威爾豪瑟 (WY) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Weyerhaeuser Fourth 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年第四季財報電話會議。（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, Andy Taylor, Vice President of Investor Relations. Thank you, Mr. Taylor. You may begin.

現在，我榮幸地向大家介紹主持人，投資人關係副總裁安迪泰勒。謝謝你，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 fourth 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. 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. We will discuss non-GAAP financial measures and a reconciliation of GAAP can be found in the earnings materials 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年第四季的收益。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。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。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。

On the call this morning are Devin Stockfish, Chief Executive Officer; and David Wold, Chief Financial Officer. I'll now turn the call over to Devin Stockfish.

今天早上參加電話會議的有執行長德文·斯托克菲什和財務長大衛·沃爾德。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. Yesterday, Weyerhaeuser reported full year GAAP earnings of $324 million or $0.45 per diluted share on net sales of $6.9 billion. Excluding special items, full year 2025 earnings totaled $143 million or $0.20 per diluted share, and adjusted EBITDA totaled $1 billion for the year. For the fourth quarter, we reported GAAP earnings of $74 million or $0.10 per diluted share on net sales of $1.5 billion. Excluding special items, we reported a loss of $67 million or $0.09 per diluted share for the quarter. Adjusted EBITDA was $140 million.

謝謝你，安迪。各位早安，感謝各位的參與。昨天，威好公司公佈了全年GAAP收益為3.24億美元，即每股攤薄收益0.45美元，淨銷售額為69億美元。不計特殊項目，2025 年全年收益總計 1.43 億美元，即每股攤薄收益 0.20 美元，調整後 EBITDA 總計 10 億美元。第四季度，我們公佈的GAAP收益為7,400萬美元，即每股攤薄收益0.10美元，淨銷售額為15億美元。不計特殊項目，本季我們報告虧損 6,700 萬美元，即每股攤薄虧損 0.09 美元。調整後 EBITDA 為 1.4 億美元。

I'll start this morning by thanking our employees for their solid execution and resilience in 2025. Notwithstanding extremely challenging market conditions, we delivered on the multiyear targets we established back in 2021 and launched an ambitious company-wide growth strategy through 2030.

今天早上，我首先要感謝我們的員工在 2025 年展現出的紮實執行力和韌性。儘管市場環境極其嚴峻，我們仍實現了 2021 年制定的多年目標，並啟動了一項雄心勃勃的公司整體成長策略，目標是在 2030 年前實現這一目標。

Specific to 2025, we further optimized our timberlands portfolio, expanded our climate solutions offerings, broke ground on our new TimberStrand facility in Arkansas and captured additional operational excellence improvements. We also increased our base dividend by 5% and returned $766 million of cash to shareholders, including $160 million of share repurchase. These are notable accomplishments given the headwinds our industry faced in 2025, and they demonstrate the power of our integrated portfolio, deeply embedded OpEx culture and flexible capital allocation framework.

針對 2025 年，我們進一步優化了林地組合，擴大了氣候解決方案產品，在阿肯色州破土動工興建新的 TimberStrand 工廠，並取得了額外的卓越營運改進。我們還將基本股利提高了 5%，並向股東返還了 7.66 億美元現金，其中包括 1.6 億美元的股票回購。考慮到我們產業在 2025 年面臨的逆風，這些成就非常顯著，也展現了我們一體化投資組合、深植於營運卓越文化和靈活資本配置框架的強大實力。

Looking forward, we remain constructive on the longer-term fundamentals that support our businesses. And as we outlined at our Investor Day in December, we're uniquely positioned to accelerate growth and drive significant value creation for shareholders through the balance of the decade.

展望未來，我們對支撐我們業務的長期基本面依然保持樂觀態度。正如我們在 12 月的投資者日上所概述的那樣，我們擁有獨特的優勢，可以在未來十年內加速成長，並為股東創造重大價值。

Before getting into the business segments, I'll provide a brief update on recent actions to further optimize our timberlands portfolio, all of which were previously announced. During the fourth quarter, we completed two divestiture transactions covering non-core timberlands in Oregon, Georgia and Alabama for total proceeds of $406 million. In addition, we entered into an agreement to divest approximately 108,000 acres in Virginia for $193 million, and we expect this transaction to close next month. Moving forward, we will continue to evaluate capital-efficient opportunities that enhance the return profile of our timberlands while balancing other growth initiatives and levers across our capital allocation framework to drive long-term value for our shareholders.

在深入探討商業板塊之前，我將簡要介紹我們最近為進一步優化林地組合而採取的行動，所有這些行動先前都已宣布過。第四季度，我們完成了兩項資產剝離交易，涉及俄勒岡州、喬治亞州和阿拉巴馬州的非核心林地，總收益為 4.06 億美元。此外，我們已達成協議，將以 1.93 億美元的價格出售維吉尼亞州約 10.8 萬英畝的土地，預計該交易將於下個月完成。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內的其他成長舉措和槓桿，以推動股東的長期價值。

Turning now to our fourth quarter business results. I'll begin with Timberlands on pages 7 through 10 of our earnings slides. Excluding special items, Timberlands contributed $50 million to fourth quarter earnings. Adjusted EBITDA was $114 million, a $34 million decrease compared to the third quarter, largely driven by lower sales volumes and realizations in the West.

現在來看我們第四季的業績。我會先介紹 Timberlands 公司，請參考我們獲利報告投影片的第 7 至 10 頁。不計特殊項目，添柏嵐為第四季獲利貢獻了 5,000 萬美元。調整後的 EBITDA 為 1.14 億美元，比第三季減少了 3,400 萬美元，主要原因是西部地區的銷售量和實現額下降。

Starting with the Western domestic market. Log demand and pricing softened in the fourth quarter as supply remained ample and mills continue to carry elevated log inventories to navigate a very challenging lumber market. As a result, our average domestic sales realizations decreased moderately compared to the prior quarter.

首先從西方國內市場入手。第四季原木需求和價格有所回落，因為供應仍然充足，而且木材廠為了應對極具挑戰性的木材市場，繼續保持較高的原木庫存。因此，與上一季相比，我們的平均國內銷售實現額略有下降。

Our fee harvest volumes were lower, largely due to fewer working days in the fourth quarter and the pull forward of volume over the summer months given a relatively light wildfire season. Per unit log and haul costs decreased and forestry and road costs were seasonally lower.

由於第四季工作日減少，以及由於野火季節相對較少，夏季月份的業務量提前，我們的收費收取量有所下降。單位原木和運輸成本下降，林業和道路成本也隨季節降低。

Despite a challenging fourth quarter, it's worth noting that regional log markets are trending towards a more balanced state as supply moderates into the winter months and mills work through elevated log decks. As a result, we expect stable domestic log pricing in the first quarter with upside potential if lumber prices further improve from current levels.

儘管第四季充滿挑戰，但值得注意的是，隨著冬季供應趨於緩和，以及工廠逐步恢復高位原木堆場的運轉，區域原木市場正朝著更平衡的狀態發展。因此，我們預計第一季國內原木價格將保持穩定，如果木材價格從當前水準進一步上漲，則有上漲潛力。

Moving to our Western export business. In Japan, finished good inventories remained elevated in response to ongoing consumption headwinds. As a result, demand for our logs softened in the fourth quarter, and our sales volumes decreased compared to the prior quarter. That said, our average sales realizations for export logs to Japan were moderately higher, largely driven by freight-related benefits. Looking forward, 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.

轉向我們的西方出口業務。在日本，由於持續的消費逆風，成品庫存仍居高不下。因此，第四季對我們原木的需求減弱，銷量較上一季下降。儘管如此，我們出口到日本的原木的平均銷售實現額略高，這主要是由於運費相關的收益。展望未來，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中奪取市場份額，我們預計對我們原木的需求將逐漸改善。

Turning briefly to China. In November, the ban on log imports from the US was lifted. As a result, we're in the early stages of reestablishing our log export program to strategic customers in the region. However, we expect limited shipments in the near term given the weakness in the Chinese real estate sector and the seasonal slowing of construction activity around the Lunar New Year holiday. For the fourth quarter, we delivered one vessel to China and expect to send a second vessel in the first quarter.

簡單談談中國。11月，從美國進口原木的禁令解除。因此，我們正處於重建向該地區戰略客戶出口原木計畫的初期階段。然而，鑑於中國房地產行業的疲軟以及春節假期前後建築活動的季節性放緩，我們預計短期內出貨量有限。第四季度，我們向中國交付了一艘船，預計第一季將交付第二艘船。

Turning to the South. Adjusted EBITDA for Southern Timberlands was $69 million, a $5 million decrease compared to the third quarter. Southern sawlog markets remained muted in the fourth quarter as dry weather conditions kept log supply ample and mills continued to align capacity with lower takeaway of finished goods. In contrast, Southern fiber markets were relatively stable outside of a few localized regions impacted by recent mill closures.

轉向南方。Southern Timberlands 的調整後 EBITDA 為 6,900 萬美元，比第三季減少了 500 萬美元。第四季度，由於乾燥的天氣條件使原木供應充足，加上鋸木廠繼續調整產能以應對成品出口量下降，南方鋸木原木市場仍然低迷。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。

On balance, takeaway for our logs remained steady, given our delivered programs across the region. And our average sales realizations increased slightly compared to the third quarter, largely due to a higher mix of grade logs and export volumes to India. Our fee harvest volumes were moderately lower compared to the prior quarter, primarily driven by fewer working days. Per unit log and haul costs increased and forestry and road costs were seasonally lower. In the North, adjusted EBITDA was comparable to the third quarter.

總體而言，鑑於我們在整個地區開展的項目，我們的原木銷售收入保持穩定。與第三季相比，我們的平均銷售實現額略有成長，這主要是由於優質原木的銷售比例增加以及對印度的出口量增加。與上一季相比，我們的費用收取量略有下降，主要原因是工作日減少。單位原木和運輸成本增加，而林業和道路成本則隨季節下降。在北方地區，調整後的 EBITDA 與第三季基本持平。

Turning now to Real Estate, Energy and Natural Resources on pages 11 and 12. In the fourth quarter, Real Estate and ENR contributed $84 million to earnings. Adjusted EBITDA was $95 million, a slight increase compared to the prior quarter and approximately $19 million higher than our fourth quarter guidance. This outperformance was largely driven by the timing of transactions, including the completion of a conservation easement in May.

現在請翻到第 11 頁和第 12 頁，了解房地產、能源和自然資源。第四季度，房地產和 ENR 為收益貢獻了 8,400 萬美元。調整後 EBITDA 為 9,500 萬美元，比上一季略有成長，比我們第四季的預期高出約 1,900 萬美元。這項優異表現主要得益於交易時機，包括 5 月完成的一項保護地役權。

Notably, our average price for real estate sales reached a record high in the fourth quarter at over $8,200 per acre. This was mostly attributable to some high-value development transactions in South Carolina. For the full year, Real Estate and ENR generated $411 million of adjusted EBITDA, moderately higher than our revised full year guidance and $61 million higher than our initial outlook.

值得注意的是，第四季度我們的房地產銷售平均價格達到了創紀錄的高位，超過每英畝 8,200 美元。這主要歸因於南卡羅來納州的一些高價值開發交易。全年來看，房地產和 ENR 業務的調整後 EBITDA 為 4.11 億美元，略高於我們修訂後的全年預期，比我們最初的展望高出 6,100 萬美元。

These results were largely driven by strong demand and pricing for HBU properties in our real estate business, resulting in high-value transactions with significant premiums to timber value. They also reflect a significant year-over-year increase in contributions from our Climate Solutions business. As shown on page 19, full year adjusted EBITDA for Climate Solutions was $119 million, a 42% increase compared to 2024, primarily driven by strong contributions from our conservation, mitigation banking and renewables businesses.

這些結果主要得益於我們房地產業務中對 HBU 物業的強勁需求和定價，促成了高價值交易，其溢價遠高於木材價值。這也反映出我們氣候解決方案業務的貢獻較去年同期大幅成長。如第 19 頁所示，氣候解決方案的全年調整後 EBITDA 為 1.19 億美元，比 2024 年成長 42%，主要得益於我們的保護、減緩銀行和再生能源業務的強勁貢獻。

Importantly, we exceeded our multiyear target to reach $100 million of annual adjusted EBITDA by year-end 2025. And at our Investor Day this past December, we announced a new target to grow the business to $250 million of annual EBITDA by 2030.

