{"success":true,"data":{"pressRelease":{"id":"24164","rtpr_id":"nBw9WXhkqa","ticker":"RYN","exchange":"NYSE","all_tickers":["RYN"],"title":"Rayonier Reports First Quarter 2026 Results","author":"Business Wire","published_at":"2026-05-06T20:12:00.281Z","article_body":"Rayonier Reports First Quarter 2026 Results\n\n\n * First quarter net loss attributable to Rayonier of ($12.4) million (or ($0.05)\nper diluted share), pro forma net income of $17.4 million (or $0.07 per\nshare), and Adjusted EBITDA of $94.1 million.\n\n * Successfully completed transformative merger of equals with PotlatchDeltic on\nJanuary 30, 2026.\n\n * Repurchased $31.1 million of shares at an average price of $20.98 per share.\n\n * As of March 31, 2026, Rayonier had $2.06 billion of debt outstanding and\n$681.7 million of cash.\n\nRayonier Inc. (NYSE:RYN) today reported first quarter net loss attributable to\nRayonier of ($12.4) million, or ($0.05) per diluted share, on revenues of\n$276.8 million. This compares to net loss attributable to Rayonier of ($3.4)\nmillion, or ($0.02) per diluted share, on revenues of $82.9 million in the\nprior year quarter.\n\nThe first quarter results included $69.5 million of costs (net of tax) related\nto the merger with PotlatchDeltic(1 )and a $0.9 million inventory purchase\nprice adjustment (net of tax) in cost of sales,(2) which was partially offset\nby a $40.3 million income tax benefit from the release of a valuation\nallowance.(3) Excluding these items and adjusting for pro forma net income\nadjustments attributable to noncontrolling interests,(4) first quarter pro\nforma net income(5) was $17.4 million, or $0.07 per share. This compares to\npro forma net loss(5) of ($2.7) million, or ($0.02) per share, in the prior\nyear period.\n\nThe following table summarizes the current quarter and comparable prior year\nperiod results. Consolidated results for the first quarter of 2026 include the\noperations of PotlatchDeltic for the period from January 31, 2026 through\nMarch 31, 2026.\n                     \n     Three Months Ended   \n   (millions of dollars, except earnings per share (EPS)) March 31, 2026   March 31, 2025   \n     $   EPS   $   EPS   \n                     \n   Revenues $276.8         $82.9         \n                     \n   Net loss attributable to Rayonier ($12.4 )   ($0.05 )   ($3.4 )   ($0.02 )   \n   Pro forma items net of tax:                 \n   Costs related to the merger with PotlatchDeltic(1) 69.5     0.27     —     —     \n   Inventory purchase price adjustment in cost of sales(2) 0.9     —     —     —     \n   Tax benefit from valuation allowance release(3) (40.3 )   (0.16 )   —     —     \n   Income from operations of discontinued operations(6) —     —     (2.5 )   (0.02 )   \n   Restructuring charges(7) —     —     1.1     0.01     \n   Net cost on legal settlements(8) —     —     1.7     0.01     \n   Pro forma net income (loss) adjustments attributable to noncontrolling (0.2 )   —     0.4     —     \n interests(4) \n   Pro forma net income (loss)(5) $17.4     $0.07     ($2.7 )   ($0.02 )   \n                     \n\n\nFirst quarter operating loss was ($45.7) million versus operating income of\n$0.1 million in the prior year period. First quarter operating loss included\n$70.4 million of costs related to the merger with PotlatchDeltic(1 )and a $1.2\nmillion inventory purchase price adjustment in cost of sales.(2) Excluding\nthese items, pro forma operating income(5) was $25.9 million. This compares to\npro forma operating income(5) of $1.2 million in the prior year period. First\nquarter Adjusted EBITDA(5) was $94.1 million versus $27.1 million in the prior\nyear period.\n\nThe following table summarizes operating income, pro forma operating\nincome,(5) and Adjusted EBITDA(5 )for the current quarter and the comparable\nprior-year period. The presentation reflects the addition of the Wood Products\nsegment and the renaming of the Pacific Northwest Timber segment following the\nmerger with PotlatchDeltic (as further described below).\n                             \n     Three Months Ended March 31,   \n     Operating (Loss) Income   Pro forma Operating Income (Loss)(5)   Adjusted EBITDA(5)   \n   (millions of dollars) 2026     2025     2026     2025     2026     2025     \n   Southern Timber $12.4     $10.1     $12.4     $10.1     $45.5     $27.0     \n   Northwest Timber (0.4 )   0.3     (0.4 )   0.3     8.6     5.9     \n   Wood Products (1.0 )   —     0.1     —     6.8     —     \n   Real Estate 27.4     (1.0 )   27.4     (1.0 )   46.2     2.0     \n   Corporate and Other (82.8 )   (9.3 )   (12.3 )   (8.2 )   (11.8 )   (7.9 )   \n   Intersegment Eliminations(9) (1.2 )   —     (1.2 )   —     (1.2 )   —     \n   Total ($45.7 )   $0.1     $25.9     $1.2     $94.1     $27.1     \n                             \n\n\nCash provided by operating activities was $34.6 million versus $27.7 million\nin the prior year period. Cash available for distribution (CAD)(5) was $90.2\nmillion, which increased $69.9 million versus the prior year period due to\nhigher Adjusted EBITDA(5 )($67.1 million) and higher cash interest received\n(net) ($11.0 million), partially offset by higher capital expenditures ($8.4\nmillion).\n\n“During the first quarter, we generated total Adjusted EBITDA of $94.1\nmillion, reflecting two months of post-merger contribution from the legacy\nPotlatchDeltic businesses following the successful closing of our merger of\nequals on January 30th,” said Mark McHugh, President and Chief Executive\nOfficer. “In addition to delivering solid financial results to start the\nyear, I am extremely proud of the collaboration, focus and dedication that our\nteam has demonstrated as we’ve executed on integration initiatives.”\n\n“In our Southern Timber segment, Adjusted EBITDA of $45.5 million increased\n68% versus the prior year quarter, largely due to the contribution of\napproximately 1.0 million tons of harvest volume from the PotlatchDeltic\ntimberlands. In Northwest Timber, Adjusted EBITDA of $8.6 million was 45%\nhigher than the prior year quarter, primarily due to 116,000 tons of\nincremental harvest volume from the PotlatchDeltic timberlands.”\n\n“In our newly established Wood Products segment, we generated Adjusted\nEBITDA of $6.8 million, as lumber price realizations trended higher through\nthe first quarter.”\n\n“In our Real Estate segment, Adjusted EBITDA totaled $46.2 million—above\nthe high-end of our prior guidance for the quarter—as we continued to see\nstrong momentum across our real estate categories. Notably, our real estate\nresults for the quarter included a $22.5 million land sale to a solar\ndeveloper at over $10,000 per acre.”\n\nPotlatchDeltic Corporation Merger and Changes to Reportable Business Segments\n\nOn January 30, 2026, Rayonier completed the previously announced merger with\nPotlatchDeltic Corporation (“PotlatchDeltic”). Accordingly,\nPotlatchDeltic’s balance sheet and results of operations are included in our\nconsolidated financial statements from and after the date of acquisition.\n\nAs a result of the merger, we revised our reportable business segments to\ninclude a new “Wood Products” segment, which manufactures and sells\nlumber, plywood and residual products at seven mills located in Arkansas,\nIdaho, Michigan and Minnesota. We further renamed the Pacific Northwest Timber\nsegment to “Northwest Timber,” reflecting the addition of approximately\n623,000 acres of timberlands in Idaho. Within our Southern Timber segment, we\nrevised our price reporting to reflect delivered log prices rather than net\nstumpage realizations, reflecting the change in the prevalent mode of sale\nfollowing the addition of approximately 1.5 million acres to the segment\nthrough the merger.\n\nSouthern Timber\n\nFirst quarter sales of $88.7 million increased $37.7 million, or 74%, versus\nthe prior year period. Harvest volumes increased 76% to 2.78 million tons\nversus 1.58 million tons in the prior year period, primarily driven by 1.0\nmillion tons of incremental volume from the PotlatchDeltic timberlands.\nAverage delivered pine sawtimber prices decreased to $44.59 per ton versus\n$47.69 per ton in the prior year period, primarily reflecting changes in\ngeographic mix associated with the expanded Southern Timber footprint, as well\nas modestly weaker market conditions. Average delivered pine pulpwood prices\ndecreased to $30.20 per ton versus $37.83 per ton in the prior year period,\nreflecting geographic mix impacts from the expanded footprint, as well as\nsofter pulpwood markets. Meanwhile, weighted-average prices on stumpage sales\n(including hardwood) decreased to $16.65 per ton versus $18.11 per ton in the\nprior year period, largely attributable to the geographic mix shift due to the\nmerger. Operating income of $12.4 million increased $2.2 million versus the\nprior year period due to higher volumes ($6.7 million) and higher non-timber\nincome ($4.8 million), partially offset by higher depletion expense ($3.4\nmillion), lower prices ($3.3 million) and higher costs ($2.5 million).\n\nFirst quarter Adjusted EBITDA(5) of $45.5 million was 68%, or $18.5 million,\nabove the prior year period.\n\nNorthwest Timber\n\nFirst quarter sales of $32.1 million increased $10.3 million, or 47%, versus\nthe prior year period. Harvest volumes increased 38% to 361,000 tons versus\n261,000 tons in the prior year period, primarily driven by 116,000 tons of\nincremental volume from legacy PotlatchDeltic timberlands. Idaho harvest\nactivity was limited during the first quarter due to extended spring break-up\nconditions following a relatively mild winter. Average delivered prices for\nsawtimber increased to $94.37 per ton versus $90.58 per ton in the prior year\nperiod, primarily reflecting geographic mix due to the addition of Idaho\nsawtimber (most of which is indexed to lumber prices), which more than offset\nmodestly lower prices in the Pacific Northwest. Average delivered pulpwood\nprices increased to $36.82 per ton versus $30.05 per ton in the prior year\nperiod, primarily due to improved pulpwood demand and less competition from\nsawmill residuals. Operating loss of ($0.4) million versus operating income of\n$0.3 million in the prior year period was driven by higher costs ($2.4\nmillion) and higher depletion expense ($1.3 million), partially offset by\nhigher volumes ($1.5 million), higher prices ($1.2 million) and higher\nnon-timber income ($0.3 million).\n\nFirst quarter Adjusted EBITDA(5) of $8.6 million was 45%, or $2.7 million,\nabove the prior year period.\n\nWood Products\n\nFirst quarter sales totaled $108.5 million, consisting of $87.2 million of\nlumber sales and $21.3 million of plywood, residual, and other sales. Improved\nsupply-demand conditions due to capacity curtailments announced last year,\ncoupled with seasonal restocking ahead of the spring building season, drove\nhigher lumber prices throughout the first quarter, particularly for southern\nyellow pine. Lumber shipments totaled 199 MMBF, with average lumber price\nrealizations of $437 per thousand board feet. While shipment volumes were\nimpacted by adverse weather in both our Northern and Southern mills, overall\nmanufacturing costs per unit remained stable. Industrial plywood demand and\ncosts were also relatively stable during the quarter.