Rayonier (RYN) investor relations material

Executive summary

• Completed merger with PotlatchDeltic on January 30, 2026, expanding timberland and wood products operations and driving significant sales and profitability growth across all segments.

• Sale of the New Zealand joint venture in June 2025 resulted in a $404.4 million gain, with proceeds used to strengthen the balance sheet and discontinued operations now excluded from ongoing results.

• Four reportable segments: Southern Timber, Northwest Timber, Wood Products (added post-merger), and Real Estate, all showing robust performance.

• Achieved significant progress on portfolio optimization and remain on track for synergy targets.

• Significant merger-related and integration costs incurred, with ongoing efforts to realize operational efficiencies.

Financial highlights

• Q2 2026 sales were $396.5 million, up from $106.5 million in Q2 2025; six-month sales reached $673.3 million, up from $189.5 million year-over-year.

• Net income attributable to shareholders was $19.1 million ($0.06/share) in Q2 2026; pro forma net income was $31.5 million ($0.10/share), up from $9.6 million in the prior year period, excluding merger and casualty-related items.

• Adjusted EBITDA for Q2 2026 was $123.7 million, up from $44.9 million; six-month Adjusted EBITDA was $217.8 million, up from $71.9 million.

• Cash available for distribution (CAD) for the first half was $177.1 million, up from $46.7 million in the prior year period.

• Share repurchases totaled $103.5 million YTD, with $126 million remaining under the current authorization.

Outlook and guidance

• Southern Timber: Full-year harvest volumes expected at 12.2–12.5 million tons; Q3 harvest 3.1–3.3 million tons; prices expected stable but lower than prior year due to geographic mix.

• Northwest Timber: Full-year harvest volumes of 2.0–2.2 million tons; Q3 harvest ~600,000 tons; sawtimber prices to rise modestly.

• Wood Products: Full-year lumber shipments expected at ~1.1 billion board feet; Q3 shipments 320–330 million board feet; lumber prices improving.

• Real Estate: Q3 Adjusted EBITDA expected at $25–$35 million; full-year at $180–$200 million; strong pipeline of rural and development land sales.

• Guidance remains positive for all segments, with ongoing integration costs but improved operational scale.