Slide 1: Weyerhaeuser Investor Presentation June 2022
WEYERHAEUSER Investor Presentation June 2022 Exhibit 99.1
Slide 2: 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: future goals and prospects; business strategies; factors
Slide 3: Weyerhaeuser Investment Thesis
UNMATCHED PORTFOLIO INDUSTRY-LEADING PERFORMANCE STRONG ESG FOUNDATION DISCIPLINED CAPITAL ALLOCATION + + Superior Shareholder Value + WEYERHAEUSER INVESTMENT THESIS
Slide 4: Key 2021 Accomplishments
WE OPTIMIZED OUR TIMBERLANDS HOLDINGS THROUGH STRATEGIC TRANSACTIONS IN ALABAMA & WASHINGTON WE REDUCED DEBT BY $375 MILLION Resulting in Total Debt Reduction since 2020 Q3 of $1.2 BILLION WE SET A SCIENCE-BASED GHG REDUCTION TARGET At the Most Ambitious Level WE CAPTURED MORE THAN $70 MILLION Of Op
Slide 5: 2025 Year-End Targets: Driving Growth and Shareholder Value
UNMATCHED PORTFOLIO INDUSTRY-LEADING PERFORMANCE STRONG ESG FOUNDATION DISCIPLINED CAPITAL ALLOCATION + + + GROW OUR TIMBER PORTFOLIO with $1 BILLION of disciplined investments through 2025 GROW EBITDA FROM NATURAL CLIMATE SOLUTIONS to $100 MILLION by 2025 CAPTURE OPX of $175-250 MILLION across busi
Slide 6: Fundamental Drivers Shaping Our Industry
Rising Global Demand for Wood Fiber Increased Adoption of Wood-Based Building Increased Demand for Natural Climate Solutions Growing Demand for U.S. Housing 2 3 4 FUNDAMENTAL DRIVERS SHAPING OUR INDUSTRY We Are Well-Positioned to Capitalize on These Opportunities 1
Slide 7: Unmatched Portfolio
UNMATCHED PORTFOLIO Our Quality, Diversity and Scale Cannot Be Replicated
Slide 8: Who We Are
WHO WE ARE A Tax-Efficient REIT With Three Industry-Leading Businesses WOOD PRODUCTS We are a scale, low-cost wood products manufacturer TIMBERLANDS We are the largest private timberland owner in North America REAL ESTATE, ENERGY & NATURAL RESOURCES We deliver the most value from every acre (1) Appr
Slide 9: Diverse customer mix and integrated value chain
DIVERSE CUSTOMER MIX that fully values our quality, scale, reliability and sustainable practices PROPRIETARY SEEDLINGS yield superior growth, wood quality and survival characteristics CUSTOMIZED PLANTING deploys the best genetic material for each acre on our land base TARGETED SILVICULTURE generates
Slide 10: How We Do It: Our Sustainability Strategy
For more information, view our alignment with key ESG frameworks, and visit www.wy.com/sustainability. HOW WE DO IT Our Sustainability Strategy Sustainability Is a Core Value Sustainability Is a Core Value CLIMATE HOMES COMMUNITIES SUSTAINABILITY AMBITIONS Working to Solve 3 BIG CHALLENGES BY 2030 T
Slide 11: Strong ESG Foundation
ON AVERAGE WE USE 95% OF EVERY LOG WE PLANT 130-150 MILLION TREES EACH YEAR WE HARVEST ONLY 2% OF OUR FORESTS EACH YEAR, AND 100% OF OUR TIMBERLANDS ARE REFORESTED AFTER HARVESTING WE REMOVE THE EQUIVALENT OF 35 MILLION METRIC TONS of CO2 IN OUR FORESTS & WOOD PRODUCTS ANNUALLY Environmental Steward
Slide 12: Superior Timberlands Holdings Create Value
SUPERIOR HOLDINGS CREATE VALUE TODAY AND TOMORROW Unrivaled portfolio that cannot be replicated Diversified holdings at scale Superior supply chain Enduring value across market cycles Enhancing portfolio value through disciplined investments Unmatched timber-growing expertise TIMBERLANDS 12
Slide 13: Our Timberlands Portfolio
Adjusted EBITDA(1) by Region (2021) (1) See appendix for reconciliation to GAAP amounts and definition of Adjusted EBITDA. Other is excluded. Approximate total acres as of December 31, 2021. High value Douglas fir Premium land west of the Cascade mountains Sawlogs are approximately 90% of harvest Un
Slide 14: Timberlands Customers
THIRD-PARTY DOMESTIC CUSTOMERS WEYERHAEUSER MILLS EXPORT CUSTOMERS TIMBERLANDS REVENUE BY END MARKET (2021) We Flex Supply To Meet Dynamic Customer Demands and Capture Market Opportunities TIMBERLANDS CUSTOMERS Capture Full Value Through a Diverse Customer Mix
Slide 15: Timberlands Export Markets
Percentages based on 2021 full year Timberlands export sales. TIMBERLANDS EXPORT MARKETS Unrivaled Market Position and Supply Chain Expertise Percentages based on 2021 full year Timberlands export sales. EXPORT REVENUE JAPAN CHINA KOREA 69% 21% 9% UNIQUE JAPAN BUSINESS Multi-decade relationships sup
Slide 16: $1 Billion Investment to Grow Timber Portfolio
