Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Investor Day (December 2025)
112 slides from Weyerhaeuser's investor day presentation, Dec 18, 2025
Slide 1: Accelerating Growth Rooted In Excellence: 2025 Investor Day Presentation
Accelerating Growth Rooted In Excellence 2025 Investor Day Presentation December 2025 Includes Q4 Pricing Updates Exhibit 99.1
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures 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:
Slide 3: Strategic Overview
Strategic Overview Strategic Overview
Slide 4: Key Takeaways For Today
Key Takeaways For Today 4 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 2. See appendix for definition of Adjusted Funds Available for Distribution (FAD) and reconciliation to GAAP amounts.
Slide 5: Unmatched Portfolio With Complementary Industry-Leading Businesses
Unmatched Portfolio With Complementary Industry-Leading Businesses 5 Our Foundation Is World Class New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. Approximate acreage, based on year-end 2024 and adjusted for completed and in-progress large-scale timberlands transacti
Slide 6: We Have A Strong Track Record Of Performance Improvement
We Have A Strong Track Record Of Performance Improvement Solidified Credibility Through Repeatedly Setting & Meeting Aggressive Targets 2013 OpX Targets → Achieved • 2016 Plum Creek Synergy Targets → Achieved • 2021 Investor Day Targets → Achieved 6
Slide 7: We Are In A Class By Ourselves With Distinct Competitive Advantages
We Are In A Class By Ourselves With Distinct Competitive Advantages
Slide 8: Our Integrated Model Is Intentional, Strategic & Integral To Driving Our Growth Plan
Our Integrated Model Is Intentional, Strategic & Integral To Driving Our Growth Plan $100+ Million Of Annual Uplift Opportunity Through Our Integrated Portfolio 1 1. Realizing approximately half of this amount today. Remaining opportunity to achieve $100+ million is reflected in our 2030 Adjusted EB
Slide 9: Our Integrated Portfolio Generates Significant Cash Flow Over Time & Across Business Cycles
Our Integrated Portfolio Generates Significant Cash Flow Over Time & Across Business Cycles 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. 3. Weyerhaeuser sold its timberlands i
Slide 10: Our Strategy Allows Us To Navigate Cyclical Markets
Our Strategy Allows Us To Navigate Cyclical Markets 10
Slide 11: We Have Significantly Improved Our Ability To Generate Value Throughout The Business Cycle
We Have Significantly Improved Our Ability To Generate Value Throughout The Business Cycle 1. See appendix for definition of Adjusted Funds Available for Distribution (FAD) and reconciliation to GAAP amounts. 2. See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. Clima
Slide 12: Progress Against 2021 Investor Day Targets
1. Multi-year targets established at previous Investor Day in September 2021. All targets are through year-end 2025. 2. Includes recently announced divestiture in Virginia, expected to close in early 2026. 3. See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. Climate
Slide 13: We Are Accelerating Growth Through 2030
We Are Accelerating Growth Through 2030 13 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure.
Slide 14: Our Comprehensive Growth Plan Is Designed To Increase Cash Flow Across Market Cycles
14 Our Comprehensive Growth Plan Is Designed To Increase Cash Flow Across Market Cycles
Slide 15: We Have Numerous Growth Levers To Drive Success & Many Are Already Under Way
We Have Numerous Growth Levers To Drive Success & Many Are Already Under Way 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. Represents incremental Adjusted EBITDA measured against 2024 baseline. See appendix for definition of Adjusted EBITDA and statement on t
Slide 16: Our Growth Roadmap To 2030 Measured Against 2024 Baseline
16 Our Growth Roadmap To 2030 Measured Against 2024 Baseline 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 3. See slides 17 and 93 for product pricing uplift considerations
Slide 17: Growth Baseline & Product Pricing Considerations
Growth Baseline & Product Pricing Considerations 1. See appendix for definition of Adjusted EBITDA, reconciliation to GAAP amounts and statement on this non-GAAP measure. 2. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 3. Excludes Unallocated items. 4. See slide 9
Slide 18: Fundamental Drivers Supporting Our Growth Strategy
Fundamental Drivers Supporting Our Growth Strategy 1. Represents forecasted North American CLT consumption measured against 2024 baseline. Source: FEA Global Mass Timber Service 2025 Annual Report. 2. Source: Harvard Business Review, September 2025.
