WEYERHAEUSER CO (WY) · Material Event (8-K) SEC Filing

EX-99.1 2 wy-ex99_1.htm EX-99.1 EX-99.1 EXHIBIT 99.1 For more information contact: Analysts – Andy Taylor (206) 539-3907 Media – Nancy Thompson (919) 861-0342 Weyerhaeuser Reports Second Quarter Results •Generated net earnings of $162 million, or $0.23 per diluted share, and net earnings before special items of $91 million, or $0.13 per diluted share •Achieved Adjusted EBITDA of $310 million •Completed divestiture of non-core timberlands in Oregon •Commenced operations at second solar site, with three additional currently under construction SEATTLE, July 30, 2026 – Weyerhaeuser Company (NYSE: WY) today reported second quarter net earnings of $162 million, or 23 cents per diluted share, on net sales of $1.9 billion. This compares with net earnings of $87 million, or 12 cents per diluted share, on net sales of $1.9 billion for the same period last year and net earnings of $156 million for first quarter 2026. Excluding an after-tax benefit of $71 million for special items, the company reported second quarter net earnings of $91 million, or 13 cents per diluted share. This compares with a net earnings before special items of $77 million for first quarter 2026. There were no special items in second quarter 2025. Adjusted EBITDA for second quarter 2026 was $310 million, compared with $336 million for the same period last year and $308 million for first quarter 2026. In June, Weyerhaeuser completed the divestiture of 29,000 acres of non-core timberlands in Oregon for $114 million. Our businesses delivered solid operating performance in the second quarter,” said Devin W. Stockfish, president and chief executive officer. “In addition, we continued to advance our growth initiatives and further optimize our timberlands portfolio. Despite ongoing macroeconomic uncertainty and near-term inflationary pressures, we are encouraged by the recent increase in pricing for lumber and western logs. Looking ahead, we are confident in the long-term demand fundamentals that support our businesses and remain focused on driving operational excellence, serving our customers, and creating long-term value for shareholders through our disciplined and flexible approach to capital allocation. WEYERHAEUSER FINANCIAL HIGHLIGHTS 2026 2026 2025 (millions, except per share data) Q1 Q2 Q2 Net sales $ 1,727 $ 1,867 $ 1,884 Net earnings $ 156 $ 162 $ 87 Net earnings per diluted share $ 0.22 $ 0.23 $ 0.12 Weighted average shares outstanding, diluted 722 722 724 Net earnings before special items(1)(2) $ 77 $ 91 $ 87 Net earnings per diluted share before special items(1) $ 0.11 $ 0.13 $ 0.12 Adjusted EBITDA(1) $ 308 $ 310 $ 336 Net cash from operations $ 52 $ 399 $ 396 Adjusted FAD(3) $ (58 ) $ 323 $ 311 (1)Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Additionally, Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of Strategic Land Solutions acres sold and special items. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release. (2)Second quarter 2026 after-tax special items include a $71 million gain on the sale of Oregon timberlands. Special items for prior periods presented are included in the reconciliation tables within this release.(3)Adjusted Funds Available for Distribution (Adjusted FAD) is a non-GAAP measure that management uses to evaluate the company’s liquidity. Adjusted FAD, as we define it, is net cash from operations adjusted for capital expenditures and significant non-recurring items. Adjusted FAD measures cash generated during the period (net of capital expenditures and significant non-recurring items) that is available for dividends, repurchases of common shares, debt reduction, acquisitions and other discretionary and nondiscretionary capital allocation activities. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. A reconciliation of Adjusted FAD to net cash from operations is included within this release. 