DISCIPLINED INVESTMENTS OF $1 BILLION TO GROW OUR TIMBER PORTFOLIO GOALS TO DRIVE GROWTH Enhancing Timberlands Portfolio Value by 2025 Target investment zones in U.S. West and U.S. South Generate near-term cash yields comparable to 2020-21 transactions leveraging WY scale and expertise Positioning p
Slide 17: Maximize the Value of Every Acre We Own
MAXIMIZE THE VALUE OF EVERY ACRE WE OWN REAL ESTATE, ENERGY & NATURAL RESOURCES Continually evaluate every acre Deliver a significant premium to timber value Serve rising demand for natural climate solutions Capture the full value of surface and subsurface assets Generate consistent and reliable cas
Slide 18: Unlock Higher and Better Use Value
REAL ESTATE, ENERGY & NATURAL RESOURCES Unlock Higher and Better Use (HBU) Value PREMIUM LAND SALES Maximizing Value from Each Acre Via HBU Parcels STEADY ROYALTY & LEASE INCOME Maximizing Value from Surface & Subsurface Assets ENERGY & NATURAL RESOURCES Wind & Solar Infrastructure Rights of Way Cel
Slide 19: Natural Climate Solutions
NATURAL CLIMATE SOLUTIONS Leveraging Our Unmatched Scale Preserving Valuable Ecosystems Leasing Land for Wind and Solar Production MITIGATION & CONSERVATION RENEWABLE ENERGY FOREST CARBON CARBON CAPTURE & STORAGE Participating in the Emerging Offsets Market Growing Our Current Business Subsurface Le
Slide 20: Natural Climate Solutions: Building a $100 Million Business
NATURAL CLIMATE SOLUTIONS Growing EBITDA as Carbon Markets Develop Building a $100 Million Business Adjusted EBITDA(1) 2021 growth primarily from current Mitigation, Conservation and Renewable Energy businesses Announced first forest carbon pilot project in Maine Signed first Carbon Capture and Stor
Slide 21: Real Estate, Energy & Natural Resources Cash Generation
REAL ESTATE, ENERGY & NATURAL RESOURCES Consistent, Reliable Cash Generation – Growing Natural Climate Solutions (1) See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. The quantity of real estate HBU property was reduced by divestitures of the company’s Michigan and M
Slide 22: Wood Products: Maximizing Margin Through the Cycle
WOOD PRODUCTS MAXIMIZING MARGIN THROUGH THE BUSINESS CYCLE Unmatched scale, brand and reputation Diversified mix of high-quality products Relentless focus on industry-leading cost structure Diverse customer mix and demand drivers Superior returns through the cycle: “Black at the bottom” Organically
Slide 23: Wood Products Businesses: Lumber, OSB, Engineered Wood, Distribution
LUMBER ORIENTED STRAND BOARD ENGINEERED WOOD PRODUCTS DISTRIBUTION 2nd largest producer in North America 19 lumber mills 5.4 BBF capacity 4th largest producer in North America 6 oriented strand board mills 3.1 BSF capacity Located in the largest homebuilding markets 19 distribution centers(1) Adjust
Slide 24: Wood Products Diverse Demand Drivers and Customer Mix
NEW RESIDENTIAL: SINGLE & MULTI-FAMILY REPAIR & REMODEL: PROFESSIONAL AND DIY PERCENT OF SALES BY END MARKET (2021) NON-RESIDENTIAL CONSTRUCTION, INDUSTRIAL AND OTHER USES WOOD PRODUCTS Diverse Demand Drivers and Customer Mix Percentages are approximate based on 2021 full year Wood Products net sale
Slide 25: Prudent Investments to Serve Growing Demand
WOOD PRODUCTS Prudent Investments to Serve Growing Demand for Wood-Based Building Growing production by 5% annually through 2025(1) Improving productivity and reliability of existing mills LUMBER ORIENTED STRAND BOARD ENGINEERED WOOD PRODUCTS DISTRIBUTION Optimizing production levels and mix as mark
Slide 26: Industry-Leading Performance
INDUSTRY-LEADING PERFORMANCE Significant, Sustainable Margin Improvement Through the Cycle
Slide 27: Operational Excellence
OPERATIONAL EXCELLENCE Delivering Sustainable Margin Improvement Through the Cycle SUSTAINABLE MARGIN IMPROVEMENT Our Ongoing Core OpX Focus EXPANDING OUR REACH WITH OPX 2.0 Finding Opportunity in Every Corner Future Value World Class Execution on Critical Activities That Generate Longer-Term Value
Slide 28: Black at the Bottom Performance vs. Peers
WE ACHIEVED Black at the Bottom PERFORMANCE IN MANUFACTURING DELIVERING SUPERIOR RELATIVE PERFORMANCE Industry-Leading Position TARGETING $175-250 MILLION OF ADDITIONAL OPX MARGIN IMPROVEMENTS FROM 2022-2025 Lumber and Oriented Strand Board WE CAPTURED MORE THAN $70 MILLION IN OPX IMPROVEMENTS IN 20
