Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Investor Presentation (May 2026)
74 slides from Weyerhaeuser's investor presentation, May 28, 2026
Slide 1: Investor Presentation May 2026
WEYERHAEUSER Investor Presentation May 2026 Contact Us: (206) 539-3907 Exhibit 99.1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements and depictions that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including without limitation with respect to the following: our strategic goals and targe
Slide 3: Table of Contents
TABLE OF CONTENTS 3 1. New segment name for Real Estate, Energy & Natural Resources, effective 2026 Q1. Company Overview Unmatched Portfolio Industry-Leading Performance Disciplined Capital Allocation Investment Thesis | Foundational Strengths | Accelerated Growth Strategy Timberlands | Strategic La
Slide 4: Weyerhaeuser Investment Thesis
4 WEYERHAEUSER INVESTMENT THESIS Unmatched Portfolio Industry-Leading Performance Accelerated Growth Disciplined Capital Allocation Foundational Strengths Expertise | Sustainability | Operational Excellence | Innovation Driving Superior Shareholder Value
Slide 5: Unmatched Portfolio With Complementary Industry-Leading Businesses
Unmatched Portfolio With Complementary Industry-Leading Businesses Timberlands We Are The Largest Private Owner Of Timberlands In North America Unrivaled portfolio with premium assets across all major woodbaskets 10+ million acres held in the U.S. & 13 million acres licensed in Canada2 Wood Products
Slide 6: We Create & Capture Superior Value At Every Step
We Create & Capture Superior Value At Every Step OUR INTEGRATED MODEL IS INTENTIONAL & STRATEGIC DIVERSE CUSTOMER MIX that fully values our quality, scale, reliability & sustainable practices PROPRIETARY SEEDLINGS yield superior growth, wood quality & survival characteristics CUSTOMIZED PLANTING dep
Slide 7: Recycling Capital To Enhance Value & Quality
Recycling Capital To Enhance Value & Quality Divested ~$850MM of non-core Timberlands 2022-20252 Completed More Than $1.2B Of High-Quality Acquisitions 2022-2025 Increased Annual Adjusted EBITDA3 To $119MM 2025 TIMBERLANDS CLIMATE SOLUTIONS Developed deep expertise & built a strong pipeline of oppor
Slide 8: Targeting $1.5 Billion of Incremental Adjusted EBITDA by 2030
TARGETING $1.5 BILLION OF INCREMENTAL ADJUSTED EBITDA BY 20302 Cash Return Target Remains Intact At 75-80% Of Adjusted FAD On An Annual Basis 3 8 1. See December 2025 Investor Day Presentation for additional information on 2030 accelerated growth strategy. 2. Measured against 2024 Adjusted EBITDA ba
Slide 9: Accelerated Growth Roadmap to 2030
9 1. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 2. See December 2025 Investor Day Presentation for additional information on identified growth initiatives. 3. New segment name for Real Estate, Energy & Natural Resources, effective 2026 Q1. 4. See December
Slide 10: Numerous Growth Levers To Drive Success
Numerous Growth Levers To Drive Success Ongoing Opportunistic A&D Activity Western Harvest Volume Increase New Demand Outlets Product Uplift Opportunities Southern Export Expansion Real Estate Development Construction Materials Forest Carbon Renewable Energy Carbon Capture & Sequestration Mitigation
Slide 11: Fundamental Drivers Supporting Long-Term Growth
FUNDAMENTAL DRIVERS SUPPORTING LONG-TERM GROWTH Strong demographic trends support housing demand U.S. housing remains significantly underbuilt Housing stock continues to age supporting healthy R&R demand Building codes allow for increased wood use in tall buildings Mass timber demand expected to inc
Slide 12: Unmatched Portfolio
12 UNMATCHED PORTFOLIO Our Quality, Diversity & Scale Cannot Be Replicated Timberlands Strategic Land Solutions1 Wood Products 1. New segment name for Real Estate, Energy & Natural Resources, effective 2026 Q1.