\n\nFirst quarter operating loss and Adjusted EBITDA(5 )were ($1.0) million and\n$6.8 million, respectively.\n\nReal Estate\n\nFirst quarter sales of $59.8 million increased $49.6 million versus the prior\nyear period, while operating income of $27.4 million increased $28.3 million\nversus the prior year period. Sales and operating income increased primarily\ndue to higher acres sold( )(7,695 acres sold versus 1,031 acres sold in the\nprior year period), partially offset by lower weighted-average prices ($7,280\nper acre versus $8,308 per acre in the prior year period).\n\nImproved Development sales of $6.6 million included $3.5 million from the\nHeartwood development project south of Savannah, Georgia and $3.1 million from\nthe Chenal Valley development project in Little Rock, Arkansas. Sales in\nHeartwood consisted of a 32-acre church site for $2.2 million ($68,000 per\nacre) and two commercial properties totaling 2.4 acres for $1.3 million\n($538,000 per acre). Sales in Chenal Valley included 20 residential lots for\n$3.1 million ($157,000 per lot). This compares to Improved Development sales\nof $3.3 million in the prior year period.\n\nRural sales of $49.4 million consisted of 7,656 acres at an average price of\n$6,457 per acre, including a 2,226-acre sale to a solar developer for $10,100\nper acre. This compares to prior year period sales of $5.3 million, which\nconsisted of 953 acres at an average price of $5,534 per acre.\n\nFirst quarter Adjusted EBITDA(5 )of $46.2 million increased $44.2 million\nversus the prior year period.\n\nOther Items\n\nFirst quarter corporate and other operating expenses of $82.8 million\nincreased $73.4 million versus the prior year period, primarily due to $70.4\nmillion of costs related to the merger with PotlatchDeltic.(1) The prior year\nperiod included $1.1 million of restructuring charges.(7)\n\nFirst quarter interest expense of $14.3 million increased $7.9 million versus\nthe prior year period, primarily due to incremental debt assumed in the merger\nwith PotlatchDeltic. First quarter interest income of $7.2 million increased\n$4.3 million versus the prior year period, primarily due to a higher cash\nbalance following the sale of the Company’s New Zealand joint venture\ninterest in the second quarter of 2025.\n\nFirst quarter income tax benefit of $39.4 million versus $0.3 million of\nincome tax expense in the prior year period was primarily driven by a $40.3\nmillion benefit associated with the release of a valuation allowance.(3 )This\nvaluation allowance was primarily related to net operating losses generated by\nthe Company’s taxable REIT subsidiary, which are now expected to be utilized\nfollowing the merger with PotlatchDeltic.\n\nShare Repurchases\n\nDuring the first quarter, the Company repurchased approximately 1.5 million\nshares at an average price of $20.98 per share, or $31.1 million in total. As\nof March 31, 2026, the Company had $198.4 million remaining on its current\nshare repurchase authorization.\n\nOutlook\n\nConsistent with the initial 2026 financial guidance we provided in February,\nthe following full-year metrics reflect a pro rata contribution from legacy\nPotlatchDeltic operations for January 31, 2026 through December 31, 2026.\n\n\n * Southern Timber: In our Southern Timber segment, we expect to achieve\nfull-year harvest volumes of 12.1 to 12.6 million tons, with anticipated\nharvest volumes of 2.9 to 3.1 million tons in the second quarter. We expect\nregional sawtimber and pulpwood prices to remain relatively stable for the\nsecond quarter compared to the first quarter. However, full-year and quarterly\naverage pine prices for the combined company’s Southern Timber segment are\nexpected to be lower than the standalone prices for Rayonier in the prior year\nbased on the geographic mix of the combined company.\n\n * Northwest Timber: In our Northwest Timber segment, we expect to achieve\nfull-year harvest volumes of 2.0 to 2.3 million tons, with anticipated harvest\nvolumes of approximately 500,000 tons in the second quarter. We expect overall\nsawtimber prices to be higher in the second quarter compared to the first\nquarter primarily due to the addition of PotlatchDeltic’s Idaho timberlands.\nWe also continue to expect that full-year 2026 average log pricing for the\ncombined company’s Northwest Timber segment will be higher than the\nstandalone pricing for Rayonier in the prior year. However, as we previously\nhighlighted, our pricing in the Northwest following the merger will be more\nsensitive to fluctuations in lumber pricing, as a significant portion of our\nsawlog sales in Idaho are indexed to lumber prices.\n\n * Wood Products: In our Wood Products segment, we continue to expect lumber\nshipments to total ~1.1 billion board feet for the 11 months of contribution\nin 2026. We further expect lumber shipments in the second quarter of\napproximately 310 to 320 million board feet. We were encouraged by the\npositive trajectory in lumber prices through mid-April, but pricing in recent\nweeks across some products has moderated amid more balanced supply/demand\ndynamics. Based on quarter-to-date price realizations and current lumber\npricing, we expect the Adjusted EBITDA contribution from the Wood Products\nsegment to be higher in the second quarter as compared to the first quarter\nresults.\n\n * Real Estate: We are pleased by the continued momentum in our Real Estate\nsegment and maintain a strong pipeline of rural and improved development land\nsales for the balance of the year. Based on our current transaction pipeline\nand sales closed quarter-to-date, we expect an Adjusted EBITDA contribution in\nthe second quarter of $25 to $35 million. For the full year, we continue to\nexpect an Adjusted EBITDA contribution from our Real Estate segment of $180 to\n$200 million.\n\nConference Call\n\nA conference call and live audio webcast will be held on Thursday, May 7, 2026\nat 10:00 AM (ET) to discuss these results. The conference call can be accessed\nby registering online at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=1&md5=f97f9d01bef80da4f272ef82c97d749e)\n, at which time registrants will receive dial-in information.\n\nAccess to the live audio webcast will be available at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=2&md5=a8dc07b792879721ee9efd317110f044)\n. A replay of the webcast will be archived on the Company’s website and\navailable shortly after the call.\n\nComplimentary copies of Rayonier press releases and other financial documents\nare also available by calling (904) 357-9100.\n (1) \"Costs related to the merger with PotlatchDeltic\" include professional \n services fees, employee-related costs, accelerated stock-based compensation, \n and other integration-related costs incurred in connection with the merger, \n which closed on January 30, 2026. \n (2) \"Inventory purchase price adjustment in cost of sales\" reflects a non-cash, \n one-time charge reflecting the excess of fair value over PotlatchDeltic’s \n historical cost on acquired finished goods inventory sold post-closing. \n (3) \"Tax benefit from valuation allowance release\" reflects a non-cash release of \n Rayonier's pre-existing valuation allowance, triggered by deferred tax \n liabilities recognized in the PotlatchDeltic purchase price allocation. \n (4) \"Pro forma net income (loss) adjustments attributable to noncontrolling \n interests\" are the proportionate share of pro forma items that are \n attributable to noncontrolling interests. \n (5) \"Pro forma net income (loss),\" \"Pro forma operating income (loss),\" \"Adjusted \n EBITDA\" and \"CAD\" are non-GAAP measures defined and reconciled to GAAP in the \n attached exhibits. \n (6) \"Income from operations of discontinued operations\" includes income generated \n by the Company’s New Zealand joint venture interest, which was classified as \n discontinued operations prior to its June 30, 2025 disposition. \n (7) \"Restructuring charges\" include severance costs related to workforce \n optimization initiatives. \n (8) \"Net cost on legal settlements\" reflects the net loss from litigation \n regarding insurance claims. \n (9) \"Intersegment eliminations\" reflects the elimination of profit on log sales \n from the Timber segments to Wood Products that remain in inventory at the end \n of the period. \n\n\nAbout Rayonier\n\nRayonier is a land resources real estate investment trust (REIT) with a\nportfolio comprising over four million acres in the U.S. South and U.S.\nNorthwest. The company is focused on managing its timberlands on a sustainable\nbasis while optimizing its overall portfolio value by delivering land to its\nhighest and best use. Rayonier also operates six sawmills, an industrial-grade\nplywood mill, residential and commercial real estate developments, and a rural\nland sales program. Rayonier is committed to corporate responsibility,\nthird-party forest certification, and supporting climate change mitigation\nthrough its land-based solutions business.\n\nMore information is available at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=3&md5=e03cc2c278ce109692241298f0ff55f6)\n.\n   \n\n\nForward-Looking Statements - Certain statements in this press release\nregarding anticipated financial outcomes including Rayonier’s earnings\nguidance, if any, business and market conditions, outlook, expected dividend\nrate, acquisition and disposition activity, including the ability to realize\nthe intended benefits of our recent merger with PotlatchDeltic Corporation,\nexpected harvest schedules, timberland acquisitions and dispositions, the\nanticipated benefits of Rayonier’s business strategies, including the recent\nsale of the entities holding Rayonier’s interest in the New Zealand joint\nventure and the anticipated use of proceeds from such sale, and other similar\nstatements relating to Rayonier’s future events, developments or financial\nor operational performance or results, are “forward-looking statements”\nmade pursuant to the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995 and other federal securities laws. These\nforward-looking statements are identified by the use of words such as\n“may,” “will,” “should,” “expect,” “estimate,”\n“believe,” “intend,” “project,” “anticipate,” “long-term,”\n“looking ahead” and other similar language. However, the absence of these\nor similar words or expressions does not mean that a statement is not\nforward-looking. While management believes that these forward-looking\nstatements are reasonable when made, forward-looking statements are not\nguarantees of future performance or events and undue reliance should not be\nplaced on these statements.