Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q1 2026 Earnings Presentation
30 slides from Weyerhaeuser's earnings presentation, 2026
Slide 1: Earnings Results First Quarter 2026
EARNINGS RESULTS FIRST QUARTER 2026
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 second quarter 2
Slide 3: 2026 Q1 Consolidated Results
2026 Q1 CONSOLIDATED RESULTS $ Millions 2025 2026 $ Millions (except EPS) 2025 2026 Adjusted EBITDA Q4 Q1 Change Consolidated Statement of Operations Q4 Q1 Timberlands $ 114 $ 120 $ 6 Net Sales $ 1,541 $ 1,727 Strategic Land Solutions 1 95 193 98 Costs of sales 1,380 1,409 Wood Products (20) 71 91 G
Slide 4: Earnings Before Special Items
EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) 2025 Q4 2026 Q1 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS (Loss) Earnings Before Special Items $ (80) $ (67) $ (0.09) $ 85 $ 77 $ 0.11 Special Items: Environmental remediation charge (18) (14) (
Slide 5: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 STRATEGIC LAND SOLUTIONS3 $400 $240 Prior to 2026 Q1, Climate Solutions Adj. EBITDA was included in $328 $336 Real Estate and Natural Resources. Full-year 2025 Climate $193 $308 Solutions Adj. EBITDA was $119 million. $300 $180 $143 $ Millions $ Millions $217 $200 $12
Slide 6: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2025 2026 TIMBERLANDS ($ Millions) 2025 2026 Adjusted EBITDA by Region Q4 Q1 Segment Statement of Operations Q4 Q1 West $ 45 $ 58 Third-party sales $ 353 $ 356 South 69 62 Intersegment sales 134 136 North 2 2 Total Sales 487 492 Other (2) (2) Costs of sal
Slide 7: Timberlands Key Drivers: 2026 Q1 vs. 2025 Q4
TIMBERLANDS KEY DRIVERS: 2026 Q1 vs. 2025 Q4 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Slightly higher, more favorable weather conditions • Sales Realizations: Slightly lower overall due to mix; moderately higher for domestic logs • Per Unit Log and Haul Costs: Moderately lower, seasonal • For
Slide 8: 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 $37.10 $37.71 $36.65 $37.29 $37.26 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $118.52 $117.69 5,600 $36 $110.68 $108.64 $12
Slide 9: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 6,431 1,293 6,133 6,220 1,239 1,234 6,048 5,915 1,211 6,250 1,153 1,200 Thousands of tons Thousands of tons 5,000 903 886 850 855 858 900 3,750 600 2,394 2,229 2,238 2,143 2,178 2,500 30
Slide 10: Strategic Land Solutions Segment
STRATEGIC LAND SOLUTIONS SEGMENT STRATEGIC LAND SOLUTIONS ($ Millions) 2025 2026 STRATEGIC LAND SOLUTIONS ($ Millions) 2025 2026 Adjusted EBITDA by Business 1 Q4 Q1 Segment Statement of Operations Q4 Q1 Real Estate $ 67 $ 61 Total Sales $ 103 $ 207 Natural Resources 28 24 Costs of sales 13 32 See Cl
Slide 11: Strategic Land Solutions Segment: Real Estate Price and Acres
STRATEGIC LAND SOLUTIONS SEGMENT REAL ESTATE AVERAGE PRICE PER ACRE1 $10,000 $8,561 $8,000 Price per acre $6,000 $5,545 $5,319 $5,174 $5,025 $4,930 $5,128 $4,007 $4,161 $4,000 $3,393 $2,836 $4,015 $3,764 $3,241 $3,022 $2,000 $2,918 $1,852 $0 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.2
Slide 12: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2025 2026 WOOD PRODUCTS ($ Millions) 2025 2026 Adjusted EBITDA by Business Q4 Q1 Segment Statement of Operations Q4 Q1 Lumber $ (57) $ 27 Total Sales $ 1,085 $ 1,164 OSB (10) 3 Costs of sales 1,099 1,087 Engineered Wood Products 49 39 Gross Margin (14
Slide 13: Wood Products Key Drivers: 2026 Q1 vs. 2025 Q4
WOOD PRODUCTS KEY DRIVERS: 2026 Q1 vs. 2025 Q4 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Increased 13% • Sales Volumes: Slightly higher • Unit Manufacturing Costs: Lower • Log Costs: Comparable ORIENTED • Sales Realizations: Increased 8% STRAND BOARD • Sales Volumes: Slightly lower • Unit Ma
Slide 14: Third-Party Sales Volumes and Realizations
THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 Lumber OSB 2,800 $600 2,000 $375 $317 Volumes (Millions of Square Ft.) $463 Volumes (Millions of Board Ft.) $454 1,600 $280 $300 $443 2,100 $450 Realizations ($/M 3/8") $405 $393 Realizations ($/MBF) $231 $236 $218 1,200 $225 1,400 1,277 1,259 $300 1,138 1
Slide 15: Unallocated Items
UNALLOCATED ITEMS UNALLOCATED ITEMS ($ Millions) 1 2025 2026 UNALLOCATED ITEMS ($ Millions)1 2025 2026 Q4 Q1 Q4 Q1 Unallocated corporate function expenses and Costs of sales5 $ 8 $ (17) $ (46) $ (44) variable compensation expense G&A expense6 (44) (49) Foreign exchange loss (1) (1) Elimination of in
Slide 16: Financial Items
