Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q1 2025 Earnings Presentation
28 slides from Weyerhaeuser's earnings presentation, Apr 25, 2025
Slide 1: Earnings Results First Quarter 2025
EARNINGS RESULTS FIRST 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 second quarter 2
Slide 3: 2025 Q1 Consolidated Results
2025 Q1 CONSOLIDATED RESULTS $ Millions 2024 2025 $ Millions (except EPS) 2024 2025 Adjusted EBITDA Q4 Q1 Change Consolidated Statement of Operations Q4 Q1 Timberlands $ 126 $ 167 $ 41 Net sales $ 1,708 $ 1,763 Real Estate, Energy & Natural Resources 76 82 6 Costs of sales 1,404 1,428 Wood Products
Slide 4: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 REAL ESTATE & ENR $600 $120 $102 $500 $100 $94 $410 $82 $400 $80 $77 $76 $352 $ Millions $ Millions $328 $294 $300 $60 $236 $200 $40 $100 $20 $0 $0 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Real Estate $ 73 70 51 53 59 ENR $ 21 32 26 23 23 TIMBERLAND
Slide 5: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2024 2025 TIMBERLANDS ($ Millions) 2024 2025 Adjusted EBITDA by Region Q4 Q1 Segment Statement of Operations Q4 Q1 West $ 53 $ 95 Third-party sales $ 359 $ 382 South 74 71 Intersegment sales 138 152 North 1 2 Total Sales 497 534 Other (2) (1) Costs of sal
Slide 6: Timberlands Key Drivers: 2025 Q1 vs. 2024 Q4
TIMBERLANDS KEY DRIVERS: 2025 Q1 vs. 2024 Q4 REGION KEY DRIVERS WEST • Fee Harvest and Domestic Sales Volumes: Moderately higher • Export Sales Volumes: Slightly lower overall; significantly lower for China, mostly offset by higher Japan volumes • Domestic Sales Realizations: Significantly higher •
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 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $121.06 $123.15 $114.01 $118.52 5,600 $36 $11
Slide 8: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 1,304 6,293 6,070 6,161 6,133 1,222 1,239 5,990 1,207 6,250 1,200 Thousands of tons Thousands of tons 1,098 5,000 903 855 900 793 821 813 3,750 600 2,214 2,355 2,229 2,500 2,184 2,149 30
Slide 9: Real Estate, Energy & Natural Resources (ENR) Segment
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR) SEGMENT REAL ESTATE & ENR ($ Millions) 2024 2025 REAL ESTATE & ENR ($ Millions) 2024 2025 Adjusted EBITDA by Business Q4 Q1 Segment Statement of Operations Q4 Q1 Real Estate $ 53 $ 59 Total sales $ 86 $ 94 Energy & Natural Resources 23 23 Costs of sales
Slide 10: Average Price Per Acre and Acres Sold
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 $4,385 $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 $0 2020 2021 2022 2023 20
Slide 11: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2024 2025 WOOD PRODUCTS ($ Millions) 2024 2025 Adjusted EBITDA by Business Q4 Q1 Segment Statement of Operations Q4 Q1 Lumber $ 21 $ 40 Total sales $ 1,263 $ 1,287 OSB 63 59 Costs of sales 1,092 1,114 Engineered Wood Products 69 53 Gross margin 171 17
Slide 12: Wood Products Key Drivers: 2025 Q1 vs. 2024 Q4
WOOD PRODUCTS KEY DRIVERS: 2025 Q1 vs. 2024 Q4 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Increased 5% • Sales Volumes: Slightly higher • Unit Manufacturing Costs: Slightly lower • Log Costs: Moderately higher, primarily for western logs ORIENTED • Sales Realizations: Decreased 1% STRAND
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 $359 $400 $429 $419 2,100 $450 Realizations ($/M 3/8") $404 $321 Realizations ($/MBF) $305 $317 1,600 $300 1,400 $300 1,200 1,190 1,116 1
Slide 14: Unallocated Items
UNALLOCATED ITEMS 1 1 UNALLOCATED ITEMS ($ Millions) 2024 2025 UNALLOCATED ITEMS ($ Millions) 2024 2025 Q4 Q1 Q4 Q1 Unallocated corporate function expenses and Costs of sales3 $ (5) $ (25) $ (47) $ (42) variable compensation expense 4 G&A expense (53) (49) Liability classified share-based compensati
Slide 15: Financial Items
FINANCIAL ITEMS KEY FINANCIAL METRICS ($ Millions) 2024 2025 Cash Flow from Operations $600 Q4 Q1 $432 Ending cash balance $ 684 $ 560 $450 $ Millions Total debt $ 5,076 $ 5,167 $300 $234 $218 Net debt to Adjusted EBITDA (LTM)1 3.4 3.6 $124 Net debt to enterprise value2 18% 18% $150 $70 ADJUSTED FUN
