UFP Industries Announces Fourth Quarter 2025 Results

GRAND RAPIDS, Mich., Feb. 23, 2026 /PRNewswire/ -- 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 fourth quarter 2025.

Will Schwartz, President and CEO of UFP Industries, commented, "We continue to see trends stabilizing across the majority of our businesses. Despite generally soft end-market demand, our fourth quarter sales and profits were in line with internal expectations. While 2025 proved to be a challenging year given market volatility, our team made meaningful progress navigating this environment and executing on our strategy. Our disciplined focus on cost controls and growth investments leaves us on stronger footing and well-positioned as conditions improve. After several years of headwinds, we continue to see markets normalizing and are cautiously optimistic on our business prospects in 2026."

Schwartz continued, "Our balanced portfolio enables us to drive shareholder value. To that point, we returned $515 million to shareholders in 2025 and finished the year with more than $900 million of cash and cash equivalents and $2.2 billion in total liquidity. We streamlined our cost structure with $60 million in cost reduction initiatives and have approached our portfolio through a more strategic lens. We plan to strengthen our core businesses, introduce innovative value-added products, and drive above market growth. Our M&A targets reflect our desire to strengthen our core businesses and drive growth in innovation and new products. We plan to use our strong balance sheet to pursue meaningful M&A while returning capital to shareholders through opportunistic share repurchases and dividends. We enter 2026 in a stronger position to drive improved results."

Fourth Quarter 2025 Highlights

UFP Consolidated

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

Net sales

1,329,823

1,462,001

(9.0)

6,320,343

6,652,309

(5.0)

Net earnings

40,156

69,783

(42.5)

295,992

418,733

(29.3)

Net margin

3.0

4.8

4.7

6.3

Adjusted EBITDA 2

107,243

132,702

(19.2)

563,560

682,264

(17.4)

Adjusted EBITDA margin

8.1

9.1

8.9

10.3

Percentage change in net sales:

Organic units

(7)

(3)

Acquisitions

—

Selling prices

(2)

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

2 Adjusted EBITDA is net of bonus expense (excluding vesting expense associated with share-based bonus arrangements) which totaled $16 million in the fourth quarter of 2025 and was $14 million higher than the same period of 2024.

UFP Retail

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

Net sales

443,964

524,591

(15.4)

2,433,556

2,597,994

(6.3)

Net earnings

9,147

24,359

(62.4)

86,679

139,127

(37.7)

Net margin

2.1

4.6

3.6

5.4

Adjusted EBITDA

24,535

44,127

(44.4)

164,347

220,828

(25.6)

Adjusted EBITDA margin

5.5

8.4

6.8

8.5

Percentage change in net sales:

Organic units

(13)

(7)

Acquisitions

—

Selling prices

(2)

UFP Packaging

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

Net sales

370,097

375,315

(1.4)

1,603,723

1,636,563

(2.0)

Net earnings

7,506

16,563

(54.7)

66,414

80,035

(17.0)

Net margin

2.0

4.4

4.1

4.9

Adjusted EBITDA

27,518

37,657

(26.9)

135,643

159,277

(14.8)

Adjusted EBITDA margin

7.4

10.0

8.5

9.7

Percentage change in net sales:

Organic units

(2)

(1)

Acquisitions

Selling prices

—

(2)

UFP Construction

(In thousands)

Quarter Period

Year to Date

2025

2024

% Change

2025

2024

% Change

Net sales

439,790

486,776

(9.7)

2,003,785

2,113,844

(5.2)

Net earnings

15,437

27,595

(44.1)

89,626

136,179

(34.2)

Net margin

3.5

5.7

4.5

6.4

Adjusted EBITDA

33,173

45,022

(26.3)

157,841

208,417

(24.3)

Adjusted EBITDA margin

7.5

9.2

7.9

9.9

Percentage change in net sales:

Organic units

(5)

—

Acquisitions

—

Selling prices

(5)

Capital Structure, Leverage and Liquidity Information

UFP Industries maintains a strong balance sheet and as of December 27, 2025, had liquidity of approximately $2.2 billion consisting of over $900 million of cash and $1.3 billion of 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:

2026 Outlook and Long-Term Targets

We anticipate that the current market environment will continue in 2026 and that overall demand will be flat to slightly down in each of our segments based on our sales mix. We anticipate markets tied to new residential construction will remain more challenged and see stabilization across our other end markets as an offset. However, we believe we are positioned well to perform better than the market due to market share gains across our portfolio and the execution of our cost out program. We anticipate initial stocking orders, upgraded manufacturing capacity, and expanded distribution will support momentum in our Deckorators and Surestone businesses in 2026.

