Slides
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T H I R 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 fourth quarter 2026 outlook and expectations concerning earnings before s pecial items and Adjusted EBITDA for each of our businesses and expected key drivers; our updated full-year 2026 outlook for fee harvest volumes, Strategic Land Solutions Adjusted EBITDA and basis of sales, interes t expense, our consolidated tax rate, non-operating pension and post-employment expense, cash contribution for pension and post-employment plans, and capital expenditures; 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. Forward-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 w ell 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 assumpt ions 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 actu al results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, without limitation: the effect of general economic conditions, including employment ra tes, 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, includin g 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. tr ade 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 produ cers; 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 an y 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 unres t; 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 deri vatives; 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 uncert ainties 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 Q3 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 27. 2. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 24. 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 2026 2026 Adjusted EBITDA Q2 Q3 Timberlands $ 123 $ 133 $ 10 Strategic Land Solutions1 129 86 (43) Wood Products 129 91 (38) Unallocated Items (71) (62) 9 Total Adjusted EBITDA2 $ 310 $ 248 $ (62) Net Contribution to Earnings Before Special Items $ 142 $ 88 $ (54) Change $ Millions (except EPS) 2026 2026 Consolidated Statement of Operations Q2 Q3 Net Sales $ 1,867 $ 1,862 Costs of sales 1,556 1,605 Gross Margin 311 257 SG&A expenses 139 141 Other expense, net3 30 28 Net Contribution to Earnings Before Special Items $ 142 $ 88 Interest expense, net4 (66) (63) Income taxes5 15 36 Net Earnings Before Special Items5 $ 91 $ 61 Special items, after-tax 5 71 — Net Earnings $ 162 $ 61 Diluted EPS Before Special Items5 $ 0.13 $ 0.08 Diluted EPS $ 0.23 $ 0.08
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4 EARNINGS BEFORE SPECIAL ITEMS $ Millions (except 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 Special Items 71 71 0.10 — — — Earnings Including Special Items (GAAP) $ 147 $ 162 $ 0.23 $ 25 $ 61 $ 0.08 2026 Q2 2026 Q3 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 24, Slide 25, Slide 26, Slide 28 and Slide 29. 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 27. ADJUSTED EBITDA1 $328 $336 $217 $140 $308 $310 $248 $0 $100 $200 $300 $400 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions TOTAL COMPANY2 $82 $143 $91 $95 $193 $129 $86 $0 $60 $120 $180 $240 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions STRATEGIC LAND SOLUTIONS 3 $167 $152 $148 $114 $120 $123 $133 $(40) $0 $40 $80 $120 $160 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions TIMBERLANDS $161 $101 $8 $(20) $71 $129 $91 $(80) $(40) $0 $40 $80 $120 $160 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ 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. Real Estate $ 59 113 56 67 61 83 43 Natural Resources $ 23 30 35 28 24 33 24 Climate Solutions $ 108 13 19 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) 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)
