Slides
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S E C O N D Q U A R T E R 2 0 2 6 EARNINGS RESULTS
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2 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 third quarter 2026 outlook and expectations concerning earnings before sp ecial items and Adjusted EBITDA for each of our businesses and expected key drivers; our updated full-year 2026 outlook for Strategic Land Solutions Adjusted EBITDA and basis of Strategic Land Solutions acres sold and future cash dividends, dividend framework and target percentage return to shareholders of our Adjusted Funds Available for Distribution (Adjusted FAD) through cash dividends and share repurchase. For ward-looking statements may be identified by our use of certain words in such statements, including without limitation words such as “expected,” “outlook,” and “targeted,” and similar words and terms and phrases using such terms and words, as well as references to future dates and events. They may use the positive, negative or another variation of those and similar words. 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 ris ks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, without limitation: the effect of general ec onomic 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 de mand 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 s egments 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; econ omic 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 gove rning 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, floo ds, 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 t errorist 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 futu re 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; performa nce of pension fund investments and related derivatives; 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 cha rges 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 i n 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 presentation. Nothing on our website is intended to be included or incorporated by reference into, or made a part of, this presentation. Also included in this presentation are certain non-GAAP financial measures, which management believes complement the financial information presented in accordance with U.S. generally accepted accounting principles. Management believes such non-GAAP measures may be useful to investors by providing helpful context in understanding the company’s performance. Our non-GAAP financial measures may not be comparable to similarly named or captioned non-GAAP financial measures of other companies due to potential inconsistencies in how such measures are calculated. A reconciliation of each presented non-GAAP measure to its most directly comparable GAAP measure is provided in the appendices to this presentation.
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3 2026 Q2 CONSOLIDATED RESULTS 1. 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. A reconciliation of the changes in business line composition is set forth on Slide 26. 2. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 23. 3. Includes other operating costs, net; non-operating pension and other post-employment benefit costs and interest income and other. 4. Interest expense is net of capitalized interest. 5. An explanation of special items and a reconciliation to GAAP are set forth on Slide 4. Income taxes attributable to special items are included in Special items, after-tax. $ Millions (except EPS) 2026 2026 Consolidated Statement of Operations Q1 Q2 Net Sales $ 1,727 $ 1,867 Costs of sales 1,409 1,556 Gross Margin 318 311 SG&A expenses 142 139 Other expense, net3 25 30 Net Contribution to Earnings Before Special Items $ 151 $ 142 Interest expense, net4 (66) (66) Income taxes5 (8) 15 Net Earnings Before Special Items5 $ 77 $ 91 Special items, after-tax5 79 71 Net Earnings $ 156 $ 162 Diluted EPS Before Special Items5 $ 0.11 $ 0.13 Diluted EPS $ 0.22 $ 0.23 $ Millions 2026 2026 Adjusted EBITDA Q1 Q2 Timberlands $ 120 $ 123 $ 3 Strategic Land Solutions1 193 129 (64) Wood Products 71 129 58 Unallocated Items (76) (71) 5 Total Adjusted EBITDA2 $ 308 $ 310 $ 2 Net Contribution to Earnings Before Special Items $ 151 $ 142 $ (9) Change
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4 EARNINGS BEFORE SPECIAL ITEMS $ Millions (except EPS) Earnings Before Special Items $ 85 $ 77 $ 0.11 $ 76 $ 91 $ 0.13 Special Items: Gain on sale of timberlands 58 58 0.08 71 71 0.10 Product remediation insurance recovery 28 21 0.03 — — — Total Special Items 86 79 0.11 71 71 0.10 Earnings Including Special Items (GAAP) $ 171 $ 156 $ 0.22 $ 147 $ 162 $ 0.23 2026 Q1 2026 Q2 Pretax Earnings After-Tax Earnings Diluted EPS Pretax Earnings After-Tax Earnings Diluted EPS