重要的是，我們超額完成了多年目標，到 2025 年底實現了年度調整後 EBITDA 1 億美元。在去年 12 月的投資者日上，我們宣布了一個新的目標，即在 2030 年將業務的年度 EBITDA 成長到 2.5 億美元。

I'll briefly discuss some recent highlights today and would refer you to our Investor Day materials for a comprehensive overview of each Climate Solutions business, including growth projections through the balance of the decade.

今天我將簡要介紹一些近期亮點，有關氣候解決方案各項業務的全面概述，包括未來十年的成長預測，請參閱我們的投資者日資料。

In the fourth quarter, we received approval for our fifth forest carbon project and have four additional projects in the development pipeline. In 2025, we generated approximately 630,000 credits, a significant increase relative to the prior year, and we sold 120,000 credits in the voluntary market. We continue to see growing demand and solid pricing credits given our commitment to developing projects that meet high standards for quality and integrity.

第四季度，我們的第五個森林碳匯專案獲得批准，另有四個專案正在開發中。2025 年，我們產生了約 63 萬個信用額度，與前一年相比大幅成長，我們在自願市場出售了 12 萬個信用額度。鑑於我們致力於開發符合高品質和誠信標準的項目，我們看到市場需求持續成長，價格也十分優惠。

And finally, on Climate Solutions, we announced an exciting new business opportunity at our Investor Day in December. We're partnering with Aymium, a global leader in biocarbon technology to produce and sell up to 1.5 million tons of biocarbon annually by 2030.

最後，關於氣候解決方案，我們在 12 月的投資者日上宣布了一項令人興奮的新業務機會。我們與生物碳技術領域的全球領導者 Aymium 合作，目標是到 2030 年每年生產和銷售多達 150 萬噸生物碳。

We're advancing the first facility adjacent to our lumber mill in McComb, Mississippi, and the companies are working to identify additional sites to construct new facilities across Weyerhaeuser's footprint over the next five years. At full scale, the platform of biocarbon facilities will have the potential to convert over 7 million tons of wood fiber on an annual basis to be provided primarily by Weyerhaeuser. This is an excellent example of how we can leverage our scale and expertise to go on offense and create new pathways for growth across our integrated portfolio.

我們正在推進位於密西西比州麥庫姆木材廠附近的第一家工廠的建設，並且這些公司正在努力尋找其他地點，以便在未來五年內在威好公司業務範圍內建造新工廠。全面建成後，該生物碳設施平台每年將有潛力轉化超過 700 萬噸木纖維，這些木纖維主要由威好公司提供。這是我們如何利用自身規模和專業知識發動進攻，並為我們的綜合投資組合創造新的成長途徑的絕佳例證。

Now moving on to Wood Products on pages 13 through 15. Earnings for Wood Products was a $78 million loss in the fourth quarter, and adjusted EBITDA was a $20 million loss. These results reflect extremely challenging lumber and OSB markets in the quarter, with pricing hovering near historically low levels on an inflation-adjusted basis.

接下來請看第 13 至 15 頁的木製品部分。第四季木製品業務虧損 7,800 萬美元，調整後 EBITDA 虧損 2,000 萬美元。這些結果反映了本季木材和定向刨花板市場極其嚴峻的形勢，經通膨調整後，價格徘徊在歷史低點附近。

Starting with lumber. The framing lumber composite began the fourth quarter on a slight upward trajectory, largely supported by improving Western SPF pricing and broader concerns around the Section 232 tariff, which took effect in October. As the quarter progressed, ample product supply and seasonally softer demand drove composite pricing lower through early December. By quarter end, the market improved slightly as buyers replenished lean inventories and lumber volumes from Canadian producers declined noticeably.

從木材開始。第四季開始，框架木材綜合價格略有上漲，這主要得益於西部SPF價格的改善以及人們對10月份生效的第232條款關稅的普遍擔憂。隨著季度推進，充足的產品供應和季節性疲軟的需求推動綜合價格在 12 月初走低。到季度末，隨著買家補充了不足的庫存，市場略有改善，加拿大生產商的木材產量明顯下降。

Collectively, these dynamics supported increased pricing recently, albeit from a low starting point. In particular, Southern Yellow Pine prices have steadily improved over the past two months. For our lumber business, fourth quarter adjusted EBITDA was a $57 million loss.

總體而言，這些因素共同促成了近期價格上漲，儘管起點較低。尤其是南方黃鬆的價格在過去兩個月穩步上漲。我們的木材業務第四季調整後 EBITDA 虧損 5,700 萬美元。

Production volumes decreased 14% compared to the third quarter, and this reflects our election to moderate production across our mill set in response to the softer demand environment as well as the volume impact associated with our Princeton sawmill, which we sold late in the third quarter. As a result, our sales volumes were lower in the fourth quarter and unit manufacturing costs were slightly higher. Our average sales realizations decreased 3% compared to the third quarter, which was favorable to the framing lumber composite, and our log costs were moderately lower.

與第三季相比，產量下降了 14%，這反映了我們為了應對疲軟的需求環境而選擇在整個工廠範圍內調整產量，以及我們在第三季末出售的普林斯頓鋸木廠帶來的產量影響。因此，第四季我們的銷售量有所下降，單位製造成本略有上升。與第三季相比，我們的平均銷售實現額下降了 3%，這對框架木材複合材料有利，而且我們的原木成本也略有下降。

Looking forward, we are encouraged by the recent increase in lumber pricing and expect demand to improve into the spring building season. As a result, we anticipate stronger performance from our lumber business in the first quarter.

展望未來，我們對近期木材價格上漲感到鼓舞，並預計春季建築旺季的需求將有所改善。因此，我們預計第一季木材業務表現將更加強勁。

Now turning to OSB. Fourth quarter adjusted EBITDA was a $10 million loss, primarily driven by weaker product pricing in response to the seasonal reduction in residential construction activity. I'll note that composite pricing stabilized in December after decreasing for most of the fourth quarter. And we've seen pricing move slightly higher here over the last several weeks.

現在開始討論定向刨花板（OSB）。第四季調整後 EBITDA 虧損 1,000 萬美元，主因是受住宅建設活動季節性減少的影響，產品定價走弱。需要指出的是，綜合價格在經歷了第四季度大部分時間的下跌後，於 12 月趨於穩定。過去幾週，我們看到這裡的價格略有上漲。

For our OSB business, average sales realizations decreased by 6% compared to the third quarter, largely in line with the composite. Our production and sales volumes were slightly higher and unit manufacturing costs were comparable. Fiber costs were slightly lower in the fourth quarter.

我們的定向刨花板業務平均銷售額較第三季下降了 6%，與綜合水準基本一致。我們的生產和銷售量略有增加，而單位製造成本則基本持平。第四季光纖成本略有下降。

Engineered Wood Products adjusted EBITDA was $49 million, a $7 million decrease compared to the third quarter. This was driven by a seasonal decline in sales volumes across products and slightly higher unit manufacturing costs. We continue to align our production with customer demand and single-family homebuilding activity, both of which moderated into the winter months. Notably, our average sales realizations were comparable to the third quarter. Raw material costs were also comparable.

工程木製品調整後的 EBITDA 為 4,900 萬美元，比第三季減少了 700 萬美元。這主要是由於產品銷售量季節性下降以及單位製造成本略有上升所致。我們繼續根據客戶需求和獨棟住宅建設活動調整生產，這兩項活動在冬季都有所放緩。值得注意的是，我們的平均銷售實現額與第三季相當。原料成本也相近。

It's worth pointing out that both third and fourth quarter results included a small benefit from insurance proceeds associated with the early 2025 fire at our MDF facility in Montana. In Distribution, adjusted EBITDA decreased by $2 million compared to the prior quarter, largely driven by lower sales volumes for most products.

值得一提的是，第三季和第四季的業績都包含了一筆來自保險賠償的少量收益，這筆賠償與我們在蒙大拿州 MDF 工廠 2025 年初發生的火災有關。在分銷方面，調整後的 EBITDA 比上一季減少了 200 萬美元，這主要是由於大多數產品的銷售下降所致。

With that, I'll turn the call over to David to discuss some financial items and our first quarter and full year 2026 outlook.

接下來，我將把電話交給大衛，讓他討論一些財務事項以及我們對 2026 年第一季和全年的展望。

Thank you, Devin, and good morning, everyone. I'll begin with key financial items, which are summarized on page 17. For the full year, we generated $562 million of cash from operations. Excluding a $200 million contribution related to pension liability management, cash from operations would be $762 million for the year. We ended the year with just under $500 million of cash and total debt of $5.6 billion.

謝謝你，德文，大家早安。我將從關鍵財務項目開始，這些項目已在第 17 頁進行了總結。全年來看，我們從經營活動中產生了 5.62 億美元的現金流。除去與退休金負債管理相關的 2 億美元投入，本年度經營活動產生的現金流量為 7.62 億美元。年底時，我們的現金餘額略低於 5 億美元，總債務為 56 億美元。

As Devin mentioned, we returned $766 million of cash to shareholders during the year. This includes quarterly base dividends, which we increased by 5% in 2025 and $160 million of share repurchase activity. It's worth noting that we completed our prior $1 billion share repurchase program and announced a new $1 billion authorization in 2025. This provides capacity for future opportunistic share repurchase activity and represents a meaningful lever for driving long-term value for our shareholders.

正如德文所提到的，我們在這一年中向股東返還了 7.66 億美元的現金。這包括季度基本股利（我們已將其在 2025 年提高了 5%）和 1.6 億美元的股票回購活動。值得注意的是，我們已完成先前 10 億美元的股票回購計劃，並宣布將於 2025 年授權新的 10 億美元回購計劃。這為未來進行機會性股票回購活動提供了空間，並為我們的股東創造了重要的長期價值。

Notwithstanding the challenging market backdrop in 2025, we continue to operate from a position of strength. In addition to returning a meaningful amount of cash back to shareholders, we made significant enhancements to our timberlands portfolio, grew our Climate Solutions business, deployed capital towards strategic growth opportunities and launched an ambitious multiyear growth strategy. As we've demonstrated over the last several years, we have a strong and proven track record of disciplined capital allocation and a cash return framework that's aligned with the cyclicality of our businesses.

儘管2025年市場環境充滿挑戰，但我們仍保持著強勁的競爭力。除了向股東返還大量現金外，我們還對林地組合進行了重大改進，發展了氣候解決方案業務，將資金投入到戰略增長機會中，並啟動了一項雄心勃勃的多年增長戰略。正如我們在過去幾年中所展現的那樣，我們在資本配置方面有著良好的記錄，並且現金回報框架與我們業務的周期性相一致。

Looking forward, our balance sheet, liquidity position and financial flexibility remains solid, and we are well positioned to navigate a range of market conditions and execute our accelerated growth plan. In the fourth quarter, we took advantage of a favorable opportunity to complete the purchase of a group annuity contract that transferred approximately $455 million of our US pension liabilities to an insurance carrier. This was funded with $440 million from our US pension plan assets and resulted in a noncash $111 million after-tax settlement charge, which was included as a special item in our results.

展望未來，我們的資產負債表、流動性狀況和財務靈活性依然穩健，我們有能力應對各種市場狀況，並執行我們的加速成長計畫。第四季度，我們抓住有利時機，完成了對一份團體年金合約的收購，將我們約 4.55 億美元的美國退休金負債轉移給了保險公司。這筆資金來自我們美國退休金計畫資產中的 4.4 億美元，並導致稅後 1.11 億美元的非現金結算費用，該費用已作為特殊項目計入我們的業績中。

As previously mentioned, we also made a $200 million voluntary cash contribution to the plan in conjunction with this transaction. These liability management activities represent the latest in a series of actions we've taken to reduce our pension obligations, minimize the costs associated with servicing the liabilities and lower volatility. Since we began these efforts in 2018, our gross pension plan obligations have decreased approximately $5 billion to $1.9 billion as of year-end 2025, and we've improved our funded status by more than $1 billion as well.

如前所述，我們也與此交易一起向該計劃自願注資 2 億美元現金。這些負債管理活動是我們為減少退休金義務、最大限度地降低償付負債成本和降低波動性而採取的一系列行動中的最新舉措。自 2018 年我們開始採取這些措施以來，截至 2025 年底，我們的退休金計畫總負債已減少約 50 億美元至 19 億美元，同時我們的資金狀況也改善了 10 億美元以上。

Key outlook items for the first quarter and full year 2026 are presented on pages 21 and 22. In our timberlands business, we expect first quarter earnings before special items and adjusted EBITDA to be comparable to the fourth quarter of 2025.