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6 1. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 25. 2. 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 $ 67 $ 67 South 58 65 North — 2 Other (2) (1) Total Adjusted EBITDA1 $ 123 $ 133 2026 2026 Q2 Q3 TIMBERLANDS ($ Millions) Segment Statement of Operations Third-party sales $ 367 $ 378 Intersegment sales 151 153 Total Sales 518 531 Costs of sales 434 438 Gross Margin 84 93 SG&A expenses 25 25 Other expense, net2 — 1 Net Contribution to Earnings Before Special Items $ 59 $ 67 Special items, pretax2 71 — Net Contribution to Earnings $ 130 $ 67 Adjusted EBITDA1 $ 123 $ 133 Adjusted EBITDA Margin Percentage 3 24% 25% Operating Margin Percentage 4 11% 13% Q2 Q3 2026 2026
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7 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 • Forestry and Road Costs: Comparable SOUTH • Fee Harvest Volumes: Significantly higher, given more favorable weather conditions • Sales Realizations: Slightly lower, due to mix • Per Unit Log and Haul Costs: Slightly lower • Forestry and Road Costs: Moderately higher, seasonal NORTH • Fee Harvest Volumes: Significantly higher, seasonal increase in harvest activity • Sales Realizations: Moderately lower, due to mix
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8 1. Sales realizations include selling price plus freight, minus normal sales deductions. 2. Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes. 3. During fourth quarter 2025, Chinese regulators lifted the March 4, 2025 suspension of log imports from the U.S. SALES VOLUMES, REALIZATIONS1 AND EXPORT REVENUE 1,428 1,430 1,529 1,276 1,347 1,487 1,345 $118.52 $117.69 $110.68 $108.64 $106.76 $115.27 $118.52 $0 $40 $80 $120 $160 0 600 1,200 1,800 2,400 3,000 3,600 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - West2 4,106 4,074 4,217 4,089 3,968 3,812 4,324 $37.10 $37.71 $36.65 $37.29 $37.26 $38.20 $37.67 $0 $9 $18 $27 $36 $45 0 1,400 2,800 4,200 5,600 7,000 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - South 192 105 183 204 205 108 180 $71.43 $74.30 $72.75 $73.28 $70.65 $78.31 $74.35 $0 $25 $50 $75 $100 0 100 200 300 400 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/ton) Volumes (Thousands of tons) 3rd-Party Log Sales and Realizations - North $71 $67 $69 $66 $61 $71 $62 $0 $20 $40 $60 $80 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions Western Export Log Revenue Japan 90% 96% 93% 83% 88% 85% 80% China3 4% —% —% 8% 10% 8% 10% Korea 6% 4% 7% 9% 2% 7% 10%
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9 South West North FEE HARVEST VOLUMES AND INTERSEGMENT SALES VOLUMES 272 180 262 267 278 178 243 2,229 2,238 2,394 2,143 2,178 2,245 2,249 6,133 6,220 6,431 6,048 5,915 5,955 6,428 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 Q3.26 Thousands of tons FEE HARVEST VOLUMES 11 17 19 10 18 19 19 903 886 850 855 858 892 864 1,239 1,211 1,293 1,153 1,234 1,353 1,401 0 300 600 900 1,200 1,500 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 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 27. 2. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 26. STRATEGIC LAND SOLUTIONS SEGMENT STRATEGIC LAND SOLUTIONS ($ Millions) Adjusted EBITDA by Business1 Real Estate $ 83 $ 43 Natural Resources 33 24 Climate Solutions 13 19 Total Adjusted EBITDA2 $ 129 $ 86 Q2 2026 2026 Q3 STRATEGIC LAND SOLUTIONS ($ Millions) Segment Statement of Operations Total Sales $ 140 $ 99 Costs of sales 38 26 Gross Margin 102 73 SG&A expenses 8 6 Other income, net — — Net Contribution to Earnings $ 94 $ 67 Adjusted EBITDA2 $ 129 $ 86 20262026 Q2 Q3 KEY DRIVERS: 2026 Q3 vs. 2026 Q2 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 13 0 10 20 30 40 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 Q3.26 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 $3,945 $0 $2,000 $4,000 $6,000 $8,000 $10,000 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Price per acre REAL ESTATE AVERAGE PRICE PER ACRE1 1. Effective first