# EDGAR Filing Document

**Accession Number:** 0000106535
**File Stem:** 0000950170-23-001239
**Filing Date:** 2023-1
**Character Count:** 71640
**Document Hash:** 4f5417ed673c40bf03e69182e52311a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001239.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000950170-23-001239

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEYERHAEUSER CO
- **CENTRAL INDEX KEY:** 0000106535
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 910470860
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04825
- **FILM NUMBER:** 23558182

**BUSINESS ADDRESS:**
- **STREET 1:** 220 OCCIDENTAL AVENUE SOUTH
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104
- **BUSINESS PHONE:** 206-539-3000

**MAIL ADDRESS:**
- **STREET 1:** 220 OCCIDENTAL AVENUE SOUTH
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98104

?xml version="1.0" encoding="ASCII"? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 26, 2023

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WEYERHAEUSER CO**MPANY**

**(Exact name of registrant as specified in charter)**

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| | | |
|:---|:---|:---|
| Washington | 1-4825 | 91-0470860 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

---

220 Occidental Avenue South

Seattle**,** Washington 98104-7800

**(Address of principal executive offices)**

**(zip code)**

**Registrant's telephone number, including area code:**

(206) 539-3000

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $1.25 per share | WY | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934:

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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**TABLE OF CONTENTS**

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| |
|:---|
| [<u>Item 2.02. Results of Operations and Financial Condition</u>](#item_202_results_operations_financial_co) |
| [<u>Item 9.01. Financial Statements and Exhibits</u>](#item_901_financial_statements_exhibits) |
| [<u>SIGNATURES</u>](#signatures) |
| [<u>EXHIBIT 99.1</u>](wy-ex99_1.htm) |
| [<u>EXHIBIT 99.2</u>](wy-ex99_2.htm) |

---

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[<u>**Table of Contents**</u>](#table_contents)

**Section 2 - Financial Information**

**Item 2.02. Results of Operations and Financial Condition**

On January 26, 2023, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended December 31, 2022. Copies of the press release and the exhibit thereto are furnished as Exhibit 99.1 and Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Section 9 - Financial Statements and Exhibits**

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits. The following items are furnished as exhibits to this report.

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| [<u>99.1</u>](wy-ex99_1.htm) | [<u>Press release of Weyerhaeuser Company issued January 26, 2023 reporting results of operations for the quarter ended December 31, 2022.</u>](wy-ex99_1.htm) |
| [<u>99.2</u>](wy-ex99_2.htm) | [<u>Exhibit to press release of Weyerhaeuser Company issued January 26, 2023.</u>](wy-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).  |

---

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[<u>**Table of Contents**</u>](#table_contents)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| WEYERHAEUSER COMPANY | WEYERHAEUSER COMPANY |
| By: | /s/ David M. Wold |
| Name: | David M. Wold |
| Its: | Senior Vice President and Chief Financial Officer |
|  | (Principal Accounting Officer) |

---

Date: January 26, 2023

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## Exhibit 99.1

**EXHIBIT 99.1**

For more information contact: Analysts – Andy Taylor (206) 539-3907 <br> Media – Nancy Thompson (919) 861-0342

**Weyerhaeuser Reports Fourth Quarter, Full Year Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Generated full year net earnings of $1.9 billion, or $2.53 per diluted share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Achieved full year Adjusted EBITDA of $3.7 billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Returning $1.75 billion in total cash back to shareholders based on 2022 results, including $550 million of share repurchase completed in 2022**

**SEATTLE**, January 26, 2023 – <u>Weyerhaeuser Company</u> (NYSE: WY) today reported fourth quarter net earnings of $11 million, or 2 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $416 million, or 55 cents per diluted share, on net sales of $2.2 billion for the same period last year and net earnings of $310 million for the third quarter of 2022. Excluding a total after-tax charge of $160 million for special items, the company reported fourth quarter net earnings of $171 million, or 24 cents per diluted share. This compares with net earnings before special items of $367 million for the same period last year. Adjusted EBITDA for the fourth quarter of 2022 was $369 million compared with $674 million for the same period last year and $583 million for the third quarter of 2022.

In the fourth quarter, Weyerhaeuser completed the purchase of a group annuity contract which transfers approximately $420 million of the company's Canadian pension liabilities to an insurance carrier. The contract purchase was funded from Canadian pension plan assets, with no company cash contribution required. As a result of the transaction, fourth quarter special items include a noncash after-tax settlement charge of $152 million. This transaction is the latest in a series of actions taken to reduce the company's pension plan obligations. Since beginning these efforts in 2018, Weyerhaeuser's pension obligations have decreased from $6.8 billion to $2.3 billion as of December 31, 2022.

For the full year 2022, Weyerhaeuser reported net earnings of $1.9 billion, or $2.53 per diluted share, on net sales of $10.2 billion. This compares with net earnings of $2.6 billion on net sales of $10.2 billion for the full year 2021. Full year 2022 includes after-tax charges of $367 million for special items. Excluding these items, the company reported net earnings of $2.2 billion, or $3.02 per diluted share. This compares with net earnings before special items of $2.5 billion for the full year 2021. Adjusted EBITDA for full year 2022 was $3.7 billion compared with $4.1 billion for full year 2021.

This afternoon, the company declared a $0.90 per share supplemental dividend. On a combined basis, including dividends and share repurchase, the company is returning $1.75 billion of cash, or 75 percent of 2022 Adjusted FAD, to shareholders based on 2022 results.

