EXHIBIT 99.1

Weyerhaeuser Reports Fourth Quarter, Full Year Results

SEATTLE, January 30, 2025 – Weyerhaeuser Company (NYSE: WY) today reported fourth quarter net earnings of $81 million, or 11 cents per diluted share, on net sales of $1.7 billion. This compares with net earnings of $219 million, or 30 cents per diluted share, on net sales of $1.8 billion for the same period last year and net earnings of $28 million for third quarter 2024. There were no special items in fourth quarter 2024. Net earnings before special items was $121 million for the same period last year and $35 million for third quarter 2024. Adjusted EBITDA for fourth quarter 2024 was $294 million, compared with $321 million for the same period last year and $236 million for third quarter 2024.

For full year 2024, Weyerhaeuser reported net earnings of $396 million, or 54 cents per diluted share, on net sales of $7.1 billion. This compares with net earnings of $839 million on net sales of $7.7 billion for full year 2023. Full year 2024 includes a total after-tax benefit of $12 million for special items. Excluding these items, the company reported net earnings of $384 million, or 53 cents per diluted share. This compares with net earnings before special items of $749 million for full year 2023. Adjusted EBITDA for full year 2024 was $1.3 billion, compared with $1.7 billion for full year 2023.

In 2024, the company delivered strong results from its Natural Climate Solutions business, generating $55 million of operating income. Adjusted EBITDA was $84 million, a 79 percent increase compared to 2023. The company is encouraged by continued market development and demand for its climate solutions offerings and remains on track to reach $100 million of Adjusted EBITDA by year end 2025.

“Our performance in 2024 reflects solid execution against a challenging market backdrop,” said Devin W. Stockfish, president and chief executive officer. “Our teams drove meaningful improvements across each of the value levers of our investment thesis in 2024, and we continued to demonstrate the durability of our portfolio and the flexibility of our capital allocation framework across market cycles. Notably, we grew our timberlands through strategic acquisitions in Alabama, announced an investment to expand our EWP portfolio, advanced our Natural Climate Solutions business and captured additional operational excellence improvements. We also increased our base dividend by 5.3 percent and repurchased $153 million of our shares. Entering 2025, our balance sheet is strong, and we are well positioned to capitalize as market conditions improve. We remain focused on achieving our multi-year targets, serving our customers and driving long-term value for our shareholders.”
 

TIMBERLANDS

Q4 2024 Performance – In the West, fee harvest volumes were slightly lower than the third quarter. Domestic sales volumes were moderately higher and export volumes were lower as the company shifted volumes from China to domestic customers. Sales realizations were slightly lower due to mix, per unit log and haul costs were comparable, and forestry and road costs were seasonally lower. In the South, fee harvest volumes and forestry and road costs were higher as operating activities in certain regions shifted from the prior quarter due to wet weather conditions. Sales realizations were slightly higher due to mix, while per unit log and haul costs were comparable.

Q1 2025 Outlook – Weyerhaeuser anticipates first quarter earnings before special items and Adjusted EBITDA will be approximately $20 million higher than the fourth quarter. In the West, the company expects fee harvest volumes and per unit log and haul costs to be slightly higher. Sales volumes and realizations are expected to be moderately higher, primarily for domestic logs. Forestry and road costs are expected to be seasonally lower. In the South, the company expects fee harvest volumes, sales realizations and forestry and road costs to be comparable. Per unit log and haul costs are expected to be slightly higher.

REAL ESTATE, ENERGY & NATURAL RESOURCES

Q4 2024 Performance – Earnings decreased from the third quarter, while Adjusted EBITDA was comparable. The number of acres sold increased due to the timing of transactions. The average price per acre was comparable and the average basis as a percentage of real estate sales was higher due to the mix of properties sold.

Q1 2025 Outlook – Weyerhaeuser anticipates first quarter earnings before special items and Adjusted EBITDA will be comparable to the fourth quarter due to the timing and mix of real estate sales. The company expects full year 2025 Adjusted EBITDA for the segment will be approximately $350 million.