Slide 19: Achieving Excellence In People Development & Sustainability
Achieving Excellence In People Development & Sustainability 19
Slide 20: Key Takeaways For Today
Key Takeaways For Today 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 2. See appendix for definition of Adjusted Funds Available for Distribution (FAD) and reconciliation to GAAP amounts. 20
Slide 21: Timberlands
Timberlands
Slide 22: Our Unrivaled Timberlands Portfolio Cannot Be Replicated
Our Unrivaled Timberlands Portfolio Cannot Be Replicated Approximate acreage, based on year-end 2024 and adjusted for completed and in-progress large-scale timberlands transactions announced in 2025.
Slide 23: Our Customer Mix Is Intentional & Strategic
Our Customer Mix Is Intentional & Strategic
Slide 24: We Have Unmatched Forestry Expertise
We Have Unmatched Forestry Expertise Most recent Forisk Silviculture Survey for each region.
Slide 25: Our Supply Chain Is Best In Class
Our Supply Chain Is Best In Class Most recent Forisk Silviculture Survey for each region.
Slide 26: Our OpX Focus Drives Significant Margin Improvements
Our OpX Focus Drives Significant Margin Improvements 1 Optimized Trucking Fleet In The South 2 Steep Slope Harvesting In The West 26 Targeted solution in geography with trucking availability challenges Through deployment of advanced equipment 1. Benchmark is UGA Logging Cost Index. Comparison of ind
Slide 27: We Drive Significant Improvements Through Innovation
We Drive Significant Improvements Through Innovation Above Canopy Imaging Under Canopy Imaging Landform Based Innovation Automation 27
Slide 28: We Are Industry Leaders In Scale & Execution & Have The Most Optionality Of All Timber REITs
We Are Industry Leaders In Scale & Execution & We Have The Most Optionality Of All Timber REITS On October 14, 2025, Rayonier and PotlatchDeltic entered into a merger agreement, expected to close in first half of 2026. 4. Based on most recent Forisk Silviculture Survey for each region. 5. Since 2012
Slide 29: We Have Unmatched Scale & Quality In A Compelling Asset Class
We Have Unmatched Scale & Quality In A Compelling Asset Class We Deliver Strong Total Returns Through Our Capabilities & Integrated Portfolio Timberlands Acquisitions Illustrative Example Timberland Transaction Value Per Acre Industry-Wide Transactions Mature, liquid market Stable returns through th
Slide 30: Unleashing The Next Phase Of Growth
Unleashing The Next Phase Of Growth 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 1 Growth Initiatives: 4 2 3
Slide 31: Disciplined Approach To Enhancing Cash Flows Through Opportunistic A&D
We Have A Disciplined Approach To Enhancing Cash Flows Through Ongoing Opportunistic A&D Timberlands A&D Activity: 2020 – 2025 1. Includes recently announced divestiture in Virginia, expected to close in early 2026. 1 Growth Initiative: 4 2 3
Slide 32: Our Recent Carolinas Acquisition Demonstrates How Our Scale & Expertise Drive Superior Returns
Our Recent Carolinas Acquisition Demonstrates How Our Scale & Expertise Drive Superior Total Returns 1. Average annual free cash flow yield over the first ten years. See appendix for definition of free cash flow yield and statement on this non-GAAP measure. 2. See appendix for definition of Adjusted
Slide 33: Capitalizing On Sizable Volume Growth & Increased Productivity From Our Acreage
We Are Capitalizing On Sizable Volume Growth & Increased Productivity From Our Acreage 33 1. As of year-end 2024. Inventory includes all conservation and non-harvestable areas. 1 Growth Initiative: 4 2 3
Slide 34: Creating New Markets & Benefiting From Increasing Log Demand In The South
We Are Creating New Markets & Benefiting From Increasing Log Demand In The South 1 Growth Initiative: 4 2 3
Slide 35: Significant Benefit From New Capacity In Our Woodbaskets
We Have Seen Significant Benefit From New Capacity In Our Woodbaskets Represents completed new sawmill capacity, as of September 30, 2025. Sources: Forisk, WY reports. Represents improvement in WY’s average sawlog sales realizations for Arkansas & North Louisiana from 2017 to Q3 2025. 1 Growth Initi
Slide 36: Targeting New Geographies With Southern Exports
We Are Leveraging Our Expertise, Scale & Reliability To Target New Geographies With Southern Exports 1 Growth Initiative: 4 2 3 Sources: Oxford Economics, Forest Economic Advisors. 1. Baseline year is 2024. 3 BEST POSITIONED To Address Global Supply Gap With Unrivaled Southern Portfolio SIGNIFICANT
Slide 37: Leveraging Decades Of Experience In Export Markets
We Are Leveraging Decades Of Experience In Export Markets 1 Growth Initiative: 4 2 3
Slide 38: Timberlands Strategy For Success
Timberlands Strategy For Success 38 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure.
