21 slides from Rayonier Inc. Reit's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Earnings
Q2 2025 EARNINGS July 29, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s third
Slide 3: Key Highlights Q2 2025
Record annual Total Adjusted EBITDDA of $653 million far exceeded 2020’s record financial KEY HIGHLIGHTS performance. We executed on our disciplined capital allocation strategy and are well positioned Q2 2025 to continue to drive shareholder value with our strong liquidity. STRATEGY PERFORMANCE CAPI
Slide 4: Consolidated: Total Adjusted EBITDDA Q1 to Q2 2025 Variance
Q2 2025 performance was solid, primarily driven by Timberlands and Real Estate C O N S O L I D AT E D results. Wood Products earned $2 million in Adjusted EBITDDA, but its results were R E S U LT S impacted by lower lumber prices and certain one-time costs. Total Adjusted EBITDDA – Q1 2025 to Q2 202
Slide 5: Timberlands Adjusted EBITDDA Variance
Q2 2025 Timberlands Adjusted EBITDDA of $39.6 million reflects higher T I M B E R L A N D S R E S U LT S Northern sawlog prices, offset by seasonally higher forest management costs and seasonally lower harvest volumes. Timberlands Adjusted EBITDDA – Q1 2025 to Q2 2025 Variance $3.7 $42.4 $39.6 $(2.0
Slide 6: Timberlands Northern Region
T I M B E R L A N D S R E S U LT S N O RT H E R N R E G I O N Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume $60 $54 25 $150 $136 500 21 $50 Volume: Tons (thousands) 20 400 Volume: Tons (thousands) 339 $40 Price: $ / Ton $100 Price: $ / Ton 300 15 $30 200 10 $50 $20 100 $10
Slide 7: Timberlands Southern Region
T I M B E R L A N D S R E S U LT S SOUTHERN REGION 2 Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume 800 $35 700 $31 $50 $46 700 671 $30 600 Volume: Tons (thousands) Volume: Tons (thousands) $40 600 495 $25 500 500 Price $ / Ton Price: $ / Ton $30 $20 400 400 $15 300 $20 300
Slide 8: Wood Products Adjusted EBITDDA Variance
In Q2 2025, the Wood Products division achieved a quarterly record WOOD PRODUCTS shipment volume, despite non-recurring production disruptions at two R E S U LT S of its sawmills. Wood Products Adjusted EBITDDA – Q1 2025 to Q2 2025 Variance $11.7 $ MILLIONS $(2.3) $0.1 $(0.7) $(0.6) $(3.0) $(2.8) $1
Slide 9: Wood Products Lumber Pricing and Shipments
WOOD PRODUCTS R E S U LT S Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) 303 $20 $500 300 $450 $450 $15 275 $400 Shipments (MMBF) 250 $10 Price: $/ MBF $350 $300 225 $5 $250 $1.7 200 $200 175 $150 $100 150 $(5) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 10: Real Estate Adjusted EBITDDA Variance
Q2 2025 Real Estate Adjusted EBITDDA was comparable with Q1 2025, R E A L E S TAT E R E S U LT S reflecting continued strong demand for rural real estate. Real Estate Adjusted EBITDDA – Q1 2025 to Q2 2025 Variance $22.7 $0.6 $22.7 $(0.1) $(0.5) $ MILLIONS Q1 2025 Rural Sales Development Sales Other,
Slide 11: Real Estate Rural Acres and Residential Lots Sold
R E A L E S TAT E R E S U LT S Rural Acres Sold and Average Price Residential Lots Sold and Average Price $5,500 45,000 $5,000 40,000 $225,000 100 $4,500 $200,000 90 35,000 80 Average Price: $/Acre $4,000 $175,000 Residential Lots Sold Average Price: $/Lot $3,500 $3,108 30,000 70 $150,000 Acres Sold
Slide 12: Favorable Capital Structure
Our strong balance sheet and $395 million of liquidity provides a solid platform FAV O R A B L E C A P I TA L to continue growing long-term shareholder value. We intend to refinance $100 STRUCTURE million of debt maturing in Q3 2025 utilizing an existing interest rate swap to refinance below current
Slide 13: Outlook
We anticipate Q3 2025 Total Adjusted EBITDDA to be significantly higher than Q2 2025, OUTLOOK primarily due to improved performance in the Real Estate and Wood Products divisions. TIMBERLANDS Q3 2025 FY 2025 Harvest Volume 1.9 – 2.0 million tons ~7.4 million tons Geographic harvest ~80% of volume in
Slide 14: Appendix
APPENDIX Q2 2025 =e, \ 3 es ey = — ro \ / A\PotlatchDeltic
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts – unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 TOTAL Operating income (loss): Timberlands $ 17.1 $ 17.4 $ 19.0 $ 17.5 $ 71.0 $ 26.9 $ 24.0 $ 50.9 Wood Products (12.7) (18.9) (18.3) (0.9) (50.8) 2.0 (9.1) (7.1) Real Estate 2.0 32.9 18.8 5.9 59
Slide 16: Operating Segment Adjusted EBITDDA
OPERATING SEGMENT Non-GAAP Reconciliation ADJUSTED EBITDDA in millions – unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 TOTAL Timberlands Northern Timberlands operating income $ 9.3 $ 11.3 $ 13.0 $ 11.7 $ 45.3 $ 19.0 $ 19.1 $ 38.1 Depreciation, depletion and amortization 1.8 1.9 1.9 1.7 7.3 1.8 1.8 3.6
Slide 17: Total Adjusted EBITDDA & CAD
TOTAL ADJUSTED Non-GAAP Reconciliation EBITDDA & CAD in millions – unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 TOTAL Total Adjusted EBITDDA Net income (loss) (GAAP) $ (0.3) $ 13.7 $ 3.3 $ 5.2 $ 21.9 $ 25.8 $ 7.4 $ 33.2 Interest expense, net (0.3) 8.7 9.6 10.9 28.9 1.5 10.4 11.9 Income taxes (4.1) (4
Slide 18: Timberlands Statistics
STATISTICS: TIMBERLANDS unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 TOTAL Timberlands Fee Volumes (tons) Northern Region Sawlog 327,423 359,311 420,896 336,941 1,444,571 354,124 339,282 693,406 Pulpwood 1,863 5,889 5,964 8,216 21,932 13,893 20,833 34,726 T otal 329,286 365,200 426,860 345,157 1,466,
Slide 19: Wood Products and Real Estate Statistics
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 TOTAL Wood Products Lumber shipments (MBF) 271,148 285,650 267,263 282,913 1,106,974 289,810 302,915 592,725 Lumber sales prices ($ per MBF) $ 430 $ 423 $ 402 $ 445 $ 425 $ 454 $ 450 $ 452 Real Estate Rural Revenue
Slide 20: Definitions
D E F I N I TI O NS Total Adjusted EBITDDA is a non-GAAP measure and is calculated as net income (loss) adjusted for interest expense, net, income taxes, depletion, depreciation and amortization, basis of real estate sold, non-operating pension and other post-retirement benefits, pension settlement
Slide 21: PotlatchDeltic
Q2 2025 WAYNE WASECHEK EARNINGS Vice President and Chief Financial Officer July 29, 2025 509-835-1521 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com