Rayonier (RYN) investor relations material

Executive summary

• Q3 sales were $565.6M and net income attributable to shareholders was $123.3M, or $0.41/share; pro forma net income was $40.0M, or $0.13/share, excluding Large Dispositions and merger costs.

• Q3 Adjusted EBITDA was $144.6M vs. $114.3M YoY; nine-month CAD was $287.4M vs. $153.5M.

• PotlatchDeltic integration advanced, with run-rate synergies above $20M and the $40M target still expected by the merger’s second anniversary.

• The merger added timberland holdings and wood-products mills; Q3 included PotlatchDeltic operations for the full quarter, unlike the standalone prior-year comparison.

Financial highlights

• Q3 operating income was $146.9M vs. $41.7M YoY; pro forma operating income was $63.3M vs. $48.8M.

• Nine-month sales were $1,238.8M, or $1,093.8M excluding Large Dispositions; pro forma net income was $88.9M vs. $57.1M in 2025.

• Nine-month CAD was $287.4M, up from $153.5M; growth reflected higher Adjusted EBITDA, partly offset by increased capital expenditures and net cash interest.

Outlook and guidance

• Southern Timber FY harvest guidance is 12.2M–12.4M tons, including 3.0M–3.2M tons in Q4; sawtimber and pulpwood prices expected relatively stable QoQ.

• Northwest Timber FY harvest guidance is 2.0M–2.1M tons, including 500K–550K tons in Q4; Q4 sawtimber prices expected lower, mainly on Idaho sawlog prices.

• Wood Products expects ~1.1B board feet of 2026 shipments, including 295M–305M in Q4; Q4 lumber realizations expected lower QoQ.

• Real Estate Q4 Adjusted EBITDA guidance is $60M–$70M; FY guidance was $180M–$200M, with results expected toward the upper end.

• 2026 capital expenditures are forecast at $100M–$104M, excluding strategic acquisitions; development investments are forecast at $26M–$30M net of reimbursements.