惠好 2025年度报告
We own or manage morethan10 MILLION ACRESof timberlands in the U.S. We wereFOUNDEDin1900 We operate33 WOOD PRODUCTSMANUFACTURINGFACILITIESacrossNorth America We generated$6.9 BILLIONof revenue in 2025 We returned$766 MILLIONof total cash toshareholders basedon 2025 results We manage long-term licenses covering14 million acres oftimberlands in Canada Dear Fellow Shareholder, 2XUSHUIRUPDQFHLQUHÁHFWVVROLGH[HFXWLRQDJDLQVWDYHU\FKDOOHQJLQJPDUNHWEDFNGURSDQGZHFRQWLQXHGWRGHPRQVWUDWHWKHGXUDELOLW\RIRXULQWHJUDWHGSRUWIROLRDQGÁH[LEOHFDSLWDODOORFDWLRQIUDPHZRUNDFURVVPDUNHWF\FOHV 'HVSLWHVLJQLÀFDQWPDUNHWKHDGZLQGVZHH[HFXWHGDJDLQVWRXUVWUDWHJ\DQGGHOLYHUHGVWURQJUHODWLYHSHUIRUPDQFHDFURVVDOORXUEXVLQHVVHV1RWDEO\ZHVWUHQJWKHQHGWKHTXDOLW\DQGYDOXHRIRXUWLPEHUODQGVSRUWIROLRH[FHHGHGRXUJURZWKWDUJHWLQ&OLPDWH6ROXWLRQVEURNHJURXQGRQDQHZPDQXIDFWXULQJIDFLOLW\UDLVHGRXUEDVHGLYLGHQGDQGFDSWXUHGVLJQLÀFDQWYDOXHWKURXJKRSHUDWLRQDOH[FHOOHQFHDQGLQQRYDWLRQ$OVRLQ'HFHPEHUZHDQQRXQFHGDWUDQVIRUPDWLYHSRUWIROLRZLGHVWUDWHJ\WRFDWDO\]HJURZWKIXUWKHUVWUHQJWKHQRXUFRPSHWLWLYHSRVLWLRQDQGPD[LPL]HRXUFDVKJHQHUDWLRQFDSDELOLWLHV³SRVLWLRQLQJ:H\HUKDHXVHUWRGHOLYHULQGXVWU\OHDGLQJVKDUHKROGHUUHWXUQV ,DPJUDWHIXOIRUWKHIRFXVDQGKDUGZRUNRIRXUHPSOR\HHVDQGH[WUHPHO\SURXGRIZKDWZHZHUHDEOHWRDFFRPSOLVKLQVXFKGLIÀFXOWPDUNHWFRQGLWLRQV:HKDYHEXLOWDQLQFUHGLEO\VWURQJIRXQGDWLRQDW:H\HUKDHXVHUDQG,DPH[FLWHGWRH[HFXWHRXUJURZWKVWUDWHJ\DQGFUHDWHVLJQLÀFDQWYDOXHIRUDOORXUVWDNHKROGHUVLQWKH\HDUVDKHDG INVESTING IN GROWTH DFURVVDYDULHW\RIHQGXVHDSSOLFDWLRQVLQWKH866RXWK6HWWRFRPHRQOLQHLQWKHIDFLOLW\ZLOOVKRZFDVH:H\HUKDHXVHU·VLQQRYDWLRQLQZRRGSURGXFWVDQGLVH[SHFWHGWRJHQHUDWHPRUHWKDQPLOOLRQRIDQQXDO$GMXVWHG(%,7'$DWIXOORSHUDWLQJFDSDFLW\ZLWKDGGLWLRQDOXSVLGHIURPSRUWIROLRLQWHJUDWLRQEHQHÀWV :HFRQWLQXHGWRHQKDQFHRXUXQPDWFKHGSRUWIROLRRIDVVHWVLQLQFOXGLQJWKURXJKDVHULHVRIVWUDWHJLFDQGFDSLWDOHIÀFLHQWWLPEHUODQGVWUDQVDFWLRQV:LWKRXUDFTXLVLWLRQVLQZHDFKLHYHGWKHPXOWL\HDUWDUJHWZHVHWLQWRGULYHJURZWKDQGYDOXHWKURXJKGLVFLSOLQHGLQYHVWPHQWVLQRXUWLPEHUODQGVSRUWIROLR6LQFHZHKDYHDFTXLUHGRYHUELOOLRQRIWLPEHUODQGVDOOWDUJHWHGWRRSWLPL]HWKHTXDOLW\DQGYDOXHRIRXUSRUWIROLR2YHUDVLPLODUSHULRGZHRIIVHWDVLJQLÀFDQWSRUWLRQRIRXUDFTXLVLWLRQVZLWKGLYHVWLWXUHVRIQRQFRUHDFUHDJHDOORZLQJXVWRHQKDQFHWKHUHWXUQSURÀOHRIRXUWLPEHUODQGVZKLOHEDODQFLQJRWKHUOHYHUVDFURVVRXUFDSLWDODOORFDWLRQIUDPHZRUNWRGULYHORQJWHUPYDOXHIRURXUVKDUHKROGHUV2XU7LPEHUODQGVEXVLQHVVDOVRFRQWLQXHGWREXLOGRXWRXUH[SRUWSURJUDPDQGH[SDQGRXUFXVWRPHUEDVHLQ,QGLDDQG6RXWKHDVW$VLD ,QDGGLWLRQZHKRVWHGDQ,QYHVWRU'D\LQ'HFHPEHUWRKLJKOLJKWRXUSRUWIROLRZLGHVWUDWHJ\WRGULYHJURZWKDQGVLJQLÀFDQWYDOXHFUHDWLRQRYHUWKHQH[WÀ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³DSHUFHQWLQFUHDVHRYHU:KLOHPXFKRIRXUHDUO\JURZWKFRQWLQXHVWRFRPHIURPRXUPRUHHVWDEOLVKHGEXVLQHVVHVVXFKDV PLWLJDWLRQEDQNLQJDQGFRQVHUYDWLRQZHFRQWLQXHWREXLOGRXWDUREXVWSLSHOLQHRIRWKHUSURMHFWVDFURVVRXUHPHUJLQJFDUERQDQGUHQHZDEOHHQHUJ\EXVLQHVVHV:HQRZKDYHÀYHIRUHVWFDUERQSURMHFWVUHJLVWHUHGDQGDSSURYHGZLWKIRXUPRUHLQGHYHORSPHQW:HKDYHWKUHHQHZVRODUSURMHFWVXQGHUFRQVWUXFWLRQDORQJZLWKDQH[SDQGLQJSRUWIROLRRIZLQGSURMHFWV2XUFDUERQFDSWXUHDQGVHTXHVWUDWLRQ &&6 SURMHFWZLWK2[\LQ/RXLVLDQDDFKLHYHGLPSRUWDQWPLOHVWRQHVWRZDUGUHDFKLQJFRPPHUFLDORSHUDWLRQDQGLQ'HFHPEHUZHDQQRXQFHGDSDUWQHUVKLSZLWK$\PLXPWRSURGXFHDQGVHOOVXVWDLQDEOHELRFDUERQIRUXVHLQPHWDOVSURGXFWLRQ³DPDMRUVWHSIRUZDUGLQJURZLQJWKHVFDOHDQGLPSDFWRIRXU&OLPDWH6ROXWLRQVEXVLQHVV:HDUHJHQHUDWLQJWDQJLEOHUHVXOWVDQGSHHUOHDGLQJSHUIRUPDQFHLQWKLVVSDFHDQGZHKDYHVHWDQHZWDUJHWWRUHDFKPLOOLRQRIDQQXDO$GMXVWHG(%,7'$LQWKLVEXVLQHVVE\ WKURXJKRXUQ