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5 1. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 23, Slide 24, Slide 25, Slide 27 and Slide 28. 2. Total Company Adjusted EBITDA includes Timberlands, Strategic Land Solutions,Wood Products and Unallocated. 3. Effective first quarter 2026, reportable business lines within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. A reconciliation of the changes in business line composition is set forth on Slide 26. ADJUSTED EBITDA1 $328 $336 $217 $140 $308 $310 $0 $100 $200 $300 $400 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions TOTAL COMPANY2 $82 $143 $91 $95 $193 $129 $0 $60 $120 $180 $240 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions STRATEGIC LAND SOLUTIONS 3 $167 $152 $148 $114 $120 $123 $(40) $0 $40 $80 $120 $160 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions TIMBERLANDS $161 $101 $8 $(20) $71 $129 $(80) $(40) $0 $40 $80 $120 $160 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions WOOD PRODUCTS Prior to 2026 Q1, Climate Solutions Adj. EBITDA was included in Real Estate and Natural Resources. Full-year 2025 Climate Solutions Adj. EBITDA was $119 million. West $ 95 84 75 45 58 67 South $ 71 69 74 69 62 58 North $ 2 1 2 2 2 — Other $ (1) (2) (3) (2) (2) (2) Real Estate $ 59 113 56 67 61 83 Natural Resources $ 23 30 35 28 24 33 Climate Solutions $ 108 13 Lumber $ 40 11 (48) (57) 27 73 OSB $ 59 30 (3) (10) 3 (6) EWP $ 53 57 56 49 39 54 Distribution $ 6 5 1 (1) 6 8 Other $ 3 (2) 2 (1) (4) —
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6 1. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 24. 2. First quarter 2026 excludes a $58 million gain on the sale of Virginia timberlands. Second quarter 2026 excludes a $71 million gain on the sale of Oregon timberlands. These items are included in Special items, pretax. 3. Adjusted EBITDA divided by Total Sales. 4. Net Contribution to Earnings Before Special Items divided by Total Sales. TIMBERLANDS SEGMENT TIMBERLANDS ($ Millions) Adjusted EBITDA by Region West $ 58 $ 67 South 62 58 North 2 — Other (2) (2) Total Adjusted EBITDA1 $ 120 $ 123 2026 2026 Q1 Q2 TIMBERLANDS ($ Millions) Segment Statement of Operations Third-party sales $ 356 $ 367 Intersegment sales 136 151 Total Sales 492 518 Costs of sales 409 434 Gross Margin 83 84 SG&A expenses 25 25 Other expense, net 2 1 — Net Contribution to Earnings Before Special Items $ 57 $ 59 Special items, pretax2 58 71 Net Contribution to Earnings $ 115 $ 130 Adjusted EBITDA1 $ 120 $ 123 Adjusted EBITDA Margin Percentage 3 24% 24% Operating Margin Percentage 4 12% 11% Q1 Q2 2026 2026
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7 TIMBERLANDS KEY DRIVERS: 2026 Q2 vs. 2026 Q1 REGION KEY DRIVERS WEST • Fee Harvest Volumes: Slightly higher, due to seasonally favorable operating conditions • Sales Volumes: Higher, primarily for domestic logs • Sales Realizations: Moderately higher • Per Unit Log and Haul Costs: Higher, due to elevated fuel and freight costs and the seasonal transition to higher elevation operations • Forestry and Road Costs: Higher, seasonal SOUTH • Fee Harvest Volumes: Comparable • Sales Realizations: Slightly higher, due to mix • Per Unit Log and Haul Costs: Moderately higher, primarily due to elevated fuel costs • Forestry and Road Costs: Slightly lower NORTH • Fee Harvest Volumes: Significantly lower, given spring break-up conditions • Sales Realizations: Moderately higher, due to mix
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8 1. Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes. 2. During fourth quarter 2025, Chinese regulators lifted the March 4, 2025 suspension of log imports from the U.S. SALES VOLUMES, REALIZATIONS AND EXPORT REVENUE 1,428 1,430 1,529 1,276 1,347 1,487 $118.52 $117.69 $110.68 $108.64 $106.76 $115.27 $0 $40 $80 $120 $160 0 600 1,200 1,800 2,400 3,000 3,600 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - West1 4,106 4,074 4,217 4,089 3,968 3,812 $37.10 $37.71 $36.65 $37.29 $37.26 $38.20 $0 $9 $18 $27 $36 $45 0 1,400 2,800 4,200 5,600 7,000 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - South 192 105 183 204 205 108 $71.43 $74.30 $72.75 $73.28 $70.65 $78.31 $0 $25 $50 $75 $100 0 100 200 300 400 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - North $71 $67 $69 $66 $61 $71 $0 $20 $40 $60 $80 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions Western Export Log Revenue Japan 90% 96% 93% 83% 88% 85% China2 4% —% —% 8% 10% 8% Korea 6% 4% 7% 9% 2% 7%
