Rayonier (RYN) Investor presentation summary

Strategic positioning and portfolio overview

• Manages over 4 million acres of diversified timberlands, primarily in the U.S. South and Northwest, with a focus on optimizing land use for maximum value.

• Recent merger with PotlatchDeltic enhances scale, operational efficiency, and capital allocation flexibility.

• Asset base includes timberlands, six sawmills, a plywood facility, and real estate development projects in key growth regions.

• Well-positioned to benefit from trends in housing, rural land demand, and land-based solutions such as solar and carbon capture.

• Leadership team combines expertise from both legacy companies, emphasizing value creation and cultural alignment.

Financial and operational strengths

• Strong balance sheet with conservative leverage (Net Debt/Adjusted EBITDA below 3.0x) and investment-grade credit ratings.

• Capital allocation priorities include maintaining a healthy balance sheet, sustainable dividends, share repurchases, and strategic investments.

• Significant value creation potential from optimizing land use, with real estate and land-based solutions offering up to 10-15x timber value per acre.

• Wood products segment is a top 10 U.S. lumber producer, with facilities positioned for growth and positive leverage to lumber pricing.

• Real estate platform demonstrates strong HBU price growth and a shift toward higher-value development sales.

Growth drivers and market trends

• U.S. housing market remains underbuilt, supporting long-term demand for lumber and timber products.

• Real estate development projects in Florida, Georgia, and Arkansas provide a long runway for future value creation.

• Land-based solutions such as solar leasing, carbon credits, and carbon capture offer new revenue streams and potential EBITDA uplift.

• Portfolio concentrated in regions with strong demand for rural land and appreciating land values.

• Timberland assets generate returns through harvest income and land value appreciation, with historical value per acre growth in the U.S. South.