quarter 2026, Real Estate sales statistics have been adjusted to reflect our updated presentation of business lines within the Strategic Land Solutions segment. Real Estate statistics for prior quarters have been adjusted to present comparative data, with all changes attributable to the disaggregation of the Climate Solutions business. A reconciliation of the changes in business line composition is set forth on Slide 27. West 62% 77% 13% 30% 8% 19% 10% 14% 7% 73% 3% 11% 46% 17% 19% 2% 1% 2% 3% South 36% 23% 78% 70% 90% 75% 88% 84% 93% 26% 97% 88% 54% 82% 81% 98% 99% 98% 97% North 2% —% 9% —% 2% 6% 2% 2% —% 1% —% 1% —% 1% —% —% —% —% (—)%
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12 WOOD PRODUCTS SEGMENT 1. Adjusted EBITDA for Wood Products businesses include earnings on internal sales, primarily from the manufacturing businesses to Distribution. These sales occur at market price. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 28. 2. Adjusted EBITDA divided by Total Sales. 3. Net Contribution to Earnings divided by Total Sales. WOOD PRODUCTS ($ Millions) 2026 2026 Adjusted EBITDA by Business Q2 Q3 Lumber $ 73 $ 69 OSB (6) (18) Engineered Wood Products 54 41 Distribution 8 4 Other — (5) Total Adjusted EBITDA1 $ 129 $ 91 WOOD PRODUCTS ($ Millions) 2026 2026 Segment Statement of Operations Q2 Q3 Total Sales $ 1,360 $ 1,385 Costs of sales 1,223 1,283 Gross Margin 137 102 SG&A expenses 60 65 Other expense, net 6 5 Net Contribution to Earnings $ 71 $ 32 Adjusted EBITDA1 $ 129 $ 91 Adjusted EBITDA Margin Percentage 2 9% 7% Operating Margin Percentage 3 5% 2%
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13 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 STRAND BOARD • Sales Realizations: Decreased 2% • Sales Volumes: Slightly lower • Fiber Costs: Comparable • Unit Manufacturing Costs: Moderately higher, due to more extensive planned annual maintenance and elevated resin costs ENGINEERED WOOD PRODUCTS • Sales Realizations: Lower overall, partially driven by a mix shift within Solid Section; higher for plywood • Sales Volumes: Slightly higher for most products • Raw Material Costs: Slightly higher • Unit Manufacturing Costs: Slightly higher DISTRIBUTION • Lower, primarily due to decreased sales volumes and margins on specialty products
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14 1. Sales volumes and realizations include sales of internally produced products and products purchased for resale primarily through our distribution business. Sales realizations include selling price plus freight, minus normal sales deductions. THIRD-PARTY SALES VOLUMES AND REALIZATIONS1 1,138 1,277 1,259 1,066 1,081 1,163 1,233 $463 $454 $405 $393 $443 $508 $510 $0 $150 $300 $450 $600 0 700 1,400 2,100 2,800 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/MBF) Volumes (Millions of Board Ft.) Lumber 719 731 727 739 707 743 726 $317 $280 $231 $218 $236 $242 $237 $0 $75 $150 $225 $300 $375 0 400 800 1,200 1,600 2,000 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/M 3/8") Volumes (Millions of Square Ft.) OSB 5.3 5.8 5.5 5.4 5.6 6.2 6.0 $3,026 $2,916 $2,932 $2,928 $2,790 $2,906 $2,833 $0 $700 $1,400 $2,100 $2,800 $3,500 0 2 4 6 8 10 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/CCF) Volumes (Millions of Cubic Ft.) Engineered Wood - Solid Section 35 40 35 31 31 38 40 $2,519 $2,399 $2,421 $2,384 $2,307 $2,343 $2,322 $0 $600 $1,200 $1,800 $2,400 $3,000 0 10 20 30 40 50 60 70 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Realizations ($/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 29. 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 Q2 Q3 Unallocated corporate function expenses and variable compensation expense $ (42) $ (46) Liability classified share-based compensation — 1 Foreign exchange gain 1 (1) Elimination of intersegment profit in inventory and LIFO (12) (6) Non-operating pension and other post-employment benefit costs (14) (15) Other, including interest income (15) (11) Net Charge to Earnings $ (82) $ (78) Adjusted EBITDA2 $ (71) $ (62) UNALLOCATED ITEMS ($ Millions)1 2026 2026 Q2 Q3 Costs of sales3 $ (12) $ (11) G&A expense4 (46) (44) Other expense, net (24) (23) Net Charge to Earnings $ (82) $ (78)
