Weyerhaeuser : Q1 2026 Earnings Slides

Published: 2026-04-30 16:28:33 ET WY

Published on 04/30/2026 at 04:28 pm EDT

F I R S T Q U A R T E R 2 0 2 6

$ Millions (except EPS)

2025

2026

Consolidated Statement of Operations

Net Sales

$ 1,541

$ 1,727

Costs of sales

1,380

1,409

Gross Margin

161

318

SG&A expenses

136

142

Other expense, net3

Net (Charge) Contribution to Earnings Before Special

Items

$ (10)

$ 151

Interest expense, net4

(70)

(66)

Income taxes5

(8)

Net (Loss) Earnings Before Special Items5

$ (67)

$ 77

Special items, after-tax5

141

Net Earnings

$ 74

$ 156

Diluted EPS Before Special Items5

$ (0.09)

$ 0.11

Diluted EPS

$ 0.10

$ 0.22

$ Millions

2025

2026

Adjusted EBITDA

Change

Timberlands

$ 114

$ 120

$ 6

Strategic Land Solutions1

193

Wood Products

(20)

Unallocated Items

(49)

(76)

(27)

Total Adjusted EBITDA2

$ 140

$ 308

$ 168

Net (Charge) Contribution to Earnings Before

Special Items

$ (10)

$ 151

$ 161

Effective first quarter 2026, the segment previously called Real Estate, Energy & Natural Resources has been renamed Strategic Land Solutions. Reportable business lines included within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. A reconciliation of the changes in business line composition is set forth on Slide 26.

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 23.

Includes other operating costs, net; non-operating pension and other post-employment benefit costs and interest income and other.

Interest expense is net of capitalized interest.

An explanation of special items and a reconciliation to GAAP are set forth on Slide 4. Income taxes attributable to special items are included in Special items, after tax.

$ Millions (except EPS)

2025 Q4

2026 Q1

Pretax

Earnings

After-Tax

Earnings

Diluted

EPS

Pretax

Earnings

After-Tax

Earnings

Diluted

EPS

(Loss) Earnings Before Special Items

$ (80)

$ (67)

$ (0.09)

$ 85

$ 77

$ 0.11

Special Items:

Environmental remediation charge

(18)

(14)

(0.02)

Gain on sale of timberlands

266

0.36

0.08

Pension settlement charge

(145)

(111)

(0.15)

Product remediation insurance recovery

0.03

Total Special Items

103

141

0.19

0.11

Earnings Including Special Items (GAAP)

$ 23

$ 74

$ 0.10

$ 171

$ 156

$ 0.22

$400

$300

TOTAL COMPANY2

$328 $336

$217

$308

$240

$ Millions

$180

STRATEGIC LAND SOLUTIONS3

Prior to 2026 Q1, Climate Solutions Adj. EBITDA was included in Real Estate and Natural Resources. Full-year 2025 Climate Solutions Adj. EBITDA was $119 million.

$143

$193

$ Millions

$200

$100

$140

$120

$60

$82

$91 $95

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

$200

$160

$ Millions

$120

TIMBERLANDS

$167 $152 $148

$114 $120

Real Estate $ 59 113 56 67 61

Natural Resources $ 23 30 35 28 24

Climate Solutions $ 108

WOOD PRODUCTS

$225

$161

$150

$ Millions

$101

$80

$40

$(40)

$75

$(75)

$8 $(20)

$71

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

West $ 95 84 75 45 58

South $ 71 69 74 69 62

North $ 2 1 2 2 2

Other $ (1) (2) (3) (2) (2)

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 23, Slide 24, Slide 25, Slide 27 and Slide 28.

Total Company Adjusted EBITDA includes Timberlands, Strategic Land Solutions, Wood Products and Unallocated.

