28226** | $**247331** |
| &nbsp;&nbsp;INTEREST AND OTHER | (272) | 1233 | (25) | (4793) | (18312) | (22169) |
| &nbsp;&nbsp;INCOME TAXES | 23036 | 12564 | 20921 | 3478 | 7696 | 67695 |
| &nbsp;&nbsp;EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS | 2812 | 3776 | 4276 | 469 | 7943 | 19276 |
| &nbsp;&nbsp;NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS | 886 | 1427 | 286 | 14 | (622) | 1991 |
| &nbsp;&nbsp;GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY |  | (37) | (1818) |  |  | (1855) |
| &nbsp;&nbsp;DEPRECIATION EXPENSE | 14089 | 16936 | 11005 | 1617 | 16996 | 60643 |
| &nbsp;&nbsp;AMORTIZATION OF INTANGIBLES | 1996 | 4408 | 1405 | 3037 | 889 | 11735 |
| **ADJUSTED EBITDA** | $**125546** | $**87272** | $**112507** | $**16506** | $**42816** | $**384647** |
| **NET EARNINGS AS A PERCENTAGE OF NET SALES** | 5.8% | 5.5% | 7.0% | 8.5% | \* | 7.0% |
| **ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES** | 8.7% | 10.2% | 10.3% | 11.1% | \* | 10.9% |
| \* Not meaningful |  |  |  |  |  |  |

---

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**UFP Industries, Inc.**

**Page 12**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**JUNE 2025/2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In thousands)**<br>**ASSETS** | **2025** | **2024** | <br>**LIABILITIES AND EQUITY** | **2025** | **2024** |
| **CURRENT ASSETS** |  |  | **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $841930 | 1041341 | &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $258784 | 263318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1061 | 761 | &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 257212 | 281316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 32021 | 36740 | &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | 5122 | 43754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 687332 | 724921 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 722232 | 684813 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 82929 | 65453 |  |  |  |
| **TOTAL CURRENT ASSETS** | 2367505 | 2554029 | **TOTAL CURRENT LIABILITIES** | 521118 | 588388 |
| **OTHER ASSETS** | 289347 | 259830 | **LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS** | 229181 | 232979 |
| **INTANGIBLE ASSETS, NET** | 494495 | 505138 | **OTHER LIABILITIES** | 173373 | 180686 |
|  |  |  | **TEMPORARY EQUITY** | 5253 | 18931 |
| **PROPERTY, PLANT AND EQUIPMENT, NET** | 946041 | 819497 | **SHAREHOLDERS' EQUITY** | 3168463 | 3117510 |
| **TOTAL ASSETS** | $4097388 | $4138494 | **TOTAL LIABILITIES AND EQUITY** | $4097388 | $4138494 |

---

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**UFP Industries, Inc.**

**Page 13**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR THE SIX MONTHS ENDED**

**JUNE 2025/2024**

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net earnings | $180294 | $247331 |
| Adjustments to reconcile net earnings to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 66941 | 60643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 11745 | 11735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense associated with share-based and grant compensation arrangements | 20370 | 19276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (226) | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investment and other | (654) | (1825) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of investee | (794) | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale, disposition and impairment of assets | 3754 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from reduction of estimated earnout liability | (1855) | (1855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (184404) | (176839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2461 | 41684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 32887 | 61125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | (17381) | (25723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH FROM OPERATING ACTIVITIES** | 113138 | 239078 |
| **CASH FLOWS USED IN INVESTING ACTIVITIES:** |  |  |
| Purchases of property, plant, and equipment | (129752) | (106585) |
| Proceeds from sale of property, plant and equipment | 3694 | 2353 |
| Acquisitions, net of cash received and purchase of equity method investment | (15706) |  |
| Purchases of investments | (16873) | (16416) |
| Proceeds from sale of investments | 7467 | 9284 |
| Other | 1591 | (7674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH USED IN INVESTING ACTIVITIES** | (149579) | (119038) |
| **CASH FLOWS USED IN FINANCING ACTIVITIES:** |  |  |
| Borrowings under revolving credit facilities | 13357 | 12354 |
| Repayments under revolving credit facilities | (12814) | (11988) |
| Repayment of debt on behalf of investee |  | (6303) |
| Contingent consideration payments and other | (221) | (4779) |
| Proceeds from issuance of common stock | 1294 | 1470 |
| Dividends paid to shareholders | (41978) | (40660) |
| Distributions to noncontrolling interest | (285) | (9400) |
| Payments to taxing authorities in connection with shares directly withheld from employees | (9560) | (17838) |
| Repurchase of common stock | (251933) | (119362) |
| Other | (198) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET CASH USED IN FINANCING ACTIVITIES** | (302338) | (196468) |
| Effect of exchange rate changes on cash | 2176 | (3726) |
| **NET CHANGE IN CASH AND CASH EQUIVALENTS** | (336603) | (80154) |
| **ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD** | 1179594 | 1122256 |
| **ALL CASH AND CASH EQUIVALENTS, END OF PERIOD** | $842991 | $1042102 |
| **Reconciliation of cash and cash equivalents and restricted cash:** |  |  |
| Cash and cash equivalents, beginning of period | $1171828 | $1118329 |
| Restricted cash, beginning of period | 7766 | 3927 |
| All cash and cash equivalents, beginning of period | $1179594 | $1122256 |
| Cash and cash equivalents, end of period | $841930 | $1041341 |
| Restricted cash, end of period | 1061 | 761 |
| All cash and cash equivalents, end of period | $842991 | $1042102 |

---

------