Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q1 2025 Earnings Presentation
19 slides from Rayonier Inc. Reit's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Financial Supplement
Q1 2025 Financial Supplement April 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, Rayonier’s business strategies, expected harvest schedu
Slide 3: Table of Contents
Table of Contents SECTION 1 Financial and Segment Information SECTION 2 Supplemental Information SECTION 3 Discontinued Operations 3 Q1 2025 Financial Supplement | April 2025
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q1 2025 Financial Supplement | April 2025
Slide 5: Financial Highlights
Financial Highlights* ($ in millions, except per share data) Profitability Q1 2025 Q4 2024 Q1 2024 Sales $82.9 $650.5 $113.7 Pro Forma Sales(1) 82.9 155.5 113.7 Operating Income 0.1 332.1 8.6 Pro Forma Operating Income(1) 1.2 42.2 8.6 Net (Loss) Income Attributable to Rayonier Inc. (3.4) 327.1 1.4 P
Slide 6: Variance Analysis – Q1 2024 to Q1 2025
Variance Analysis – Q1 2024 to Q1 2025* Operating Income (Loss) ($ in millions) Southern Pacific Northwest Corporate Timber Timber Real Estate Trading and Other Total Q1-24 Operating Income (Loss) $23.0 ($4.4) ($0.1) — ($9.9) $8.6 Volume (5.3) 0.1 (2.8) — — (8.0) (1) Price (7.0) 1.3 2.7 — — (3.0) Co
Slide 7: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution* Three Months Ended March 31, ($ in millions, except per share data) 2025 2024 Cash Provided by Operating Activities $27.7 $52.3 Cash provided by operating activities from discontinued operations (9.0) (5.2) Working capital and other balance sheet
Slide 8: Southern Timber Overview
Southern Timber Overview 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pine Pulpwood 1,016 926 909 853 3,704 839 — — — 839 Pine Sawtimber 922 702 583 588 2,796 628 — — — 628 Total Pine Volume 1,938 1,628 1,492 1,442 6,500 1,468 — — — 1,468 Hardwood 69 46 79 115 309 113 —
Slide 9: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Sales Volume (Tons in 000s) Pulpwood 53 49 42 39 183 41 — — — 41 Domestic Sawtimber(1) 245 243 268 251 1,007 219 — — — 219 Export Sawtimber 19 — 9 — 28 1 — — — 1 Total Volume 317 293 319 290 1,219 261 — — — 261 % Deliver
Slide 10: Real Estate Overview
Real Estate Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Gross Sales ($ in MMs) Improved Development(1) $1.8 $2.6 $12.0 $14.4 $30.8 $3.3 — — — $3.3 Unimproved Development — — — 12.4 12.4 — — — — — Rural 8.7 7.5 13.8 42.9 72.9 5.3 — — — 5.3 Timberland & Non-Strategic 0.6 — — — 0.6 — — — —
Slide 11: Capital Expenditures By Segment
Capital Expenditures By Segment* Three Months Ended ($ in millions) March 31, 2025 December 31, 2024 March 31, 2024 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $6.2 $12.3 $7.0 Property taxes 1.8 1.6 2.0 Lease payments 0.1 2.0 0.4 Allocated overhead 1.5 1.8 1.6 Subtotal S
Slide 12: 2025 Financial Guidance
2025 Financial Guidance Prior 2025 Revised 2025 Year-to-Date ($ in millions) Full-Year Guidance Guidance Results Timber Volumes (tons in millions) Southern Timber 6.9 - 7.1 6.9 - 7.0 1.6 Pacific Northwest Timber 0.9 - 0.9 0.9 - 0.9 0.3 New Zealand Timber 2.5 - 2.7 — - — — Total 10.3 - 10.7 7.8 - 7.9
Slide 13: Pro Forma 2025 Financial Guidance – EBITDA & CAD
Pro Forma 2025 Financial Guidance – EBITDA & CAD • The following table provides a summary of our prior and revised guidance for Adjusted EBITDA and implied CAD. The revised guidance excludes any contribution from our New Zealand operations or the assumed redeployment of sale proceeds. • The below il
Slide 14: Section 2 Supplemental Information
Section 2 Supplemental Information 14 Q1 2025 Financial Supplement | April 2025
Slide 15: 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 from discontinued operations, restructuring charges and Large D
Slide 16: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings* ($ in millions, except per share amounts) March 31, 2025 December 31, 2024 March 31, 2024 Three Months Ended $ EPS $ EPS $ EPS Sales $82.9 $650.5 $113.7 (1) Large Dispositions — (495.0) — Pro Forma Sales $82.9 $155.5 $113.7 Net (Loss) Income attribut
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment* ($ in millions) Pacific Southern Northwest Real Corporate Three Months Ended Timber Timber Estate Trading and Other Total March 31, 2025 Operating income (loss) $10.1 $0.7 ($1.0) ($0.5) ($9.3) $0.1 Restructuring charges(1) — —
Slide 18: Section 3 Discontinued Operations
Section 3 Discontinued Operations 18 Q1 2025 Financial Supplement | April 2025
Slide 19: Discontinued Operations by Historical Segment
Discontinued Operations by Historical Segment 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 YTD Summary Financial Data ($ in MMs) New Zealand Timber Timber Sales $42.2 $49.2 $57.9 $66.1 $215.3 $52.5 — — — $52.5 (–) Cut & Haul (16.6) (21.0) (23.3) (24.6) (85.5) (20.4) — — — (20.4) (–) Port / Freight Cost