1 TIMBERLANDS FINANCIAL HIGHLIGHTS 2026 2026 (millions) Q1 Q2 Change Net sales $ 492 $ 518 $ 26 Net contribution to pretax earnings $ 115 $ 130 $ 15 Pretax benefit for special items $ (58 ) $ (71 ) $ (13 ) Net contribution to pretax earnings before special items $ 57 $ 59 $ 2 Adjusted EBITDA $ 120 $ 123 $ 3 Q2 2026 Performance – In the West, fee harvest volumes were slightly higher than the first quarter due to seasonally favorable operating conditions. Sales volumes were higher, primarily for domestic logs, and sales realizations were moderately higher. Forestry and road costs were seasonally higher, and per unit log and haul costs were higher due to elevated fuel and freight costs and the seasonal transition to higher elevation operations. In the South, fee harvest volumes were comparable to the first quarter, and sales realizations were slightly higher due to mix. Per unit log and haul costs were moderately higher, primarily due to elevated fuel costs, and forestry and road costs were slightly lower.Second quarter pretax special items include a $71 million gain on the sale of timberlands.Q3 2026 Outlook – Weyerhaeuser anticipates third quarter earnings before special items and Adjusted EBITDA will be slightly higher than the second quarter. In the West, the company expects moderately higher fee harvest volumes, higher domestic sales volumes, and lower export sales volumes. Sales realizations are expected to be slightly lower overall due to mix, but slightly higher for grade logs. Per unit log and haul costs are expected to be slightly lower. In the South, the company expects higher fee harvest volumes, comparable sales realizations, and slightly lower per unit log and haul costs. Forestry and road costs in the West and South are expected to be seasonally higher.STRATEGIC LAND SOLUTIONS FINANCIAL HIGHLIGHTS 2026 2026 (millions) Q1 Q2 Change Net sales $ 207 $ 140 $ (67 ) Net contribution to pretax earnings $ 169 $ 94 $ (75 ) Adjusted EBITDA $ 193 $ 129 $ (64 ) Q2 2026 Performance – Earnings and Adjusted EBITDA decreased significantly due to a $94 million conservation easement transaction in our Climate Solutions business in the first quarter with no comparable transaction in the second quarter. This was partially offset by higher Real Estate results due to the timing and mix of sales.Q3 2026 Outlook – Weyerhaeuser anticipates third quarter earnings before special items will be approximately $30 million lower than the second quarter and Adjusted EBITDA will be approximately $45 million lower than the second quarter due to the timing and mix of real estate sales. The company now expects full year 2026 Adjusted EBITDA to be approximately $450 million, a $25 million increase from prior outlook, and basis as a percentage of Strategic Land Solutions sales to be 15 to 20 percent for the full year. WOOD PRODUCTS FINANCIAL HIGHLIGHTS 2026 2026 (millions) Q1 Q2 Change Net sales $ 1,164 $ 1,360 $ 196 Net contribution to pretax earnings $ 42 $ 71 $ 29 Pretax benefit for special items $ (28 ) $ — $ 28 Net contribution to pretax earnings before special items $ 14 $ 71 $ 57 Adjusted EBITDA $ 71 $ 129 $ 58 2 Q2 2026 Performance – Sales realizations for lumber and oriented strand board increased 15 percent and 3 percent, respectively, compared with first quarter averages. For lumber, sales volumes were moderately higher and log costs were slightly higher. Unit manufacturing costs were higher, partially driven by operational disruptions in response to transportation constraints. For oriented strand board, sales volumes and fiber costs were slightly higher, and unit manufacturing costs were higher due to planned annual maintenance and elevated resin costs. For engineered wood products, sales volumes were higher, raw material costs were slightly lower, and unit manufacturing costs were slightly higher. Sales realizations were higher for most engineered wood products. For distribution, results were slightly higher due to increased sales volumes. Q3 2026 Outlook – Weyerhaeuser anticipates third quarter earnings before special items and Adjusted EBITDA will be slightly lower than the second quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, moderately higher log costs, and slightly lower unit manufacturing costs. For oriented strand board, the company anticipates slightly higher sales volumes, comparable fiber costs, and higher unit manufacturing costs. For engineered wood products, the company expects sales realizations and raw material costs to be slightly higher. Sales volumes are expected to be slightly higher for most engineered wood products. For distribution, the company anticipates slightly higher results compared to the second quarter. ABOUT WEYERHAEUSERWeyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls more than 10 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, and energy and natural resources, among others. In 2025, the company generated $6.9 billion in net sales and employed approximately 9,500 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser’s common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.EARNINGS