"I am extremely proud of our accomplishments in 2022, and our performance reflects strong execution across all businesses despite macroeconomic headwinds, supply chain disruptions and dynamic market conditions," said Devin W. Stockfish, president and chief executive officer. "Our teams drove continued improvements across each of the value levers of our investment thesis in 2022. Notably, we grew our timberlands holdings through a strategic acquisition in the Carolinas, captured additional operational excellence improvements, announced our first two carbon capture and storage agreements and joined the Climate Pledge. We also increased our base dividend by 5.9 percent, repurchased $550 million of our shares and refinanced $900 million of debt. Entering 2023, our balance sheet is exceptionally strong, and we are well positioned to navigate through a range of market conditions. We remain focused on serving our customers and driving long-term value for shareholders through our unrivaled portfolio, industry-leading performance, strong ESG foundation and disciplined capital allocation."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WEYERHAEUSER FINANCIAL HIGHLIGHTS** | **2022** | **2022** | **2021** | **2022** | **2021** |
| **(millions, except per share data)** | **Q3** | **Q4** | **Q4** | **Full Year** | **Full Year** |
| Net sales | $2276 | $1823 | $2206 | $10184 | $10201 |
| Net earnings | $310 | $11 | $416 | $1880 | $2607 |
| Net earnings per diluted share | $0.42 | $0.02 | $0.55 | $2.53 | $3.47 |
| Weighted average shares outstanding, diluted | 741 | 737 | 751 | 743 | 751 |
| Net earnings before special items(1)(2) | $310 | $171 | $367 | $2247 | $2526 |
| Net earnings per diluted share before special items(1) | $0.42 | $0.24 | $0.49 | $3.02 | $3.37 |
| Adjusted EBITDA(1) | $583 | $369 | $674 | $3654 | $4094 |
| Net cash from operations | $562 | $167 | $494 | $2832 | $3159 |
| Adjusted FAD(3) | $468 | $(56) | $181 | $2327 | $2623 |

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(1)Net earnings before special items is a non-GAAP measure that management believes provides helpful context in understanding the company's earnings performance. Additionally, 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. Net earnings before special items and Adjusted EBITDA should not be considered in isolation from, and are not intended to represent an alternative to, our GAAP results. Reconciliations of net earnings before special items and Adjusted EBITDA to GAAP earnings are included within this release.

(2)Fourth quarter 2022 after-tax special items include a $152 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract and a $8 million noncash impairment charge related to the planned divestiture of legacy coal assets. Special items for prior periods presented are included in the reconciliation tables within this release.

(3)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. A reconciliation of Adjusted FAD to net cash from operations is included within this release.

**TIMBERLANDS**

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| | | | |
|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **2022** | **2022** |  |
| **(millions)** | **Q3** | **Q4** | **Change** |
| Net sales | $574 | $548 | $(26) |
| Net contribution to pretax earnings | $107 | $86 | $(21) |
| Adjusted EBITDA | $168 | $150 | $(18) |

---

**Q4 2022 Performance –** In the West, fee harvest volumes were slightly higher than the third quarter, as harvest operations returned to normal levels faster than expected following the resolution of the work stoppage. Sales realizations were significantly lower, partially offset by moderately higher sales volumes. Per unit log and haul costs were comparable, and forestry and road costs were seasonally lower. In the South, fee harvest volumes were slightly higher than the third quarter, while sales realizations and per unit log and haul costs were both comparable.

**Q1 2023 Outlook –** Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be slightly higher than the fourth quarter. In the West, the company expects significantly higher fee harvest volumes, partially offset by significantly lower domestic sales realizations. Per unit log and haul costs are expected to be moderately lower and forestry and road costs are expected to be seasonally lower. In the South, the company expects fee harvest volumes and sales realizations to be slightly lower. Per unit log and haul costs and forestry and road costs are expected to be comparable.

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**REAL ESTATE, ENERGY & NATURAL RESOURCES**

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| | | | |
|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **2022** | **2022** |  |
| **(millions)** | **Q3** | **Q4** | **Change** |
| Net sales | $68 | $55 | $(13) |
| Net contribution to pretax earnings | $48 | $24 | $(24) |
| Pretax charge for special items | $— | $10 | $10 |
| Net contribution to pretax earnings before special items | $48 | $34 | $(14) |
| Adjusted EBITDA | $60 | $46 | $(14) |

---

**Q4 2022 Performance –** Earnings and Adjusted EBITDA decreased from the third quarter due to lower real estate sales. The number of acres sold decreased due to the timing of transactions, partially offset by an increase in the average price per acre due to the mix of properties sold. The segment reported full year Adjusted EBITDA of $329 million.

Fourth quarter pretax special items include a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

**Q1 2023 Outlook –** Weyerhaeuser anticipates first quarter earnings before special items will be approximately $10 million higher than the fourth quarter and Adjusted EBITDA will be approximately $35 million higher than the fourth quarter due to the timing and mix of real estate sales. The company expects full year 2023 Adjusted EBITDA for the segment will be approximately $300 million.

**WOOD PRODUCTS**

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| | | | |
|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | **2022** | **2022** |  |
| **(millions)** | **Q3** | **Q4** | **Change** |
| Net sales | $1767 | $1331 | $(436) |
| Net contribution to pretax earnings | $344 | $147 | $(197) |
| Adjusted EBITDA | $395 | $197 | $(198) |

---

**Q4 2022 Performance –** Sales realizations for lumber and oriented strand board decreased 11 percent and 16 percent, respectively, compared with third quarter averages. Sales and production volumes for lumber were significantly lower due to the work stoppage, labor constraints and adverse weather conditions. Unit manufacturing costs were significantly higher and log costs were moderately lower, primarily for western logs. For oriented strand board, sales volumes were slightly lower and production volumes were comparable. Unit manufacturing costs were moderately lower, and fiber costs were slightly lower. Sales realizations were lower for most engineered wood products, while sales volumes were significantly lower for all products due to softening demand. Raw material costs were moderately lower, primarily for oriented strand board webstock. Distribution sales volumes were lower, primarily for engineered wood products.

