Weyerhaeuser Company · NYSE:WY
Weyerhaeuser — Q3 2026 Earnings Presentation
31 slides from Weyerhaeuser's earnings presentation, Oct 29, 2026
Slide 1: Earnings Results Third Quarter 2026
EARNINGS RESULTS THIRD 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 fourth quarter 2
Slide 3: 2026 Q3 Consolidated Results
2026 Q3 CONSOLIDATED RESULTS $ Millions 2026 2026 $ Millions (except EPS) 2026 2026 Adjusted EBITDA Q2 Q3 Change Consolidated Statement of Operations Q2 Q3 Timberlands $ 123 $ 133 $ 10 Net Sales $ 1,867 $ 1,862 Strategic Land Solutions1 129 86 (43) Costs of sales 1,556 1,605 Wood Products 129 91 (38
Slide 4: Earnings Before Special Items
EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) 2026 Q2 2026 Q3 Pretax After-Tax Diluted Pretax After-Tax Diluted Earnings Earnings EPS Earnings Earnings EPS Earnings Before Special Items $ 76 $ 91 $ 0.13 $ 25 $ 61 $ 0.08 Special Items: Gain on sale of timberlands 71 71 0.10 — — — Total Specia
Slide 5: Adjusted EBITDA
ADJUSTED EBITDA1 TOTAL COMPANY2 STRATEGIC LAND SOLUTIONS3 $400 $240 Prior to 2026 Q1, Climate Solutions Adj. EBITDA was $328 $336 included in Real Estate and Natural Resources. Full-year $310 $193 $308 2025 Climate Solutions Adj. EBITDA was $119 million. $300 $180 $248 $ Millions $143 $ Millions $21
Slide 6: Timberlands Segment
TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) 2026 2026 TIMBERLANDS ($ Millions) 2026 2026 Adjusted EBITDA by Region Q2 Q3 Segment Statement of Operations Q2 Q3 West $ 67 $ 67 Third-party sales $ 367 $ 378 South 58 65 Intersegment sales 151 153 North — 2 Total Sales 518 531 Other (2) (1) Costs of sal
Slide 7: Timberlands Key Drivers: 2026 Q3 vs. 2026 Q2
TIMBERLANDS KEY DRIVERS: 2026 Q3 vs. 2026 Q2 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Comparable • Sales Volumes: Lower, primarily due to fiber logs and timing of export vessels • Sales Realizations: Slightly higher • Per Unit Log and Haul Costs: Lower, primarily due to fewer export shipments
Slide 8: Sales Volumes, Realizations and Export Revenue
SALES VOLUMES, REALIZATIONS1 AND EXPORT REVENUE 3rd-Party Log Sales and Realizations - West2 3rd-Party Log Sales and Realizations - South 3,600 $160 7,000 $45 $37.10 $37.71 $37.29 $37.26 $38.20 $37.67 $36.65 Volumes (Thousands of tons) Volumes (Thousands of tons) 3,000 $118.52 $117.69 $118.52 5,600
Slide 9: Fee Harvest Volumes and Intersegment Sales Volumes
FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES FEE HARVEST VOLUMES INTERSEGMENT LOG SALES VOLUMES 7,500 1,500 1,401 1,353 6,431 6,428 1,293 6,133 6,220 1,239 1,234 6,048 5,915 5,955 1,211 6,250 1,153 1,200 Thousands of tons Thousands of tons 5,000 903 886 892 850 855 858 864 900 3,750 600 2,394
Slide 10: Strategic Land Solutions Segment
STRATEGIC LAND SOLUTIONS SEGMENT STRATEGIC LAND SOLUTIONS ($ Millions) 2026 2026 STRATEGIC LAND SOLUTIONS ($ Millions) 2026 2026 1 Adjusted EBITDA by Business Q2 Q3 Segment Statement of Operations Q2 Q3 Real Estate $ 83 $ 43 Total Sales $ 140 $ 99 Natural Resources 33 24 Costs of sales 38 26 Climate
Slide 11: Strategic Land Solutions Segment: Real Estate Price and Acres