\n\nThe following important factors, among others, could cause actual results or\nevents to differ materially from those expressed in forward-looking statements\nthat may have been made in this document: our ability to obtain the intended\nbenefits of our merger with PotlatchDeltic Corporation, including future\nfinancial and operating results; the cyclical and competitive nature of the\nindustries in which we operate; fluctuations in demand for, or supply of, our\nforest products and real estate offerings, including any further downturn in\nthe housing market; entry of new competitors into our markets; changes in\nproduction and production capacity in the forest products industry;\nunanticipated manufacturing disruptions or inefficiencies in our supply chain\nand/or operations; fires at our manufacturing facilities; changes in policy\nregarding governmental timber sales; changes in global economic conditions and\ngeopolitical tensions, including the war in Ukraine and elevated tensions in\nthe Middle East; business disruptions arising from government shutdowns,\npublic health crises and outbreaks of communicable diseases; the uncertainties\nof potential impacts of climate-related initiatives; the cost and availability\nof third-party logging and trucking services; the geographic concentration of\na significant portion of our timberland; our ability to identify, finance and\ncomplete timberland acquisitions and/or to complete dispositions; changes in\ntimberland values; changes in environmental laws and regulations regarding\ntimber harvesting, delineation of wetlands, endangered species and development\nof real estate generally, that may restrict or adversely impact our ability to\nconduct our business, or increase the cost of doing so; adverse weather\nconditions, natural disasters and other catastrophic events such as\nhurricanes, wind storms and wildfires; the lengthy, uncertain and costly\nprocess associated with the ownership, entitlement and development of real\nestate, especially in Florida and Washington, including changes in law, policy\nand political factors beyond our control; the availability and cost of\nfinancing for real estate development and mortgage loans; changes in tariffs,\ntaxes or treaties relating to the import and export of our products, our\ncustomers’ products or those of our and our customers’ competitors;\nchanges in key management and personnel; and our ability to meet all necessary\nlegal requirements to continue to qualify as a real estate investment trust\n(“REIT”) and changes in tax laws that could adversely affect beneficial\ntax treatment.\n\nFor additional factors that could impact future results, please see Item 1A -\nRisk Factors in the Company’s most recent Annual Report on Form 10-K and\nsimilar discussion included in other reports that we subsequently file with\nthe Securities and Exchange Commission (the “SEC”). Forward-looking\nstatements are only as of the date they are made, and the Company undertakes\nno duty to update its forward-looking statements except as required by law.\nYou are advised, however, to review any further disclosures we make on related\nsubjects in our subsequent reports filed with the SEC.\n\nNon-GAAP Financial Measures - To supplement Rayonier’s financial statements\npresented in accordance with generally accepted accounting principles in the\nUnited States (“GAAP”), Rayonier uses certain non-GAAP measures, including\n“cash available for distribution,” “pro forma operating income\n(loss),” “pro forma net income (loss),” and “Adjusted EBITDA,” which\nare defined and further explained in this communication. Reconciliation of\nsuch measures to the nearest GAAP measures can also be found in this\ncommunication. Rayonier’s definitions of these non-GAAP measures may differ\nfrom similarly titled measures used by others. These non-GAAP measures should\nbe considered supplemental to, and not a substitute for, financial information\nprepared in accordance with GAAP.\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED STATEMENTS OF CONSOLIDATED INCOME \n March 31, 2026 (unaudited) \n (millions of dollars, except per share information) \n   Three Months Ended \n   March 31,   December 31,   March 31, \n   2026     2025     2025   \n   \n SALES $276.8     $117.5     $82.9   \n Costs and Expenses           \n Cost of sales (230.3 )   (68.2 )   (65.0 ) \n Selling and general expenses (21.8 )   (16.1 )   (16.7 ) \n Other operating expense, net (70.4 )   (6.2 )   (1.1 ) \n OPERATING (LOSS) INCOME (45.7 )   27.0     0.1   \n Interest expense, net (14.3 )   (6.7 )   (6.4 ) \n Interest income 7.2     9.3     2.9   \n Other miscellaneous income (expense), net 0.9     (3.2 )   (1.9 ) \n (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (51.9 )   26.4     (5.3 ) \n Income tax benefit (expense) 39.4     (0.2 )   (0.3 ) \n (LOSS) INCOME FROM CONTINUING OPERATIONS (12.5 )   26.2     (5.6 ) \n Income from operations of discontinued operations, net of tax —     —     2.5   \n NET (LOSS) INCOME (12.5 )   26.2     (3.1 ) \n Less: Net loss (income) attributable to noncontrolling interests in the 0.1     (0.3 )   0.1   \n Operating Partnership \n Less: Net income attributable to noncontrolling interests in consolidated —     —     (0.4 ) \n affiliates \n NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($12.4 )   $25.9     ($3.4 ) \n (LOSS) EARNINGS PER COMMON SHARE           \n BASIC (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.           \n Continuing Operations ($0.05 )   $0.17     ($0.04 ) \n Discontinued Operations —     —     $0.01   \n Net Income ($0.05 )   $0.17     ($0.02 ) \n DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.           \n Continuing Operations ($0.05 )   $0.16     ($0.04 ) \n Discontinued Operations —     —     $0.01   \n Net Income ($0.05 )   $0.16     ($0.02 ) \n             \n Pro forma net income (loss) per share (a) $0.07     $0.20     ($0.02 ) \n             \n Weighted Average Common Shares used for determining           \n Basic EPS 255,954,391     155,506,254     153,677,854   \n Diluted EPS (b) 255,954,391     162,170,418     153,677,854   \n\n (a) Pro forma net income per share is a non-GAAP measure. See Schedule F for \n definition and reconciliation to the nearest GAAP measure. \n (b) Diluted earnings per share is calculated based on the weighted average number \n of shares of common stock outstanding combined with the incremental weighted \n average number of shares that would have been outstanding assuming all \n potentially dilutive securities (including Redeemable Operating Partnership \n Units) were converted into shares of common stock at the earliest date \n possible. The incremental weighted average number of shares used for \n determining diluted EPS for the three months ended December 31, 2025 also \n includes 4,866,708 of contingently issuable shares from the additional \n dividend of $1.40 per share, which was declared on October 14, 2025. For the \n three months ended March 31, 2026 and 2025, because net (loss) earnings from \n continuing operations was a loss, the effect of anti-dilutive securities was \n excluded in the denominator of calculating diluted EPS. As of March 31, 2026, \n there were 301,675,323 common shares and 1,682,257 Redeemable Operating \n Partnership Units outstanding. \n   \n A \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED BALANCE SHEETS \n March 31, 2026 (unaudited) \n (millions of dollars) \n     March 31,   December 31, \n     2026     2025   \n   \n Assets         \n Cash and cash equivalents   $681.7     $842.9   \n Inventory   113.2     6.8   \n Assets held for sale   28.4     5.4   \n Other current assets   72.4     28.6   \n Timber and timberlands, net of depletion and amortization   5,867.7     2,299.5   \n Higher and better use timberlands and real estate development investments   187.6     126.1   \n Property, plant and equipment   606.8     39.4   \n Less - accumulated depreciation   (28.4 )   (20.9 ) \n Net property, plant and equipment   578.4     18.5   \n Restricted cash, non-current   0.5     0.5   \n Operating lease right-of-use assets   23.5     16.3   \n Other assets   192.0     60.1   \n     $7,745.4     $3,404.7   \n Liabilities, Noncontrolling Interests in the Operating Partnership and         \n Shareholders’ Equity \n Current maturities of long-term debt   200.0     200.0   \n Other current liabilities   154.1     71.3   \n Long-term debt   1,855.1     845.3   \n Pension and other postretirement benefits, non-current   61.6     1.4   \n Other non-current liabilities   105.3     36.5   \n Noncontrolling interests in the Operating Partnership   39.9     40.5   \n Total shareholders’ equity   5,329.4     2,209.7   \n     $7,745.4     $3,404.7   \n   \n B \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY \n March 31, 2026 (unaudited) \n (millions of dollars, except share information) \n   Common Shares   Retained Earnings   Accumulated   Shareholders’ Equity \n \n \n \nOther \n \n \n \nComprehensive Income \n   Shares   Amount   \n   \n Balance, January 1, 2026 161,425,616     $1,904.3     $280.9     $24.5     $2,209.7   \n Net loss —     —     (12.5 )   —     (12.5 ) \n Net loss attributable to noncontrolling interests in the Operating Partnership —     —     0.1     —     0.1   \n Dividends ($0.26 per share) —     —     (81.1 )   —     (81.1 ) \n Issuance of shares associated with the merger with PotlatchDeltic, net of 140,872,342     3,202.6     —     —     3,202.6   \n equity issuance costs of $0.9 million \n Replacement equity awards granted in connection with the merger with —     25.0     —     —   25.0   \n PotlatchDeltic — precombination service portion \n Issuance of shares under incentive stock plans 903,045     —     —     —     —   \n Stock-based incentive compensation —     15.4     —     —     15.4   \n Repurchase of common shares made under repurchase program (1,480,753 )   —     (31.1 )   —     (31.1 ) \n Other (a) (44,927 )   (0.8 )   (0.1 )   2.2     1.3   \n Balance, March 31, 2026 301,675,323     $5,146.5     $156.2     $26.7     $5,329.4   \n\n   Common Shares   Retained Earnings   Accumulated   Noncontrolling Interests in Consolidated Affiliates   Shareholders’ Equity \n \n \n \nOther \n \n \n \nComprehensive Loss \n   Shares   Amount   \n   \n Balance, January 1, 2025 148,536,643     $1,522.5     $257.2     ($10.4 )   $11.2     $1,780.5   \n Loss from continuing operations —     —     (5.6 )   —     —     (5.6 ) \n Income from discontinued operations —     —     2.1     —     0.4     2.5   \n Net loss attributable to noncontrolling interests in the Operating Partnership —     —     0.1     —     —     0.1   \n Dividends ($0.2725 per share) —     —     (42.7 )   —     —     (42.7 ) \n Issuance of common shares from special 7,560,983     200.4     —     —     —     200.4   \n \n \n \ndividend (b) \n Issuance of shares under incentive stock plans 5,566     —     —     —     —     —   \n Stock-based incentive compensation —     2.3     —     —     —     2.3   \n Repurchase of common shares made under repurchase program (95,000 )   —     (2.6 )   —     —     (2.6 ) \n Adjustment of noncontrolling interests in the Operating Partnership —     —     (4.3 )   —     —     (4.3 ) \n Other (a) (420 )   —   —     (3.9 )   (1.4 )   (5.3 ) \n Balance, March 31, 2025 156,007,772     $1,725.2     $204.2     ($14.3 )   $10.2     $1,925.3   \n\n (a) Primarily includes shares purchased from employees in non-open market \n transactions to pay withholding taxes associated with the vesting of shares \n granted under the Company’s Incentive Stock Plan, dividend equivalents on \n deferred stock, pension and post-retirement benefit plan adjustments, foreign \n currency translation adjustments, mark-to-market adjustments of qualifying \n cash flow hedges, distributions to noncontrolling interests in consolidated \n affiliates and the allocation of other comprehensive income (loss) to \n noncontrolling interests in the Operating Partnership. The three months ended \n March 31, 2026 and March 31, 2025 also includes the redemption of 637 and \n 1,000 Redeemable Operating Partnership Units, respectively, for an equal \n number of Rayonier Inc. common shares. \n (b) Reflects the issuance of shares related to the Company’s special dividend of \n $1.80 per common share, paid on January 30, 2025, to shareholders of record as \n of December 12, 2024. This dividend comprised a combination of cash and the \n Company’s common shares. \n   \n C \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS \n March 31, 2026 (unaudited) \n (millions of dollars) \n   Three Months Ended March 31, \n   2026     2025   \n   \n Cash provided by operating activities:       \n Net loss ($12.5 )   ($3.1 ) \n Depreciation, depletion and amortization from continuing operations 56.2     23.5   \n Depreciation, depletion and amortization from discontinued operations —     4.3   \n Non-cash cost of land and improved development 12.0     2.4   \n Stock-based incentive compensation expense 15.4     2.3   \n Deferred income taxes (39.5 )   (1.0 ) \n Other items to reconcile net income to cash provided by operating activities 1.7     8.7   \n Changes in working capital and other assets and liabilities 1.3     (9.4 ) \n   34.6     27.7   \n Cash used for investing activities:       \n Capital expenditures from continuing operations (20.4 )   (12.0 ) \n Capital expenditures from discontinued operations —     (2.7 ) \n Real estate development investments (4.5 )   (4.1 ) \n Net cash consideration for merger with PotlatchDeltic (24.8 )   —   \n Interest received under swaps with other-than-insignificant financing element 4.1     —   \n Other (7.4 )   (2.6 ) \n   (53.0 )   (21.4 ) \n Cash used for financing activities:       \n Repayment of debt (27.5 )   —   \n Dividends paid (a) (81.1 )   (110.4 ) \n Distributions to noncontrolling interests in the Operating Partnership (b) (0.4 )   (1.5 ) \n Equity issuance costs (0.9 )   —   \n Repurchase of common shares made under repurchase program (31.1 )   (2.6 ) \n Distributions to noncontrolling interests in consolidated affiliates —     (1.9 ) \n Other (1.8 )   (0.1 ) \n   (142.8 )   (116.5 ) \n Cash, cash equivalents and restricted cash:       \n Change in cash, cash equivalents and restricted cash (161.2 )   (110.2 ) \n         \n Balance from continuing operations, beginning of year 843.4     323.1   \n Balance from discontinued operations, beginning of year —     20.1   \n Total Balance, beginning of year 843.4     343.2   \n         \n Balance from continuing operations, end of period 682.2     216.9   \n Balance from discontinued operations, end of period —     16.1   \n Total Balance, end of period $682.2     $233.0   \n\n (a) The three months ended March 31, 2025 includes an additional dividend of $1.80 \n per common share, consisting of a combination of cash and the Company’s \n common shares. The cash portion of $67.8 million was paid on January 30, 2025, \n to shareholders of record on December 12, 2024. \n (b) The three months ended March 31, 2025 includes an additional distribution of \n $1.80 per Redeemable Operating Partnership Unit, consisting of a combination \n of cash and the Company’s Redeemable Operating Partnership Units. The cash \n portion of $0.9 million was paid on January 30, 2025, to holders of record on \n December 12, 2024. \n   \n D \n\n RAYONIER INC. AND SUBSIDIARIES \n BUSINESS SEGMENT SALES, OPERATING (LOSS) INCOME, \n PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA \n March 31, 2026 (unaudited) \n (millions of dollars) \n   Three Months Ended \n   March 31,   December 31,   March 31, \n   2026     2025     2025   \n   \n Sales           \n Southern Timber $88.7     $57.2     $50.9   \n Northwest Timber 32.1     18.0     21.8   \n Wood Products 108.5     —     —   \n Real Estate 59.8     42.3     10.2   \n Intersegment Eliminations (a) (12.2 )   —     —   \n Sales $276.8     $117.5     $82.9   \n             \n Operating (loss) income           \n Southern Timber $12.4     $15.8     $10.1   \n Northwest Timber (0.4 )   (1.6 )   0.3   \n Wood Products (1.0 )   —     —   \n Real Estate 27.4     27.1     (1.0 ) \n Corporate and Other (82.8 )   (14.3 )   (9.3 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Operating (loss) income ($45.7 )   $27.0     $0.1   \n             \n Pro forma operating income (loss) (b)           \n Southern Timber $12.4     $15.8     $10.1   \n Northwest Timber (0.4 )   (1.6 )   0.3   \n Wood Products 0.1     —     —   \n Real Estate 27.4     27.1     (1.0 ) \n Corporate and Other (12.3 )   (8.0 )   (8.2 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Pro forma operating income $25.9     $33.3     $1.2   \n             \n Adjusted EBITDA (b)           \n Southern Timber $45.5     $32.0     $27.0   \n Northwest Timber 8.6     4.6     5.9   \n Wood Products 6.8     —     —   \n Real Estate 46.2     32.7     2.0   \n Corporate and Other (11.8 )   (7.5 )   (7.9 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Adjusted EBITDA $94.1     $61.7     $27.1   \n\n (a) Intersegment eliminations represents logs sold by the Timber segments to Wood \n Products, and includes the elimination of intersegment profit remaining in \n ending Wood Products inventory. \n (b) Pro forma operating income (loss) and Adjusted EBITDA are non-GAAP measures. \n See Schedule F for definitions and reconciliations. \n   \n E \n\n RAYONIER INC. AND SUBSIDIARIES \n RECONCILIATION OF NON-GAAP MEASURES \n March 31, 2026 (unaudited) \n (millions of dollars, except per share information) \n LIQUIDITY MEASURES:         \n     Three Months Ended \n     March 31,   March 31, \n     2026     2025   \n   \n Cash Provided by Operating Activities   $34.6     $27.7   \n Working capital and other balance sheet changes   5.6     13.6   \n Costs related to the merger with PotlatchDeltic (a)   70.4     —   \n Capital expenditures   (20.4 )   (12.0 ) \n Cash provided by operating activities from discontinued operations   —     (9.0 ) \n Cash Available for Distribution (b)   $90.2     $20.3   \n           \n Net Loss   ($12.5 )   ($3.1 ) \n Interest, net and miscellaneous expense   7.1     3.5   \n Income tax (benefit) expense (c)   (39.4 )   0.3   \n Depreciation, depletion and amortization   56.2     23.5   \n Non-cash cost of land and improved development   12.0     2.4   \n Non-operating (income) expense (d)   (0.9 )   1.8   \n Costs related to the merger with PotlatchDeltic (a)   70.4     —   \n Inventory purchase price adjustment in cost of sales (e)   1.2     —   \n Restructuring charges (f)   —     1.1   \n Income from operations of discontinued operations, net of tax (g)   —     (2.5 ) \n Adjusted EBITDA (h)   $94.1     $27.1   \n Cash interest received, net (i)   16.5     5.5   \n Cash taxes paid   —     (0.3 ) \n Capital expenditures   (20.4 )   (12.0 ) \n Cash Available for Distribution (b)   $90.2     $20.3   \n           \n Cash Available for Distribution (b)   $90.2     $20.3   \n Real estate development investments   (4.5 )   (4.1 ) \n Cash Available for Distribution after real estate development investments   $85.6     $16.2   \n\n PRO FORMA NET INCOME (LOSS) (j): \n     Three Months Ended \n     March 31, 2026   December 31, 2025   March 31, 2025 \n     $   Per Diluted Share   $   Per Diluted Share   $   Per Diluted Share \n   \n Net (Loss) Income Attributable to Rayonier Inc.   ($12.4 )   ($0.05 )   $25.9     $0.16     ($3.4 )   ($0.02 ) \n Pro Forma items net of tax:                         \n Costs related to the merger with PotlatchDeltic (a)   69.5     0.27     6.3     0.04     —     —   \n Inventory purchase price adjustment in cost of sales (e)   0.9     —     —     —     —     —   \n Tax benefit from valuation allowance release (k)   (40.3 )   (0.16 )   —     —     —     —   \n Income from operations of discontinued operations (g)   —     —     —     —     (2.5 )   (0.02 ) \n Restructuring charges (f)   —     —     —     —     1.1     0.01   \n Net cost on legal settlements (l)   —     —     —     —   1.7     0.01   \n Pro forma net income (loss) adjustments attributable to noncontrolling   (0.2 )   —     (0.1 )   —     0.4     —   \n interests (m) \n Pro Forma Net Income (Loss)   $17.4     $0.07     $32.1     $0.20     ($2.7 )   ($0.02 ) \n\n PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (n) (h):     \n                               \n Three Months Ended   Southern Timber   Northwest Timber   Wood Products   Real   Corporate   Intersegment Eliminations   Total \n \n \n \n \nEstate \nand \n \n \n \nOther \n   \n March 31, 2026                             \n Operating income (loss)   $12.4     ($0.4 )   ($1.0 )   $27.4     ($82.8 )   ($1.2 )   ($45.7 ) \n Costs related to the merger with PotlatchDeltic (a)   —     —     —     —     70.4     —     70.4   \n Inventory purchase price adjustment in cost of sales (e)   —     —     1.2     —     —     —     1.2   \n Pro forma operating income (loss)   $12.4     ($0.4 )   $0.1     $27.4     ($12.3 )   ($1.2 )   $25.9   \n Depreciation, depletion and amortization   33.1     9.0     6.7     6.9     0.6     —     56.2   \n Non-cash cost of land and improved development   —     —     —     12.0     —     —     12.0   \n Adjusted EBITDA   $45.5     $8.6     $6.8     $46.2     ($11.8 )   ($1.2 )   $94.1   \n                               \n December 31, 2025                             \n Operating income (loss)   $15.8     ($1.6 )   —     $27.1     ($14.3 )   —     $27.0   \n Costs related to the merger with PotlatchDeltic (a)   —     —     —     —     6.3     —     6.3   \n Pro forma operating income (loss)   $15.8     ($1.6 )   —     $27.1     ($8.0 )   —     $33.3   \n Depreciation, depletion and amortization   16.2     6.2     —     1.9     0.4     —     24.7   \n Non-cash cost of land and improved development   —     —     —     3.7     —     —     3.7   \n Adjusted EBITDA   $32.0     $4.6     —     $32.7     ($7.5 )   —     $61.7   \n                               \n March 31, 2025                             \n Operating income (loss)   $10.1     $0.3     —     ($1.0 )   ($9.3 )   —     $0.1   \n Restructuring charges (f)   —     —     —     —     1.1     —     1.1   \n Pro forma operating income (loss)   $10.1     $0.3     —     ($1.0 )   ($8.2 )   —     $1.2   \n Depreciation, depletion and amortization   16.9     5.6     —     0.6     0.4     —     23.5   \n Non-cash cost of land and improved development   —     —     —     2.4     —     —     2.4   \n Adjusted EBITDA   $27.0     $5.9     —     $2.0     ($7.9 )   —     $27.1   \n\n (a) “Costs related to the merger with PotlatchDeltic” include professional \n services fees, employee-related costs, accelerated stock-based compensation, \n and other integration-related costs incurred in connection with the merger, \n which closed on January 30, 2026. \n (b) “Cash Available for Distribution” (CAD) is defined as cash provided by \n operating activities adjusted for capital spending (excluding timberland \n acquisitions and real estate development investments) and working capital and \n other balance sheet changes. CAD is a non-GAAP measure of cash generated \n during a period that is available for common share dividends, distributions to \n Operating Partnership unitholders, common share repurchases, debt reduction, \n timberland acquisitions and real estate development investments. CAD is not \n necessarily indicative of the CAD that may be generated in future periods. \n (c) The three months ended March 31, 2026 includes a $40.3 million tax benefit from our valuation allowance release. \n (d) The three months ended March 31, 2025 includes $1.7 million of net costs associated with legal settlements. \n (e) “Inventory purchase price adjustment in cost of sales” reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on \n acquired finished goods inventory sold post-closing. \n (f) “Restructuring charges” include severance costs related to workforce optimization initiatives. \n (g) “Income from operations of discontinued operations, net of tax” includes income generated by the Company’s New Zealand joint venture interest, which was classified as \n discontinued operations prior to its June 30, 2025 disposition. \n (h) “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating \n (income) expense, costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, restructuring charges, income from operations \n of discontinued operations and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that \n investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the \n Company’s ongoing operating results. \n (i) “Cash interest received, net” includes patronage refunds received of $14.8 million and $7.7 million during the three months ended March 31, 2026 and March 31, 2025, \n respectively. In addition, cash interest received, net includes cash interest received of $7.1 million and $2.9 million during the three months ended March 31, 2026 and \n March 31, 2025, respectively. \n (j) “Pro forma net income (loss)” is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of costs related to the merger with \n PotlatchDeltic, an inventory purchase price adjustment in cost of sales, a tax benefit from valuation allowance release, income from operations of discontinued operations \n (net of tax), net costs associated with legal settlements, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides \n investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating \n results. \n (k) “Tax benefit from valuation allowance release\" reflects a non-cash release of Rayonier's pre-existing valuation allowance, triggered by deferred tax liabilities \n recognized in the PotlatchDeltic purchase price allocation. \n (l) “Net cost on legal settlements” reflects the net loss from litigation regarding insurance claims. \n (m) “Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling \n interests. \n (n) “Pro forma operating income (loss)” is defined as operating income (loss) adjusted for costs related to the merger with PotlatchDeltic, an inventory purchase price \n adjustment in cost of sales, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful \n information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. \n   \n F \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260505552584/en/\n(https://www.businesswire.com/news/home/20260505552584/en/)\n\nInvestors/Media \n\nCollin Mings\n\n904-357-9100\n\ninvestorrelations@rayonier.com (mailto:investorrelations@rayonier.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9WXhkqa","title":"Rayonier Reports First Quarter 2026 Results","author":"Business Wire","ticker":"RYN","created":"2026-05-06T20:12:00.281Z","tickers":["RYN"],"exchange":"NYSE","article_body":"Rayonier Reports First Quarter 2026 Results\n\n\n * First quarter net loss attributable to Rayonier of ($12.4) million (or ($0.05)\nper diluted share), pro forma net income of $17.4 million (or $0.07 per\nshare), and Adjusted EBITDA of $94.1 million.\n\n * Successfully completed transformative merger of equals with PotlatchDeltic on\nJanuary 30, 2026.\n\n * Repurchased $31.1 million of shares at an average price of $20.98 per share.\n\n * As of March 31, 2026, Rayonier had $2.06 billion of debt outstanding and\n$681.7 million of cash.\n\nRayonier Inc. (NYSE:RYN) today reported first quarter net loss attributable to\nRayonier of ($12.4) million, or ($0.05) per diluted share, on revenues of\n$276.8 million. This compares to net loss attributable to Rayonier of ($3.4)\nmillion, or ($0.02) per diluted share, on revenues of $82.9 million in the\nprior year quarter.\n\nThe first quarter results included $69.5 million of costs (net of tax) related\nto the merger with PotlatchDeltic(1 )and a $0.9 million inventory purchase\nprice adjustment (net of tax) in cost of sales,(2) which was partially offset\nby a $40.3 million income tax benefit from the release of a valuation\nallowance.(3) Excluding these items and adjusting for pro forma net income\nadjustments attributable to noncontrolling interests,(4) first quarter pro\nforma net income(5) was $17.4 million, or $0.07 per share. This compares to\npro forma net loss(5) of ($2.7) million, or ($0.02) per share, in the prior\nyear period.\n\nThe following table summarizes the current quarter and comparable prior year\nperiod results. Consolidated results for the first quarter of 2026 include the\noperations of PotlatchDeltic for the period from January 31, 2026 through\nMarch 31, 2026.\n                     \n     Three Months Ended   \n   (millions of dollars, except earnings per share (EPS)) March 31, 2026   March 31, 2025   \n     $   EPS   $   EPS   \n                     \n   Revenues $276.8         $82.9         \n                     \n   Net loss attributable to Rayonier ($12.4 )   ($0.05 )   ($3.4 )   ($0.02 )   \n   Pro forma items net of tax:                 \n   Costs related to the merger with PotlatchDeltic(1) 69.5     0.27     —     —     \n   Inventory purchase price adjustment in cost of sales(2) 0.9     —     —     —     \n   Tax benefit from valuation allowance release(3) (40.3 )   (0.16 )   —     —     \n   Income from operations of discontinued operations(6) —     —     (2.5 )   (0.02 )   \n   Restructuring charges(7) —     —     1.1     0.01     \n   Net cost on legal settlements(8) —     —     1.7     0.01     \n   Pro forma net income (loss) adjustments attributable to noncontrolling (0.2 )   —     0.4     —     \n interests(4) \n   Pro forma net income (loss)(5) $17.4     $0.07     ($2.7 )   ($0.02 )   \n                     \n\n\nFirst quarter operating loss was ($45.7) million versus operating income of\n$0.1 million in the prior year period. First quarter operating loss included\n$70.4 million of costs related to the merger with PotlatchDeltic(1 )and a $1.2\nmillion inventory purchase price adjustment in cost of sales.(2) Excluding\nthese items, pro forma operating income(5) was $25.9 million. This compares to\npro forma operating income(5) of $1.2 million in the prior year period. First\nquarter Adjusted EBITDA(5) was $94.1 million versus $27.1 million in the prior\nyear period.\n\nThe following table summarizes operating income, pro forma operating\nincome,(5) and Adjusted EBITDA(5 )for the current quarter and the comparable\nprior-year period. The presentation reflects the addition of the Wood Products\nsegment and the renaming of the Pacific Northwest Timber segment following the\nmerger with PotlatchDeltic (as further described below).\n                             \n     Three Months Ended March 31,   \n     Operating (Loss) Income   Pro forma Operating Income (Loss)(5)   Adjusted EBITDA(5)   \n   (millions of dollars) 2026     2025     2026     2025     2026     2025     \n   Southern Timber $12.4     $10.1     $12.4     $10.1     $45.5     $27.0     \n   Northwest Timber (0.4 )   0.3     (0.4 )   0.3     8.6     5.9     \n   Wood Products (1.0 )   —     0.1     —     6.8     —     \n   Real Estate 27.4     (1.0 )   27.4     (1.0 )   46.2     2.0     \n   Corporate and Other (82.8 )   (9.3 )   (12.3 )   (8.2 )   (11.8 )   (7.9 )   \n   Intersegment Eliminations(9) (1.2 )   —     (1.2 )   —     (1.2 )   —     \n   Total ($45.7 )   $0.1     $25.9     $1.2     $94.1     $27.1     \n                             \n\n\nCash provided by operating activities was $34.6 million versus $27.7 million\nin the prior year period. Cash available for distribution (CAD)(5) was $90.2\nmillion, which increased $69.9 million versus the prior year period due to\nhigher Adjusted EBITDA(5 )($67.1 million) and higher cash interest received\n(net) ($11.0 million), partially offset by higher capital expenditures ($8.4\nmillion).\n\n“During the first quarter, we generated total Adjusted EBITDA of $94.1\nmillion, reflecting two months of post-merger contribution from the legacy\nPotlatchDeltic businesses following the successful closing of our merger of\nequals on January 30th,” said Mark McHugh, President and Chief Executive\nOfficer. “In addition to delivering solid financial results to start the\nyear, I am extremely proud of the collaboration, focus and dedication that our\nteam has demonstrated as we’ve executed on integration initiatives.”\n\n“In our Southern Timber segment, Adjusted EBITDA of $45.5 million increased\n68% versus the prior year quarter, largely due to the contribution of\napproximately 1.0 million tons of harvest volume from the PotlatchDeltic\ntimberlands. In Northwest Timber, Adjusted EBITDA of $8.6 million was 45%\nhigher than the prior year quarter, primarily due to 116,000 tons of\nincremental harvest volume from the PotlatchDeltic timberlands.”\n\n“In our newly established Wood Products segment, we generated Adjusted\nEBITDA of $6.8 million, as lumber price realizations trended higher through\nthe first quarter.”\n\n“In our Real Estate segment, Adjusted EBITDA totaled $46.2 million—above\nthe high-end of our prior guidance for the quarter—as we continued to see\nstrong momentum across our real estate categories. Notably, our real estate\nresults for the quarter included a $22.5 million land sale to a solar\ndeveloper at over $10,000 per acre.”\n\nPotlatchDeltic Corporation Merger and Changes to Reportable Business Segments\n\nOn January 30, 2026, Rayonier completed the previously announced merger with\nPotlatchDeltic Corporation (“PotlatchDeltic”). Accordingly,\nPotlatchDeltic’s balance sheet and results of operations are included in our\nconsolidated financial statements from and after the date of acquisition.