Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Investor Presentation (May 2025)
70 slides from Weyerhaeuser's investor presentation, May 2025
Slide 1: Investor Presentation May 2025
WEYERHAEUSER Investor Presentation May 2025 ANDY TAYLOR Vice President, Investor Relations AMANDA LUPER Senior Manager, Investor Relations Contact Us: (206) 539-3907
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND 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 followin
Slide 3: Table of Contents
TABLE OF CONTENTS Company Overview Investment Thesis | 2025 Targets & Progress | Who We Are | What We Do | Why We Matter Unmatched Portfolio Timberlands | Real Estate, Energy & Natural Resources | Wood Products Industry-Leading Performance Operational Excellence | Relative Competitive Performance |
Slide 4: Weyerhaeuser Investment Thesis
WEYERHAEUSER INVESTMENT THESIS Unmatched Industry-Leading Strong ESG Disciplined Portfolio Performance Foundation Capital Allocation Superior Shareholder Value 4
Slide 5: 2025 Year-End Targets
2025 YEAR-END TARGETS Driving Growth and Shareholder Value Unmatched Industry-Leading Strong ESG Disciplined Portfolio Performance Foundation Capital Allocation TIMBERLANDS OPERATIONAL GREENHOUSE GAS SUSTAINABLE GROWTH EXCELLENCE REDUCTIONS DIVIDEND MAKE DISCIPLINED CAPTURE IMPROVEMENTS OF MAKE PROG
Slide 6: Continued Strong Performance
CONTINUED STRONG PERFORMANCE Making Progress Against Our Multi-Year Targets Unmatched Industry-Leading Strong ESG Disciplined Portfolio Performance Foundation Capital Allocation ✓ TIMBERLANDS GROWTH ✓ OPERATIONAL EXCELLENCE ✓ GREENHOUSE GAS REDUCTIONS ✓ SUSTAINABLE DIVIDEND INVESTED OVER $1.1 BILLIO
Slide 7: Who We Are
WHO WE ARE Largest Timber REIT with Unmatched & Complementary Industry-Leading Businesses TIMBERLANDS We are the largest private owner of timberlands in North America ▪ Unrivaled portfolio that cannot be replicated ▪ Leader in sustainable forestry practices ▪ 10.4 million acres held in the U.S. and
Slide 8: What We Do
WHAT WE DO Create and Capture Superior Value at Every Step PROPRIETARY CUSTOMIZED TARGETED HEALTHY HARVEST DELIVERED OPTIMAL RAW LOW-COST DIVERSE SEEDLINGS PLANTING SILVICULTURE FORESTS AND HAUL LOG MODEL MATERIALS PRODUCER CUSTOMER MIX yield superior deploys the best generates that are diverse, eff
Slide 9: Why We Matter
WHY WE MATTER Long-Standing Focus on Sustainability ✓ We manage the most sustainable, versatile resource on earth: forests ✓ We are experts at using trees to make products people need ✓ We do it the right way so our forests will last forever WE ARE OUR WE ARE SUSTAINABLE PORTFOLIO IS SOCIALLY BY NAT
Slide 10: Unmatched Portfolio
UNMATCHED PORTFOLIO Our Quality, Diversity and Scale Cannot Be Replicated Timberlands Real Estate, Energy & Natural Resources Wood Products 10
Slide 11: Timberlands Portfolio
TIMBERLANDS PORTFOLIO Superior Holdings Create Value Today and Tomorrow OUR U.S. NORTH U.S. WEST Diverse Hardwoods and Softwoods High-Value Douglas Fir UNMATCHED ~1 MILLION ACRES 2.5 MILLION ACRES SCALE MAKES US A ▪ Premium hardwood sawlogs ▪ Premium land west of Cascade mountains SIGNIFICANT ▪ Maxi
