威爾豪瑟 (WY) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Weyerhaeuser third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加威好公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Mr. Andy Taylor, Vice President of Investor Relations. Thank you. Mr. Taylor, you may begin.

現在，我很榮幸地向大家介紹主持人，投資者關係副總裁安迪泰勒先生。謝謝。泰勒先生，你可以開始了。

Thank you, Rob. Good morning, everyone. Thank you for joining us today to discuss Weyerhaeuser's third-quarter 2025 earnings. This call is being webcast at www.weyerhaeuser.com. Our earnings release and presentation materials can also be found on our website.

謝謝你，羅布。各位早安。感謝您今天與我們一起討論威好公司2025年第三季的收益。本次電話會議正在www.weyerhaeuser.com網站進行網路直播。您也可以在我們的網站上找到我們的獲利報告和簡報資料。

Please review the warning statements in our earnings release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during this conference call.

請仔細閱讀我們獲利報告和簡報中的警告聲明，以了解與前瞻性陳述相關的風險，因為本次電話會議中將會做出前瞻性陳述。

We will discuss non-GAAP financial measures, and a reconciliation of GAAP can be found in the earnings materials on our website. On the call this morning are Devin Stockfish, Chief Executive Officer; and Davie Wold, Chief Financial Officer.

我們將討論非GAAP財務指標，GAAP的調節表可在我們網站的收益資料中找到。今天上午參加電話會議的有執行長德文·斯托克菲什和財務長戴維·沃爾德。

I will now turn the call over to Devin Stockfish.

現在我將把電話交給德文·斯托克菲什。

Thanks, Andy. Good morning, everyone, and thank you for joining us today. Yesterday, Weyerhaeuser reported third-quarter GAAP earnings of $80 million or $0.11 per diluted share on net sales of $1.7 billion. Excluding special items, we earned $40 million or $0.06 per diluted share. Adjusted EBITDA totaled $217 million for the quarter.

謝謝你，安迪。各位早安，感謝大家今天收看我們的節目。昨天，威好公司公佈了第三季GAAP獲利8,000萬美元，即每股攤薄收益0.11美元，淨銷售額為17億美元。不計特殊項目，我們獲利 4,000 萬美元，即每股攤薄收益 0.06 美元。本季調整後 EBITDA 總計 2.17 億美元。

Our third-quarter performance reflects solid execution by our teams against a very challenging market backdrop. Notwithstanding recent headwinds, we remain well positioned to navigate the current environment given our deeply embedded OpEx culture and competitive cost structure.

第三季業績反映了我們團隊在極具挑戰性的市場環境下穩健的執行力。儘管近期面臨一些不利因素，但憑藉我們根深蒂固的卓越營運文化和具有競爭力的成本結構，我們仍然能夠很好地應對當前的環境。

We've done considerable work over the last several years to align our strategy with the cyclicality of our businesses. As a result, Weyerhaeuser is a much stronger company today than at any point in recent history. And we continue to demonstrate the durability of our portfolio, the strength of our balance sheet, and the flexibility of our capital allocation framework across market cycles.

過去幾年，我們做了大量工作，使我們的策略與業務的周期性保持一致。因此，如今的威好公司比近代史上任何時期都更強大。我們不斷證明我們的投資組合具有持久性，我們的資產負債表具有穩健性，並且我們的資本配置框架能夠在不同的市場週期中保持靈活性。

Looking forward, we remain constructive on the longer-term demand fundamentals that support growth for our businesses. And we're ready to capitalize on opportunities as market conditions improve.

展望未來，我們仍然對支撐我們業務成長的長期需求基本面持樂觀態度。隨著市場狀況的改善，我們已準備好抓住機會。

Before getting into the businesses, I'd like to provide an update on recent actions to further optimize, improve, and grow our Timberlands portfolio. Our recent Timberlands transactions are summarized on page 18 of our earnings slide.

在深入探討業務之前，我想先介紹一下我們最近為進一步優化、改進和發展 Timberlands 產品組合所採取的行動。我們最近與添柏嵐的交易情況已匯總在收益報告幻燈片的第 18 頁。

In the third quarter, we completed two high-quality acquisitions totaling $459 million. This includes our previously announced transaction for timberlands in North Carolina and Virginia, and another acquisition of exceptional timberlands in Washington state.

第三季度，我們完成了兩項高品質收購，總額達 4.59 億美元。這包括我們先前宣布的在北卡羅來納州和維吉尼亞州收購林地的交易，以及在華盛頓州收購另一處優質林地的交易。

Additionally, in the third quarter, we advanced three divestiture packages of noncore timberlands, one of which closed earlier this month. And the other is under contract and scheduled to close later in the fourth quarter. These two transactions will result in $410 million of expected cash proceeds by year-end.

此外，在第三季度，我們推進了三項非核心林地剝離計劃，其中一項已於本月初完成。另一筆交易已簽訂合同，預計將於第四季度晚些時候完成。預計到年底，這兩筆交易將帶來 4.1 億美元的現金收益。

We anticipate closing the third divestiture in early 2026 and expect total proceeds from all divestitures to exceed the cash outlay required for our recently completed acquisitions. These transactions represent strategic opportunities to improve the quality and value of our portfolio.

我們預計將於 2026 年初完成第三筆資產剝離，並預計所有資產剝離的總收益將超過我們最近完成的收購所需的現金支出。這些交易代表著提升我們投資組合品質和價值的策略機會。

As we've demonstrated over the last several years, we're committed to active portfolio management across our timber holdings. And it remains disciplined and nimble in our approach to growing the value of our timberlands.

正如我們在過去幾年中所展現的那樣，我們致力於對我們的木材資產進行積極的投資組合管理。我們始終秉持嚴謹靈活的方式，致力於提升林地的價值。

Through this process, we've achieved the multiyear timberlands growth target we announced in September of 2021. Over a similar period, we've also returned a substantial amount of cash back to shareholders through dividends and share repurchase, and announced a compelling Engineered Wood Products growth opportunity, all while maintaining a strong balance sheet.

透過這個過程，我們實現了在 2021 年 9 月宣布的多年林地成長目標。在類似的時期內，我們也透過股利和股票回購向股東返還了大量現金，並宣布了一項引人注目的工程木製品成長機會，同時保持了強勁的資產負債表。

Moving forward, we will continue to evaluate capital-efficient opportunities that enhance the return profile of our timberlands, while also balancing other levers across our capital allocation framework to drive long-term value for our shareholders. Additionally, in the third quarter, we completed the sale of our Princeton mill in British Columbia for $85 million.

展望未來，我們將繼續評估能夠提高林地回報的資本效率機會，同時平衡資本配置框架中的其他槓桿，以推動股東的長期價值。此外，在第三季度，我們以 8500 萬美元的價格完成了位於不列顛哥倫比亞省普林斯頓工廠的出售。

In September, we received $61 million of the proceeds in conjunction with the closing of the sawmill portion of the deal. We expect to receive the remainder of the transaction proceeds over the coming months, following the transfer of associated timber licenses in the province. It's worth noting that our other lumber operations in Canada are not affected by this transaction. And we continue to serve our customers from our two sawmills in Alberta.

9 月份，隨著鋸木廠部分交易的完成，我們收到了 6,100 萬美元的收益。我們預計將在未來幾個月內收到剩餘的交易款項，屆時將完成該省相關木材許可證的轉讓。值得注意的是，我們在加拿大的其他木材業務不受此交易的影響。我們將繼續透過位於艾伯塔省的兩家鋸木廠為客戶提供服務。

Turning now to our third-quarter business results. I'll begin with Timberlands on pages 6 through 9. Timberlands contributed $80 million to second-quarter earnings. Adjusted EBITDA was $148 million, a $4 million decrease compared to the second quarter.

現在來看我們第三季的業績。我將從第 6 頁到第 9 頁的 Timberlands 開始。Timberlands為第二季度收益貢獻了8000萬美元。調整後 EBITDA 為 1.48 億美元，比第二季減少了 400 萬美元。

In the West, adjusted EBITDA decreased by $9 million. Log pricing in the domestic market faced downward pressure in the third quarter, as supply remained ample and mills continued to carry elevated log inventories and navigate a very challenging lumber market. As a result, our average domestic sales realizations decreased moderately compared to the second quarter.

在西部地區，調整後的 EBITDA 減少了 900 萬美元。第三季度，國內原木價格面臨下行壓力，因為供應仍然充足，而木材廠繼續保持較高的原木庫存，並且要應對非常具有挑戰性的木材市場。因此，與第二季相比，我們的平均國內銷售實現額略有下降。

Per unit log and haul costs increased in response to higher elevation harvest activity that's typical this time of year. And forestry and road costs were slightly lower than the prior quarter. Our fee harvest volumes were moderately higher and exceeded our initial plan for the quarter, largely driven by fewer operational restrictions given a relatively light wildfire season.

由於每年這個時候都會進行高海拔地區的伐木活動，單位原木和運輸成本增加。林業和道路成本略低於上一季。由於野火季相對較輕，營運限制較少，我們的收費收入略有增加，超過了本季的初步計畫。

Moving on to our export business to Japan. Log markets in Japan softened somewhat in the third quarter in response to ongoing consumption headwinds in the Japanese housing market. As a result, our customers' finished goods inventories increased and log prices decreased.

接下來談談我們對日本的出口業務。受日本房地產市場持續疲軟的消費壓力影響，日本原木市場在第三季有所走軟。因此，我們客戶的成品庫存增加，原木價格下降。

Despite this dynamic, our customers remain well positioned relative to imported European lumber, which continues to face headwinds in the Japanese market. For the quarter, our average sales realizations for export logs to Japan were moderately lower. And our sales volumes were moderately higher, largely due to the timing of vessels.

儘管存在這種動態，但相對於進口的歐洲木材而言，我們的客戶仍然處於有利地位，因為進口的歐洲木材在日本市場持續面臨不利因素。本季度，我們出口到日本的原木平均銷售實現額略有下降。我們的銷售量略有成長，這主要是由於船舶交付時間的安排。

Turning to the South. Adjusted EBITDA for Southern Timberlands was $74 million, a $5 million increase compared to the second quarter. Southern sawlog markets moderated slightly in the third quarter, as log supply increased with drier weather conditions and as mills further adjusted to weaker lumber markets.

轉向南方。Southern Timberlands 的調整後 EBITDA 為 7,400 萬美元，比第二季增加了 500 萬美元。第三季度，南方鋸材市場略有緩和，因為天氣乾燥導致原木供應增加，以及鋸木廠進一步調整以適應疲軟的木材市場。

In contrast, Southern fiber markets were relatively stable outside of a few localized regions impacted by recent mill closures. On balance, takeaway for our logs remained steady given our delivered programs across the region.

相較之下，南方纖維市場相對穩定，只有少數局部地區受到近期工廠關閉的影響。總體而言，鑑於我們在整個地區開展的項目，我們的木材銷售收入保持穩定。

That said, our average sales realizations decreased slightly in response to a higher mix of fiber logs from increased thinning activity. Given favorable weather conditions, our fee harvest volumes increased slightly compared to the prior quarter.

儘管如此，由於間伐活動增加導致纖維原木的比例上升，我們的平均銷售實現額略有下降。由於天氣條件有利，我們的費用收取量與上一季相比略有增加。

Per unit log and haul costs were lower, and forestry and road costs were comparable. In the North, adjusted EBITDA increased slightly due to the higher sales volumes, resulting from the seasonal increase in harvest activity that is typical in the third quarter.