\n\nAs a result of the merger, we revised our reportable business segments to\ninclude a new “Wood Products” segment, which manufactures and sells\nlumber, plywood and residual products at seven mills located in Arkansas,\nIdaho, Michigan and Minnesota. We further renamed the Pacific Northwest Timber\nsegment to “Northwest Timber,” reflecting the addition of approximately\n623,000 acres of timberlands in Idaho. Within our Southern Timber segment, we\nrevised our price reporting to reflect delivered log prices rather than net\nstumpage realizations, reflecting the change in the prevalent mode of sale\nfollowing the addition of approximately 1.5 million acres to the segment\nthrough the merger.\n\nSouthern Timber\n\nFirst quarter sales of $88.7 million increased $37.7 million, or 74%, versus\nthe prior year period. Harvest volumes increased 76% to 2.78 million tons\nversus 1.58 million tons in the prior year period, primarily driven by 1.0\nmillion tons of incremental volume from the PotlatchDeltic timberlands.\nAverage delivered pine sawtimber prices decreased to $44.59 per ton versus\n$47.69 per ton in the prior year period, primarily reflecting changes in\ngeographic mix associated with the expanded Southern Timber footprint, as well\nas modestly weaker market conditions. Average delivered pine pulpwood prices\ndecreased to $30.20 per ton versus $37.83 per ton in the prior year period,\nreflecting geographic mix impacts from the expanded footprint, as well as\nsofter pulpwood markets. Meanwhile, weighted-average prices on stumpage sales\n(including hardwood) decreased to $16.65 per ton versus $18.11 per ton in the\nprior year period, largely attributable to the geographic mix shift due to the\nmerger. Operating income of $12.4 million increased $2.2 million versus the\nprior year period due to higher volumes ($6.7 million) and higher non-timber\nincome ($4.8 million), partially offset by higher depletion expense ($3.4\nmillion), lower prices ($3.3 million) and higher costs ($2.5 million).\n\nFirst quarter Adjusted EBITDA(5) of $45.5 million was 68%, or $18.5 million,\nabove the prior year period.\n\nNorthwest Timber\n\nFirst quarter sales of $32.1 million increased $10.3 million, or 47%, versus\nthe prior year period. Harvest volumes increased 38% to 361,000 tons versus\n261,000 tons in the prior year period, primarily driven by 116,000 tons of\nincremental volume from legacy PotlatchDeltic timberlands. Idaho harvest\nactivity was limited during the first quarter due to extended spring break-up\nconditions following a relatively mild winter. Average delivered prices for\nsawtimber increased to $94.37 per ton versus $90.58 per ton in the prior year\nperiod, primarily reflecting geographic mix due to the addition of Idaho\nsawtimber (most of which is indexed to lumber prices), which more than offset\nmodestly lower prices in the Pacific Northwest. Average delivered pulpwood\nprices increased to $36.82 per ton versus $30.05 per ton in the prior year\nperiod, primarily due to improved pulpwood demand and less competition from\nsawmill residuals. Operating loss of ($0.4) million versus operating income of\n$0.3 million in the prior year period was driven by higher costs ($2.4\nmillion) and higher depletion expense ($1.3 million), partially offset by\nhigher volumes ($1.5 million), higher prices ($1.2 million) and higher\nnon-timber income ($0.3 million).\n\nFirst quarter Adjusted EBITDA(5) of $8.6 million was 45%, or $2.7 million,\nabove the prior year period.\n\nWood Products\n\nFirst quarter sales totaled $108.5 million, consisting of $87.2 million of\nlumber sales and $21.3 million of plywood, residual, and other sales. Improved\nsupply-demand conditions due to capacity curtailments announced last year,\ncoupled with seasonal restocking ahead of the spring building season, drove\nhigher lumber prices throughout the first quarter, particularly for southern\nyellow pine. Lumber shipments totaled 199 MMBF, with average lumber price\nrealizations of $437 per thousand board feet. While shipment volumes were\nimpacted by adverse weather in both our Northern and Southern mills, overall\nmanufacturing costs per unit remained stable. Industrial plywood demand and\ncosts were also relatively stable during the quarter.\n\nFirst quarter operating loss and Adjusted EBITDA(5 )were ($1.0) million and\n$6.8 million, respectively.\n\nReal Estate\n\nFirst quarter sales of $59.8 million increased $49.6 million versus the prior\nyear period, while operating income of $27.4 million increased $28.3 million\nversus the prior year period. Sales and operating income increased primarily\ndue to higher acres sold( )(7,695 acres sold versus 1,031 acres sold in the\nprior year period), partially offset by lower weighted-average prices ($7,280\nper acre versus $8,308 per acre in the prior year period).\n\nImproved Development sales of $6.6 million included $3.5 million from the\nHeartwood development project south of Savannah, Georgia and $3.1 million from\nthe Chenal Valley development project in Little Rock, Arkansas. Sales in\nHeartwood consisted of a 32-acre church site for $2.2 million ($68,000 per\nacre) and two commercial properties totaling 2.4 acres for $1.3 million\n($538,000 per acre). Sales in Chenal Valley included 20 residential lots for\n$3.1 million ($157,000 per lot). This compares to Improved Development sales\nof $3.3 million in the prior year period.\n\nRural sales of $49.4 million consisted of 7,656 acres at an average price of\n$6,457 per acre, including a 2,226-acre sale to a solar developer for $10,100\nper acre. This compares to prior year period sales of $5.3 million, which\nconsisted of 953 acres at an average price of $5,534 per acre.\n\nFirst quarter Adjusted EBITDA(5 )of $46.2 million increased $44.2 million\nversus the prior year period.\n\nOther Items\n\nFirst quarter corporate and other operating expenses of $82.8 million\nincreased $73.4 million versus the prior year period, primarily due to $70.4\nmillion of costs related to the merger with PotlatchDeltic.(1) The prior year\nperiod included $1.1 million of restructuring charges.(7)\n\nFirst quarter interest expense of $14.3 million increased $7.9 million versus\nthe prior year period, primarily due to incremental debt assumed in the merger\nwith PotlatchDeltic. First quarter interest income of $7.2 million increased\n$4.3 million versus the prior year period, primarily due to a higher cash\nbalance following the sale of the Company’s New Zealand joint venture\ninterest in the second quarter of 2025.\n\nFirst quarter income tax benefit of $39.4 million versus $0.3 million of\nincome tax expense in the prior year period was primarily driven by a $40.3\nmillion benefit associated with the release of a valuation allowance.(3 )This\nvaluation allowance was primarily related to net operating losses generated by\nthe Company’s taxable REIT subsidiary, which are now expected to be utilized\nfollowing the merger with PotlatchDeltic.\n\nShare Repurchases\n\nDuring the first quarter, the Company repurchased approximately 1.5 million\nshares at an average price of $20.98 per share, or $31.1 million in total. As\nof March 31, 2026, the Company had $198.4 million remaining on its current\nshare repurchase authorization.\n\nOutlook\n\nConsistent with the initial 2026 financial guidance we provided in February,\nthe following full-year metrics reflect a pro rata contribution from legacy\nPotlatchDeltic operations for January 31, 2026 through December 31, 2026.\n\n\n * Southern Timber: In our Southern Timber segment, we expect to achieve\nfull-year harvest volumes of 12.1 to 12.6 million tons, with anticipated\nharvest volumes of 2.9 to 3.1 million tons in the second quarter. We expect\nregional sawtimber and pulpwood prices to remain relatively stable for the\nsecond quarter compared to the first quarter. However, full-year and quarterly\naverage pine prices for the combined company’s Southern Timber segment are\nexpected to be lower than the standalone prices for Rayonier in the prior year\nbased on the geographic mix of the combined company.\n\n * Northwest Timber: In our Northwest Timber segment, we expect to achieve\nfull-year harvest volumes of 2.0 to 2.3 million tons, with anticipated harvest\nvolumes of approximately 500,000 tons in the second quarter. We expect overall\nsawtimber prices to be higher in the second quarter compared to the first\nquarter primarily due to the addition of PotlatchDeltic’s Idaho timberlands.\nWe also continue to expect that full-year 2026 average log pricing for the\ncombined company’s Northwest Timber segment will be higher than the\nstandalone pricing for Rayonier in the prior year. However, as we previously\nhighlighted, our pricing in the Northwest following the merger will be more\nsensitive to fluctuations in lumber pricing, as a significant portion of our\nsawlog sales in Idaho are indexed to lumber prices.\n\n * Wood Products: In our Wood Products segment, we continue to expect lumber\nshipments to total ~1.1 billion board feet for the 11 months of contribution\nin 2026. We further expect lumber shipments in the second quarter of\napproximately 310 to 320 million board feet. We were encouraged by the\npositive trajectory in lumber prices through mid-April, but pricing in recent\nweeks across some products has moderated amid more balanced supply/demand\ndynamics. Based on quarter-to-date price realizations and current lumber\npricing, we expect the Adjusted EBITDA contribution from the Wood Products\nsegment to be higher in the second quarter as compared to the first quarter\nresults.\n\n * Real Estate: We are pleased by the continued momentum in our Real Estate\nsegment and maintain a strong pipeline of rural and improved development land\nsales for the balance of the year. Based on our current transaction pipeline\nand sales closed quarter-to-date, we expect an Adjusted EBITDA contribution in\nthe second quarter of $25 to $35 million. For the full year, we continue to\nexpect an Adjusted EBITDA contribution from our Real Estate segment of $180 to\n$200 million.\n\nConference Call\n\nA conference call and live audio webcast will be held on Thursday, May 7, 2026\nat 10:00 AM (ET) to discuss these results. The conference call can be accessed\nby registering online at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=1&md5=f97f9d01bef80da4f272ef82c97d749e)\n, at which time registrants will receive dial-in information.\n\nAccess to the live audio webcast will be available at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=2&md5=a8dc07b792879721ee9efd317110f044)\n. A replay of the webcast will be archived on the Company’s website and\navailable shortly after the call.\n\nComplimentary copies of Rayonier press releases and other financial documents\nare also available by calling (904) 357-9100.