**Q1 2023 Outlook –** Weyerhaeuser anticipates first quarter earnings and Adjusted EBITDA will be moderately higher than the fourth quarter, excluding the effect of changes in average sales realizations for lumber and oriented strand board. For lumber, the company expects higher sales volumes, moderately lower log costs and significantly lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes, moderately lower fiber costs and slightly lower unit manufacturing costs. Sales realizations for engineered wood products are expected to be significantly lower, partially offset by significantly lower raw material costs, primarily for oriented strand board webstock. For distribution, the company anticipates lower margins for all products.

**ABOUT WEYERHAEUSER**

<u>Weyerhaeuser Company</u>, one of the world's largest private owners of <u>timberlands</u>, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a <u>sustainable</u> basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of <u>wood products</u> in North America. Our

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company is a real estate investment trust. In 2022, we generated $10.2 billion in net sales and employed approximately 9,200 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at <u>www.weyerhaeuser.com</u>.

**EARNINGS CALL INFORMATION**

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 27, 2023 to discuss fourth quarter results.

To access the live webcast and presentation online, go to the <u>Investor Relations</u> section on <u>www.weyerhaeuser.com</u> on January 27, 2023.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13734906) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13734906). Replays will be available for two weeks at 1-844-512-2921 (access code: 13734906) from within North America, and at 1-412-317-6671 (access code: 13734906) from outside North America.

**FORWARD-LOOKING STATEMENTS**

This news release 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 outlook and expectations concerning the following: earnings and Adjusted EBITDA for the company and for each of our businesses; fee harvest volumes and sales realizations for our Timberlands business; log and haul, forestry and road costs and expenses; sales volumes and log and manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales realizations and raw material costs for our engineered wood products business; margins for all products in our distribution business; and our future performance through a range of market conditions. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often involve use of words and expressions such as "anticipate," "expect," "looking ahead," "planned," "will," and similar words and expressions. They may use the positive, negative or another variation of those and similar words and expressions. 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 risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the effect of general economic conditions, including employment rates, interest rate levels, inflation, housing starts, general availability and cost of financing for home mortgages and the relative strength of the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the effect of COVID-19 and other viral or disease outbreaks and their potential effects on our business, results of operations, cash flows, financial condition and future prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●market demand 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 segments and U.S. and international economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●restrictions on international trade and tariffs imposed on imports or exports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the availability and cost of shipping and transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●economic activity in Asia, especially Japan and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●performance of our manufacturing operations, including maintenance and capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●potential disruptions in our manufacturing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the level of competition from domestic and foreign producers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the successful execution of our internal plans and strategic initiatives, including restructuring and cost reduction initiatives;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●our ability to hire and retain capable employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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 governing transaction agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●raw material availability and prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the effect of weather;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●changes in global or regional climate conditions and governmental response to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●energy prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●transportation and labor availability and costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●federal tax policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the effect of forestry, land use, environmental and other governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●performance of pension fund investments and related derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●changes in accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●other risks and uncertainties identified in our 2021 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 publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

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**RECONCILIATION OF ADJUSTED EBITDA TO NET EARNINGS**

We reconcile Adjusted EBITDA to net earnings for the consolidated company and to operating income (loss) for the business segments, as those are the most directly comparable U.S. GAAP measures for each.

The table below reconciles Adjusted EBITDA for the year ended December 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(millions)** | **Timberlands** | **Real Estate <br>& ENR** | **Wood <br>Products** | **Unallocated <br>Items** | **Total** |
| Adjusted EBITDA by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings |  |  |  |  | $1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest |  |  |  |  | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment(1) |  |  |  |  | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  |  |  |  | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net contribution (charge) to earnings** | $**528** | $**218** | $**2536** | $**(431)** | $**2851** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs(2) |  |  |  | 254 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  |  |  | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **528** | **218** | **2536** | **(202)** | **3080** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 256 | 17 | 201 | 6 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold |  | 84 |  |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items included in operating income (loss)(3) |  | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**784** | $**329** | $**2737** | $**(196)** | $**3654** |

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(1)Loss on debt extinguishment is a pretax special item related to the early extinguishment of $931 million of debt.

(2)Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $205 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.

(3)Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

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The table below reconciles Adjusted EBITDA for the year ended December 31, 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(millions)** | **Timberlands** | **Real Estate <br>& ENR** | **Wood <br>Products** | **Unallocated <br>Items** | **Total** |
| Adjusted EBITDA by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings |  |  |  |  | $2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest |  |  |  |  | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  |  |  |  | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net contribution (charge) to earnings** | $**464** | $**210** | $**3211** | $**(256)** | $**3629** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs |  |  |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  |  |  | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **464** | **210** | **3211** | **(242)** | **3643** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 261 | 15 | 196 | 5 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold |  | 71 |  |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items included in operating income (loss)(1)(2)(3) | (32) |  | (50) | (15) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**693** | $**296** | $**3357** | $**(252)** | $**4094** |

---

(1)Operating income (loss) for Timberlands includes a pretax special item consisting of a $32 million gain on the sale of timberlands.

(2)Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(3)Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(millions)** | **Timberlands** | **Real Estate <br>& ENR** | **Wood <br>Products** | **Unallocated <br>Items** | **Total** |
| Adjusted EBITDA by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings |  |  |  |  | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest |  |  |  |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  |  |  |  | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net contribution (charge) to earnings** | $**86** | $**24** | $**147** | $**(225)** | $**32** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs(1) |  |  |  | 216 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  |  |  | (16) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **86** | **24** | **147** | **(25)** | **232** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 64 | 5 | 50 | 1 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold |  | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items included in operating income (loss)(2) |  | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**150** | $**46** | $**197** | $**(24)** | $**369** |

---

(1)Non-operating pension and other post-employment benefit costs includes a pretax special item consisting of a $205 million noncash settlement charge related to the transfer of pension plan assets and liabilities to an insurance company through the purchase of a group annuity contract.

(2)Operating income (loss) for Real Estate & ENR includes a pretax special item consisting of a $10 million noncash impairment charge related to the planned divestiture of legacy coal assets.

