Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q2 2026 Earnings Presentation
30 slides from Weyerhaeuser's earnings presentation, 2026
Slide 1: Earnings Results Second Quarter 2026
EARNINGS RESULTS SECOND QUARTER 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, with respect to: our third quarter 20
Slide 3: 2026 Q2 Consolidated Results
2026 Q2 CONSOLIDATED RESULTS $ Millions 2026 2026 $ Millions (except EPS) 2026 2026 Adjusted EBITDA Q1 Q2 Change Consolidated Statement of Operations Q1 Q2 Timberlands $ 120 $ 123 $ 3 Net Sales $ 1,727 $ 1,867 1 Strategic Land Solutions 193 129 (64) Costs of sales 1,409 1,556 Wood Products 71 129 58
Slide 4: Earnings Before Special Items
EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) 2026 Q1 2026 Q2 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS Earnings Before Special Items $ 85 $ 77 $ 0.11 $ 76 $ 91 $ 0.13 Special Items: Gain on sale of timberlands 58 58 0.08 71 71 0.10 Product
Slide 5: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 STRATEGIC LAND SOLUTIONS3 $400 $240 Prior to 2026 Q1, Climate Solutions Adj. EBITDA was $328 $336 included in Real Estate and Natural Resources. Full-year $308 $310 $193 2025 Climate Solutions Adj. EBITDA was $119 million. $300 $180 $ Millions $143 $ Millions $217 $12
Slide 6: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2026 2026 TIMBERLANDS ($ Millions) 2026 2026 Adjusted EBITDA by Region Q1 Q2 Segment Statement of Operations Q1 Q2 West $ 58 $ 67 Third-party sales $ 356 $ 367 South 62 58 Intersegment sales 136 151 North 2 — Total Sales 492 518 Other (2) (2) Costs of sal
Slide 7: Timberlands Key Drivers: 2026 Q2 vs. 2026 Q1
TIMBERLANDS KEY DRIVERS: 2026 Q2 vs. 2026 Q1 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Slightly higher, due to seasonally favorable operating conditions • Sales Volumes: Higher, primarily for domestic logs • Sales Realizations: Moderately higher • Per Unit Log and Haul Costs: Higher, due to ele
Slide 8: Sales Volumes, Realizations and Export Revenue
SALES VOLUMES, REALIZATIONS AND EXPORT REVENUE 3rd-Party Log Sales and Realizations - West1 3rd-Party Log Sales and Realizations - South 3,600 $160 7,000 $45 $37.10 $37.71 $37.29 $37.26 $38.20 $36.65 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $118.52 $117.69 5,600 $36 $110.68 $115
Slide 9: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 1,353 6,431 1,293 6,133 6,220 1,239 1,234 6,048 5,915 5,955 1,211 6,250 1,153 1,200 Thousands of tons Thousands of tons 5,000 903 886 892 850 855 858 900 3,750 2,394 600 2,229 2,238 2,14
Slide 10: Strategic Land Solutions Segment
STRATEGIC LAND SOLUTIONS SEGMENT STRATEGIC LAND SOLUTIONS ($ Millions) 2026 2026 STRATEGIC LAND SOLUTIONS ($ Millions) 2026 2026 1 Adjusted EBITDA by Business Q1 Q2 Segment Statement of Operations Q1 Q2 Real Estate $ 61 $ 83 Total Sales $ 207 $ 140 Natural Resources 24 33 Costs of sales 32 38 Climat
Slide 11: Strategic Land Solutions Segment: Price per Acre and Acres Sold
STRATEGIC LAND SOLUTIONS SEGMENT REAL ESTATE AVERAGE PRICE PER ACRE 1 $10,000 $8,561 $8,000 Price per acre $6,000 $5,545 $5,319 $5,174 $5,025 $4,930 $5,128 $4,319 $4,007 $4,161 $4,000 $3,393 $2,836 $4,015 $3,764 $3,241 $3,022 $2,000 $2,918 $1,852 $0 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1
Slide 12: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2026 2026 WOOD PRODUCTS ($ Millions) 2026 2026 Adjusted EBITDA by Business Q1 Q2 Segment Statement of Operations Q1 Q2 Lumber $ 27 $ 73 Total Sales $ 1,164 $ 1,360 OSB 3 (6) Costs of sales 1,087 1,223 Engineered Wood Products 39 54 Gross Margin 77 137
Slide 13: Wood Products Key Drivers: 2026 Q2 vs. 2026 Q1
WOOD PRODUCTS KEY DRIVERS: 2026 Q2 vs. 2026 Q1 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Increased 15% • Sales Volumes: Moderately higher • Log Costs: Slightly higher • Unit Manufacturing Costs: Higher, partially driven by operational disruptions in response to transportation constraints ORI
Slide 14: Third-Party Sales Volumes and Realizations
THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 Lumber OSB 2,800 $600 2,000 $375 $508 $317 Volumes (Millions of Square Ft.) Volumes (Millions of Board Ft.) $463 $454 $443 1,600 $280 $300 2,100 $450 Realizations ($/M 3/8") $405 $393 Realizations ($/MBF) $236 $242 $231 $218 1,200 $225 1,400 1,277 1,259 $3
Slide 15: Unallocated Items
UNALLOCATED ITEMS 1 1 UNALLOCATED ITEMS ($ Millions) 2026 2026 UNALLOCATED ITEMS ($ Millions) 2026 2026 Q1 Q2 Q1 Q2 Unallocated corporate function expenses and 3 $ (17) $ (12) $ (44) $ (42) Costs of sales variable compensation expense 4 G&A expense (49) (46) Foreign exchange loss (gain) (1) 1 Elimin
