21 slides from Rayonier Inc. Reit's earnings presentation, Nov 3, 2025
Slide 1: Q3 2025 Earnings
Q3 2025 EARNINGS November 3, 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 fourth
Slide 3: Key Highlights Q3 2025
KEY HIGHLIGHTS Q3 2025 STRATEGY PERFORMANCE CAPITAL ALLOCATION Timberlands provide stability Total Adjusted EBITDDA1 Return of cash • >80% of gross asset value • $89.3MM • $139MM annual dividend run rate • Sustainable management benefits society • 28.4% margin • Dividend yield of 4.4%3 • Supports su
Slide 4: Consolidated Total Adjusted EBITDDA Q2 to Q3 2025 Variance
Q3 2025 increase in Total Adjusted EBITDDA of $37.3 million was primarily driven C O N S O L I D AT E D by strong performance in our Real Estate segment from both the Rural and R E S U LT S Development divisions. Total Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $40.4 $1.1 $89.3 $(1.4) $ MILLIONS
Slide 5: Timberlands Adjusted EBITDDA Variance
Q3 2025 Timberlands Adjusted EBITDDA of $41.0 million reflects seasonally higher T I M B E R L A N D S R E S U LT S harvest volumes. Timberlands Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $3.6 $39.6 $0.5 $41.0 $(0.9) $(1.8) $ MILLIONS Q2 2025 Harvest Volume Sales Price & Mix Log & Haul Other Q3
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 $160 500 $60 25 $128 $49 $140 403 400 $50 20 Volume: Tons (thousands) $120 Volume: Tons (thousands) $40 Price: $ / Ton $100 Price: $ / Ton 300 15 $80 $30 $60 200 8 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 $50 $47 $35 $700 700 $31 614 $30 $600 Volume: Tons (thousands) 543 Volume: Tons (thousands) $40 600 $25 $500 500 Price $ / Ton Price: $ / Ton $30 $20 $400 400 300 $15 $300
Slide 8: Wood Products Adjusted EBITDDA Variance
WOOD PRODUCTS The decline in Q3 2025 Wood Products’ results were primarily driven by lower R E S U LT S lumber prices, despite strong operational execution. Wood Products Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $1.7 $2.4 $ MILLIONS $1.8 $3.6 $(0.8) $(2.5) $3.9 $(15.1) Q2 2025 Price Log Cost M
Slide 9: Wood Products Lumber Pricing and Shipments
WOOD PRODUCTS R E S U LT S Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) $500 $396 400 $20 333 $400 $15 300 Shipments (MMBF) Price: $/ MBF $300 $10 200 $200 $5 100 $(2.5) $100 $(5) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2023 202
Slide 10: Real Estate Adjusted EBITDDA Variance
Q3 2025 Real Estate Adjusted EBITDDA of $63.1 million reflects two larger rural R E A L E S TAT E R E S U LT S real estate sales in Georgia, a 13-acre commercial sale in Chenal Valley, and increased residential lots sold at a higher average price per lot. Real Estate Adjusted EBITDDA – Q2 2025 to Q3
Slide 11: Real Estate Key Results
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 100 $200,000 $5,000 30,000 80 $138,938 Average Price: $/Acre $4,000 25,000 $150,000 Average Price: $/Lot Residential Lots Sold $3,280 55 60 20,000 Acres Sold $3,000 15,636 $100,000 15,000 40 $2,
Slide 12: Favorable Capital Structure
We refinanced $100 million of debt that matured in August 2025 at a below-market FAV O R A B L E C A P I TA L fixed interest rate through an existing forward-starting swap, preserving our STRUCTURE weighted average cost of debt at ~2.3%. Debt Maturities $200 $190 $185 $ MILLIONS $150 $139 $100 $100
Slide 13: Outlook
We anticipate Q4 2025 Total Adjusted EBITDDA to be lower than Q3 2025, reflecting OUTLOOK reduced rural and development real estate sales activity, seasonal declines in harvest volumes and softer Idaho sawlog pricing. TIMBERLANDS Q4 2025 FY 2025 Harvest Volume 1.7 – 1.8 million tons ~7.4 million ton
Slide 14: Appendix
APPENDIX Q3 2025
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts – unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Operating income (loss): Timberlands $ 17.1 $ 17.4 $ 19.0 $ 17.5 $ 71.0 $ 26.9 $ 24.0 $ 24.9 $ 75.8 Wood Products (12.7) (18.9) (18.3) (0.9) (50.8) 2.0 (9.1) (12.3) (19.4) Real Estate 2.
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 Q3 TOTAL Timberlands Northern Timberlands operating income $ 9.3 $ 11.3 $ 13.0 $ 11.7 $ 45.3 $ 19.0 $ 19.1 $ 19.3 $ 57.4 Depreciation, depletion and amortization 1.8 1.9 1.9 1.7 7.3 1
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 Q3 TOTAL Total Adjusted EBITDDA Net income (loss) (GAAP) $ (0.3) $ 13.7 $ 3.3 $ 5.2 $ 21.9 $ 25.8 $ 7.4 $ 25.9 $ 59.1 Interest expense, net (0.3) 8.7 9.6 10.9 28.9 1.5 10.4 11.5 23.4 Income
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS unaudited 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Timberlands Fee Volumes (tons) Northern Region Sawlog 327,423 359,311 420,896 336,941 1,444,571 354,124 339,282 402,939 1,096,345 Pulpwood 1,863 5,889 5,964 8,216 21,932 13,893 20,833 7,704 42,430 Total 329,286 365,200 426,
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2024 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Wood Products Lumber shipments (MBF) 271,148 285,650 267,263 282,913 1,106,974 289,810 302,915 332,724 925,449 Lumber sales prices ($ per MBF) $ 430 $ 423 $ 402 $ 445 $ 425 $ 454 $ 450 $ 396 $ 432 Real Est
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: Q3 2025 Earnings
Q3 2025 WAYNE WASECHEK EARNINGS Vice President and Chief Financial Officer November 3, 2025 509-835-1521 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com