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Rayonier (RYN) investor relations material

Rayonier Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Announced a merger of equals with PotlatchDeltic, expected to deliver $40 million in run rate synergies and close in late Q1 or early Q2 2026, pending regulatory and shareholder approvals.

  • Q3 2025 net income was $43.2 million ($0.28/share), with pro forma net income of $50.2 million ($0.32/share), and Adjusted EBITDA of $114.3 million, nearly double the prior year.

  • Revenues rose to $177.5 million from $124.1 million year-over-year, driven by strong Real Estate and Southern Timber segment performance.

  • Completed sale of 77% interest in New Zealand operations for $710 million, recognizing a $404.5 million gain; results now classified as discontinued operations.

  • Declared a special dividend/distribution of $1.40 per share/unit, payable December 12, 2025, due to taxable gains from the New Zealand JV sale.

Financial highlights

  • Q3 2025 sales were $177.5 million; operating income was $41.7 million; Adjusted EBITDA was $114.3 million.

  • Pro forma net income for Q3 2025 was $50.2 million; reported net income was $43.2 million.

  • Cash available for distribution (CAD) for the first nine months was $153.5 million, up from $77.1 million year-over-year.

  • Net debt to enterprise value at quarter end was 3%; quarter-end cash balance was $919.6 million.

  • Repurchased 1.2 million shares for $30 million in Q3; $232 million remains authorized for repurchases.

Outlook and guidance

  • Full-year Adjusted EBITDA and pro forma EPS expected at or above the high end of prior guidance ($215–$235 million EBITDA, $0.34–$0.41 EPS).

  • Q4 guidance: net income of $13–$17 million, EPS of $0.08–$0.11, Adjusted EBITDA of $50–$60 million.

  • Real Estate segment expected to exceed high end of guidance; Southern Timber and Pacific Northwest Timber segments expected to be at or below prior guidance due to market softness.

  • Forward-looking statements highlight expectations for continued operational improvements and integration of the PotlatchDeltic merger.

  • 2025 capital expenditures expected between $50 million–$54 million; real estate development investments between $22 million–$26 million.

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Frequently asked questions

Rayonier Inc. is a real estate investment trust (REIT) that owns and manages timberland properties. The company engages in the sale of timber, land, and real estate development rights, primarily serving the forestry and wood products industries. It is headquartered in Wildlight, Florida, and its shares are listed on the NYSE.

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