The company's long-term 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.

Conference Call

UFP Industries will host a conference call on Tuesday, February 24, 2026, to discuss these results and outlook. The conference call will begin at 9:30 a.m. Eastern Time and will be hosted by CEO Will Schwartz and CFO Michael Cole. Interested investors can access the webcast directly with this link ( here). A replay of the call will be available through the UFP Investor Relations website at www.ufpinvestor.com for at least 90 days following the call.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail – 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 and Free cash flow, non-GAAP financial measures, in order to evaluate historical and ongoing operations. Management believes that these non-GAAP financial measures are useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA and Free cash flow are intended to supplement and should be read together with the financial results. Adjusted EBITDA and Free cash flow should not be considered alternatives or substitutes 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 measures. See the table below for a reconciliation of Net earnings to Adjusted EBITDA and a reconciliation of Cash flow from operations to Free cash flow.

Net earnings

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

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND TWELVE MONTHS ENDED

DECEMBER 2025/2024

Quarter Period

Year to Date

(In thousands, except per share data)

2025

2024

2025

2024

Net sales

1,329,823

100.0

1,462,001

100.0

6,320,343

100.0

6,652,309

100.0

Cost of sales

1,113,284

83.7

1,222,492

83.6

5,260,193

83.2

5,425,567

81.6

Gross profit

216,539

16.3

239,509

16.4

1,060,150

16.8

1,226,742

18.4

Operating expenses

Selling, general and administrative expenses

159,729

12.0

156,491

10.7

691,008

10.9

735,046

11.0

Net (gain) loss on disposition and impairments of

assets

(3,084)

(0.2)

4,619

0.3

3,128

—

6,157

0.1

Other losses (gains), net

807

0.1

(1,060)

(0.1)

2,113

—

(6,703)

(0.1)

Total operating expenses

157,452

160,050

696,249

734,500

Earnings from operations

59,087

4.4

79,459

5.4

363,901

5.8

492,242

7.4

Interest and other

(1,394)

(0.1)

(11,560)

(0.8)

(28,340)

(0.4)

(47,913)

(0.7)

Earnings before income taxes

60,481

4.5

91,019

6.2

392,241

6.2

540,155

8.1

Income taxes

20,325

1.5

21,236

1.5

96,249

1.5

121,422

1.8

Net earnings

40,156

3.0

69,783

4.8

295,992

4.7

418,733

6.3

Less net earnings attributable to noncontrolling

interest

(197)

—

(1,744)

(0.1)

(1,200)

—

(4,173)

(0.1)

Net earnings attributable to controlling interest

39,959

3.0

68,039

4.7

294,792

4.7

414,560

6.2

Earnings per share - basic

0.70

1.12

5.00

6.78

Earnings per share - diluted

0.70

1.12

5.00

6.77

Comprehensive income

44,078

58,121

315,340

398,753

Less comprehensive income attributable to

noncontrolling interest

(795)

(1,007)

(3,673)

(610)

Comprehensive income attributable to

controlling interest

43,283

57,114

311,667

398,143

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024

Quarter Period 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net sales

443,964

370,097

439,790

73,744

2,228

1,329,823

Cost of sales

373,322

312,198

364,195

51,793

11,776

1,113,284

Gross profit

70,642

57,899

75,595

21,951

(9,548)

216,539

Selling, general and administrative expenses

55,233

43,871

52,495

9,772

(1,642)

159,729

Net loss (gain) on disposition and impairments of

assets

1,826

(13)

488

(5,434)

(3,084)

Other losses (gains), net

618

—

(3)

240

(48)

807

Earnings from operations

14,742

12,202

23,116

11,451

(2,424)

