Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q2 2025 Earnings Presentation
29 slides from Weyerhaeuser's earnings presentation, Jul 25, 2025
Slide 1: Earnings Results Second Quarter 2025
EARNINGS RESULTS SECOND 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 third quarter 20
Slide 3: 2025 Q2 Consolidated Results
2025 Q2 CONSOLIDATED RESULTS $ Millions 2025 2025 $ Millions (except EPS) 2025 2025 Adjusted EBITDA Q1 Q2 Change Consolidated Statement of Operations Q1 Q2 Timberlands $ 167 $ 152 $ (15) Net sales $ 1,763 $ 1,884 Real Estate, Energy & Natural Resources 82 143 61 Costs of sales 1,428 1,559 Wood Produ
Slide 4: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 REAL ESTATE & ENR $600 $160 $143 $500 $410 $120 $400 $102 $352 $94 $ Millions $ Millions $328 $336 $294 $77 $82 $76 $300 $80 $236 $200 $40 $100 $0 $0 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Real Estate $ 73 70 51 53 59 113 ENR $ 21 32 2
Slide 5: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2025 2025 TIMBERLANDS ($ Millions) 2025 2025 Adjusted EBITDA by Region Q1 Q2 Segment Statement of Operations Q1 Q2 West $ 95 $ 84 Third-party sales $ 382 $ 373 South 71 69 Intersegment sales 152 156 North 2 1 Total Sales 534 529 Other (1) (2) Costs of sal
Slide 6: Timberlands Key Drivers: 2025 Q2 vs. 2025 Q1
TIMBERLANDS KEY DRIVERS: 2025 Q2 vs. 2025 Q1 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Comparable • Sales Volumes: Comparable • Sales Realizations: Comparable overall; moderately higher for Japan, offset by slightly lower domestic realizations • Per Unit Log and Haul Costs: Moderately higher, s
Slide 7: 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 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $121.06 $123.15 $114.01 $118.52 $117.6
Slide 8: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 1,304 6,293 6,220 6,070 6,161 6,133 1,222 1,239 5,990 1,207 1,211 6,250 1,200 Thousands of tons Thousands of tons 1,098 5,000 903 855 886 900 793 821 813 3,750 600 2,214 2,355 2,229 2,23
Slide 9: Real Estate, Energy & Natural Resources (ENR) Segment
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR) SEGMENT REAL ESTATE & ENR ($ Millions) 2025 2025 REAL ESTATE & ENR ($ Millions) 2025 2025 Adjusted EBITDA by Business Q1 Q2 Segment Statement of Operations Q1 Q2 Real Estate $ 59 $ 113 Total sales $ 94 $ 154 Energy & Natural Resources 23 30 Costs of sale
Slide 10: Average Price Per Acre
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR) SEGMENT AVERAGE PRICE PER ACRE $10,000 $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 $4,000 $3,629 $2,808 $3,803 $1,992 $3,227 $3,215 $3,241 $3,033 $2,000 $1,501 $2,806 $2,062 $1,381 $0 2020 2021 2022
Slide 11: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2025 2025 WOOD PRODUCTS ($ Millions) 2025 2025 Adjusted EBITDA by Business Q1 Q2 Segment Statement of Operations Q1 Q2 Lumber $ 40 $ 11 Total sales $ 1,287 $ 1,357 OSB 59 30 Costs of sales 1,114 1,243 Engineered Wood Products 53 57 Gross margin 173 11
Slide 12: Wood Products Key Drivers: 2025 Q2 vs. 2025 Q1
WOOD PRODUCTS KEY DRIVERS: 2025 Q2 vs. 2025 Q1 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Decreased 2% • Sales Volumes: Higher • Unit Manufacturing Costs: Comparable • Log Costs: Slightly higher ORIENTED • Sales Realizations: Decreased 12% STRAND BOARD • Sales Volumes: Slightly higher • Uni
Slide 13: 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 $419 $359 2,100 $450 Realizations ($/M 3/8") $404 Realizations ($/MBF) $321 $317 1,600 $305 $280 $300 1,400 1,277 $300 1,2
Slide 14: Unallocated Items
UNALLOCATED ITEMS 1 1 UNALLOCATED ITEMS ($ Millions) 2025 2025 UNALLOCATED ITEMS ($ Millions) 2025 2025 Q1 Q2 Q1 Q2 Unallocated corporate function expenses and Costs of sales 3 $ (25) $ (12) $ (42) $ (41) variable compensation expense G&A expense4 (49) (44) Liability classified share-based compensat
Slide 15: Financial Items
FINANCIAL ITEMS Cash Flow from Operations KEY FINANCIAL METRICS ($ Millions) 2025 2025 $600 Q1 Q2 $432 $396 Ending cash balance $ 560 $ 592 $450 $ Millions Total debt $ 5,167 $ 5,168 $300 $234 $218 Net debt to Adjusted EBITDA (LTM) 1 3.6 3.8 $124 Net debt to enterprise value2 18% 20% $150 $70 $0 ADJ