CALL INFORMATIONWeyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 31, 2026, to discuss second quarter results.To access the live webcast and presentation online, visit the Investors section on www.weyerhaeuser.com on July 31, 2026.To join the conference call from within North America, dial 1-877-407-0792 (access code: 13755108) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13755108). Replays will be available for two weeks at 1-844-512-2921 (access code: 13755108) from within North America, and at 1-412-317-6671 (access code: 13755108) from outside North America.FORWARD-LOOKING STATEMENTSThis earnings release 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 outlook and expectations concerning the following: long-term demand drivers for our products; driving operational excellence; advancing our growth strategy and delivering long-term shareholder value and returns; third quarter earnings before special items and Adjusted EBITDA for our Timberlands, Strategic Land Solutions and Wood Products segments; fee harvest volumes, domestic and export sales volumes, sales realizations, per unit log and haul costs and forestry and road costs for our Timberlands segment; full year Adjusted EBITDA and basis as a percentage of sales for our Strategic Land Solutions segment; sales volumes, log costs and unit manufacturing costs 3 for our lumber business; sales volumes, sales realizations and fiber costs for our oriented strand board business; sales realizations and raw material costs for our engineered wood products business and expected third quarter results for our distribution business. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words and expressions such as “anticipate,” “expect,” “outlook,” “will” and similar words and expressions or reference events to occur in a future time period or by a future date. They may use the positive, negative or another variation of those and similar words and expressions. These forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:•the effect of general economic conditions, including employment rates, interest rates, inflation rates, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar;•market demand for the company's products, including market demand for our timberland properties with higher and better uses, which is related to, among other factors, the strength of the various U.S. business segments and U.S. and international economic conditions;•changes in currency exchange rates, particularly the relative value of the U.S. dollar to the Japanese yen, the Chinese yuan and the Canadian dollar, and the relative value of the euro to the yen;•U.S. trade policy and resulting restrictions on international trade and tariffs imposed on imports or exports; •the availability and cost of shipping and transportation;•economic activity in Asia, especially Japan, India and China;•performance of our manufacturing operations, including maintenance and capital requirements;•potential disruptions in our manufacturing operations;•the level of competition from domestic and foreign producers;•the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives as well as our previously announced growth initiatives;•our ability to hire and retain capable employees;•the successful and timely execution and integration of our strategic acquisitions, including our ability to realize expected benefits and synergies, and the successful and timely execution of our strategic divestitures, each of which is subject to a number of risks and conditions beyond our control including, but not limited to, timing and required regulatory approvals or the occurrence of any event, change or other circumstances that could give rise to a termination of any acquisition or divestiture transaction under the terms of the governing transaction agreements;•raw material availability and prices;•the effect of weather;•changes in global or regional climate conditions and governmental response to such changes;•the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;•the effects of significant geopolitical conditions or developments such as significant international trade disputes or domestic or foreign terrorist attacks, armed conflict and political unrest; •the occurrence of regional or global health epidemics and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;•energy and fuel prices;•transportation and labor availability and costs;•federal tax policies;•the effect of forestry, land use, environmental and other governmental