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Lumber $ 40 11 (48) (57) 27

OSB $ 59 30 (3) (10) 3

EWP $ 53 57 56 49 39

Distribution $ 6 5 1 (1) 6

Other $ 3 (2) 2 (1) (4)

TIMBERLANDS ($ Millions)

2025

2026

Adjusted EBITDA by Region

West

$ 45

$ 58

South

North

Other

(2)

Total Adjusted EBITDA1

$ 114

$ 120

TIMBERLANDS ($ Millions)

2025

2026

Segment Statement of Operations

Third-party sales

$ 353

$ 356

Intersegment sales

134

136

Total Sales

487

492

Costs of sales

410

409

Gross Margin

SG&A expenses

Other expense, net2

Net Contribution to Earnings Before Special Items

$ 50

$ 57

Special items, pretax2

266

Net Contribution to Earnings

$ 316

$ 115

Adjusted EBITDA1

$ 114

$ 120

Adjusted EBITDA Margin Percentage3

23%

24%

Operating Margin Percentage4

10%

12%

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 24.

Fourth quarter 2025 excludes a $117 million gain on the sale of Georgia and Alabama timberlands and a $149 million gain on the sale of Oregon timberlands. First quarter 2026 excludes a $58 million gain on the sale of Virginia timberlands. These items are included in Special items, pretax.

Adjusted EBITDA divided by Total Sales.

Net Contribution to Earnings Before Special Items divided by Total Sales.

REGION

KEY DRIVERS

WEST

Fee Harvest Volumes: Slightly higher, more favorable weather conditions

Sales Realizations: Slightly lower overall due to mix; moderately higher for domestic logs

Per Unit Log and Haul Costs: Moderately lower, seasonal

Forestry and Road Costs: Lower, seasonal

SOUTH

Fee Harvest Volumes: Slightly lower, primarily due to adverse weather conditions early in the quarter

Sales Realizations: Comparable

Per Unit Log and Haul Costs: Comparable

Forestry and Road Costs: Higher

NORTH

Fee Harvest Volumes: Slightly higher, more favorable weather conditions

Sales Realizations: Slightly lower

Volumes (Thousands of tons)

3,600

3,000

2,400

3rd-Party Log Sales and Realizations - West1

$118.52 $117.69 $110.68 $108.64 $106.76

$160

$120

7,000

Volumes (Thousands of tons)

5,600

4,200

3rd-Party Log Sales and Realizations - South

$37.10 $37.71 $36.65 $37.29 $37.26

4,106 4,074 4,217 4,089 3,968

$45

Realizations ($/ton)

$36

$27

1,800

1,200

600

1,428 1,430 1,529

1,276

1,347

$80

$40

2,800

1,400

$18

Realizations ($/ton)

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Volumes (Thousands of tons)

400

300

3rd-Party Log Sales and Realizations - North

$71.43 $74.30 $72.75 $73.28 $70.65

$100

$75

$80

$60

Western Export Log Revenue

Realizations ($/ton)

$71 $67 $69 $66

$61

200

100

192

105

204 205

183

$50

$25

$40

$ Millions

$20

Q1.25

Q2.25

Q3.25

Q4.25

Q1.26

Japan

90%

96%

93%

83%

88%

China2

10%

Korea

0 $0 $0

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

During fourth quarter 2025, Chinese regulators lifted the March 4, 2025 suspension of log imports from the U.S.

FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES

7,500

Thousands of tons

6,250

5,000

3,750

2,500

1,250

1,500

1,239

1,293

1,211

1,234

1,153

903

886

850

855

858

Thousands of tons

1,200

900

600

300

6,133

6,220

6,431

6,048

5,915

2,229

2,238

2,394

2,143

2,178

272

180

262

267

278

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Real Estate

Timing and mix of sales

Climate Solutions

$94 million conservation easement transaction in Florida

KEY DRIVERS: 2026 Q1 vs. 2025 Q4

STRATEGIC LAND SOLUTIONS ($ Millions)

2025

2026

Adjusted EBITDA by Business1

Real Estate

$ 67

$ 61

Natural Resources

Climate Solutions2

See footnote 2

108

Total Adjusted EBITDA3

$ 95

$ 193

STRATEGIC LAND SOLUTIONS ($ Millions)

