EARNINGS PRESENTATION FOURTH QUARTER 2025 February 26, 2026 LEGAL DISCLAIMERS Forward-Looking Information This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Alta's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "bud ...

Core Insights - Weyerhaeuser Company (WY) reported second-quarter 2025 results with earnings and net sales exceeding Zacks Consensus Estimates [1][5] - Year-over-year, both earnings and net sales declined due to lower domestic sales realizations and increased costs in the Timberlands segment [2][10] Financial Performance - Adjusted earnings were 12 cents per share, beating the consensus estimate of 10 cents by 20%, but down 42.9% from 21 cents in the previous year [5][10] - Net sales reached $1.88 billion, surpassing the consensus mark of $1.83 billion by 2.7%, but down 2.8% from $1.94 billion in the same quarter last year [5][10] - Adjusted EBITDA was $336 million, an 18% decrease from $410 million in the year-ago period [5] Segment Performance - Timberlands segment net sales were $529 million, down from $555 million year-over-year, with adjusted EBITDA of $152 million, up 3.4% from $147 million [6] - Real Estate, Energy, and Natural Resources segment saw net sales of $154 million, a 41.3% increase from $109 million year-over-year, with adjusted EBITDA of $143 million, up from $102 million [7] - Wood Products segment sales totaled $1.357 billion, down 4.5% from $1.421 billion year-over-year, with adjusted EBITDA of $101 million, down 55.1% from $225 million [8] Outlook - For Q3 2025, the Timberlands segment is expected to see earnings and adjusted EBITDA approximately $10 million lower than Q2 due to cost pressures [12] - The Real Estate, Energy, and Natural Resources segment anticipates earnings to be about $60 million lower than Q2, with adjusted EBITDA expected to decrease by about $80 million [13] - Wood Products segment is expected to maintain comparable earnings and adjusted EBITDA levels to Q2, excluding changes in average sales realizations [14] Financial Position - As of June 30, 2025, Weyerhaeuser had cash and cash equivalents of $592 million, down from $684 million at the end of 2024, and net long-term debt of $4.27 billion, down from $4.87 billion [11]

Company Overview - Limbach specializes in revitalizing and maintaining mission-critical systems in existing facilities [5] - The company has approximately 1,400 team members and operates across 20 branch locations [11, 13] - Limbach focuses on six distinct vertical markets to diversify revenue streams [18] Financial Performance and Strategy - From FY 2019 to FY 2024, Limbach expanded its gross margin by nearly 1,480 bps to 27.8%, driving Adjusted EBITDA Margin more than 4x from 3.0% to 12.3% [33] - The company targets a shift in revenue mix to approximately 80% ODR (Owner Direct Relationships) and approximately 20% GCR (General Contractor Relationships) [32] - Limbach projects total revenue between $610 million and $630 million for 2025, with ODR revenue growth between 23% and 46% [62] - The company anticipates an Adjusted EBITDA between $78 million and $82 million in 2025, resulting in an Adjusted EBITDA Margin between 12.5% and 13.5% [62] Acquisitions and Expansion - Consolidated Mechanical is expected to contribute approximately $23 million in annualized revenue and $4 million in EBITDA beginning in 2025 [53] - Kent Island Mechanical is expected to contribute on average $30 million in revenue and $4 million in EBITDA on a full year basis [59] Q1 2025 Performance - Limbach reported revenue of $133.1 million in Q1 2025, an increase of 11.9% year-over-year [69] - Gross profit for Q1 2025 was $36.7 million, with a gross margin of 27.6% [69] - Adjusted EBITDA for Q1 2025 was $14.9 million, compared to $11.8 million in Q1 2024 [70]