------

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(millions)** | **Timberlands** | **Real Estate <br>& ENR** | **Wood <br>Products** | **Unallocated <br>Items** | **Total** |
| Adjusted EBITDA by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings |  |  |  |  | $310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest |  |  |  |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  |  |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net contribution (charge) to earnings** | $**107** | $**48** | $**344** | $**(45)** | $**454** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs |  |  |  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  |  |  | (9) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **107** | **48** | **344** | **(42)** | **457** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 61 | 5 | 51 | 2 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold |  | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**168** | $**60** | $**395** | $**(40)** | $**583** |

---

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2021:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(millions)** | **Timberlands** | **Real Estate <br>& ENR** | **Wood <br>Products** | **Unallocated <br>Items** | **Total** |
| Adjusted EBITDA by Segment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings |  |  |  |  | $416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of capitalized interest |  |  |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes |  |  |  |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net contribution (charge) to earnings** | $**110** | $**36** | $**516** | $**(57)** | $**605** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs |  |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other |  |  |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **110** | **36** | **516** | **(53)** | **609** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 66 | 4 | 51 |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold |  | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special items included in operating income (loss)(1)(2) |  |  | (50) | (15) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**176** | $**49** | $**517** | $**(68)** | $**674** |

---

(1)Operating income (loss) for Wood Products includes pretax special items consisting of a $37 million product remediation insurance recovery and a $13 million insurance recovery.

(2)Operating income (loss) for Unallocated Items includes a pretax special item consisting of a $15 million noncash legal benefit.

------

**RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS**

We reconcile net earnings before special items to net earnings and net earnings per diluted share before special items to net earnings per diluted share, as those are the most directly comparable U.S. GAAP measures. We believe the measures provide meaningful supplemental information for investors about our operating performance, better facilitate period to period comparisons and are widely used by analysts, lenders, rating agencies and other interested parties.

The table below reconciles net earnings before special items to net earnings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2022** | **2021** |
| **(millions)** | **Q3** | **Q4** | **Q4** | **Full Year** | **Full Year** |
| **Net earnings** | $**310** | $**11** | $**416** | $**1880** | $**2607** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of timberlands |  |  |  |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recovery |  |  | (9) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal benefit |  |  | (12) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  | 207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement charge |  | 152 |  | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product remediation recovery |  |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, impairments and other charges |  | 8 |  | 8 |  |
| **Net earnings before special items** | $**310** | $**171** | $**367** | $**2247** | $**2526** |

---

The table below reconciles net earnings per diluted share before special items to net earnings per diluted share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2022** | **2021** |
|  | **Q3** | **Q4** | **Q4** | **Full Year** | **Full Year** |
| **Net earnings per diluted share** | $**0.42** | $**0.02** | $**0.55** | $**2.53** | $**3.47** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of timberlands |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recovery |  |  | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal benefit |  |  | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  | 0.28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement charge |  | 0.21 |  | 0.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product remediation recovery |  |  | (0.04) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, impairments and other charges |  | 0.01 |  | 0.01 |  |
| **Net earnings per diluted share before special items** | $**0.42** | $**0.24** | $**0.49** | $**3.02** | $**3.37** |

---

**RECONCILIATION OF ADJUSTED FAD TO NET CASH FROM OPERATIONS**

We reconcile Adjusted FAD to net cash from operations, as that is the most directly comparable U.S. GAAP measure. We believe the measure provides meaningful supplemental information for investors about our liquidity.

The table below reconciles Adjusted FAD to net cash from operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2022** | **2021** |
| **(millions)** | **Q3** | **Q4** | **Q4** | **Full Year** | **Full Year** |
| **Net cash from operations** | $**562** | $**167** | $**494** | $**2832** | $**3159** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (94) | (223) | (218) | (468) | (441) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to FAD(1) |  |  | (95) | (37) | (95) |
| **Adjusted FAD** | $**468** | $**(56)** | $**181** | $**2327** | $**2623** |

---

(1)Adjustments to FAD include a $37 million product remediation insurance recovery received in first quarter 2022 and a $95 million tax refund received in fourth quarter 2021 associated with our $300 million voluntary contribution to our U.S. qualified pension plan in 2018.

------

## Exhibit 99.2

---

| | |
|:---|:---|
| **Weyerhaeuser Company** | **Exhibit 99.2** |

---

**Q4.2022 Analyst Package** 

Preliminary results (unaudited)

**Consolidated Statement of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
| in millions | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| **Net sales** | $**3112** | $**2973** | $**2276** | $**1823** | $**2206** | $**10184** | $**10201** |
| Costs of sales | 1647 | 1789 | 1694 | 1434 | 1501 | 6564 | 6103 |
| **Gross margin** | **1465** | **1184** | **582** | **389** | **705** | **3620** | **4098** |
| Selling expenses | 23 | 23 | 24 | 23 | 27 | 93 | 95 |
| General and administrative expenses | 92 | 102 | 100 | 104 | 113 | 398 | 396 |
| Other operating costs (income), net | 6 | 12 | 1 | 30 | (44) | 49 | (36) |
| **Operating income** | **1344** | **1047** | **457** | **232** | **609** | **3080** | **3643** |
| Non-operating pension and other post-employment benefit costs | (15) | (11) | (12) | (216) | (5) | (254) | (19) |
| Interest income and other | (1) | 1 | 9 | 16 | 1 | 25 | 5 |
| Interest expense, net of capitalized interest | (72) | (65) | (67) | (66) | (77) | (270) | (313) |
| Loss on debt extinguishment | (276) |  |  |  |  | (276) |  |
| Earnings (loss) before income taxes | 980 | 972 | 387 | (34) | 528 | 2305 | 3316 |
| Income taxes | (209) | (184) | (77) | 45 | (112) | (425) | (709) |
| **Net earnings** | $**771** | $**788** | $**310** | $**11** | $**416** | $**1880** | $**2607** |