單位原木和運輸成本較低，而林業和道路成本相當。在北方，由於第三季典型的季節性收穫活動增加，銷售量上升，調整後的 EBITDA 略有成長。

Turning now to Real Estate, Energy and Natural Resources on pages 10 and 11. Real Estate and ENR contributed $69 million to third-quarter earnings and $91 million to adjusted EBITDA. Third-quarter EBITDA was $52 million lower than the prior quarter, but $28 million higher than our initial outlook for the segment, largely driven by the timing and mix of Real Estate sales.

現在請翻到第 10 頁和第 11 頁，了解房地產、能源和自然資源。房地產和 ENR 為第三季收益貢獻了 6,900 萬美元，為調整後的 EBITDA 貢獻了 9,100 萬美元。第三季 EBITDA 比上一季減少了 5,200 萬美元，但比我們最初對該業務部門的預期高出 2,800 萬美元，這主要得益於房地產銷售的時間表和組合。

It's worth noting that Real Estate markets have remained healthy year to date. And we continue to benefit from strong demand and pricing for HBU properties, resulting in high-value transactions with significant premiums to timber value. Notably, our average price per acre has steadily increased in 2025 and reached its highest quarterly level since late 2022.

值得注意的是，今年以來房地產市場一直保持健康發展。我們繼續受益於對 HBU 資產的強勁需求和價格，從而促成​​了高價值交易，其溢價遠高於木材價值。值得注意的是，2025 年我們的平均每英畝價格穩步上漲，並達到了自 2022 年底以來的最高季度水準。

I'll now turn to our Natural Climate Solutions business. First, on our carbon capture and sequestration project with Occidental Petroleum, which is expected to reach first injection in 2029, in the third quarter, Occidental announced the formation of a joint venture for the construction and operation of pipeline infrastructure between regional customers in the CO2 storage facility in Livingston Parish, Louisiana.

接下來，我將介紹我們的自然氣候解決方案業務。首先，關於我們與西方石油公司合作的碳捕獲和封存項目（預計將於 2029 年首次注入），在第三季度，西方石油公司宣布成立一家合資企業，負責在路易斯安那州利文斯頓教區的二氧化碳儲存設施中，為區域客戶建設和運營管道基礎設施。

This represents another important milestone associated with our CCS project and underscores the importance of selecting sophisticated counterparties with strong technical, commercial, and project development expertise.

這代表著我們 CCS 專案的另一個重要里程碑，並凸顯了選擇具有強大的技術、商業和專案開發專業知識的成熟合作夥伴的重要性。

Turning quickly to Forest Carbon. We have now received approval on our fourth project and currently have five additional projects under development. We continue to see solid demand for our credits, given our commitment to developing projects that meet a high standard for quality and integrity.

迅速轉向森林碳。我們的第四個項目已經獲得批准，目前還有五個項目正在開發中。鑑於我們致力於開發符合高品質和高誠信標準的項目，我們看到市場對我們的信貸產品需求仍然強勁。

For 2025, we still expect a significant increase in credit generation in sales relative to the last couple of years. And overall, we remain on track to reach $100 million of adjusted EBITDA from our Natural Climate Solutions by year-end. I'll note here that we are excited to go into much more detail on our Natural Climate Solutions business, including multiyear growth targets at our upcoming Investor Day in December.

預計到 2025 年，銷售信貸產生量將比過去幾年大幅成長。總體而言，我們仍有望在年底前實現自然氣候解決方案調整後 EBITDA 達到 1 億美元。在此我想指出，我們非常期待在即將於 12 月舉行的投資者日上，詳細介紹我們的自然氣候解決方案業務，包括多年的成長目標。

Now moving to Wood Products on pages 12 through 14. Excluding a special item associated with the sale of our Princeton mill, earnings for Wood Products was a $48 million loss in the third quarter. Adjusted EBITDA was $8 million, a $93 million decrease compared to the second quarter. These results reflect extremely challenging lumber and OSB prices in the quarter, which reached historically low levels on an inflation-adjusted basis.

現在轉到第 12 至 14 頁的木製品部分。除與出售普林斯頓工廠相關的特殊項目外，木製品業務第三季虧損 4,800 萬美元。調整後 EBITDA 為 800 萬美元，比第二季減少了 9,300 萬美元。這些結果反映了本季木材和定向刨花板價格的極端挑戰，經通膨調整後，價格已達到歷史低點。

Starting with lumber. Third-quarter adjusted EBITDA was a $48 million loss, as several ongoing headwinds persisted across the North American market. The framing lumber composite began the third quarter on a slight upward trajectory, largely supported by improving Western SPF pricing and broader concerns around the pending increase in duties on Canadian lumber.

從木材開始。第三季調整後 EBITDA 虧損 4,800 萬美元，原因是北美市場持續面臨許多不利因素。框架木材綜合價格在第三季開始略有上漲，這主要得益於西部SPF木材價格的改善以及對加拿大木材即將提高關稅的普遍擔憂。

As the quarter progressed, demand softened seasonally and buyer sentiment turned much more cautious. In addition, the supply-demand imbalance worsened in response to elevated shipments of Canadian lumber into the US market, ahead of the increasing duties. Collectively, these dynamics drove composite pricing significantly lower through the balance of the quarter.

隨著季度的推進，需求出現季節性疲軟，買家情緒也變得更加謹慎。此外，由於加拿大木材大量湧入美國市場，導緻美國面臨更高的關稅，供需失衡的情況進一步惡化。綜合來看，這些因素導致本季剩餘時間內的綜合價格大幅下降。

It's worth noting that we have seen pricing stabilize and move slightly higher for certain species over the last several weeks. At this point, the industry has largely worked through the excess lumber volume that entered the US prior to Canadian duties moving higher.

值得注意的是，在過去幾周里，某些物種的價格已經趨於穩定並略有上漲。目前，該行業已基本消化了在加拿大提高關稅之前進入美國的過剩木材數量。

Although we do expect the typical seasonal softening of demand as we enter the colder winter months, leaner inventories, combined with elevated duties and the new 232 tariffs, should support product pricing and bridge the market until we start ramping up for next year's building season.

儘管我們預計隨著冬季氣溫下降，需求會出現典型的季節性疲軟，但庫存減少，加上關稅提高和新的 232 關稅，應該能夠支撐產品價格，並緩解市場壓力，直到我們開始為明年的建築旺季做好準備。

For our lumber business, production volumes decreased by approximately 3% compared to the second quarter. This reflects our election in September to slightly moderate production across our mill set in response to the softer demand environment, as well as the volume impacts associated with the closing of our sale of our Princeton mill late in the quarter.

我們的木材業務產量與第二季相比下降了約 3%。這反映了我們在 9 月決定略微降低我們工廠的產量，以應對疲軟的需求環境，以及本季末完成普林斯頓工廠出售所帶來的產量影響。

As a result, our sales volumes were slightly lower compared to the second quarter and unit manufacturing costs were higher. Our average sales realizations decreased by 11% in the third quarter and were generally in line with the framing lumber composite. Log costs were moderately lower.

因此，與第二季度相比，我們的銷售量略有下降，而單位製造成本則有所上升。第三季我們的平均銷售實現額下降了 11%，整體上與框架木材綜合價格持平。原木成本略低。

Now turning to OSB. Third-quarter adjusted EBITDA was a $3 million loss, primarily driven by weaker product pricing in response to subdued residential construction activity. Following a steady decline for most of the year, the OSB composite stabilized in August and was generally range-bound for the balance of the quarter, albeit at a much lower level than the prior-quarter average.

現在開始討論定向刨花板（OSB）。第三季調整後 EBITDA 虧損 300 萬美元，主因是受住宅建設活動低迷的影響，產品定價走弱。在經歷了今年大部分時間的持續下跌之後，OSB 綜合指數在 8 月份趨於穩定，並在本季度剩餘時間裡基本保持區間波動，儘管其水平遠低於上一季的平均水平。

For our OSB business, average sales realizations decreased by 18% compared to the second quarter. Our sales volumes were comparable to the second quarter. Unit manufacturing costs and fiber costs were moderately lower. I'll note that pricing has remained stable through October. And similar to lumber, we do expect demand to improve early next year as we approach the spring building season.

我們的定向刨花板業務平均銷售額較第二季下降了 18%。我們的銷售量與第二季持平。單位製造成本和纖維成本略低。我注意到，10月價格一直保持穩定。與木材類似，我們預計隨著春季建築旺季的臨近，明年年初需求將會改善。

Engineered Wood Products adjusted EBITDA was $56 million, which was comparable to the second quarter. It's worth noting that third-quarter results included a one-time $7 million benefit from insurance proceeds associated with the fire at our MDF facility in Montana earlier this year.

工程木製品業務調整後的 EBITDA 為 5,600 萬美元，與第二季基本持平。值得注意的是，第三季業績包括今年稍早蒙大拿州 MDF 工廠火災相關的保險賠償金 700 萬美元的一次性收益。

As for the performance of our EWP business, we continue to align our production with customer demand and single-family homebuilding activity, both of which softened somewhat in the third quarter. As a result, our sales volumes decreased for most products compared to the second quarter and unit manufacturing costs increased.

至於我們的工程木製品業務表現，我們持續調整生產以適應客戶需求和獨棟住宅建設活動，這兩項指標在第三季均放緩。因此，與第二季度相比，我們大多數產品的銷售量有所下降，而單位製造成本則有所上升。

Notably, our average sales realizations for solid section and I-joist products were comparable to the prior quarter. And raw material costs decreased primarily for OSB webstock. In distribution, adjusted EBITDA decreased by $4 million compared to the second quarter, largely due to a decrease in sales volumes.

值得注意的是，實心截面和工字梁產品的平均銷售實現額與上一季相當。原料成本下降主要體現在定向刨花板（OSB）捲材上。在分銷方面，調整後的 EBITDA 比第二季減少了 400 萬美元，主要是因為銷售量下降。

With that, I'll turn the call over to Davie to discuss some financial items and our fourth-quarter outlook.

接下來，我將把電話交給戴維，讓他討論一些財務事項和我們第四季的展望。

Thanks, Devin, and good morning, everyone. I'll begin with key financial items, which are summarized on page 16.

謝謝德文，大家早安。我將從關鍵財務項目開始，這些項目已在第 16 頁進行了總結。

In the third quarter, we generated $210 million of cash from operations and ended the quarter with approximately $400 million of cash and total debt of just under $5.5 billion. Our balance sheet, liquidity position, and financial flexibility remains solid, notwithstanding the challenging market backdrop. And we are well positioned to navigate a range of market conditions.

第三季度，我們從營運活動中產生了 2.1 億美元的現金，季度末現金餘額約為 4 億美元，總債務略低於 55 億美元。儘管市場環境充滿挑戰，但我們的資產負債表、流動性狀況和財務彈性依然穩健。我們已做好充分準備，以應對各種市場狀況。

Share repurchase activity totaled $25 million in the third quarter. And as of quarter-end, we had completed approximately $150 million of share repurchase activity for the year. Capital expenditures were $125 million in the third quarter, which includes $32 million related to the construction of our EWP facility in Monticello, Arkansas.

第三季股票回購總額為2,500萬美元。截至季末，我們已完成本年度約 1.5 億美元的股票回購活動。第三季資本支出為 1.25 億美元，其中包括與在阿肯色州蒙蒂塞洛建設 EWP 工廠相關的 3,200 萬美元。

As we previously communicated, the total investment for the facility is expected to be approximately $500 million to be incurred through 2027. For full-year 2025, we anticipate approximately $130 million of investments for Monticello. And as a reminder, CapEx associated with this project will be excluded for purposes of calculating adjusted FAD as used in our cash return framework.