Slide 13: Timberlands Portfolio
LARGEST Private Timberlands Owner In The U.S. 125 YEARS Of Unmatched Expertise SIGNIFICANT SUPPLIER In Every Region Approximate acreage, based on year-end 2025. An additional 13 million acres of timberlands are managed under long-term licenses in Canada, excluding timber licenses in British Columbia
Slide 14: Timberlands: Highlights
TIMBERLANDS: HIGHLIGHTS Our Competitive Advantages Exceptional quality & productivity Unmatched timber-growing expertise Unparalleled scale & market access Superior delivered model & supply chain Diverse customer mix to capture value REVENUE BY END MARKET (2021-2025) Third-Party Domestic 53% WY Mill
Slide 15: Largest Timber REIT With Superior Scale, Execution & Optionality
We Are The Largest Timber REIT With Superior Scale, Execution & Optionality TIMBERLANDS COMPETITIVE POSITION Approximate acreage based on year-end 2025. Sources include Forisk Ownership Database, public filings, & WY reports. Acres In Millions U.S. Weyerhaeuser1 10.3 Rayonier2 4.1 87% 76% 24% 13% 3r
Slide 16: Unrivaled Market Position & Supply Chain Expertise
Unrivaled Market Position & Supply Chain Expertise WEYERHAEUSER TIMBERLANDS EXPORT MARKETS Scale + Consistent Product Quality + Supply Chain Reliability = Export Competitive Advantage UNIQUE JAPAN EXPORT BUSINESS Multi-decade relationships supplying post & beam housing market Western timberlands own
Slide 17: Western Timberlands: Unmatched Quality, Scale & Market Access
Unmatched Quality, Scale & Market Access WESTERN TIMBERLANDS Approximate acreage based on year-end 2025. Sources include Forisk Ownership Database, public filings, & WY reports. Washington Oregon TIMBER REIT OWNERSHIP Acres In Millions West Weyerhaeuser 2.5 Rayonier1 0.9 1. Rayonier and PotlatchDelt
Slide 18: Southern Timberlands: Peer-Leading Scale & Market Access
Peer-Leading Scale & Market Access SOUTHERN TIMBERLANDS WY2 Approximate acreage based on year-end 2025. Sources include Forisk Ownership Database, public filings, & WY reports. 1. Represents completed new sawmill capacity in 2017-2025. 2. Adjusted for divestiture in Virginia, announced in 2025 and c
Slide 19: Recycled Capital To Enhance Portfolio Value
Timber Free Cash Flow3 $ In Millions 5-Year Annual Average Timber Free Cash Flow Yield2 5-Year Annual Average Harvest Tons In Thousands 5-Year Annual Average Acres Transacted In Thousands Acquisitions Divestitures Significantly Increased Harvest Volumes & Cash Flows On Fewer Acres Weyerhaeuser Timbe
Slide 20: Timberlands Sustainability
Sustainable Forestry | Carbon Sequestration | Supporting Biodiversity 100% OF OUR TIMBERLANDS ARE REFORESTED AFTER HARVEST WE HARVEST ONLY 2% OF OUR FORESTS ON AVERAGE EACH YEAR WE LEAVE TREE BUFFERS ALONG WATERWAYS TO PROTECT AQUATIC HABITAT WE CERTIFY 100% OF OUR TIMBERLANDS TO THE SUSTAINABLE FOR
Slide 21: Maximizing The Value Of Every Acre
Maximizing The Value Of Every Acre STRATEGIC LAND SOLUTIONS BUSINESS 1 Three Distinct Business Lines Driving Value Across Our Portfolio West South North END-TO-END PORTFOLIO MANAGEMENT ACROSS 10+ MILLION ACRES Approximate acreage based on year-end 2025, adjusted for divestiture in Virginia, announce
Slide 22: Strategic Land Solutions: Highlights
STRATEGIC LAND SOLUTIONS: HIGHLIGHTS Our Competitive Advantages Unmatched scale & sophistication Proven ability to deliver significant premium to timber value Peer-leading growth from Climate Solutions Proprietary technology platform Strong partnerships ~$340 MILLION Adjusted EBITDA2 5-Year Average
Slide 23: Real Estate & Natural Resources Businesses
Higher & Better Use 1+ million acres identified Typically sell <1% of our timberland acres annually Delivering 100%+ premiums to timber value1 Programmatic retail land sales to recreational & private buyers Active quarries with expansion opportunities across 12 states 46 active quarries with ~30 mil
Slide 24: Climate Solutions Business