Slide 16: Financial Items
FINANCIAL ITEMS KEY FINANCIAL METRICS ($ Millions) 2026 2026 Cash Flow from Operations $600 Q1 Q2 $396 $399 Ending cash balance $ 299 $ 527 $400 $ Millions Total debt $ 5,424 $ 5,425 $210 $200 Net debt to Adjusted EBITDA (LTM) 1 5.1 5.0 $70 $52 Net debt to enterprise value 2 23% 22% $0 ADJUSTED FUND
Slide 17: Returning Cash to Shareholders
RETURNING CASH TO SHAREHOLDERS Allocation Framework And Cash Return Calculation Adjusted Funds Available For Distribution1 Targeted Return Of Cash To Shareholders Allocation Framework Calculated On An Annual Basis Return 75-80% Of Adjusted FAD To Shareholders Adjusted FAD Sustainable Base Dividend $
Slide 18: Outlook: 2026 Q3
OUTLOOK: 2026 Q3 EXPECTED EARNINGS1 & SEGMENT KEY DRIVERS ADJUSTED EBITDA TIMBERLANDS Slightly higher than 2026 Q2 West South North Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Moderately higher Higher Significantly higher, seasonal Sales Volumes: Sales Realizations: Sales Realizat
Slide 19: Wood Products Sales Realizations: Current vs. 2026 Q2
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2026 Q2 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of July 24, 2026 LUMBER1 Q3 QTD vs. WY’s +$30/MBF Higher SENSITIVITY Q2 Average Change In Realizations $10/MBF ≈ $50 million Current vs. EBITDA +$35/MBF Higher Q2 Average Annually OS
Slide 20: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION 1 ADJUSTED EBITDA PER ACRE 2024 2025 2026 FY FY Q1 Q2 YTD Western Timberlands 1 Adjusted EBITDA ($ Millions) $ 262 $ 299 $ 58 $ 67 $ 125 2 Acres (Thousands) 2,510 2,475 2,475 2,475 2,475 Reported Adjusted EBITDA Per Acre $ 104 $ 121 $ 23 $ 28 $ 51 3 Adjusted EBIT
Slide 21: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2025 2026 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Q2 Timberlands $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 Strategic Land Solutions 82 143 91 95 193 129 Wood Products 161 101 8 (20) 71 129 Unallocated Items (82) (60) (30) (49) (76) (71) Total Adjusted EBITDA1 $ 3
Slide 22: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Diluted EPS Before Special Items $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 $ 0.13 Special Items (Income Tax Affected): Environmental remediation charge — — — (0.02) — — Gain on lumber mill sale — — 0.03 — — — Gain on sale of timberlands — — —
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2023 2024 2025 2026 FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 LTM1 Timberlands $ 646 $ 539 $ 167 $ 152 $ 148 $ 114 $ 581 $ 120 $ 123 $ 505 Strategic Land Solutions 320 349 82 143 91 95 411 193 129 508 Wood Products 905 661 161 101 8 (20) 250 71 129 188 Unallocat
Slide 24: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 West $ 95 $ 84 $ 75 $ 45 $ 58 $ 67 South 71 69 74 69 62 58 North 2 1 2 2 2 — Other (1) (2) (3) (2) (2) (2) Total Timberlands Adjusted EBITDA1 $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 West (28) (26) (30) (26) (27) (27) South
Slide 25: Adjusted EBITDA Reconciliation: Strategic Land Solutions
ADJUSTED EBITDA RECONCILIATION Strategic Land Solutions1 $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Real Estate $ 59 $ 113 $ 56 $ 67 $ 61 $ 83 Natural Resources 23 30 35 28 24 33 Climate Solutions 108 13 Total Strategic Land Solutions Adjusted EBITDA 2 $ 82 $ 143 $ 91 $ 95 $ 193 $ 129 Depletion, depreci
Slide 26: Strategic Land Solutions Business Lines
STRATEGIC LAND SOLUTIONS BUSINESS LINES 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 Sol
Slide 27: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Lumber $ 40 $ 11 $ (48) $ (57) $ 27 $ 73 OSB 59 30 (3) (10) 3 (6) EWP 53 57 56 49 39 54 Distribution 6 5 1 (1) 6 8 Other 3 (2) 2 (1) (4) — Total Wood Products Adjusted EBITDA1, 2 $ 161 $ 101 $ 8$ (20) $ 71 $ 129 Lumb
Slide 28: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 1 Unallocated Adjusted EBITDA $ (82) $ (60) $ (30) $ (49) $ (76) $ (71) Depletion, depreciation & amortization (3) (2) (3) (4) (3) (1) Special items included in operating loss — — 26 (18) — — Operating Loss (GAAP) $ (8
Slide 29: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 1, 2 Net Debt to Adjusted EBITDA (LTM) 3.6 3.8 4.3 5.0 5.1 5.0 Total debt $ 5,167 $ 5,168 $ 5,470 $ 5,572 $ 5,424 $ 5,425 Less: cash and cash equivalents and short-term investments 560 592 401 464 299 527 Net Debt $ 4,
Slide 30: Funds Available for Distribution Reconciliation
FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) 2023 2024 2025 2026 FY FY FY Q1 Q2 YTD Net cash from operations $ 1,433 $ 1,008 $ 562 $ 52 $ 399 $ 451 Capital expenditures (447) (416) (474) (112) (139) (251) 1 Funds Available for Distribution $