正如我們之前所溝通的，該設施的總投資預計約為 5 億美元，並將在 2027 年前投入。預計到 2025 年全年，蒙蒂塞洛將獲得約 1.3 億美元的投資。再次提醒，與本項目相關的資本支出將不計入我們現金回報框架中使用的調整後 FAD 的計算中。

Excluding CapEx for Monticello, we have lowered guidance for our typical CapEx program to a range of $380 million to $390 million in 2025. It's worth noting that we are always evaluating our capital allocation levers and have the flexibility within our framework to make adjustments in response to market conditions, alternate uses of cash, and to fund growth opportunities.

除蒙蒂塞洛的資本支出外，我們將 2025 年典型資本支出計畫的預期目標下調至 3.8 億美元至 3.9 億美元。值得注意的是，我們一直在評估我們的資本配置槓桿，並且在我們的框架內具有靈活性，可以根據市場狀況、現金的其他用途以及為成長機會提供資金來做出調整。

Given the timing of cash inflows and outflows associated with recently announced timberland transactions and typical liability management activities, we took advantage of the beneficial rate environment in third quarter to secure a three-year $800 million term loan with an effective interest rate of 4.3%. And we used $500 million of the proceeds to prepay a portion of our 2026 maturities.

鑑於近期宣布的林地交易和典型的負債管理活動相關的現金流入和流出的時間，我們利用第三季有利的利率環境，獲得了一筆三年期 8 億美元的定期貸款，實際利率為 4.3%。我們利用所得款項中的 5 億美元提前償還了部分 2026 年到期的債務。

Third-quarter results for our unallocated items are summarized on page 15. Adjusted EBITDA for this segment increased by $30 million compared to the second quarter, primarily attributable to changes in intersegment profit elimination and LIFO.

第三季未分配項目的業績總結請見第 15 頁。該業務部門的調整後 EBITDA 比第二季度增加了 3,000 萬美元，主要歸因於部門間利潤抵銷和後進先出法 (LIFO) 的變化。

Looking forward, key outlook items for the fourth quarter are presented on page 19. And updates to full-year outlook items are presented on page 20. In our Timberlands business, we expect fourth-quarter earnings before special items and adjusted EBITDA to be approximately $30 million lower than third quarter of 2025, largely driven by lower sales volumes and realizations in the West.

展望未來，第四季的主要展望項目已在第 19 頁列出。全年展望計畫的更新請見第 20 頁。在我們的添柏嵐業務中，我們預計第四季度扣除特殊項目和調整後 EBITDA 前的收益將比 2025 年第三季減少約 3000 萬美元，這主要是由於西部地區的銷售量和實現率下降所致。

Turning to our Western Timberlands operations. Log demand in the domestic market remains soft at the outset of the fourth quarter, as mills continue to work through elevated log inventories and navigate a challenging lumber market.

接下來談談我們在西部林地的運作。第四季初，國內市場原木需求依然疲軟，因為木材廠仍在努力消化高企的原木庫存，並應對充滿挑戰的木材市場。

That said, log supply typically moderates into the winter months, which should provide some support for log pricing as the quarter progresses. On balance, our domestic sales realizations are expected to be moderately lower compared to the third quarter.

也就是說，原木供應通常會在冬季趨於緩和，這應該會在本季後期對原木價格提供一定的支撐。總體而言，預計我們的國內銷售實現額將比第三季略有下降。

Our fee harvest volumes are expected to decrease, largely due to fewer working days in the fourth quarter and the pull-forward of volume over the summer with minimal wildfire-related operational restrictions. Our per unit log and haul costs are expected to be lower. And forestry and road costs are expected to decrease seasonally.

由於第四季工作日減少，以及夏季野火相關營運限制較少，導致業務量提前，預計我們的收費收取量將會下降。預計我們的單位原木和運輸成本會更低。預計林業和道路成本將隨季節變化而下降。

Moving to our log export program to Japan. As Devin mentioned, log inventories have expanded in the Japanese market in response to ongoing consumption headwinds. As a result, we expect softer demand for our logs in the fourth quarter and lower sales volumes compared to the prior quarter.

接下來，我們將轉向對日本的原木出口計畫。正如德文所提到的那樣，由於持續的消費逆風，日本市場的原木庫存增加。因此，我們預計第四季度對我們原木的需求將有所疲軟，銷量將比上一季下降。

That said, we anticipate our Japanese log sales realizations to be slightly higher, largely driven by freight-related benefits. It's worth noting that we expect demand for our logs to improve over time, as inventories normalize in the Japanese market and as our customers continue to take market share from competing imports of European lumber.

儘管如此，我們預期日本原木銷售的實際收入會略高一些，這主要得益於運費相關的收益。值得注意的是，隨著日本市場庫存恢復正常，以及我們的客戶不斷從歐洲木材進口競爭者手中奪取市場份額，我們預計對我們原木的需求會隨著時間的推移而改善。

Turning to the South. Sawlog markets remain muted as mills continue to navigate lower pricing and takeaway of lumber and work through elevated log inventories. However, we anticipate a slight uptick in log demand as supply decreases seasonally into the winter months.

轉向南方。由於鋸木廠持續面臨木材價格下跌和出貨量減少以及原木庫存積壓等問題，鋸材市場仍低迷。然而，我們預計隨著冬季供應季節性減少，原木需求將略有上升。

In contrast, fiber markets are expected to remain relatively stable outside of a few localized regions impacted by recent mill closures. On balance, takeaway for our logs is expected to remain steady given our delivered programs across the region. And we anticipate our sales realizations to be comparable to the third quarter.

相較之下，除近期工廠關閉影響的少數局部地區外，纖維市場預計將保持相對穩定。總體而言，鑑於我們在整個地區開展的項目，預計我們的原木出口量將保持穩定。我們預計銷售額將與第三季持平。

Our fee harvest volumes and forestry and road costs are expected to decrease seasonally. And per unit log and haul costs are expected to be higher. In the North, our fee harvest volumes are expected to be moderately lower due to seasonal wet weather conditions. And we anticipate slightly lower sales realizations due to mix.

預計我們的收費採伐量以及林業和道路成本將隨季節下降。預計單位原木和運輸成本將會更高。由於北方地區季節性潮濕天氣的影響，預計我們的收費收入將略有下降。我們預計由於產品組合的原因，實際銷售額會略有下降。

Moving to our Real Estate, Energy and Natural Resources segment. Real Estate markets have remained healthy year to date. And we have capitalized on strong demand and significant premiums to timber value. As a result, we are increasing our guidance for full-year 2025 adjusted EBITDA to approximately $390 million, an increase of $40 million from prior guidance.

接下來進入我們的房地產、能源和自然資源板塊。今年以來，房地產市場一直保持健康發展。我們充分利用了強勁的需求和木材價值的顯著溢價。因此，我們將 2025 年全年調整後 EBITDA 的預期提高至約 3.9 億美元，比先前的預期增加 4,000 萬美元。

We now expect basis as a percentage of Real Estate sales to be 25% to 30% for the year. And we remain on track to reach $100 million of EBITDA from our Natural Climate Solutions business by year-end. For the segment, we expect fourth-quarter earnings before special items to be approximately $5 million lower and adjusted EBITDA to be approximately $15 million lower than the third quarter of 2025 due to the timing and mix of Real Estate sales.

我們現在預計，本年度房地產銷售額的基數佔比將達到 25% 至 30%。我們仍有望在年底前實現自然氣候解決方案業務 1 億美元的 EBITDA。由於房地產銷售的時間和組合，我們預計該業務板塊第四季度不計特殊項目的收益將比 2025 年第三季減少約 500 萬美元，調整後的 EBITDA 將比 2025 年第三季減少約 1500 萬美元。

Turning to our Wood Products segment. Excluding the effect of changes in average sales realizations for lumber and OSB, we expect fourth-quarter earnings before special items and adjusted EBITDA to be slightly lower than the third quarter of 2025.

接下來我們來看看木製品板塊。不計木材和定向刨花板平均銷售價格變動的影響，我們預計2025年第四季扣除特殊項目和調整後EBITDA前的收益將略低於第三季。

We anticipate a slightly softer demand environment for Wood Products in the fourth quarter as housing and R&R activity typically moderates into the winter months. Looking further out, we would expect demand to increase into next year's spring building season and more broadly as the macro environment improves.

我們預計第四季度木製品的需求環境將略有疲軟，因為住房和休閒活動通常在冬季趨於緩和。展望未來，我們預計隨著宏觀環境的改善，明年春季的建築旺季以及更廣泛的時期內，需求將會增加。

Composite pricing for lumber and OSB has been relatively stable through October. That said, pricing for both products remains at historically low levels on an inflation-adjusted basis and slightly below third-quarter averages.

10月份木材和定向刨花板的綜合價格一直相對穩定。儘管如此，經通膨調整後，這兩種產品的價格仍處於歷史低位，略低於第三季平均值。

For our lumber business, we slightly reduced our production at the end of the third quarter in response to the softer demand environment and have maintained a similar operating posture through October. Assuming we continue with this reduced posture for the remainder of the quarter, combined with the effect of the Princeton sale, our lumber production would be approximately 10% lower quarter over quarter.

針對木材業務，由於需求環境疲軟，我們在第三季末略微減少了產量，並保持類似的營運狀態直至 10 月。假設我們在本季剩餘時間內繼續維持這種減產策略，再加上普林斯頓出售的影響，我們的木材產量將比上一季下降約 10%。

As a result, we anticipate lower sales volumes in the fourth quarter. Unit manufacturing costs are expected to be comparable to the prior quarter, and log costs are expected to decrease moderately. Looking forward, we will continue to ensure our operating posture is aligned with driving optimal financial performance.

因此，我們預計第四季度銷量將下降。預計單位製造成本與上一季持平，原木成本預計將小幅下降。展望未來，我們將繼續確保我們的營運策略與實現最佳財務表現保持一致。

For our OSB business, we expect sales volumes and fiber costs to be comparable to the third quarter. Unit manufacturing costs are expected to be higher due to planned annual maintenance outages that are typical in the fourth quarter. For our Engineered Wood Products business, we continue to align our production with customer demand, which is most notably tied to single-family homebuilding activity.

對於我們的 OSB 業務，我們預計銷售量和纖維成本將與第三季持平。由於第四季度通常會有計劃內的年度維護停機，預計單位製造成本將會更高。對於我們的工程木製品業務，我們繼續調整生產以適應客戶需求，而客戶需求與單戶住宅建設活動最為密切相關。

As a result, we anticipate lower sales volumes for most products compared to the third quarter, with our average sales realizations and raw material costs, expected to be comparable. For our distribution business, we expect adjusted EBITDA to be comparable to the third quarter.

因此，我們預計大多數產品的銷售量將比第三季有所下降，而平均銷售收​​入和原物料成本預計將與第三季持平。對於我們的分銷業務，我們預計調整後的 EBITDA 將與第三季持平。

With that, I'll now turn the call back to Devin and look forward to your questions.

接下來，我會把電話轉回給德文，期待你們的提問。

Thanks, Davie. Before wrapping up this morning, I'll make a few comments on the housing and repair and remodel markets.

謝謝你，戴維。今天上午結束前，我想就住房、維修和改造市場談幾點看法。

Starting with housing, overall, housing activity has remained lackluster this year, with total starts hovering around 1.3 million units on a seasonally adjusted basis and single-family starts below 1 million units. Based on conversations with our homebuilder customers, the biggest issues continue to be ongoing affordability challenges and weaker consumer confidence.