Delivering Tangible Results Through Expertise, In-House Development & Strong Partnerships CLIMATE SOLUTIONS BUSINESS FOREST CARBON MITIGATION & CONSERVATION RENEWABLE ENERGY CARBON CAPTURE & SEQUESTRATION 12-15x Timber Adj. EBITDA OPERATIONAL SOLAR SITE 1.5x Timber Value NPV Uplift Over Timber-ONLY
Slide 25: Building On Our Strong Foundation & Capitalizing On Emerging Opportunities
See December 2025 Investor Day Presentation for additional information on Climate Solutions businesses, including market sizing and 2030 growth potential. 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 2. Laun
Slide 26: Emerging Biocarbon Opportunity
EMERGING BIOCARBON OPPORTUNITY Carbon-rich solid material produced from biomass through a thermal conversion process Used as a drop-in replacement for coal & coke in steel & other metals production Common feedstock is lower-value wood fiber What Is Biocarbon? North America, Europe and Japan steel, s
Slide 27: Leveraging Our Integrated Portfolio To Drive Climate Solutions Growth
Leveraging Our Integrated Portfolio To Drive Climate Solutions Growth NEW TRANSFORMATIONAL BIOCARBON BUSINESS Operating at commercial scale since 2012 Largest advanced biocarbon manufacturing base in the world Proven technical expertise with portfolio of 600+ patents Deep relationships with high-qua
Slide 28: Wood Products: 2nd Largest Lumber Producer in North America
LUMBER 2nd Largest Producer In North America 17 Lumber (5.2 BBF) WY relative positioning based on full year 2025 production. Sources: Public filings, WY reports. WY specific values represent capacity by product line as of December 31, 2025. Production capacity for engineered wood represents total so
Slide 29: Wood Products: Highlights
WOOD PRODUCTS: HIGHLIGHTS Our Competitive Advantages Diverse customer mix & market demand drivers Strategically located in prime woodbaskets Expertise in transportation & logistics Relentless focus on peer-leading cost structure Our Growth Initiatives #1 IN ADJ. EBITDA MARGIN In All Manufacturing Bu
Slide 30: Lumber & Oriented Strand Board
$50MM EBITDA Annually $30MM EBITDA Annually Unparalleled quality & consistency Broad & diverse product mix with proprietary grades Best-in-class supply chain Strong brand in the marketplace DISTINCT COMPETITIVE ADVANTAGES LUMBER ORIENTED STRAND BOARD 1. Average annual return on net assets (RONA) fro
Slide 31: Engineered Wood Products
Third Party Sales By Product (2025)1 Distinct Competitive Advantages Microllam (LVL) 14% I-joists 27% Plywood 11% MDF 11% ~$370MM Annual Adjusted EBITDA2 5-Year Average 25% Adjusted EBITDA Margin 2 5-Year Average Strong Financial Results Trus Joist® brand leadership Proprietary TimberStrand® & Paral
Slide 32: Expanding Our EWP Offerings In The U.S. South
Expanding Our EWP Offerings In The U.S. South New facility addresses underserved & growing market for TimberStrand in the U.S. South & serves WY’s strong & expanding customer base in the region Existing TimberStrand production located exclusively in Canada Delivering Seamless Integration With Our Ex
Slide 33: Distribution Business
EWP 39% Commodity 20% Siding 14% Outdoor Living 7% Sales By Product Category (2025)1 Specialty 20% Distinct Competitive Advantages Strategically aligned with top brands High-value product mix with low commodity exposure ~40% of our Distribution sales are WY EWP1 Modern, cost-efficient warehouse oper
Slide 34: Wood Products Competitive Advantages
Percentages based on full year 2025 third party sales volumes. Percentages based on full year 2025 third party net sales. Includes commodity plywood, low-grade veneer and byproducts. Includes solid section, I-joists, medium density fiberboard and specialty plywood products. Includes siding, outdoor
Slide 35: Wood Products Sustainability
ON AVERAGE, 99% of our wood By-products are used to create other products or to generate energy WE HAVE AN AMBITIOUS TARGET TO REDUCE OUR GREENHOUSE GAS EMISSIONS BY 2030 WE CERTIFY 100% OF OUR WOOD FIBER SUPPLY TO THE Sustainable Forestry Initiative® Fiber Sourcing or Certified Sourcing Standards R