2026 年第一季和全年的主要展望項目在第 21 頁和第 22 頁中列出。在我們的林地業務中，我們預計第一季扣除特殊項目和調整後 EBITDA 前的收益將與 2025 年第四季相當。

Starting with our Western Timberlands operations. As Devin mentioned, domestic log markets are trending towards a more balanced state, largely driven by a seasonal reduction in log supply, which is typical in the winter months. As a result, we expect increased demand for our logs and slightly higher domestic sales volumes compared to the prior quarter.

首先從我們的西部林地業務開始。正如德文所提到的那樣，國內原木市場正朝著更平衡的狀態發展，這主要是由於原木供應的季節性減少所致，這種情況在冬季月份很常見。因此，我們預計對原木的需求將增加，國內銷量將比上一季略有成長。

Our average domestic sales realizations are expected to be comparable to the fourth quarter, but could see upside if lumber takeaway and pricing improve into the spring building season. Absent weather-related disruptions, fee harvest volumes and forestry and road costs are expected to be comparable and per unit log and haul costs are expected to decrease given the seasonal transition to lower elevation harvest operations.

我們預計國內平均銷售實現額將與第四季度持平，但如果春季建築旺季木材的銷售和價格有所改善，則可能會有所增長。如果沒有天氣相關的干擾，預計收費採伐量和林業及道路成本將相當，並且由於季節性地向低海拔採伐作業過渡，預計單位原木和運輸成本將下降。

Moving to the export markets. In Japan, we anticipate steady demand from our customers and stable pricing for our logs in the first quarter. That said, we expect higher sales volumes compared to the prior quarter due to the timing of vessels. Our average sales realizations are expected to decrease slightly, largely attributable to freight-related impacts.

轉向出口市場。在日本，我們預期第一季客戶對我們原木的需求將保持穩定，價格也將保持穩定。儘管如此，由於船舶交付時間的原因，我們預計銷量將比上一季更高。預計我們的平均銷售實現額將略有下降，這主要是由於貨運相關因素的影響。

Turning to China. As Devin mentioned, we are in the early stages of reestablishing our log export program and expect to deliver one vessel to China in the first quarter. As a result, our sales volumes will be comparable to the prior quarter, and we expect slightly higher average sales realizations.

轉向中國。正如德文所提到的，我們正處於重建原木出口計劃的早期階段，預計將在第一季向中國交付一艘船。因此，我們的銷售量將與上一季持平，我們預計平均銷售實現額將略有提高。

Moving to the South. Southern log markets are expected to be fairly stable in the first quarter. Mills continue to carry elevated log inventories and navigate lower pricing and takeaway of finished goods. That said, demand signals could improve as the quarter progresses, particularly if weather conditions limit log supply or if we see a strengthening lumber market into the spring building season. On balance, we expect our average sales realizations to decrease slightly compared to the fourth quarter, largely driven by a higher mix of fiber logs and lower export volumes to India.

搬到南方。預計南方原木市場在第一季將保持相對穩定。工廠繼續保持較高的原木庫存，並應對成品價格走低和出貨量下降的問題。也就是說，隨著本季的推進，需求訊號可能會有所改善，特別是如果天氣條件限制了原木供應，或者如果我們看到春季建築旺季的木材市場走強。總體而言，我們預計平均銷售實現額將比第四季度略有下降，這主要是由於纖維原木佔比增加以及對印度的出口量減少所致。

Our fee harvest volumes are expected to be slightly lower due to wet weather conditions that are typical in the first quarter. Forestry and road costs are expected to increase moderately compared to the prior quarter, and we anticipate slightly lower per unit log and haul costs. In the North, our fee harvest volumes are expected to be slightly lower compared to the fourth quarter, and we anticipate comparable sales realizations.

由於第一季常見的潮濕天氣，預計我們的費用收取量將略有下降。與上一季相比，林業和道路成本預計將略有增加，我們預計每單位原木和運輸成本將略有下降。在北方，我們預計收費額將比第四季略低，我們預期銷售額也將與第四季持平。

Turning to our full year harvest plan. For 2026, we expect total company-wide fee harvest volumes of approximately 35.5 million tons. From a regional perspective, we anticipate the South will be slightly higher than last year. The West will be comparable and the North will be slightly lower.

接下來，我們將介紹全年收割計畫。預計到 2026 年，公司整體收費採伐量將達到約 3,550 萬噸。從區域角度來看，我們預計南方地區的氣溫將略高於去年。西部地區情況大致相同，北部地區會略低。

Moving to Strategic Land Solutions. As we announced at our Investor Day in December, this is the new name for our Real Estate, Energy and Natural Resources segment. Beginning with first quarter results, we will expand our disclosure for the segment to three business lines: Real Estate, Natural Resources and Climate Solutions. The new name reflects our broadening scope and growth focus across these businesses and the new reporting structure enhances the cadence of disclosure for our Climate Solutions activities. For the segment, we expect full year 2026 adjusted EBITDA of approximately $425 million. Basis as a percentage of real estate sales is expected to be between 25% and 35% for the year. Entering 2026, we anticipate steady demand and pricing for our real estate properties, resulting in a consistent flow of transactions with significant premiums to timber value.

轉向戰略土地解決方案。正如我們在 12 月的投資者日上宣布的那樣，這是我們房地產、能源和自然資源部門的新名稱。從第一季業績開始，我們將把該業務板塊的揭露範圍擴大到三個業務線：房地產、自然資源和氣候解決方案。新名稱反映了我們在這些業務領域不斷擴大的範圍和成長重點，新的報告結構提高了我們氣候解決方案活動的資訊揭露節奏。對於該業務板塊，我們預計 2026 年全年調整後 EBITDA 約為 4.25 億美元。預計本年度房地產銷售額的基數佔比將在 25% 至 35% 之間。進入 2026 年，我們預計房地產需求和價格將保持穩定，從而帶來持續不斷的交易，且交易價格將遠高於木材價值。

Additionally, we expect to deliver steady growth from our Climate Solutions business in 2026. First quarter earnings for the segment are expected to be approximately $75 million higher than the fourth quarter of 2025, while adjusted EBITDA is expected to be approximately $90 million higher. This reflects a very strong first quarter for our Strategic Land Solutions segment, largely driven by the timing and mix of real estate sales and the completion of a sizable conservation easement transaction in Florida. This transaction closed in January and involved approximately 61,000 acres of Weyerhaeuser timberlands.

此外，我們預計到 2026 年，我們的氣候解決方案業務將穩步成長。預計該業務部門第一季的收益將比 2025 年第四季高出約 7,500 萬美元，而調整後的 EBITDA 預計將高出約 9,000 萬美元。這反映出我們策略土地解決方案部門第一季業績非常強勁，主要得益於房地產銷售的時機和組合，以及在佛羅裡達州完成的一項規模可觀的保護地役權交易。該交易於 1 月完成，涉及 Weyerhaeuser 公司約 61,000 英畝的林地。

We received nearly $94 million of proceeds to convey our acreage into a permanent conservation easement, the largest of its kind in the state of Florida. The easement adds acreage to a larger Wildlife Corridor, protecting the land from future development.

我們獲得了近 9,400 萬美元的收益，將我們的土地轉讓給永久保護地役權，這是佛羅裡達州同類地役權中規模最大的。該地役權為更大的野生動物走廊增加了面積，保護了這片土地免受未來開發的影響。

Importantly, the easement allows Weyerhaeuser to retain ownership of the land for continued sustainable forest management. This is an excellent example of how we can leverage our size, scale and sophistication to drive material value uplift opportunities across our timber holdings while also demonstrating our commitment to sustainable land stewardship and long-term conservation outcomes.

重要的是，該地役權允許威好公司保留土地所有權，以繼續進行永續的森林管理。這是一個絕佳的例子，說明我們如何利用自身的規模、實力和技術優勢，推動木材資產的實質價值提升，同時展現我們對永續土地管理和長期保護成果的承諾。

Turning to our Wood Products segment. Excluding the effect of changes in average sales realizations for lumber and OSB, we expect first quarter earnings and adjusted EBITDA to be slightly higher compared to the fourth quarter of 2025. Benchmark prices for lumber have increased steadily over the last couple of months, and we've seen OSB composite pricing move slightly higher in January. As the quarter progresses, we expect demand for both products to improve seasonally into the spring building season. It's worth noting that a $10 change in commodity prices translates to approximately $50 million of annual EBITDA for lumber and approximately $30 million for OSB.

接下來我們來看看木製品板塊。不考慮木材和定向刨花板平均銷售價格變化的影響，我們預計第一季收益和調整後 EBITDA 將比 2025 年第四季略高。過去幾個月，木材基準價格穩定上漲，1 月 OSB 複合材料價格也略有上漲。隨著季度推進，我們預計這兩種產品的需求都會隨著春季建築旺季的到來而季節性地改善。值得注意的是，商品價格每變動 10 美元，木材的年度 EBITDA 就會變動約 5,000 萬美元，定向刨花板 (OSB) 的年度 EBITDA 就會變動約 3,000 萬美元。

For our lumber business, we expect higher production and sales volumes in the first quarter and lower unit manufacturing costs as we return to a more normal operating posture. Log costs are expected to be slightly lower. For our oriented strand board business, we anticipate slightly higher sales volumes and slightly lower unit manufacturing costs compared to the fourth quarter. Fiber costs are expected to increase slightly.

對於我們的木材業務，隨著我們恢復到更正常的營運狀態，我們預計第一季產量和銷售量將有所提高，單位製造成本將有所降低。原木成本預計會略有下降。對於我們的定向刨花板業務，我們預計銷售量將比第四季略有成長，單位製造成本將略有下降。預計光纖成本將略有上漲。

In our Engineered Wood Products business, we continue to anticipate close alignment between product demand and single-family homebuilding activity. As a result, we expect relatively stable sales volumes for most of our products in the first quarter with some slight seasonal improvement as the quarter progresses. Our average sales realizations are expected to be slightly lower and raw material costs are expected to be comparable. For our distribution business, we expect adjusted EBITDA to increase compared to the fourth quarter, largely due to improved sales volumes.

在我們的工程木製品業務中，我們繼續預期產品需求與獨棟住宅建設活動之間將保持緊密聯繫。因此，我們預計第一季我們大多數產品的銷售將保持相對穩定，隨著季度的推進，銷售量會有一些輕微的季節性改善。預計平均銷售實現額將略有下降，而原材料成本預計將與此相當。對於我們的分銷業務，我們預計調整後的 EBITDA 將比第四季度有所成長，這主要是由於銷售量有所提高。

I'll wrap up with some additional full year outlook items highlighted on page 22. In 2026, we expect our interest expense to be approximately $255 million. For taxes, we expect our full year effective tax rate to be between 8% and 12% before special items based on the forecasted mix of earnings between our REIT and taxable REIT subsidiary. Our noncash nonoperating pension and post-employment expense is expected to be approximately $60 million. We do not anticipate any required cash contributions to our US qualified plan in 2026, but expect approximately $20 million of required cash payments for all other plans.

最後，我將補充一些在第 22 頁重點介紹的全年展望項目。預計到 2026 年，我們的利息支出約為 2.55 億美元。就稅收而言，根據我們 REIT 和應稅 REIT 子公司的預期收益組合，我們預計全年有效稅率（不計特殊項目）將在 8% 至 12% 之間。我們的非現金非經營性退休金和離職後支出預計約為 6,000 萬美元。我們預計 2026 年美國合格計畫無需繳納任何現金，但預計所有其他計畫將需要繳納約 2,000 萬美元的現金。

Turning to capital expenditures. We expect our typical programmatic CapEx to be between $400 million and $450 million in 2026, in line with our new multiyear target. This excludes the investment required for the construction of our new EWP facility in Arkansas, which we expect to be approximately $300 million in 2026. As we've previously communicated, capital expenditures associated with this project will be excluded for purposes of calculating the company's annual adjusted FAD as used in our flexible cash return framework.

接下來談談資本支出。我們預計到 2026 年，我們的典型程序化資本支出將在 4 億至 4.5 億美元之間，這與我們新的多年目標一致。這還不包括我們在阿肯色州建造新的 EWP 工廠所需的投資，我們預計到 2026 年將達到約 3 億美元。正如我們之前所溝通的那樣，與該專案相關的資本支出將被排除在計算公司年度調整後 FAD 之外，該 FAD 將用於我們的靈活現金回報框架。

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, David. I'll make a few brief comments on the housing and repair and remodel markets. Starting with housing. Overall, housing activity was lackluster in 2025. While we don't yet have the most recent housing data, we do expect total starts to come in somewhere around 1.3 million units and single-family starts a fair bit below 1 million units.