從住房方面來看，今年整體住房活動依然低迷，經季節性調整後，總開工量徘徊在 130 萬套左右，而獨棟住宅開工量不足 100 萬套。根據我們與房屋建築商客戶的交流，最大的問題仍然是持續的住房負擔能力挑戰和消費者信心不足。

While mortgage rates have declined to the low 6% range, many potential homebuyers remain on the sidelines given elevated uncertainty about the economy, inflation, and employment. The ongoing government shutdown is likely also not -- also having an impact on overall sentiment. All said, consumers have been less inclined to jump into the housing market in 2025, given all the noise in the broader macro environment.

雖然抵押貸款利率已降至 6% 的低位，但鑑於經濟、通貨膨脹和就業方面存在高度不確定性，許多潛在購屋者仍持觀望態度。持續的政府停擺可能也不會對整體市場情緒產生影響。綜上所述，鑑於宏觀環境的種種不確定因素，消費者在 2025 年進入房地產市場的意願有所降低。

Moving forward, it seems we could see some of the tariff-related concerns easing over time. We might also get additional support from the Fed on interest rates in the coming months. And hopefully, the government shutdown will end soon. Perhaps, clarity in these areas could alleviate some of the uncertainty that's been weighing on consumers in the housing market.

展望未來，我們似乎可以看到一些與關稅相關的擔憂會隨著時間的推移而緩解。未來幾個月，我們或許還能從聯準會獲得額外的利率支持。希望政府停擺能盡快結束。或許，這些領域的明朗化可以緩解一直困擾著房屋市場消費者的不確定性。

And while I suspect we'll see the typical seasonal pattern of slowing construction activity over the winter months, we do expect to improve as we approach next year's spring building season. Over the longer term, our outlook on housing fundamentals remains favorable, supported by strong demographic tailwinds and a vastly underbuilt housing stock.

雖然我估計我們會看到冬季建築活動放緩的典型季節性模式，但我們預計隨著明年春季建築旺季的臨近，情況會有所改善。從長遠來看，在強勁的人口結構利多因素和遠低於實際需求的房屋存量的支撐下，我們對住房基本面的展望依然樂觀。

In addition, there seems to be a growing appreciation that government policies need to better accommodate building activity to address housing shortages across the country. All of this will ultimately support healthy demand for housing over time.

此外，人們似乎越來越認識到，政府政策需要更好地適應建築活動，以解決全國各地的住房短缺問題。所有這些最終都將促進住房需求的健康成長。

Turning to the repair and remodel market. Activity has been softer this year compared to 2024, largely driven by many of the same factors impacting the residential construction market, namely lower consumer confidence, higher interest rates, and concerns around the trajectory of the economy. We've also seen less R&R activity in response to lower turnover of existing homes given higher mortgage rates and the lock-in effect.

轉向維修和改造市場。與 2024 年相比，今年的建築活動較為疲軟，這主要是由於影響住宅建築市場的許多相同因素造成的，即消費者信心下降、利率上升以及對經濟走向的擔憂。由於抵押貸款利率上升和鎖定效應，現有房屋週轉率下降，我們也看到翻新改造活動減少。

Looking forward, while we do expect seasonal moderation in R&R activity around the holidays, we're optimistic that demand will recover as interest rates move lower and consumer confidence improves. In addition, we think the dynamic around deferral of large discretionary projects over the last few years will ultimately serve as a tailwind as the macro environment improves. And longer term, many of the key drivers supporting repair and remodel activity remain intact, including favorable home equity levels and an aging housing stock.

展望未來，雖然我們預期假期期間的休閒娛樂活動會季節性放緩，但我們樂觀地認為，隨著利率下降和消費者信心改善，需求將會復甦。此外，我們認為過去幾年大型可自由支配計畫延期的動態最終將隨著宏觀環境的改善而成為一種順風。從長遠來看，許多支持房屋修繕和改造活動的關鍵驅動因素仍然存在，包括有利的房屋淨值水準和老化的房屋存量。

In closing, I'm extremely proud of the focus and resilience demonstrated by our teams in the third quarter. Despite the challenging market backdrop, we continue to execute against our strategy and demonstrate the durability of our portfolio and capital allocation framework across market cycles. Our financial position is strong, and we continue to capitalize on strategic opportunities to enhance the value of our portfolio.

最後，我對我們團隊在第三季展現的專注力和韌性感到無比自豪。儘管市場環境充滿挑戰，但我們仍繼續執行我們的策略，並證明了我們的投資組合和資本配置框架在市場週期中的持久性。我們的財務狀況穩健，我們將持續掌握策略機遇，提升投資組合的價值。

And looking forward, we maintain a favorable outlook on the longer-term demand fundamentals that support growth in housing, repair and remodel, and climate solutions. And we remain focused on driving operational excellence, serving our customers, and creating long-term value for our shareholders.

展望未來，我們對支撐住房、維修和改造以及氣候解決方案成長的長期需求基本面保持樂觀態度。我們將繼續專注於提升營運效率、服務客戶以及為股東創造長期價值。

And finally, we look forward to connecting with many of you at our upcoming Investor Day on December 11. Davie and I will be joined by other members of our senior management team to present a detailed overview of our strategic growth plan, enterprise capabilities, and financial targets through 2030. For those of you who plan to attend the event virtually, please visit our website to register in advance for the live webcast.

最後，我們期待在12月11日即將舉行的投資者日上與各位見面。我將與戴維以及我們高階管理團隊的其他成員一起，詳細介紹我們到 2030 年的策略成長計畫、企業能力和財務目標。如果您計劃在線上參加本次活動，請造訪我們的網站提前註冊觀看直播。

And with that, I think we can open it up for questions.

這樣一來，我想我們可以開始接受提問了。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作說明）蘇珊·馬克拉里，高盛。

Thank you. Good morning, everyone. My first question is on -- good morning, everybody. I want to talk a bit about how you're thinking of lumber and OSB capacity, appreciating the comments around fact that your lumber production will be 10% sequentially lower in the fourth quarter and expectations that housing activity could pick up as we get into the spring.

謝謝。各位早安。我的第一個問題是──大家早安。我想談談您對木材和定向刨花板產能的看法，感謝您對第四季度木材產量將環比下降 10% 以及隨著春季到來住房活動可能會回升的預期所作出的評論。

But I guess, as we think about what the builders are telling us, especially the big publics, that they're going to slow start late this year -- and that sounds like it could hold into early 2026 as well -- how are you thinking about the potential for further capacity to come out of your business?

但我想，考慮到建築商，尤其是大型公共建築商告訴我們，他們將在今年稍後緩慢開工——而且這種情況似乎還會持續到 2026 年初——您如何看待貴公司未來進一步提高產能的可能性？

What are you watching for, for signs to determine if that's necessary? And how are you thinking about balancing the near term and the initiatives that you've put through with OpEx, which are obviously coming together and allowing, perhaps, for some share gains relative to the longer-term demand outlook?

你在觀察什麼跡象來判斷是否有必要這樣做？您是如何考慮平衡近期目標和您在營運支出方面採取的各項措施的？這些舉措顯然正在逐步實現，或許能夠相對於長期需求前景獲得一些市場份額的成長。

Yeah. I mean, great question, Sue. The reality is this has been a really challenging year from a lumber standpoint and of late, from an OSB standpoint. And that's largely been driven by just the dynamic that we've seen in the housing market primarily, but to a certain degree, by repair and model as well.

是的。我的意思是，蘇，你問得真好。事實上，從木材的角度來看，今年確實是充滿挑戰的一年；而最近，從定向刨花板（OSB）的角度來看，情況更是如此。這主要是由我們所看到的房屋市場動態驅動的，但在某種程度上，也與房屋維修和改造有關。

And I think there are a lot of reasons to expect that over the medium to longer term, we need a lot of housing in the US. And so we're still very bullish on housing in the US. But as you say, in the near term, both from the standpoint of just the general consumer confidence environment, affordability, and then obviously, we're going into that time of year where we typically see some slowdown in residential construction, I don't think we have an expectation that we're going to see the demand environment for those products pick up dramatically here as we close out the year.

我認為有很多理由可以預見，從中長期來看，美國將需要大量的住房。因此，我們仍然非常看好美國房地產市場。但正如你所說，短期內，無論是從整體消費者信心環境、購買力，還是顯然我們即將進入住宅建設通常會放緩的時期，我認為我們預計在年底之前，這些產品的需求環境不會大幅回升。

So as we think about our operating posture, we look at a number of different factors, as you would expect. We think about consumer commitments. We think about balancing our fee volumes to maximize profitability across our integrated portfolio.

因此，正如你所預料的那樣，當我們考慮我們的作戰姿態時，我們會考慮許多不同的因素。我們考慮消費者的承諾。我們會考慮平衡收費額，以最大限度地提高我們綜合投資組合的獲利能力。

We think about trying to maximize our earnings at both the mill and the regional level. Because of the nature of our portfolio, there are some dynamics that play with us maybe that wouldn't necessarily be the case for less-integrated companies. We think about it from a short-term and long-term perspective.

我們考慮在工廠層級和區域層級都盡可能提高收益。由於我們投資組合的性質，一些動態因素可能會對我們產生影響，而對於一體化程度較低的公司來說，情況可能並非如此。我們從短期和長期兩個角度來考慮這個問題。

And really, we also look at it from a competitive dynamic in our space and really how we want to position ourselves with our customers. And that includes our position on the cost curve, all the levers that we can pull with our integrated scale business, the cost structure, the OpEx, the environment.

實際上，我們也會從我們所在領域的競爭動態以及我們希望如何在客戶心中定位自己來看待這個問題。這包括我們在成本曲線上的位置、我們利用一體化規模業務所能採取的所有措施、成本結構、營運支出、環境。

So there are a lot of things that go into that. For us, I do think that, look, from an operating margin perspective, I think we've demonstrated we're best in class. I think we're well positioned on the cost curve. And so we're going to continue to watch that as we progress through the quarter.

所以這裡面牽涉很多因素。就我們而言，我認為，從營業利潤率的角度來看，我們已經證明我們是同類最佳。我認為我們在成本曲線上處於有利地位。因此，我們將在本季繼續關注這一情況。

I will say, stepping back from our operating posture specifically when we look at the industry as a whole, it's been a tough environment. And we've seen some level of capacity announcements here recently. I think there's some quiet downtime going on in the market as well. But producers are not going to continue to operate below cash breakeven indefinitely.

我想說，從我們自身的營運狀況來看，特別是從整個產業的角度來看，這是一個艱難的環境。最近我們也看到了一些產能的公告。我認為市場目前也正處於相對平靜的低迷期。但生產商不可能無限期地繼續以低於現金損益平衡點的價格運作。

Something is going to have to change. And absent some dynamic with the demand environment, that's going to have to come on the supply side. And that's just kind of the reality of where we are, at least, until we start getting ramped up for the building season.

必須做出改變。如果需求環境沒有出現一些動態變化，那麼這最終將取決於供應方面。這就是我們目前的實際情況，至少在建築旺季到來之前是如此。

Yeah. Okay. I appreciate all those comments. And then maybe turning to the Timberlands side of the business, it's nice to see the acquisitions and some of those sales that you announced this quarter that will be coming through.