Slide 12: Timberlands: Highlights
TIMBERLANDS: HIGHLIGHTS Unmatched Quality, Scale and Diversification OUR COMPETITIVE ADVANTAGE ENDURING VALUE ~$655 MILLION ACROSS MARKET CYCLES Adjusted EBITDA(2) 3-Year Average Exceptional quality & productivity Unmatched timber-growing expertise (2,3) ADJUSTED EBITDA REVENUE Unparalleled scale &
Slide 13: Competitive Position
COMPETITIVE POSITION We Are the Largest Timber REIT Our Delivered Log Business Model Enables us to capture higher margins 10% 18% 58% TIMBER REIT OWNERSHIP 90% 82% Weyerhaeuser 42% Rayonier PotlatchDeltic WY PCH RYN Sources: Forisk Ownership Database 2024, tax Delivered Stumpage parcel data (as avai
Slide 14: Weyerhaeuser Timberlands Export Markets
WEYERHAEUSER TIMBERLANDS EXPORT MARKETS Unrivaled Market Position and Supply Chain Expertise UNIQUE JAPAN EXPORT BUSINESS Multi-decade relationships supplying post & beam housing market Western timberlands ownership provides premium logs at unrivaled scale Largest log export facility in North Americ
Slide 15: Western Timberlands
WESTERN TIMBERLANDS Unmatched Quality, Scale and Market Access Our Timber Inventory Is Primarily We Ship ~2 Million Tons High-Value Species To High Value Export Markets Washington Other 7% Whitewood Export 12% 22% Douglas fir Domestic 81% 78% As of December 31, 2024. Export volumes as a percentage o
Slide 16: Southern Timberlands
SOUTHERN TIMBERLANDS Peer-Leading Scale and Market Access Our Scale is Unmatched Across Southern Markets ~70% of New Capacity in States with Strong WY Holdings(1) NC/VA We have significant scale across the South with access to grade and pulp markets AR/OK/TX/LA GA/FL/SC MS/AL We hold ~1.7 million ac
Slide 17: Timberlands Growth Strategy Update
TIMBERLANDS GROWTH STRATEGY UPDATE Disciplined Approach to Growing the Value of Our Timberlands ANNOUNCED ACQUISITIONS Approximate Location of Transaction Activity TARGET Western Timberlands Southern Timberlands $1 Billion of Disciplined Investments from 2022 to 2025 ✓ ACHIEVED Over $1.1 Billion (1)
Slide 18: Timberlands Sustainability
TIMBERLANDS SUSTAINABILITY We Balance Our Harvesting with a Strong Foundation of Environmental Stewardship 100% WE PLANT OUR MORE THAN WE LEAVE WORKING 100 OF OUR TIMBERLANDS TREE BUFFERS ALONG WATERWAYS TO FORESTS MILLION ARE REFORESTED PROTECT AQUATIC CONTRIBUTE TO AFTER HARVEST HABITAT CLIMATE CH
Slide 19: Real Estate, Energy & Natural Resources
REAL ESTATE, ENERGY & NATURAL RESOURCES Generating Value Through End-to-End Portfolio Management WESTERN REGION NORTHERN Conservation Real Estate REGION Wind (HBU) Applying expertise and CO2 Forest Real Estate Carbon (HBU) Conservation Mineral Royalties technology to enhance portfolio value across o
Slide 20: Real Estate, Energy & Natural Resources: Highlights
REAL ESTATE, ENERGY & NATURAL RESOURCES: HIGHLIGHTS Consistent, Reliable Cash Generation | Growing Natural Climate Solutions ENDURING VALUE ~$330 MILLION OUR COMPETITIVE ADVANTAGE Adjusted EBITDA(1) ACROSS MARKET CYCLES 3-Year Average Unmatched expertise in evaluating and maximizing the full value f
Slide 21: Real Estate Business