謝謝你，大衛。我將簡要地談談住房、維修和改造市場。先從住房問題談起。整體而言，2025 年的房屋市場活動乏善可陳。雖然我們還沒有最新的住房數據，但我們預計總開工量將在 130 萬套左右，而獨棟住宅開工量將遠低於 100 萬套。

The combination of weak consumer confidence and ongoing affordability challenges continue to be headwinds for housing activity. While mortgage rates have declined in the low 6% range here recently, many potential homebuyers remain on the sidelines, given elevated uncertainty about unemployment and the economy.

消費者信心疲軟和持續的住房負擔能力挑戰，持續對房屋市場構成不利影響。雖然近期本地抵押貸款利率已降至 6% 左右的低位，但由於失業率和經濟狀況存在高度不確定性，許多潛在購屋者仍持觀望態度。

Based on conversations with our homebuilder customers, we've heard some modest optimism for 2026 in response to the administration's recent actions and commentary to support the housing market, most notably their decision to purchase $200 billion of mortgage-backed securities.

根據我們與房屋建築商客戶的交流，我們對 2026 年抱持一些謹慎的樂觀態度，這主要是因為政府最近採取了行動和發表了支持住房市場的言論，尤其是他們決定購買 2000 億美元的抵押貸款支持證券。

While it's too early to gauge the full impact of federal housing-related policies, they should be directionally positive, especially if we see mortgage rates trend lower. And aside from federal policies, we're also seeing state and local governments expressing an increased level of interest in supporting the housing market. All of this should create some tailwinds for housing activity, but it will likely take some time to play out. In the near term, I suspect we'll continue to see choppiness in the housing market as consumers navigate ongoing affordability challenges and uncertainty around the economy. That said, our longer-term outlook on housing fundamentals remains favorable, supported by strong demographic trends and a vastly underbuilt housing stock.

雖然現在評估聯邦住房相關政策的全面影響還為時過早，但從方向上看來應該是正面的，尤其是如果我們看到抵押貸款利率呈下降趨勢的話。除了聯邦政策之外，我們也看到州和地方政府對支持房屋市場表現出越來越濃厚的興趣。所有這些都應該會為房地產市場帶來一些利好因素，但這可能需要一段時間才能顯現效果。短期內，我預期房地產市場將繼續波動，因為消費者將面臨持續的購屋能力挑戰和經濟狀況的不確定性。儘管如此，在強勁的人口趨勢和嚴重不足的房屋存量的支撐下，我們對住房基本面的長期展望依然樂觀。

Turning to the repair and remodel market. Activity decreased somewhat in 2025, 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. And to some degree, the repair and remodel market continues to be impacted by the lower turnover of existing homes as a result of the lock-in effect.

轉向維修和改造市場。2025 年，建築業活動有所下降，這主要是由於與影響住宅建築市場的許多因素相同，即消費者信心下降、利率上升以及對經濟走向的擔憂。在某種程度上，由於鎖定效應導致現有房屋週轉率降低，維修和改造市場繼續受到影響。

Looking out into 2026, we could see an uptick in R&R activity, especially if interest rates move lower and we get some improvement in existing home sales. In addition, the deferral of large discretionary projects over the last few years should ultimately serve as a tailwind, particularly as the macro environment improves. But similar to housing, a material pickup in repair and remodel activity likely will require an improvement in overall consumer confidence. Putting the near-term uncertainty aside, our long-term outlook continues to be positive as many of the key drivers supporting healthy repair and remodel demand remain intact, including favorable home equity levels and an aging housing stock.

展望 2026 年，我們可能會看到 R&R 活動增加，特別是如果利率下降，現有房屋銷售有所改善的話。此外，過去幾年大型可自由支配計畫的延遲最終應該會起到推動作用，尤其是在宏觀環境改善的情況下。但與房屋市場類似，維修和改造活動的實質復甦可能需要消費者整體信心的提高。撇開近期的不確定性不談，我們的長期前景依然樂觀，因為支撐健康維修和改造需求的許多關鍵驅動因素依然存在，包括有利的房屋淨值水平和老化的住房存量。

Finally, I'll make a few comments regarding the multiyear targets we set in 2021 and touch briefly on the accelerated growth strategy we outlined at our recent Investor Day in December. As highlighted on page 19, we successfully delivered on the ambitious multiyear targets we announced at our previous Investor Day back in 2021. Starting with our portfolio, with the transactions we completed and advanced in 2025, we achieved our multiyear billion-dollar timberlands growth target. In the process, we offset a substantial portion of our acquisitions with divestitures of non-core acreage, effectively recycling capital to enhance the quality and value of our portfolio.

最後，我將就我們在 2021 年設定的多年目標發表一些評論，並簡要介紹我們在 12 月投資者日上概述的加速成長策略。正如第 19 頁所強調的，我們成功實現了在 2021 年上一次投資者日上宣布的雄心勃勃的多年目標。從我們的投資組合開始，透過我們在 2025 年完成和推進的交易，我們實現了多年十億美元林地成長目標。在此過程中，我們透過出售非核心土地來抵銷大部分收購成本，有效地將資本循環利用，從而提高我們投資組合的品質和價值。

In Climate Solutions, we exceeded our 2025 growth target by $19 million. We've built a world-class team. We've expanded our offerings and have a strong pipeline of future opportunities to drive incremental growth. In lumber, we made disciplined investments to reduce costs across the mill set, and these investments will ultimately enable production growth as market conditions improve. In terms of our operations, we maintained strong relative performance across our businesses and met our multiyear OpEx targets, a notable achievement given the inflationary and market-related headwinds we faced during this period.

在氣候解決方案領域，我們超額完成了 2025 年的成長目標 1,900 萬美元。我們打造了一支世界級的團隊。我們擴大了產品和服務範圍，並擁有大量未來發展機遇，以推動業務成長。在木材方面，我們進行了有紀律的投資，以降低整個工廠的成本，隨著市場條件的改善，這些投資最終將促進生產成長。就營運而言，我們在各項業務中保持了強勁的相對錶現，並實現了多年的營運支出目標，考慮到我們在此期間面臨的通膨和市場相關不利因素，這是一個值得稱讚的成就。

And finally, we continue to demonstrate our commitment to returning meaningful amounts of cash back to shareholders through four consecutive annual increases to our quarterly base dividend and over $6 billion of cash return from 2021 through 2025, including nearly $1.1 billion of share repurchase. I'm incredibly proud of these accomplishments, all of which enhance our strong foundation and position us for our next chapter, which is accelerated growth.

最後，我們透過連續四年提高季度基本股息，以及從 2021 年到 2025 年返還超過 60 億美元的現金，繼續向股東返還大量現金，其中包括近 11 億美元的股票回購，來證明我們致力於向股東返還大量現金的承諾。我為這些成就感到無比自豪，所有這些都鞏固了我們強大的基礎，並為我們開啟下一個篇章——加速成長——奠定了基礎。

Page 20 summarizes the key takeaways from our Investor Day in December, which is a target to deliver $1.5 billion of incremental adjusted EBITDA by 2030 measured against the 2024 base. Over the next five years, we intend to catalyze growth initiatives across the entirety of our integrated platform to significantly grow the value and cash generation capabilities of our company and further strengthen our competitive position.

第 20 頁總結了我們在 12 月投資者日的主要收穫，目標是到 2030 年實現 15 億美元的增量調整後 EBITDA（以 2024 年為基準）。未來五年，我們將推動整個一體化平台的成長計劃，以顯著提升公司的價值和現金創造能力，並進一步鞏固我們的競爭地位。

I'll note that most of our growth initiatives are, to a large extent, within our control and already underway. These actions will enhance our ability to maximize cash flow per share while maintaining a stable foundation across market cycles and ultimately, position Weyerhaeuser to deliver industry-leading shareholder returns. I'm very confident in our ability to achieve our 2030 growth plan and excited to deliver on this transformational program for our stakeholders.

我要指出的是，我們的大部分成長計劃在很大程度上都在我們的掌控之中，並且已經在進行中。這些舉措將增強我們最大化每股現金流的能力，同時在市場週期中保持穩定的基礎，並最終使威好公司能夠為股東帶來行業領先的回報。我對我們實現 2030 年成長計畫的能力非常有信心，並很高興能為我們的利害關係人交付這項變革性計畫。

So in closing, our performance in 2025 reflects solid execution across our businesses, notwithstanding the persistent and significant headwinds in many of our end markets. Entering 2026, our foundation is strong, and we're well positioned to capitalize as market conditions improve. We remain focused on serving our customers and advancing our strategy to accelerate growth and drive significant long-term value for shareholders.

綜上所述，儘管我們許多終端市場持續面臨重大不利因素，但我們 2025 年的業績反映了我們各項業務的穩健執行。進入 2026 年，我們的基礎很穩固，隨著市場狀況的改善，我們已做好充分準備，把握機會。我們將繼續專注於服務客戶，推動策略發展，加速成長，為股東創造顯著的長期價值。

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

那麼，接下來我想我們可以開始提問了。

(Operator Instructions) Hamir Patel, CIBC.

（操作說明）Hamir Patel，CIBC。

Devin, on the pricing front, do you think the improvement we've seen so far this year for both lumber and OSB is largely a reflection of curtailments? Or is underlying demand actually picking up?

Devin，就價格而言，你認為今年迄今為止木材和定向刨花板價格的改善是否主要反映了減產？或者說，潛在需求實際上正在回升？

Yes. I mean I think the reality is it's primarily driven by curtailment activity. I think on the lumber side, a piece too, just the reduction in the volumes coming across the border from Canada. That being said, as we continue to approach the spring building season, you do typically start to see some level of pickup in demand. Obviously, across the South, we've had a pretty significant weather event here. So I'm not sure there's been a lot of construction activity. But that being said, every week that you progress towards spring building season, people are starting to ramp up. And so that's probably a small piece. But I do think at present, it's largely a supply side-driven increase.

是的。我的意思是，我認為現實情況主要是由減產活動所驅動的。我認為木材方面也有一定影響，就是從加拿大邊境進口的木材數量減少了。也就是說，隨著春季建築旺季的臨近，通常情況下，需求會開始出現一定程度的回升。顯然，整個南方地區都遭遇了相當嚴重的極端天氣事件。所以我不太確定那裡是否有很多施工活動。但話雖如此，隨著春季施工季的臨近，每週都有人開始加緊施工。所以這可能只是很小的一部分。但我認為，目前這主要是由供應側驅動的成長。

Okay. And then just given how much Southern prices have moved, it looks like they're quite comfortably above breakeven for the industry. Are there any constraints that would stop us seeing a more meaningful production response?

好的。而且考慮到南方鐵路的價格波動幅度，看起來它們已經遠高於產業的損益平衡點。是否存在任何限制因素會阻礙我們看到更有意義的生產反應？

Yes. I mean a couple of things I would highlight. I mean, I think you're right. Obviously, we've seen a nice run-up in Southern lumber prices, and that's probably moved most of the industry above cash flow breakeven, whether it's all of the industry or not, open question, I suppose. But you can see some level of increase in production. I think overall, the industry has been pretty restrained in terms of running overtime shifts, running a full operating posture. So there's probably a little bit of flex in the system. But that being said, I do think you're going to continue to see less volume coming across the border from Canada.

是的。我的意思是，有幾點我想重點強調一下。我的意思是，我覺得你是對的。顯然，南方木材價格出現了不錯的上漲，這可能已經使該行業的大部分企業實現了現金流盈虧平衡，至於是否所有企業都實現了盈虧平衡，我想這還是個未知數。但你可以看到產量有所成長。我認為總體而言，該行業在加班和全面運營方面一直相當克制。所以這個系統可能有一定的彈性。但即便如此，我認為從加拿大跨境進口的貨物數量仍會持續減少。

So part of this story is really about how quickly we can convert some of these traditional SPF markets to Southern Yellow Pine. And I will say on that front, I mean, we're encouraged by some of the early activity that we've been involved in, in making that happen. So there's a little bit of additional volume that we could see if the producers really start ramping up production. But I still think, particularly as demand picks up into the spring building season, it feels like there's still probably some room to run on Southern lumber prices.