2025

2026

Segment Statement of Operations

Total Sales

$ 103

$ 207

Costs of sales

Gross Margin

175

SG&A expenses

Other income, net

(1)

Net Contribution to Earnings

$ 84

$ 169

Adjusted EBITDA3

$ 95

$ 193

Effective first quarter 2026, reportable business lines within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Our disclosure of Adjusted EBITDA by business reflects this change. Total Adjusted EBITDA for the segment in fiscal years 2025 and prior are unimpacted by this presentation change, and as such, we've elected to apply the change prospectively. A reconciliation of the changes in business line composition is set forth on Slide 26.

Prior to first quarter 2026, Climate Solutions Adjusted EBITDA was included in Real Estate and Natural Resources.

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 25.

$10,000

REAL ESTATE AVERAGE PRICE PER ACRE1

$8,561

$5,174

$5,545

$5,025

$4,930

$5,319

$5,128

$4,007

$4,161

$3,393

$2,836

$4,015

$2,918

$3,241

$3,764

$3,022

$1,852

Price per acre

$8,000

$6,000

$4,000

$2,000

Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

REAL ESTATE ACRES SOLD1

Acres (Thousands)

Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

West 62% 77% 13% 30% 8% 19% 10% 14% 7% 73% 3% 11% 46% 17% 19% 2% 1%

South 36% 23% 78% 70% 90% 75% 88% 84% 93% 26% 97% 88% 54% 82% 81% 98% 99%

North 2% -% 9% -% 2% 6% 2% 2% -% 1% -% 1% -% 1% -% -% -%

Effective first quarter 2026, Real Estate sales statistics have been adjusted to reflect our updated presentation of business lines within the Strategic Land Solutions segment. Real Estate statistics for prior quarters have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business. A reconciliation of the changes in business line composition is set forth on Slide 26.

WOOD PRODUCTS ($ Millions)

2025

2026

Segment Statement of Operations

Total Sales

$ 1,085

$ 1,164

Costs of sales

1,099

1,087

Gross Margin

(14)

SG&A expenses

Other expense, net2

Net (Charge) Contribution to Earnings Before

Special Items

$ (78)

$ 14

Special items, pretax2

Net (Charge) Contribution to Earnings

$ (78)

$ 42

Adjusted EBITDA1

$ (20)

$ 71

Adjusted EBITDA Margin Percentage3

(2)%

Operating Margin Percentage4

(7)%

WOOD PRODUCTS ($ Millions)

2025

2026

Adjusted EBITDA by Business

Lumber

$ (57)

$ 27

OSB

(10)

Engineered Wood Products

Distribution

(1)

Other

(1)

(4)

Total Adjusted EBITDA1

$ (20)

$ 71

Adjusted EBITDA for Wood Products businesses include earnings on internal sales, primarily from the manufacturing businesses to Distribution. These sales occur at market price. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 27.

First quarter 2026 excludes a $28 million product remediation insurance recovery. This is included in Special items, pretax.

Adjusted EBITDA divided by Total Sales.

Net Contribution to Earnings Before Special Items divided by Total Sales.

BUSINESS

KEY DRIVERS

LUMBER

Sales Realizations: Increased 13%

Sales Volumes: Slightly higher

Unit Manufacturing Costs: Lower

Log Costs: Comparable

ORIENTED STRAND BOARD

Sales Realizations: Increased 8%

Sales Volumes: Slightly lower

Unit Manufacturing Costs: Slightly lower

Fiber Costs: Slightly higher

ENGINEERED WOOD PRODUCTS

Sales Realizations: Lower for most products

Sales Volumes: Slightly higher, primarily for solid section and MDF products

Unit Manufacturing Costs: Comparable

Raw Material Costs: Higher, primarily for OSB webstock

Note: Q4 included a small benefit from insurance proceeds associated with early 2025 fire at MDF facility

DISTRIBUTION

Higher, primarily due to increased sales volumes

2,800

Volumes (Millions of Board Ft.)