REAL ESTATE BUSINESS We Continually Evaluate Every Acre to Unlock Higher and Better Use (HBU) Value HBU Acreage by Region(1) West 1.2 We Sell 13% North 7% MILLION ACRES With HBU Attributes <1% OF OUR South TIMBERLAND 80% 100+% ACRES PREMIUM Annually To Timber Value(2) (1) As of December 31, 2024. (2
Slide 22: Natural Climate Solutions Business
NATURAL CLIMATE SOLUTIONS BUSINESS Leveraging Scale and Growing EBITDA as Markets Develop EXPANDING OUR BUSINESS MODEL GROWING OUR EXISTING BUSINESSES CO2 CARBON FOREST CAPTURE & RENEWABLE MITIGATION & CARBON SEQUESTRATION ENERGY CONSERVATION PARTICIPATING LEASING SUBSURFACE LEASING LAND FOR PRESERV
Slide 23: Wood Products Portfolio
WOOD PRODUCTS PORTFOLIO OUR UNMATCHED Industry-Leading Scale, Diversification and Quality ASSETS + SUPPLY CHAIN 2nd Largest Producer CAPABILITIES in North America = PREFERRED • 18 Lumber Mills(1) (5.5 BBF) SUPPLIER LUMBER 4th Largest Producer in North America • 6 Oriented Strand Board Mills ORIENTED
Slide 24: Wood Products: Highlights
WOOD PRODUCTS: HIGHLIGHTS Peer-Leading Performance, Superior Reliability and Preferred Supplier PEER-LEADING #1 IN ADJ. EBITDA MARGIN OUR COMPETITIVE ADVANTAGE In All Manufacturing Businesses PERFORMANCE 3-Year Average Diverse customer mix & market demand drivers Strategically located in prime woodb
Slide 25: Expanding Engineered Wood Products Portfolio
EXPANDING ENGINEERED WOOD PRODUCTS PORTFOLIO Strategic Investment to Build New TimberStrand® Facility in Monticello, Arkansas • Expanding Weyerhaeuser's EWP offerings in the U.S. South ▪ New facility addresses underserved and growing market for TimberStrand in the U.S. South and serves the company’s
Slide 26: Expect Long-Term Growth in U.S. Housing
EXPECT LONG-TERM GROWTH IN U.S. HOUSING Strong Demographic Fundamentals and Significant Housing Deficit FAVORABLE DEMOGRAPHICS U.S. HOUSING U.S. POPULATION BY AGE REMAINS UNDERBUILT Largest Age Cohorts are in Prime Homebuying Years 24 2.5 U.S. Housing Starts 23 2.0 Underlying Demand 22 21 Millions o
Slide 27: Favorable Long-Term Repair & Remodel Fundamentals
FAVORABLE LONG-TERM REPAIR & REMODEL FUNDAMENTALS Recent Moderation Driven By Cautious Consumer Sentiment U.S. HOUSING STOCK U.S. RETAIL BUILDING 25,000 YEAR BUILT MATERIALS SALES 600 ~75% of homes built before 2000 TOTAL SPENDING 20,000 500 Thousands of units 400 15,000 $ in billions 300 10,000 200
Slide 28: Increased Adoption of Wood-Based Building
INCREASED ADOPTION OF WOOD-BASED BUILDING Global Growth and Sustainability Attributes Driving Rising Demand for Wood Products GLOBAL MASS TIMBER WOOD-BASED CONSTRUCTION CONSUMPTION CONSTRUCTION square footage will expand projected to increase is >50% >100% CLIMATE POSITIVE by 2050 by 2029 3.9 Emissi
Slide 29: Wood Products Sustainability
WOOD PRODUCTS SUSTAINABILITY Reducing Our Impact | Offering Climate-Friendly Products WE CERTIFY WE MEET MORE THAN 100% TWO-THIRDS OF OUR WOOD FIBER OF OUR OWN SUPPLY TO THE ENERGY NEEDS USING Sustainable RENEWABLE Forestry Initiative® WE HAVE AN BIOMASS Fiber Sourcing or AMBITIOUS Certified Sourcin
Slide 30: Industry-Leading Performance