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9 South West North FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES 272 180 262 267 278 178 2,229 2,238 2,394 2,143 2,178 2,245 6,133 6,220 6,431 6,048 5,915 5,955 0 1,250 2,500 3,750 5,000 6,250 7,500 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Thousands of tons FEE HARVEST VOLUMES 11 17 19 10 18 19 903 886 850 855 858 892 1,239 1,211 1,293 1,153 1,234 1,353 0 300 600 900 1,200 1,500 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Thousands of tons INTERSEGMENT LOG SALES VOLUMES
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10 1. Effective first quarter 2026, reportable business lines within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Our disclosure of Adjusted EBITDA by business reflects this change. A reconciliation of the changes in business line composition is set forth on Slide 26. 2. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 25. STRATEGIC LAND SOLUTIONS SEGMENT STRATEGIC LAND SOLUTIONS ($ Millions) Adjusted EBITDA by Business1 Real Estate $ 61 $ 83 Natural Resources 24 33 Climate Solutions 108 13 Total Adjusted EBITDA2 $ 193 $ 129 Q1 2026 2026 Q2 STRATEGIC LAND SOLUTIONS ($ Millions) Segment Statement of Operations Total Sales $ 207 $ 140 Costs of sales 32 38 Gross Margin 175 102 SG&A expenses 6 8 Other income, net — — Net Contribution to Earnings $ 169 $ 94 Adjusted EBITDA2 $ 193 $ 129 20262026 Q1 Q2 KEY DRIVERS: 2026 Q2 vs. 2026 Q1 Q1 included a $94 million conservation easement transaction, with no comparable transaction in Q2 Climate Solutions Real Estate Timing and mix of sales
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11 STRATEGIC LAND SOLUTIONS SEGMENT 20 27 5 2 21 8 23 4 19 35 17 5 16 17 12 4 17 21 0 10 20 30 40 50 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Acres (Thousands) REAL ESTATE ACRES SOLD1 $4,007 $2,918 $5,174 $5,545 $3,241 $5,025 $3,022 $4,930 $3,393 $1,852 $2,836 $5,319 $3,764 $4,161 $5,128 $8,561 $4,015 $4,319 $0 $2,000 $4,000 $6,000 $8,000 $10,000 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Price per acre REAL ESTATE AVERAGE PRICE PER ACRE1 1. Effective first quarter 2026, Real Estate sales statistics have been adjusted to reflect our updated presentation of business lines within the Strategic Land Solutions segment. Real Estate statistics for prior quarters have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business. A reconciliation of the changes in business line composition is set forth on Slide 26. West 62% 77% 13% 30% 8% 19% 10% 14% 7% 73% 3% 11% 46% 17% 19% 2% 1% 2% South 36% 23% 78% 70% 90% 75% 88% 84% 93% 26% 97% 88% 54% 82% 81% 98% 99% 98% North 2% —% 9% —% 2% 6% 2% 2% —% 1% —% 1% —% 1% —% —% —% —%
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12 WOOD PRODUCTS SEGMENT 1. Adjusted EBITDA for Wood Products businesses include earnings on internal sales, primarily from the manufacturing businesses to Distribution. These sales occur at market price. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 27. 2. First quarter 2026 excludes a $28 million product remediation insurance recovery. This is included in Special items, pretax. 3. Adjusted EBITDA divided by Total Sales. 4. Net Contribution to Earnings Before Special Items divided by Total Sales. WOOD PRODUCTS ($ Millions) 2026 2026 Adjusted EBITDA by Business Q1 Q2 Lumber $ 27 $ 73 OSB 3 (6) Engineered Wood Products 39 54 Distribution 6 8 Other (4) — Total Adjusted EBITDA1 $ 71 $ 129 WOOD PRODUCTS ($ Millions) 2026 2026 Segment Statement of Operations Q1 Q2 Total Sales $ 1,164 $ 1,360 Costs of sales 1,087 1,223 Gross Margin 77 137 SG&A expenses 61 60 Other expense, net2 2 6 Net Contribution to Earnings Before Special Items $ 14 $ 71 Special items, pretax2 28 — Net Contribution to Earnings $ 42 $ 71 Adjusted EBITDA1 $ 71 $ 129 Adjusted EBITDA Margin Percentage 3 6% 9% Operating Margin Percentage 4 1% 5%