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 Q2
OUTLOOK: 2025 Q2 EXPECTED EARNINGS1 SEGMENT KEY DRIVERS & ADJUSTED EBITDA TIMBERLANDS Approximately $15 million West South North lower than 2025 Q1 Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Slightly higher Moderately higher Significantly lower, seasonal Sales Realizations: Sales
Slide 18: Wood Products Sales Realizations: Current vs. 2025 Q1
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q1 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of April 18, 2025 LUMBER1 Q2 QTD vs. WY’s +$15/MBF HIGHER SENSITIVITY Q1 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA +$20/MBF HIGHER ANNUALLY Q1 AVERAGE O
Slide 19: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION Adjusted EBITDA1 Per Acre WESTERN TIMBERLANDS 2023 2024 2025 SOUTHERN TIMBERLANDS 2023 2024 2025 FY FY Q1 FY FY Q1 1 1 Adjusted EBITDA ($ Millions) $ 344 $ 262 $ 95 Adjusted EBITDA ($ Millions) $ 306 $ 285 $ 71 2 Acres (Thousands) 2,539 2,510 2,510 Acres (Thousan
Slide 20: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2024 2025 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Timberlands $ 144 $ 147 $ 122 $ 126 $ 167 Real Estate, Energy & Natural Resources 94 102 77 76 82 Wood Products 184 225 91 161 161 Unallocated Items (70) (64) (54) (69) (82) Total Adjusted EBITDA 1 $ 352 $ 4
Slide 21: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2024 2025 Q1 Q2 Q3 Q4 Q1 Diluted EPS Before Special Items $ 0.16 $ 0.21 $ 0.05 $ 0.11 $ 0.11 Special Items (Income Tax Affected): Product remediation recovery — 0.03 — — — Restructuring, impairments and other charges — — (0.01) — — Diluted EPS (GAAP) $ 0.16 $ 0.24 $
Slide 22: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2022 2023 2024 2025 1 FY FY Q1 Q2 Q3 Q4 FY Q1 LTM Timberlands $ 784 $ 646 $ 144 $ 147 $ 122 $ 126 $ 539 $ 167 $ 562 Real Estate & ENR 329 320 94 102 77 76 349 82 337 Wood Products 2,737 905 184 225 91 161 661 161 638 Unallocated Items (196) (177)
Slide 23: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 West $ 76 $ 79 $ 54 $ 53 $ 95 South 69 70 72 74 71 North 2 1 (1) 1 2 Other (3) (3) (3) (2) (1) Total Timberlands Adjusted EBITDA1 $ 144 $ 147 $ 122 $ 126 $ 167 West (27) (29) (28) (27) (28) South (35) (36) (35) (35) (36)
Slide 24: Adjusted EBITDA Reconciliation: Real Estate, ENR
ADJUSTED EBITDA RECONCILIATION Real Estate, Energy & Natural Resources $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Real Estate $ 73 $ 70 $ 51 $ 53 $ 59 Energy & Natural Resources 21 32 26 23 23 Total Real Estate & ENR Adjusted EBITDA1 $ 94 $ 102 $ 77 $ 76 $ 82 Depletion, depreciation & amortization (3) (4)
Slide 25: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Lumber $ (5) $ (8) $ (29) $ 21 $ 40 OSB 87 122 39 63 59 EWP 86 92 61 69 53 Distribution 20 18 14 10 6 Other (4) 1 6 (2) 3 Total Wood Products Adjusted EBITDA1, 2 $ 184 $ 225 $ 91 $ 161 $ 161 Lumber (31) (32) (30) (31) (
Slide 26: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 1 Unallocated Adjusted EBITDA $ (70) $ (64) $ (54) $ (69) $ (82) Depletion, depreciation & amortization (2) (1) (3) (4) (3) Operating Loss (GAAP) $ (72) $ (65) $ (57) $ (73) $ (85) Non-operating pension and other post-emp
Slide 27: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Net Debt to Adjusted EBITDA (LTM)1, 2 2.5 2.6 3.2 3.4 3.6 Total debt $ 5,071 $ 5,072 $ 5,074 $ 5,076 $ 5,167 Less: cash and cash equivalents and short-term investments 871 997 877 684 560 Net Debt $ 4,200 $ 4,075 $ 4,197
Slide 28: Funds Available for Distribution Reconciliation
FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) 2022 2023 2024 2025 FY FY FY Q1 Net cash from operations $ 2,832 $ 1,433 $ 1,008 $ 70 Capital expenditures (468) (447) (416) (93) 1 Funds Available for Distribution $ 2,364 $ 986 $ 592 $ (23) Cash