Total Revenue (business segments)

Down 2.8% (from 1,939 million USD to 1,884 million USD) " " "

**Total revenue decreased by 2.8% YoY primarily because lower revenues in Timberlands and Wood Products outweighed the strong 41% increase in Real Estate & Energy & Natural Resources. This reflects a mixed performance across segments influenced by prior period trends. " " " **

Timberlands revenue

Down 8.8% (from 409 million USD to 373 million USD) " " "

**A decline of 8.8% YoY in Timberlands revenue is driven mostly by a significant drop in the West region and only marginal changes in South and North regions, suggesting lower volumes or pricing compared to previous periods. " " " **

Real Estate & Energy & Natural Resources

Up 41% (from 109 million USD to 154 million USD) " " "

**The 41% revenue surge in this segment is attributable to improved pricing and mix of real estate sales along with timing benefits, which contrasts with the lower sale volumes seen previously. " " " **

Wood Products revenue

Down 4.5% (from 1,421 million USD to 1,357 million USD) " " "

**Overall Wood Products revenue fell by 4.5% YoY despite a strong performance in Structural Lumber; the decline is largely due to a significant drop in Oriented Strand Board sales. " " " **

Structural Lumber

Up 16% (from 499 million USD to 581 million USD) " " "

**Structural Lumber performance improved by 16% YoY, reflecting higher pricing and robust market fundamentals compared to past periods. " " " **

Oriented Strand Board

Down 28.8% (from 288 million USD to 205 million USD) " " "

**OSB experienced a sharp decline of 28.8% YoY, likely due to weaker demand and pricing pressures that offset improvements seen in other wood product lines. " " " **

Timberlands – West region

Down 17.6% (from 205 million USD to 169 million USD) " " "

**The West region saw a 17.6% drop, which is a major contributor to the overall decline in Timberlands revenue, indicating further weakening in market conditions or cost pressures relative to the previous period. " " " **

Timberlands – South region

Nearly flat (153 million USD to 154 million USD) " " "

**With sales nearly unchanged YoY, the South region maintained its performance with stability in volumes and pricing, providing little offset for other declining segments. " " " **

Timberlands – North region

Down slightly (from 9 million USD to 8 million USD) " " "

**A minor decline from 9 to 8 million USD in the North reflects modest volume drops relative to prior performance, contributing marginally to the overall Timberlands decline. " " " **

Earnings and Adjusted EBITDA (Timberlands Business)

Q3 2025

$15M lower compared to Q1 2025 "

$10M lower compared to Q2 2025 " "

raised

Log Demand (Western Domestic Market)

Q3 2025

Steady "

Facing downward pressure " "

lowered

Douglas Fir Log Pricing (Western Domestic Market)

Q3 2025

Remain stable "

Facing downward pressure " "

lowered

Fee Harvest Volumes (Western Domestic Market)

Q3 2025

Slightly higher "

Slightly higher " "

no change

Forestry and Road Costs (Western Domestic Market)

Q3 2025

Increase seasonally "

Seasonally higher " "

no change

Sales Volumes (Western Export Program)

Q3 2025

Lower compared to Q1 2025 "

Increase moderately " "

raised

Average Sales Realizations (Western Export Program)

Q3 2025

Increase moderately "

Increase slightly " "

lowered

Sawlog Pricing (Southern Timberlands)

Q3 2025

Remain relatively stable "

Comparable " "

no change

Earnings Before Special Items and Adjusted EBITDA (Wood Products)

Q3 2025

Slightly higher than Q1 2025 "

Comparable to Q2 2025 " "

lowered

Full Year Typical CapEx Program

FY 2025

No prior guidance

Lowered from $440M to $400M " "

no prior guidance

Monticello EWP Facility Investment

FY 2025

No prior guidance

Total $500M through 2027; $130M for FY 2025 " "

no prior guidance

Timberland Acquisitions and Forestry Asset Expansion

Detailed discussions in Q4 2024 " " and Q3 2024 " highlighted strategic acquisitions (e.g., Alabama deals) and forestry asset expansion; Q1 2025 had no specific mention. " " "

Q2 2025 focused on a major acquisition in North Carolina/Virginia, funding via divestitures, and clear ties to sustained cash flow generation. " "

Renewed and enhanced focus – After a gap in Q1, current period shows robust execution and strategic expansion, reinforcing long‐term asset growth. " "

Capital Allocation and Share Repurchase Strategies

Consistently discussed in Q1 2025 " , Q3 2024 " " , and Q4 2024 " " with a balanced approach and ongoing repurchase programs.