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13 WOOD PRODUCTS KEY DRIVERS: 2026 Q2 vs. 2026 Q1 BUSINESS KEY DRIVERS LUMBER • Sales Realizations: Increased 15% • Sales Volumes: Moderately higher • Log Costs: Slightly higher • Unit Manufacturing Costs: Higher, partially driven by operational disruptions in response to transportation constraints ORIENTED STRAND BOARD • Sales Realizations: Increased 3% • Sales Volumes: Slightly higher • Fiber Costs: Slightly higher • Unit Manufacturing Costs: Higher, due to planned annual maintenance and elevated resin costs ENGINEERED WOOD PRODUCTS • Sales Realizations: Higher for most products • Sales Volumes: Higher for all products • Raw Material Costs: Slightly lower • Unit Manufacturing Costs: Slightly higher DISTRIBUTION • Slightly higher, primarily due to increased sales volumes
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141. Sales volumes and realizations include sales of internally produced products and products purchased for resale primarily through our distribution business. THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 1,138 1,277 1,259 1,066 1,081 1,163 $463 $454 $405 $393 $443 $508 $0 $150 $300 $450 $600 0 700 1,400 2,100 2,800 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/MBF) Volumes (Millions of Board Ft.) Lumber 719 731 727 739 707 743 $317 $280 $231 $218 $236 $242 $0 $75 $150 $225 $300 $375 0 400 800 1,200 1,600 2,000 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/M 3/8") Volumes (Millions of Square Ft.) OSB 5.3 5.8 5.5 5.4 5.6 6.2 $3,026 $2,916 $2,932 $2,928 $2,790 $2,906 $0 $700 $1,400 $2,100 $2,800 $3,500 0 2 4 6 8 10 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/CCF) Volumes (Millions of Cubic Ft.) Engineered Wood - Solid Section 35 40 35 31 31 38 $2,519 $2,399 $2,421 $2,384 $2,307 $2,343 $0 $600 $1,200 $1,800 $2,400 $3,000 0 10 20 30 40 50 60 70 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Realizations ($/MLF) Volumes (Millions of Lineal Ft.) Engineered Wood - Solid TJIs
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15 1. Unallocated items are gains or charges not related to or allocated to an individual operating segment. 2. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 28. 3. Costs of sales is composed primarily of elimination of intersegment profit in inventory and LIFO and incentive compensation. 4. G&A expense is composed primarily of share-based compensation, pension service costs, corporate function expenses and incentive compensation. UNALLOCATED ITEMS UNALLOCATED ITEMS ($ Millions)1 2026 2026 Q1 Q2 Unallocated corporate function expenses and variable compensation expense $ (44) $ (42) Foreign exchange loss (gain) (1) 1 Elimination of intersegment profit in inventory and LIFO (11) (12) Non-operating pension and other post-employment benefit costs (14) (14) Other, including interest income (19) (15) Net Charge to Earnings $ (89) $ (82) Adjusted EBITDA2 $ (76) $ (71) UNALLOCATED ITEMS ($ Millions)1 2026 2026 Q1 Q2 Costs of sales3 $ (17) $ (12) G&A expense4 (49) (46) Other expense, net (23) (24) Net Charge to Earnings $ (89) $ (82)
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16 1. LTM = last twelve months. A reconciliation to GAAP is set forth on Slide 29. 2. Total debt, net of cash and cash equivalents, divided by enterprise value. Enterprise value is defined as total debt, net of cash and cash equivalents, plus market capitalization as of the end of the quarter. 3. Our definition of Adjusted Funds Available for Distribution (Adjusted FAD) and a reconciliation to GAAP are set forth on Slide 30. 4. Adjustments to FAD include capital expenditures of $63 million for second quarter 2026 and $93 million for year -to-date 2026 related to the construction of our Monticello engineered wood products facility, as well as a $28 million product remediation insurance recovery for year-to-date 2026. 5. Average price paid per share for second quarter 2026 and year-to-date 2026 were $24.54 and $24.49, respectively. There were no unsettled shares as of June 30 , 2026. 6. Excludes outstanding commercial paper of $250 million as of June 30, 2026. The timing of repayment of the current outstanding balance is uncertain due to our intent and ability to refinance these borrowings on a long -term basis. Additionally, the remaining $122 million of scheduled debt maturities due in 2026 were paid at maturity in July 2026 using cash on hand. 7. Excluding the voluntary $200 million cash contribution to our U.S. qualified pension plan, our fourth quarter 2025 cash flow from operations would have been $86 million. 