Slide 39: Wood Products
Wood Products
Slide 40: Our Wood Products Business Leads The Industry In Scale, Diversification & Quality
1. Excludes lumber mill in New Bern, NC, which was indefinitely curtailed in Q3 2024. 2. Includes recently added distribution centers in Spokane, WA and Billings, MT. - WY relative positioning based on full year 2024 production. WY specific values represent capacity by product line as of December 31
Slide 41: Peer-Leading Performance & Leverage To Commodity Prices In Lumber & OSB
We Have Peer-Leading Performance & Significant Leverage To Commodity Prices In Lumber & OSB 1. Average annual return on net assets (RONA) from 2015-2024. RONA is defined herein as operating income divided by net assets, which is total assets for OSB less cash and cash equivalents and current liabili
Slide 42: Industry-Leading EWP Capacity & Strand Technology
We Have Industry-Leading EWP Capacity & Strand Technology, & We’re Growing Proprietary TimberStrand ® Solid Section Products I-joists 42
Slide 43: Our Distribution Business Has Strong & Growing Penetration In Largest Homebuilding Markets
Our Distribution Business Has Strong & Growing Penetration In The Largest Homebuilding Markets 43
Slide 44: Our EWP & Distribution Businesses Are Integrated With Strong Synergies
Our EWP & Distribution Businesses Are Integrated With Strong Synergies & An Aligned Growth Strategy 1. Percentage based on full year 2024 third party sales revenue.
Slide 45: We Are A Preferred Supplier With Unrivaled Product Mix & Quality
We Are A Preferred Supplier With Unrivaled Product Mix & Quality
Slide 46: We Generate Sustainable Value Through OpX
We Generate Sustainable Value Through OpX 46
Slide 47: We Enhance Performance & Reliability With Cutting Edge Technology
We Enhance Performance & Reliability With Cutting Edge Technology
Slide 48: Strong Track Record Of Delivering Superior Performance & Serving Our Customers
We Have A Strong Track Record Of Delivering Superior Performance & Serving Our Customers See appendix for definition of Adjusted EBITDA and reconciliation to GAAP amounts. Compared to peers, which include BlueLinx, Boise Cascade, Canfor, Interfor, Louisiana-Pacific and West Fraser. From public filin
Slide 49: Accelerating Growth To Enhance Returns: Wood Products Growth Strategy
Accelerating Growth To Enhance Returns We Have A Focused Wood Products Growth Strategy Leveraging Our Foundational Strengths
Slide 50: Unleashing The Next Phase Of Growth
Unleashing The Next Phase Of Growth 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 1 Growth Initiatives: 4 2 3
Slide 51: Capitalizing On Strategic Investments To Enhance Our Low-Cost Lumber Business
We Are Well Positioned To Capitalize On Strategic Investments To Enhance Our Low-Cost Lumber Business Includes production volume from lumber mills in New Bern, NC and Princeton, B.C. New Bern was indefinitely curtailed in Q3 2024 and Princeton was sold in Q3 2025. 1 Growth Initiative: 4 2 3
Slide 52: Improves Our EWP Offerings In The U.S. South
Improves Our EWP Offerings In The U.S. South $100+ MILLION Annual Adjusted EBITDA2 Expected At Full Operating Capacity Additional upside from portfolio integration benefits Construction commenced in 2025, with startup expected in 2027 ~$500 million investment between 2025 and 2027 Addresses underser
Slide 53: Compelling Case For Leveraging Proprietary TimberStrand Technology
There Is A Compelling Case For Leveraging Our Proprietary TimberStrand® Technology There Is Further Growth Potential Beyond Monticello 1 Growth Initiative: 4 2 3
Slide 54: Expanding Our Distribution Footprint Into High-Value Markets
We Are Expanding Our Distribution Footprint Into High-Value Markets & Increasing Reach At Existing Sites 1 Growth Initiative: 4 2 3 Recently added distribution centers in Spokane, WA and Billings, MT. See appendix for definition of return on investment (ROI) and statement on this non-GAAP measure.
