Summary of Jacobs Solutions Conference Call - September 25, 2025 Industry Overview - The conference focused on water and land efficiency, addressing challenges related to climate change, resource security, and environmental impacts [1][2] - Key participants included representatives from Jacobs Solutions Inc., Water Asset Management, and Weyerhaeuser, highlighting the interconnectedness of water and land management [1][2] Jacobs Solutions Inc. Insights - Jacobs adopts a "one-water" approach, emphasizing the value of all water and managing it through the complete asset lifecycle from planning to operations [3][4] - Major demand drivers for Jacobs include climate change effects leading to both water scarcity and excess, as well as water quality issues [4] - Jacobs is focused on digital solutions to enhance operational efficiency in water and wastewater management [4][32] Weyerhaeuser's Approach - Weyerhaeuser integrates sustainable forestry practices with land stewardship, emphasizing the connection between forests and water quality [5][6] - The company uses KPIs such as riparian buffer sizes to measure water quality protection efforts [8] - Weyerhaeuser has invested in high-yield forestry to increase productivity and adapt to climate conditions, ensuring sustainable wood supply [15][16] Investment Perspectives - Water Asset Management focuses on global listed water-related equities and water resources, identifying significant value in U.S. water utility infrastructure [10][11] - The firm highlights the privatization of water utility systems as a growing opportunity, with many governments recognizing the need for private sector expertise [11] - Investment strategies include acquiring farmland with senior water rights and transitioning to less water-intensive crops, saving approximately 80% of water [12][25] Economic and Technological Innovations - Sustainable water and land management economics were discussed, with emphasis on long-term investments in green infrastructure [18][19] - Jacobs has developed technologies like Replica for watershed management and Intelligent O&M for efficient treatment plant operations [32][33] - Weyerhaeuser employs advanced analytics for monitoring forest conditions and adapting planting strategies to changing climates [27][29] Future Outlook - All participants expressed optimism for increased investment in water and land efficiency solutions over the next year [50][51][52] - The importance of regulatory frameworks in driving water supply reliability and investment was emphasized, alongside the potential of solar energy and data centers to create value from land [36][38] Key Takeaways - The interconnectedness of water and land management is critical for addressing climate change and resource efficiency [1][2] - Companies are leveraging technology and sustainable practices to enhance operational efficiency and environmental stewardship [32][36] - Investment opportunities in water-related assets are growing, with a focus on long-term sustainability and adaptation strategies [10][11][42]

Core Insights - Star Royalties Ltd. through its joint venture Green Star Royalties Ltd. has highlighted NativState LLC's strategic agreement with TotalEnergies for the acquisition of carbon credits from 13 Improved Forest Management projects in the southeastern United States [1][4] - The agreement involves a total of 247,000 acres across four U.S. states and includes over 280 private family forest landowners, promoting sustainable forestry practices and generating certified carbon credits [4] Company Overview - Star Royalties Ltd. is a precious metals and carbon credit royalty and streaming company, aiming to create wealth through accretive transactions that align with both counterparties and shareholders [7] - The company offers investors exposure to precious metals and carbon credit prices through its joint venture, Green Star Royalties Ltd., which has innovated the world's first carbon credit royalties [7] Strategic Developments - The long-duration off-take agreement ensures that all carbon credits generated will be certified by the American Carbon Registry, with TotalEnergies focusing on emission avoidance and reduction credits from 2030 onward [4] - TotalEnergies plans to invest US$100 million annually to build a portfolio capable of generating at least 5 million metric tons of CO2e carbon credits per year by 2030, aligning with its climate roadmap [4]

Core Viewpoint - Weyerhaeuser Company reported its second quarter 2025 financial results, with details available on its website and through the U.S. Securities and Exchange Commission [1] Financial Results - The company will hold a live conference call on July 25, 2025, at 7 a.m. Pacific (10 a.m. Eastern) to discuss the second quarter results [2] - Access to the live webcast and presentation will be available on the company's Investors section on the same date [2] Conference Call Information - For North American participants, the conference call can be joined by dialing 877-407-0792 with access code 13748397 [3] - International participants can join by dialing 201-689-8263 with the same access code [3] - Replays of the call will be available for two weeks through specific numbers for both North America and international callers [3] Company Overview - Weyerhaeuser is one of the largest private owners of timberlands, controlling approximately 10.4 million acres in the U.S. and additional public timberlands in Canada [4] - The company has been a leader in sustainability, managing all its timberlands on a fully sustainable basis [4] - In 2024, Weyerhaeuser generated $7.1 billion in net sales and employed around 9,400 people [4] - The company operates as a real estate investment trust and trades on the New York Stock Exchange under the symbol WY [4]