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16 1. LTM = last twelve months. A reconciliation to GAAP is set forth on Slide 30. 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 31. 4. Adjustments to FAD include capital expenditures of $54 million for third quarter 2026 and $147 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 third quarter 2026 and year-to-date 2026 were $25.38 and $24.78, respectively. There were no unsettled shares as of Septembe r 30, 2026. 6. Excludes outstanding commercial paper of $300 million as of September 30, 2026. The timing of repayment of the current outsta nding balance is uncertain due to our intent and ability to refinance these borrowings on a long -term basis. 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 $93 $107 $125 $149 $112 $139 $137 $0 $50 $100 $150 $200 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions Capital Expenditures $70 $396 $210 ($114) $52 $399 $193 $(200) $0 $200 $400 $600 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 $ Millions Cash Flow from Operations 7 KEY FINANCIAL METRICS ($ Millions) 2026 2026 Q2 Q3 Ending cash balance $ 527 $ 349 Total debt $ 5,425 $ 5,354 Net debt to Adjusted EBITDA (LTM)1 5.0 5.0 Net debt to enterprise value2 22% 27% SHARE REPURCHASES ($ Millions) 2026 2026 Q3 YTD Share repurchases5 $ 10 $ 30 SCHEDULED DEBT MATURITIES AS OF SEPTEMBER 30, 2026 ($ Millions) 2026 2027 2028 2029 2030 Debt maturities6 $ — $ 300 $ 800 $ 750 $ 750 ADJUSTED FUNDS AVAILABLE FOR DISTRIBUTION3 ($ Millions) 2026 2026 Q3 YTD Net cash from operations $ 193 $ 644 Capital expenditures (137) (388) Adjustments to FAD4 54 119 Adjusted Funds Available for Distribution $ 110 $ 375 Base CapEx8 $ Monticello EWP CapEx 83 76 77 85 93 110 82 54 63 $ 30 39 32 22 16
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17 1. Our definition of Adjusted Funds Available for Distribution (Adjusted FAD) is set forth on Slide 31. 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 Q4 SEGMENT EXPECTED EARNINGS1 & ADJUSTED EBITDA KEY DRIVERS TIMBERLANDS Comparable to 2026 Q3 West Fee Harvest Volumes: Slightly lower Sales Volumes: Slightly higher, primarily for export Sales Realizations: Slightly lower Per Unit Log and Haul Costs: Comparable Forestry and Road Costs: Moderately lower, seasonal South Fee Harvest Volumes: Moderately lower Sales Realizations: Slightly higher Per Unit Log and Haul Costs: Slightly higher Forestry and Road Costs: Comparable North Fee Harvest Volumes: Moderately higher Sales Realizations: Comparable STRATEGIC LAND SOLUTIONS Earnings ~$35 million lower than 2026 Q3 Adjusted EBITDA ~$45 million lower than 2026 Q3 Q4 Timing and mix of real estate sales Full Year 2026 Continue to expect Adjusted EBITDA to be approximately $450 million, a $25 million increase from initial outlook, and basis as a percentage of Strategic Land Solutions sales to be 15 to 20 percent WOOD PRODUCTS Moderately lower than 2026 Q3, excluding the effect of changes in average sales realizations for lumber and oriented strand board Lumber Sales Volumes: Slightly lower Log Costs: Slightly higher Unit Manufacturing Costs: Slightly higher OSB Sales Volumes: Slightly higher Fiber Costs: Slightly higher Unit Manufacturing Costs: Slightly lower Engineered Wood Products Sales Volumes: Slightly lower for most products Sales Realizations: Slightly higher Raw Material Costs: Moderately higher Distribution Slightly lower 1. Earnings before special items.