8. Base CapEx includes programmatic capital expenditures as well as all capitalized interest. FINANCIAL ITEMS ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION3 ($ Millions) 2026 2026 Q2 YTD Net cash from operations $ 399 $ 451 Capital expenditures (139) (251) Adjustments to FAD4 63 65 Adjusted Funds Available for Distribution $ 323 $ 265 $93 $107 $125 $149 $112 $139 $0 $50 $100 $150 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions Capital Expenditures $70 $396 $210 ($114) $52 $399 $(200) $0 $200 $400 $600 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 $ Millions Cash Flow from Operations 7 KEY FINANCIAL METRICS ($ Millions) 2026 2026 Q1 Q2 Ending cash balance $ 299 $ 527 Total debt $ 5,424 $ 5,425 Net debt to Adjusted EBITDA (LTM)1 5.1 5.0 Net debt to enterprise value2 23% 22% SHARE REPURCHASES ($ Millions) 2026 2026 Q2 YTD Share repurchases5 $ 10 $ 20 SCHEDULED DEBT MATURITIES AS OF JUNE 30, 2026 ($ Millions) 2026 2027 2028 2029 2030 Debt maturities6 $ 122 $ 300 $ 800 $ 750 $ 750 Base CapEx8 $ Monticello EWP CapEx 63 $ 30 39 32 22 16 76 77 85 93 110 82
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17 1. Our definition of Adjusted Funds Available for Distribution (Adjusted FAD) is set forth on Slide 30. 2. Normally declared and paid annually in Q1, based on prior year results. 17 Targeted Return Of Cash To Shareholders Calculated On An Annual Basis Sustainable Base Dividend supported by Timberlands & Strategic Land Solutions cash flow, even at the bottom of the cycle Share Repurchase and/or Supplemental Dividend2 to achieve targeted return of 75-80% of annual Adjusted FAD $ Adjusted Funds Available For Distribution1 Allocation Framework Adjusted FAD Quarterly Base Cash Dividends Targeted Return To Shareholders To Achieve 75-80% Payout Cash Available For Allocation Between Opportunistic Share Repurchase and/or Supplemental Dividend2 75-80% Payout Return 75-80% Of Adjusted FAD To Shareholders Excess Cash available for growth, additional share repurchase & debt paydown COMPETITIVE ADVANTAGE & GROWTH ACCELERATOR 20-25% Of Adjusted FAD RETURNING CASH TO SHAREHOLDERS Allocation Framework And Cash Return Calculation
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18 OUTLOOK: 2026 Q3 SEGMENT EXPECTED EARNINGS1 & ADJUSTED EBITDA KEY DRIVERS TIMBERLANDS Slightly higher than 2026 Q2 West Fee Harvest Volumes: Moderately higher Sales Volumes: Higher for domestic; lower for export Sales Realizations: Slightly lower overall, due to mix; slightly higher for grade logs Per Unit Log and Haul Costs: Slightly lower Forestry and Road Costs: Slightly higher, seasonal South Fee Harvest Volumes: Higher Sales Realizations: Comparable Per Unit Log and Haul Costs: Slightly lower Forestry and Road Costs: Higher, seasonal North Fee Harvest Volumes: Significantly higher, seasonal Sales Realizations: Moderately lower, due to mix STRATEGIC LAND SOLUTIONS Earnings ~$30 million lower than 2026 Q2 Adjusted EBITDA ~$45 million lower than 2026 Q2 Q3 Timing and mix of real estate sales Full Year 2026 Adjusted EBITDA now expected to be approximately $450 million, a $25 million increase from prior outlook Basis as a percentage of Strategic Land Solutions sales now expected to be 15 to 20 percent WOOD PRODUCTS Slightly lower than 2026 Q2, excluding the effect of changes in average sales realizations for lumber and oriented strand board Lumber Sales Volumes: Higher Log Costs: Moderately higher Unit Manufacturing Costs: Slightly lower OSB Sales Volumes: Slightly higher Fiber Costs: Comparable Unit Manufacturing Costs: Higher Engineered Wood Products Sales Volumes: Slightly higher for most products Sales Realizations: Slightly higher for all products Raw Material Costs: Slightly higher Distribution Slightly higher 1. Earnings before special items.
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19 19 WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2026 Q2 Q3 QTD vs. Q2 Average +$30/MBF Higher Current vs. Q2 Average +$35/MBF Higher Q3 QTD vs. Q2 Average -$5/MSF Lower Current vs. Q2 Average -$5/MSF Lower LUMBER1 OSB2 WEYERHAEUSER’S AVERAGE SALES REALIZATIONS WY’s SENSITIVITY Change In Realizations $10/MSF ≈ $30 million EBITDA Annually Approximate Change As of July 24, 2026 WY’s SENSITIVITY Change In Realizations $10/MBF ≈ $50 million EBITDA Annually 1. Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files. In second quarter 2026, we provided a temporary lumber EBITDA sensitivity to reflect the rapid increase in trucking costs. While these costs may remain dynamic in the near term, we do not anticipate the same level of rapid increase in third quarter 2026 and therefore expect to return to our typical lumber sensitivity. 2. WY reports OSB realizations in MSF 3/8”. Changes in average realizations typically lag changes in industry benchmark pricing due to length of order files.