所以，這個故事的一部分實際上講述的是我們如何迅速地將一些傳統的SPF市場轉變為南方黃松市場。在這方面，我想說，我們參與的一些早期活動讓我們感到鼓舞，這些活動正在促成此事。所以，如果生產商真的開始加大生產力度，我們就能看到產量略有增加。但我仍然認為，尤其是在春季建築旺季需求回升的情況下，南方木材價格可能還有上漲空間。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

This is actually Charles Perron in for Susan. I just wanted to follow up, Devin, on the last question that was asked about the demand. Considering the commentary and the increased optimism that we've seen over the past few weeks from the builders, I was wondering if you can talk about the thoughts on inventory and how you approach the spring and busy season here? And especially any thoughts on the retailers and how they're approaching this market given the potential for some inflation in commodity prices?

實際上，代替蘇珊的是查爾斯·佩隆。德文，我只是想就上次提出的關於需求的問題做個後續說明。考慮到過去幾週建築商們的評論和日益增長的樂觀情緒，我想知道您能否談談您對庫存的看法，以及您如何應對這裡的春季和旺季？特別是對於零售商以及考慮到大宗商品價格可能出現通膨，他們如何應對這個市場，您有什麼看法？

Yes. When you're talking about inventory, you're talking about home inventory or lumber and OSB inventory?

是的。你們說的庫存是指家庭庫存還是木材和定向刨花板（OSB）庫存？

Sorry, lumber and OSB inventory.

抱歉，木材和定向刨花板庫存不足。

Yes. I mean I think on balance, inventories across the channel are in a pretty reasonable state for this time of year. I wouldn't say for the most part, they're either lean or heavy. The one maybe minor exception to that would be in certain regions with OSB. I do think towards the end of last year, a lot of folks really ran their OSB volumes and inventory is pretty low. And so that might be a minor exception. But on balance, I think the inventory levels across the channel in all of the products are adequate for the level of building activity.

是的。我的意思是，我認為總體而言，目前整個通路的庫存狀況都相當合理。我不會說大多數情況下都是如此，要么很瘦，要么很胖。唯一可能略有例外的是某些使用定向刨花板（OSB）的地區。我認為去年年底，很多人確實都大量採購了定向刨花板（OSB），庫存非常低。所以這或許只是個小小的例外。但總的來說，我認為整個渠道所有產品的庫存水準都足以滿足當前的建築活動水準。

Now clearly, as the weather improves and we start getting deeper into the spring, people will have to start building inventory because demand just seasonally picks up regardless of what you think is going to happen in terms of overall housing improvement. So I think we're pretty well set. And a lot of this will just depend on when people start building inventories, when the building season really starts ramping up, there's a weather component to that. But I think we're optimistic that we could see some nice pickup in demand as we hit the seasonal spring building season.

現在很明顯，隨著天氣變暖，春季深入，人們將不得不開始儲備住房，因為無論你認為整體住房狀況會如何改善，需求都會隨著季節而增加。所以我覺得我們已經準備得很充分了。很多時候，這取決於人們何時開始囤積庫存，建築旺季何時真正開始進入高峰期，這其中也存在天氣因素。但我認為，隨著春季建築旺季的到來，我們樂觀地認為需求會回升。

Got it. That's helpful color. And then switching to the timberland portfolio. How are you approaching your A&D decisions into 2026, considering the strong appetite that you noted for HBU properties in this environment?

知道了。這是個很有幫助的顏色。然後轉向林地投資組合。考慮到您指出的當前環境下市場對HBU物業的強勁需求，您將如何制定2026年的併購決策？

Yes, Charles, you bet. This is David. I'll take that one. I mean right now, I think you're right, we continue to see a very solid market right now. I guess just reflecting on the market as a whole, we typically think about that being in somewhere the $2 billion to $3 billion range on the timber acquisitions and divestiture market, came in towards the upper end of that range for 2025.

是的，查爾斯，你說的沒錯。這是大衛。我選那個。我的意思是，就目前而言，我認為你是對的，我們目前仍然看到一個非常穩健的市場。我想，從整個市場來看，我們通常認為木材收購和剝離市場的規模應該在 20 億至 30 億美元之間，而 2025 年的預測接近該範圍的上限。

And I think as we move into 2026, expect to see a similar normal level of activity. There's plenty of capital that's pursuing these transactions, a significant amount raised over the last several years with a mandate to invest in this asset class. So I think we continue to expect to see that demand with the growing appreciation for all the alternative land-based value opportunities that are inherent.

我認為，進入 2026 年，預計經濟活動將恢復到類似的正常水準。有大量資金正在參與這些交易，過去幾年中，大量資金被募集起來，專門用於投資此類資產。所以我認為，隨著人們對所有土地衍生價值機會的認識不斷提高，我們預計這種需求將會持續下去。

And I think you also see that in our HBU transactions over the course of the fourth quarter. Our real estate team did a great job capitalizing on a couple of transactions in the Charleston area. We talked about some of our real estate development opportunities at our December Investor Day, and those were some great opportunities for capitalizing on some high-value acreage, really unlocking the value of our portfolio. And so we're really pleased to be able to see that.

我認為您也可以從我們第四季的HBU交易中看出這一點。我們的房地產團隊在查爾斯頓地區的幾筆交易中表現出色。我們在 12 月的投資者日上討論了一些房地產開發機會，這些都是利用一些高價值土地、真正釋放我們投資組合價值的絕佳機會。所以我們很高興能夠看到這一點。

And just to follow up on the last comment. Is there any other opportunities you could see to make similar deals to the large conservation easement transaction that you've done in Florida? Is this something like that could happen again across your portfolio?

我再補充一下上一則評論。您認為還有哪些機會可以像您在佛羅裡達州完成的大型保護地役權交易那樣，達成類似的交易？類似的情況是否可能在您的投資組合中再次發生？

Yes, certainly. I mean we have a dedicated team that's focused in this area. Really, the transaction that we executed on in December was a really unique opportunity that our scale, sophistication, the talent that we built up uniquely positioned us to be able to execute on a transaction like that. And similarly, in the future, we'll evaluate all sorts of opportunities to do transactions such as those.

當然可以。我的意思是，我們有一個專門負責這方面的團隊。實際上，我們在 12 月完成的那筆交易是一個非常獨特的機會，憑藉我們的規模、成熟度和我們培養的人才，我們有能力完成這樣的交易。同樣地，未來我們也會評估各種進行類似交易的機會。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

I was wondering if you could talk about operating rates in lumber and OSB. And then in the spirit of black at the bottom, what kind of steps you've taken to improve profitability ex-product price improvement? And if we stay 1.3 million starts, maybe single-family $1 million or below $1 million, if that were to continue for a few years, just kind of how you think about the footprint and the size and just sort of general thoughts there.

我想請您談談木材和定向刨花板（OSB）的運作率。那麼，秉持著「獲利在前」的理念，除了產品價格上漲之外，你們採取了哪些措施來提高獲利能力？如果新房開工量維持在 130 萬套，單戶住宅售價可能在 100 萬美元或以下，如果這種情況持續幾年，那麼你就會思考一下房屋的佔地面積和規模，以及一些總體上的想法。

Yes. Well, first, on the operating rates, in Q4, in lumber, we were sort of in that mid-70% operating rate. As we noted, we took some steps to intentionally dial that back just given the dynamic in the market. OSB kind of in that mid-90% range was pretty typical for us. As we think about the overall market, obviously, the Q4 pricing environment for lumber and OSB was about as tricky and challenging as we've seen in a very long time. And so while we're certainly not pleased to have been underwater in Q4, we weren't alone. I think that was something that impacted the industry as a whole.

是的。首先，關於營運率，在第四季度，木材業務的營運率大約在 70% 左右。正如我們所指出的，鑑於市場動態，我們採取了一些措施，有意地減少了這種做法。OSB板材的純度通常在90%左右，這對我們來說很常見。從整體市場來看，顯然，第四季木材和定向刨花板的定價環境是我們很長一段時間以來見過的最棘手、最具挑戰性的。因此，雖然我們對第四季遭遇困境感到非常不滿，但我們並非孤例。我認為這對整個行業都產生了影響。

I think over time, what you'll see is that we have navigated this better than the rest of the industry. We're always focused on OpEx. Certainly, in a market where you're at sort of trough pricing, that becomes pretty challenging. But over time, it all comes down to where are you on the cost curve relative to the rest of the industry and the work that we've been doing over the past decade, the focus that we've had on OpEx, I think, has positioned us very well on the cost curve. And that will show up over time.

我認為隨著時間的推移，你會發現我們比業內其他公司更好地應對了這個問題。我們始終專注於營運效率。當然，當市場價格處於低谷時，這會變得相當具有挑戰性。但從長遠來看，這一切都取決於你相對於行業其他企業在成本曲線上的位置，而我們過去十年所做的工作，以及我們對營運支出的關注，我認為，已經使我們在成本曲線上處於非常有利的位置。隨著時間的推移，這一點會顯現出來。

The reality is you're not going to see pricing at levels where the majority of the industry is underwater. We've seen that play out perhaps for a little bit longer period than we had expected. But you've seen a fair bit of mill closure announcement. You've seen mill capacity curtailments. You're starting to see the results of that activity and some of the pricing uplift. So I know it's tricky when you are at that trough. But when you look out over a broader period of time, certainly, I think we're going to be positioned well relative to the rest of the industry, and I expect us to get back to profitability here in the very near term.

現實情況是，你不會看到價格跌到業界大部分企業都處於虧損狀態的水平。這種情況持續的時間可能比我們預期的要長一些。但你已經看到不少工廠關閉的公告了。你已經看到工廠產能削減的情況了。您已經開始看到這些措施的成果以及價格上漲的部分原因。所以我知道，當你身處低潮時，情況會很棘手。但從更長遠的角度來看，我認為我們相對於業內其他公司來說，肯定會處於有利地位，而且我預計我們很快就能恢復盈利。

Got it. Got it. That's very helpful. And then just switching gears on EWP and Monticello -- like given the weakness in single-family housing construction, if you had all that capacity with Monticello if it was online today, is the performance of the product such and the market -- kind of the share gain such that you'd be able to kind of be sold out? Or I'm just trying to understand like if single-family starts continues to be kind of tepid and Monticello comes online, is the demand for the product such that you're just going to sell it out anyways? Or would the ramp be slower? Or just how should we think about that in the context of sort of different levels of single-family demand?

知道了。知道了。那很有幫助。然後，我們換個話題來談談 EWP 和 Monticello——考慮到單戶住宅建設的疲軟，如果 Monticello 今天就投入運營，並且擁有所有產能，那麼該產品的性能和市場份額的增長是否足以讓產品售罄？或者我只是想了解一下，如果獨棟住宅的開工量持續低迷，而蒙蒂塞洛項目又投入運營，那麼市場對這類產品的需求是否足以讓它們全部售罄？或者斜坡速度會更慢？或者，我們該如何從不同層次的獨棟住宅需求的角度來思考這個問題呢？

Yes. I think a couple of things to keep in mind with respect to timber strand specifically. Number one, we do think we can take market share from other products with the TimberStrand product line. It's got a cost structure and a performance structure that we think we can effectively go out and take market share from other products, whether that's lumber or other EWP products.

是的。關於木材鋼捲，我認為有幾點需要特別注意。首先，我們認為憑藉 TimberStrand 產品線可以從其他產品手中奪取市場份額。它的成本結構和性能結構，我們認為可以有效地從其他產品（無論是木材還是其他工程木製品）手中奪取市場份額。

Second, it is a pretty broad end-use opportunity, whether you're talking about single-family, multifamily, I think there's opportunities in commercial, in mass timber. So it's got a pretty broad set of opportunities beyond single-family. And so we're feeling very optimistic about this mill coming online and our ability to sell it out relatively quickly.

其次，它的最終用途非常廣泛，無論是單戶住宅、多戶住宅，我認為在商業領域、大宗木材領域也存在著機會。因此，除了獨棟住宅之外，它還提供了相當廣泛的機會。因此，我們對這家工廠的投產以及我們能夠相對快速地售罄產品感到非常樂觀。

Now obviously, when you're starting up a new mill, it's not going to come out of the box on day 1 at 10 million cubes, right? It takes a little time to ramp these up. But we've got a sales and marketing plan in place to be able to go out there and move this product. And it is, as we've mentioned previously, one of the top products in our suite of EWP products. So we're encouraged and excited about it. And even if we are in this kind of housing market, we feel good about our ability to move it.