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19 2026 OUTLOOK: UPDATE DRIVER UPDATED 2026 OUTLOOK PRIOR 2026 OUTLOOK FEE HARVEST VOLUMES Approximately 34 million tons • South: Slightly lower than 2025 • West: Unchanged • North: Unchanged Approximately 35.5 million tons • South: Slightly higher than 2025 • West: Comparable to 2025 • North: Slightly lower than 2025 STRATEGIC LAND SOLUTIONS ADJUSTED EBITDA Unchanged Approximately $450 million BASIS OF STRATEGIC LAND SOLUTIONS SALES Unchanged 15-20% of Strategic Land Solutions sales INTEREST EXPENSE Unchanged Approximately $255 million CONSOLIDATED TAX RATE1 Sizeable benefit, excluding special items 8-12% expense, excluding special items NON-OPERATING PENSION AND POST-EMPLOYMENT EXPENSE Unchanged Approximately $60 million, noncash CASH CONTRIBUTION FOR PENSION AND POST-EMPLOYMENT PLANS Unchanged Approximately $20 million CAPITAL EXPENDITURES2 Approximately $375 million $400-$450 million 1. Annual consolidated tax rate outlook reflects the forecasted mix of REIT and Taxable REIT Subsidiary (TRS) earnings. The chan ge from prior outlook is largely driven by a forecasted shift in earnings mix toward nontaxable REIT earnings, resulting primari ly from lower TRS earnings given more challenging wood products markets. 2. Excludes the investment in our Monticello engineered wood products facility, which is now expected to be approximately $250 m illion in 2026.
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20 20 WOOD PRODUCTS SALES REALIZATIONS: CURRENT VS. 2026 Q3 Q4 QTD vs. Q3 Average -$55/MBF Lower Current vs. Q3 Average -$65/MBF Lower Q4 QTD vs. Q3 Average +$15/MSF Higher Current vs. Q3 Average +$20/MSF Higher LUMBER2 OSB AVERAGE DELIVERED SALES REALIZATIONS1 WY’s SENSITIVITY Change In Realizations $10/MSF ≈ $30 million EBITDA Annually Approximate Change As of October 23, 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. WY reports OSB realizations in MSF 3/8”. 2. Lumber average realizations net of freight for first quarter 2026, second quarter 2026, third quarter 2026 and quarter-to-date fourth quarter 2026 are $396, $452, $449 and $394, respectively.
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21 21 SUPPLEMENTAL TIMBERLANDS INFORMATION 1. Our definition of Adjusted EBITDA and a reconciliation to GAAP are set forth on Slide 25. 2. As of year end for 2024 and 2025. For 2026, as of year end 2025. 3. Effective first quarter 2026, our reconciliation of Total Adjusted EBITDA per Acre includes the results of our Natural Resources and Climate Solutions businesses, which are reported in our Strategic Land Solutions segment. Fiscal years 2024 and 2025 have been recast to present comparable historical data. Refer to the reconciliation of changes in business line composition set forth on Slide 27. 4. To improve comparability with peer disclosures, amounts shown include Adjusted EBITDA from the Timberlands, Natural Resources and Climate Solutions businesses. ADJUSTED EBITDA1 PER ACRE 2024 2025 FY FY Q1 Q2 Q3 YTD Western Timberlands Adjusted EBITDA ($ Millions)1 $ 262 $ 299 $ 58 $ 67 $ 67 $ 192 Acres (Thousands)2 2,510 2,475 2,475 2,475 2,475 2,475 Reported Adjusted EBITDA Per Acre $ 104 $ 121 $ 23 $ 28 $ 27 $ 78 Adjusted EBITDA attributable to Western Natural Resources and Climate Solutions Activity ($ Millions)3 18 44 6 8 6 20 Total Adjusted EBITDA Per Acre4 $ 112 $ 139 $ 26 $ 30 $ 30 $ 86 Southern Timberlands Adjusted EBITDA ($ Millions)1 $ 285 $ 283 $ 62 $ 58 $ 65 $ 185 Acres (Thousands)2 6,735 6,720 6,720 6,720 6,720 6,720 Reported Adjusted EBITDA Per Acre $ 42 $ 42 $ 9 $ 9 $ 10 $ 28 Adjusted EBITDA attributable to Southern Natural Resources and Climate Solutions Activity ($ Millions)3 142 122 125 35 34 194 Total Adjusted EBITDA Per Acre4 $ 63 $ 60 $ 28 $ 14 $ 14 $ 56 2026