Slide 29: Adjusted EBITDA vs. peers
TIMBERLANDS ADJUSTED EBITDA(1,2) PER ACRE WEST LUMBER(4) ORIENTED STRAND BOARD SOUTH ENGINEERED WOOD PRODUCTS DISTRIBUTION Source for competitor data: public SEC filings, National Council of Real Estate Investment Fiduciaries (NCREIF). Results include only North American operations. See appendix for
Slide 30: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Long-Term Commitment to Balancing Three Key Priorities
Slide 31: Balanced Capital Allocation Philosophy
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 Opportunities Liability Management Supplemental Div
Slide 32: Returning Cash to Shareholders
(1) See appendix for definition of Adjusted FAD and reconciliation to GAAP amounts. (2) Normally declared and paid annually in the first quarter, based on prior year results. RETURNING CASH TO SHAREHOLDERS Allocation Framework and Cash Return Calculation TARGETED RETURN OF CASH TO SHAREHOLDERS Calcu
Slide 33: Cash Return Framework in Action
CASH RETURN FRAMEWORK IN ACTION Returned Over $2 Billion of Cash To Shareholders Based on 2021 Results Returned $2.63 per share of dividends based on 2021 results Returned $100 million through opportunistic share repurchase Highest full year operating cash flow on record Record Wood Products results
Slide 34: Targeting 5% Annual Base Dividend Growth
TARGETING 5% ANNUAL BASE DIVIDEND GROWTH Driven by Timberlands and Natural Climate Solutions (1) Assumes current quarterly base dividend of $0.18 per share. Timberlands: Targeted acquisitions & Business Development $0.72 2022 Pro Forma 2025 Outlook 2023 2024 Current base dividend(1) Future BASE divi
Slide 35: $1 Billion Share Repurchase Authorization
$1 BILLION SHARE REPURCHASE AUTHORIZATION Increased share repurchase authorization to $1 billion in 2021 Q3 Repurchased $100 million in 2021(1) Repurchased additional $121 million in 2022 Q1(2) Approximately $800 million of remaining capacity under current authorization(3) Will continue to deploy op
Slide 36: Capital Expenditures
CAPITAL EXPENDITURES Organic Investments to Sustain and Enhance Our Operations CAPITAL EXPENDITURES $ in millions Wood Products: $320 million in 2022 Maintenance capex is $150-200 million Projects to improve costs and reliability Strategic lumber mill modernization Timberlands: $110 million in 2022
Slide 37: Maintain an Appropriate Capital Structure
Maintain AN appropriate capital structure Operating from Strong Financial Position with Significant Flexibility NET DEBT TO ADJUSTED EBITDA (LTM)(1) 3.5x INVESTMENT GRADE CREDIT PROFILE Baa2 Moody’s BBB Standard & Poor’s AMPLE LIQUIDITY OPPORTUNISTIC LIABILITY MGMT STRONG ASSET COVERAGE Over 80% of
Slide 38: Market Dynamics for Our Products
LUMBER ORIENTED STRAND BOARD WESTERN LOGS SOUTHERN LOGS market dynamics for our products Improving sawlog demand Fiber log demand generally stable Log pricing showing notable gains across several geographic sub-areas Emerging log export opportunity Sustained, high level of demand from residential co
Slide 39: Weyerhaeuser Investment Thesis
WEYERHAEUSER INVESTMENT THESIS UNMATCHED PORTFOLIO INDUSTRY-LEADING PERFORMANCE STRONG ESG FOUNDATION DISCIPLINED CAPITAL ALLOCATION + + Superior Shareholder Value +
Slide 40: Appendix
APPENDIX
Slide 41: Wood Products Sales Realizations
LUMBER(1) OSB(2) WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2022 Q1 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of May 27, 2022 (1) Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files. (2) WY reports OSB realizations
Slide 42: Long-Term Growth in U.S. Housing
Generation Z and Millennials are the largest population cohort, and entering peak homebuying years Renewed preference for single family homes, which use roughly 3x as much wood as multifamily units Current homebuilding rates will not fully address current deficit resulting from a decade of underbuil
Slide 43: Strong Repair & Remodel Activity
STRONG REPAIR & REMODEL ACTIVITY Strong repair & remodel spending, including larger professional built projects and steady do-it-yourself activity Housing stock continues to age, with median age greater than 40 years Increased consumer savings and home equity U.S. HOUSING STOCK MEDIAN AGE OF OWNER-O
Slide 44: Lumber Demand and Fundamentals Are Favorable
