Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q3 2025 Earnings Presentation
19 slides from Rayonier Inc. Reit's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Financial Supplement
Q3 2025 Financial Supplement November 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements - Certain statements in this presentation regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, acquisition and disposition activity, including the abi
Slide 3: Table of Contents
Table of Contents SECTION 1 Financial and Segment Information SECTION 2 Supplemental Information SECTION 3 Discontinued Operations 3 Q3 2025 Financial Supplement | November 2025
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q3 2025 Financial Supplement | November 2025
Slide 5: Financial Highlights
Financial Highlights* ($ in millions, except per share data) Profitability Q3 2025 Q2 2025 Q3 2024 Sales $177.5 $106.5 $124.1 Operating Income 41.7 14.5 18.8 Pro Forma Operating Income(1) 48.8 14.5 19.5 Net Income Attributable to Rayonier Inc. 43.2 408.7 28.8 Pro Forma Net Income(1) 50.2 9.6 11.1 Ad
Slide 6: Variance Analysis – Q3 2024 to Q3 2025
Variance Analysis – Q3 2024 to Q3 2025* Operating Income ($ in millions) Southern Pacific Northwest Corporate Timber Timber Real Estate and Other Total Q3-24 Operating Income $19.8 $0.8 $8.6 ($10.4) $18.8 Pro forma adjustments(1) — — — 0.7 0.7 Pro forma Operating Income(1) $19.8 $0.8 $8.6 ($9.8) $19
Slide 7: Variance Analysis – Q3 2024 YTD to Q3 2025 YTD
Variance Analysis – Q3 2024 YTD to Q3 2025 YTD* Operating Income (Loss) ($ in millions) Southern Pacific Northwest Corporate Timber Timber Real Estate and Other Total Q3-24 YTD Operating Income (Loss) $59.9 ($5.0) $9.0 ($31.9) $32.0 Pro forma adjustments(1) — — — 0.8 0.8 Pro forma Operating Income (
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution* Nine Months Ended September 30, ($ in millions, except per share data) 2025 2024 Cash Provided by Operating Activities $204.9 $173.8 Cash provided by operating activities from discontinued operations (8.9) (38.9) Working capital and other balance
Slide 9: Southern Timber Overview
Southern Timber Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s)(1) Pine Pulpwood 1,016 926 909 853 3,704 839 806 912 — 2,558 Pine Sawtimber 922 702 583 588 2,796 628 722 901 — 2,251 Total Pine Volume 1,938 1,628 1,492 1,442 6,500 1,468 1,528 1,813 — 4,809 Hardwood
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s)(1) Pulpwood 53 49 42 39 183 41 38 33 — 113 Domestic Sawtimber(2) 245 243 268 251 1,007 219 210 177 — 606 Export Sawtimber 19 — 9 — 28 1 — — — 1 Total Volume 317 293 319 290 1,219 261 248 210
Slide 11: Real Estate Overview
Real Estate Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $1.8 $2.6 $12.0 $14.4 $30.8 $3.3 $8.5 $20.6 — $32.4 Unimproved Development — — — 12.4 12.4 — 3.0 — — 3.0 Rural 8.7 7.5 13.8 42.9 72.9 5.3 15.7 7.3 — 28.3 Timberland & Non-Strategic 0.6
Slide 12: Capital Expenditures By Segment
Capital Expenditures By Segment* Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, ($ in millions) 2025 2025 2024 2025 2024 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $7.0 $4.7 $5.5 $17.9 $19.6 Property taxes 2.2 1.9 2
Slide 13: Section 2 Supplemental Information
Section 2 Supplemental Information 13 Q3 2025 Financial Supplement | November 2025
Slide 14: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non- operating expense (income), income (loss) from operations of discontinued operations, ga
Slide 15: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings* ($ in millions, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 Three Months Ended $ EPS $ EPS $ EPS Net Income attributable to Rayonier Inc. $43.2 $0.28 $408.7 $2.63 $28.8 $0.19 Asset impairment charge(1) 7.0 0.05 — — —
Slide 16: Reconciliation of Operating Income to Adjusted EBITDA by Segment
Reconciliation of Operating Income to Adjusted EBITDA by Segment* ($ in millions) Pacific Southern Northwest Real Corporate Three Months Ended Timber Timber Estate and Other Total September 30, 2025 Operating income $22.5 $1.8 $26.4 ($9.0) $41.7 Asset impairment charge(1) — — 7.0 — 7.0 Pro forma ope
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment* ($ in millions) Pacific Southern Northwest Real Corporate Nine Months Ended Timber Timber Estate and Other Total September 30, 2025 Operating income $45.3 $3.5 $35.2 ($27.7) $56.3 Asset impairment charge(1) — — 7.0 — 7.0 Restru
Slide 18: Section 3 Discontinued Operations
Section 3 Discontinued Operations 18 Q3 2025 Financial Supplement | November 2025
Slide 19: Discontinued Operations by Historical Segment
Discontinued Operations by Historical Segment 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Summary Financial Data ($ in MMs) New Zealand Timber Timber Sales $42.2 $49.2 $57.9 $66.1 $215.3 $52.5 $49.1 — — $101.6 (–) Cut & Haul (16.6) (21.0) (23.3) (24.6) (85.5) (20.4) (21.7) — — (42.1) (–) Port / Fr