Weyerhaeuser Co at Citi Global Property CEO Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Anthony Pettinari - Citi Investment Research - Analyst : Yeah Yeah. So maybe we can start off and if you can give us maybe a current state of the lumber market. And then we got two executive orders from President Trump over the weekend, one on lumber, the other on timber. Maybe we can start off with lumber and maybe talk about where the market is and then the impact of that executive order.

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. And to follow up on that and just to be clear, you've got a duty that in the summer is going to go to 25% to 30%. We're talking about a tariff of 25%. So it's possible, maybe probable that there'll be a 50% to 55% total import duty plus tariff on Canadian lumber this summer?

Question: Anthony Pettinari - Citi Investment Research - Analyst : So what actually happens? Or how do you see the market playing out? Do the Canadians hold on? Do you see capacity closures? Do you see a supply response in the South? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 8:35PM, WY.N - Weyerhaeuser Co at Citi Global Property CEO Conference

Question: Anthony Pettinari - Citi Investment Research - Analyst : And you said earlier, you thought that there were some signs of improvement or hope for improvement in underlying demand. Can you talk a little bit about on the R&R side and on the new build side?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. And can you talk a little bit more about your lumber footprint in terms of maybe your cost position in North America, where the assets are located, how you think you're positioned to meet the demand?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. Great. And we talked about the lumber market. Can you give us a brief overview of OSB and how the exposures are a little bit different in your footprint there?

Question: Anthony Pettinari - Citi Investment Research - Analyst : And rounding it out, engineered wood products, can you talk about those product offerings and you made an announcement of a large capacity project there?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. Great. Maybe switching gears to timberlands. President Trump also had an executive order on timber. And I'm wondering if you could give us some context for that and if there's any potential impact direct or indirect to your business?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. Yeah, please. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 8:35PM, WY.N - Weyerhaeuser Co at Citi Global Property CEO Conference Unidentified Participant (inaudible - microphone inaccessible)

Question: Anthony Pettinari - Citi Investment Research - Analyst : Devin, maybe to give a sense, if you -- if one were to build a greenfield lumber mill in the US South, how long would it take? How much would it cost just to get those...

Question: Anthony Pettinari - Citi Investment Research - Analyst : Got it. And we were talking about your timberlands portfolio. For your 10 million, 10.5 million acres, can you tell us about where those are located in the South Pacific Northwest and some of the characteristics of those markets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 8:35PM, WY.N - Weyerhaeuser Co at Citi Global Property CEO Conference

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. And can you say a few words on log price trends in those regions and maybe what drives log prices in the South versus Pacific Northwest prices?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Got it. A couple of follow-ups there. When you harvest logs in the South and Pacific Northwest, what percentage roughly of those logs are going to go to a Weyerhaeuser sawmill versus selling it to a competitor sawmill or putting it on a boat or --

Question: Anthony Pettinari - Citi Investment Research - Analyst : Got it. Got it. And then the South, obviously, a bigger geographic region than Pacific Northwest. Are you seeing any regional variations that are worth noting in terms of like coastal versus inland or states that are stronger than others or where you --

Question: Anthony Pettinari - Citi Investment Research - Analyst : Got it. Got it. And so we've talked about the market for lumber and OSB and the market for logs. Can you talk about the market for the timberlands themselves in terms of dollar per acre values or just the amount of transactions, average price of transactions?

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. Great. And that really segues into Natural Climate Solutions. Can you talk about -- you had the Investor Day where you laid out a target for Natural Climate Solutions. Can you talk about what makes up that target and your progress there?

Question: Anthony Pettinari - Citi Investment Research - Analyst : And have you seen any impact on Climate Solutions from the new administration in terms of, I guess, Trump give us with the tariffs, does he take it away on the Climate Solutions or --

Question: Anthony Pettinari - Citi Investment Research - Analyst : And just to be clear, on the solar and wind, when you engage in these projects, you're not committing any capital or there's --

Question: Anthony Pettinari - Citi Investment Research - Analyst : Great. Great. Any questions on the -- all right. Well, we're coming up on the shot clock. Devin, you're the largest private landowner in the US. You have, I think, the largest lumber business in the US It seems like a very good place to be right now. Is there anything you just maybe leave us with as we end? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 8:35PM, WY.N - Weyerhaeuser Co at Citi Global Property CEO Conference

Question: Anthony Pettinari - Citi Investment Research - Analyst : All right. Thank you, Devin.