INDUSTRY-LEADING PERFORMANCE Significant, Sustainable Margin Improvement Accelerated by Innovation Operational Excellence Relative Competitive Performance Innovation 30
Slide 31: Operational Excellence
OPERATIONAL EXCELLENCE Delivering Sustainable Margin Improvement Through the Cycle SUSTAINABLE EXPANDING OUR MARGIN IMPROVEMENT REACH WITH OPX 2.0 Targeting $175-250 Million from 2022-2025 Finding Opportunity in Every Corner Timberlands Wood Products Future Value World Class Execution on Critical Ac
Slide 32: Delivering Superior Relative Performance
DELIVERING SUPERIOR RELATIVE PERFORMANCE Our OpX Scorecard WOOD PRODUCTS ADJUSTED EBITDA MARGIN(1,2) WE HOLD THE LUMBER(3) ORIENTED STRAND BOARD(4) #1 Position 50% 70% IN ADJ. EBITDA MARGIN IN ALL 40% 50% MANUFACTURING BUSINESSES 30% 20% 30% 3-YEAR AVERAGE 10% 10% 0% WE ACHIEVED THE -10% -10% 2011 2
Slide 33: Innovation
INNOVATION Creating Significant Value Through Our Accelerated Focus on Innovation Unmanned Autonomous Vehicles Energy-Efficient Equipment Automation & Robotics Artificial Intelligence & Machine Learning 33
Slide 34: Strong ESG Foundation
STRONG ESG FOUNDATION Sustainability Is a Core Value Sustainability Strategy ESG Performance Carbon Record 34
Slide 35: Sustainable to Our Core
SUSTAINABLE TO OUR CORE Strong ESG Performance | Clear Business Alignment | Ambitious Positive Impact OUR SUSTAINABILITY STRATEGY OUR ESG PERFORMANCE Environmental Stewardship Maintain ESG Foundation ✓ More than 100 million trees planted each year ✓ Ten-year roadmap to review and adjust ✓ 2% of our
Slide 36: Our Carbon Record
OUR CARBON RECORD We Remove Nearly Four Times More Carbon Dioxide Than We Emit TRACK 1 TRACK 2 TRACK 3 TRACK 4 Carbon Emissions Carbon Removals Carbon Storage Emissions Reduction We Set an Ambitious, 9.8 million 38 million Our Forests Store mtCO2e in 2024 mtCO2e in 2024 2.3-3.6 billion Science-Based
Slide 37: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Long-Term Commitment to Balancing Three Key Priorities Shareholder Returns Capital Expenditures Capital Structure 37
Slide 38: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Balanced and Sustainable Philosophy – Three Key Priorities RETURN CASH INVEST IN MAINTAIN AN APPROPRIATE TO SHAREHOLDERS OUR BUSINESSES CAPITAL STRUCTURE CORE ALLOCATION Sustainable Base Disciplined Capital Investment Grade Dividend Expenditures Credit Rating OPPORTUNI
Slide 39: Returning Cash to Shareholders
RETURNING CASH TO SHAREHOLDERS Allocation Framework and Cash Return Calculation ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION(1) TARGETED RETURN OF Allocation Framework CASH TO SHAREHOLDERS Calculated on an Annual Basis Return 75-80% of Adjusted FAD to Shareholders SUSTAINABLE BASE DIVIDEND Adjusted FAD
Slide 40: 2024 Cash Return Summary
2024 CASH RETURN SUMMARY Returned $735 Million of Cash to Shareholders CASH RETURNS • Reinforcing the durability of our BASED ON 2024 RESULTS AND ACTIONS portfolio and flexible approach to cash returns across market cycles Quarterly Share Total Base Dividends Repurchase(2) Cash Return • Quarterly ba
Slide 41: Returning Cash to Shareholders
