Rayonier (RYN) Q1 2026 earnings summary

Executive summary

• Completed merger with PotlatchDeltic on January 30, 2026, adding 2.1 million acres of timberlands and seven wood products facilities, creating a combined entity with 4.1 million acres and expanded geographic and product diversity.

• Q1 2026 consolidated results include PotlatchDeltic from January 31, 2026; prior year results reflect discontinued New Zealand operations.

• Retained the Rayonier name and introduced a refreshed logo to leverage brand equity and minimize transition risks.

• First quarter results include two months of PotlatchDeltic contributions, with updated segment reporting to reflect the new Wood Products segment.

• Completed the sale of the New Zealand joint venture, resulting in a $404.4 million gain in discontinued operations.

Financial highlights

• Q1 2026 sales were $276.8 million, up from $82.9 million in Q1 2025, driven by the merger.

• Adjusted EBITDA rose to $94.1 million from $27.1 million year-over-year, reflecting merger contributions.

• Reported GAAP net loss of $12.5 million ($0.05/share), primarily due to $70.4 million in merger-related costs; pro forma net income was $17.4 million ($0.07/share).

• Cash available for distribution (CAD) increased to $90.2 million, up $69.9 million year-over-year.

• Net debt to enterprise value at quarter-end was 18%.

Outlook and guidance

• Expect $40 million in annual run-rate synergies within 24 months post-merger, with at least half by year-end.

• Southern Timber: Full-year harvest volumes projected at 12.1–12.6 million tons; Q2 harvest 2.9–3.1 million tons; stable regional prices expected.

• Northwest Timber: Full-year harvest volumes of 2–2.3 million tons; Q2 harvest ~500,000 tons; higher sawtimber prices anticipated.

• Wood Products: 2026 lumber shipments expected at ~1.1 billion board feet; Q2 shipments 310–320 million board feet; Q2 Adjusted EBITDA to exceed Q1.

• Real Estate: Q2 Adjusted EBITDA expected at $25–$35 million; full-year guidance $180–$200 million.