LUMBER DEMAND AND FUNDAMENTALS ARE FAVORABLE LUMBER PRICING FRAMING LUMBER COMPOSITE NORTH AMERICAN LUMBER CONSUMPTION BY END USE, 2021 Source: FEA Source: Random Lengths Q2 QTD as of 5/27/2022 Strong new residential construction activity and solid home improvement demand Expect 13% increase in Nort
Slide 45: B.C. Mill Closures Have Reduced Industry Capacity
Log supply declining in British Columbia due to fires, pine beetle and lower allowable cut Canadian lumber exports to the U.S. remain subject to duties Canadian share of lumber market has decreased U.S. Southern lumber production gaining share NORTH AMERICAN CAPACITY(1) % SHARE BY REGION NORTH AMERI
Slide 46: OSB Market Fundamentals Are Positive
OSB MARKET FUNDAMENTALS ARE POSITIVE Strong demand from new residential construction activity Favorable industry operating rates Current pricing well above historic levels Source: FEA ORIENTED STRAND BOARD PRICING 7/16” NORTH CENTRAL NORTH AMERICAN OSB CONSUMPTION BY END USE, 2021 Source: Random Len
Slide 47: Western Logs: Favorable Domestic and Export Demand
Largest driver of demand is growing U.S. housing activity Favorable Japanese demand for premium logs China continues to have strong import needs but faces constraints from suppliers in Australia, Europe and Russia Able to rapidly flex volume in response to changing markets JAPAN HOUSING STARTS WOOD-
Slide 48: Southern Logs: Improving Sawlog Demand
Sawlog demand improving as capacity and operating rates increase WY fiber log demand generally stable Log pricing showing notable gains across several geographic sub-areas WY’s timberlands are well-positioned to benefit from rising lumber production and capacity across the South Additional upside op
Slide 49: Our Carbon Record
For more information on our carbon record methodology, please visit carbonrecord.Weyerhaeuser.com OUR CARBON RECORD Our Net Climate Impact Is Significantly Carbon Negative The world needs MORE OF THIS 35 million mtCO2e in 2021 CARBON REMOVALS 2.3 billion and 3.6 billion mtCO2e CARBON STORAGE An Ambi
Slide 50: ESG Ratings and Indices
ESG RATINGS AND INDICES Leading Performance CDP Climate (1) The S&P Global Corporate Sustainability Assessment (CSA) was formerly known as the Dow Jones Sustainability Index (DJSI). (2) Rating as of May 1, 2022. ISS QualityScore ratings are reported monthly. ISS QualitySCORE(2) (1=most favorable) c
Slide 51: Well-Laddered Debt Profile
WELL-LADDERED DEBT PROFILE (1) $860 million WestRock note maturing 2023 includes extension option. Revolving credit facility was undrawn as of March 31, 2022. This credit facility has a capacity of $1.5 billion and expires in January 2025. $5.1 billion of long-term debt outstanding(1) 100% fixed rat
Slide 52: Our Company Vision
OUR COMPANY VISION OUR VISION > tnveriandandYorest products company” ~At 3.2 x ~~ a eS HOW WE WIN, Vv RELENTL Focus Develop our people tmesrty | rvs operation zens Delve the most value Great place to work Sstainabity {rom every ac Great customer fous Cptimize capital wine reat community support stai
Slide 53: Adjusted EBITDA Reconciliation: Total Company
(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 pension service costs and special items. Adjuste
Slide 54: Net Debt to Adjusted EBITDA Reconciliation
(1) LTM = last twelve months. (2) 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 divided by the last
Slide 55: Adjusted EBITDA Reconciliation: Timberlands
(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 pension service costs and special items. Adjuste
Slide 56: Adjusted EBITDA Reconciliation: Wood Products
(1) Amounts presented reflect the results of operations acquired in our merger with Plum Creek Timber, 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 of the company. Adjusted EBITDA, as we define it,
Slide 57: Adjusted EBITDA Reconciliation: Real Estate, Energy & Natural Resources
(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 pension service costs and special items. Adjuste
Slide 58: Adjusted EBITDA Reconciliation: Natural Climate Solutions
(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 and special items. Adjusted EBITDA should not be considered i
Slide 59: Adjusted Funds Available for Distribution 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 d