Operator

Good morning. My name is Joanna and I will be your conference operator today. Welcome to Interfor Corporation's First Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded.

During this conference call, Interfor's representatives may make forward-looking statements within the meaning of applicable securities laws. Additional information regarding the risks, uncertainties and assumptions of such statements can be found in Interfor's most recent press release and MD&A.

I would now like to turn the call over to Mr. Ian Fillinger, Interfor's President and CEO. Mr. Fillinger, please go ahead.

Ian Fillinger
President, CEO & Director

Thank you, operator and good morning, everyone. Joining me today is Mike Mackay, our Executive Vice President and Chief Financial Officer. We're both calling in from our Peachtree City office in Georgia, where earlier this week, we toured our completed strategic project, the fully operational Thomaston mill. I'll begin with an overview of the quarter, provide an update on Thomaston, outline our cost reduction and operational priorities and share our near-term and medium-term outlook. Mike will then talk you through the quarter in more detail, including segment performance, working capital and capital allocation.

Turning to our quarterly overview. Q1 delivered a meaningful improvement compared to the back half of 2025. We reported EBITDA of $31 million, up $60 million from Q4, driven by higher lumber prices across all 5 regions, up 5% to 20% and lower conversion costs despite weather -- winter weather conditions. This performance came even as