顯然，當你啟動一台新磨機時，它不可能在第一天就達到 1000 萬立方米的產量，對吧？這些需要一些時間來逐步完善。但我們已經制定了銷售和行銷計劃，以便能夠走出去，把這款產品推向市場。正如我們之前提到的，它是我們EWP產品系列中的頂級產品之一。所以，我們對此感到鼓舞和興奮。即使我們身處這樣的房地產市場，我們仍然對自己的銷售能力充滿信心。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

So David, Devin and Andy, I guess the first question I had, you did a real nice job in the South on mix from what we were looking for. You had mentioned a lot of things that you were sort of challenged by. We had heard log decks were pretty full and the like, and yet you had nice mix. You were up. A lot of that you said was from fiber log sales in the quarter. I was wondering what else contributed to the mix benefits? I know you mentioned exports to India and why that doesn't continue into the first quarter? Because it sounds like mix will be down even though you're going to be selling a bit more on the side of fiber logs. Is it just that exports will dissipate sequentially into 1Q? And what are the risks to the upside on that front? And then I had a follow-on.

所以，David、Devin 和 Andy，我想我的第一個問題是，你們在南方混音方面做得非常好，完全符合我們的預期。你提到了很多讓你感到棘手的問題。我們聽說原木甲板上人很多之類的，但你們那裡的住宿條件很好。你醒著。你提到的數據很多都來自本季的纖維原木銷售。我想知道還有哪些因素促成了這種混合模式的優勢？我知道您提到了對印度的出口，以及為什麼這種出口在第一季沒有持續成長？因為聽起來混合木材的銷售量會下降，即使纖維木材的銷售量會略有成長。出口量是否會在第一季逐步減少？那麼，從這個角度來看，上漲方面有哪些風險呢？然後我還有後續問題。

Yes. I mean the answer to your initial question is really just we have the scale and diversity of customers to be able to operate through a whole variety of different markets. And that's really what we've been doing here over the last several quarters where you've seen some headwinds, largely related to end markets in lumber and OSB.

是的。我的意思是，對於你最初的問題，答案其實很簡單：我們有足夠的規模和多元化的客戶群，能夠在各種不同的市場中開展業務。而這正是我們在過去幾季一直在做的事情，期間我們遇到了一些不利因素，主要與木材和定向刨花板的終端市場有關。

But as we think about Q1 and the mix, I mean, to a degree, these are all around the margins, right? And so in any particular quarter, your harvest plans might have a little bit more big logs versus small logs or vice versa. You may have a little bit more thinning activity in the mix. And so really in the South, the Q1 is -- we just have a little bit more thinning activity. So there's just a little bit more pulpwood in the mix. I don't think there's any sort of material change in how we're operating the business. You see those sort of minor fluctuations quarter-over-quarter, and that's really just a reflection of that.

但當我們考慮第一季和各種因素時，我的意思是，在某種程度上，這些都只是邊緣問題，對吧？因此，在任何特定的季度，你的收割計劃可能會有大原木多一些，小原木少一些，反之亦然。你的植株中可能還會出現一些稀疏的情況。所以實際上在南方，第一季的情況是——我們只是進行了一些疏伐活動。所以混合物中紙漿木材的比例稍微高了一點。我認為我們的業務運作方式不會發生任何實質的變化。你會看到季度間出現這種小幅波動，而這其實只是這種波動的反映。

In terms of India export program, we're really excited about how that's going. In any particular quarter, just depending on how the shipping schedule plays out, you might have one break-bulk ship versus two or vice versa. And so that's really just the mix story is nothing material. It's just kind of those minor differences you see quarter time to time.

就印度出口計畫而言，我們對目前的進展感到非常興奮。在任何一個季度，根據航運計劃的安排，你可能會有一艘散裝貨船，也可能有兩艘，反之亦然。所以，這其實只是個混音故事，並沒有什麼實質的內容。就是那種你每隔一段時間就能看到的細微差別。

And then a follow-on question in EWP, we're seeing at least some pickup in dimensional lumber markets. Again, as was discussed earlier, a lot of that at this juncture is probably more supply than demand driven. But nonetheless, prices are heading higher. We'll see what happens, but it sounds like construction markets will be stable or better this year.

然後，關於工程木製品（EWP）的後續問題，我們看到規格材市場至少出現了一些回溫。如同之前討論過的，目前很多事情可能更多是供給驅動而非需求驅動。但即便如此，價格仍將持續上漲。我們拭目以待，但聽起來今年的建築市場將會保持穩定或更好。

And just wondering why we're not seeing that yet show up in EWP pricing and it's not significant. You didn't say it would be down a lot, but you're signaling a modest decline in EWP pricing sequentially into 1Q. And just wondering how you see that market in terms of supply-demand, competition, mix this year and in particular, what's driving 1Q?

我只是好奇為什麼我們還沒有在 EWP 定價中看到這一點，而且這並不重要。你沒有說價格會大幅下降，但你的訊號表明，EWP 的價格在第一季將出現小幅下滑。我想了解您如何看待今年的市場供需、競爭、產品組合，特別是第一季的主要驅動因素是什麼？

Yes. I mean, as you know, George, it's really all about what's going on in single-family. That's the primary driver for EWP. And we have seen 2025 was the fourth down year in a row in terms of housing starts. And so that just puts some pressure on EWP. Unlike OSB and lumber, you just haven't really seen mill shutdowns or the level of curtailments that you've seen in some of those other product lines. So on the demand side, we're expecting -- our base case is that housing is going to be up slightly in 2026 relative to 2025.

是的。我的意思是，喬治，你知道，這一切其實都與獨棟家庭的情況有關。這是EWP的主要驅動力。我們看到，2025 年是房屋開工量連續第四年下降。因此，這無疑給EWP帶來了一些壓力。與定向刨花板和木材不同，你還沒有真正看到工廠停工或像其他一些產品線那樣大幅減產。因此，在需求方面，我們預計——我們的基本預測是，2026 年的住房需求將比 2025 年略有增加。

And look, perhaps if we could see even more downward pressure on mortgage rates, perhaps there's even some upside. So that's just kind of where we are. And in an environment where housing has been going down for four years in a row, that puts a little bit of pressure on the EWP.

而且，或許如果我們能看到房貸利率面臨更大的下行壓力，或許還會出現一些上漲空間。這就是我們目前的處境。在房屋價格連續四年下跌的環境下，這給就業保障計畫帶來了一些壓力。

But that being said, I think when you look at our performance relative to others, our realizations have held up better than others, and we're out there really trying to take advantage of the moment and pick up market share and really deliver value to our customers. And markets go up and down with housing, and you just got to be able to navigate both the highs and the lows, and that's what we're doing. So we're still feeling very good about the EWP business. The team is doing a great job, service model, product quality. We're going to be rolling out some new products at the Builders Show. So we're excited about the opportunities in that business.

但話雖如此，我認為，從我們與其他公司相比的表現來看，我們的業績比其他公司要好，我們正在努力抓住時機，爭取市場份額，真正為我們的客戶創造價值。房地產市場有漲有跌，你必須能夠應付市場的高峰和低谷，而這正是我們正在做的。所以我們仍然對EWP業務充滿信心。團隊工作出色，服務模式和產品品質都很好。我們將在建築商展上推出一些新產品。因此，我們對該業務領域的機會感到興奮。

Mark Weintraub, Seaport Research Partners.

馬克溫特勞布，海港研究夥伴公司。

Devin, lots of commentary on housing, single-family. Just curious, maybe a bit more in the way of detail what you're seeing in repair and remodel and what type of pull-through maybe you've already started to see and any indications that might suggest and what you're hearing from customers in terms of potential outlook for the year? Presumably, it's mostly important for your lumber business, but if this is important for anything else, maybe share that with us as well.

Devin，對住房，尤其是獨棟住宅，有很多評論。只是好奇，能否更詳細地介紹一下您在維修和改造方面看到的情況，以及您可能已經開始看到的拉入式改造項目類型，還有任何跡象表明可能存在問題，以及您從客戶那裡聽到的關於今年潛在前景的信息？想必這對您的木材業務最為重要，但如果它對其他方面也很重要，也請告訴我們。

Yes, you're right. It's primarily a lumber play from us, although, I mean, there's still some OSB takeaway out of that market. And increasingly, and still around the margins, but a growing piece, I think there's an opportunity with EWP into that market as well. But I'd say right now, I don't know that we've seen any sort of material pickup in activity on the ground today. Obviously, the weather issue that we just had across the South has not been helpful for construction activity.

是的，你說得對。我們主要從事木材業務，不過，我的意思是，這個市場仍然有一些定向刨花板（OSB）業務。而且，雖然目前仍處於邊緣地位，但市佔率正在不斷成長，我認為 EWP 也有機會進入這個市場。但就目前而言，我還沒有看到地面活動有任何實質的進展。顯然，南方地區剛經歷的天氣問題對建築活動造成了不利影響。

But I would say, in terms of outlook, our customers in the R&R channel are expecting to see some level of growth year-over-year, probably in the low single digits. But certainly, that's an improvement over what we've seen over the last couple of years.

但就前景而言，我認為我們在維修和翻新管道的客戶預計會看到一定程度的同比增長，可能在個位數低點。但可以肯定的是，這比過去幾年我們看到的情況要好得多。

Okay. And I recognize it's a tough question, but what type of single-family starts or housing starts level do you think are required in the different businesses to sort of sustain balance in the markets for the course of the year at this point, keeping -- taking into account some of the mill closures that you've been seeing kind of begin to add up.

好的。我知道這是一個棘手的問題，但您認為在目前這個階段，為了維持市場平衡，各個行業需要達到怎樣的單戶住宅或住房開工量，同時還要考慮到您已經看到的一些工廠關閉的影響。

Yes. I mean I don't think we're really that far off in lumber. We've certainly seen a whole lot of mills closing down over the last several years. It doesn't feel like we're really all that far out of balance from a lumber standpoint.

是的。我的意思是，我覺得我們在木材方面其實離目標並不遙遠。過去幾年裡，我們確實看到了許多工廠倒閉。從木材供應的角度來看，我們似乎並沒有嚴重失衡。

And I think from an OSB standpoint, we're probably not that far off there either. Obviously, one of our competitors announced a pretty large closure that's going to be taking effect in March. So we're probably not that far away in OSB either. EWP is a little different. You just haven't really seen any sort of meaningful curtailments or closures there. So when we think about housing starts, I mean, not that it's not relevant, of course, it is, but it's really what housing starts do we need relative to the supply that's available in the system. And those two things do balance out. Sometimes it's a painful period to get there.

而且我認為從定向刨花板（OSB）的角度來看，我們可能也離目標不遠了。顯然，我們的一個競爭對手宣布了一項相當大的停工計劃，將於三月生效。所以，我們在OSB（定向刨花板）方面可能也差不了多少。EWP的情況略有不同。你還沒有真正看到那裡出現任何有意義的限製或關閉措施。所以當我們考慮房屋開工量時，我的意思是，當然，這並不是說它不重要，它當然重要，但真正的問題是，相對於系統中現有的供應量，我們需要多少房屋開工量。這兩件事確實可以互相抵消。有時，達到目標的過程會很痛。

But what I would say, Mark, is the silver lining here is, at some point, we're going to see an improvement in housing activity. I really do believe that fundamentally. And as the overall supply base has worked its way down to be more appropriate for a 1.3-ish million housing starts scenario, as the housing demand picks up, you do typically have a run on the other side where demand gets a little bit stretched as that -- the overall housing activity picks up. So at some point, we'll hit that, and we should have a nice run in both lumber and OSB.

但我想說的是，馬克，這件事的積極一面是，在某個時候，我們會看到住房活動有所改善。我從根本上確實相信這一點。隨著整體供應基礎逐漸下降，更適合 130 萬套左右的房屋開工量，隨著住房需求的回升，通常會出現另一側的需求略微緊張的情況——因為整體住房活動正在回升。所以總有一天我們會達到那個水平，屆時木材和定向刨花板（OSB）市場都會迎來不錯的成長。

Great. And maybe one -- a little bit off the beaten track, but -- so Potlatch and Rayonier closes today. Have you guys given thought as to kind of any implications and maybe there's not much, but that you think having them as competitor instead of two -- just two timber REITs out there instead of three? Any thoughts that you've been having about that?