Slide 36: Industry-Leading Performance
INDUSTRY-LEADING PERFORMANCE Significant, Sustainable Margin Improvement Accelerated By Innovation Operational Excellence Relative Competitive Performance Innovation 36
Slide 37: Delivering Sustainable Margin Improvement Through The Cycle
Delivering Sustainable Margin Improvement Through The Cycle OPERATIONAL EXCELLENCE SUSTAINABLE MARGIN IMPROVEMENT Achieved ~$210 Million In OpX From 2022-2025 EXPANDING OUR REACH WITH OPX 2.0 Finding Opportunity In Every Corner Future Value World-class execution on critical activities that generate
Slide 38: Our OpX Scorecard
Sources for competitor data: Public filings. Results include only North American operations. See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. 1. From 2021-2025, compared to Boise Cascade, Canfor, Interfor, Louisiana-Pacific and West Fraser. 2. From 2012-2025, compar
Slide 39: Accelerated Focus On Innovation
Creating Significant Value Through Our Accelerated Focus On Innovation INNOVATION Automation & Robotics Unmanned Autonomous Vehicles Artificial Intelligence & Machine Learning Energy-Efficient Equipment 39
Slide 40: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Long-Term Commitment To Balancing Three Key Priorities Shareholder Returns Capital Expenditures Capital Structure 40
Slide 41: Disciplined Approach To Capital Allocation
Disciplined Approach To Capital Allocation INVEST IN OUR BUSINESSES RETURN CASH TO SHAREHOLDERS MAINTAIN AN APPROPRIATE CAPITAL STRUCTURE CORE ALLOCATION Investment Grade Credit Rating Disciplined Capital Expenditures Sustainable Base Dividend OPPORTUNISTIC ALLOCATION Value-Enhancing Growth Opportun
Slide 42: Strong Track Record of Disciplined Capital Allocation
$1.1B Share Repurchase STRONG TRACK RECORD OF DISCIPLINED CAPITAL ALLOCATION 1. All amounts are 2021 through 2025. 2. Excludes capitalized interest. 3. Includes all quarterly base and supplemental dividends paid from 2021-2025. 4. Acquisitions total approximately $1.3 billion and divestitures total
Slide 43: Returning Cash To Shareholders
RETURNING CASH TO SHAREHOLDERS Targeted Return Of Cash To Shareholders Calculated On An Annual Basis Sustainable Base Dividend supported by Timberlands & Strategic Land Solutions cash flow, even at the bottom of the cycle Share Repurchase and/or Supplemental Dividend 2 to achieve targeted return of
Slide 44: Investing In Our Businesses Through The Cycle
1. Excludes capitalized interest. 2. Excludes investment in our Monticello engineered wood products facility, which is expected to be approximately $500 million between 2025 and 2027. The investment in Monticello was $109 million in 2025 and is expected to be approximately $300 million in 2026. Inve
Slide 45: Multiple Levers To Drive Value
MULTIPLE LEVERS TO DRIVE VALUE TIMBERLANDS PORTFOLIO IMPROVEMENT WOOD PRODUCTS INVESTMENT SHARE REPURCHASE Execution Excellence BASELINE: 7-8% ROI 1 with additional opportunity over time Strategic Benefits MOST PROJECTS: >15-20% ROI 1 with additional integration benefits SIGNIFICANT RETURN when belo
Slide 46: Operating From A Strong Financial Position
Operating From A Strong Financial Position With Significant Flexibility MAINTAIN AN APPROPRIATE CAPITAL STRUCTURE Net Debt To Adjusted EBITDA (LTM)1 INVESTMENT GRADE CREDIT PROFILE Baa2 Moody’s AMPLE LIQUIDITY OPPORTUNISTIC LIABILITY MANAGEMENT STRONG ASSET COVERAGE Nearly 80% of business assets are
Slide 47: Well-Laddered Debt Profile
WELL-LADDERED DEBT PROFILE All data as of March 31, 2026. 1. Revolving credit facility has a capacity of $1.75 billion and expires in June 2030. The revolver backstops the commercial paper program. As of March 31, 2026, the credit facility was undrawn, and there was no outstanding balance on the com
Slide 48: Strong ESG Foundation
48 STRONG ESG FOUNDATION Sustainability Is A Core Value Sustainability Strategy ESG Performance Carbon Record