WOOD PRODUCTS

Q4 2024 Performance – Sales realizations for lumber and oriented strand board increased 9 percent and 5 percent, respectively, compared with third quarter averages. Production volumes for lumber were moderately higher as the company returned to a more normal operating posture. Sales volumes and unit manufacturing costs were comparable, and log costs were slightly lower. For oriented strand board, production and sales volumes were higher, and unit manufacturing costs were moderately lower, given less downtime for planned annual maintenance. Fiber costs were comparable. For engineered wood products, sales realizations were moderately lower for solid section and I-joist products and slightly higher for plywood. Sales volumes were slightly higher, primarily for solid section products. Raw material and unit manufacturing costs were slightly lower. Distribution results were lower than the third quarter due to seasonally lower sales volumes.

Q1 2025 Outlook – Weyerhaeuser anticipates first quarter earnings before special items and Adjusted EBITDA will be slightly 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, slightly higher log costs, and lower unit manufacturing costs. For oriented strand board, the company anticipates moderately higher sales volumes and slightly higher fiber and unit manufacturing costs. For engineered wood products, the company expects slightly higher sales volumes, comparable sales realizations, and slightly higher raw material costs, primarily for oriented strand board webstock. For distribution, the company anticipates slightly higher results compared to the fourth quarter.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, and energy and natural resources, among others. In 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser’s common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on January 31, 2025, to discuss fourth quarter results.

To access the live webcast and presentation online, go to the Investor Relations section on www.weyerhaeuser.com on January 31, 2025.

To join the conference call from within North America, dial 1-877-407-0792 (access code: 13748393) at least 15 minutes prior to the call. Those calling from outside North America should dial 201-689-8263 (access code: 13748393). Replays will be available for two weeks at 1-844-512-2921 (access code: 13748393) from within North America, and at 1-412-317-6671 (access code: 13748393) from outside North America.

FORWARD-LOOKING STATEMENTS

This earnings 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: our future operating performance and delivery of long-term shareholder value and returns; achievement of multi-year goal targets; completion of a new engineered wood products facility; earnings before special items and Adjusted EBITDA for our Timberlands, Real Estate, Energy & Natural Resources and Wood Products segments; fee harvest volumes, sales volumes, sales realizations, per unit log and haul costs and forestry and road costs for our Timberlands segment; the timing and mix of real estate sales for our Real Estate, Energy & Natural Resources segment; sales volumes, log costs and unit manufacturing costs for our lumber business; sales volumes, fiber costs and unit manufacturing costs for our oriented strand board business; sales volumes, sales realizations and raw material costs for our engineered wood products business; results for our distribution business; and our 2025 goal for annual Adjusted EBITDA in our Natural Climate Solutions business. 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,” “will” and similar words and expressions or reference events to occur in a future time period. 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:

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.

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, 2024:

The table below reconciles Adjusted EBITDA for the year ended December 31, 2023:

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2024:

The table below reconciles Adjusted EBITDA for the quarter ended September 30, 2024:

The table below reconciles Adjusted EBITDA for the quarter ended December 31, 2023:

The table below reconciles Natural Climate Solutions Adjusted EBITDA for the year ended December 31, 2024:

We have not provided a reconciliation of forecasted Adjusted EBITDA related to Natural Climate Solutions to the most comparable GAAP measure because Adjusted EBITDA excludes the impact of certain items described in the definition included on page 2 of this release and management cannot estimate the impact these items will have on Adjusted EBITDA without unreasonable effort. We believe that the probable significance of providing this forward-looking non-GAAP financial measure without a reconciliation to operating income is that investors and analysts will have certain information that we believe is useful and meaningful regarding our Natural Climate Solutions business, but they will not have that information on a GAAP basis. As a result, investors and analysts may be unable to accurately compare the expected impact to our historical results or the results or expected results of other companies that may have treated such matters differently. Management believes that, given the inherent uncertainty of forward-looking statements, investors and analysts will be able to understand and appropriately take into account the limitations in the information we have provided. Investors are cautioned that we cannot predict the occurrence, timing or amount of all non-GAAP items that we exclude from Adjusted EBITDA. Accordingly, the actual effect of these items, when determined, could potentially be significant to the calculation of Adjusted EBITDA over the medium-term.

RECONCILIATION OF NET EARNINGS BEFORE SPECIAL ITEMS TO NET EARNINGS (INCOME TAX AFFECTED)

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:

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

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: