Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — Q4 2025 Earnings Presentation
19 slides from Rayonier Inc. Reit's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Financial Supplement
Q4 2025 Financial Supplement February 2026
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 Q4 2025 Financial Supplement | February 2026
Slide 4: Section 1 Financial and Segment Information
Section 1 Financial and Segment Information 4 Q4 2025 Financial Supplement | February 2026
Slide 5: Financial Highlights
Financial Highlights* ($ in millions, except per share data) Profitability Q4 2025 Q3 2025 Q4 2024 Sales $117.5 $177.5 $650.5 Pro Forma Sales(1) 117.5 177.5 155.5 Operating Income 27.0 41.7 332.1 Pro Forma Operating Income(1) 33.3 48.8 42.2 Net Income Attributable to Rayonier Inc. 25.9 43.2 327.1 Pr
Slide 6: Variance Analysis – Q4 2024 to Q4 2025
Variance Analysis – Q4 2024 to Q4 2025* Operating Income (Loss) ($ in millions) Southern Pacific Northwest Real Corporate Timber Timber Estate and Other Total Q4-24 Operating Income (Loss) $18.0 ($1.3) $326.1 ($10.7) $332.1 Pro forma adjustments(1) — — (291.1) 1.1 (290.0) Pro forma Operating Income
Slide 7: Variance Analysis – 2024 to 2025
Variance Analysis – 2024 to 2025* Operating Income (Loss) ($ in millions) Southern Pacific Northwest Real Corporate Timber Timber Estate and Other Total 2024 Operating Income (Loss) $77.9 ($6.3) $335.1 ($42.6) $364.1 Pro forma adjustments(1) — — (291.1) 2.0 (289.1) Pro forma Operating Income (Loss)(
Slide 8: Liquidity Measures – Cash Available for Distribution
Liquidity Measures – Cash Available for Distribution* Year Ended December 31, ($ in millions, except per share data) 2025 2024 Cash Provided by Operating Activities $256.7 $261.6 Cash provided by operating activities from discontinued operations (8.9) (51.2) Working capital and other balance sheet c
Slide 9: Southern Timber Overview
Southern Timber Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Sales Volume (Tons in 000s)(1) Pine Pulpwood 1,016 926 909 853 3,704 839 806 912 902 3,460 Pine Sawtimber 922 702 583 588 2,796 628 722 901 722 2,973 Total Pine Volume 1,938 1,628 1,492 1,442 6,500 1,468 1,528 1,813 1,624 6,
Slide 10: Pacific Northwest Timber Overview
Pacific Northwest Timber Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Sales Volume (Tons in 000s)(1) Pulpwood 53 49 42 39 183 41 38 33 34 147 Domestic Sawtimber(2) 245 243 268 251 1,007 219 210 177 180 786 Export Sawtimber 19 — 9 — 28 1 — — — 1 Total Volume 317 293 319 290 1,219 261 2
Slide 11: Real Estate Overview
Real Estate Overview* 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Gross Sales ($ in MMs) Improved Development(1) $1.8 $2.6 $12.0 $14.4 $30.8 $3.3 $8.5 $20.6 $14.8 $47.2 Unimproved Development — — — 12.4 12.4 — 3.0 — 2.1 5.1 Rural 8.7 7.5 13.8 42.9 72.9 5.3 15.7 7.3 20.3 48.6 Timberland & Non-S
Slide 12: Capital Expenditures By Segment
Capital Expenditures By Segment* Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, ($ in millions) 2025 2025 2024 2025 2024 Southern Timber Reforestation, Silviculture & Other Capital Expenditures $7.7 $7.0 $12.3 $25.6 $31.9 Property taxes 1.9 2.2 1.6 7.
Slide 13: Section 2 Supplemental Information
Section 2 Supplemental Information 13 Q4 2025 Financial Supplement | February 2026
Slide 14: Definitions of Non-GAAP Measures and Pro Forma Items
Definitions of Non-GAAP Measures and Pro Forma Items Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense (income), income from operations of discontinued operations, gain on sa
Slide 15: Reconciliation of Reported to Pro Forma Earnings
Reconciliation of Reported to Pro Forma Earnings* ($ in millions, except per share amounts) December 31, 2025 September 30, 2025 December 31, 2024 Three Months Ended $ EPS $ EPS $ EPS Sales $117.5 $177.5 $650.5 Large Dispositions(1) — — (495.0) Pro Forma Sales $117.5 $177.5 $155.5 Net Income attribu
Slide 16: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment* ($ in millions) Pacific Southern Northwest Real Corporate Three Months Ended Timber Timber Estate and Other Total December 31, 2025 Operating income (loss) $15.8 ($1.6) $27.1 ($14.3) $27.0 Costs related to the merger with Potla
Slide 17: Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Segment* ($ in millions) Pacific Southern Northwest Real Corporate Year Ended Timber Timber Estate and Other Total December 31, 2025 Operating income $61.1 $1.9 $62.3 ($42.0) $83.3 Costs related to the merger with PotlatchDeltic(1) — —
Slide 18: Section 3 Discontinued Operations
Section 3 Discontinued Operations 18 Q4 2025 Financial Supplement | February 2026
Slide 19: Discontinued Operations by Historical Segment
Discontinued Operations by Historical Segment 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Summary Financial Data ($ 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