2,100

$463 $454

Lumber

$405 $393

Realizations ($/MBF)

$443

$600

$450

2,000

Volumes (Millions of Square Ft.)

1,600

1,200

$317

$280

OSB

$231 $218

$236

$375

Realizations ($/M 3/8")

$300

$225

1,400

1,138

1,277 1,259

1,066 1,081

$300

800

719 731 727 739 707

$150

700

$150

400

$75

0 $0

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

0 $0

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Engineered Wood - Solid Section

$3,026 $2,916 $2,932 $2,928

$3 ,500

Volumes (Millions of Lineal Ft.)

$2,519

Engineered Wood - Solid TJIs

Realizations ($/CCF)

$2,421

$3 ,000

Volumes (Millions of Cubic Ft.)

$2,790

6 5.3 5.8 5.5 5.4 5.6

$2 ,800

$2 ,100

$1 ,400

$7 00

40 35

$2,399

$2,384 $2,307

31 31

$2 ,400

Realizations ($/MLF)

$1 ,800

$1 ,200

$600

0 $0

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

0 $0

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

1. Sales volumes and realizations include sales of internally produced products and products purchased for resale primarily through our distribution business. 14

UNALLOCATED ITEMS ($ Millions)1

2025

2026

Costs of sales5

$ 8

$ (17)

G&A expense6

(44)

(49)

Other expense, net2, 3

(30)

(23)

Net Charge to Earnings Before Special Items

$ (66)

$ (89)

Special items, pretax2, 3

(163)

Net Charge to Earnings

$ (229)

$ (89)

UNALLOCATED ITEMS ($ Millions)1

2025

2026

Unallocated corporate function expenses and

variable compensation expense

$ (46)

$ (44)

Foreign exchange loss

(1)

Elimination of intersegment profit in inventory and

LIFO

(11)

Non-operating pension and other post-employment

benefit costs2

(18)

(14)

Other, including interest income3

(19)

Net Charge to Earnings Before Special Items

$ (66)

$ (89)

Special items, pretax2, 3

(163)

Net Charge to Earnings

$ (229)

$ (89)

Adjusted EBITDA4

$ (49)

$ (76)

Unallocated items are gains or charges not related to or allocated to an individual operating segment.

Fourth quarter 2025 excludes a $145 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract. This is included in Special items, pretax.

Fourth quarter 2025 excludes an $18 million noncash environmental remediation charge. This is included in Special items, pretax.

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 28.

Costs of sales is composed primarily of elimination of intersegment profit in inventory and LIFO and incentive compensation.

G&A expense is composed primarily of share-based compensation, pension service costs, corporate function expenses and incentive compensation.

KEY FINANCIAL METRICS ($ Millions)

2025

2026

Ending cash balance

$ 464

$ 299

Total debt

$ 5,572

$ 5,424

Net debt to Adjusted EBITDA (LTM)1

5.0

5.1

Net debt to enterprise value2

23%

$600

$ Millions

$400

Cash Flow from Operations

$396

$200

ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION3 ($ Millions)

2026

Net cash from operations

$ 52

Capital expenditures

(112)

Adjustments to FAD4

Adjusted Funds Available for Distribution

$ (58)

$(200)

$70

$210

($114) 6

$52

$200

$ Millions

$150

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Capital Expenditures7

$149

$125

SHARE REPURCHASES ($ Millions)

2025

2026

Share repurchases5

$ 10

$100

$50

SCHEDULED DEBT MATURITIES AS OF MARCH 31, 2026 ($ Millions)

2026

2027

2028

2029

2030

Debt maturities

$ 372

$ 300

$ 1,050

$ 750

$ 1,050

$93

$107

$112

Q1.25 Q2.25 Q3.25 Q4.25 Q1.26

Base CapEx $ 77 85 93 110 82

LTM = last twelve months. A reconciliation to GAAP is set forth on Slide 29.