regulations;•legal proceedings;•performance of pension fund investments and related derivatives; 4 •the effect of timing of employee retirements as it relates to the cost of pension benefits and changes in the market price of our common stock on charges for share-based compensation;•the accuracy of our estimates of costs and expenses related to contingent liabilities and the accuracy of our estimates of charges related to casualty losses;•changes in accounting principles; and•other risks and uncertainties identified in our 2025 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC.It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on the company's business, results of operations, cash flows, financial condition and future prospects.Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update our forward-looking statements after the date of this earnings release. 5 RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGSWe reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.The table below reconciles Adjusted EBITDA for the quarter ended March 31, 2026: (millions) Timberlands Strategic Land Solutions Wood Products UnallocatedItems Total Adjusted EBITDA by Segment: Net earnings $ 156 Interest expense, net of capitalized interest 66 Income taxes 15 Net contribution (charge) to earnings $ 115 $ 169 $ 42 $ (89 ) $ 237 Non-operating pension and other post-employment benefit costs — — — 14 14 Interest income and other — — — (4 ) (4 ) Operating income (loss) 115 169 42 (79 ) 247 Depreciation, depletion and amortization 63 1 57 3 124 Basis of acres sold — 23 — — 23 Special items included in operating income (loss)(1)(2) (58 ) — (28 ) — (86 ) Adjusted EBITDA $ 120 $ 193 $ 71 $ (76 ) $ 308 (1)Operating income (loss) for Timberlands includes a pretax special item consisting of a $58 million gain on the sale of Virginia timberlands.(2)Operating income (loss) for Wood Products includes a pretax special item consisting of a $28 million product remediation insurance recovery.The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2026: (millions) Timberlands Strategic Land Solutions Wood Products UnallocatedItems Total Adjusted EBITDA by Segment: Net earnings $ 162 Interest expense, net of capitalized interest 66 Income taxes (15 ) Net contribution (charge) to earnings $ 130 $ 94 $ 71 $ (82 ) $ 213 Non-operating pension and other post-employment benefit costs — — — 14 14 Interest income and other — — — (4 ) (4 ) Operating income (loss) 130 94 71 (72 ) 223 Depreciation, depletion and amortization 64 4 58 1 127 Basis of acres sold — 31 — — 31 Special items included in operating income (loss)(1) (71 ) — — — (71 ) Adjusted EBITDA $ 123 $ 129 $ 129 $ (71 ) $ 310 (1)Operating income (loss) for Timberlands includes a pretax special item consisting of a $71 million gain on the sale of Oregon timberlands. 6 The table below reconciles Adjusted EBITDA for the quarter ended June 30, 2025: (millions) Timberlands Strategic Land Solutions Wood Products UnallocatedItems Total Adjusted EBITDA by Segment: Net earnings $ 87 Interest expense, net of capitalized interest 66 Income taxes 12 Net contribution (charge) to earnings $ 88 $ 106 $ 46 $ (75 ) $ 165 Non-operating pension and other post-employment benefit costs — — — 19 19 Interest income and other — — — (6 ) (6 ) Operating income (loss) 88 106 46 (62 ) 178 Depreciation, depletion and amortization 64 4 55 2 125 Basis of acres sold — 33 — — 33 Adjusted EBITDA $ 152 $ 143 $ 101 $ (60 ) $ 336 The table below reconciles Adjusted EBITDA for the year-to-date period ended June 30, 2026: (millions) Timberlands Strategic Land Solutions Wood Products UnallocatedItems Total Adjusted EBITDA by Segment: Net earnings $ 318 Interest expense, net of capitalized interest 132 Income taxes — Net contribution (charge) to earnings $ 245 $ 263 $ 113 $ (171 ) $ 450 Non-operating pension and other post-employment benefit costs — — — 28 28 Interest income and other — — — (8 ) (8 ) Operating income (loss) 245 263 113 (151 ) 470 Depreciation, depletion and amortization 127 5 115 4 251 Basis of acres sold — 54 — — 54 Special items included in operating income (loss)(1)(2) (129 ) — (28 ) — (157 ) Adjusted EBITDA $ 243 $ 322 $ 200 $ (147 ) $ 618 (1)Operating income (loss) for Timberlands includes pretax special items consisting of a $58 million gain on the sale of Virginia timberlands and a $71 million gain on the sale of Oregon timberlands.(2)Operating income (loss) for Wood Products includes a pretax special item consisting of a $28 million product remediation insurance recovery. 