Weyerhaeuser · Earnings release · 8-K Exhibit 99

Weyerhaeuser Company

Preliminary results (unaudited)

Consolidated Statement of Operations

Q1

Q2

Q3

Q4

Year-to-Date

in millions

Net sales

$

$

$

$

$

$

$

Costs of sales

Gross margin

Selling expenses

General and administrative expenses

T1Gain on sale of timberlands

—

—

—

)

—

)

—

Other operating costs (income), net

)

Operating income

Non-operating pension and other post-employment benefit costs

)

)

)

)

)

)

)

Interest income and other

5

6

6

5

Interest expense, net of capitalized interest

)

)

)

)

)

)

)

Earnings before income taxes

Income taxes

)

)

7

)

Net earnings

$

$

$

$

$

$

$

Per Share Information

Q1

Q2

Q3

Q4

Year-to-Date

Earnings per share, basic and diluted

$

$

$

$

$

$

$

Dividends paid per common share

$

$

$

$

$

$

$

Weighted average shares outstanding (in thousands):

Basic

Diluted

Common shares outstanding at end of period (in thousands)

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization (Adjusted EBITDA)

Q1

Q2

Q3

Q4

Year-to-Date

in millions

Net earnings

$

$

$

$

$

$

$

Non-operating pension and other post-employment benefit costs

Interest income and other

(5

)

(6

)

(6

)

(5

)

)

)

)

Interest expense, net of capitalized interest

Income taxes

)

)

(7

)

)

Operating income

Depreciation, depletion and amortization

Basis of real estate sold

8

Special items included in operating income

—

—

)

)

—

)

)

Adjusted EBITDA(1)

$

$

$

$

$

$

$

(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 real estate sold and special items. Our definition of Adjusted EBITDA may be different from similarly titled measures reported by other companies. Adjusted EBITDA should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Weyerhaeuser Company

Total Company Statistics

Preliminary results (unaudited)

Special Items Included in Net Earnings (Income Tax Affected)

Q1

Q2

Q3

Q4

Year-to-Date

in millions

Net earnings

$

$

$

$

$

$

$

Environmental remediation charge

—

—

—

—

—

Gain on lumber mill sale

—

—

)

—

—

)

—

Gain on sale of timberlands

—

—

—

)

—

)

—

Insurance recovery

—

—

)

—

—

)

—

T2Pension settlement charge

—

—

—

—

—

Product remediation recovery

—

—

—

—

—

—

)

Restructuring, impairments and other charges

—

—

—

—

—

—

7

Net earnings (loss) before special items(1)

$

$

$

$

)

$

$

$

Q1

Q2

Q3

Q4

Year-to-Date

Net earnings per diluted share

$

$

$

$

$

$

$

Environmental remediation charge

—

—

—

—

—

Gain on lumber mill sale

—

—

)

—

—

)

—

Gain on sale of timberlands

—

—

—

)

—

)

—

Insurance recovery

—

—

)

—

—

)

—

Pension settlement charge

—

—

—

—

—

Product remediation recovery

—

—

—

—

—

—

)

Restructuring, impairments and other charges

—

—

—

—

—

—

Net earnings (loss) per diluted share before special items(1)

$

$

$

$

)

$

$

$

(1) Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company’s earnings performance. Net earnings before special items should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

Selected Total Company Items

Q1

Q2

Q3

Q4

Year-to-Date

in millions

Pension and post-employment costs:

Pension and post-employment service costs

$

4

$

5

$

5

$

5

$

6

$

$

Non-operating pension and other post-employment benefit costs

Total company pension and post-employment costs

$

$

$

$

$

$

$

Weyerhaeuser Company

Preliminary results (unaudited)

Condensed Consolidated Balance Sheet

in millions

ASSETS

Current assets:

Cash and cash equivalents

$

$

$

$

$

Receivables, net

Receivables for taxes

9

8

9

Inventories

Assets held for sale

—

—

—

Prepaid expenses and other current assets

Total current assets

Property and equipment, net

Construction in progress

Timber and timberlands at cost, less depletion

Minerals and mineral rights, less depletion

Deferred tax assets

Other assets

Total assets

$

$

$

$

$

LIABILITIES AND EQUITY

Current liabilities:

Current maturities of long-term debt

$

$

$

$

$

Accounts payable

Accrued liabilities

Total current liabilities

Long-term debt, net

Deferred tax liabilities

Deferred pension and other post-employment benefits

Other liabilities

Total liabilities

Total equity

Total liabilities and equity

$

$

$

$

$

Weyerhaeuser Company

Preliminary results (unaudited)

Consolidated Statement of Cash Flows

Q1

Q2

Q3

Q4

Year-to-Date

in millions

Cash flows from operations:

Net earnings

$

$

$

$

$

$

$

Noncash charges (credits) to earnings:

Depreciation, depletion and amortization

Basis of real estate sold

8

Deferred income taxes, net

4

—

)

)

)

)

)

Pension and other post-employment benefits

Share-based compensation expense

9

Gain on lumber mill sale

—

—

)

—

—

)

—

Gain on sale of timberlands

—

—

—

)

—

)

—

Other

—

—

3

4

(4

)

7

2

Change in:

Receivables, net

)

Receivables and payables for taxes

)