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20 20 SUPPLEMENTAL TIMBERLANDS INFORMATION 1. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 24. 2. As of year end for 2024 and 2025. For 2026, as of year end 2025. 3. Effective first quarter 2026, our reconciliation of Total Adjusted EBITDA per Acre includes the results of our Natural Resources and Climate Solutions businesses, which are reported in our Strategic Land Solutions segment. Fiscal years 2024 and 2025 have been recast to present comparable historical data. Refer to the reconciliation of changes in business line composition set forth on Slide 26. 4. To improve comparability with peer disclosures, amounts shown include Adjusted EBITDA from the Timberlands, Natural Resources and Climate Solutions businesses. ADJUSTED EBITDA1 PER ACRE 2024 2025 FY FY Q1 Q2 YTD Western Timberlands Adjusted EBITDA ($ Millions)1 $ 262 $ 299 $ 58 $ 67 $ 125 Acres (Thousands)2 2,510 2,475 2,475 2,475 2,475 Reported Adjusted EBITDA Per Acre $ 104 $ 121 $ 23 $ 28 $ 51 Adjusted EBITDA attributable to Western Natural Resources and Climate Solutions Activity ($ Millions)3 18 44 6 8 14 Total Adjusted EBITDA Per Acre4 $ 112 $ 139 $ 26 $ 30 $ 56 Southern Timberlands Adjusted EBITDA ($ Millions)1 $ 285 $ 283 $ 62 $ 58 $ 120 Acres (Thousands)2 6,735 6,720 6,720 6,720 6,720 Reported Adjusted EBITDA Per Acre $ 42 $ 42 $ 9 $ 9 $ 18 Adjusted EBITDA attributable to Southern Natural Resources and Climate Solutions Activity ($ Millions)3 142 122 125 35 160 Total Adjusted EBITDA Per Acre4 $ 63 $ 60 $ 28 $ 14 $ 42 2026
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21 1. See Slide 23 for our definition of Adjusted EBITDA. 2. Income taxes excludes taxes related to special items. 3. A reconciliation to GAAP EPS is set forth on Slide 22. EARNINGS SUMMARY $ Millions (except EPS) Adjusted EBITDA by Segment Timberlands $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 Strategic Land Solutions 82 143 91 95 193 129 Wood Products 161 101 8 (20) 71 129 Unallocated Items (82) (60) (30) (49) (76) (71) Total Adjusted EBITDA1 $ 328 $ 336 $ 217 $ 140 $ 308 $ 310 DD&A, basis of acres sold, non-operating pension and post-employment costs, and interest income and other (163) (171) (162) (150) (157) (168) Net Contribution (Charge) to Earnings Before Special Items $ 165 $ 165 $ 55 $ (10) $ 151 $ 142 Interest expense, net (66) (66) (71) (70) (66) (66) Income taxes2 (16) (12) 56 13 (8) 15 Net Earnings (Loss) Before Special Items 3 $ 83 $ 87 $ 40 $ (67) $ 77 $ 91 Special items, after-tax2 — — 40 141 79 71 Net Earnings $ 83 $ 87 $ 80 $ 74 $ 156 $ 162 Diluted EPS Before Special Items 3 $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 $ 0.13 Diluted EPS $ 0.11 $ 0.12 $ 0.11 $ 0.10 $ 0.22 $ 0.23 2025 Q1Q4 Q2Q1 Q2 Q3 2026
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22 EARNINGS PER SHARE RECONCILIATION Diluted EPS Before Special Items $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 $ 0.13 Special Items (Income Tax Affected): Environmental remediation charge — — — (0.02) — — Gain on lumber mill sale — — 0.03 — — — Gain on sale of timberlands — — — 0.36 0.08 0.10 Insurance recovery — — 0.02 — — — Pension settlement charge — — — (0.15) — — Product remediation insurance recovery — — — — 0.03 — Diluted EPS (GAAP) $ 0.11 $ 0.12 $ 0.11 $ 0.10 $ 0.22 $ 0.23 2025 Q2Q1 Q2 Q3 Q4 Q1 2026