7 RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (INCOME TAX AFFECTED)We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.The table below reconciles net earnings before special items to net earnings: 2026 2026 2025 (millions) Q1 Q2 Q2 Net earnings $ 156 $ 162 $ 87 Gain on sale of timberlands (58 ) (71 ) — Product remediation insurance recovery (21 ) — — Net earnings before special items $ 77 $ 91 $ 87 The table below reconciles net earnings per diluted share before special items to net earnings per diluted share: 2026 2026 2025 Q1 Q2 Q2 Net earnings per diluted share $ 0.22 $ 0.23 $ 0.12 Gain on sale of timberlands (0.08 ) (0.10 ) — Product remediation insurance recovery (0.03 ) — — Net earnings per diluted share before special items $ 0.11 $ 0.13 $ 0.12 RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONSWe reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity. The table below reconciles Adjusted FAD to net cash from operations: 2026 2026 2025 2026 (millions) Q1 Q2 Q2 Q2 YTD Net cash from operations $ 52 $ 399 $ 396 $ 451 Capital expenditures (112 ) (139 ) (107 ) (251 ) Adjustments to FAD(1) 2 63 22 65 Adjusted FAD $ (58 ) $ 323 $ 311 $ 265 (1)Adjustments to FAD in 2025 include $22 million in capital expenditures related to our Monticello engineered wood products facility in second quarter 2025. Adjustments to FAD in 2026 include a $28 million product remediation insurance recovery in first quarter 2026 and $30 million, $63 million and $93 million in capital expenditures related to our Monticello engineered wood products facility in first quarter, second quarter and year-to-date 2026, respectively. 8

EX-99.2 3 wy-ex99_2.htm EX-99.2 EX-99.2 Weyerhaeuser Company Exhibit 99.2 Q2.2026 Analyst Package Preliminary results (unaudited) Consolidated Statement of Operations Q1 Q2 Year-to-Date in millions Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Net sales $ 1,727 $ 1,867 $ 1,884 $ 3,594 $ 3,647 Costs of sales 1,409 1,556 1,559 2,965 2,987 Gross margin 318 311 325 629 660 Selling expenses 23 24 23 47 46 General and administrative expenses 119 115 114 234 233 Gain on sale of timberlands (58 ) (71 ) — (129 ) — Other operating (income) costs, net (13 ) 20 10 7 24 Operating income 247 223 178 470 357 Non-operating pension and other post-employment benefit costs (14 ) (14 ) (19 ) (28 ) (38 ) Interest income and other 4 4 6 8 11 Interest expense, net of capitalized interest (66 ) (66 ) (66 ) (132 ) (132 ) Earnings before income taxes 171 147 99 318 198 Income taxes (15 ) 15 (12 ) — (28 ) Net earnings $ 156 $ 162 $ 87 $ 318 $ 170 Per Share Information Q1 Q2 Year-to-Date Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Earnings per share, basic and diluted $ 0.22 $ 0.23 $ 0.12 $ 0.44 $ 0.23 Dividends paid per common share $ 0.21 $ 0.21 $ 0.21 $ 0.42 $ 0.42 Weighted average shares outstanding (in thousands): Basic 721,290 721,421 723,682 721,356 724,906 Diluted 721,671 721,901 723,927 721,787 725,239 Common shares outstanding at end of period (in thousands) 721,043 720,692 721,835 720,692 721,835 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA) Q1 Q2 Year-to-Date in millions Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Net earnings $ 156 $ 162 $ 87 $ 318 $ 170 Non-operating pension and other post-employment benefit costs 14 14 19 28 38 Interest income and other (4 ) (4 ) (6 ) (8 ) (11 ) Interest expense, net of capitalized interest 66 66 66 132 132 Income taxes 15 (15 ) 12 — 28 Operating income 247 223 178 470 357 Depreciation, depletion and amortization 124 127 125 251 250 Basis of acres sold 23 31 33 54 57 Special items included in operating income (86 ) (71 ) — (157 ) — Adjusted EBITDA(1) $ 308 $ 310 $ 336 $ 618 $ 664 (1) Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Adjusted EBITDA, as we define it, is operating income adjusted for depreciation, depletion, amortization, basis of Strategic Land Solutions acres sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. Page 1 of 8 Weyerhaeuser Company Total Company Statistics Q2.2026 Analyst Package Preliminary results (unaudited) Special Items Included in Net Earnings (Income Tax Affected) Q1 Q2 Year-to-Date in millions Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Net earnings $ 156 $ 162 $ 87 $ 318 $ 170 Gain on sale of timberlands (58 ) (71 ) — (129 ) — Product remediation insurance recovery (21 ) — — (21 ) — Net earnings before special items(1) $ 77 $ 91 $ 87 $ 168 $ 170 Q1 Q2 