### At a GlanceWeyerhaeuser reported Q2 2026 GAAP earnings of $162 million ($0.23 per share), adjusted earnings of $0.13 per share, and adjusted EBITDA of $310 million. Management stated that despite ongoing market challenges and inflationary pressures, the team delivered solid operational results.

Key data: Wood Products adjusted EBITDA was $129 million, improving by $58 million quarter-over-quarter, driven by higher lumber pricing and increased sales volumes; Timberlands adjusted EBITDA was $123 million, slightly improved quarter-over-quarter; Strategic Land Solutions adjusted EBITDA was $129 million, down $64 million quarter-over-quarter, due to reduced contributions following a large conservation easement transaction in the first quarter.

Business progress: The lumber business benefited from seasonal demand improvement, supply constraints, and reduced European imports, with pricing up 15% quarter-over-quarter. The OSB business continued to face challenges, with an adjusted EBITDA loss of $6 million, due to oversupply and rising costs. The company completed the sale of 29,000 acres of non-core timberlands in Oregon for $114 million. The Climate Solutions business is advancing, with a second solar site now operational and three more under construction. The first bio-carbon facility in Mississippi is expected to break ground in Q4.

Guidance & Outlook: Management expects Q3 Timberlands adjusted EBITDA to be slightly up quarter-over-quarter, with improvements across all regions; the full-year adjusted EBITDA guidance for Strategic Land Solutions was raised to approximately $450 million (from $425 million); Q3 adjusted EBITDA for Wood Products is expected to be slightly down quarter-over-quarter (excluding price changes), due to higher OSB maintenance costs and rising resin costs.

Risk/Highlight Signals: Management noted that the housing market remains affected by weak consumer confidence and affordability challenges, but long-term fundamentals (housing shortage, demographic trends) remain favorable. Repair and remodel market activity is stable but subdued, as high mortgage rates suppress home turnover.