59,087

Interest and other

(119)

170

(3)

(1,876)

434

(1,394)

Earnings before income taxes

14,861

12,032

23,119

13,327

(2,858)

60,481

Income taxes

5,714

4,526

7,682

2,194

209

20,325

Net earnings

9,147

7,506

15,437

11,133

(3,067)

40,156

Quarter Period 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net sales

524,591

375,315

486,776

73,971

1,348

1,462,001

Cost of sales

456,731

314,427

399,826

68,602

(17,094)

1,222,492

Gross profit

67,860

60,888

86,950

5,369

18,442

239,509

Selling, general and administrative expenses

34,578

35,468

51,014

(1,723)

37,154

156,491

Net loss (gain) on disposition and impairments of

assets

2,189

5,090

452

(3,130)

4,619

Other (gains) losses, net

(436)

—

(447)

(286)

109

(1,060)

Earnings from operations

31,529

20,330

35,931

7,360

(15,691)

79,459

Interest and other

(171)

(1,415)

(530)

(9,486)

(11,560)

Earnings before income taxes

31,700

21,745

35,889

7,890

(6,205)

91,019

Income taxes

7,341

5,182

8,294

721

(302)

21,236

Net earnings

24,359

16,563

27,595

7,169

(5,903)

69,783

CONDENSED CONSOLIDATED STATEMENTS

OF EARNINGS BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

Year to Date 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net sales

2,433,556

1,603,723

2,003,785

271,550

7,729

6,320,343

Cost of sales

2,087,657

1,338,247

1,645,998

212,499

(24,208)

5,260,193

Gross profit

345,899

265,476

357,787

59,051

31,937

1,060,150

Selling, general and administrative expenses

218,262

180,619

237,949

37,858

16,320

691,008

Net loss (gain) on disposition and impairments of

assets

11,139

(2,887)

259

3,167

(8,550)

3,128

Other losses (gains), net

1,398

—

265

691

(241)

2,113

Earnings from operations

115,100

87,744

119,314

17,335

24,408

363,901

Interest and other

(303)

(678)

(11)

(8,180)

(19,168)

(28,340)

Earnings before income taxes

115,403

88,422

119,325

25,515

43,576

392,241

Income taxes

28,724

22,008

29,699

4,973

10,845

96,249

Net earnings

86,679

66,414

89,626

20,542

32,731

295,992

Year to Date 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net sales

2,597,994

1,636,563

2,113,844

298,190

5,718

6,652,309

Cost of sales

2,209,195

1,335,304

1,675,346

240,518

(34,796)

5,425,567

Gross profit

388,799

301,259

438,498

57,672

40,514

1,226,742

Selling, general and administrative expenses

209,592

191,757

262,517

39,940

31,240

735,046

Net loss (gain) on disposition and impairments of

assets

3,067

6,545

673

(4,156)

6,157

Other (gains) losses, net

(2,964)

—

(376)

(3,572)

209

(6,703)

Earnings from operations

179,104

102,957

175,684

21,276

13,221

492,242

Interest and other

(557)

(101)

(9,356)

(37,916)

(47,913)

Earnings before income taxes

179,661

103,058

175,667

30,632

51,137

540,155

Income taxes

40,534

23,023

39,488

5,793

12,584

121,422

Net earnings

139,127

80,035

136,179

24,839

38,553

418,733

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED DECEMBER 2025/2024

Quarter Period 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net earnings

9,147

7,506

15,437

11,133

(3,067)

40,156

Interest and other

(119)

170

(3)

(1,876)

434

(1,394)

Income taxes

5,714

4,526

7,682

2,194

209

20,325

Expenses associated with share-based compensation

arrangements

894

1,639

2,667

408

4,278

9,886

Net loss (gain) on disposition and impairments of

assets

1,826

(13)

488

(5,434)

(3,084)

Gain from reduction of estimated earnout liability

—

(457)

—

(457)