Year-to-Date Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Net earnings per diluted share $ 0.22 $ 0.23 $ 0.12 $ 0.44 $ 0.23 Gain on sale of timberlands (0.08 ) (0.10 ) — (0.18 ) — Product remediation insurance recovery (0.03 ) — — (0.03 ) — Net earnings per diluted share before special items(1) $ 0.11 $ 0.13 $ 0.12 $ 0.23 $ 0.23 (1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. Selected Total Company Items Q1 Q2 Year-to-Date in millions Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Pension and post-employment costs: Pension and post-employment service costs $ 4 $ 5 $ 5 $ 9 $ 9 Non-operating pension and other post-employment benefit costs 14 14 19 28 38 Total company pension and post-employment costs $ 18 $ 19 $ 24 $ 37 $ 47 Page 2 of 8 Weyerhaeuser Company Q2.2026 Analyst PackagePreliminary results (unaudited) Condensed Consolidated Balance Sheet in millions Mar 31, 2026 Jun 30,2026 Dec 31,2025 ASSETS Current assets: Cash and cash equivalents $ 299 $ 527 $ 464 Receivables, net 396 373 303 Receivables for taxes 8 5 10 Inventories 659 604 593 Assets held for sale — — 128 Prepaid expenses and other current assets 141 127 154 Total current assets 1,503 1,636 1,652 Property and equipment, net 2,376 2,405 2,420 Construction in progress 397 423 337 Timber and timberlands at cost, less depletion 11,475 11,384 11,533 Minerals and mineral rights, less depletion 176 173 177 Deferred tax assets 91 113 97 Other assets 383 379 397 Total assets $ 16,401 $ 16,513 $ 16,613 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 372 $ 122 $ 522 Accounts payable 284 311 278 Accrued liabilities 404 468 478 Total current liabilities 1,060 901 1,278 Long-term debt, net 5,052 5,303 5,050 Deferred tax liabilities 15 15 18 Deferred pension and other post-employment benefits 484 486 485 Other liabilities 351 352 356 Total liabilities 6,962 7,057 7,187 Total equity 9,439 9,456 9,426 Total liabilities and equity $ 16,401 $ 16,513 $ 16,613 Page 3 of 8 Weyerhaeuser Company Q2.2026 Analyst PackagePreliminary results (unaudited) Consolidated Statement of Cash Flows Q1 Q2 Year-to-Date in millions Mar 31, 2026 Jun 30,2026 Jun 30,2025 Jun 30,2026 Jun 30,2025 Cash flows from operations: Net earnings $ 156 $ 162 $ 87 $ 318 $ 170 Noncash charges (credits) to earnings: Depreciation, depletion and amortization 124 127 125 251 250 Basis of acres sold 23 31 33 54 57 Deferred income taxes, net 1 (26 ) — (25 ) 4 Pension and other post-employment benefits 18 19 24 37 47 Share-based compensation expense 13 10 12 23 23 Gain on sale of timberlands (58 ) (71 ) — (129 ) — Other 1 — — 1 — Change in: Receivables, net (94 ) 11 10 (83 ) (66 ) Receivables and payables for taxes 1 13 6 14 (16 ) Inventories (68 ) 54 55 (14 ) (13 ) Prepaid expenses and other current assets 2 2 12 4 17 Accounts payable and accrued liabilities (66 ) 83 64 17 39 Pension and post-employment benefit contributions and payments (5 ) (4 ) (3 ) (9 ) (6 ) Other 4 (12 ) (29 ) (8 ) (40 ) Net cash from operations $ 52 $ 399 $ 396 $ 451 $ 466 Cash flows from investing activities: Capital expenditures for property and equipment(1) $ (89 ) $ (131 ) $ (99 ) $ (220 ) $ (170 ) Capital expenditures for timberlands reforestation (23 ) (8 ) (8 ) (31 ) (30 ) Proceeds from lumber mill sale — 22 — 22 — Proceeds from sale of timberlands 192 114 — 306 — Other 1 (4 ) (4 ) (3 ) (8 ) Net cash from investing activities $ 81 $ (7 ) $ (111 ) $ 74 $ (208 ) Cash flows from financing activities: Cash dividends on common shares $ (151 ) $ (152 ) $ (152 ) $ (303 ) $ (304 ) Net proceeds from issuance of long-term debt — — — — 299 Net proceeds from issuance of commercial paper — 331 — 331 — Payments on long-term debt (150 ) (250 ) — (400 ) (210 ) Payments on commercial paper — (81 ) — (81 ) — Repurchases of common shares (10 ) (10 ) (100 ) (20 ) (125 ) Other (4 ) (2 ) (1 ) (6 ) (10 ) Net cash from financing activities $ (315 ) $ (164 ) $ (253 ) $ (479 ) $ (350 ) Net change in cash, cash equivalents and restricted cash $ (182 ) $ 228 $ 32 $ 46 $ (92 ) Cash, cash equivalents and restricted cash at beginning of period 481 299 560 481 684 Cash, cash equivalents and restricted cash at end of period $ 299 $ 527 $ 592 $ 527 $ 592 Cash paid during the period for: Interest, net of amounts capitalized $ 60 $ 73 $ 74 $ 133 $ 132 Income taxes, net of refunds $ 13 $ — $ 6 $ 13 $ 40 (1) Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $22 million and $38 million in second quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million and $93 million in first quarter 