FINANCIAL ITEMS Cash Flow from Operations KEY FINANCIAL METRICS ($ Millions) 2025 2026 $600 Q4 Q1 $396 $400 Ending cash balance $ 464 $ 299 $ Millions $210 Total debt $ 5,572 $ 5,424 $200 $70 $52 Net debt to Adjusted EBITDA (LTM)1 5.0 5.1 $0 Net debt to enterprise value2 23% 23% $(200) ($114) 6 ADJU
Slide 17: Returning Cash to Shareholders
RETURNING CASH TO SHAREHOLDERS Allocation Framework And Cash Return Calculation Adjusted Funds Available For Distribution1 Targeted Return Of Cash To Shareholders Allocation Framework Calculated On An Annual Basis Return 75-80% Of Adjusted FAD To Shareholders Adjusted FAD Sustainable Base Dividend $
Slide 18: Outlook: 2026 Q2
OUTLOOK: 2026 Q2 EXPECTED EARNINGS1 & SEGMENT KEY DRIVERS ADJUSTED EBITDA TIMBERLANDS Comparable to 2026 Q1 West South North Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Moderately higher Slightly higher Significantly lower, seasonal Sales Realizations: Sales Realizations: Sales Re
Slide 19: Wood Products Sales Realizations: Current vs. 2026 Q1
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2026 Q1 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of April 24, 2026 LUMBER1 Q2 QTD vs. WY’s +$65/MBF HIGHER SENSITIVITY Q1 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA +$70/MBF HIGHER Q1 AVERAGE ANNUALLY O
Slide 20: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION ADJUSTED EBITDA1 PER ACRE 2024 2025 2026 FY FY Q1 Western Timberlands Adjusted EBITDA ($ Millions)1 $ 262 $ 299 $ 58 2 Acres (Thousands) 2,510 2,475 2,475 Reported Adjusted EBITDA Per Acre $ 104 $ 121 $ 23 Adjusted EBITDA attributable to Western Natural Resources
Slide 21: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2025 2026 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Timberlands $ 167 $ 152 $ 148 $ 114 $ 120 Strategic Land Solutions 82 143 91 95 193 Wood Products 161 101 8 (20) 71 Unallocated Items (82) (60) (30) (49) (76) Total Adjusted EBITDA1 $ 328 $ 336 $ 217 $ 140 $
Slide 22: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2025 2026 Q1 Q2 Q3 Q4 Q1 Diluted EPS Before Special Items $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 Special Items (Income Tax Affected): Environmental remediation charge — — — (0.02) — Gain on lumber mill sale — — 0.03 — — Gain on sale of timberlands — — — 0.36 0.08 Insu
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2023 2024 2025 2026 1 FY FY Q1 Q2 Q3 Q4 FY Q1 LTM Timberlands $ 646 $ 539 $ 167 $ 152 $ 148 $ 114 $ 581 $ 120 $ 534 Strategic Land Solutions 320 349 82 143 91 95 411 193 522 Wood Products 905 661 161 101 8 (20) 250 71 160 Unallocated Items (177) (
Slide 24: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 West $ 95 $ 84 $ 75 $ 45 $ 58 South 71 69 74 69 62 North 2 1 2 2 2 Other (1) (2) (3) (2) (2) 1 Total Timberlands Adjusted EBITDA $ 167 $ 152 $ 148 $ 114 $ 120 West (28) (26) (30) (26) (27) South (36) (35) (37) (35) (35) N
Slide 25: Adjusted EBITDA Reconciliation: Strategic Land Solutions
ADJUSTED EBITDA RECONCILIATION Strategic Land Solutions1 $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Real Estate $ 59 $ 113 $ 56 $ 67 $ 61 Natural Resources 23 30 35 28 24 Climate Solutions 108 2 Total Strategic Land Solutions Adjusted EBITDA $ 82 $ 143 $ 91 $ 95 $ 193 Depletion, depreciation & amortization
Slide 26: Strategic Land Solutions Business Lines
STRATEGIC LAND SOLUTIONS BUSINESS LINES Effective first quarter 2026, the Real Estate, Energy & Natural Resources (Real Estate & ENR) segment was renamed Strategic Land Solutions. Concurrently, the business line composition of the segment was updated to Real Estate, Natural Resources and Climate Sol
Slide 27: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Lumber $ 40 $ 11 $ (48) $ (57) $ 27 OSB 59 30 (3) (10) 3 EWP 53 57 56 49 39 Distribution 6 5 1 (1) 6 Other 3 (2) 2 (1) (4) 1, 2 Total Wood Products Adjusted EBITDA $ 161 $ 101 $ 8 $ (20) $ 71 Lumber (32) (30) (32) (31)
Slide 28: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Unallocated Adjusted EBITDA1 $ (82) $ (60) $ (30) $ (49) $ (76) Depletion, depreciation & amortization (3) (2) (3) (4) (3) Special items included in operating loss — — 26 (18) — Operating Loss (GAAP) $ (85) $ (62) $ (7) $
Slide 29: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Net Debt to Adjusted EBITDA (LTM)1, 2 3.6 3.8 4.3 5.0 5.1 Total debt $ 5,167 $ 5,168 $ 5,470 $ 5,572 $ 5,424 Less: cash and cash equivalents and short-term investments 560 592 401 464 299 Net Debt $ 4,607 $ 4,576 $ 5,069
Slide 30: Funds Available for Distribution Reconciliation
FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) 2023 2024 2025 2026 FY FY FY Q1 Net cash from operations $ 1,433 $ 1,008 $ 562 $ 52 Capital expenditures (447) (416) (474) (112) Funds Available for Distribution1 $ 986 $ 592 $ 88 $ (60) Cash from