Slide 55: We Have A Long History Of Successful Product Innovation
We Have A Long History Of Successful Product Innovation 1 Growth Initiative: 4 2 3
Slide 56: Re-Energizing Our Focus On New Product Development
We Are Re-Energizing Our Focus On New Product Development Aggressive Targets, Timelines & Resourcing To Accelerate Results 1 Growth Initiative: 4 2 3
Slide 57: Leveraging Technology In Sales & Marketing To Drive Growth
We Are Leveraging Technology In Sales & Marketing To Drive Growth 1 Growth Initiative: 4 2 3
Slide 58: Wood Products Strategy For Success
Wood Products Strategy For Success 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure.
Slide 59: Strategic Land Solutions
Strategic Land Solutions
Slide 60: Our Strategic Land Solutions Business
Our Strategic Land Solutions Business1 New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. Approximate acreage, based on year-end 2024 and adjusted for completed and in-progress large-scale timberlands transactions announced in 2025.
Slide 61: End-To-End Portfolio Management & Distinct Competitive Advantages
We Generate Value Through End-To-End Portfolio Management & Distinct Competitive Advantages Hundreds of value-enhancing activities & assets operating across our portfolio today We have 10.4 million acres1 to drive future growth from diverse real estate, climate solutions & natural resource markets I
Slide 62: Timberlands A&D Performance: 2020–2025
Timber Free Cash Flow2 $ In Millions 5-Year Annual Average Timber Free Cash Flow Yield1 5-Year Annual Average Harvest Tons In Thousands 5-Year Annual Average Acres Transacted In Thousands Significantly Increased Harvest Volumes & Cash Flows on Fewer Acres Weyerhaeuser Timberlands A&D Performance: 20
Slide 63: We Are Going On Offense To Develop Options Across Our Land Base
We Are Going On Offense To Develop Options Across Our Land Base Woodbasket Optimization Leverages Foundational Strengths Deep expertise across the value chain | Proprietary technology platform 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026.
Slide 64: Strong Track Record Of Reliable & Growing Cash Generation
We Have A Strong Track Record Of Reliable & Growing Cash Generation Unmatched expertise in evaluating & maximizing the full value from every acre Proven ability to deliver significant premium to timber value Peer-leading growth from climate solution opportunities New segment name for Real Estate, En
Slide 65: Real Estate & Natural Resources Businesses Deliver Strong Cash Flow & Premiums
Our Real Estate & Natural Resources Businesses Deliver Strong Cash Flow & Premiums To Timber Value
Slide 66: Climate Solutions Business Delivers Tangible Results & Peer-Leading Performance
Our Climate Solutions Business Delivers Tangible Results & Peer-Leading Performance First Mover In Our Space With Unmatched Ability To Deliver Value At Scale
Slide 67: Unleashing The Next Phase Of Growth
Unleashing The Next Phase Of Growth 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 1 Growth Initiatives: 4 2 3 5 6 7
Slide 68: Real Estate Development Has An Adaptable & Proven Go-To-Market Strategy
Our Real Estate Development Business Has An Adaptable & Proven Go-To-Market Strategy Notable Activities 2 active master planned communities and 2 shovel-ready industrial mega sites Residential, commercial and industrial parcel & lot sales in Florida, Louisiana & the Carolinas Master planning and rez
Slide 69: Real Estate Development Offers A Growing Opportunity To Capture Premiums
Real Estate Development Offers A Growing Opportunity To Capture Significant Premiums Uniquely Positioned To Benefit From Expanding Growth Markets In The U.S. South WY Growth Markets Coastal North Carolina Charleston, SC Savannah, GA Georgia Foothills North Florida New Orleans, LA Baton Rouge, LA Val
Slide 70: Growing Durable, High-Margin Cash Flows From Construction Materials Portfolio
We Are Growing Durable, High-Margin Cash Flows From Our Valuable Construction Materials Business Portfolio Active quarries & expansion opportunities across 12 states 46 active quarries today serving 18 markets Operated & managed by industry-leading construction material companies 30-50-year contract
Slide 71: Accelerating Growth In Climate Solutions To Achieve $170 Million Of Adjusted EBITDA Uplift By 2030