RETURNING CASH TO SHAREHOLDERS Demonstrating The Power of Our Cash Return Framework ALLOCATION OF CASH RETURNS 2021-2025 YTD(1) OVER ~$2.5 Billion ~$2.2 Billion ~$1.0 Billion $5.7 BILLION Base Supplemental Share Dividends Dividends(2) Repurchase RETURNED NEW $1 BILLION SHARE REPURCHASE PROGRAM TO SH
Slide 42: Delivered Annual Base Dividend Increases
DELIVERED ANNUAL BASE DIVIDEND INCREASES In-Line with Multi-Year Target to Grow Our Base Dividend by 5% Annually BASE DIVIDEND GROWTH DRIVERS +5.0% +5.3% Timberlands +5.9% +5.6% Targeted acquisitions and business development $0.84 $0.80 $0.76 $0.72 Natural Climate Solutions $0.68 Growing EBITDA to $
Slide 43: Capital Expenditures
CAPITAL EXPENDITURES Organic Investments to Sustain and Enhance Our Operations CAPITAL EXPENDITURES(1) Wood Products: $310 million in 2025 ▪ Maintenance capex is $150-200 million $468 $441 $447 $440 ▪ Projects to improve costs and reliability $416 Timberlands: $120 million in 2025 ▪ Reforestation an
Slide 44: Maintain an Appropriate Capital Structure
MAINTAIN AN APPROPRIATE CAPITAL STRUCTURE Operating from a Strong Financial Position with Significant Flexibility INVESTMENT GRADE OPPORTUNISTIC CREDIT PROFILE LIABILITY MANAGEMENT Paid Down Debt of Refinanced ~$2.1 billion Baa2 Moody’s BBB Standard & Poor’s ~$1.2 billion since 2020 Q3 of debt since
Slide 45: Key Market Drivers
KEY MARKET DRIVERS Current Market Dynamics Long-Term Demand Fundamentals Carbon Platform 45
Slide 46: Current Market Dynamics for Our Products
CURRENT MARKET DYNAMICS FOR OUR PRODUCTS ORIENTED LUMBER STRAND BOARD WESTERN LOGS SOUTHERN LOGS Current R&R activity holding Single-family construction Recent increase in domestic Improving sawlog demand steady activity remains resilient log pricing with new mill capacity coming into the region Sin
Slide 47: Fundamental Drivers Shaping Our Industry
FUNDAMENTAL DRIVERS SHAPING OUR INDUSTRY We Are Well Positioned to Capitalize on These Opportunities Growing Demand Increased Adoption Rising Global Demand for Increased Demand for for U.S. Housing of Wood-Based Building Wood Fiber Natural Climate Solutions 1 2 3 4 47
Slide 48: Our Carbon Platform
OUR CARBON PLATFORM Driving Long-Term Portfolio Value as Carbon Markets Develop LAND & FOREST Forest Carbon Credits Strong Timberlands Foundation Renewable Energy Largest private owner of timberlands in the U.S. Mitigation & Conservation ▪ Our timberlands sequester millions of tons of CO2 annually W
Slide 49: Weyerhaeuser Investment Thesis
WEYERHAEUSER INVESTMENT THESIS Unmatched Industry-Leading Strong ESG Disciplined Portfolio Performance Foundation Capital Allocation Superior Shareholder Value 49
Slide 50: Appendix
APPENDIX Additional Materials 50
Slide 51: 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 May 23, 2025 LUMBER(1) Q2 QTD vs. WY’s +$10/MBF HIGHER SENSITIVITY Q1 AVERAGE CHANGE IN REALIZATIONS $10/MBF ≈ $50 million CURRENT vs. EBITDA COMPARABLE ANNUALLY Q1 AVERAGE OSB(2)
Slide 52: Lumber Demand Fundamentals and Pricing
LUMBER DEMAND FUNDAMENTALS AND PRICING ▪ Current R&R activity holding steady ▪ Single-family construction activity remains resilient ▪ Composite pricing above historical pre-pandemic levels ▪ Supportive long-term housing fundamentals ▪ Mass timber and CLT will drive higher non-residential usage over
Slide 53: Lumber
LUMBER B.C. Mill Closures Being Replaced by Capacity Additions in the U.S. South ▪ Log supply declining in British Columbia due to fires, pine beetle and lower allowable cut ▪ Canadian lumber exports to the U.S. remain subject to duties ▪ Canadian share of lumber market has decreased ▪ U.S. Southern
Slide 54: OSB Demand Fundamentals and Pricing
OSB DEMAND FUNDAMENTALS AND PRICING ▪ Single-family construction activity remains resilient ▪ Current pricing slightly above historical pre-pandemic levels ▪ Supportive long-term housing fundamentals NORTH AMERICAN OSB CONSUMPTION ORIENTED STRAND BOARD PRICING BY END USE, 2024 7/16” NORTH CENTRAL 1,
Slide 55: Western Logs
WESTERN LOGS Tensioned Market with Domestic and Export Optionality ▪ Largest driver of demand is U.S. housing activity ▪ Generally stable Japanese demand for WY premium logs ▪ China has favorable longer-term import needs and faces constraints from suppliers in Europe and Russia(1) (1) On March 4, 20
Slide 56: Southern Logs
SOUTHERN LOGS Improving Sawlog Demand Will Drive Long-Term Price Improvement ▪ Sawlog demand improving as capacity increases; WY’s timberlands are well U.S. SOUTH CAPACITY ADDITIONS positioned to benefit ~11 BBF 2017-2025(1) 2017 – 2025 ▪ WY fiber log demand generally stable ▪ Log pricing showing no
Slide 57: Timberlands: Enduring Value Across Market Cycles
TIMBERLANDS Enduring Value Across Market Cycles NCREIF TIMBERLAND INDEX INDEXED MARKET VALUE PER ACRE, BY REGION 600 500 ✓ Perpetually Growing Asset 400 Index to 1987 U.S. South = 100 300 Low 200 ✓ Correlation With Other Asset 100 Classes 0 1987 1997 2007 2017 2025 Northwest South YTD Source: Nation
Slide 58: Active Timberlands Portfolio Management
ACTIVE TIMBERLANDS PORTFOLIO MANAGEMENT Increasing Cash Flows and Portfolio Value WEYERHAEUSER TIMBERLANDS A&D PERFORMANCE 2020 – 2024 Net Change DIVESTITURES ACQUISITIONS Acres Acquisitions 410 -680 Transacted(1) Divestitures 1,090 Thousand Acres ~$1.1 ~$1.3 Billion Billion In Thousands Generated f
Slide 59: Delivering Superior Relative Performance
DELIVERING SUPERIOR RELATIVE PERFORMANCE Our OpX Scorecard TIMBERLANDS WOOD PRODUCTS ADJUSTED EBITDA(1,2) PER ACRE ADJUSTED EBITDA MARGIN(1,3) LUMBER(4) ORIENTED STRAND BOARD(5) WEST 50% 70% $220 40% $180 50% 30% $140 20% 30% $100 10% 10% 0% $60 -10% -10% $20 2011 2016 2021 2024 2011 2016 2021 2024
Slide 60: Recognized ESG Leader
RECOGNIZED ESG LEADER Sustained High Performance in Major Ratings and Rankings NOTABLE INDICES & RANKINGS S&P GLOBAL ESG MSCI ESG RATING AA ETHISPHERE AA AA Score (0-100, higher is better) named WY one of the 66 WORLD’S MOST 63 64 ETHICAL COMPANIES® Score (CCC-AAA) 2022 2023 2024 2022 2023 2024 ▪ Be
Slide 61: Well-Laddered Debt Profile
WELL-LADDERED DEBT PROFILE ▪ $5.2 billion of long-term debt outstanding DEBT MATURITY PROFILE ✓ 89% fixed rate ✓ Weighted average maturity of ~7 years ✓ Weighted average interest rate of 5.1%(1) $1,050 $1,022 ▪ Enhanced financial flexibility and $750 $658 $725 lowered interest expense as a result $4