Slide 16: Adjusted Funds Available for Distribution
ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION 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 Adj
Slide 17: Outlook: 2025 Q3
OUTLOOK: 2025 Q3 EXPECTED EARNINGS1 SEGMENT KEY DRIVERS & ADJUSTED EBITDA TIMBERLANDS Approximately $10 million West South North lower than 2025 Q2 Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Slightly higher Slightly higher Significantly higher, seasonal Sales Realizations: Sales
Slide 18: 2025 Outlook: Update
2025 OUTLOOK: UPDATE DRIVER UPDATED 2025 OUTLOOK PRIOR 2025 OUTLOOK Approximately 35.5 million tons • South: Slightly higher than 2024 FEE HARVEST VOLUME Unchanged • West: Comparable to 2024 • North: Slightly higher than 2024 REAL ESTATE & ENR ADJUSTED EBITDA Unchanged Approximately $350 million BAS
Slide 19: Wood Products Sales Realizations: Current vs. 2025 Q2
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q2 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of July 18, 2025 LUMBER1 Q3 QTD vs. WY’s -$40/MBF LOWER SENSITIVITY Q2 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA -$40/MBF LOWER ANNUALLY Q2 AVERAGE OSB2
Slide 20: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION Adjusted EBITDA1 Per Acre WESTERN TIMBERLANDS 2023 2024 2025 SOUTHERN TIMBERLANDS 2023 2024 2025 FY FY Q1 Q2 YTD FY FY Q1 Q2 YTD 1 Adjusted EBITDA ($ Millions) $ 344 $ 262 $ 95 $ 84 $ 179 1 Adjusted EBITDA ($ Millions) $ 306 $ 285 $ 71 $ 69 $ 140 Acres (Thousands
Slide 21: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2024 2025 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Q2 Timberlands $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 Real Estate, Energy & Natural Resources 94 102 77 76 82 143 Wood Products 184 225 91 161 161 101 Unallocated Items (70) (64) (54) (69) (82) (60) Total Adjus
Slide 22: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Diluted EPS Before Special Items $ 0.16 $ 0.21 $ 0.05 $ 0.11 $ 0.11 $ 0.12 Special Items (Income Tax Affected): Product remediation recovery — 0.03 — — — — Restructuring, impairments and other charges — — (0.01) — — — Diluted EPS (GAAP) $
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2022 2023 2024 2025 1 FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 LTM Timberlands $ 784 $ 646 $ 144 $ 147 $ 122 $ 126 $ 539 $ 167 $ 152 $ 567 Real Estate & ENR 329 320 94 102 77 76 349 82 143 378 Wood Products 2,737 905 184 225 91 161 661 161 101 514 Unallocated I
Slide 24: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 West $ 76 $ 79 $ 54 $ 53 $ 95 $ 84 South 69 70 72 74 71 69 North 2 1 (1) 1 2 1 Other (3) (3) (3) (2) (1) (2) Total Timberlands Adjusted EBITDA1 $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 West (27) (29) (28) (27) (28) (26) Sou
Slide 25: Adjusted EBITDA Reconciliation: Real Estate, ENR
ADJUSTED EBITDA RECONCILIATION Real Estate, Energy & Natural Resources $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Real Estate $ 73 $ 70 $ 51 $ 53 $ 59 $ 113 Energy & Natural Resources 21 32 26 23 23 30 1 Total Real Estate & ENR Adjusted EBITDA $ 94 $ 102 $ 77 $ 76 $ 82 $ 143 Depletion, depreciation & am
Slide 26: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Lumber $ (5) $ (8) $ (29) $ 21 $ 40 $ 11 OSB 87 122 39 63 59 30 EWP 86 92 61 69 53 57 Distribution 20 18 14 10 6 5 Other (4) 1 6 (2) 3 (2) Total Wood Products Adjusted EBITDA1, 2 $ 184 $ 225 $ 91 $ 161 $ 161 $ 101 Lu
Slide 27: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 1 Unallocated Adjusted EBITDA $ (70) $ (64) $ (54) $ (69) $ (82) $ (60) Depletion, depreciation & amortization (2) (1) (3) (4) (3) (2) Operating Loss (GAAP) $ (72) $ (65) $ (57) $ (73) $ (85) $ (62) Non-operating pensi
Slide 28: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 1, 2 Net Debt to Adjusted EBITDA (LTM) 2.5 2.6 3.2 3.4 3.6 3.8 Total debt $ 5,071 $ 5,072 $ 5,074 $ 5,076 $ 5,167 $ 5,168 Less: cash and cash equivalents and short-term investments 871 997 877 684 560 592 Net Debt $ 4,
Slide 29: 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 YTD Net cash from operations $ 2,832 $ 1,433 $ 1,008 $ 70 $ 396 $ 466 Capital expenditures (468) (447) (416) (93) (107) (200) Funds Available for Distribution1 $