Rayonier Inc. Reit · NYSE:RYN
Rayonier Inc. Reit — PotlatchDeltic — Q1 2025 Earnings Presentation
21 slides from Rayonier Inc. Reit's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Earnings
Q1 2025 EARNINGS April 29, 2025 ‘A\PotlatchDeltic
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 revenu
Slide 3: Key Highlights Q1 2025
KEY HIGHLIGHTS Q1 2025 STRATEGY PERFORMANCE CAPITAL ALLOCATION A, Timberlands provide stability 4. Total Adjusted EBITDDA' 4. Return of cash + >80% of gross asset value + $63.4MM + $142MM annual dividend run rate + Sustainable management benefits society + 23.6% margin * Dividend yield of 4.0% ° . i
Slide 4: Consolidated Q1 2025 Results
CONSOLIDATED Q1 2025 Total Adjusted EBITDDA of $63.4 million reflects higher lumber and RESULTS Northern sawlog pricing, and an increase in harvest volumes and rural acres sold. Total Adjusted EBITDDA - Q4 2024 to Q1 2025 Variance $3.3 $0.3 $8.4 $2.9 ————s) ar $63.4 e |EEEEEES| ra oS amr | = = A Q4
Slide 5: Timberlands Results
Q1 2025 Timberlands Adjusted EBITDDA of $42.4 million reflects higher TIMBERLANDS RESULTS Northern sawlog prices and harvest volumes, along with seasonally lower forest management costs. Timberlands Adjusted EBITDDA - Q4 2024 to Q1 2025 Variance 2.4 n —— $34.0 —— Q4.2024 Harvest Volume Sales Price &
Slide 6: Northern Region Timberlands Results
NORTHERN REGION TIMBERLANDS RESULTS Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume $190 S00 a $124 $50 14 354 ss ae 2 g g = 2 5 $100 300 & 2 10 g 3S 3 & $30 8 = 8 = 8 2 E $50 ae E $20 oe ‘3 4 o 100 2 $10 a g | anne Qi_a2_ a3) a4 «at 2 3 ht Qi_Q2_ Q3 Q4 Qi _Q2 Q3 Q4 Qi 2023 2
Slide 7: Southern Region Timberlands Results
TIMBERLANDS RESULTS SOUTHERN REGION Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume a 45 $800 — $35 gui 700 864 $700 & 530 =) 600 F aoe $600 3 $25 500 § S $500 S 3 = $30 2 = $20 400 = a $400 = a 2 G ; = $20 $300 £ ie $15 300 5 5200 = $10 200 £ $10 $100 $5 too $ a @ @ & a wa O
Slide 8: Wood Products Results
In Q1 2025, our Waldo, Arkansas sawmill ramp-up was completed 3 months WOOD PRODUCTS oe ; ; ahead of schedule, achieving targeted production metrics and run rate for annual RESULTS nameplate capacity of 275 million board feet. Wood Products Adjusted EBITDDA - Q4 2024 to Q1 2025 Variance $1.0 0.9 11.