---

**Per Share Information**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
|  | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| Earnings per share |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.03 | $1.06 | $0.42 | $0.02 | $0.56 | $2.53 | $3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.03 | $1.06 | $0.42 | $0.02 | $0.55 | $2.53 | $3.47 |
| Dividends paid per common share | $1.63 | $0.18 | $0.18 | $0.18 | $0.67 | $2.17 | $1.18 |
| Weighted average shares outstanding (in thousands): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 747507 | 744542 | 740058 | 735715 | 749020 | 741904 | 749496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 748823 | 745582 | 740975 | 736640 | 750942 | 742953 | 750983 |
| Common shares outstanding at end of period (in thousands) | 745442 | 741738 | 737547 | 732794 | 747301 | 732794 | 747301 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
| in millions | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| **Net earnings** | $**771** | $**788** | $**310** | $**11** | $**416** | $**1880** | $**2607** |
| Non-operating pension and other post-employment benefit costs | 15 | 11 | 12 | 216 | 5 | 254 | 19 |
| Interest income and other | 1 | (1) | (9) | (16) | (1) | (25) | (5) |
| Interest expense, net of capitalized interest | 72 | 65 | 67 | 66 | 77 | 270 | 313 |
| Loss on debt extinguishment | 276 |  |  |  |  | 276 |  |
| Income taxes | 209 | 184 | 77 | (45) | 112 | 425 | 709 |
| **Operating income** | **1344** | **1047** | **457** | **232** | **609** | **3080** | **3643** |
| Depreciation, depletion and amortization | 122 | 119 | 119 | 120 | 121 | 480 | 477 |
| Basis of real estate sold | 31 | 39 | 7 | 7 | 9 | 84 | 71 |
| Special items included in operating income |  |  |  | 10 | (65) | 10 | (97) |
| **Adjusted EBITDA(1)** | $**1497** | $**1205** | $**583** | $**369** | $**674** | $**3654** | $**4094** |

---

<sup>(1)</sup> 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.

Page 1 of 8

------

---

| | |
|:---|:---|
| **Weyerhaeuser Company** | **Total Company Statistics** |

---

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Special Items Included in Net Earnings (Income Tax Affected)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
| in millions | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| **Net earnings** | $**771** | $**788** | $**310** | $**11** | $**416** | $**1880** | $**2607** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of timberlands |  |  |  |  |  |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recovery |  |  |  |  | (9) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal benefit |  |  |  |  | (12) |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment(1) | 207 |  |  |  |  | 207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement charge |  |  |  | 152 |  | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product remediation recovery |  |  |  |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, impairments and other charges |  |  |  | 8 |  | 8 |  |
| **Net earnings before special items(2)** | $**978** | $**788** | $**310** | $**171** | $**367** | $**2247** | $**2526** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
|  | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| **Net earnings per diluted share** | $**1.03** | $**1.06** | $**0.42** | $**0.02** | $**0.55** | $**2.53** | $**3.47** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of timberlands |  |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recovery |  |  |  |  | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal benefit |  |  |  |  | (0.01) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment(1) | 0.28 |  |  |  |  | 0.28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension settlement charge |  |  |  | 0.21 |  | 0.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product remediation recovery |  |  |  |  | (0.04) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, impairments and other charges |  |  |  | 0.01 |  | 0.01 |  |
| **Net earnings per diluted share before special items(2)** | $**1.31** | $**1.06** | $**0.42** | $**0.24** | $**0.49** | $**3.02** | $**3.37** |

---

<sup>(1)</sup> We recorded a total pretax loss on debt extinguishment of $276 million ($207 million after-tax) in first quarter 2022.

<sup>(2)</sup> 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** | **Q4** | **Year-to-Date** | **Year-to-Date** |
| in millions | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| Pension and post-employment costs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and post-employment service costs | $10 | $8 | $9 | $9 | $10 | $36 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension and other post-employment benefit costs | 15 | 11 | 12 | 216 | 5 | 254 | 19 |
| **Total company pension and post-employment costs** | $**25** | $**19** | $**21** | $**225** | $**15** | $**290** | $**61** |

---

Page 2 of 8

------

**Weyerhaeuser Company**<br>

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Condensed Consolidated Balance Sheet**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| in millions | **March 31,<br> 2022** | **June 30,<br> 2022** | **September 30,<br> 2022** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| **<u>ASSETS</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1205 | $1723 | $1920 | $1581 | $1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 745 | 547 | 425 | 357 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables for taxes | 8 | 6 | 15 | 42 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 611 | 571 | 542 | 550 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 206 | 165 | 146 | 216 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2775 | 3012 | 3048 | 2746 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 2026 | 2000 | 1997 | 2171 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 203 | 233 | 245 | 222 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timber and timberlands at cost, less depletion | 11469 | 11706 | 11681 | 11604 | 11510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minerals and mineral rights, less depletion | 252 | 248 | 245 | 214 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 15 | 11 | 10 | 8 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 376 | 370 | 364 | 375 | 503 |
| **Total assets** | $**17116** | $**17580** | $**17590** | $**17340** | $**17652** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $— | $— | $118 | $982 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 310 | 283 | 272 | 247 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 674 | 658 | 664 | 511 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 984 | 941 | 1054 | 1740 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 5053 | 5053 | 4935 | 4071 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 66 | 83 | 89 | 96 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred pension and other post-employment benefits | 432 | 347 | 335 | 344 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 344 | 340 | 339 | 340 | 346 |
| **Total liabilities** | **6879** | **6764** | **6752** | **6591** | **6885** |
| **Total equity** | **10237** | **10816** | **10838** | **10749** | **10767** |
| **Total liabilities and equity** | $**17116** | $**17580** | $**17590** | $**17340** | $**17652** |

