Weyerhaeuser (WY) investor relations material

Executive summary

• Q2 2026 net earnings were $162 million ($0.23/share), up from $156 million in Q1 and $87 million in Q2 2025, driven by a $71 million gain on the Oregon timberlands sale and strong operational performance.

• Adjusted EBITDA was $310 million, stable sequentially but down from $336 million in Q2 2025, with Wood Products and Timberlands improving and Strategic Land Solutions declining due to the absence of a large conservation easement transaction.

• Advanced growth initiatives in solar, biocarbon, and mass timber, with new solar sites under construction and biocarbon facility permits received.

• Completed divestiture of 29,000 acres of non-core Oregon timberlands for $114 million.

• Operating income and EPS rose sharply year-over-year, supported by timberland sales gains and insurance recoveries.

Financial highlights

• Q2 2026 net sales were $1.9 billion, flat year-over-year; operating income was $223 million (up $45 million YoY); Adjusted EBITDA margin was 16.4%.

• Cash flow from operations was $400–$451 million, with $527–$530 million in cash at quarter-end and $5.4 billion in total debt.

• Returned $152 million to shareholders via dividends and $10–$20 million through share repurchases.

• Capital expenditures were $139 million in Q2 and $251 million YTD, including investments in the EWP facility in Arkansas.

• Adjusted FAD for Q2 2026 was $265–$323 million.

Outlook and guidance

• Timberlands Q3 2026 earnings and Adjusted EBITDA expected to be slightly higher sequentially, with improvements across all regions.

• Strategic Land Solutions full-year 2026 Adjusted EBITDA guidance raised to $450 million (up $25 million); Q3 SLS Adjusted EBITDA expected to be $45 million lower than Q2 due to real estate sales timing.

• Wood Products Q3 2026 earnings and Adjusted EBITDA expected to be slightly lower than Q2, with higher lumber production but increased OSB maintenance and resin costs.

• Capital expenditures for 2026 projected at $400–$450 million, excluding $300 million for the new EWP facility.