Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q4 2025 Earnings Presentation
35 slides from Weyerhaeuser's earnings presentation, Jan 30, 2026
Slide 1: Earnings Results Fourth Quarter 2025
EARNINGS RESULTS FOURTH QUARTER 2025
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 first quarter 20
Slide 3: 2025 Consolidated Results
2025 CONSOLIDATED RESULTS $ Millions 2024 2025 $ Millions (except EPS) 2024 2025 Adjusted EBITDA FY FY Change Consolidated Statement of Operations FY FY Timberlands $ 539 $ 581 $ 42 Net Sales $ 7,124 $ 6,905 Real Estate, Energy & Natural Resources 349 411 62 Costs of sales 5,811 5,880 Wood Products
Slide 4: 2025 Q4 Consolidated Results
2025 Q4 CONSOLIDATED RESULTS $ Millions 2025 2025 $ Millions (except EPS) 2025 2025 Adjusted EBITDA Q3 Q4 Change Consolidated Statement of Operations Q3 Q4 Timberlands $ 148 $ 114 $ (34) Net Sales $ 1,717 $ 1,541 Real Estate, Energy & Natural Resources 91 95 4 Costs of sales 1,513 1,380 Wood Product
Slide 5: Earnings Before Special Items
EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) 2025 Q3 2025 Q4 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS Earnings (Loss) Before Special Items $ (16) $ 40 $ 0.06 $ (80) $ (67) $ (0.09) Special Items: Environmental remediation charge — — — (18
Slide 6: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 REAL ESTATE & ENR $600 $160 $143 $500 $410 $120 $400 $102 $352 $94 $95 $ Millions $ Millions $328 $336 $91 $294 $77 $82 $76 $300 $80 $236 $217 $200 $140 $40 $100 $0 $0 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Real
Slide 7: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2025 2025 TIMBERLANDS ($ Millions) 2025 2025 Adjusted EBITDA by Region Q3 Q4 Segment Statement of Operations Q3 Q4 West $ 75 $ 45 Third-party sales $ 386 $ 353 South 74 69 Intersegment sales 150 134 North 2 2 Total Sales 536 487 Other (3) (2) Costs of sal
Slide 8: Timberlands Key Drivers: 2025 Q4 vs. 2025 Q3
TIMBERLANDS KEY DRIVERS: 2025 Q4 vs. 2025 Q3 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Lower, fewer working days in the fourth quarter • Sales Volumes: Lower • Sales Realizations: Slightly lower overall; moderately lower for domestic logs • Per Unit Log and Haul Costs: Lower • Forestry and Roa
Slide 9: 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 $36.93 $36.89 $36.68 $37.26 $37.10 $37.71 $36.65 $37.29 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $121.06 $123.15 $118.52
Slide 10: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 6,431 1,304 1,293 6,293 6,220 6,070 6,161 6,133 6,048 1,222 1,239 5,990 1,207 1,211 6,250 1,153 1,200 Thousands of tons Thousands of tons 1,098 5,000 903 855 886 850 855 900 793 821 813
Slide 11: Real Estate, Energy & Natural Resources (ENR) Segment
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR)1 SEGMENT REAL ESTATE & ENR ($ Millions) 2025 2025 REAL ESTATE & ENR ($ Millions) 2025 2025 Adjusted EBITDA by Business Q3 Q4 Segment Statement of Operations Q3 Q4 Real Estate $ 56 $ 67 Total Sales $ 103 $ 103 Energy & Natural Resources 35 28 Costs of sal
Slide 12: Real Estate, Energy & Natural Resources (ENR) Segment
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR) SEGMENT AVERAGE PRICE PER ACRE $10,000 $8,271 $8,000 $6,316 Price per acre $6,000 $5,550 $5,046 $4,790 $4,757 $4,385 $4,202 $4,005 $3,785 $3,812 $3,629 $5,128 $4,000 $2,808 $1,992 $3,803 $3,227 $3,215 $3,241 $3,033 $2,000 $1,501 $2,806 $2,062 $1,381 $0 2
Slide 13: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2025 2025 WOOD PRODUCTS ($ Millions) 2025 2025 Adjusted EBITDA by Business Q3 Q4 Segment Statement of Operations Q3 Q4 Lumber $ (48) $ (57) Total Sales $ 1,228 $ 1,085 OSB (3) (10) Costs of sales 1,218 1,099 Engineered Wood Products 56 49 Gross Margin