---

Page 3 of 8

------

**Weyerhaeuser Company**<br>

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Consolidated Statement of Cash Flows**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1** | **Q2** | **Q3** | **Q4** | **Q4** | **Year-to-Date** | **Year-to-Date** |
| in millions | **March 31,<br>2022** | **June 30,<br>2022** | **Sept 30,<br>2022** | **Dec 31,<br>2022** | **Dec 31,<br>2021** | **Dec 31,<br>2022** | **Dec 31,<br>2021** |
| **Cash flows from operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $771 | $788 | $310 | $11 | $416 | $1880 | $2607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash charges (credits) to earnings: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 122 | 119 | 119 | 120 | 121 | 480 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of real estate sold | 31 | 39 | 7 | 7 | 9 | 84 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 14 |  | 3 | (47) | (2) | (30) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other post-employment benefits | 25 | 19 | 21 | 225 | 15 | 290 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 8 | 9 | 8 | 8 | 7 | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of timberlands |  |  |  |  |  |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 276 |  |  |  |  | 276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (238) | 198 | 121 | 68 | (10) | 149 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables and payables for taxes | 110 | (83) | (12) | (116) | 6 | (101) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (87) | 29 | 28 | (7) | (22) | (37) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1) | (2) | (4) | (5) | (4) | (12) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (62) | 47 | (8) | (88) | (3) | (111) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and post-employment benefit contributions and payments | (4) | (10) | (5) | (5) | (3) | (24) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (8) | (7) | (26) | (4) | (36) | (45) | (63) |
| **Net cash from operations** | $**957** | $**1146** | $**562** | $**167** | $**494** | $**2832** | $**3159** |
| **Cash flows from investing activities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for property and equipment | $(50) | $(71) | $(86) | $(208) | $(202) | $(415) | $(386) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for timberlands reforestation | (20) | (10) | (8) | (15) | (16) | (53) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of timberlands | (18) | (265) | (3) | (9) |  | (295) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of timberlands |  |  |  |  |  |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1 |  |  | 3 | 1 | 4 | 4 |
| **Net cash from investing activities** | $**(87)** | $**(346)** | $**(97)** | $**(229)** | $**(217)** | $**(759)** | $**(325)** |
| **Cash flows from financing activities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends on common shares | $(1218) | $(134) | $(133) | $(132) | $(502) | $(1617) | $(884) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of long-term debt | 881 |  |  |  |  | 881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (1203) |  |  |  | (150) | (1203) | (375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 12 | 2 | 1 | 1 | 5 | 16 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (118) | (141) | (143) | (141) | (74) | (543) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (18) | (1) | (1) | (5) | (3) | (25) | (22) |
| **Net cash from financing activities** | $**(1664)** | $**(274)** | $**(276)** | $**(277)** | $**(724)** | $**(2491)** | $**(1330)** |
| Net change in cash, cash equivalents and restricted cash | $(794) | $526 | $189 | $(339) | $(447) | $(418) | $1504 |
| Cash, cash equivalents and restricted cash at beginning of period | 1999 | 1205 | 1731 | 1920 | 2446 | 1999 | 495 |
| **Cash, cash equivalents and restricted cash at end of period** | $**1205** | $**1731** | $**1920** | $**1581** | $**1999** | $**1581** | $**1999** |
| Cash paid during the period for: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $78 | $71 | $62 | $72 | $78 | $283 | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $85 | $269 | $92 | $120 | $115 | $566 | $609 |

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Page 4 of 8

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| | |
|:---|:---|
| **Weyerhaeuser Company** | **Timberlands Segment** |

---

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Segment Statement of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Sales to unaffiliated customers | $465 | $515 | $441 | $437 | $429 | $1858 | $1636 |
| Intersegment sales | 161 | 156 | 133 | 111 | 136 | 561 | 535 |
| **Total net sales** | **626** | **671** | **574** | **548** | **565** | **2419** | **2171** |
| Costs of sales | 423 | 495 | 442 | 436 | 432 | 1796 | 1650 |
| **Gross margin** | **203** | **176** | **132** | **112** | **133** | **623** | **521** |
| Selling expenses |  |  | 1 |  | 1 | 1 | 2 |
| General and administrative expenses | 24 | 24 | 25 | 25 | 23 | 98 | 92 |
| Other operating (income) loss, net | (3) | (1) | (1) | 1 | (1) | (4) | (37) |
| **Operating income and Net contribution to earnings** | $**182** | $**153** | $**107** | $**86** | $**110** | $**528** | $**464** |

---

**Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Operating income** | $**182** | $**153** | $**107** | $**86** | $**110** | $**528** | $**464** |
| Depreciation, depletion and amortization | 65 | 66 | 61 | 64 | 66 | 256 | 261 |
| Special items |  |  |  |  |  |  | (32) |
| **Adjusted EBITDA(1)** | $**247** | $**219** | $**168** | $**150** | $**176** | $**784** | $**693** |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Gain on sale of timberlands | $— | $— | $— | $— | $— | $— | $32 |

---

**Selected Segment Items**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Total decrease (increase) in working capital(2) | $(34) | $57 | $14 | $(28) | $(21) | $9 | $(31) |
| Cash spent for capital expenditures(3) | $(30) | $(23) | $(22) | $(38) | $(38) | $(113) | $(114) |

---

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

<sup>(3)</sup> Does not include cash spent for the acquisition of timberlands.