Monticello EWP CapEx

39 30

Total debt, net of cash and cash equivalents, divided by enterprise value. Enterprise value is defined as total debt, net of cash and cash equivalents, plus market capitalization as of the end of the quarter.

Our definition of Adjusted Funds Available for Distribution (Adjusted FAD) and a reconciliation to GAAP are set forth on Slide 30.

Adjustments to FAD include capital expenditures of $30 million for first quarter 2026 related to the construction of our Monticello engineered wood products facility and a $28 million product remediation insurance recovery.

Average price paid per share for fourth quarter 2025 and first quarter 2026 were $23.39 and $24.45, respectively. There were no unsettled shares as of December 31, 2025 or March 31, 2026.

Excluding the voluntary $200 million cash contribution to our U.S. qualified pension plan, our fourth quarter 2025 cash flow from operations would have been $86 million.

Total capital expenditures is inclusive of capitalized interest.

Allocation Framework And Cash Return Calculation

Sustainable Base Dividend

supported by Timberlands & Strategic Land Solutions cash flow, even at the bottom of the cycle

Share Repurchase and/or Supplemental Dividend2

to achieve targeted return of 75-80% of annual Adjusted FAD

Return 75-80% Of Adjusted FAD To Shareholders

Allocation Framework

20-25% Of Adjusted FAD

Excess Cash

available for growth, additional share repurchase & debt paydown

COMPETITIVE ADVANTAGE & GROWTH ACCELERATOR

Calculated On An Annual Basis

Adjusted FAD 75-80% Payout

Targeted Return To Shareholders Quarterly Base Cash Dividends

Cash Available For Allocation Between Opportunistic Share Repurchase and/or Supplemental Dividend2

To Achieve 75-80%

Payout

Our definition of Adjusted Funds Available for Distribution (Adjusted FAD) is set forth on Slide 30.

Normally declared and paid annually in Q1, based on prior year results.

SEGMENT

EXPECTED EARNINGS1 & ADJUSTED EBITDA

KEY DRIVERS

TIMBERLANDS

Comparable to 2026 Q1

West

Fee Harvest Volumes:

Moderately higher

South

Fee Harvest Volumes:

Slightly higher

North

Fee Harvest Volumes:

Significantly lower, seasonal

Sales Realizations:

Slightly higher

Sales Realizations:

Comparable

Sales Realizations:

Moderately higher, due to mix

Per Unit Log and Haul Costs:

Higher

Per Unit Log and Haul Costs:

Moderately higher

Forestry and Road Costs:

Higher, seasonal

Forestry and Road Costs:

Higher, seasonal

STRATEGIC LAND SOLUTIONS

Earnings ~$80 million lower than 2026 Q1

Adjusted EBITDA ~$70 million lower than 2026 Q1

Significantly lower Climate Solutions results given no large conservation transaction in Q2, partially offset by higher Real Estate results due to timing and mix

Full Year 2026

Continue to expect Adjusted EBITDA to be approximately $425 million

Basis as a percentage of Strategic Land Solutions sales now expected to be 20 to 30 percent

WOOD PRODUCTS

Comparable to 2026 Q1, excluding the effect of changes in average sales realizations for lumber and oriented strand board

Lumber

Sales Volumes:

Higher

Log Costs:

Slightly higher

OSB

Sales Volumes:

Higher

Fiber Costs:

Moderately higher

Engineered Wood Products Sales Volumes:

Higher

Sales Realizations:

Comparable

Unit Manufacturing Costs:

Comparable

Unit Manufacturing Costs:

Higher

Raw Material Costs:

Slightly higher

Distribution

Slightly higher

Earnings before special items.

Approximate Change

As of April 24, 2026

WEYERHAEUSER'S AVERAGE SALES REALIZATIONS

CURRENT vs. Q1 AVERAGE

+$10/MSF HIGHER

WY's SENSITIVITY

CHANGE IN REALIZATIONS

$10/MSF

≈ $30 million EBITDA ANNUALLY

+$15/MSF HIGHER

Q2 QTD vs. Q1 AVERAGE

OSB2

+$70/MBF HIGHER

WY's SENSITIVITY

CHANGE IN REALIZATIONS

$10/MBF

≈ $50 million EBITDA ANNUALLY

+$65/MBF HIGHER

Q2 QTD vs. Q1 AVERAGE

LUMBER1

Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files.