STRATEGIC LAND SOLUTIONS SEGMENT REAL ESTATE AVERAGE PRICE PER ACRE 1 $10,000 $8,561 $8,000 Price per acre $6,000 $5,545 $5,319 $5,174 $5,025 $4,930 $5,128 $4,319 $4,007 $4,161 $3,945 $4,000 $3,393 $2,836 $4,015 $3,764 $3,241 $3,022 $2,000 $2,918 $1,852 $0 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q
Slide 12: Wood Products Segment
WOOD PRODUCTS SEGMENT WOOD PRODUCTS ($ Millions) 2026 2026 WOOD PRODUCTS ($ Millions) 2026 2026 Adjusted EBITDA by Business Q2 Q3 Segment Statement of Operations Q2 Q3 Lumber $ 73 $ 69 Total Sales $ 1,360 $ 1,385 OSB (6) (18) Costs of sales 1,223 1,283 Engineered Wood Products 54 41 Gross Margin 137
Slide 13: Wood Products Key Drivers: 2026 Q3 vs. 2026 Q2
WOOD PRODUCTS KEY DRIVERS: 2026 Q3 vs. 2026 Q2 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Slightly higher for delivered; slightly lower for realizations net of freight • Sales Volumes: Moderately higher • Log Costs: Slightly higher • Unit Manufacturing Costs: Slightly higher ORIENTED • Sales
Slide 14: Third-Party Sales Volumes and Realizations
THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 Lumber OSB 2,800 $600 2,000 $375 $508 $510 $317 Volumes (Millions of Square Ft.) Volumes (Millions of Board Ft.) $463 $454 $443 1,600 $280 $300 2,100 $450 Realizations ($/M 3/8") $405 $393 Realizations ($/MBF) $236 $242 $237 $231 $218 1,200 $225 1,400 1,27
Slide 15: Unallocated Items
UNALLOCATED ITEMS 1 1 UNALLOCATED ITEMS ($ Millions) 2026 2026 UNALLOCATED ITEMS ($ Millions) 2026 2026 Q2 Q3 Q2 Q3 Unallocated corporate function expenses and Costs of sales 3 $ (12) $ (11) $ (42) $ (46) variable compensation expense 4 G&A expense (46) (44) Liability classified share-based compensa
Slide 16: Financial Items
FINANCIAL ITEMS KEY FINANCIAL METRICS ($ Millions) 2026 2026 Cash Flow from Operations $600 Q2 Q3 $396 $399 Ending cash balance $ 527 $ 349 $400 $ Millions Total debt $ 5,425 $ 5,354 $210 $193 1 $200 Net debt to Adjusted EBITDA (LTM) 5.0 5.0 $70 $52 2 Net debt to enterprise value 22% 27% $0 ADJUSTED
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 Q4
OUTLOOK: 2026 Q4 EXPECTED EARNINGS1 & SEGMENT KEY DRIVERS ADJUSTED EBITDA TIMBERLANDS Comparable to 2026 Q3 West South North Fee Harvest Volumes: Fee Harvest Volumes: Fee Harvest Volumes: Slightly lower Moderately lower Moderately higher Sales Volumes: Sales Realizations: Sales Realizations: Slightl
Slide 19: 2026 Outlook: Update
2026 OUTLOOK: UPDATE DRIVER UPDATED 2026 OUTLOOK PRIOR 2026 OUTLOOK Approximately 34 million tons Approximately 35.5 million tons • South: Slightly lower than 2025 • South: Slightly higher than 2025 FEE HARVEST VOLUMES • West: Unchanged • West: Comparable to 2025 • North: Unchanged • North: Slightly
Slide 20: Wood Products Sales Realizations: Current vs. 2026 Q3
WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2026 Q3 AVERAGE DELIVERED SALES REALIZATIONS1 Approximate Change As of October 23, 2026 LUMBER2 Q4 QTD vs. WY’s -$55/MBF Lower SENSITIVITY Q3 Average Change In Realizations $10/MBF ≈ $50 million Current vs. EBITDA -$65/MBF Lower Q3 Average Annually OSB W
Slide 21: Supplemental Timberlands Information
SUPPLEMENTAL TIMBERLANDS INFORMATION 1 ADJUSTED EBITDA PER ACRE 2024 2025 2026 FY FY Q1 Q2 Q3 YTD Western Timberlands 1 Adjusted EBITDA ($ Millions) $ 262 $ 299 $ 58 $ 67 $ 67 $ 192 2 Acres (Thousands) 2,510 2,475 2,475 2,475 2,475 2,475 Reported Adjusted EBITDA Per Acre $ 104 $ 121 $ 23 $ 28 $ 27 $