Depreciation expense

8,013

9,773

6,675

1,085

11,240

36,786

Amortization of intangibles

837

2,078

728

1,007

375

5,025

Adjusted EBITDA

24,535

27,518

33,173

13,982

8,035

107,243

Net earnings as a percentage of net sales

2.1 %

2.0 %

3.5 %

15.1 %

3.0 %

Adjusted EBITDA as a percentage of net sales

5.5 %

7.4 %

7.5 %

19.0 %

8.1 %

* Not meaningful

Quarter Period 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net earnings

24,359

16,563

27,595

7,169

(5,903)

69,783

Interest and other

(171)

(1,415)

(530)

(9,486)

(11,560)

Income taxes

7,341

5,182

8,294

721

(302)

21,236

Expenses associated with share-based compensation

arrangements

1,860

1,623

1,846

163

5,326

10,818

Net loss (gain) on disposition and impairments of

assets

940

861

451

(3,130)

(860)

Impairment of intangibles

1,250

4,229

—

5,479

Gain from reduction of estimated earnout liability

—

(605)

—

(605)

Depreciation expense

7,550

9,003

6,092

889

8,977

32,511

Amortization of intangibles

998

2,216

702

1,551

433

5,900

Adjusted EBITDA

44,127

37,657

45,022

9,981

(4,085)

132,702

Net earnings as a percentage of net sales

4.6 %

4.4 %

5.7 %

9.7 %

4.8 %

Adjusted EBITDA as a percentage of net sales

8.4 %

10.0 %

9.2 %

13.5 %

9.1 %

* Not meaningful

RECONCILIATION OF NET EARNINGS TO

ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

Year to Date 2025

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net earnings

86,679

66,414

89,626

20,542

32,731

295,992

Interest and other

(303)

(678)

(11)

(8,180)

(19,168)

(28,340)

Income taxes

28,724

22,008

29,699

4,973

10,845

96,249

Expenses associated with share-based compensation

arrangements

4,040

7,029

9,840

1,017

15,866

37,792

Net loss (gain) on disposition and impairments of

assets

8,739

(2,887)

259

3,167

(8,550)

728

Impairment of intangibles

2,400

—

2,400

Gain from reduction of estimated earnout liability

—

(1,511)

(344)

(457)

—

(2,312)

Depreciation expense

30,438

36,706

25,863

4,165

41,188

138,360

Amortization of intangibles

3,630

8,562

2,909

5,980

1,610

22,691

Adjusted EBITDA

164,347

135,643

157,841

31,207

74,522

563,560

Net earnings as a percentage of net sales

3.6 %

4.1 %

4.5 %

7.6 %

4.7 %

Adjusted EBITDA as a percentage of net sales

6.8 %

8.5 %

7.9 %

11.5 %

8.9 %

* Not meaningful

Year to Date 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

Net earnings

139,127

80,035

136,179

24,839

38,553

418,733

Interest and other

(557)

(101)

(9,356)

(37,916)

(47,913)

Income taxes

40,534

23,023

39,488

5,793

12,584

121,422

Expenses associated with share-based compensation

arrangements

5,788

6,974

7,944

772

16,685

38,163

Net loss (gain) on disposition and impairments of

assets

1,817

2,316

673

(4,156)

678

Impairment of intangibles

1,250

4,229

—

5,479

Gain from reduction of estimated earnout liability

—

(642)

(1,818)

—

(2,460)

Depreciation expense

28,877

34,603

23,124

3,338

34,699

124,641

Amortization of intangibles

3,992

8,840

2,810

6,124

1,755

23,521

Adjusted EBITDA

220,828

159,277

208,417

31,538

62,204

682,264

Net earnings as a percentage of net sales

5.4 %

4.9 %

6.4 %

8.3 %

6.3 %

Adjusted EBITDA as a percentage of net sales

8.5 %

9.7 %

9.9 %

10.6 %

10.3 %

* Not meaningful

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

DECEMBER 2025/2024

(In thousands)