Q2 2025 maintained the same disciplined capital allocation and share repurchase drive – record quarterly repurchases were noted. " "

Steady and disciplined – The strategy remains consistent and even intensifies in Q2, supporting shareholder returns. " "

Tariff and Trade Policy Uncertainty

Q1 2025 " " " and Q4 2024 " " discussed concerns over tariffs on lumber and trade policy with some market skepticism; Q3 2024 did not mention it.

In Q2 2025, uncertainty is tied to weaker consumer confidence and housing activity with mention of potential policy clarity and possible Fed support. "

Ongoing mild caution – Tariff/trade uncertainty remains a headwind, though current commentary hints at possible catalysts for improvement. " "

Wood Products Pricing, Margin Pressures, and Cost Structure

Q1 2025 " " , Q3 2024 " " , and Q4 2024 " " provided detailed pricing trends, margin deterioration in OSB/lumber and cost adjustments, with generally mixed sentiment.

Q2 2025 indicates continued pricing pressures (declining framing lumber composite; notable margin decreases in lumber and OSB) while mentioning cost advantages as a low‐cost producer. " " " "

Mixed and evolving – Margin pressures persist on wood products with some stabilization efforts, reflecting ongoing market challenges. " "

Sustainable Harvest Levels and Operational Efficiency

Q1 2025 [39–41] and Q4 2024 [43–45] emphasized stable, sustainable harvest levels and cost improvements; Q3 2024 focused on operational efficiency initiatives. " "

Q2 2025 did not specifically mention sustainable harvest levels but reiterated operational excellence and strong cost positioning. " "

Shifted emphasis – While operational efficiency remains a focus, the sustainable harvest discussion has receded in the current period. " "

Environmental and Climate Initiatives (CCS and Natural Climate Solutions)

Q1 2025 " " " , Q3 2024 " " , and Q4 2024 " " provided strong commentary on a growing pipeline in CCS and forest carbon projects with long‐term EBITDA targets.

Q2 2025 reinforced expanding its Natural Climate Solutions pipeline, approving additional forest carbon projects and highlighting renewable initiatives (like solar) that support a $100 million EBITDA target. " " "

Accelerating focus – There is an intensified commitment to environmental initiatives, with a robust project pipeline that could be transformational over the long term. " "

International Log Export Expansion

Q1 2025 " " " explored positive trends in Japan and issues with China; Q3 2024 " expanded into India, Vietnam, and other markets; Q4 2024 " " " discussed varied regional dynamics.

Q2 2025 discussed stable Japanese markets, a pivot to India as a new growth driver, and a cautious outlook regarding the China market due to broader trade issues. " " "

Geographic diversification – The strategy is evolving with a renewed focus on emerging markets (especially India), while managing persistent challenges in China. " "

Housing Market and Demand Dynamics

Q1 2025 " " " , Q3 2024 " " " , and Q4 2024 " " " outlined a resilient housing market with mixed segments and seasonal demand, despite challenges in multifamily and R&R segments.

Q2 2025 reported softened housing starts and headwinds from elevated mortgage rates along with identified potential catalysts (tax clarity and Fed support) for later improvement. " "

Short-term softness, long-term optimism – Near-term challenges persist, but the underlying fundamentals remain positive for future recovery. " "

Operational and Project Execution Risks

Q3 2024 " " " mentioned cost management, permitting delays (in CCS) and execution uncertainties in renewables and carbon projects; Q1 and Q4 provided little direct discussion.

Q2 2025 did not explicitly address these risks, instead emphasizing operational excellence and noting that major projects (like the EWP facility) are on track. " "

Stable, with mitigated risk concerns – While inherent execution challenges remain, the current discussion focuses on strong operational track records rather than new risk signals. " "

Cash Flow, Dividend, and Funding Concerns

Q1 2025 " , Q3 2024 " " , and Q4 2024 " " " demonstrated strong cash flow generation, disciplined dividend increases, and proactive debt/repurchase management.

Q2 2025 continued this trend with robust cash flow from operations, high share repurchase levels, and consistent dividend/payout strategies. "

Consistently strong – The company maintains a resilient financial profile with effective cash management and funding strategies, supporting ongoing growth and shareholder returns. " "