Yes.
Think about the process of building a graph state: create qubits in the $|+\rangle$ state and apply controlled-phase gates along all the edges.
Now take a bipartition. You can apply any unitary that you want on either side of the partition, so perform controlled-phase gates along all edges not crossing the partition. Let's say the connected qubits on either side of the partition are in sets $S_1$ and $S_2$, where $S_1$ is smaller (or the same size) as $S_2$. You are only left with entangled states across the partition, and they require a number of Bell pairs to build that is equal to $|S_1|$.
To make this explicit, let $x\in\{0,1\}^{|S_1|}$ and let's call $N(x)\in\{0,1\}^{|S_2|}$ the neighbourhood of $x$, by which I strictly mean that bit $i$ of $N(x)$ is the parity of neighbours $j$ of $i$ for which $x_j=1$. Now I can write the graph state (after my unitaries) as
$$
\sum_{x\in\{0,1\}^{|S_1|}}|x\rangle\otimes Z_{N(x)}|+\rangle^{\otimes|S_2|}.
$$
Now since all the $Z_{N(x)}|+\rangle^{\otimes|S_2|}$ are orthogonal for distinct $x$ (I believe this follows from the fact that you have a tree, and hence no loops), we can see that the way I've written the graph state is a Schmidt decomposition for a maximally entangled state of $|S_1|$ qubits.