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23 1. LTM = last twelve months. 2. 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. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. ADJUSTED EBITDA RECONCILIATION By Segment $ Millions FY FY Q1 Q2 Q3 Q4 FY Timberlands $ 646 $ 539 $ 167 $ 152 $ 148 $ 114 $ 581 $ 120 $ 123 $ 505 Strategic Land Solutions 320 349 82 143 91 95 411 193 129 508 Wood Products 905 661 161 101 8 (20) 250 71 129 188 Unallocated Items (177) (257) (82) (60) (30) (49) (221) (76) (71) (226) Adjusted EBITDA2 $ 1,694 $ 1,292 $ 328 $ 336 $ 217 $ 140 $ 1,021 $ 308 $ 310 $ 975 Depletion, depreciation & amortization (500) (502) (125) (125) (130) (129) (509) (124) (127) (510) Basis of acres sold (93) (120) (24) (33) (19) (8) (84) (23) (31) (81) Special items in operating income 85 15 — — 55 248 303 86 71 460 Operating Income (GAAP) $ 1,186 $ 685 $ 179 $ 178 $ 123 $ 251 $ 731 $ 247 $ 223 $ 844 Non-operating pension and other post-employment benefit costs (45) (42) (19) (19) (19) (163) (220) (14) (14) (210) Interest income and other 76 53 5 6 6 5 22 4 4 19 Net Contribution to Earnings $ 1,217 $ 696 $ 165 $ 165 $ 110 $ 93 $ 533 $ 237 $ 213 $ 653 Interest expense, net (280) (269) (66) (66) (71) (70) (273) (66) (66) (273) Income taxes (98) (31) (16) (12) 41 51 64 (15) 15 92 Net Earnings (GAAP) $ 839 $ 396 $ 83 $ 87 $ 80 $ 74 $ 324 $ 156 $ 162 $ 472 LTM1 2023 2025 2026 Q1 Q2 2024
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24 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. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. ADJUSTED EBITDA RECONCILIATION Timberlands $ Millions Q1 Q2 Q3 Q4 Q1 Q2 West $ 95 $ 84 $ 75 $ 45 $ 58 $ 67 South 71 69 74 69 62 58 North 2 1 2 2 2 — Other (1) (2) (3) (2) (2) (2) Total Timberlands Adjusted EBITDA1 $ 167 $ 152 $ 148 $ 114 $ 120 $ 123 West (28) (26) (30) (26) (27) (27) South (36) (35) (37) (35) (35) (34) North (1) (2) (1) (2) (1) (2) Other — (1) — (1) — (1) Total depletion, depreciation & amortization $ (65) $ (64) $ (68) $ (64) $ (63) $ (64) Special items — — — 266 58 71 Operating Income and Net Contribution to Earnings (GAAP) $ 102 $ 88 $ 80 $ 316 $ 115 $ 130 2025 2026
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25 1. Effective first quarter 2026, reportable business lines within the segment have been updated from Real Estate and Energy & Natural Resources to Real Estate, Natural Resources and Climate Solutions. Our disclosure of Adjusted EBITDA by business reflects this change. Total Adjusted EBITDA for the segment in fiscal years 2025 and prior are unimpacted by this presentation change, and as such, we've elected to apply the change prospectively. 2. 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. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. ADJUSTED EBITDA RECONCILIATION Strategic Land Solutions1 $ Millions Q1 Q2 Q3 Q4 Q1 Q2 Real Estate $ 59 $ 113 $ 56 $ 67 $ 61 $ 83 Natural Resources 23 30 35 28 24 33 Climate Solutions 108 13 Total Strategic Land Solutions Adjusted EBITDA2 $ 82 $ 143 $ 91 $ 95 $ 193 $ 129 Depletion, depreciation & amortization (2) (4) (3) (3) (1) (4) Basis of acres sold (24) (33) (19) (8) (23) (31) Operating Income and Net Contribution to Earnings (GAAP) $ 56 $ 106 $ 69 $ 84 $ 169 $ 94 2025 2026
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26 STRATEGIC LAND SOLUTIONS BUSINESS LINES Reporting Period Prior to 2026 Q1 Starting in 2026 Q1 Segment Name Real Estate, Energy & Natural Resources Strategic Land Solutions Business Lines Real Estate Energy & Natural Resources Real Estate Natural Resources Climate Solutions Sources of Revenue Real Estate Conservation* Mitigation Banking* Construction Materials Subsurface Minerals Miscellaneous Rights of Way Renewable Energy Development* Forest Carbon* Carbon Capture & Sequestration* Real Estate Construction Materials Subsurface Minerals Miscellaneous Rights of Way Conservation Mitigation Banking Renewable Energy Development Forest Carbon Carbon Capture & Sequestration Other Emerging Climate Solutions Activities *Natural Climate Solutions Activity 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 Solutions. The table below provides a reconciliation of categorization of activities included within each respective business line both prior to first quarter 2026 and thereafter. Total Adjusted EBITDA, Net Sales and other key performance metrics for fiscal years 2025 and prior for the segment are unimpacted by this presentation change.