Slide 49: Sustainable To Our Core
SUSTAINABLE TO OUR CORE Strong ESG Performance | Clear Business Alignment | Ambitious Positive Impact OUR SUSTAINABILITY STRATEGY 10-year roadmap to review & adjust ESG-related focus areas & strategies Set & meet appropriate annual goals Monitor focus areas & report progress Maintain ESG Foundation
Slide 50: We Remove Nearly Four Times More Carbon Dioxide Than We Emit
We Remove Nearly Four Times More Carbon Dioxide Than We Emit Our carbon record 31 million mtCO2e in 2025 We Set An Ambitious, Science-Based Target To Reduce Emissions By 2030 10 million mtCO2e in 2025 Scope 1 & 2 Scope 3 We are on the pathway to net-zero emissions The world needs more carbon removal
Slide 51: Our Vision
OUR VISION HOW WE WIN 4 Safety Develop our people Integrity Drive operational excellence Citizenship Deliver the most value Sustainability from every acre Inclusion Optimize capital Working together to be the world’s premier timber, land, and forest products company WHAT IT LOOKS LIKE KEY WEYERHAEUS
Slide 52: Appendix
52 APPENDIX Market Dynamics & Fundamentals Supplemental Information
Slide 53: Market Dynamics For Our Products
MARKET DYNAMICS FOR OUR PRODUCTS LUMBER ORIENTED STRAND BOARD WESTERN LOGS SOUTHERN LOGS Improving sawlog demand & pricing with new mill capacity coming into several geographic sub-regions WY fiber log demand generally stable Emerging log export opportunity Current R&R activity holding steady Relati
Slide 54: Wood Products Sales Realizations
Approximate Change As of May 22, 2026 Current vs. 2026 Q1 WOOD PRODUCTS SALES REALIZATIONS 1. Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files. 2. WY reports OSB realizations in MSF 3/8”. Changes in average realizations typically lag ch
Slide 55: Strong Demographic Fundamentals & Significant Housing Deficit
Strong Demographic Fundamentals & Significant Housing Deficit EXPECT LONG-TERM GROWTH IN U.S. HOUSING Generation Z and Millennials are the largest population cohorts & have entered peak homebuying years Current homebuilding pace will not fully address the deficit resulting from a decade of underbuil
Slide 56: Favorable Long-Term Repair & Remodel Fundamentals
Favorable long-term repair & remodel Fundamentals Recent Moderation Driven By Cautious Consumer Sentiment Current R&R activity holding steady Housing stock continues to age, with median age greater than 40 years Near-term demand supported by increased consumer savings, home equity & lock-in effect w
Slide 57: Lumber Demand Fundamentals & Pricing
LUMBER DEMAND FUNDAMENTALS & PRICING North American Lumber Consumption By End Use (2025) Source: FEA Source: Random Lengths Q2 QTD as of 5/22/2026 Current R&R activity holding steady Relatively stable single-family construction activity Composite pricing has increased from recent lows Supportive lon
Slide 58: North American Lumber Regions
Log supply declining in British Columbia due to fires, pine beetle & lower allowable cut Canadian lumber exports to the U.S. are subject to duties & Section 232 tariffs Canadian share of North American lumber market has decreased U.S. Southern lumber production gaining share North American Capacity
Slide 59: OSB Demand Fundamentals & Pricing
OSB DEMAND FUNDAMENTALS & PRICING Relatively stable single-family construction activity Composite pricing has increased slightly from recent lows Supportive long-term housing fundamentals Source: FEA Oriented Strand Board Pricing 7/16” North Central North American OSB Consumption By End Use (2025) S
Slide 60: Western Logs
Largest driver of demand is U.S. housing activity Generally stable Japanese demand for WY premium logs China has favorable longer-term import needs & faces constraints from suppliers in Europe & Russia Japan Housing Starts Wood-Based Western Sawlog Pricing Delivered Douglas Fir #2 Million Cubic Mete
Slide 61: Southern Logs