WY reports OSB realizations in MSF 3/8". Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files.

ADJUSTED EBITDA1 PER ACRE

2024

2025

2026

Western Timberlands

Adjusted EBITDA ($ Millions)1

$ 262

$ 299

$ 58

Acres (Thousands)2

2,510

2,475

Reported Adjusted EBITDA Per Acre

$ 104

$ 121

$ 23

Adjusted EBITDA attributable to Western Natural Resources and Climate Solutions Activity ($ Millions)3

Total Adjusted EBITDA Per Acre4

$ 112

$ 139

$ 26

Southern Timberlands

Adjusted EBITDA ($ Millions)1

$ 285

$ 283

$ 62

Acres (Thousands)2

6,735

6,720

Reported Adjusted EBITDA Per Acre

$ 42

$ 9

Adjusted EBITDA attributable to Southern Natural Resources and Climate Solutions Activity ($ Millions)3

142

122

125

Total Adjusted EBITDA Per Acre4

$ 63

$ 60

$ 28

Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 24.

As of year end for 2024 and 2025. For 2026 Q1, as of year end 2025.

Effective first quarter 2026, our reconciliation of Total Adjusted EBITDA per Acre includes the results of our Natural Resources and Climate Solutions businesses, which are reported in our Strategic Land Solutions segment. Fiscal years 2024 and 2025 have been recast to present comparable historical data. Refer to the reconciliation of changes in business line composition set forth on Slide 26.

To improve comparability with peer disclosures, amounts shown include Adjusted EBITDA from the Timberlands, Natural Resources and Climate Solutions businesses.

$ Millions (except EPS)

2025

2026

Adjusted EBITDA by Segment

Timberlands

$ 167

$ 152

$ 148

$ 114

$ 120

Strategic Land Solutions

143

193

Wood Products

161

101

(20)

Unallocated Items

(82)

(60)

(30)

(49)

(76)

Total Adjusted EBITDA1

$ 328

$ 336

$ 217

$ 140

$ 308

DD&A, basis of acres sold, non-operating pension and post-employment costs, and interest income

and other

(163)

(171)

(162)

(150)

(157)

Net Contribution (Charge) to Earnings Before Special Items

$ 165

$ 55

$ (10)

$ 151

Interest expense, net

(66)

(71)

(70)

(66)

Income taxes2

(16)

(12)

(8)

Net Earnings (Loss) Before Special Items3

$ 83

$ 87

$ 40

$ (67)

$ 77

Special items, after-tax2

141

Net Earnings

$ 83

$ 87

$ 80

$ 74

$ 156

Diluted EPS Before Special Items3

$ 0.11

$ 0.12

$ 0.06

$ (0.09)

$ 0.11

Diluted EPS

$ 0.11

$ 0.12

$ 0.11

$ 0.10

$ 0.22

See Slide 23 for our definition of Adjusted EBITDA.

Income taxes excludes taxes related to special items.

A reconciliation to GAAP EPS is set forth on Slide 22.

2025 2026

Diluted EPS Before Special Items

$ 0.11

$ 0.12

$ 0.06

$ (0.09)

$ 0.11

Special Items (Income Tax Affected):

Environmental remediation charge

(0.02)

Gain on lumber mill sale

0.03

Gain on sale of timberlands

0.36

0.08

Insurance recovery

0.02

Pension settlement charge

(0.15)

Product remediation insurance recovery

0.03

Diluted EPS (GAAP)

$ 0.11

$ 0.12

$ 0.11

$ 0.10

$ 0.22

‌By Segment

$ Millions

2023

2024

2025

2026

LTM1

Timberlands

$ 646

$ 539

$ 167

$ 152

$ 148

$ 114

$ 581

$ 120

$ 534

Strategic Land Solutions

320

349

143

411

193

522

Wood Products

905

661

161

101

(20)