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27 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. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. 2. Adjusted EBITDA for each Wood Products business includes earnings on internal sales, primarily from the manufacturing businesses to Distribution. These sales occur at market price. ADJUSTED EBITDA RECONCILIATION Wood Products $ Millions Q1 Q2 Q3 Q4 Q1 Q2 Lumber $ 40 $ 11 $ (48) $ (57) $ 27 $ 73 OSB 59 30 (3) (10) 3 (6) EWP 53 57 56 49 39 54 Distribution 6 5 1 (1) 6 8 Other 3 (2) 2 (1) (4) — Total Wood Products Adjusted EBITDA1, 2 $ 161 $ 101 $ 8 $ (20) $ 71 $ 129 Lumber (32) (30) (32) (31) (32) (33) OSB (11) (11) (11) (13) (11) (11) EWP (9) (10) (10) (10) (10) (11) Distribution (1) (2) (2) (2) (2) (3) Other (2) (2) (1) (2) (2) — Total depletion, depreciation & amortization $ (55) $ (55) $ (56) $ (58) $ (57) $ (58) Special items — — 29 — 28 — Operating Income (Loss) and Net Contribution (Charge) to Earnings (GAAP) $ 106 $ 46 $ (19) $ (78) $ 42 $ 71 2025 2026
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28 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. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. ADJUSTED EBITDA RECONCILIATION Unallocated $ Millions Q1 Q2 Q3 Q4 Q1 Q2 Unallocated Adjusted EBITDA 1 $ (82) $ (60) $ (30) $ (49) $ (76) $ (71) Depletion, depreciation & amortization (3) (2) (3) (4) (3) (1) Special items included in operating loss — — 26 (18) — — Operating Loss (GAAP) $ (85) $ (62) $ (7) $ (71) $ (79) $ (72) Non-operating pension and other post-employment benefit costs (19) (19) (19) (163) (14) (14) Interest income and other 5 6 6 5 4 4 Net Charge to Earnings (GAAP) $ (99) $ (75) $ (20) $ (229) $ (89) $ (82) 2025 2026
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29 1. LTM = last twelve months. 2. Net debt to Adjusted EBITDA is a non-GAAP measure that management uses to evaluate the performance of the company. Net debt to Adjusted EBITDA, as we define it, is long-term debt and borrowings on line of credit, net of cash and cash equivalents and short-term investments divided by the last twelve months of Adjusted EBITDA. See Slide 23 for our definition of Adjusted EBITDA. NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions Q1 Q2 Q3 Q4 Q1 Q2 Net Debt to Adjusted EBITDA (LTM)1, 2 3.6 3.8 4.3 5.0 5.1 5.0 Total debt $ 5,167 $ 5,168 $ 5,470 $ 5,572 $ 5,424 $ 5,425 Less: cash and cash equivalents and short-term investments 560 592 401 464 299 527 Net Debt $ 4,607 $ 4,576 $ 5,069 $ 5,108 $ 5,125 $ 4,898 Adjusted EBITDA (LTM) $ 1,268 $ 1,194 $ 1,175 $ 1,021 $ 1,001 $ 975 Depletion, depreciation & amortization (502) (501) (506) (509) (508) (510) Basis of acres sold (113) (107) (103) (84) (83) (81) Special items in operating income 15 (10) 55 303 389 460 Operating Income (LTM) (GAAP) $ 668 $ 576 $ 621 $ 731 $ 799 $ 844 Non-operating pension and other post-employment benefit costs (50) (59) (68) (220) (215) (210) Interest income and other 42 35 27 22 21 19 Net Contribution to Earnings (LTM) $ 660 $ 552 $ 580 $ 533 $ 605 $ 653 Interest expense, net of capitalized interest (268) (267) (269) (273) (273) (273) Income taxes (27) (6) 20 64 65 92 Net Earnings (LTM) (GAAP) $ 365 $ 279 $ 331 $ 324 $ 397 $ 472 2025 2026
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30 1. Funds Available for Distribution (FAD) is a non-GAAP measure that management uses to evaluate the company's liquidity. FAD, as we define it, is net cash from operations adjusted for capital expenditures. FAD measures cash generated during the period (net of capital expenditures) that is available for dividends, repurchases of common shares, debt reduction, acquisitions, and other discretionary and nondiscretionary capital allocation activities. FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results. 2. 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. FUNDS AVAILABLE FOR DISTRIBUTION RECONCILIATION ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION ($ Millions) FY FY FY Q1 Q2 YTD Net cash from operations $ 1,433 $ 1,008 $ 562 $ 52 $ 399 $ 451 Capital expenditures (447) (416) (474) (112) (139) (251) Funds Available for Distribution 1 $ 986 $ 592 $ 88 $ (60) $ 260 $ 200 Cash from product remediation insurance recoveries — (25) — (28) — (28) Cash contribution to our U.S. qualified pension plan — — 200 — — — Monticello engineered wood products facility capital expenditures — — 109 30 63 93 Adjusted Funds Available for Distribution 2 $ 986 $ 567 $ 397 $ (58) $ 323 $ 265 202520242023 2026