Improving sawlog demand & pricing with new mill capacity coming into several geographic sub-regions; WY’s timberlands are well positioned to benefit WY fiber log demand generally stable Additional upside opportunity from Southern log exports MMBF WY’s SENSITIVITY Change In Realizations $5/Ton ≈ $55
Slide 62: NCREIF Timberland Index
NCREIF Timberland Index Indexed Market Value Per Acre – By Region Source: National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Index Changes in index composition may affect average market values (e.g., NCREIF Northwest expanded to include Idaho in 2013). Perpetually Growing Ass
Slide 63: Our OpX Scorecard: Timberlands Adjusted EBITDA Per Acre
Our OpX Scorecard DELIVERING SUPERIOR RELATIVE PERFORMANCE TIMBERLANDS1 ADJUSTED EBITDA PER ACRE WEST Sources for competitor data: Public filings. Results include only North American operations. See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. 1. Western Timberlands
Slide 64: Wood Products Mill Locations & Capacities: Lumber
Board Feet In Millions Santiam, OR 485 Longview, WA 460 Cottage Grove, OR 445 Raymond, WA 225 Kalispell, MT 120 Total Capacity 1,735 Total Facilities 5 WOOD PRODUCTS MILL LOCATIONS & CAPACITIES Structural Lumber Western United States Board Feet In Millions Dierks, AR 395 Millport, AL 320 Philadelphi
Slide 65: Wood Products Mill Locations & Capacities: EWP & OSB
Cubic Feet In Millions Kenora, ON2 11 Natchitoches, LA3 8 Buckhannon, WV2 7 Evergreen, AL3 7 Eugene, OR3 6 Vancouver, BC 2 4 WOOD PRODUCTS MILL LOCATIONS & CAPACITIES Engineered Wood Products & Oriented Strand Board Square Feet (3/4") In Millions Columbia Falls, MT 265 Total Capacity 265 Total Facil
Slide 66: Total Company Adjusted EBITDA Reconciliation
Total Company ADJUSTED EBITDA RECONCILIATION 1. 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 real estate sold, unallocated pens
Slide 67: Net Debt to Adjusted EBITDA Reconciliation (2017-2021)
Total Company (2017-2021) NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Debt to Adjusted EBITDA (LTM)1,2,3 3.6 3.3 2.9 2.5 2.5 2.2 2.5 3.0 3.3 3.9 4.7 4.9 4.5 4.1 2.9 2.3 1.5 0.9 0.7 0.8 Total debt $6,60
Slide 68: Net Debt to Adjusted EBITDA Reconciliation (2022-2026 Q1)
Total Company (2022-2026 Q1) NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Debt to Adjusted EBITDA (LTM)1,2,3 0.9 0.8 0.8 1.0 1.7 2.2 2.2 2.3 2.5 2.6 3.2 3.4 3.6 3.8 4.3 5.0 5.1 Total debt $5,053 $5,053 $5,053 $5
Slide 69: Timberlands Adjusted EBITDA Reconciliation
Timberlands ADJUSTED EBITDA1 RECONCILIATION 1. 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 real estate sold, unallocated pensi
Slide 70: Strategic Land Solutions Adjusted EBITDA Reconciliation
Strategic Land Solutions1 ADJUSTED EBITDA RECONCILIATION 1. New segment name for Real Estate, Energy & Natural Resources, effective 2026 Q1. See slide 72 for a reconciliation of the changes in business line composition. 2. Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the pe
Slide 71: Wood Products Adjusted EBITDA Reconciliation
Wood Products ADJUSTED EBITDA RECONCILIATION 1. Amounts presented reflect the results of operations acquired in our merger with Plum Creek Timber Company, Inc. beginning on the merger date of February 19, 2016. 2. Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance
Slide 72: Strategic Land Solutions Business Lines
STRATEGIC LAND SOLUTIONS BUSINESS LINES 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 Es
Slide 73: Adjusted Funds Available for Distribution (FAD) Reconciliation
ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION (FAD) RECONCILIATION 1. 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 du
Slide 74: Other Non-GAAP Financial Measures
OTHER NON-GAAP FINANCIAL MEASURES This presentation references forward-looking estimates of free cash flow yield, Adjusted EBITDA multiple and return on investment (ROI), each of which is a non-GAAP financial measure that management uses to evaluate the performance of the company and certain investm