**Segment Statistics**<sup>(4)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Third Party | Delivered logs: |  |  |  |  |  |  |  |
| Net Sales | &nbsp;&nbsp;&nbsp;&nbsp;West | $259 | $308 | $224 | $213 | $220 | $1004 | $869 |
| (millions) | &nbsp;&nbsp;&nbsp;&nbsp;South | 154 | 160 | 166 | 165 | 160 | 645 | 589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North | 15 | 10 | 15 | 16 | 14 | 56 | 52 |
|  | Total delivered logs | 428 | 478 | 405 | 394 | 394 | 1705 | 1510 |
|  | Stumpage and pay-as-cut timber | 9 | 11 | 10 | 16 | 9 | 46 | 31 |
|  | Recreational and other lease revenue | 17 | 16 | 18 | 17 | 17 | 68 | 65 |
|  | Other revenue | 11 | 10 | 8 | 10 | 9 | 39 | 30 |
|  | **Total** | $**465** | $**515** | $**441** | $**437** | $**429** | $**1858** | $**1636** |
| Delivered Logs | West | $161.29 | $173.35 | $158.59 | $141.88 | $146.39 | $159.46 | $140.08 |
| Third Party Sales | South | $37.15 | $38.47 | $38.59 | $38.67 | $36.55 | $38.23 | $35.47 |
| Realizations (per ton) | North | $72.79 | $83.93 | $83.84 | $80.57 | $66.74 | $79.64 | $66.18 |
| Delivered Logs | West | 1604 | 1778 | 1411 | 1503 | 1501 | 6296 | 6203 |
| Third Party Sales | South | 4135 | 4167 | 4310 | 4252 | 4358 | 16864 | 16594 |
| Volumes (tons, thousands) | North | 210 | 118 | 177 | 202 | 217 | 707 | 788 |
| Fee Harvest Volumes | West | 2240 | 2085 | 1760 | 1773 | 1954 | 7858 | 8084 |
| (tons, thousands) | South | 5842 | 6159 | 6112 | 6216 | 6160 | 24329 | 23304 |
|  | North | 278 | 180 | 245 | 271 | 285 | 974 | 1085 |

---

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

Page 5 of 8

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| | |
|:---|:---|
| **Weyerhaeuser Company** | **Real Estate, Energy & Natural Resources Segment** |

---

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Segment Statement of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Net sales** | $**128** | $**117** | $**68** | $**55** | $**59** | $**368** | $**344** |
| Costs of sales | 41 | 45 | 14 | 13 | 16 | 113 | 109 |
| **Gross margin** | **87** | **72** | **54** | **42** | **43** | **255** | **235** |
| General and administrative expenses | 6 | 7 | 6 | 8 | 7 | 27 | 25 |
| Other operating loss, net |  |  |  | 10 |  | 10 |  |
| **Operating income and Net contribution to earnings** | $**81** | $**65** | $**48** | $**24** | $**36** | $**218** | $**210** |

---

**Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Operating income** | $**81** | $**65** | $**48** | $**24** | $**36** | $**218** | $**210** |
| Depreciation, depletion and amortization | 4 | 3 | 5 | 5 | 4 | 17 | 15 |
| Basis of real estate sold | 31 | 39 | 7 | 7 | 9 | 84 | 71 |
| Special items |  |  |  | 10 |  | 10 |  |
| **Adjusted EBITDA(1)** | $**116** | $**107** | $**60** | $**46** | $**49** | $**329** | $**296** |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Restructuring, impairments and other charges | $— | $— | $— | $(10) | $— | $(10) | $— |

---

**Selected Segment Items**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Cash spent for capital expenditures | $— | $— | $— | $— | $— | $— | $— |

---

**Segment Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Net Sales | Real Estate | $97 | $90 | $30 | $18 | $34 | $235 | $246 |
| (millions) | Energy and Natural Resources | 31 | 27 | 38 | 37 | 25 | 133 | 98 |
|  | **Total** | $**128** | $**117** | $**68** | $**55** | $**59** | $**368** | $**344** |
| Acres Sold | Real Estate | 24126 | 26906 | 5014 | 2745 | 6920 | 58791 | 55827 |
| Price per Acre | Real Estate | $3785 | $3215 | $5046 | $5550 | $4385 | $3714 | $3725 |
| Basis as a Percent of <br>Real Estate Net Sales | Real Estate | 32% | 43% | 23% | 39% | 26% | 36% | 29% |

---

Page 6 of 8

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| | |
|:---|:---|
| **Weyerhaeuser Company** | **Wood Products Segment** |

---

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

**Segment Statement of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Net sales** | $**2519** | $**2341** | $**1767** | $**1331** | $**1718** | $**7958** | $**8221** |
| Costs of sales | 1276 | 1414 | 1360 | 1116 | 1185 | 5166 | 4808 |
| **Gross margin** | **1243** | **927** | **407** | **215** | **533** | **2792** | **3413** |
| Selling expenses | 21 | 21 | 22 | 22 | 23 | 86 | 84 |
| General and administrative expenses | 35 | 35 | 36 | 36 | 34 | 142 | 138 |
| Other operating costs (income), net | 5 | 8 | 5 | 10 | (40) | 28 | (20) |
| **Operating income and Net contribution to earnings** | $**1182** | $**863** | $**344** | $**147** | $**516** | $**2536** | $**3211** |

---

**Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Operating income** | $**1182** | $**863** | $**344** | $**147** | $**516** | $**2536** | $**3211** |
| Depreciation, depletion and amortization | 51 | 49 | 51 | 50 | 51 | 201 | 196 |
| Special items |  |  |  |  | (50) |  | (50) |
| **Adjusted EBITDA(1)** | $**1233** | $**912** | $**395** | $**197** | $**517** | $**2737** | $**3357** |

---

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

**Segment Special Items Included in Net Contribution to Earnings (Pretax)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Insurance recovery | $— | $— | $— | $— | $13 | $— | $13 |
| Product remediation recovery | $— | $— | $— | $— | $37 | $— | $37 |

---

**Selected Segment Items**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Total decrease (increase) in working capital(2) | $(371) | $205 | $136 | $20 | $(11) | $(10) | $(23) |
| Cash spent for capital expenditures | $(39) | $(56) | $(68) | $(184) | $(174) | $(347) | $(320) |

---

<sup>(2)</sup> Represents the change in prepaid assets, accounts receivable, accounts payable, accrued liabilities and inventory for the Wood Products segment.