Assets

2025

2024

Liabilities and equity

2025

2024

Current assets

Current liabilities

Cash and cash equivalents

914,199

1,171,828

Accounts payable

205,932

224,659

Restricted cash

10,872

7,766

Accrued liabilities and other

287,390

283,664

Investments

34,374

31,087

Current portion of debt

899

4,125

Accounts receivable

475,959

500,920

Inventories

722,020

720,824

Total current liabilities

494,221

512,448

Other current assets

111,228

70,600

Long-term debt and finance lease

obligations

228,859

229,830

Total current assets

2,268,652

2,503,025

Other liabilities

211,106

158,669

Other assets

276,788

257,533

Temporary equity

4,463

5,366

Intangible assets, net

484,873

499,637

Property, plant and equipment,

net

992,580

890,743

Shareholders' equity

3,084,244

3,244,625

Total assets

4,022,893

4,150,938

Total liabilities and equity

4,022,893

4,150,938

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE TWELVE MONTHS ENDED

DECEMBER 2025/2024

(In thousands)

2025

2024

Cash flows from operating activities:

Net earnings

295,992

418,733

Adjustments to reconcile net earnings to net cash from operating activities:

Depreciation

138,360

124,641

Amortization of intangibles

22,691

23,521

Expense associated with share-based and grant compensation arrangements

37,792

38,163

Deferred income taxes

49,915

(15,382)

Unrealized gain on investment and other

(2,431)

(1,217)

Impairment of investments

6,500

—

Equity in earnings of investee

(709)

(89)

Net loss on sale, disposition and impairment of assets

728

678

Impairment of intangibles

2,400

5,479

Gain from reduction of estimated earnout liability

(2,312)

(2,460)

Changes in:

Accounts receivable

27,464

47,070

Inventories

7,291

6,356

Accounts payable

(20,190)

22,394

Accrued liabilities and other

(17,754)

(25,316)

Net cash from operating activities

545,737

642,571

Cash flows used in investing activities:

Capital expenditures

(269,377)

(232,274)

Proceeds from sale of property, plant and equipment

31,472

11,501

Acquisitions and purchases of non-controlling interest, net of cash received

(17,626)

(29,830)

Purchases of investments

(38,767)

(55,397)

Proceeds from sale of investments

19,953

30,844

Other

1,104

4,406

Net cash used in investing activities

(273,241)

(270,750)

Cash flows used in financing activities:

Borrowings under revolving credit facilities

34,426

29,913

Repayments under revolving credit facilities

(38,133)

(32,256)

Repayments of debt

—

(40,000)

Repayment of debt on behalf of investee

—

(6,303)

Contingent consideration payments and other

(221)

(4,868)

Proceeds from issuance of common stock

2,471

2,811

Dividends paid to shareholders

(82,350)

(80,782)

Distributions to noncontrolling interest

(3,005)

(11,848)

Purchase of remaining noncontrolling interest of subsidiary

(549)

(4,902)

Payments to taxing authorities in connection with shares directly withheld from employees

(9,591)

(17,838)

Repurchase of common stock

(433,028)

(141,120)

Other

(163)

Net cash used in financing activities

(530,143)

(307,120)

Effect of exchange rate changes on cash

3,124

(7,363)

Net change in cash and cash equivalents

(254,523)

57,338

All cash and cash equivalents, beginning of period

1,179,594

1,122,256

All cash and cash equivalents, end of period

925,071

1,179,594

Reconciliation of cash and cash equivalents and restricted cash:

Cash and cash equivalents, beginning of period

1,171,828

1,118,329

Restricted cash, beginning of period

7,766

3,927

All cash and cash equivalents, beginning of period

1,179,594

1,122,256

Cash and cash equivalents, end of period

914,199

1,171,828

Restricted cash, end of period

10,872

7,766

All cash and cash equivalents, end of period

925,071

1,179,594

RECONCILIATION OF NET CASH FROM OPERATING

ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

FOR THE TWELVE MONTHS ENDED DECEMBER 2025/2024

(In thousands)

2025

2024

Net cash from operating activities

545,737

642,571

Increase (decrease) in investment in net working capital

3,189

(50,504)

Maintenance capital expenditures (1)

(105,703)

(124,511)

Interest expense, net of taxes

8,238

9,852

Free cash flow

451,461

477,408

(1) Breakdown of capital expenditures from the condensed consolidated statements of cash flows:

Maintenance capital expenditures

105,703

124,511

Expansionary and efficiency capital expenditures

163,674

107,763

Total capital expenditures

269,377

232,274

SOURCE UFP Industries, Inc.