Slide 14: Wood Products Key Drivers: 2025 Q4 vs. 2025 Q3
WOOD PRODUCTS KEY DRIVERS: 2025 Q4 vs. 2025 Q3 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Decreased 3% • Sales Volumes: Lower, reduced production levels • Unit Manufacturing Costs: Slightly higher • Log Costs: Moderately lower ORIENTED • Sales Realizations: Decreased 6% STRAND BOARD • Sales V
Slide 15: Third-Party Sales Volumes and Realizations
THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 Lumber OSB 2,800 $600 2,400 $500 $407 Volumes (Millions of Square Ft.) $463 2,000 Volumes (Millions of Board Ft.) $442 $454 $400 $429 $359 2,100 $419 $450 Realizations ($/M 3/8") $404 $405 $393 $321 Realizations ($/MBF) $305 $317 1,600 $280 $300 $231 1,400
Slide 16: Unallocated Items
UNALLOCATED ITEMS UNALLOCATED ITEMS ($ Millions)1 2025 2025 UNALLOCATED ITEMS ($ Millions)1 2025 2025 Q3 Q4 Q3 Q4 Unallocated corporate function expenses and Costs of sales5 $ 12 $ 8 $ (37) $ (46) variable compensation expense 6 G&A expense (36) (44) Liability classified share-based compensation 1 —
Slide 17: Financial Items
FINANCIAL ITEMS KEY FINANCIAL METRICS ($ Millions) 2025 2025 Cash Flow from Operations $600 Q3 Q4 $432 $396 Ending cash balance $ 401 $ 464 $400 $234 $ Millions $218 $210 Total debt $ 5,470 $ 5,572 $200 $124 $70 Net debt to Adjusted EBITDA (LTM)1 4.3 5.0 Net debt to enterprise value2 22% 23% $0 6 $(
Slide 18: Returning Cash to Shareholders
RETURNING CASH TO SHAREHOLDERS Allocation Framework And Cash Return Calculation ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION1 TARGETED RETURN OF Allocation Framework CASH TO SHAREHOLDERS Calculated on an Annual Basis Return 75-80% of Adjusted FAD to Shareholders SUSTAINABLE BASE DIVIDEND Adjusted FAD $
Slide 19: Completed Previous Multi-Year Strategy
COMPLETED PREVIOUS MULTI-YEAR STRATEGY Successful Delivery Of 2025 Year-End Targets TIMBERLANDS CLIMATE SOLUTIONS LUMBER INDUSTRY-LEADING CASH PERFORMANCE RETURNS Completed More Than Increased Annual Made Disciplined Capital $1.2B Adjusted EBITDA2 to Investments to Enable of High-Quality A
Slide 20: Launched New Strategy to Accelerate Growth Through 2030
LAUNCHED NEW STRATEGY TO ACCELERATE GROWTH THROUGH 2030 Driving $1.5 Billion of Incremental Adjusted EBITDA1 – Measured Against 2024 Baseline +$500 +$1,500 Identified Growth Initiatives2 +$180 +$1,000 +$440 Adj. EBITDA Uplift In Millions1 +$230 +$150 Timberlands Strategic Land Wood Enterprise Adj. E
Slide 21: Outlook: 2026 Q1
OUTLOOK: 2026 Q1 EXPECTED EARNINGS1 & SEGMENT KEY DRIVERS ADJUSTED EBITDA TIMBERLANDS Comparable to 2025 Q4 West South North Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Comparable Slightly lower Slightly lower Sales Volumes: Sales Realizations: Sales Realizations: Slightly higher
Slide 22: Outlook: Full Year 2026
OUTLOOK: FULL YEAR 2026 DRIVER FY 2026 OUTLOOK Approximately 35.5 million tons • South: Slightly higher than 2025 FEE HARVEST VOLUMES • West: Comparable to 2025 • North: Slightly lower than 2025 STRATEGIC LAND SOLUTIONS ADJUSTED EBITDA1 Approximately $425 million BASIS OF REAL ESTATE SALES 25-35% of
Slide 23: Wood Products Sales Realizations: Current vs. 2025 Q4
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q4 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of January 23, 2026 LUMBER1 Q1 QTD vs. WY’s +$30/MBF HIGHER SENSITIVITY Q4 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA +$30/MBF HIGHER ANNUALLY Q4 AVERAGE