Slide 62: Our Company Vision
OUR COMPANY VISION @) U R Vi S | O N Working together to be the world’s premier HOW WE WIN 4 Safety Integrity Citizenship Sustainability Inclusion timber, land, and forest products company WHAT IT LOOKS LIKE 4 KEY WEYERHAEUSER BEHAVIORS A TRULY GREAT COMPANY Develop our people Act with urgency Drive
Slide 63: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Total Company $ Millions 2017 2018 2019 2020 2021 2022 2023 2024 Adjusted EBITDA(1) $2,080 $2,032 $1,276 $2,201 $4,094 $3,654 $1,694 $1,292 Depletion, depreciation & amortization (521) (486) (510) (472) (477) (480) (500) (502) Basis of real estate sold (81) (124) (116)
Slide 64: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION Total Company (2017-2021) $ Millions 2017 2018 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Debt to 3.6 3.3 2.9 2.5 2.5 2.2 2.5 3.0 3.3 3.9 4.7 4.9 4.5 4.1 2.9 2.3 1.5 0.9 0.7 0.8 Adjusted EBITDA (LTM) (1,2,3) Total debt $6
Slide 65: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION Total Company (2022-2025 Q1) $ Millions 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Debt to 0.9 0.8 0.8 1.0 1.7 2.2 2.2 2.3 2.5 2.6 3.2 3.4 3.6 Adjusted EBITDA (LTM) (1,2,3) Total debt $5,053 $5,053 $5,053 $5,053 $5,053 $5,797 $5,679 $5,0
Slide 66: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Western Timberlands and Energy & Natural $283 $263 $380 $579 $470 $449 $520 $544 $332 $354 $404 $493 $359 $278 Resources (ENR) Less: EBITDA attributable to Western ENR(1) 4 5 7
Slide 67: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2011 2012 2013 2014 2015 2016(1) 2017 2018 2019 2020 2021 2022 2023 2024 Lumber ($7) $130 $317 $319 $212 $289 $459 $459 $183 $799 $1,630 $1,103 $83 ($21) OSB (4) 143 247 46 41 183 359 329 59 466 1,292 879 250 311 EWP 6 17 45 79 114 145 173 177
Slide 68: Adjusted EBITDA Reconciliation: Real Estate, ENR
ADJUSTED EBITDA RECONCILIATION Real Estate, Energy & Natural Resources $ Millions 2017 2018 2019 2020 2021 2022 2023 2024 Real Estate $178 $196 $193 $176 $207 $206 $206 $247 Energy & Natural Resources 63 68 81 65 89 123 114 102 Adjusted EBITDA(1) $241 $264 $274 $241 $296 $329 $320 $349 Depletion, de
Slide 69: Adjusted EBITDA Reconciliation: Natural Climate Solutions
ADJUSTED EBITDA RECONCILIATION Natural Climate Solutions $ Millions 2020 2021 2022 2023 2024 Total Natural Climate Solutions Adjusted EBITDA(1) $22 $38 $43 $47 $84 Depletion, depreciation & amortization (1) (1) (1) (1) (1) Basis of real estate sold (9) (10) (10) (11) (28) Operating Income (GAAP) $12
Slide 70: Adjusted Funds Available for Distribution (FAD) Reconciliation
ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION (FAD) RECONCILIATION $ Millions 2017 2018 2019 2020 2021 2022 2023 2024 Net cash from operations $1,201 $1,112 $966 $1,529 $3,159 $2,832 $1,433 $1,008 Capital expenditures (excluding discontinued (419) (427) (384) (281) (441) (468) (447) (416) operations) Fu
Weyerhaeuser Company — Investor Presentation (May 2025) on 6ix