2026, second quarter 2026, and year-to-date 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution. Page 4 of 8 Weyerhaeuser Company Timberlands Segment Q2.2026 Analyst PackagePreliminary results (unaudited) Segment Statement of Operations in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Sales to unaffiliated customers $ 356 $ 367 $ 373 $ 723 $ 755 Intersegment sales 136 151 156 287 308 Total net sales 492 518 529 1,010 1,063 Costs of sales 409 434 416 843 825 Gross margin 83 84 113 167 238 Selling expenses — 1 1 1 1 General and administrative expenses 25 24 24 49 48 Gain on sale of timberlands (58 ) (71 ) — (129 ) — Other operating costs (income), net 1 — — 1 (1 ) Operating income and Net contribution to earnings $ 115 $ 130 $ 88 $ 245 $ 190 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Operating income $ 115 $ 130 $ 88 $ 245 $ 190 Depreciation, depletion and amortization 63 64 64 127 129 Special items (58 ) (71 ) — (129 ) — Adjusted EBITDA(1) $ 120 $ 123 $ 152 $ 243 $ 319 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Segment Special Items Included In Net Contribution to Earnings (Pretax) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Gain on sale of timberlands $ (58 ) $ (71 ) $ — $ (129 ) $ — Selected Segment Items in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Total (increase) decrease in working capital(2) $ (18 ) $ 85 $ 51 $ 67 $ 35 Cash spent for capital expenditures(3) $ (43 ) $ (24 ) $ (19 ) $ (67 ) $ (45 ) (2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Strategic Land Solutions segments combined.(3) Does not include cash spent for the acquisition of timberlands. Segment Statistics(4) Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Third Party Delivered logs: Net Sales West $ 144 $ 171 $ 169 $ 315 $ 338 (millions) South 148 145 154 293 306 North 14 9 8 23 22 Total delivered logs 306 325 331 631 666 Stumpage and pay-as-cut timber 10 11 13 21 23 Recreational and other lease revenue 20 20 19 40 38 Other revenue 20 11 10 31 28 Total $ 356 $ 367 $ 373 $ 723 $ 755 Delivered Logs West $ 106.76 $ 115.27 $ 117.69 $ 111.22 $ 118.11 Third Party Sales South $ 37.26 $ 38.20 $ 37.71 $ 37.72 $ 37.40 Realizations (per ton) North $ 70.65 $ 78.31 $ 74.30 $ 73.31 $ 72.45 Delivered Logs West 1,347 1,487 1,430 2,834 2,858 Third Party Sales South 3,968 3,812 4,074 7,780 8,180 Volumes (tons, thousands) North 205 108 105 313 297 Fee Harvest Volumes West 2,178 2,245 2,238 4,423 4,467 (tons, thousands) South 5,915 5,955 6,220 11,870 12,353 North 278 178 180 456 452 (4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes. Page 5 of 8 Weyerhaeuser Company Strategic Land Solutions Segment Q2.2026 Analyst PackagePreliminary results (unaudited) Segment Statement of Operations in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Net sales $ 207 $ 140 $ 154 $ 347 $ 248 Costs of sales 32 38 44 70 76 Gross margin 175 102 110 277 172 General and administrative expenses 6 8 6 14 13 Other operating income, net — — (2 ) — (3 ) Operating income and Net contribution to earnings $ 169 $ 94 $ 106 $ 263 $ 162 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Operating income $ 169 $ 94 $ 106 $ 263 $ 162 Depreciation, depletion and amortization 1 4 4 5 6 Basis of acres sold 23 31 33 54 57 Adjusted EBITDA(1) $ 193 $ 129 $ 143 $ 322 $ 225 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Segment Statistics(2) Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Net Sales Real Estate $ 69 $ 91 $ 72 $ 160 $ 134 (millions) Natural Resources 27 34 26 61 45 Climate Solutions 111 15 56 126 69 Total $ 207 $ 140 $ 154 $ 347 $ 248 Acres Sold Real Estate 17,141 21,168 17,233 38,309 33,641 Price per Acre Real Estate $ 4,015 $ 4,319 $ 4,161 $ 4,183 $ 3,967 Basis as a Percent of Strategic Land Solutions Net Sales Strategic Land Solutions 11 % 22 % 21 % 16 % 23 % (2) Effective first quarter 2026, the segment previously called Real Estate, Energy & Natural Resources has been renamed Strategic Land Solutions. Reportable business lines included within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Segment statistics for second quarter and year-to-date 2025 have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business. Page 6 of 8 Weyerhaeuser Company Wood Products Segment Q2.2026 Analyst PackagePreliminary results (unaudited) Segment Statement of Operations in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Net sales $ 1,164 $ 1,360 $ 1,357 $ 2,524 $ 2,644 Costs of sales 1,087 1,223 1,243 2,310 2,357 Gross margin 77 137 114 