250

160

Unallocated Items

(177)

(257)

(82)

(60)

(30)

(49)

(221)

(76)

(215)

Adjusted EBITDA2

$ 1,694

$ 1,292

$ 328

$ 336

$ 217

$ 140

$ 1,021

$ 308

$ 1,001

Depletion, depreciation & amortization

(500)

(502)

(125)

(130)

(129)

(509)

(124)

(508)

Basis of acres sold

(93)

(120)

(24)

(33)

(19)

(8)

(84)

(23)

(83)

Special items in operating income

248

303

389

Operating Income (GAAP)

$ 1,186

$ 685

$ 179

$ 178

$ 123

$ 251

$ 731

$ 247

$ 799

Non-operating pension and other post-employment benefit costs

(45)

(42)

(19)

(163)

(220)

(14)

(215)

Interest income and other

Net Contribution to Earnings

$ 1,217

$ 696

$ 165

$ 110

$ 93

$ 533

$ 237

$ 605

Interest expense, net

(280)

(269)

(66)

(71)

(70)

(273)

(66)

(273)

Income taxes

(98)

(31)

(16)

(12)

(15)

Net Earnings (GAAP)

$ 839

$ 396

$ 83

$ 87

$ 80

$ 74

$ 324

$ 156

$ 397

LTM = last twelve months.

Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of Strategic Land Solutions acres sold and special items. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

‌Timberlands

$ Millions

2025

2026

West

$ 95

$ 84

$ 75

$ 45

$ 58

South

North

Other

(1)

(2)

(3)

(2)

Total Timberlands Adjusted EBITDA1

$ 167

$ 152

$ 148

$ 114

$ 120

West

(28)

(26)

(30)

(26)

(27)

South

(36)

(35)

(37)

(35)

North

(1)

(2)

(1)

(2)

(1)

Other

(1)

Total depletion, depreciation & amortization

$ (65)

$ (64)

$ (68)

$ (64)

$ (63)

Special items

266

Operating Income and Net Contribution to Earnings (GAAP)

$ 102

$ 88

$ 80

$ 316

$ 115

‌Strategic Land Solutions1

$ Millions

2025

2026

Real Estate

$ 59

$ 113

$ 56

$ 67

$ 61

Natural Resources

Climate Solutions

108

Total Strategic Land Solutions Adjusted EBITDA2

$ 82

$ 143

$ 91

$ 95

$ 193

Depletion, depreciation & amortization

(2)

(4)

(3)

(1)

Basis of acres sold

(24)

(33)

(19)

(8)

(23)

Operating Income and Net Contribution to Earnings (GAAP)

$ 56

$ 106

$ 69

$ 84

$ 169

Effective first quarter 2026, the Real Estate, Energy & Natural Resources (Real Estate & ENR) segment was renamed Strategic Land Solutions. Concurrently, the business line composition of the segment was updated to Real Estate, Natural Resources and Climate Solutions. The table below provides a reconciliation of categorization of activities included within each respective business line both prior to first quarter 2026 and thereafter. Total Adjusted EBITDA, Net Sales and other key performance metrics for fiscal years 2025 and prior for the segment are unimpacted by this presentation change.

Reporting Period

Prior to 2026 Q1

Starting in 2026 Q1

Segment Name

Real Estate, Energy & Natural Resources

Strategic Land Solutions

Business Lines

Real Estate

Energy & Natural Resources

Real Estate

Natural Resources

Climate Solutions

Sources of Revenue

Real Estate

Conservation*

Construction Materials

Subsurface Minerals

Real Estate

Construction Materials

Subsurface Minerals

Conservation

Mitigation Banking

Mitigation Banking*

Miscellaneous Rights of Way

Renewable Energy Development

Renewable Energy Development*

Forest Carbon

Forest Carbon*

Carbon Capture & Sequestration

Carbon Capture & Sequestration*

Other Emerging Climate Solutions Activities

*Natural Climate Solutions Activity

‌Wood Products

$ Millions

2025

2026

Lumber

$ 40

$ 11

$ (48)