是的。好的。感謝大家的評論。然後，再來看看添柏嵐的業務，很高興看到你們本季宣布的收購和一些即將完成的出售交易。

I guess, as you think about your Timberlands portfolio and having reached the goals that you have set for yourself at the last Investor Day, how are you thinking about the positioning today? What should we expect going forward? And can you talk a bit about how you're thinking of the general footprint there?

我想，考慮到您在上次投資者日上設定的目標已經實現，您現在如何看待您的添柏嵐投資組合？未來我們該期待什麼？您能否談談您對該地區整體佈局的設想？

Yeah. Look, Sue, I mean, we're really pleased with the Timberlands portfolio activity that we've been able to complete over the course of this year and advance into early next year. Look, that's something that is a core part of who we are and what we do. We're always going to be active in this space.

是的。蘇，我的意思是，我們對今年以來完成的添柏嵐投資組合活動以及明年年初的進展都非常滿意。你看，這是我們身分和我們所做事情的核心組成部分。我們將始終活躍在這個領域。

We're very pleased to have completed the target that we set out a few years ago. As a reminder, I'd say that was really our view of what we thought was a realistic level of programmatic M&A that we could affect in a disciplined fashion over a multiyear period.

我們非常高興能夠完成幾年前所訂定的目標。再次提醒一下，這確實是我們認為在多年時間內，我們可以有條不紊地實現的程式化併購的現實水準。

And so as we said at the time, we expect to be active, looking for opportunities to optimize our Timberlands portfolio in a disciplined fashion. And that will continue to be true going forward, where we can find acquisitions that we think create value.

因此，正如我們當時所說，我們預計將積極尋找機會，以嚴謹的方式優化我們的添柏嵐產品組合。未來，我們仍將秉持這項原則，繼續尋找我們認為能夠創造價值的收購目標。

So I think we've demonstrated that we can create value anytime we transact, whether on the buy or sell side. So we'll continue to look for opportunities to optimize our portfolio moving forward.

所以我認為我們已經證明，無論在買方或賣方，我們每次交易都能創造價值。因此，我們將繼續尋找機會，優化我們的投資組合。

Okay. Thank you for the call, and good luck with the quarter.

好的。謝謝你的來電，祝你本季一切順利。

Thanks.

謝謝。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Hey, everyone, and good morning. Thanks for all the details. I appreciate the commentary and taking my question.

大家好，早安。謝謝你提供的所有細節。感謝您的點評和解答我的問題。

So I wanted to dig in a little bit more into the portfolio transaction you made in Timberlands. Devin, what do you think the net cash generation has been benefited by the acquisitions relative to the divestitures? What do you think the sort of cash flow, if you had to look at it per acre, has benefited just across -- what your -- you sold relative to what you gained?

所以我想更深入地了解您在添柏嵐進行的那筆投資組合交易。德文，你認為相對於剝離資產，收購對淨現金流的貢獻如何？如果以每英畝計算，你認為你的現金流狀況如何？ ——你賣出的土地相對於你所獲得的土地而言，收益如何？

Yeah, George, this is Davie. I'll take that one, and I'll dimension that in a couple of ways. Obviously, we've got the transactions that we're executing on here in the current environment. I think if you look back to 2020 over the series of acquisitions and divestitures that we've completed, that's somewhere in the neighborhood of $50 million of an increase to our annual EBITDA, that we've been able to generate through the buy and sell activity.

是的，喬治，這是戴維。我會接受這個，並從幾個方面來衡量它。顯然，我們現在正在執行當前環境下的交易。我認為，回顧 2020 年我們完成的一系列收購和剝離交易，我們透過買賣活動實現了年度 EBITDA 成長約 5,000 萬美元。

So it's a phenomenal way for us to continue to look to increase the cash flow-generating capabilities and optimize the portfolio. The transactions that we've -- that we're working on this year on the buy side, we've said that that's on a 21 times EBITDA multiple compared to the 45 times multiple.

因此，這對於我們繼續尋求提高現金流產生能力和優化投資組合來說，是一個絕佳的方式。我們今年在收購方進行的交易，我們已經說過，其 EBITDA 倍數為 21 倍，而之前的倍數為 45 倍。

From a divestitures perspective, we've disclosed the cash yields. So I think you can go do the math on what you think that looks like. Again, I think it's really important to note that we have the ability to create value anytime we're transacting on our portfolio, whether on the buy side, whether on the sell side.

從資產剝離的角度來看，我們已經揭露了現金收益率。所以我覺得你可以自己算算會是什麼樣子。再次強調，我認為非常重要的一點是，無論我們是買進還是賣出，只要我們正在進行投資組合交易，我們就有能力創造價值。

And I think our integrated portfolio, the scale and diversity, that gives us a way to unlock value on these types of transactions that others may not be able to do with the tools and teams that we've invested in over time. I think uniquely positions us to execute in a disciplined fashion in this space.

我認為，我們整合的投資組合、規模和多樣性，使我們能夠利用多年來投資的工具和團隊，在這些類型的交易中釋放出其他人可能無法實現的價值。我認為這使我們能夠以嚴謹的方式在這個領域開展工作，並擁有獨特的優勢。

Thanks, Davie. I guess, my other question would be aimed at lumber, in particular, so again, recognizing that you are low on the cost curve and you have the higher margins in the sector from what we can see.

謝謝你，戴維。我想，我的另一個問題主要針對木材，因為從我們目前所見，你們的成本處於較低水平，而且利潤率在業界也較高。

Nonetheless, black at the bottom was born from kind of an absolute need way back when coming out of the crisis to improve the cash flow kind of irrespective of what everybody else was doing, where you're at and recognizing there's been a lot of progress.

儘管如此，Black at the Bottom 的誕生源於走出危機時改善現金流的迫切需要，而不管其他人在做什麼，無論你身處何地，並且認識到已經取得了很大的進步。

When we look at EBITDA losses this quarter versus, I guess, last year's third quarter, pricing was about the same. But the EBITDA loss was a bit further. What -- and maybe we'll talk more about this at the Analyst Day. But what are you doing to lower cost and try to get to a breakeven at these very, very labored, if you will, price levels for lumber? Thanks so much.

當我們把本季的 EBITDA 虧損與去年第三季的虧損進行比較時，定價基本上都一樣。但 EBITDA 虧損額還要大一些。什麼——或許我們會在分析師日上進一步討論這個問題。但是，在目前這種非常非常艱難的木材價格水準下，你們採取了哪些措施來降低成本並努力實現損益兩平？非常感謝。

Yeah. I mean, I'll make a few high-level comments on that, George. I mean, we've been focused on cost and OpEx for -- going on a decade at this point. And I think you can see that in our relative position against most of the industry.

是的。我的意思是，喬治，我會就此發表一些高屋建瓴的看法。我的意思是，我們近十年來一直專注於成本和營運支出。我認為從我們與業內大多數企業的相對地位可以看出這一點。

The reality is, we are operating in an environment that is extremely challenged at present. The pricing dynamic that we are seeing currently is really one of the toughest pricing environments we've seen in a very long time.

事實上，我們目前所處的環境極具挑戰性。我們目前看到的定價動態，確實是我們很長一段時間以來遇到的最嚴峻的定價環境之一。

Now I think when you think about black at the bottom, I do think kind of pre-pandemic and the high single-digit inflationary environment that we saw for a few years. We were there. The reality is, when you see inflation go up like that, it's going to take us a little bit longer to kind of work all the way back down there.

現在，當你想到經濟底層的黑人時，我確實會想到疫情爆發前以及我們連續幾年看到的個位數高通膨環境。我們當時就在那裡。現實情況是，當通貨膨脹像這樣上升時，我們需要更長的時間才能將其完全降低。

There's just -- there's a scenario in any environment where prices go so low, that it's going to be very difficult. I think that's where we are right now. And you can kind of see that hitting the entire industry. Again, we're well positioned on the cost curve.

在任何環境下，總是會存在價格跌至極低水準的情況，屆時將會非常困難。我認為這就是我們目前的處境。你可以看出，這種情況正在影響整個產業。再次強調，我們在成本曲線上處於有利地位。

I think we're navigating the environment better than most. But the driver for negative earnings was just the weak price environment. And we did elect to reduce our operating posture a little bit in September, and we're carrying that through to October.

我認為我們比大多數人更能適應這種環境。但導致虧損的根本原因只是疲軟的價格環境。我們確實在 9 月選擇稍微降低營運規模，我們將把這項策略延續到 10 月。

But we're going to keep focused on efficiencies. We're going to keep focusing on reliability and cost, and all the things that we do to make sure that we have world-class manufacturing operations. And to the extent that we do see a little bit of improvement in pricing, we'll be back in the positive from an EBITDA standpoint on lumber.

但我們會繼續專注於提高效率。我們將繼續專注於可靠性和成本，以及我們為確保擁有世界一流的製造營運所做的一切努力。如果木材價格出現一些改善，從 EBITDA 的角度來看，我們的木材業務就會轉正。

Devin, if I could just -- if prices held at these levels -- and we recognize why they can't because of where prices are for everybody in the fourth quartile and so on. But let's assume, just for instance, that prices held at these levels. Would you be able to, within the course of a year or two years through whatever actions and things that you know you have on your whiteboard, to actually get to a breakeven level on a cash basis? Thanks so much, and good luck in the quarter.

德文，如果我能——如果價格能保持在這些水平——我們也明白為什麼它們不能，因為第四分位點及以此類推，每個人的價格都處於什麼水平。但假設，例如，價格維持在這些水準上。你能否在一年或兩年內，透過你計畫中列出的各種行動和措施，實現現金收支平衡？非常感謝，祝你本季一切順利。

Yeah. I mean, we've got a path there. Every mill has a road map to get to first-quartile cost structure. We're frankly largely there at most of our mills. So we have lots of things on the drawing board. And we're going to talk about some of that at our Investor Day and the continuing OpEx work that we're doing. And we're supplementing that with some of the things that we're doing from an innovation standpoint.

是的。我的意思是，我們已經找到了一條路。每個工廠都有達到成本結構前四分之一水準的路線圖。坦白說，我們的大多數工廠基本上都達到了這個目標。所以我們有很多項目正在籌劃中。我們將在投資者日上討論其中的一些內容，以及我們正在進行的持續營運支出工作。此外，我們也從創新角度出發，做了一些補充工作。

So we're never done. But again, tough environment right now. It's not going to stay this way forever. It's unsustainable, and we'll be well positioned to take advantage of the market as things start to improve.

所以我們永遠沒有完成的時候。但話說回來，目前的環境確實很艱難。這種情況不會永遠持續下去。這種狀況不可持續，隨著市場狀況好轉，我們將佔據有利地位，從中獲益。

All right. Thanks so much.

好的。非常感謝。

Yup, thank you.

嗯，謝謝。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Good morning. When we look at leverage net debt to EBITDA at 4.3 times, I know that's backwards looking on what should be kind of trough Wood Products earnings. But I'm just -- if we do have a more muted year in '26, like it seems like we have had in '25, can you just talk about kind of guardrails on leverage, the levers that you can pull, potentially delever capital allocation priorities maybe in -- if we kind of imagine maybe a bit of a tougher scenario in '26, or just generally, kind of how you think about that given what's kind of optically at least elevated leverage?

早安.當我們看到淨債務與 EBITDA 的比率為 4.3 倍時，我知道這是回顧性的，因為木材產品業務的利潤應該已經處於低谷。但我只是——如果 2026 年市場行情較為平淡，就像 2025 年那樣，您能否談談槓桿方面的限制措施，以及您可以採取的措施，例如降低資本配置優先級——如果我們設想一下 2026 年的情況可能更加高漲，或者只是泛泛地談談，鑑於目前至少表面上看來的槓桿率，您是如何看待這個問題的艱難？

Yeah. Look, Anthony, I mean, I think Devin laid it out well in his prepared remarks. We've done considerable work over the last several years to align our strategy with the cyclicality of our businesses. So with the strength of our company today, we have a tremendous number of levers.