6

4

(8

)

2

)

(1

)

Inventories

)

(4

)

)

—

)

Prepaid expenses and other current assets

5

(8

)

2

(1

)

Accounts payable and accrued liabilities

)

2

)

)

)

Pension and post-employment benefit contributions and payments

(3

)

(3

)

(7

)

)

(6

)

)

)

Other

)

)

2

6

)

)

)

Net cash from operations

$

$

$

$

)

$

$

$

Cash flows from investing activities:

Capital expenditures for property and equipment(1)

$

)

$

)

$

)

$

)

$

)

$

)

$

)

Capital expenditures for timberlands reforestation

)

(8

)

(7

)

)

)

)

)

Acquisitions of timberlands

(4

)

(1

)

)

(3

)

)

)

)

Proceeds from lumber mill sale

—

—

—

—

—

Proceeds from sale of timberlands

—

—

—

—

—

Other

—

(3

)

4

1

2

Net cash from investing activities

$

)

$

)

$

)

$

$

)

$

)

$

)

Cash flows from financing activities:

Cash dividends on common shares

$

)

$

)

$

)

$

)

$

)

$

)

$

)

Net proceeds from issuance of long-term debt

—

—

—

Payments on long-term debt

)

—

)

—

—

)

—

Repurchases of common shares

)

)

)

)

)

)

)

Other

(9

)

(1

)

(2

)

1

(5

)

)

)

Net cash from financing activities

$

)

$

)

$

$

)

$

)

$

)

$

)

Net change in cash, cash equivalents and restricted cash

$

)

$

$

)

$

$

)

$

)

$

)

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$

$

$

$

$

$

$

Cash paid during the period for:

Interest, net of amounts capitalized

$

$

$

$

$

$

$

Income taxes, net of refunds

$

$

6

$

$

6

$

9

$

$

(1) Includes $16 million, $22 million, $32 million, $39 million and $109 million in capital expenditures related to the construction of our Monticello engineered wood products facility in first quarter 2025, second quarter 2025, third quarter 2025, fourth quarter 2025 and full year 2025, respectively. These amounts are excluded for purposes of calculating Adjusted Funds Available for Distribution.

Weyerhaeuser Company

Timberlands Segment

Preliminary results (unaudited)

Segment Statement of Operations

in millions

Sales to unaffiliated customers

$

$

$

$

$

$

$

Intersegment sales

Total net sales

Costs of sales

Gross margin

Selling expenses

—

1

—

—

—

1

1

General and administrative expenses

Gain on sale of timberlands

—

—

—

)

—

)

—

Other operating (income) costs, net

(1

)

—

2

3

(2

)

4

—

Operating income

Interest income and other

—

—

—

—

—

—

1

Net contribution to earnings

$

$

$

$

$

$

$

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Operating income

$

$

$

$

$

$

$

Depreciation, depletion and amortization

Special items

—

—

—

)

—

)

—

Adjusted EBITDA(1)

$

$

$

$

$

$

$

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Special Items Included In Net Contribution to Earnings (Pretax)

in millions

Gain on sale of timberlands

$

—

$

—

$

—

$

)

$

—

$

)

$

—

Selected Segment Items

in millions

Total (increase) decrease in working capital(2)

$

)

$

$

)

$

)

$

)

$

)

$

Cash spent for capital expenditures(3)

$

)

$

)

$

)

$

)

$

)

$

)

$

)

(2) Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and log inventory for the Timberlands and Real Estate & ENR segments combined.

(3) Does not include cash spent for the acquisition of timberlands.

Segment Statistics(4)

Third Party

Delivered logs:

Net Sales

West

$

$

$

$

$

$

$

(millions)

South

North

8

Total delivered logs

Stumpage and pay-as-cut timber

Recreational and other lease revenue

Other revenue

7

9

Total

$

$

$

$

$

$

$

Delivered Logs

West

$

$

$

$

$

$

$

Third Party Sales

South

$

$

$

$

$

$

$

Realizations (per ton)

North

$

$

$

$

$

$

$

Delivered Logs

West

Third Party Sales

South

Volumes (tons, thousands)

North

Fee Harvest Volumes

West

(tons, thousands)

South

North

(4) Western logs are primarily transacted in MBF but are converted to ton equivalents for external reporting purposes.

Weyerhaeuser Company

Real Estate, Energy & Natural Resources Segment

Preliminary results (unaudited)

Segment Statement of Operations

in millions

Net sales

$

$

$

$

$

$

$

Costs of sales

Gross margin

General and administrative expenses

7

6

7

7

6

Other operating income, net

(1

)

(2

)

(1

)

(1

)

—

(5

)

(3

)

Operating income and Net contribution to earnings

$

$

$

$

$

$

$

Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization(1)

in millions

Operating income

$

$

$

$

$

$

$

Depreciation, depletion and amortization

2

4

3

3

3

Basis of real estate sold

8

Adjusted EBITDA(1)

$

$

$

$

$

$

$

(1) See definition of Adjusted EBITDA (a non-GAAP measure) on page 1.

Segment Statistics

Net Sales

Real Estate

$

$

$

$

$

$

$

(millions)

Energy and Natural Resources

Total

$

$

$

$

$

$

$

Acres Sold