Slide 24: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION ADJUSTED EBITDA1 PER ACRE 2023 2024 2025 FY FY FY Western Timberlands Adjusted EBITDA1 ($ Millions) $ 344 $ 262 $ 299 Acres (Thousands) 2,539 2,510 2,475 Reported Adjusted EBITDA Per Acre $ 135 $ 104 $ 121 Adjusted EBITDA attributable to Western ENR2 ($ Millions)
Slide 25: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2024 2025 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Timberlands $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 $ 148 $ 114 Real Estate, Energy & Natural Resources 94 102 77 76 82 143 91 95 Wood Products 184 225 91 161 161 101 8 (20) Unallocated Items (70) (64)
Slide 26: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Diluted EPS Before Special Items $ 0.16 $ 0.21 $ 0.05 $ 0.11 $ 0.11 $ 0.12 $ 0.06 $ (0.09) Special Items (Income Tax Affected): Environmental remediation charge — — — — — — — (0.02) Gain on lumber mill sale — — — — — — 0.03 — Gain o
Slide 27: Earnings Before Special Items Reconciliation
EARNINGS BEFORE SPECIAL ITEMS RECONCILIATION $ Millions (except EPS) 2024 2025 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS Earnings Before Special Items $ 412 $ 384 $ 0.53 $ 102 $ 143 $ 0.20 Special Items: Environmental remediation charge — — — (18)
Slide 28: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2022 2023 2024 2025 FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Timberlands $ 784 $ 646 $ 144 $ 147 $ 122 $ 126 $ 539 $ 167 $ 152 $ 148 $ 114 $ 581 Real Estate & ENR 329 320 94 102 77 76 349 82 143 91 95 411 Wood Products 2,737 905 184 225 91 161 661 161
Slide 29: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 West $ 76 $ 79 $ 54 $ 53 $ 95 $ 84 $ 75 $ 45 South 69 70 72 74 71 69 74 69 North 2 1 (1) 1 2 1 2 2 Other (3) (3) (3) (2) (1) (2) (3) (2) Total Timberlands Adjusted EBITDA1 $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 $ 14
Slide 30: Adjusted EBITDA Reconciliation: Real Estate, ENR
ADJUSTED EBITDA RECONCILIATION Real Estate, Energy & Natural Resources $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Real Estate $ 73 $ 70 $ 51 $ 53 $ 59 $ 113 $ 56 $ 67 Energy & Natural Resources 21 32 26 23 23 30 35 28 1 Total Real Estate & ENR Adjusted EBITDA $ 94 $ 102 $ 77 $ 76 $ 82 $ 143 $ 91 $
Slide 31: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Lumber $ (5) $ (8) $ (29) $ 21 $ 40 $ 11 $ (48) $ (57) OSB 87 122 39 63 59 30 (3) (10) EWP 86 92 61 69 53 57 56 49 Distribution 20 18 14 10 6 5 1 (1) Other (4) 1 6 (2) 3 (2) 2 (1) 1, 2 Total Wood Products Adjus
Slide 32: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Unallocated Adjusted EBITDA1 $ (70) $ (64) $ (54) $ (69) $ (82) $ (60) $ (30) $ (49) Depletion, depreciation & amortization (2) (1) (3) (4) (3) (2) (3) (4) Special items included in operating loss — — — — — — 26
Slide 33: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1, 2 Net Debt to Adjusted EBITDA (LTM) 2.5 2.6 3.2 3.4 3.6 3.8 4.3 5.0 Total debt $ 5,071 $ 5,072 $ 5,074 $ 5,076 $ 5,167 $ 5,168 $ 5,470 $ 5,572 Less: cash and cash equivalents and short-term investments 871 997
Slide 34: Funds Available for Distribution Reconciliation
FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) 2022 2023 2024 2025 FY FY FY Q1 Q2 Q3 Q4 FY Net cash from operations $ 2,832 $ 1,433 $ 1,008 $ 70 $ 396 $ 210 $ (114) $ 562 Capital expenditures (468) (447) (416) (93) (107) (125) (149) (474) 1 Fun
Slide 35: Adjusted EBITDA Reconciliation: Climate Solutions
ADJUSTED EBITDA RECONCILIATION Climate Solutions $ Millions 2020 2021 2022 2023 2024 2025 FY FY FY FY FY FY 1 Total Climate Solutions Adjusted EBITDA $ 22 $ 38 $ 43 $ 47 $ 84 $ 119 Depletion, depreciation & amortization (1) (1) (1) (1) (1) (1) Basis of real estate sold (9) (10) (10) (11) (28) (16) O