Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q3 2025 Earnings Presentation
31 slides from Weyerhaeuser's earnings presentation, Oct 31, 2025
Slide 1: Earnings Results Third Quarter 2025
EARNINGS RESULTS THIRD 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 fourth quarter 2
Slide 3: 2025 Q3 Consolidated Results
2025 Q3 CONSOLIDATED RESULTS $ Millions 2025 2025 $ Millions (except EPS) 2025 2025 Adjusted EBITDA Q2 Q3 Change Consolidated Statement of Operations Q2 Q3 Timberlands $ 152 $ 148 $ (4) Net Sales $ 1,884 $ 1,717 Real Estate, Energy & Natural Resources 143 91 (52) Costs of sales 1,559 1,513 Wood Prod
Slide 4: Earnings Before Special Items
EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) 2025 Q2 2025 Q3 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS Earnings Before Special Items $ 99 $ 87 $ 0.12 $ (16) $ 40 $ 0.06 Special Items: Gain on lumber mill sale — — — 29 21 0.03 Insurance rec
Slide 5: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 REAL ESTATE & ENR $600 $160 $143 $500 $410 $120 $400 $102 $352 $94 $ Millions $ Millions $328 $336 $91 $294 $77 $82 $76 $300 $80 $236 $217 $200 $40 $100 $0 $0 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Real Estate $ 73 70 51 53
Slide 6: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2025 2025 TIMBERLANDS ($ Millions) 2025 2025 Adjusted EBITDA by Region Q2 Q3 Segment Statement of Operations Q2 Q3 West $ 84 $ 75 Third-party sales $ 373 $ 386 South 69 74 Intersegment sales 156 150 North 1 2 Total Sales 529 536 Other (2) (3) Costs of sal
Slide 7: Timberlands Key Drivers: 2025 Q3 vs. 2025 Q2
TIMBERLANDS KEY DRIVERS: 2025 Q3 vs. 2025 Q2 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Moderately higher • Sales Realizations: Moderately lower • Per Unit Log and Haul Costs: Higher • Forestry and Road Costs: Slightly lower SOUTH • Fee Harvest Volumes: Slightly higher • Sales Realizations: Slig
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 $36.93 $36.89 $36.68 $37.26 $37.10 $37.71 $36.65 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $121.06 $123.15 $114.01 $118.52
Slide 9: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 6,431 1,304 1,293 6,293 6,220 6,070 6,161 6,133 1,222 1,239 5,990 1,207 1,211 6,250 1,200 Thousands of tons Thousands of tons 1,098 5,000 903 855 886 900 821 850 793 813 3,750 600 2,355
Slide 10: Real Estate, Energy & Natural Resources (ENR) Segment
REAL ESTATE, ENERGY & NATURAL RESOURCES (ENR) SEGMENT REAL ESTATE & ENR ($ Millions) 2025 2025 REAL ESTATE & ENR ($ Millions) 2025 2025 Adjusted EBITDA by Business Q2 Q3 Segment Statement of Operations Q2 Q3 Real Estate $ 113 $ 56 Total Sales $ 154 $ 103 Energy & Natural Resources 30 35 Costs of sal
Slide 11: 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 $5,128 $4,790 $4,757 $4,385 $4,202 $4,005 $3,785 $3,812 $4,000 $3,629 $2,808 $1,992 $3,803 $3,227 $3,215 $3,241 $3,033 $2,000 $1,501 $2,806 $2,062 $1,381 $0 2020 202
Slide 12: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2025 2025 WOOD PRODUCTS ($ Millions) 2025 2025 Adjusted EBITDA by Business Q2 Q3 Segment Statement of Operations Q2 Q3 Lumber $ 11 $ (48) Total Sales $ 1,357 $ 1,228 OSB 30 (3) Costs of sales 1,243 1,218 Engineered Wood Products 57 56 Gross Margin 114
Slide 13: Wood Products Key Drivers: 2025 Q3 vs. 2025 Q2
WOOD PRODUCTS KEY DRIVERS: 2025 Q3 vs. 2025 Q2 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Decreased 11% • Sales Volumes: Slightly lower • Unit Manufacturing Costs: Slightly higher, largely driven by a slight moderation in production levels in September • Log Costs: Moderately lower ORIENTED
Slide 14: 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 $405 Realizations ($/MBF) $321 $317 1,600 $305 $280 $300 $231 1,400 1,27
Slide 15: Unallocated Items
UNALLOCATED ITEMS UNALLOCATED ITEMS ($ Millions)1 2025 2025 UNALLOCATED ITEMS ($ Millions)1 2025 2025 Q2 Q3 Q2 Q3 Unallocated corporate function expenses and Costs of sales4 $ (12) $ 12 $ (41) $ (37) variable compensation expense G&A expense5 (44) (36) Liability classified share-based compensation 1
Slide 16: Financial Items
FINANCIAL ITEMS Cash Flow from Operations KEY FINANCIAL METRICS ($ Millions) 2025 2025 $600 Q2 Q3 $432 $396 Ending cash balance $ 592 $ 401 $450 $ Millions Total debt $ 5,168 $ 5,470 $300 $234 $218 $210 Net debt to Adjusted EBITDA (LTM) 1 3.8 4.3 $124 Net debt to enterprise value2 20% 22% $150 $70 $