**Segment Statistics**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions, except for third party sales realizations | in millions, except for third party sales realizations | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Structural Lumber | Third party net sales | $1206 | $998 | $676 | $494 | $701 | $3374 | $3721 |
| (volumes presented | Third party sales realizations | $1041 | $776 | $556 | $495 | $592 | $724 | $759 |
| in board feet) | Third party sales volumes(3) | 1157 | 1289 | 1216 | 996 | 1185 | 4658 | 4902 |
|  | Production volumes | 1203 | 1232 | 1140 | 938 | 1148 | 4513 | 4815 |
| Oriented Strand | Third party net sales | $564 | $497 | $287 | $230 | $327 | $1578 | $1840 |
| Board | Third party sales realizations | $787 | $676 | $401 | $335 | $490 | $553 | $675 |
| (volumes presented | Third party sales volumes(3) | 717 | 735 | 715 | 686 | 668 | 2853 | 2726 |
| in square feet 3/8") | Production volumes | 739 | 758 | 735 | 729 | 725 | 2961 | 2865 |
| Engineered Solid | Third party net sales | $196 | $247 | $233 | $186 | $188 | $862 | $679 |
| Section | Third party sales realizations | $3433 | $3863 | $3946 | $3743 | $3319 | $3751 | $2789 |
| (volumes presented | Third party sales volumes(3) | 5.7 | 6.4 | 5.9 | 5.0 | 5.7 | 23.0 | 24.4 |
| in cubic feet) | Production volumes | 5.7 | 6.4 | 6.0 | 5.5 | 6.0 | 23.6 | 24.0 |
| Engineered | Third party net sales | $137 | $168 | $166 | $102 | $132 | $573 | $447 |
| I-joists | Third party sales realizations | $2969 | $3432 | $3525 | $3537 | $2888 | $3350 | $2300 |
| (volumes presented | Third party sales volumes(3) | 46 | 49 | 47 | 29 | 45 | 171 | 194 |
| in lineal feet) | Production volumes | 44 | 50 | 47 | 31 | 46 | 172 | 190 |
| Softwood Plywood | Third party net sales | $58 | $53 | $47 | $35 | $40 | $193 | $210 |
| (volumes presented | Third party sales realizations | $783 | $746 | $632 | $543 | $581 | $679 | $681 |
| in square feet 3/8") | Third party sales volumes(3) | 75 | 70 | 74 | 66 | 68 | 285 | 308 |
|  | Production volumes | 66 | 67 | 64 | 62 | 60 | 259 | 263 |
| Medium Density | Third party net sales | $48 | $53 | $50 | $41 | $43 | $192 | $186 |
| Fiberboard | Third party sales realizations | $1082 | $1174 | $1274 | $1310 | $995 | $1200 | $908 |
| (volumes presented | Third party sales volumes(3) | 44 | 45 | 40 | 31 | 43 | 160 | 205 |
| in square feet 3/4") | Production volumes | 44 | 48 | 38 | 31 | 43 | 161 | 206 |

---

<sup>(3)</sup> Volumes include sales of internally produced products and products purchased for resale primarily through our distribution business.

Page 7 of 8

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---

| | |
|:---|:---|
| **Weyerhaeuser Company** | **Unallocated Items** |

---

**Q4.2022 Analyst Package**

Preliminary results (unaudited)

Unallocated items are gains or charges not related to, or allocated to, an individual operating segment. They include all or a portion of items such as share-based compensation, pension and post-employment costs, elimination of intersegment profit in inventory and LIFO, foreign exchange transaction gains and losses, interest income and other as well as legacy obligations.

**Net Charge to Earnings**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Unallocated corporate function and variable compensation expense | $(31) | $(36) | $(36) | $(36) | $(35) | $(139) | $(129) |
| Liability classified share-based compensation | 1 | 2 | 2 | (1) | (4) | 4 | (6) |
| Foreign exchange gain (loss) |  | 3 | 9 | (2) | 3 | 10 | 5 |
| Elimination of intersegment profit in inventory and LIFO | (59) | 18 | 2 | 18 | 10 | (21) | (23) |
| Other, net | (12) | (21) | (19) | (4) | (27) | (56) | (89) |
| **Operating loss** | **(101)** | **(34)** | **(42)** | **(25)** | **(53)** | **(202)** | **(242)** |
| Non-operating pension and other post-employment benefit costs | (15) | (11) | (12) | (216) | (5) | (254) | (19) |
| Interest income and other | (1) | 1 | 9 | 16 | 1 | 25 | 5 |
| **Net charge to earnings** | $**(117)** | $**(44)** | $**(45)** | $**(225)** | $**(57)** | $**(431)** | $**(256)** |

---

**Adjusted Earnings before Interest, Tax, Depreciation, Depletion and Amortization**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| **Operating loss** | $**(101)** | $**(34)** | $**(42)** | $**(25)** | $**(53)** | $**(202)** | $**(242)** |
| Depreciation, depletion and amortization | 2 | 1 | 2 | 1 |  | 6 | 5 |
| Special items |  |  |  |  | (15) |  | (15) |
| **Adjusted EBITDA(1)** | $**(99)** | $**(33)** | $**(40)** | $**(24)** | $**(68)** | $**(196)** | $**(252)** |

---

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

**Unallocated Special Items Included in Net Charge to Earnings (Pretax)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Legal benefit | $— | $— | $— | $— | $15 | $— | $15 |
| **Special items included in operating loss** |  |  |  |  | 15 |  | 15 |
| Pension settlement charge |  |  |  | (205) |  | (205) |  |
| **Special items included in net charge to earnings** | $**—** | $**—** | $**—** | $**(205)** | $**15** | $**(205)** | $**15** |

---

**Unallocated Selected Items**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Q1.2022** | **Q2.2022** | **Q3.2022** | **Q4.2022** | **Q4.2021** | **YTD.2022** | **YTD.2021** |
| Cash spent for capital expenditures | $(1) | $(2) | $(4) | $(1) | $(6) | $(8) | $(7) |

---

Page 8 of 8

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