We Are Accelerating Growth In Climate Solutions To Achieve $170 Million Of Adjusted EBITDA Uplift By 20301 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. Building On Our Strong Foundation & Capitalizing On Eme
Slide 72: Demonstrated Leadership In Developing Forest Carbon As A New Market
We Have Demonstrated Leadership In Developing Forest Carbon As A New Market 72 1 Growth Initiative: 4 2 3 5 6 7
Slide 73: Line Of Sight To Significant Expansion Of Forest Carbon Project Portfolio
We Have Line Of Sight To Significant Expansion Of Our Forest Carbon Project Portfolio Demonstrated Leadership In Quality, Scale & Commercialization Of Projects 73 1 Growth Initiative: 4 2 3 5 6 7
Slide 74: Renewable Energy Business Positioned To Meet Increasing Demand For Electricity
Our Renewable Energy Business Is Uniquely Positioned To Meet Increasing Demand For Electricity 74 1 Growth Initiative: 4 2 3 5 6 7
Slide 75: Significantly Expanding Our Solar Portfolio
We Are Significantly Expanding Our Solar Portfolio With Line Of Sight To Multiple Projects 75 1 Growth Initiative: 4 2 3 5 6 7
Slide 76: Carbon Capture & Sequestration Creates A Material Growth Opportunity
Carbon Capture & Sequestration Creates A Material Growth Opportunity Across Our Timber Holdings 1 Growth Initiative: 4 2 3 5 6 7 76
Slide 77: Carbon Capture & Sequestration Projects Generate Significant Incremental Value
Our Carbon Capture & Sequestration Projects Generate Significant Incremental Value PROJECT SPOTLIGHT Location: Livingston Parish, LA Developer: Occidental Petroleum & Enbridge JV Footprint: More than 30,000 acres of WY subsurface pore space Storage Capacity: 10 million tons of CO2 per year Status: I
Slide 78: Steady Cash Flow From Mitigation Banking & Conservation
We Leverage Our Land Base & Expertise To Generate Steady Cash Flow From Mitigation Banking & Conservation Strong Contributors To Our 2025 Climate Solutions Target — Expecting Steady Contributions Through 2030 1 Growth Initiative: 4 2 3 5 6 7
Slide 79: Metallurgical Biocarbon Creates An Exciting New Market For Pulpwood & Residuals
Metallurgical Biocarbon Creates An Exciting New Market For Our Pulpwood & Residuals 1 Growth Initiative: 4 2 3 5 6 7 79
Slide 80: Partnering With Aymium To Launch A New Climate Solutions Business
We Are Partnering With Aymium To Launch A New Climate Solutions Business With Significant Growth Potential 1 Growth Initiative: 4 2 3 5 6 7 = Memorandum of understanding in place. 2030 target subject to finalization of definitive agreements.
Slide 81: Capitalizing On The Expanding Energy and Climate Solutions Landscape
We Are Capitalizing On The Expanding Energy and Climate Solutions Landscape Active / In Development Actively Pursuing Emerging / Future
Slide 82: Strategic Land Solutions Strategy For Success
Strategic Land Solutions1 Strategy For Success 82 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure.
Slide 83: Enterprise Initiatives
Enterprise Initiatives
Slide 84: Delivering EBITDA Uplift From Enterprise Initiatives
Delivering EBITDA Uplift From Enterprise Initiatives 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 1 Growth Initiatives: 4 2 3
Slide 85: Our Integrated Model Is Strategic, Intentional & Drives Significant Value
Our Integrated Model Is Strategic, Intentional & It Drives Significant Value 1 Growth Initiative: 4 2 3 Creating & Capturing Value Across Our Portfolio & Supply Chain
Slide 86: Built Internal Expertise & Advancing Artificial Intelligence Initiatives
We Have Built Internal Expertise & Are Advancing Artificial Intelligence Initiatives 1 Growth Initiative: 4 2 3 Leveraging Emerging Technology To Accelerate Growth
Slide 87: Taking Innovation & Operational Excellence To The Next Level
We Are Taking Innovation & Operational Excellence To The Next Level 1 Growth Initiative: 4 2 3
Slide 88: Accelerated Growth Plan
Accelerated Growth Plan
Slide 89: Our Growth Roadmap To 2030 Measured Against 2024 Baseline
89 Our Growth Roadmap To 2030 Measured Against 2024 Baseline 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 3. See slides 17 and 93 for product pricing uplift considerations
Slide 90: Growth Initiatives Are Under Way & Most Are Within Our Control
Our Growth Initiatives Are Under Way & Most Are Within Our Control 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026.
