Rayonier (RYN) investor relations material

Executive summary

• Completed merger with PotlatchDeltic on January 30, 2026, expanding timberland and wood products operations, and driving significant operational synergies and integration costs.

• 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, and Real Estate, with Wood Products newly added post-merger.

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

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 for Q2 2026 was $19.2 million ($0.06/share); 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 to remain 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; average log pricing expected to be higher than prior year.

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

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

• Guidance includes pro rata PotlatchDeltic contributions from Jan 31.