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22 1. See Slide 24 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 23. EARNINGS SUMMARY $ Millions (except EPS) Adjusted EBITDA by Segment 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 Adjusted EBITDA1 $ 328 $ 336 $ 217 $ 140 $ 308 $ 310 $ 248 DD&A, basis of acres sold, non-operating pension and post-employment costs, and interest income and other (163) (171) (162) (150) (157) (168) (160) Net Contribution (Charge) to Earnings Before Special Items $ 165 $ 165 $ 55 $ (10) $ 151 $ 142 $ 88 Interest expense, net (66) (66) (71) (70) (66) (66) (63) Income taxes2 (16) (12) 56 13 (8) 15 36 Net Earnings (Loss) Before Special Items 3 $ 83 $ 87 $ 40 $ (67) $ 77 $ 91 $ 61 Special items, after-tax2 — — 40 141 79 71 — Net Earnings $ 83 $ 87 $ 80 $ 74 $ 156 $ 162 $ 61 Diluted EPS Before Special Items 3 $ 0.11 $ 0.12 $ 0.06 $ (0.09) $ 0.11 $ 0.13 $ 0.08 Diluted EPS $ 0.11 $ 0.12 $ 0.11 $ 0.10 $ 0.22 $ 0.23 $ 0.08 2025 Q1Q4 Q2 Q3Q1 Q2 Q3 2026
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23 EARNINGS PER SHARE RECONCILIATION 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 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 $ 0.08 Q3 2025 Q2Q1 Q2 Q3 Q4 Q1 2026
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24 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 $ 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 91 271 Unallocated Items (177) (257) (82) (60) (30) (49) (221) (76) (71) (62) (258) Adjusted EBITDA2 $ 1,694 $ 1,292 $ 328 $ 336 $ 217 $ 140 $ 1,021 $ 308 $ 310 $ 248 $ 1,006 Depletion, depreciation & amortization (500) (502) (125) (125) (130) (129) (509) (124) (127) (132) (512) Basis of acres sold (93) (120) (24) (33) (19) (8) (84) (23) (31) (16) (78) Special items in operating income 85 15 — — 55 248 303 86 71 — 405 Operating Income (GAAP) $ 1,186 $ 685 $ 179 $ 178 $ 123 $ 251 $ 731 $ 247 $ 223 $ 100 $ 821 Non-operating pension and other post-employment benefit costs (45) (42) (19) (19) (19) (163) (220) (14) (14) (15) (206) Interest income and other 76 53 5 6 6 5 22 4 4 3 16 Net Contribution to Earnings $ 1,217 $ 696 $ 165 $ 165 $ 110 $ 93 $ 533 $ 237 $ 213 $ 88 $ 631 Interest expense, net (280) (269) (66) (66) (71) (70) (273) (66) (66) (63) (265) Income taxes (98) (31) (16) (12) 41 51 64 (15) 15 36 87 Net Earnings (GAAP) $ 839 $ 396 $ 83 $ 87 $ 80 $ 74 $ 324 $ 156 $ 162 $ 61 $ 453 LTM1 2023 2025 2026 Q1 Q2 Q3 2024
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25 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 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) (30) (26) (27) (27) (27) South (36) (35) (37) (35) (35) (34) (36) North (1) (2) (1) (2) (1) (2) (1) Other — (1) — (1) — (1) (2) Total depletion, depreciation & amortization $ (65) $ (64) $ (68) $ (64) $ (63) $ (64) $ (66) Special items — — — 266 58 71 — Operating Income and Net Contribution to Earnings (GAAP) $ 102 $ 88 $ 80 $ 316 $ 115 $ 130 $ 67 2025 2026