Financial Targets and Performance - The company aims to make disciplined investments of $1 billion from 2022 to 2025 in Timberlands growth[11] - The company targets to grow annual EBITDA to $100 million from Natural Climate Solutions[11], with $47 million achieved in 2023[60] - The company is committed to returning 75-80% of Adjusted Funds Available for Distribution (FAD) annually to shareholders[11] - The company increased its base dividend by >5% annually from 2022-2024[14] - The company targets to grow lumber production by 5% annually[11] Timberlands Portfolio - The company holds 10.5 million acres of timberlands in the U S and licenses 14 million acres in Canada[19] - The company invested approximately $775 million including acquisitions in Washington, Carolinas, Mississippi & Alabama[14] - The company's Western Timberlands Adjusted EBITDA accounts for 56% of the total, while the South accounts for 43%[31] Wood Products - The company is the 2nd largest lumber producer in North America with 19 lumber mills (5.5 BBF)[69] - The company is expanding Engineered Wood Products (EWP) capacity with a new TimberStrand facility, expecting $100+ million of annual Adjusted EBITDA at full capacity[73] - The company's wood residuals utilization rate is 98% to create other products or generate energy[92] Sustainability and Carbon - The company's forests store 10.2 million metric tons of CO2e in 2023[121] - The company removed 38 million metric tons of CO2e in 2023[121]

Group 1: Campaign Overview - The Fighting Fires Together campaign, now in its fourth year, aims to address the mental health challenges faced by wildland firefighters in high-stress environments [2][4] - The campaign provides a free online resource hub with content on PTSD, depression, anxiety, and suicide prevention, along with educational articles and support group contacts [2] Group 2: Company Background - Weyerhaeuser Company, a major private timberland owner, controls approximately 10.4 million acres of timberlands in the U.S. and has been a leader in sustainability for over a century [5] - In 2024, Weyerhaeuser generated $7.1 billion in net sales and employed around 9,400 people [5] Group 3: Historical Context - Weyerhaeuser's involvement in wildland firefighting began after the Yacolt Burn in 1902, advocating for fire legislation and community fire prevention education [3] - The company continues to invest in fire prevention and response through various operational strategies, including annual fire readiness training and deployment of quick-response crews [3][4] Group 4: Partner Organization - The Firefighter Behavioral Health Alliance (FBHA), founded in 2010, provides educational workshops focused on behavioral health issues and suicide prevention for firefighters and EMTs [6]

Core Points - The 2025 Dr. Sharon Haines Memorial Award for Innovation and Leadership in Sustainability was awarded to Jimmy Bullock for his contributions to sustainable forestry [1][2] - The award honors the legacy of Dr. Sharon Haines, a former leader in sustainability at International Paper, recognizing individuals who advance sustainable forestry practices [2][4] - Bullock has been instrumental in promoting conservation efforts and sustainable forest management, particularly through initiatives like the Wildlife Conservation Initiative [2][3] Company Overview - International Paper is a global leader in sustainable packaging solutions, headquartered in Memphis, Tennessee, with operations in over 30 countries and employing more than 65,000 people [8] - The company reported net sales of $18.6 billion for 2024 and acquired DS Smith in 2025, enhancing its position in the North American and EMEA markets [8] Industry Insights - The Sustainable Forestry Initiative (SFI) is an independent nonprofit organization focused on advancing sustainability through collaborations in forestry, conservation, and education [6][7] - SFI works with various stakeholders, including landowners, conservation groups, and governments, to address sustainability challenges such as climate action and biodiversity conservation [6][7]

Fundraising and Strategy - J.P. Morgan Asset Management announced the close of Campbell Global's Forest & Climate Solutions Fund II at $1.5 billion, exceeding its initial fundraising target of $1 billion [1] - The total capital raised, including separate account mandates, reached $2.3 billion [1] Investment Focus and Benefits - The fund leverages Campbell Global's expertise in managing commercial forestland and supports traditional timber production alongside carbon sequestration [3] - It offers benefits such as nature-based carbon removal, biodiversity enhancement, and income generation, serving as a diversification from traditional asset classes [4] Properties and Management - The Forest & Climate Solutions Fund II currently holds three timberland properties totaling approximately 212,000 acres (about 87,700 hectares) in the U.S. Pacific Northwest and U.S. South [4] - These properties are managed in accordance with sustainable forestry initiative standards, focusing on carbon capture and timber production [4] Company Background - Campbell Global, acquired by J.P. Morgan Asset Management in 2021, has over four decades of experience in timberland management and has managed more than 5 million acres worldwide [5] - As of December 31, 2024, Campbell Global has $10.1 billion in assets under supervision and manages 1.4 million acres globally [6]