Slide 91: Well Positioned To Execute Our Accelerated Growth Plan
91 We Are Well Positioned To Execute Our Accelerated Growth Plan Executing Strategic Growth Plan While Maintaining A Strong Balance Sheet
Slide 92: Growth Plan Drives Significant Value Creation With Attractive Return On Investment
Our Growth Plan Drives Significant Value Creation With An Attractive Return On Investment Measured against 2024 Adjusted EBITDA and Adjusted Funds Available for Distribution (FAD) baseline. See appendix for definitions of Adjusted EBITDA and Adjusted FAD and statement on these non-GAAP measures. Adj
Slide 93: Pricing Improvements Drive Substantial Upside To Our 2030 Growth Target
Pricing Improvements Drive Substantial Upside To Our 2030 Growth Target 1. Product pricing scenarios reflect Adjusted EBITDA uplift compared to 2024 pricing levels. EWP assumptions are for solid section and I-joist products. WY reports OSB realizations in MSF 3/8”. 2. Measured against 2024 Adjusted
Slide 94: Capital Allocation
: & . as —— Se ~~~ Capital Allocation
Slide 95: Strong & Proven Track Record Of Disciplined Capital Allocation
We Have A Strong & Proven Track Record Of Disciplined Capital Allocation 1. All amounts are 2021 through year-end 2025. Assumptions for 2025 are outlined below. 2. Excludes capitalized interest. For 2025, assumes $385 million of programmatic capital expenditures and $130 million of investments in Mo
Slide 96: Committed To Returning A Meaningful Amount Of Cash Back To Shareholders
We Remain Committed To Returning A Meaningful Amount Of Cash Back To Shareholders 1. See appendix for definition of Adjusted Funds Available for Distribution (FAD) and reconciliation to GAAP amounts. 2. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 3. Normally decl
Slide 97: We Have Many Levers To Drive Value
We Have Many Levers To Drive Value Allocating & Executing To Deliver Exceptional Shareholder Returns 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. See appendix for definition of return on investment (ROI) and statement on this non-GAAP measure.
Slide 98: Continue To Invest In Our Businesses Through The Cycle
We Will Continue To Invest In Our Businesses Through The Cycle To Maintain Industry-Leading Performance 1. Excludes capitalized interest. For 2025, assumes capital expenditures of $385 million. 2. Excludes investments in Monticello EWP facility and other growth initiatives. 3. New segment name for R
Slide 99: Our M&A Strategy Is Focused
Our M&A Strategy Is Focused 99 99
Slide 100: Disciplined Approach To Capital Allocation & Flexible Framework
We Have A Disciplined Approach To Capital Allocation & Our Framework Is Flexible 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 ALLO
Slide 101: Closing Remarks
~~ Closing Remarks — of 2 e Oe i 7 vd Pek
Slide 102: Our Investment Thesis Drives Superior Shareholder Value
102 Our Investment Thesis Drives Superior Shareholder Value Unmatched Portfolio Industry-Leading Performance Accelerated Growth Disciplined Capital Allocation Foundational Strengths Expertise | Sustainability | Operational Excellence | Innovation
Slide 103: Key Takeaways For Today
Key Takeaways For Today 103 1. Measured against 2024 Adjusted EBITDA baseline. See appendix for definition of Adjusted EBITDA and statement on this non-GAAP measure. 2. See appendix for definition of Adjusted Funds Available for Distribution (FAD) and reconciliation to GAAP amounts.
Slide 104: Appendix
Appendix
Slide 105: Wood Products Sales Realizations: Current vs. 2025 Q3
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q3 (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 changes in industry benchmark pricing
Slide 106: Adjusted EBITDA Reconciliation: Total Company
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 pens
Slide 107: Adjusted EBITDA Reconciliation: Timberlands
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 pensio
Slide 108: Adjusted EBITDA Reconciliation: Wood Products
Adjusted EBITDA Reconciliation Wood Products 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 109: Adjusted EBITDA Reconciliation: Strategic Land Solutions
Adjusted EBITDA Reconciliation Strategic Land Solutions1 1. New segment name for Real Estate, Energy & Natural Resources, effective Q1 2026. 2. 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
Slide 110: Adjusted EBITDA Per Acre Reconciliation
Adjusted EBITDA Per Acre Reconciliation $ Millions 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Western Timberlands Adjusted EBITDA1 $258 $373 $571 $459 $443 $508 $532 $318 $340 $387 $473 $344 $262 Acres (Thousands)2 1,960 2,597 2,594 2,594 2,949 2,926 2,910 2,888 2,731 2,577 2,5
Slide 111: 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 112: 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, each of which is a non-GAAP financial measure that management uses to evaluate the performance of the company and certain investments.