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26 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 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 EBITDA2 $ 82 $ 143 $ 91 $ 95 $ 193 $ 129 $ 86 Depletion, depreciation & amortization (2) (4) (3) (3) (1) (4) (3) Basis of acres sold (24) (33) (19) (8) (23) (31) (16) Operating Income and Net Contribution to Earnings (GAAP) $ 56 $ 106 $ 69 $ 84 $ 169 $ 94 $ 67 2025 2026
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27 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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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. 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 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) Total Wood Products Adjusted EBITDA1, 2 $ 161 $ 101 $ 8 $ (20) $ 71 $ 129 $ 91 Lumber (32) (30) (32) (31) (32) (33) (34) OSB (11) (11) (11) (13) (11) (11) (11) EWP (9) (10) (10) (10) (10) (11) (11) Distribution (1) (2) (2) (2) (2) (3) (1) Other (2) (2) (1) (2) (2) — (1) Total depletion, depreciation & amortization $ (55) $ (55) $ (56) $ (58) $ (57) $ (58) $ (58) Special items — — 29 — 28 — — Operating Income (Loss) (GAAP) $ 106 $ 46 $ (19) $ (78) $ 42 $ 71 $ 33 Interest income and other — — — — — — (1) Net Contribution (Charge) to Earnings (GAAP) $ 106 $ 46 $ (19) $ (78) $ 42 $ 71 $ 32 2025 2026
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29 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 Q3 Unallocated Adjusted EBITDA 1 $ (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 Loss (GAAP) $ (85) $ (62) $ (7) $ (71) $ (79) $ (72) $ (67) Non-operating pension and other post-employment benefit costs (19) (19) (19) (163) (14) (14) (15) Interest income and other 5 6 6 5 4 4 4 Net Charge to Earnings (GAAP) $ (99) $ (75) $ (20) $ (229) $ (89) $ (82) $ (78) 2025 2026
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30 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 24 for our definition of Adjusted EBITDA. NET DEBT TO ADJUSTED EBITDA RECONCILIATION $ Millions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Debt to Adjusted EBITDA (LTM)1, 2 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 560 592 401 464 299 527 349 Net Debt $ 4,607 $ 4,576 $ 5,069 $ 5,108 $ 5,125 $ 4,898 $ 5,005 Adjusted EBITDA (LTM) $ 1,268 $ 1,194 $ 1,175 $ 1,021 $ 1,001 $ 975 $ 1,006 Depletion, depreciation & amortization (502) (501) (506) (509) (508) (510) (512) Basis of acres sold (113) (107) (103) (84) (83) (81) (78) Special items in operating income 15 (10) 55 303 389 460 405 Operating Income (LTM) (GAAP) $ 668 $ 576 $ 621 $ 731 $ 799 $ 844 $ 821 Non-operating pension and other post-employment benefit costs (50) (59) (68) (220) (215) (210) (206) Interest income and other 42 35 27 22 21 19 16 Net Contribution to Earnings (LTM) $ 660 $ 552 $ 580 $ 533 $ 605 $ 653 $ 631 Interest expense, net of capitalized interest (268) (267) (269) (273) (273) (273) (265) Income taxes (27) (6) 20 64 65 92 87 Net Earnings (LTM) (GAAP) $ 365 $ 279 $ 331 $ 324 $ 397 $ 472 $ 453 2025 2026
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31 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 Q3 YTD Net cash from operations $ 1,433 $ 1,008 $ 562 $ 52 $ 399 $ 193 $ 644 Capital expenditures (447) (416) (474) (112) (139) (137) (388) Funds Available for Distribution 1 $ 986 $ 592 $ 88 $ (60) $ 260 $ 56 $ 256 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 54 147 Adjusted Funds Available for Distribution 2 $ 986 $ 567 $ 397 $ (58) $ 323 $ 110 $ 375 202520242023 2026