偉大的。也許還有一家——有點偏離常規路線，但是——波特拉奇和雷尼爾今天關門了。你們有沒有考慮過這會帶來哪些影響？也許影響不大，但你們覺得如果市場上只有兩家木材 REIT 而不是三家，會有什麼影響嗎？你對此有什麼想法嗎？

Yes. I mean I can't see any sort of meaningful impact to us. We competed with them individually. We'll compete against them collectively. It's not really going to make a whole lot of difference in the marketplace with our customers. So I don't think it's going to have any sort of meaningful impact to us.

是的。我的意思是，我看不出這會對我們產生任​​何實質的影響。我們與他們進行了一對一的比賽。我們將聯合起來與他們競爭。這其實不會對我們的客戶在市場上造成太大影響。所以我覺得這不會對我們產生任​​何實質的影響。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

I wanted to go back to the Investor Day targets. If we were to just kind of home in on the next 12 or 24 months, can you talk about maybe a few of the main areas that you expect could be kind of more meaningful contributors? And any sense of kind of guideposts and thinking about how much of that $1 billion you might expect over that time frame?

我想回顧一下投資者日的目標。如果我們把重點放在未來 12 或 24 個月上，您能否談談您認為哪些主要領域可能會做出更有意義的貢獻？是否有任何指導原則，以及考慮在那個時間範圍內你可能會得到多少10億美元？

Yes. You bet, Kurt. I mean, as we think about those targets, really, I'd have you look back at the growth in our Climate Solutions business over the last several years, right? It's not necessarily going to be linear, especially in the early portions of this growth. We got a lot of work done over the course of 2025. Of course, we laid out our targets publicly at the end of the year. But really over the course of 2025, we did a tremendous amount of work laying the groundwork, building out the project plans, identifying resources to go after these initiatives in a thoughtful and detailed aggressive way through 2030.

是的。當然，庫爾特。我的意思是，當我們考慮這些目標時，我建議你們回顧一下過去幾年我們氣候解決方案業務的成長情況，對吧？這不一定會是線性的，尤其是在成長的早期階段。我們在2025年完成了許多工作。當然，我們在年底公開公佈了我們的目標。但實際上，在 2025 年，我們做了大量工作來奠定基礎，制定專案計劃，確定資源，以便以深思熟慮、細緻周密的方式積極推進這些舉措，直至 2030 年。

So as we think about the larger buckets, we've already made some progress towards some of those growth areas, thinking about going back to the Climate Solutions space. That's an area that we demonstrated progress on from our 2024 baseline to 2025, growing that from $84 million to $119 million the growth that we've done with the timberlands optimization, that's going to contribute.

所以，當我們考慮更大的領域時，我們已經在一些成長領域取得了一些進展，例如考慮重返氣候解決方案領域。在這一領域，我們已證明從 2024 年的基準到 2025 年取得了進展，從 8,400 萬美元增長到 1.19 億美元，我們在林地優化方面取得的成長將有所貢獻。

Some of the other buckets, thinking about TimberStrand, some of the biocarbon initiatives, those are going to be a little bit more chunky as those facilities come online later into it. So again, I think it's not something we can necessarily give you granular guidance, but we're really pleased with the progress that we've made to date. We'll continue to report out on our progress as we progress through 2030.

其他一些項目，例如 TimberStrand 和一些生物碳項目，隨著這些設施稍後投入運營，這些項目將會變得更加龐大。所以，我認為我們不一定能給你詳細的指導，但我們對迄今為止的進展感到非常滿意。我們將繼續報告我們在2030年之前的進展。

Got it. Okay. That's helpful. And then on the acquisition and divestiture front, I guess, net of the deals that you did in 2025, with what you've added, is that expected to be like a net positive in terms of timberlands profitability in 2026? And then kind of looking at the Virginia transaction specifically, how would you have us think about what that property was doing from kind of an EBITDA or cash flow perspective?

知道了。好的。那很有幫助。那麼在收購和剝離方面，我想，扣除您在 2025 年完成的交易以及您新增的業務，預計 2026 年林地盈利能力將實現淨正增長嗎？那麼，具體來看維吉尼亞州的交易，從 EBITDA 或現金流的角度來看，您會如何看待該物業的營運情況？

Yes. Yes, sure, Kurt. I guess, first of all, just on the broader timberlands portfolio optimization, obviously, a lot of that can get lost in the noise of market dynamics with things being a little bit more challenging, particularly with Western log pricing over the past period of time. So it can be a little bit challenging to see that in the results at times.

是的。當然可以，庫爾特。首先，就更廣泛的林地投資組合優化而言，顯然，許多因素可能會被市場動態的噪音所掩蓋，而且情況也更具挑戰性，尤其是在過去一段時間裡，西部原木價格的波動。所以有時候很難從結果中看出這一點。

But really, I'd point you back to the materials that we presented at Investor Day. We showed that the portfolio optimization work going back to 2020 is going to drive $60 million on average of incremental cash flow in the timber space. So you got to slice and dice that a little bit to think about the '24 period onward in terms of the growth target, but very pleased at that. And absolutely, the activity that we did over the course of 2025 is going to be net positive to our cash flow generation capabilities. The Virginia properties, in particular, I don't know that we're going to get into specifics on the EBITDA levels there.

但實際上，我建議您回顧我們在投資者日上展示的資料。我們已經證明，自 2020 年以來開展的投資組合優化工作將平均為木材行業帶來 6000 萬美元的增量現金流。所以，你需要對這些數據進行一些分析和分析，才能從 2024 年及以後的成長目標的角度來思考這個問題，但我對此非常滿意。毫無疑問，我們在 2025 年所進行的活動將對我們的現金流產生能力產生淨正面影響。特別是弗吉尼亞州的房產，我不知道我們是否會深入探討那裡的 EBITDA 水平。

But any time we're thinking about the candidate for divestitures, we're looking to continue our journey to improve the overall cash flow generation capabilities of the portfolio. So while these were high-quality assets in the broader market, great interest from other parties, they were certainly below average for our portfolio in terms of cash flow per acre, harvest tons per acre without significant integration. So not something that we anticipate having a meaningful impact on our timberlands EBITDA generation.

但每當我們考慮剝離哪些資產時，我們都希望繼續努力提高投資組合的整體現金流量產生能力。因此，雖然這些資產在更廣泛的市場中是高品質的，也引起了其他各方的極大興趣，但就每英畝現金流和每英畝收穫噸數而言，它們在我們投資組合中肯定低於平均水平，而且沒有進行大量的整合。因此，我們預計這不會對我們的林地 EBITDA 產生實質影響。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Maybe a couple of questions on capital allocation, Devin or David. Leverage climbed to 5 times this quarter, and it looks like it could move higher depending on what happens to lumber OSB prices in the coming quarters. Curious kind of where is your comfort level as we move through 2026? I know kind of having an investment-grade rating is very important for Weyerhaeuser. But I'm just curious kind of where is your comfort level so far as net leverage is concerned.

Devin 或 David，或許可以問幾個關於資本配置的問題。本季槓桿率攀升至 5 倍，而且看起來未來幾個季度，隨著定向刨花板 (OSB) 價格的走勢，槓桿率可能會進一步上升。很好奇，隨著我們邁入2026年，您的舒適度會達到什麼程度？我知道對於威好公司來說，擁有投資等級信用評級非常重要。但我很好奇，就淨槓桿而言，你目前的舒適度如何？

Yes. Look, Ketan, I would say a couple of things on the leverage topic. As we think about capital allocation, there's a couple of foundational elements. You mentioned the investment-grade credit rating, and that's foundational of holding the base dividend, that is foundational, so yes, we have tracked higher from a leverage perspective.

是的。聽著，凱坦，關於槓桿這個話題，我有幾點要說。當我們考慮資本配置時，有幾個基本要素。您提到了投資等級信用評級，這是維持基本股利的基礎，這是根本，所以是的，從槓桿率的角度來看，我們的績效有所提升。

But as you know, again, that 3.5 times net leverage target that we have is a mid-cycle number. And so certainly, we would like to see our leverage number lower today. But just as we saw a couple of years ago when markets were really strong and we were hovering around 1x leverage, that's not necessarily something that's going to persist. I think you have to look at the commodity pricing environment and the impact that's having on the EBITDA portion of the net debt-to-EBITDA calculation.

但如您所知，我們設定的 3.5 倍淨槓桿目標是一個週期中期的數字。所以，我們當然希望今天的槓桿率能夠下降。但正如我們幾年前看到的那樣，當時市場非常強勁，槓桿率徘徊在 1 倍左右，這種情況不一定會持續下去。我認為你必須考慮大宗商品定價環境及其對淨債務與 EBITDA 比率計算中 EBITDA 部分的影響。

And I also think I'd point out a couple of things in terms of context on the work we've done on our balance sheet over the last several years. We paid down a significant amount of debt. If you go back to 2019 and compare our interest expense, we reduced our annual interest expense by $100 million during that time period. We've optimized our portfolio. So notwithstanding the current state with the denominator in that net debt-to-EBITDA calculation, we feel really good about the strength of our balance sheet and the work we've done to strengthen that. So we have a tremendous amount of flexibility as we think about the balance sheet moving forward.

此外，我還想就我們過去幾年在資產負債表方面所做的工作，指出幾點背景資訊。我們償還了相當一部分債務。如果回顧 2019 年並比較我們的利息支出，我們會發現，在那段時間裡，我們的年度利息支出減少了 1 億美元。我們優化了投資組合。儘管目前淨債務與 EBITDA 比率的分母存在問題，但我們對資產負債表的穩健性以及我們為加強資產負債表所做的工作感到非常滿意。因此，我們在考慮未來的資產負債表時擁有極大的靈活性。

And I'd even say, I mean, this is working exactly as we would have expected. When you tell me that -- you would have told me that at peak pricing, we'd be at 1 and at trough pricing, we'd be at 5, and we kind of bounced around in between over the course of the interim. I would say that's pretty much exactly how we would expect this to work.

我什至可以說，這完全符合我們的預期。當你告訴我——你會告訴我，在價格高峰期，我們的價格會是 1，在價格低谷期，我們會是 5，而在這段時間內，我們會在兩者之間波動。我認為這基本上就是我們預期的運作方式。

Got it. Okay. No, that's helpful. And then just one other question. Given sort of the disparity between public and private market values in timberlands, would you be open to doing more divestitures in addition to kind of the one that you are doing in Virginia out if the right opportunity presented?

知道了。好的。不，這很有幫助。最後一個問題。鑑於林地公共市場和私人市場價值之間存在一定差距，如果出現合適的機會，您是否願意在維吉尼亞州進行現有資產剝離之外，進行更多資產剝離？

Yes, absolutely. I mean, Ketan, we're going to do anything that we think drives long-term shareholder value. I think we've shown we've been open to divesting portions of our portfolio. The activity that we do in our real estate business also capitalizes on the value that we can unlock in our portfolio. So absolutely, we'd be open to anything that's ultimately going to drive value. I think that's something that we've demonstrated. We can be adding value any time we transact on our portfolio, whether that's on the buy or the sell side. So we'll continue to look for opportunities to optimize our portfolio.

是的，絕對的。我的意思是，凱坦，我們會做任何我們認為能夠提升股東長期價值的事情。我認為我們已經表明，我們願意剝離部分投資組合。我們在房地產業務中所進行的活動，也充分利用了投資組合中可以釋放的價值。所以，只要最終能創造價值，我們當然都持開放態度。我認為我們已經證明了這一點。無論買入或賣出，我們每次進行投資組合交易都能創造價值。因此，我們將繼續尋找優化投資組合的機會。

In the near term, though, would you say that you would be more of a net seller versus a net buyer or not necessarily?

但就短期而言，您認為自己會更傾向於做淨賣方還是淨買方呢？

Again, I think we're going to look at all the opportunities that are available. So we're going to look to optimize shareholder value for the long term. And so we'll look to be active in that portfolio any time that it makes sense to transact on our portfolio.

我認為我們還是要考慮所有可利用的機會。因此，我們將著眼於實現股東價值的長期最大化。因此，只要對我們的投資組合進行交易是合理的，我們就會積極參與其中。

Matthew McKellar, RBC Capital Markets.

Matthew McKellar，加拿大皇家銀行資本市場。

First, you talked about upside potential in Western sawlog markets if lumber prices pick up. Could you help us just give us a sense of what kind of increase in prices or sawmill demand, however you'd like to frame it, that you'd need to see to create real tension and price momentum there?