214 287 Selling expenses 22 23 22 45 44 General and administrative expenses 39 37 40 76 79 Other operating (income) costs, net (26 ) 6 6 (20 ) 12 Operating income and Net contribution to earnings $ 42 $ 71 $ 46 $ 113 $ 152 Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Operating income $ 42 $ 71 $ 46 $ 113 $ 152 Depreciation, depletion and amortization 57 58 55 115 110 Special items (28 ) — — (28 ) — Adjusted EBITDA(1) $ 71 $ 129 $ 101 $ 200 $ 262 (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. Segment Special Items Included in Net Contribution to Earnings (Pretax) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Product remediation insurance recovery $ (28 ) $ — $ — $ (28 ) $ — Selected Segment Items in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Total (increase) decrease in working capital(2) $ (203 ) $ 86 $ 49 $ (117 ) $ (108 ) Cash spent for capital expenditures(3) $ (69 ) $ (115 ) $ (88 ) $ (184 ) $ (155 ) (2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.(3) Includes capital expenditures related to the construction of our Monticello engineered wood products facility of $22 million and $38 million in second quarter 2025 and year-to-date 2025, respectively, and $30 million, $63 million and $93 million in first quarter 2026, second quarter 2026, and year-to-date 2026, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution. Segment Statistics(4) in millions, except for third party sales realizations Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Structural Lumber Third party net sales $ 478 $ 591 $ 581 $ 1,069 $ 1,108 (volumes presented Third party sales realizations $ 443 $ 508 $ 454 $ 476 $ 458 in board feet) Third party sales volumes 1,081 1,163 1,277 2,244 2,415 Production volumes 1,100 1,136 1,208 2,236 2,371 Oriented Strand Third party net sales $ 167 $ 180 $ 205 $ 347 $ 433 Board Third party sales realizations $ 236 $ 242 $ 280 $ 239 $ 298 (volumes presented Third party sales volumes 707 743 731 1,450 1,450 in square feet 3/8 ) Production volumes 742 745 737 1,487 1,480 Engineered Solid Third party net sales $ 155 $ 181 $ 169 $ 336 $ 330 Section Third party sales realizations $ 2,790 $ 2,906 $ 2,916 $ 2,851 $ 2,968 (volumes presented Third party sales volumes 5.6 6.2 5.8 11.8 11.1 in cubic feet) Production volumes 5.7 5.9 6.0 11.6 11.7 Engineered Third party net sales $ 72 $ 89 $ 95 $ 161 $ 183 I-joists Third party sales realizations $ 2,307 $ 2,343 $ 2,399 $ 2,326 $ 2,456 (volumes presented Third party sales volumes 31 38 40 69 75 in lineal feet) Production volumes 35 31 40 66 75 Softwood Plywood Third party net sales $ 38 $ 47 $ 41 $ 85 $ 81 (volumes presented Third party sales realizations $ 442 $ 486 $ 446 $ 465 $ 452 in square feet 3/8 ) Third party sales volumes 86 97 92 183 180 Production volumes 77 85 82 162 162 Medium Density Third party net sales $ 31 $ 31 $ 36 $ 62 $ 68 Fiberboard Third party sales realizations $ 1,172 $ 1,148 $ 1,195 $ 1,159 $ 1,180 (volumes presented Third party sales volumes 26 27 31 53 58 in square feet 3/4 ) Production volumes 28 25 37 53 59 (4) Third party net sales, third party sales realizations and third party sales volumes include sales of internally produced products and products purchased for resale primarily through our distribution business. Page 7 of 8 Weyerhaeuser Company Unallocated Items Q2.2026 Analyst PackagePreliminary results (unaudited) Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses and interest income and other. Net Charge to Earnings in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Unallocated corporate function and variable compensation expense $ (44 ) $ (42 ) $ (41 ) $ (86 ) $ (83 ) Liability classified share-based compensation — — 1 — — Foreign exchange (loss) gain (1 ) 1 2 — 2 Elimination of intersegment profit in inventory and LIFO (11 ) (12 ) (4 ) (23 ) (22 ) Other, net (23 ) (19 ) (20 ) (42 ) (44 ) Operating loss (79 ) (72 ) (62 ) (151 ) (147 ) Non-operating pension and other post-employment benefit costs (14 ) (14 ) (19 ) (28 ) (38 ) Interest income and other 4 4 6 8 11 Net charge to earnings $ (89 ) $ (82 ) $ (75 ) $ (171 ) $ (174 ) Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1) in millions Q1.2026 Q2.2026 Q2.2025 YTD.2026 YTD.2025 Operating loss $ (79 ) $ (72 ) $ (62 ) $ (151 ) $ (147 ) Depreciation, depletion and amortization 3 1 2 4 5 Adjusted EBITDA(1) $ (76 ) $ (71 ) $ (60 ) $ (147 ) $ (142 ) (1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1. 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