是的。安東尼，我的意思是，我覺得德文在事先準備好的演講稿裡已經闡述得很好了。過去幾年，我們做了大量工作，使我們的策略與業務的周期性保持一致。因此，憑藉我們公司目前的實力，我們擁有大量的槓桿。

I think you hit on it right. I mean, really, the -- from an LTM net debt-to-EBITDA perspective, what you're seeing there is that, with the EBITDA coming down, you're seeing that number tick up. But importantly, that's a number that's designed to be a mid-cycle valuation. And we expect to be well under that target as EBITDA levels normalize over time.

我覺得你說得對。我的意思是，實際上，從過去 12 個月的淨債務與 EBITDA 比率來看，隨著 EBITDA 的下降，你會看到這個數字上升。但重要的是，這個數字旨在反映週期中期的估值。隨著 EBITDA 水準逐漸恢復正常，我們預期實際結果將遠低於該目標。

I mean, I think from the starting point, we remain committed to maintaining that investment-grade credit rating. And that's going to be a guiding principle as we think about all the ways that we navigate these challenging markets. But again, I think our view is that, eventually, we're going to see these markets improve. And we'll see that number normalize over time.

我的意思是，我認為從一開始，我們就致力於維持投資等級信用評等。這將是我們思考如何應對這些充滿挑戰的市場時所遵循的指導原則。但我仍然認為，最終這些市場將會好轉。隨著時間的推移，我們會看到這個數字趨於正常化。

Okay. That's helpful. And then your two public timber REIT peers are combining into one company. And I'm not asking you to comment on competitors. But I'm just wondering if you can share any thoughts on the consolidation we've seen in the timber space over the years.

好的。那很有幫助。然後，你們的兩家上市木材房地產投資信託基金同業將合併成一家公司。我並不是要你對競爭對手發表評論。但我只是想問問您能否分享一下您對這些年來木材產業整合趨勢的看法。

Maybe you can remind us how much you actually face off against Potlatch and Rayonier in your local markets? And if public timber REITs are moving, I guess, to Coke and Pepsi, like how should investors think about Weyerhaeuser's relative value proposition?

或許您可以提醒我們一下，您在當地市場究竟與 Potlatch 和 Rayonier 等品牌有過多少正面交鋒？如果上市木材 REIT 都轉向可口可樂和百事可樂，那麼投資人該如何看待 Weyerhaeuser 的相對價值主張？

Yeah. I mean, like you said, we're not probably going to comment too much on that acquisition. I will just say from a high level, we obviously agree that there is a significant benefit to scale and to having an integrated business. We've been operating that way for a very long time.

是的。我的意思是，就像你說的，我們可能不會對那次收購發表太多評論。我只想從宏觀層面來說，我們顯然都認同規模化和一體化業務具有顯著優勢。我們一直以來都是這樣運作的。

We think that there are a lot of opportunities to create value in having a scaled integrated model. We compete against each of them in local markets as we compete against other landowners, both small private landowners, TMOs, et cetera. We'll compete against them in more or less the same way once they combine.

我們認為，採用規模化的整合模式有很多創造價值的機會。我們在當地市場與他們每個人競爭，就像我們與其他土地所有者競爭一樣，包括小型私人土地所有者、土地管理組織等等。他們合併後，我們將以大致相同的方式與他們競爭。

I do think, from our standpoint, it's important to keep in mind, right? So we have 10.4 million acres. We're one of the largest wood products manufacturers in North America. I don't think this fundamentally changes in terms of the competitive operating environment in any region in any sort of meaningful way. But again, I do think scale and integrated business makes sense. So there's some logic in the deal.

我認為，從我們的角度來看，這一點很重要，對吧？所以我們擁有1040萬英畝土地。我們是北美最大的木製品製造商之一。我認為這不會從根本上改變任何地區的競爭經營環境，也不會產生任何實質的影響。但我再次強調，規模化和一體化業務是有意義的。所以這筆交易有一定的道理。

Okay, that's very helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

All right. Thank you.

好的。謝謝。

Mark Weintraub, Seaport Research Partners.

馬克溫特勞布，海港研究夥伴公司。

Thank you. First, a small one, maybe leads into a bigger one. So on the HBU, you had pointed out that prices have been rising over the course of this year. Is that a function of just the mix of what you're selling? Or is it that you're seeing higher pricing for like properties than you were before?

謝謝。首先，一個小問題，或許會引發更大的問題。所以，在HBU節目中，您曾指出今年以來價格一直在上漲。這只取決於你所銷售產品的組合嗎？或者，您是否發現類似房產的價格比以前更高了？

Yeah. I mean, I think it's a little bit of both. There's always a component of mix, right? Because every quarter, there's going to be a slightly different mix of the properties that you're selling. So there's a part of it that's that, and there's some geography dynamics at play there as well.

是的。我的意思是，我覺得兩者兼具。總是會有混合的成分，對吧？因為每季你出售的房產組合都會略有不同。所以，這其中一部分原因在於此，同時也存在一些地理因素在運作。

But I would say on balance, what we are seeing is -- on a like-for-like basis, we're continuing to see the prices that people are paying for this go up. And I think so it's a combination of both of those things, Mark.

但總的來說，我們看到的是——在同等條件下，人們為這種商品支付的價格繼續上漲。我覺得是這兩面因素的結合，馬克。

Okay. Great. And then also, I hear you on the buying and the selling of timberlands and how optimizing the portfolio is very, very beneficial; makes total sense. At the same time, it's very interesting that the per acre -- at least to me, the per acre values that we're seeing as well as the multiples of cash flow that you were relaying, are as high as they are, if anything, it does seem like Timberland values. Like, HBU in the private market transaction seems to be trending higher, too.

好的。偉大的。另外，我也明白你所說的買賣林地以及優化投資組合是多麼有益；這完全說得通。同時，非常有趣的是，每英畝的價格——至少在我看來，我們看到的每英畝價格以及你提到的現金流倍數——都如此之高，如果非要說有什麼不同的話，那就是它看起來像是 Timberland 的價格。例如，HBU在私人市場交易中似乎也呈現上升趨勢。

And obviously, your stock hasn't fared as well; lots of other variables at play. But does that color your appetite to be more aggressive on the sell side than on the buy side? And also, as you've gone out, particularly and sold some acreage, is your sense that there's a fair bit of money still looking to be deployed in the Timberland space. Kind of color on that would be great.

顯然，你的股票表現並不理想；這其中還有很多其他因素在起作用。但這是否會影響您在賣方方面比買方採取更激進的策略？而且，隨著你外出，特別是出售了一些土地，你是否感覺到還有相當多的資金正在尋找機會投入到 Timberland 領域？如果能用那種顏色就太好了。

Yeah, Mark, let me comment just broadly on the overall timberlands market. I mean, we continue to see very strong interest in the asset class. We've talked about the amount of capital that's been raised to pursue these assets.

是的，馬克，讓我大致談談整個林地市場的情況。我的意思是，我們持續看到市場對這類資產表現出非常濃厚的興趣。我們已經討論過為收購這些資產而籌集的資金數量。

There's a lot of that that's still sitting out there, several billion dollars that's not yet been placed. Really, if we go back to the genesis of our 2021 target in Timberlands, that was really coming from the standpoint of there's going to be an increasing scarcity in the availability of high-quality timberlands.

還有大量資金尚未投入使用，數十億美元。實際上，如果我們回顧一下我們 2021 年林地目標的起源，那實際上是從優質林地供應日益稀缺的角度來看待的。

And that's really played into all of the decisions that we have made over the last several years. And so I think that's guided our strategy, and I think it's an important element as we move from here.

而這確實影響了我們過去幾年所做的所有決定。所以我認為這指導了我們的策略，而且我認為這是我們未來發展的重要因素。

I would just make one other kind of comment generally on that, Mark. And that is, when you think about both the values that we're paying to bring timberlands into our portfolio and the value of the timberlands that we're selling, embedded in that is really, A, our team on the A&D side spends a lot of time out looking for high-quality deals.

馬克，關於這一點，我還有一點想補充說明。也就是說，當你考慮到我們為將林地納入我們的投資組合所支付的價值，以及我們出售的林地的價值時，其中實際上包含了以下幾點：A，我們A&D團隊花費大量時間外出尋找高品質的交易。

And I think you can see that really in all of the transactions that we've brought in. We're looking for very high-quality timberlands with good cash flow generation that can also create value through our integration, NCS, alternative values. And so to some degree, the value that we're paying is reflective of the team's work and what we're looking for.

我認為這一點在我們促成的所有交易中都得到了體現。我們正在尋找現金流良好的優質林地，這些林地還可以透過我們的整合、NCS 和其他價值創造價值。因此，在某種程度上，我們支付的價值反映了團隊的工作以及我們所期望的。

But also even on the sell side, I think -- and maybe this was part of your question -- we have a very high-quality Timberlands portfolio existing. And so even when you think about some of the deals that we're selling, which are noncore to us, it is reflective of what is a very high-quality Timberlands portfolio that we've assembled over, frankly, 100 years. And so I think both of those things play into the value that you're seeing on the buy side and sell side when we do deals.

但即便在賣方方面，我認為——也許這正是你問題的一部分——我們現有的添柏嵐投資組合品質非常高。因此，即使考慮到我們正在出售的一些與我們無關的交易，也反映了我們在過去 100 年裡累積的 Timberlands 的高品質資產組合。所以我認為，這兩方面都會影響我們在交易中買賣雙方所看到的價值。

That's helpful. And speak to maybe just one quick follow-on. Given that is the case, it would seem that that discrepancy between how the public markets are valuing your stock, recognizing it's tough times in Wood Products and that's certainly playing a role, but are there other things that you're contemplating to help bridge at least what is a temporary-seeming very, very wide gap between NAV and where the stock trades?

那很有幫助。然後或許可以簡單回答一個後續問題。有鑑於此，公開市場對貴公司股票的估值與實際交易價格之間的差異，考慮到木材產品行業目前處境艱難，這無疑起到了一定作用。但是，您是否正在考慮其他措施來彌合淨資產值與股票交易價格之間看似暫時的巨大差距？

Yeah. Look, Mark, that's always on our mind. I mean, we're always out here trying to think about how we can create shareholder value. And part of that means looking at that very item. I think we're going to have a lot of items that we'll walk through at our Investor Day in December on that topic.

是的。馬克，我們一直都想著這件事。我的意思是，我們一直在努力思考如何為股東創造價值。其中一部分工作就意味著要仔細檢查那個物品。我認為我們將在 12 月的投資者日上詳細討論這個主題。

I think we've been focused for a while now on how we can ultimately grow the value of the company and drive cash flow improvement through the cycle. So I think we'll have more to say about that in December.

我認為我們已經有一段時間專注於如何最終提升公司價值，並在整個週期中推動現金流改善。所以我想我們會在12月就此發表更多看法。

Okay. Thanks, guys.

好的。謝謝各位。

Thank you.

謝謝。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Great. Thanks. I think Mark had a lot of good questions there. But maybe just dovetailing and trying to kind of wrap it up like, Davie, you talked about remaining kind of active from a portfolio management perspective. Does that mean that we should expect that you guys will remain acquisitive going forward? Or -- just help me understand kind of that balance between being a buyer versus maybe a net seller looking ahead.