Slide 22: Earnings Summary
EARNINGS SUMMARY $ Millions (except EPS) 2025 2026 Adjusted EBITDA by Segment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Timberlands $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 $ 133 Strategic Land Solutions 82 143 91 95 193 129 86 Wood Products 161 101 8 (20) 71 129 91 Unallocated Items (82) (60) (30) (49) (76) (71) (62) Total
Slide 23: Earnings Per Share Reconciliation
EARNINGS PER SHARE RECONCILIATION 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Diluted EPS Before Special Items $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 $ 0.13 $ 0.08 Special Items (Income Tax Affected): Environmental remediation charge — — — (0.02) — — — Gain on lumber mill sale — — 0.03 — — — — Gain on sale of timb
Slide 24: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION By Segment $ Millions 2023 2024 2025 2026 FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 LTM1 Timberlands $ 646 $ 539 $ 167 $ 152 $ 148 $ 114 $ 581 $ 120 $ 123 $ 133 $ 490 Strategic Land Solutions 320 349 82 143 91 95 411 193 129 86 503 Wood Products 905 661 161 101 8 (20) 250 71 129 9
Slide 25: Adjusted EBITDA Reconciliation: Timberlands
ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 West $ 95 $ 84 $ 75 $ 45 $ 58 $ 67 $ 67 South 71 69 74 69 62 58 65 North 2 1 2 2 2 — 2 Other (1) (2) (3) (2) (2) (2) (1) Total Timberlands Adjusted EBITDA1 $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 $ 133 West (28) (26) (3
Slide 26: Adjusted EBITDA Reconciliation: Strategic Land Solutions
ADJUSTED EBITDA RECONCILIATION Strategic Land Solutions1 $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Real Estate $ 59 $ 113 $ 56 $ 67 $ 61 $ 83 $ 43 Natural Resources 23 30 35 28 24 33 24 Climate Solutions 108 13 19 Total Strategic Land Solutions Adjusted EBITDA 2 $ 82 $ 143 $ 91 $ 95 $ 193 $ 129 $ 86
Slide 27: 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 28: Adjusted EBITDA Reconciliation: Wood Products
ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Lumber $ 40 $ 11 $ (48) $ (57) $ 27 $ 73 $ 69 OSB 59 30 (3) (10) 3 (6) (18) EWP 53 57 56 49 39 54 41 Distribution 6 5 1 (1) 6 8 4 Other 3 (2) 2 (1) (4) — (5) 1, 2 Total Wood Products Adjusted EBITDA $ 161 $ 101 $
Slide 29: Adjusted EBITDA Reconciliation: Unallocated
ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 Unallocated Adjusted EBITDA $ (82) $ (60) $ (30) $ (49) $ (76) $ (71) $ (62) Depletion, depreciation & amortization (3) (2) (3) (4) (3) (1) (5) Special items included in operating loss — — 26 (18) — — — Operating
Slide 30: Net Debt to Adjusted EBITDA Reconciliation
NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1, 2 Net Debt to Adjusted EBITDA (LTM) 3.6 3.8 4.3 5.0 5.1 5.0 5.0 Total debt $ 5,167 $ 5,168 $ 5,470 $ 5,572 $ 5,424 $ 5,425 $ 5,354 Less: cash and cash equivalents and short-term investments 560 592 401 464 299 52
Slide 31: Funds Available for Distribution Reconciliation
FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) 2023 2024 2025 2026 FY FY FY Q1 Q2 Q3 YTD Net cash from operations $ 1,433 $ 1,008 $ 562 $ 52 $ 399 $ 193 $ 644 Capital expenditures (447) (416) (474) (112) (139) (137) (388) 1 Funds Available for