Weyerhaeuser (WY) investor relations material

Executive summary

• Q1 2026 net earnings were $156 million ($0.22 per diluted share), up from $83 million in Q1 2025 and $74 million in Q4 2025, driven by timberland sales and insurance recoveries.

• Adjusted EBITDA reached $308 million, up 120% sequentially, but slightly below $328 million in Q1 2025, with gains across all business segments.

• Completed $192 million divestiture of Virginia timberlands and received $22 million from the transfer of British Columbia timber licenses.

• Previewed new products AeroStrand and ProPanel, expanded distribution network to 22 locations, and opened a new Montana facility.

• Strategic Land Solutions segment restructured to include Real Estate, Natural Resources, and Climate Solutions.

Financial highlights

• Net sales for Q1 2026 were $1.73 billion, down from $1.8 billion in Q1 2025, but up from $1.54 billion in Q4 2025.

• Adjusted EBITDA: $308 million (up 120% sequentially, down $20 million year-over-year); Timberlands: $120 million; Strategic Land Solutions: $193 million; Wood Products: $71 million.

• Gross margin: $318 million, nearly doubled sequentially but down from $335 million year-over-year.

• Ended quarter with $299 million cash and $5.4 billion total debt; repaid $150 million notes at maturity.

• Returned $151 million to shareholders via dividends and $10 million in share repurchases.

Outlook and guidance

• Q2 2026 Timberlands and Wood Products earnings and Adjusted EBITDA expected to be comparable to Q1, with higher sales volumes offset by increased costs.

• Strategic Land Solutions Q2 2026 earnings and Adjusted EBITDA expected to be $80 million and $70 million lower, respectively, due to absence of large conservation easement transaction; full-year SLS Adjusted EBITDA projected at ~$425 million.

• Management expects a favorable U.S. housing construction market over the medium to long term, supported by demographics and underbuilding.

• Capital expenditures for 2026 projected at $400–$450 million, excluding $300 million for a new engineered wood products facility.