偉大的。謝謝。我認為馬克問了很多很好的問題。但也許可以這樣銜接起來，並嘗試總結一下，就像 Davie 剛才提到的，要從投資組合管理的角度保持積極性。這是否意味著我們應該預期你們未來仍會保持正面的收購態勢？或者——請幫我理解一下，作為買家和展望未來可能成為淨賣家之間的那種平衡。

Yeah. Look, again, we're going to consider all the options to create shareholder value. We think we can create value on both the buy side and the sell side.

是的。再說一遍，我們會考慮所有能為股東創造價值的方案。我們認為我們可以在買方和賣方都創造價值。

I mean, I will note one of the realities here in the current environment as we look at all of the capital allocation alternatives that are available to us, when the inputs on some of the other alternatives are more attractive, that does raise the bar on what it's going to take from a Timberland acquisition perspective.

我的意思是，我要指出，在當前環境下，當我們審視所有可用的資本配置方案時，一個現實情況是，當其他一些方案的投入更具吸引力時，這確實提高了從添柏嵐收購的角度來看所需的門檻。

But I think it's indicative of the quality of the acquisitions that we're completing this year that they cleared that bar. And that's something we're always going to be looking at as we make those decisions.

但我認為這表明我們今年完成的收購項目的品質很高，因為它們都達到了這個標準。我們在做決定時，總是會考慮到這一點。

Okay. Switching gears to the Wood Products side, a little bit surprising to see the EWP realizations up a bit in Q3. It sounds like you're expecting pricing to be stable in Q4.

好的。轉而關注木製品方面，第三季 EWP 的實現量略有上升，這有點出乎意料。聽起來你預計第四季價格會保持穩定。

Is there anything temporarily benefiting that? I mean, it seems to kind of diverge at least from what we've heard around the market. And how are you thinking about kind of overall competitive dynamics and what you're seeing out there?

有什麼方法可以暫時緩解這種情況嗎？我的意思是，這似乎與我們從市場上聽到的說法有所不同。那麼，您如何看待整體競爭格局以及您所看到的現狀？

Yeah. I mean, well, look, the EWP market has been under some pressure this year, just as residential construction activity has been soft for a bit. As you know, EWP demand is largely driven by residential construction. And with the housing market being stuck in second gear, no doubt that's been a bit of a headwind.

是的。我的意思是，嗯，你看，今年工程機械市場一直承受著一定的壓力，就像住宅建築活動也有一段時間比較疲軟一樣。如您所知，EWP 的需求主要由住宅建設所驅動。毫無疑問，由於房地產市場一直處於低迷狀態，這無疑是一個不利因素。

And we've seen pricing come down somewhat over the course of 2025. But that being said, I do think that we've managed the environment fairly well. We've mitigated some of the downward pressure. And that's largely a function of the power of our Trus Joist brand, the quality of our products, and really, I think, to a large degree, the service model that we provide to our customers.

我們看到，到 2025 年，價格有所下降。但即便如此，我認為我們對環境的管理還是相當不錯的。我們已經緩解了一些下行壓力。這很大程度上取決於我們 Trus Joist 品牌的實力、我們產品的質量，以及我認為在很大程度上取決於我們為客戶提供的服務模式。

And so while there has been some pressure on pricing, we're doing everything that we can to bring value to our customers in what is a tough environment. And I'd also say in this environment, which has been challenging, we're also out there working to take market share, take market share from competitors, take market share from open web. So we're out there really pushing.

因此，儘管價格方面存在一些壓力，但我們正在盡一切努力，在這種艱難的環境下為客戶創造價值。而且我還想說，在這種充滿挑戰的環境下，我們也在努力搶佔市場份額，從競爭對手那裡搶佔市場份額，從開放的網路中搶佔市場份額。所以我們正在全力以赴。

And I think it's a testament to the team that we've been able to keep our market share, grow our market share, keep the pricing relatively stable in what is a very challenging environment. And we'll adjust our operating posture as needed through Q4, as we said.

我認為，在如此充滿挑戰的環境下，我們能夠保持市場份額、擴大市場份額並保持價格相對穩定，這充分證明了團隊的實力。正如我們所說，我們將根據需要在第四季度調整我們的營運策略。

But ultimately, we feel like we have a really good brand, a really good business here in EWP. And we're going to continue to look to find ways to take advantage, whether we're in good markets or bad markets.

但最終，我們覺得我們在 EWP 有一個非常好的品牌，一個非常好的業務。無論市場行情好壞，我們都會繼續尋找從中獲利的方法。

Okay, got it. Appreciate the color. Thank you.

好的，明白了。欣賞這種顏色。謝謝。

Yup. Thank you.

是的。謝謝。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Thank you. Good morning, and thanks for taking my question. Maybe to start with -- on the Timberlands side, particularly in the US South, we've seen a lot of pressure on pulpwood prices here in the last four to six quarters. I mean, these are kind of multi-decade lows right now. Some of it is sort of cyclical weakness.

謝謝。早上好，感謝您回答我的問題。或許可以先從林地方面說起——尤其是在美國南部，過去四到六個季度以來，我們看到紙漿木材價格承受了極大的壓力。我的意思是，這些數字目前都處於幾十年來的最低點。其中一些是周期性疲軟的表現。

But we've also seen a lot of pulp and paper mill shutdowns, which it seems like kind of will be hard to reverse here. So can you sort of talk to kind of what you guys are seeing out there on the pulpwood side? And how you -- at least in your sort of wood baskets, what can you do to help mitigate some of that? I guess, the engineered wood plant that you're building will help. But anything outside of that?

但我們也看到很多紙漿和造紙廠關閉，這種情況似乎很難逆轉。那麼，你們能談談在紙漿木材方面你們觀察到的情況嗎？那麼，至少在你這種用木頭編織的籃子裡，你能做些什麼來減輕其中的一些影響呢？我想，你正在建造的工程木材加工廠會有所幫助。但除此之外呢？

Sure. Well, the reality is, as you say, I mean, it's unfortunately been the case that we have seen a lot of pulp and paper capacity coming out of the system. And that's something -- it's not new. This has been going on for a while. But even this year, we've seen several fairly large pulp and paper mills shutting down.

當然。嗯，現實情況正如你所說，我的意思是，不幸的是，我們已經看到大量的紙漿和造紙產能退出了市場。而且，這並非什麼新鮮事。這種情況已經持續了一段時間。但即便在今年，我們也看到幾家規模相當大的紙漿和造紙廠倒閉。

Now I will say one of the benefits to the diversification that we have geographically, as well as just the integrated model that we have, the scale that we have, we do have levers that we can pull when you see those market dynamics.

現在我要說的是，我們地理上的多元化以及我們所擁有的一體化模式和規模帶來的一個好處是，當我們看到這些市場動態時，我們確實有一些可以利用的槓桿。

And even with the mills that have shut down recently, we're typically able to just move volume to different customers. So it probably impacts us maybe to a lesser degree than some others. We also have some levers -- for example, one of the IP mills that shut down, we were able to move some of that volume to our OSB mill.

即使最近一些工廠關閉了，我們通常也能將產量轉移到其他客戶那裡。所以它對我們的影響可能比對其他人的影響要小一些。我們還有一些手段——例如，一家 IP 工廠關閉後，我們能夠將部分產量轉移到我們的 OSB 工廠。

And so we have some levers. As you say, the Engineered Wood Products TimberStrand facility that we're building in Arkansas will be using a fair bit of pulpwood in that geography. But it's an issue; it's an issue for the industry. I think it's going to be challenging. We do have some ideas.

所以，我們有一些可以利用的手段。正如您所說，我們在阿肯色州建造的工程木製品 TimberStrand 工廠將會使用該地區相當多的紙漿木材。但這確實是個問題；這是整個產業都面臨的問題。我認為這將是一個挑戰。我們確實有一些想法。

And frankly, we're going to lay some of those out at our Investor Day. So I'm not going to front-run that, but it's an issue. I would say, though, for us, on balance, fiber demand has been pretty steady lately. You see a few dips here and there on pricing, at least, temporarily when you see a mill close down. But I think we're doing a pretty good job overall in navigating that.

坦白說，我們將在投資者日上公佈其中的一些細節。所以我不會搶先評論，但這確實是個問題。不過，就我們而言，總的來說，近來光纖需求一直相當穩定。當一家工廠倒閉時，價格至少會暫時出現一些下跌。但我認為我們總體上在這方面做得相當不錯。

Got it. No, that's helpful. And then switching here to sort of capital allocation, obviously, a lot of discussion here on the call around both acquisitions and divestitures in Timberlands.

知道了。不，這很有幫助。然後，我們轉而討論資本配置問題，顯然，電話會議上對添柏嵐的收購和剝離進行了許多討論。

I'm curious on the downstream side, given how extended the downturn has been in lumber, would that be sort of an area of interest from an inorganic growth standpoint for Weyerhaeuser?

我很好奇下游方面的情況，鑑於木材行業的低迷期已經持續了很長時間，從非有機增長的角度來看，這是否會成為威好公司感興趣的領域？

Yeah. Look, Ketan, we're -- we've had a focused M&A strategy. I think you've seen us be really active on the Timberlands side over the last several years, with the portfolio improvement opportunities. But we're always evaluating and looking at opportunities for bolt-on as well as potential larger-scale M&A opportunities.

是的。聽著，凱坦，我們－我們一直奉行重點併購策略。我想你們已經看到，在過去幾年裡，我們在添柏嵐（Timberlands）方面非常活躍，抓住了各種改善投資組合的機會。但我們始終在評估和尋找補充收購的機會，以及潛在的更大規模的併購機會。

But of course, as always, they've got to meet our stringent criteria. We are focused on making sure that the assets are complementary or accretive to our industry-leading portfolio. They've got to be cohesive with our longer-term strategy and drive significant value for our shareholders. So that's really how we think about it.

當然，和以往一樣，他們必須符合我們嚴格的標準。我們致力於確保這些資產能夠與我們行業領先的投資組合形成互補或增值。它們必須與我們的長期策略保持一致，並為我們的股東創造顯著價值。這就是我們看待這個問題的方式。

Got it. No, that's helpful. I'll turn it over. Good luck.

知道了。不，這很有幫助。我把它翻過來。祝你好運。

Thank you.

謝謝。

Hamir Patel, CIBC.

Hamir Patel，加拿大帝國商業銀行。

Hi. Good morning. Davie, I was just wondering how you think about the opportunity to grow Southern pine log exports. China's cut off, but what sort of opportunity do you see in India over time?

你好。早安.戴維，我只是想知道你如何看待發展南方松木原木出口的機會。中國已經關閉了大門，但隨著時間的推移，你認為印度會有哪些機會？

Yeah. I mean, we're really excited about the opportunity. Obviously, we would prefer that the China market get opened back up. And I can tell you we're having conversations with the administration about that topic on an ongoing basis.

是的。我的意思是，我們對這個機會感到非常興奮。顯然，我們更希望中國市場重新開放。我可以告訴大家，我們一直在與政府就此議題溝通。

But in the interim, I do think the silver lining behind the China log ban has been it's really increased our focus on India. And I do think that there's a pretty significant opportunity there. We've been growing our India export business as well as, frankly, trying some additional markets in Southeast Asia.