首先，您談到如果木材價格上漲，西部鋸材市場將有上漲潛力。您能否幫我們大致了解一下，您需要看到價格或鋸木廠需求（無論您如何表達）增長到什麼程度，才能真正造成市場緊張局勢和價格上漲勢頭？

And then from the supply side, it seems like a bit of a marginal change, but will you expect the expansion of buffer zones around the non-fish-bearing streams in Western Washington later this year to have an impact on log markets there in the West?

從供應方面來看，這似乎只是一個微小的變化，但您是否預計今年稍後華盛頓州西部無魚溪流周圍緩衝區的擴大會對西部的原木市場產生影響？

Yes. On your first question, the markets are fundamentally tension in the West. And what we've seen from a Western log pricing is really just a reflection of really weak lumber pricing. And you'll see periods of time where buyers will purchase logs at prices that put them under water, but they just can't do that for extended periods of time. So you typically see a pretty strong log price reaction as you see lumber prices move up. Now there may be a month or two-month lag in that catch-up. But if you continue to see lumber prices move up in the West, we've seen a bit of that here recently, you'll see log prices follow along shortly thereafter.

是的。關於你的第一個問題，市場從根本上來說就是西方的緊張局勢。我們從西部原木價格看到的，其實只是木材價格疲軟的體現。你會看到一些時期，買家會以低於成本的價格購買原木，但他們不可能長時間這樣做。因此，當木材價格上漲時，你通常會看到原木價格出現相當強烈的反應。現在，這種追趕可能需要一到兩個月的時間。但是，如果西部地區的木材價格繼續上漲（我們最近在這裡就看到了一些這種情況），那麼原木價格很快就會隨之上漲。

With respect to your second question, that relates to some regulatory changes happening in Washington state. Look, as with almost all regulations in Washington or Oregon or really any environment where we operate, we have the scale and expertise to navigate those pretty well. So I wouldn't expect that to have a meaningful impact on us. It may to others, particularly smaller landowners. There were some, I would say, flaws in the rule-making process to bring that forward, which is why there are several lawsuits underway. So it's not even entirely clear to me that those rules will ultimately come to fruition. But if they do, we'll manage through it, and it shouldn't be too impactful to us.

關於你的第二個問題，這與華盛頓州正在發生的一些監管變化有關。你看，就像華盛頓州、俄勒岡州或我們運營的任何環境中的幾乎所有法規一樣，我們有足夠的規模和專業知識來很好地應對這些法規。所以我認為這件事不會對我們產生實質的影響。對其他人來說可能如此，尤其是對小地主而言。我認為，在製定相關規則的過程中存在一些缺陷，這也是為什麼目前有幾起訴訟正在進行的原因。所以，我甚至都不完全確定這些規則最終能否實現。但即便如此，我們也能應對，對我們不會造成太大影響。

Great. That's very helpful. And then just quickly, you mentioned elevated log inventories at mills in the South. Can you maybe just give us a sense of how those inventories would compare to where they'd normally be this time of year?

偉大的。那很有幫助。然後，您剛才快速提到了南方鋸木廠原木庫存量偏高。您能否大致介紹一下，這些庫存量與往年同期相比情況如何？

Yes. I mean when we say that, we're talking about if a mill typically carries seven or eight days of inventory and maybe they're carrying 8, 9, 10. So you can -- in the South, it's not like in Canada where they're carrying really, really large log decks. You can work through these pretty quickly if you have either a weather event that limits log supply into the system or if you see a pickup in lumber demand and people start running full and picking up overtime shifts. So you can move through that pretty quickly.

是的。我的意思是，當我們這麼說的時候，我們指的是如果一家工廠通常保持七到八天的庫存，而現在他們可能保持八天、九天、十天的庫存。所以你可以——在南方，情況不像在加拿大那樣，他們會運輸非常非常大的原木甲板。如果遇到天氣事件導致原木供應受限，或者木材需求增加，人們開始滿載運轉並加班加點，那麼這些問題就可以很快解決。所以你可以很快完成這個過程。

The impact in the near term is just if you're log decks full, you don't necessarily have to get too aggressive on pricing. You can take a little bit more risk around the margins. But again, that can reverse itself pretty quickly depending on circumstances.

短期影響就是，如果你的木材庫存充足，就不一定需要在定價方面採取太激進的策略。你可以稍微增加一些風險。但同樣，這種情況可能會根據情況很快逆轉。

Hong Zhang, J.P. Morgan.

張宏，J.P.摩根大通。

I guess two questions for me. Number one, how are you thinking about the pace of share buyback activity given the recent rally in the stock? And for my second question, it's encouraging that export shipments are resuming in China. Do you expect export volumes to, I guess, normalize sometime this year? Or is that more of an outer year thing?

我想問兩個問題。首先，鑑於近期股價上漲，您如何看待股票回購活動的步伐？至於我的第二個問題，令人鼓舞的是，中國的出口運輸正在恢復。您預計出口量會在今年某個時候恢復正常嗎？或者說，這比較是指外年的事情？

Yes. Maybe I'll take the export question and David can hit the share repo question. On the export piece, I do expect that to ramp up a bit over the course of the year, but I do not expect it to get back to where it was a handful of years ago. That's just really a reflection of the lower real estate activity that we're seeing in China until that picks up. I don't know that you're necessarily going to see the ramp back up to kind of those more teens -- 200 teens levels of China log demand. But nevertheless, super excited about getting that program ramped up. Any option for log customers is great for us, and that will be helpful for our Western system.

是的。或許我可以回答匯出問題，而 David 可以回答共享儲存庫的問題。至於出口方面，我預計今年會略有成長，但我不認為它會恢復到幾年前的水平。這其實反映了目前中國房地產市場活動較低迷的現狀，這種情況會持續到市場回升為止。我不確定中國原木需求是否一定會恢復到約 200 噸的水平。不過，我仍然非常興奮能夠啟動這個計畫。任何對原木用戶有利的選擇對我們來說都是好事，這對我們的西部系統將有所幫助。

Yes. And then with respect to share repurchase, look, we've said that's a useful tool in the right circumstance to return cash to shareholders. We have a framework that we've used consistently to evaluate capital allocation decisions. Obviously, the factors that go into that, the math is dynamic, but the process is consistent. We've been very active over the course of 2025 in our share repurchase activity, completed $160 million. That was our highest annual level in a few years, closed out the prior $1 billion authorization, announced the new one. So yes, at recent trading ranges, we continue to view that as a very attractive lever. But of course, we're going to continue to weigh all the opportunities available, not just share repurchase. And so that includes maintaining the focus on ensuring we've got a strong balance sheet, capacity for future growth opportunities. So as always, we'll continue to look to allocate our cash in a way that creates the most value for shareholders.

是的。至於股票回購，我們說過，在適當的條件下，股票回購是向股東返還現金的有效工具。我們有一套一直用於評估資本配置決策的架構。顯然，影響因素很多，數學計算是動態的，但過程是一致的。2025 年，我們積極進行股票回購活動，完成了 1.6 億美元的回購。這是幾年來我們最高的年度撥款水平，結束了之前的 10 億美元授權，並宣布了新的授權。所以，是的，在最近的交易區間內，我們仍然認為這是一個非常有吸引力的槓桿。當然，我們會繼續權衡所有可行的機會，而不僅僅是股票回購。因此，這包括繼續專注於確保我們擁有強勁的資產負債表，以及應對未來成長機會的能力。因此，我們將一如既往地繼續尋求以能為股東創造最大價值的方式配置我們的現金。

And I hope the weather treats you better over there than it's going to treat us over here.

我希望你們那邊的天氣比我們這邊好。

Alright. We hope that too.

好吧。我們也希望如此。

Michael Roxland, Truist Securities.

Michael Roxland，Truist Securities。

This is Nico Piccini on for Mike. Just starting off, the 1Q Timberlands EBITDA guide seems maybe a little light relative to history. I think there's usually a bump up from 4Q to 1Q. We've had some commentary so far, but I guess how does that reconcile with the comments that regional log markets are kind of trending more towards balanced supply/demand even if you have some inventory out of whack?

這裡是尼可‧皮奇尼替麥克報道。剛開始，Timberlands 的第一季 EBITDA 預期似乎與歷史數據相比略顯疲軟。我認為通常情況下，第四季到第一季之間會有成長。目前我們已經收到了一些評論，但我想，這如何與以下評論相吻合？即即使庫存有些失衡，區域原木市場也朝著供需平衡的方向發展。

Yes. So the way I would frame that up for you is -- when you look at Q4 and Q1 to date, we've just seen largely because of what's happened in the lumber market, we've seen pretty soft log prices. And so to some degree, last year, we kind of saw that trending that direction. And so we pulled a little bit more volume into the summer months so that we could take advantage of higher pricing. And so what you saw is volume coming off in Q4 as well. As we've trended into Q1, when we entered Q1, and so for January and to date, log prices are still softer than we would like. And so you look at our Q1 volume in Western Timberlands it's down relative to what you'd normally see in Q1.

是的。所以我的解釋是——當你回顧第四季和第一季至今的情況時，我們主要看到，由於木材市場的情況，原木價格相當疲軟。因此，在某種程度上，去年我們看到了這種趨勢。因此，我們將更多的銷量轉移到了夏季月份，以便利用更高的價格。因此，您看到的是第四季度銷量也有所下降。從我們進入第一季開始，到一月份以及至今，原木價格仍然低於我們的預期。因此，您可以查看我們西部木材公司第一季的銷量，它相對於通常第一季的銷量有所下降。

Now we still have comparable volumes across the year. And so we're going to spread that out as the year progresses when we expect to see pricing a little higher. So quarter-to-quarter, you might have these little fluctuations in volume depending on what's going on in the market. But our primary goal, obviously, is to maximize profitability across the year. And so that's really the context around Q1 as we pulled a little bit of volume back, primarily because January and early February, we think pricing is going to improve as we get deeper into the spring and the building season. So we're going to put a little bit more log volume into the market when pricing is better.

現在我們全年的銷量仍然保持相近水準。因此，隨著今年的推進，我們預計價格會略有上漲，屆時我們將逐步推出這些產品。因此，季度之間的交易量可能會出現一些小波動，這取決於市場的情況。但很顯然，我們的首要目標還是要達到全年獲利最大化。所以這就是第一季的背景，我們稍微減少了一些銷量，主要是因為我們認為隨著春季的深入和建築旺季的到來，一月份和二月初的價格將會好轉。所以，當價格更好的時候，我們會增加一些原木投放市場。

Got it. That makes sense. And then just following up, in your base CapEx target of $400 million to $450 million, excluding Monticello, what are some of the key projects there that you're looking to complete in 2026?

知道了。這很有道理。那麼，在您設定的 4 億至 4.5 億美元的基本資本支出目標中（不包括蒙蒂塞洛），您計劃在 2026 年完成哪些關鍵項目？

Yes, you bet. So yes, we did guide the $400 million to $450 million. That is in line with the guidance that we provided back in December at our Investor Day. Really thinking about it, it's the typical suite of projects. On the timberland side, that's reforestation, silviculture, roads, bridges, those kind of things.

當然。所以，是的，我們確實將 4 億美元控制在了 4.5 億美元以內。這與我們去年 12 月在投資者日上提供的指導意見一致。仔細想想，這其實就是典型的專案套件。在林地方面，包括重新造林、林業、道路、橋樑等等。

On the wood products side, it's thinking about the projects that we've successfully completed in some of our lumber mills, replicating those elsewhere, really with a focus on reducing cost, improving recovery, improving reliability. So really more of the same in terms of the themes that we've been working on in our CapEx program over the last several years.

在木製品方面，我們正在思考一些木材廠成功完成的項目，並在其他地方複製這些項目，真正專注於降低成本、提高回收率和提高可靠性。所以，就我們過去幾年在資本支出計畫中一直在研究的主題而言，實際上並沒有太大變化。

Got it. No one particular big project to call out or anything outside Monticello?

知道了。有沒有特別值得一提的大項目，或是蒙蒂塞洛以外的其他項目？

No. That's right.

不。這是正確的。

We have reached the end of the question-and-answer session. I would now like to turn the floor back over to Devin Stockfish for closing comments.

問答環節到此結束。現在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, thanks, everyone, for joining us this morning, and thank you for your continued interest in Weyerhaeuser. Have a great day.

好的。感謝各位今天早上收看我們的節目，也感謝大家一直以來對威好公司的關注。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。