$ (57)

$ 27

OSB

(3)

(10)

EWP

Distribution

(1)

Other

(2)

(1)

(4)

Total Wood Products Adjusted EBITDA1, 2

$ 161

$ 101

$ 8

$ (20)

$ 71

Lumber

(32)

(30)

(32)

(31)

(32)

OSB

(11)

(13)

(11)

EWP

(9)

(10)

Distribution

(1)

(2)

Other

(2)

(1)

(2)

Total depletion, depreciation & amortization

$ (55)

$ (56)

$ (58)

$ (57)

Special items

Operating Income (Loss) and Net Contribution (Charge) to Earnings (GAAP)

$ 106

$ 46

$ (19)

$ (78)

$ 42

Adjusted EBITDA for each Wood Products business includes earnings on internal sales, primarily from the manufacturing businesses to Distribution. These sales occur at market price.

‌Unallocated

$ Millions

2025

2026

Unallocated Adjusted EBITDA1

$ (82)

$ (60)

$ (30)

$ (49)

$ (76)

Depletion, depreciation & amortization

(3)

(2)

(3)

(4)

(3)

Special items included in operating loss

(18)

Operating Loss (GAAP)

$ (85)

$ (62)

$ (7)

$ (71)

$ (79)

Non-operating pension and other post-employment benefit costs

(19)

(163)

(14)

Interest income and other

Net Charge to Earnings (GAAP)

$ (99)

$ (75)

$ (20)

$ (229)

$ (89)

$ Millions

2025

2026

Net Debt to Adjusted EBITDA (LTM)1, 2

3.6

3.8

4.3

5.0

5.1

Total debt

$ 5,167

$ 5,168

$ 5,470

$ 5,572

$ 5,424

Less: cash and cash equivalents and short-term investments

560

592

401

464

299

Net Debt

$ 4,607

$ 4,576

$ 5,069

$ 5,108

$ 5,125

Adjusted EBITDA (LTM)

$ 1,268

$ 1,194

$ 1,175

$ 1,021

$ 1,001

Depletion, depreciation & amortization

(502)

(501)

(506)

(509)

(508)

Basis of acres sold

(113)

(107)

(103)

(84)

(83)

Special items in operating income

(10)

303

389

Operating Income (LTM) (GAAP)

$ 668

$ 576

$ 621

$ 731

$ 799

Non-operating pension and other post-employment benefit costs

(50)

(59)

(68)

(220)

(215)

Interest income and other

Net Contribution to Earnings (LTM)

$ 660

$ 552

$ 580

$ 533

$ 605

Interest expense, net of capitalized interest

(268)

(267)

(269)

(273)

Income taxes

(27)

(6)

Net Earnings (LTM) (GAAP)

$ 365

$ 279

$ 331

$ 324

$ 397

LTM = last twelve months.

Net debt to Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Net debt to Adjusted EBITDA, as we define it, is long-term debt and borrowings on line of credit, net of cash and cash equivalents and short-term investments divided by the last twelve months of Adjusted EBITDA. See Slide 23 for our definition of Adjusted EBITDA.

ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions)

2023

2024

2025

2026

Net cash from operations

$ 1,433

$ 1,008

$ 562

$ 52

Capital expenditures

(447)

(416)

(474)

(112)

Funds Available for Distribution1

$ 986

$ 592

$ 88

$ (60)

Cash from product remediation insurance recoveries

(25)

(28)

Cash contribution to our U.S. qualified pension plan

200

Monticello engineered wood products facility capital expenditures

109

Adjusted Funds Available for Distribution2

$ 986

$ 567

$ 397

$ (58)

Funds Available for Distribution (FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. FAD, as we define it, is net cash from operations adjusted for capital expenditures. FAD measures cash generated during the period (net of capital expenditures) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Disclaimer

Weyerhaeuser Company published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 20:27 UTC.