Slide 17: 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 18: Timberlands Portfolio Optimization Update
TIMBERLANDS PORTFOLIO OPTIMIZATION UPDATE Disciplined Approach to Enhancing Quality and Value 2025 ANNOUNCED TRANSACTIONS Western Southern Recycling capital to optimize value Timberlands Timberlands through tax-efficient transactions Total divestiture proceeds expected to exceed cash outlay for
Slide 19: Outlook: 2025 Q4
OUTLOOK: 2025 Q4 EXPECTED EARNINGS1 SEGMENT KEY DRIVERS & ADJUSTED EBITDA TIMBERLANDS Approximately $30 million West South North lower than 2025 Q3 Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Lower Moderately lower Moderately lower Sales Realizations: Sales Realizations: Sales Rea
Slide 20: 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 Approximately $390 million Approximately
Slide 21: Wood Products Sales Realizations: Current vs. 2025 Q3
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2025 Q3 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS Approximate Change As of October 24, 2025 LUMBER1 Q4 QTD vs. WY’s -$20/MBF LOWER SENSITIVITY Q3 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA -$15/MBF LOWER ANNUALLY Q3 AVERAGE O
Slide 22: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION ADJUSTED EBITDA1 PER ACRE 2023 2024 2025 FY FY Q1 Q2 Q3 YTD Western Timberlands Adjusted EBITDA1 ($ Millions) $ 344 $ 262 $ 95 $ 84 $ 75 $ 254 Acres (Thousands)2 2,539 2,510 2,510 2,510 2,510 2,510 Reported Adjusted EBITDA Per Acre $ 135 $ 104 $ 38 $ 33 $ 30 $ 10
Slide 23: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2024 2025 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Timberlands $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 $ 148 Real Estate, Energy & Natural Resources 94 102 77 76 82 143 91 Wood Products 184 225 91 161 161 101 8 Unallocated Items (70) (64) (54) (69) (82) (6
Slide 24: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Diluted EPS Before Special Items $ 0.16 $ 0.21 $ 0.05 $ 0.11 $ 0.11 $ 0.12 $ 0.06 Special Items (Income Tax Affected): Gain on lumber mill sale — — — — — — 0.03 Insurance recovery — — — — — — 0.02 Product remediation recovery — 0.03 —
Slide 25: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2022 2023 2024 2025 1 FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 LTM Timberlands $ 784 $ 646 $ 144 $ 147 $ 122 $ 126 $ 539 $ 167 $ 152 $ 148 $ 593 Real Estate & ENR 329 320 94 102 77 76 349 82 143 91 392 Wood Products 2,737 905 184 225 91 161 661 161 101 8 431
Slide 26: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 West $ 76 $ 79 $ 54 $ 53 $ 95 $ 84 $ 75 South 69 70 72 74 71 69 74 North 2 1 (1) 1 2 1 2 Other (3) (3) (3) (2) (1) (2) (3) Total Timberlands Adjusted EBITDA1 $ 144 $ 147 $ 122 $ 126 $ 167 $ 152 $ 148 West (27) (29)
Slide 27: Adjusted EBITDA Reconciliation: Real Estate, ENR
ADJUSTED EBITDA RECONCILIATION Real Estate, Energy & Natural Resources $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Real Estate $ 73 $ 70 $ 51 $ 53 $ 59 $ 113 $ 56 Energy & Natural Resources 21 32 26 23 23 30 35 1 Total Real Estate & ENR Adjusted EBITDA $ 94 $ 102 $ 77 $ 76 $ 82 $ 143 $ 91 Depletion, d
Slide 28: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Lumber $ (5) $ (8) $ (29) $ 21 $ 40 $ 11 $ (48) OSB 87 122 39 63 59 30 (3) EWP 86 92 61 69 53 57 56 Distribution 20 18 14 10 6 5 1 Other (4) 1 6 (2) 3 (2) 2 Total Wood Products Adjusted EBITDA1, 2 $ 184 $ 225 $ 91
Slide 29: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Unallocated Adjusted EBITDA1 $ (70) $ (64) $ (54) $ (69) $ (82) $ (60) $ (30) Depletion, depreciation & amortization (2) (1) (3) (4) (3) (2) (3) Special items included in operating loss — — — — — — 26 Operating Loss
Slide 30: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Debt to Adjusted EBITDA (LTM)1, 2 2.5 2.6 3.2 3.4 3.6 3.8 4.3 Total debt $ 5,071 $ 5,072 $ 5,074 $ 5,076 $ 5,167 $ 5,168 $ 5,470 Less: cash and cash equivalents and short-term investments 871 997 877 684 560 592
Slide 31: 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 Q3 YTD Net cash from operations $ 2,832 $ 1,433 $ 1,008 $ 70 $ 396 $ 210 $ 676 Capital expenditures (468) (447) (416) (93) (107) (125) (325) Funds Available for D