Slide 9: Wood Products Results
WOOD PRODUCTS RESULTS Lumber Pricing and Shipments Wood Products Adjusted EBITDDA ($ in millions) 290 = $15 shy) 5 $117 250 = 510 4 $600 200 2 = iz 150 © $5 & $400 = 8 100 « <& $200 50 | | 0 a @ 8 mM a oe we fm et Qa kt eS a 2023 2024 2025 2023 2024 2025 Wood Products - Key Results (Sin millions exc
Slide 10: Real Estate Results
REAL ESTATE RESULTS Real Estate Adjusted EBITDDA increased to $22.7 million in Q1 2025 primarily due to more rural acres sold at higher average price, including a 2,200 acre conservation land sale. Real Estate Adjusted EBITDDA - Q4 2024 to Q1 2025 Variance $6.1 $ MILLIONS Q4 2024 Rural Sales $02 $22
Slide 11: Real Estate Results
REAL ESTATE RESULTS Rural Acres Sold and Average Price Residential Lots Sold and Average Price $5,250 45,000 $225,000 100 ng q 40,000 $200,000 90 g 4 35,000 5 $175,000 0 = = 83,750 $3,303 39,000 S $150,000 7 8 8 $3,000 25,000 & 8 $125,000 $112,745 4 SF = 3 = z $2,250 200 § , $100,000 ne s $1,500 15,
Slide 12: Favorable Capital Structure
FAVORABLE CAPITAL Our strong balance sheet and $447 million of liquidity provides a solid platform to continue growing long-term shareholder value. STRUCTURE Debt Maturities $200 $190 $185 $150 $139 nD Zz (e) $100 $100 $100 = $78 $78 = A $40 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Unaudite
Slide 13: Outlook
We anticipate Q2 2025 Total Adjusted EBITDDA to be lower than Q1 2025 primarily Geographic harvest Sawlog mix Sawlog pricing ~80% of volume in South North: ~95% sawlogs South: ~55 % sawlogs North: South: OUTLOOK due to seasonally lower harvest volumes and higher forest management costs. TIMBERLANDS
Slide 14: Appendix
APPENDIX Q1 2025
Slide 15: Total Company Summary
TOTAL COMPANY SUMMARY in millions except per-share amounts — unaudited 2024 2025 on OTe Oe a eee Operating income (loss): Timberlands $ 171 $ 17.4 $ 190 $ 175 $ 71.0 $ 26.9 Wood Products (12.7) (18.9) (18.3) (0.9) (50.8) 2.0 Real Estate 2.0 32.9 18.8 5.9 59.6 ueerg Corporate (12.8) (11.9) (12.3) (12
Slide 16: Operating Segment Non-GAAP Reconciliation
OPERATING SEGMENT Non-GAAP Reconciliation ADJUSTED EBITDDA in millions — unaudited 2024 2025 ao Ot OF 9, Oat JOTAL. o. a Timberlands Northern Timberlands operating income $ 93 $ 113. $ 13.0 $ 11.7 $ 45.3 $ 19.0 Depreciation, depletion and amortization Northern Timberlands Adjusted EBITDDA Southern T
Slide 17: Total Adjusted EBITDDA & CAD Non-GAAP Reconciliation
TOTAL ADJUSTED Non-GAAP Reconciliation EBITDDA & CAD in millions — unaudited 2024 2025 Qi Q2 Q3 a4 TOTAL Qi Total Adjusted EBITDDA Net income (loss) (GAAP) $ (0.3) $ 13.7 $ 3.3 §$ 52 $ 21.9 $ 258 Interest expense, net (0.3) 8.7 9.6 10.9 28.9 1.5 Income taxes (4.1) (4.8) (4.0) (0.8) (13.7) (0.3) Depr
Slide 18: Statistics: Timberlands
STATISTICS: TIMBERLANDS alia 2024 2025 ---Q1_____Q2.____ Q3______Q4____TOTAL _ ___ Q1___ Timberlands Fee Volumes (tons) Northern Region Sawlog 327,423 359,311 420,896 336,941 1,444,571 354,124 Pulpwood 1,863 5,889 5,964 8,216 21,932 13,893 Total ~~"329,286 365,200 «426,860 ~~» 345,157 1,466,503 «368
Slide 19: Statistics: Wood Products and Real Estate
STATISTICS: WOOD PRODUCTS unaudited AND REAL ESTATE 2024 2025 ----- O12 Q3_ a4. TOTAL Wood Products Lumber shipments (MBF) 271,148 285,650 267,263 282,913 1,106,974 289,810 Lumber sales prices ($ per MBF) $ 430 $ 423 402 445 $ 425 $ 454 Real Estate Rural Revenues (millions) $ 5.5 $ 84.9 24.4 17.3, $
Slide 20: Definitions
DEFINITIONS 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 charge,
Slide 21: Q1 2025 Earnings Contact
Q1 2025 WAYNE WASECHEK EARNINGS Vice President and Chief Financial Officer April29,2028 509-835-1521 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com / 4\PotlatchDeltic