但同時，我認為中國原木禁令帶來的正面影響是，它確實提高了我們對印度的關注。而且我確實認為那裡存在著相當大的機會。我們一直在拓展在印度的出口業務，坦白說，我們也正在嘗試開拓東南亞的一些其他市場。

Again, we're going to go into a lot more detail about that opportunity at our Investor Day. But I would just leave you with I think it's a real opportunity for us. We have been growing it, and we have some plans to grow it meaningfully from here.

我們將在投資者日上更詳細地介紹這個機會。但我最後想說的是，我認為這對我們來說是一個真正的機會。我們一直在發展它，我們有一些計劃，要在此基礎上進行更有意義的發展。

Fair enough. That's all I had. I'll turn it over. Thanks.

很公平。這就是我全部的家當。我把它翻過來。謝謝。

Thank you.

謝謝。

Matthew McKellar, RBC Capital Markets.

Matthew McKellar，加拿大皇家銀行資本市場。

Good morning. Thanks for all the great details so far. Just two quick questions on Japan for me. First, should that inventory destocking phenomenon be relatively short-lived in your view, maybe a one-quarter headwind? Or could that persist longer?

早安.非常感謝您目前為止提供的所有詳細資訊。關於日本，我只有兩個問題想問。首先，您認為這種庫存去庫存現象應該是相對短暫的，也許只會持續一個季度？或者這種情況會持續更長時間？

And then second, you addressed demand conditions. But I was wondering if you could also provide some perspective on how supply has trended over the last quarter or so. Is there anything we should be thinking about around trends on the supply side, maybe around imports from Europe or elsewhere, that maybe also contributed to this situation? Thanks very much.

其次，你談到了需求狀況。但我很想知道，您能否也談談過去一個季度左右的供應趨勢？我們是否應該考慮供應方面的趨勢，例如來自歐洲或其他地區的進口情況，這些因素可能也導致了這種情況？非常感謝。

Yeah, happy to answer that. I do think it's going to be relatively short-lived. The issue -- without getting into too much detail, there was a regulatory change in Japan that impacted the timeline in getting permits for smaller houses. And that created a real backlog in managing those permits.

好的，我很樂意回答這個問題。我認為這種情況不會持續太久。問題是──這裡就不贅述細節了──日本的一項監管變化影響了小型房屋的審批時間。這導致許可證管理方面出現嚴重的積壓。

And so what you saw was a bit of a slowdown in the housing environment. We expect -- our customers expect that will resolve itself, and things should normalize. I mean, they have some headwinds from a demographic standpoint, of course.

因此，我們看到的是房屋市場出現了一些放緩。我們預期——我們的客戶也預期——這個問題會自行解決，一切都會恢復正常。當然，從人口結構的角度來看，他們也面臨一些不利因素。

But that being said, our customers are really, really well positioned in that market. And candidly, notwithstanding some of the challenges that they have in Japan, the customer base that we have, the cost structure that they have, the mill investments that they're making, I'm as optimistic about the Japanese opportunity in the midterm as I have been in a while.

但即便如此，我們的客戶在這個市場上確實擁有非常非常有利的地位。坦白說，儘管他們在日本面臨一些挑戰，但考慮到我們擁有的客戶群、他們的成本結構以及他們正在進行的工廠投資，我對日本市場在中期內的發展機會仍然保持著一段時間以來的樂觀態度。

So we think that that will -- the headwind on consumption should resolve itself relatively soon. The big dynamic at play currently is just that relative cost position of our customers with our logs from the Northwest competing against European supply.

所以我們認為，消費方面的不利因素應該會在相對較短的時間內解決。目前最大的動態因素就是我們客戶的相對成本地位，我們來自西北方的原木與歐洲的供應產品之間存在競爭關係。

In Europe, log costs in many of the key producing regions have been going up fairly dramatically. Add in some other cost competitive dynamics at play. It's just a really challenging environment for European lumber coming in that market. And so our customers taking advantage of this, and they're really looking to grow market share. And so like I say, I'm pretty optimistic about that opportunity over the medium term.

在歐洲，許多主要產區的原木價格都出現了相當大幅度的上漲。再加上其他一些成本競爭因素的影響。對於進入該市場的歐洲木材來說，這確實是一個非常具有挑戰性的環境。因此，我們的客戶正在利用這一點，他們真的希望擴大市場份額。所以就像我說的，我對這個機會的中期前景相當樂觀。

Thanks very much. I'll turn it back.

非常感謝。我會把它轉回去。

Thank you.

謝謝。

Hong Zhang, JPMorgan.

張宏，摩根大通。

Yeah, hey, thanks for taking my question. I guess, you've adjusted lumber production in response to the weakness in prices. But with OSB pricing where it is, would you potentially reduce production as well? I'm just asking relative to your guidance of comparable volumes in the fourth quarter.

好的，謝謝你回答我的問題。我猜想，你們已經根據價格疲軟的情況調整了木材產量。但鑑於 OSB 的價格目前如此高昂，您是否也會考慮降低產量？我只是想問，您能否對第四季度的銷售做出相應的預測。

Yeah. I mean, so OSB, just like lumber, it's something that we're going to continue to watch and monitor. We'll adjust as necessary. Most of the same considerations that I talked about earlier with respect to our decisions on lumber capacity are equally applicable.

是的。我的意思是，定向刨花板（OSB）就像木材一樣，是我們將繼續關注和監控的東西。我們會根據需要進行調整。我之前在談到木材產能決策時所考慮的大部分因素同樣適用。

I will say, as we mentioned with lumber from a cost curve standpoint, we're in a pretty good spot. And so that certainly plays into our consideration there. But like lumber, we're going to continue to watch that, and we'll make adjustments if necessary.

我想說，正如我們之前提到的木材成本曲線那樣，我們現在處境相當不錯。因此，這當然會納入我們的考慮範圍。但就像木材一樣，我們會繼續關注這種情況，並在必要時做出調整。

Great. Thank you.

偉大的。謝謝。

Yup. Thank you.

是的。謝謝。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Yeah. Thank you, Devin, Davie, Andy, for taking my questions. One -- the first one I have is, Devin, you mentioned that there are some items that you consider as an integrated producer in terms of running lumber that smaller nonintegrated producers don't have to consider. Any way to expand on what factors you're referencing?

是的。謝謝Devin、Davie和Andy回答我的問題。第一個問題——德文，你提到過，作為一家綜合木材生產商，你在木材加工方面需要考慮一些因素，而規模較小的非綜合性生產商則不必考慮這些因素。能否詳細說明一下您提到的因素？

Yeah. I mean, so there are a few things, right? So we can adjust log flow to our mills to make sure they're getting the optimal log mix to maximize profitability. You can take a little bit more risk on log supply because you know you have the full power of the Timberlands business. If you have a rain event or a weather event and you start to lose inventory, you can flex that very quickly.

是的。我的意思是，所以有幾件事，對吧？因此，我們可以調整運往鋸木廠的原木流量，確保他們獲得最佳的原木組合，從而最大限度地提高獲利能力。因為你知道你擁有 Timberlands 業務的全部實力，所以你可以在原木供應方面承擔更大的風險。如果遇到下雨或其他惡劣天氣，導致庫存開始減少，你可以迅速靈活調整。

I would say just in general, the planning on ultimate product mix coming out of the lumber mill, when you work closely with your Timberlands business, you can get that dialed in to make sure that you're optimizing the mix to maximize profitability.

總的來說，我認為，在規劃木材廠最終出產的產品組合時，如果你與 Timberlands 業務部門密切合作，就可以進行精準調整，確保優化產品組合，從而最大限度地提高盈利能力。

So there are a bunch of planning things that you can do when those two businesses are working together to really maximize profitability across market cycles. It's always important, but I would say particularly in the environment that we're in today where every dollar counts. And so our teams, as you can imagine, are working together every single day to make sure that we're maximizing the profitability across our portfolio.

因此，當這兩個企業合作時，你可以做很多規劃方面的事情，以真正實現跨市場週期的利潤最大化。這始終都很重要，但我想說，在當今每一分錢都至關重要的環境下，這一點尤其重要。因此，正如您所想，我們的團隊每天都在共同努力，以確保我們最大限度地提高整個投資組合的盈利能力。

And, Mike, I would just add, I mean, those are a lot of the things that we can do from a day-to-day operational perspective. But when you think medium term, longer term, some of the larger-scale strategic things we can do like putting a TimberStrand facility in a place that's very advantageous for our Timberlands business, that's another huge advantage that we can drive with that integrated portfolio.

麥克，我還要補充一點，我的意思是，這些都是我們從日常營運角度可以做的事情。但從中長期來看，我們可以做一些更大規模的策略性事情，例如在對我們的 Timberlands 業務非常有利的地方建立 TimberStrand 工廠，這是我們利用這一綜合投資組合可以取得的另一個巨大優勢。

Got it. And in this one, I know we're running over here, but just one quick second question. In terms of Natural Climate Solutions, any concerns over the government cutting funding? I know you've spoken about this in past calls.

知道了。我知道我們現在有點趕時間，但還是想問一個問題。就自然氣候解決方案而言，政府削減資金是否令人擔憂？我知道你之前在電話裡談過這件事。

But obviously, the government from get-go has been aggressive with wind. From the outset, it has become more -- it seems to have become more aggressive on solar. So any concerns about government and maybe restricting federal funding for these types of projects?

但很顯然，政府從一開始就對風能開發採取了積極態度。從一開始，它就變得更加——似乎在太陽能領域變得更加激進。那麼，對於政府以及可能限制此類計畫的聯邦資金，大家是否有任何擔憂？

At a high level, I'm not particularly concerned about that. Certainly, some of the things that came out of the Big Beautiful Bill did impact, particularly on the renewables side. I do think for our partners, we align with more sophisticated larger partners who, to a large extent, saw this coming. And so their pipeline feels pretty good.

從宏觀層面來說，我並不太擔心這個問題。當然，《宏偉法案》中的一些內容確實產生了影響，尤其是在再生能源方面。我認為對於我們的合作夥伴而言，我們與那些更成熟、規模更大的合作夥伴保持一致，他們在很大程度上預見了這種情況的發生。所以他們的產品線感覺相當不錯。

So I don't think it's going to have any meaningful impact over the next several years. There may be an air pocket when you get towards the end of the decade on some of these renewable projects. But these are typically long term. And I would just say CCS with the 45Q tax incentive, that did make it through the bill.

所以我認為在未來幾年內不會產生任何實質影響。到了十年末，某些再生能源項目可能會出現資金缺口。但這些通常都是長期的。我只想說，CCS 的 45Q 稅收優惠政策確實通過了法案。

And overall, even though the rhetoric certainly has changed in this current environment, behind closed doors, most big company management teams understand this is a long-term issue that they're going to have to address. And so I haven't really seen a meaningful drop-off in the level of interest in these solutions even in this current environment.

總的來說，儘管在當前環境下，言論肯定發生了變化，但在私下里，大多數大公司的管理團隊都明白這是一個他們必須解決的長期問題。因此，即使在當前環境下，我也沒有看到人們對這些解決方案的興趣有明顯的下降。

Thank you very much.

非常感謝。

Thank you.

謝謝。

There are no further questions at this time. I'd like to turn the floor back over to Devin Stockfish for closing comments.

目前沒有其他問題了。我想把發言權交還給德文·斯托克菲什，讓他做總結發言。

All right. Well, thank you, everyone, for joining us today. Thank you for your interest in Weyerhaeuser, and we look forward to seeing you at our Investor Day in December. Take care.

好的。謝謝大家今天蒞臨本節目。感謝您對威好公司的關注，我們期待在12月的投資者日上見到您。小心。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。