\n (1) \"Costs related to the merger with PotlatchDeltic\" include professional \n services fees, employee-related costs, accelerated stock-based compensation, \n and other integration-related costs incurred in connection with the merger, \n which closed on January 30, 2026. \n (2) \"Inventory purchase price adjustment in cost of sales\" reflects a non-cash, \n one-time charge reflecting the excess of fair value over PotlatchDeltic’s \n historical cost on acquired finished goods inventory sold post-closing. \n (3) \"Tax benefit from valuation allowance release\" reflects a non-cash release of \n Rayonier's pre-existing valuation allowance, triggered by deferred tax \n liabilities recognized in the PotlatchDeltic purchase price allocation. \n (4) \"Pro forma net income (loss) adjustments attributable to noncontrolling \n interests\" are the proportionate share of pro forma items that are \n attributable to noncontrolling interests. \n (5) \"Pro forma net income (loss),\" \"Pro forma operating income (loss),\" \"Adjusted \n EBITDA\" and \"CAD\" are non-GAAP measures defined and reconciled to GAAP in the \n attached exhibits. \n (6) \"Income from operations of discontinued operations\" includes income generated \n by the Company’s New Zealand joint venture interest, which was classified as \n discontinued operations prior to its June 30, 2025 disposition. \n (7) \"Restructuring charges\" include severance costs related to workforce \n optimization initiatives. \n (8) \"Net cost on legal settlements\" reflects the net loss from litigation \n regarding insurance claims. \n (9) \"Intersegment eliminations\" reflects the elimination of profit on log sales \n from the Timber segments to Wood Products that remain in inventory at the end \n of the period. \n\n\nAbout Rayonier\n\nRayonier is a land resources real estate investment trust (REIT) with a\nportfolio comprising over four million acres in the U.S. South and U.S.\nNorthwest. The company is focused on managing its timberlands on a sustainable\nbasis while optimizing its overall portfolio value by delivering land to its\nhighest and best use. Rayonier also operates six sawmills, an industrial-grade\nplywood mill, residential and commercial real estate developments, and a rural\nland sales program. Rayonier is committed to corporate responsibility,\nthird-party forest certification, and supporting climate change mitigation\nthrough its land-based solutions business.\n\nMore information is available at www.rayonier.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.rayonier.com&esheet=54529795&newsitemid=20260505552584&lan=en-US&anchor=www.rayonier.com&index=3&md5=e03cc2c278ce109692241298f0ff55f6)\n.\n   \n\n\nForward-Looking Statements - Certain statements in this press release\nregarding anticipated financial outcomes including Rayonier’s earnings\nguidance, if any, business and market conditions, outlook, expected dividend\nrate, acquisition and disposition activity, including the ability to realize\nthe intended benefits of our recent merger with PotlatchDeltic Corporation,\nexpected harvest schedules, timberland acquisitions and dispositions, the\nanticipated benefits of Rayonier’s business strategies, including the recent\nsale of the entities holding Rayonier’s interest in the New Zealand joint\nventure and the anticipated use of proceeds from such sale, and other similar\nstatements relating to Rayonier’s future events, developments or financial\nor operational performance or results, are “forward-looking statements”\nmade pursuant to the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995 and other federal securities laws. These\nforward-looking statements are identified by the use of words such as\n“may,” “will,” “should,” “expect,” “estimate,”\n“believe,” “intend,” “project,” “anticipate,” “long-term,”\n“looking ahead” and other similar language. However, the absence of these\nor similar words or expressions does not mean that a statement is not\nforward-looking. While management believes that these forward-looking\nstatements are reasonable when made, forward-looking statements are not\nguarantees of future performance or events and undue reliance should not be\nplaced on these statements.\n\nThe following important factors, among others, could cause actual results or\nevents to differ materially from those expressed in forward-looking statements\nthat may have been made in this document: our ability to obtain the intended\nbenefits of our merger with PotlatchDeltic Corporation, including future\nfinancial and operating results; the cyclical and competitive nature of the\nindustries in which we operate; fluctuations in demand for, or supply of, our\nforest products and real estate offerings, including any further downturn in\nthe housing market; entry of new competitors into our markets; changes in\nproduction and production capacity in the forest products industry;\nunanticipated manufacturing disruptions or inefficiencies in our supply chain\nand/or operations; fires at our manufacturing facilities; changes in policy\nregarding governmental timber sales; changes in global economic conditions and\ngeopolitical tensions, including the war in Ukraine and elevated tensions in\nthe Middle East; business disruptions arising from government shutdowns,\npublic health crises and outbreaks of communicable diseases; the uncertainties\nof potential impacts of climate-related initiatives; the cost and availability\nof third-party logging and trucking services; the geographic concentration of\na significant portion of our timberland; our ability to identify, finance and\ncomplete timberland acquisitions and/or to complete dispositions; changes in\ntimberland values; changes in environmental laws and regulations regarding\ntimber harvesting, delineation of wetlands, endangered species and development\nof real estate generally, that may restrict or adversely impact our ability to\nconduct our business, or increase the cost of doing so; adverse weather\nconditions, natural disasters and other catastrophic events such as\nhurricanes, wind storms and wildfires; the lengthy, uncertain and costly\nprocess associated with the ownership, entitlement and development of real\nestate, especially in Florida and Washington, including changes in law, policy\nand political factors beyond our control; the availability and cost of\nfinancing for real estate development and mortgage loans; changes in tariffs,\ntaxes or treaties relating to the import and export of our products, our\ncustomers’ products or those of our and our customers’ competitors;\nchanges in key management and personnel; and our ability to meet all necessary\nlegal requirements to continue to qualify as a real estate investment trust\n(“REIT”) and changes in tax laws that could adversely affect beneficial\ntax treatment.\n\nFor additional factors that could impact future results, please see Item 1A -\nRisk Factors in the Company’s most recent Annual Report on Form 10-K and\nsimilar discussion included in other reports that we subsequently file with\nthe Securities and Exchange Commission (the “SEC”). Forward-looking\nstatements are only as of the date they are made, and the Company undertakes\nno duty to update its forward-looking statements except as required by law.\nYou are advised, however, to review any further disclosures we make on related\nsubjects in our subsequent reports filed with the SEC.\n\nNon-GAAP Financial Measures - To supplement Rayonier’s financial statements\npresented in accordance with generally accepted accounting principles in the\nUnited States (“GAAP”), Rayonier uses certain non-GAAP measures, including\n“cash available for distribution,” “pro forma operating income\n(loss),” “pro forma net income (loss),” and “Adjusted EBITDA,” which\nare defined and further explained in this communication. Reconciliation of\nsuch measures to the nearest GAAP measures can also be found in this\ncommunication. Rayonier’s definitions of these non-GAAP measures may differ\nfrom similarly titled measures used by others. These non-GAAP measures should\nbe considered supplemental to, and not a substitute for, financial information\nprepared in accordance with GAAP.\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED STATEMENTS OF CONSOLIDATED INCOME \n March 31, 2026 (unaudited) \n (millions of dollars, except per share information) \n   Three Months Ended \n   March 31,   December 31,   March 31, \n   2026     2025     2025   \n   \n SALES $276.8     $117.5     $82.9   \n Costs and Expenses           \n Cost of sales (230.3 )   (68.2 )   (65.0 ) \n Selling and general expenses (21.8 )   (16.1 )   (16.7 ) \n Other operating expense, net (70.4 )   (6.2 )   (1.1 ) \n OPERATING (LOSS) INCOME (45.7 )   27.0     0.1   \n Interest expense, net (14.3 )   (6.7 )   (6.4 ) \n Interest income 7.2     9.3     2.9   \n Other miscellaneous income (expense), net 0.9     (3.2 )   (1.9 ) \n (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (51.9 )   26.4     (5.3 ) \n Income tax benefit (expense) 39.4     (0.2 )   (0.3 ) \n (LOSS) INCOME FROM CONTINUING OPERATIONS (12.5 )   26.2     (5.6 ) \n Income from operations of discontinued operations, net of tax —     —     2.5   \n NET (LOSS) INCOME (12.5 )   26.2     (3.1 ) \n Less: Net loss (income) attributable to noncontrolling interests in the 0.1     (0.3 )   0.1   \n Operating Partnership \n Less: Net income attributable to noncontrolling interests in consolidated —     —     (0.4 ) \n affiliates \n NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($12.4 )   $25.9     ($3.4 ) \n (LOSS) EARNINGS PER COMMON SHARE           \n BASIC (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.           \n Continuing Operations ($0.05 )   $0.17     ($0.04 ) \n Discontinued Operations —     —     $0.01   \n Net Income ($0.05 )   $0.17     ($0.02 ) \n DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.           \n Continuing Operations ($0.05 )   $0.16     ($0.04 ) \n Discontinued Operations —     —     $0.01   \n Net Income ($0.05 )   $0.16     ($0.02 ) \n             \n Pro forma net income (loss) per share (a) $0.07     $0.20     ($0.02 ) \n             \n Weighted Average Common Shares used for determining           \n Basic EPS 255,954,391     155,506,254     153,677,854   \n Diluted EPS (b) 255,954,391     162,170,418     153,677,854   \n\n (a) Pro forma net income per share is a non-GAAP measure. See Schedule F for \n definition and reconciliation to the nearest GAAP measure. \n (b) Diluted earnings per share is calculated based on the weighted average number \n of shares of common stock outstanding combined with the incremental weighted \n average number of shares that would have been outstanding assuming all \n potentially dilutive securities (including Redeemable Operating Partnership \n Units) were converted into shares of common stock at the earliest date \n possible. The incremental weighted average number of shares used for \n determining diluted EPS for the three months ended December 31, 2025 also \n includes 4,866,708 of contingently issuable shares from the additional \n dividend of $1.40 per share, which was declared on October 14, 2025. For the \n three months ended March 31, 2026 and 2025, because net (loss) earnings from \n continuing operations was a loss, the effect of anti-dilutive securities was \n excluded in the denominator of calculating diluted EPS. As of March 31, 2026, \n there were 301,675,323 common shares and 1,682,257 Redeemable Operating \n Partnership Units outstanding. \n   \n A \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED BALANCE SHEETS \n March 31, 2026 (unaudited) \n (millions of dollars) \n     March 31,   December 31, \n     2026     2025   \n   \n Assets         \n Cash and cash equivalents   $681.7     $842.9   \n Inventory   113.2     6.8   \n Assets held for sale   28.4     5.4   \n Other current assets   72.4     28.6   \n Timber and timberlands, net of depletion and amortization   5,867.7     2,299.5   \n Higher and better use timberlands and real estate development investments   187.6     126.1   \n Property, plant and equipment   606.8     39.4   \n Less - accumulated depreciation   (28.4 )   (20.9 ) \n Net property, plant and equipment   578.4     18.5   \n Restricted cash, non-current   0.5     0.5   \n Operating lease right-of-use assets   23.5     16.3   \n Other assets   192.0     60.1   \n     $7,745.4     $3,404.7   \n Liabilities, Noncontrolling Interests in the Operating Partnership and         \n Shareholders’ Equity \n Current maturities of long-term debt   200.0     200.0   \n Other current liabilities   154.1     71.3   \n Long-term debt   1,855.1     845.3   \n Pension and other postretirement benefits, non-current   61.6     1.4   \n Other non-current liabilities   105.3     36.5   \n Noncontrolling interests in the Operating Partnership   39.9     40.5   \n Total shareholders’ equity   5,329.4     2,209.7   \n     $7,745.4     $3,404.7   \n   \n B \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY \n March 31, 2026 (unaudited) \n (millions of dollars, except share information) \n   Common Shares   Retained Earnings   Accumulated   Shareholders’ Equity \n \n \n \nOther \n \n \n \nComprehensive Income \n   Shares   Amount   \n   \n Balance, January 1, 2026 161,425,616     $1,904.3     $280.9     $24.5     $2,209.7   \n Net loss —     —     (12.5 )   —     (12.5 ) \n Net loss attributable to noncontrolling interests in the Operating Partnership —     —     0.1     —     0.1   \n Dividends ($0.26 per share) —     —     (81.1 )   —     (81.1 ) \n Issuance of shares associated with the merger with PotlatchDeltic, net of 140,872,342     3,202.6     —     —     3,202.6   \n equity issuance costs of $0.9 million \n Replacement equity awards granted in connection with the merger with —     25.0     —     —   25.0   \n PotlatchDeltic — precombination service portion \n Issuance of shares under incentive stock plans 903,045     —     —     —     —   \n Stock-based incentive compensation —     15.4     —     —     15.4   \n Repurchase of common shares made under repurchase program (1,480,753 )   —     (31.1 )   —     (31.1 ) \n Other (a) (44,927 )   (0.8 )   (0.1 )   2.2     1.3   \n Balance, March 31, 2026 301,675,323     $5,146.5     $156.2     $26.7     $5,329.4   \n\n   Common Shares   Retained Earnings   Accumulated   Noncontrolling Interests in Consolidated Affiliates   Shareholders’ Equity \n \n \n \nOther \n \n \n \nComprehensive Loss \n   Shares   Amount   \n   \n Balance, January 1, 2025 148,536,643     $1,522.5     $257.2     ($10.4 )   $11.2     $1,780.5   \n Loss from continuing operations —     —     (5.6 )   —     —     (5.6 ) \n Income from discontinued operations —     —     2.1     —     0.4     2.5   \n Net loss attributable to noncontrolling interests in the Operating Partnership —     —     0.1     —     —     0.1   \n Dividends ($0.2725 per share) —     —     (42.7 )   —     —     (42.7 ) \n Issuance of common shares from special 7,560,983     200.4     —     —     —     200.4   \n \n \n \ndividend (b) \n Issuance of shares under incentive stock plans 5,566     —     —     —     —     —   \n Stock-based incentive compensation —     2.3     —     —     —     2.3   \n Repurchase of common shares made under repurchase program (95,000 )   —     (2.6 )   —     —     (2.6 ) \n Adjustment of noncontrolling interests in the Operating Partnership —     —     (4.3 )   —     —     (4.3 ) \n Other (a) (420 )   —   —     (3.9 )   (1.4 )   (5.3 ) \n Balance, March 31, 2025 156,007,772     $1,725.2     $204.2     ($14.3 )   $10.2     $1,925.3   \n\n (a) Primarily includes shares purchased from employees in non-open market \n transactions to pay withholding taxes associated with the vesting of shares \n granted under the Company’s Incentive Stock Plan, dividend equivalents on \n deferred stock, pension and post-retirement benefit plan adjustments, foreign \n currency translation adjustments, mark-to-market adjustments of qualifying \n cash flow hedges, distributions to noncontrolling interests in consolidated \n affiliates and the allocation of other comprehensive income (loss) to \n noncontrolling interests in the Operating Partnership. The three months ended \n March 31, 2026 and March 31, 2025 also includes the redemption of 637 and \n 1,000 Redeemable Operating Partnership Units, respectively, for an equal \n number of Rayonier Inc. common shares. \n (b) Reflects the issuance of shares related to the Company’s special dividend of \n $1.80 per common share, paid on January 30, 2025, to shareholders of record as \n of December 12, 2024. This dividend comprised a combination of cash and the \n Company’s common shares. \n   \n C \n\n RAYONIER INC. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS \n March 31, 2026 (unaudited) \n (millions of dollars) \n   Three Months Ended March 31, \n   2026     2025   \n   \n Cash provided by operating activities:       \n Net loss ($12.5 )   ($3.1 ) \n Depreciation, depletion and amortization from continuing operations 56.2     23.5   \n Depreciation, depletion and amortization from discontinued operations —     4.3   \n Non-cash cost of land and improved development 12.0     2.4   \n Stock-based incentive compensation expense 15.4     2.3   \n Deferred income taxes (39.5 )   (1.0 ) \n Other items to reconcile net income to cash provided by operating activities 1.7     8.7   \n Changes in working capital and other assets and liabilities 1.3     (9.4 ) \n   34.6     27.7   \n Cash used for investing activities:       \n Capital expenditures from continuing operations (20.4 )   (12.0 ) \n Capital expenditures from discontinued operations —     (2.7 ) \n Real estate development investments (4.5 )   (4.1 ) \n Net cash consideration for merger with PotlatchDeltic (24.8 )   —   \n Interest received under swaps with other-than-insignificant financing element 4.1     —   \n Other (7.4 )   (2.6 ) \n   (53.0 )   (21.4 ) \n Cash used for financing activities:       \n Repayment of debt (27.5 )   —   \n Dividends paid (a) (81.1 )   (110.4 ) \n Distributions to noncontrolling interests in the Operating Partnership (b) (0.4 )   (1.5 ) \n Equity issuance costs (0.9 )   —   \n Repurchase of common shares made under repurchase program (31.1 )   (2.6 ) \n Distributions to noncontrolling interests in consolidated affiliates —     (1.9 ) \n Other (1.8 )   (0.1 ) \n   (142.8 )   (116.5 ) \n Cash, cash equivalents and restricted cash:       \n Change in cash, cash equivalents and restricted cash (161.2 )   (110.2 ) \n         \n Balance from continuing operations, beginning of year 843.4     323.1   \n Balance from discontinued operations, beginning of year —     20.1   \n Total Balance, beginning of year 843.4     343.2   \n         \n Balance from continuing operations, end of period 682.2     216.9   \n Balance from discontinued operations, end of period —     16.1   \n Total Balance, end of period $682.2     $233.0   \n\n (a) The three months ended March 31, 2025 includes an additional dividend of $1.80 \n per common share, consisting of a combination of cash and the Company’s \n common shares. The cash portion of $67.8 million was paid on January 30, 2025, \n to shareholders of record on December 12, 2024. \n (b) The three months ended March 31, 2025 includes an additional distribution of \n $1.80 per Redeemable Operating Partnership Unit, consisting of a combination \n of cash and the Company’s Redeemable Operating Partnership Units. The cash \n portion of $0.9 million was paid on January 30, 2025, to holders of record on \n December 12, 2024. \n   \n D \n\n RAYONIER INC. AND SUBSIDIARIES \n BUSINESS SEGMENT SALES, OPERATING (LOSS) INCOME, \n PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA \n March 31, 2026 (unaudited) \n (millions of dollars) \n   Three Months Ended \n   March 31,   December 31,   March 31, \n   2026     2025     2025   \n   \n Sales           \n Southern Timber $88.7     $57.2     $50.9   \n Northwest Timber 32.1     18.0     21.8   \n Wood Products 108.5     —     —   \n Real Estate 59.8     42.3     10.2   \n Intersegment Eliminations (a) (12.2 )   —     —   \n Sales $276.8     $117.5     $82.9   \n             \n Operating (loss) income           \n Southern Timber $12.4     $15.8     $10.1   \n Northwest Timber (0.4 )   (1.6 )   0.3   \n Wood Products (1.0 )   —     —   \n Real Estate 27.4     27.1     (1.0 ) \n Corporate and Other (82.8 )   (14.3 )   (9.3 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Operating (loss) income ($45.7 )   $27.0     $0.1   \n             \n Pro forma operating income (loss) (b)           \n Southern Timber $12.4     $15.8     $10.1   \n Northwest Timber (0.4 )   (1.6 )   0.3   \n Wood Products 0.1     —     —   \n Real Estate 27.4     27.1     (1.0 ) \n Corporate and Other (12.3 )   (8.0 )   (8.2 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Pro forma operating income $25.9     $33.3     $1.2   \n             \n Adjusted EBITDA (b)           \n Southern Timber $45.5     $32.0     $27.0   \n Northwest Timber 8.6     4.6     5.9   \n Wood Products 6.8     —     —   \n Real Estate 46.2     32.7     2.0   \n Corporate and Other (11.8 )   (7.5 )   (7.9 ) \n Intersegment Eliminations (a) (1.2 )   —     —   \n Adjusted EBITDA $94.1     $61.7     $27.1   \n\n (a) Intersegment eliminations represents logs sold by the Timber segments to Wood \n Products, and includes the elimination of intersegment profit remaining in \n ending Wood Products inventory. \n (b) Pro forma operating income (loss) and Adjusted EBITDA are non-GAAP measures. \n See Schedule F for definitions and reconciliations. \n   \n E \n\n RAYONIER INC. AND SUBSIDIARIES \n RECONCILIATION OF NON-GAAP MEASURES \n March 31, 2026 (unaudited) \n (millions of dollars, except per share information) \n LIQUIDITY MEASURES:         \n     Three Months Ended \n     March 31,   March 31, \n     2026     2025   \n   \n Cash Provided by Operating Activities   $34.6     $27.7   \n Working capital and other balance sheet changes   5.6     13.6   \n Costs related to the merger with PotlatchDeltic (a)   70.4     —   \n Capital expenditures   (20.4 )   (12.0 ) \n Cash provided by operating activities from discontinued operations   —     (9.0 ) \n Cash Available for Distribution (b)   $90.2     $20.3   \n           \n Net Loss   ($12.5 )   ($3.1 ) \n Interest, net and miscellaneous expense   7.1     3.5   \n Income tax (benefit) expense (c)   (39.4 )   0.3   \n Depreciation, depletion and amortization   56.2     23.5   \n Non-cash cost of land and improved development   12.0     2.4   \n Non-operating (income) expense (d)   (0.9 )   1.8   \n Costs related to the merger with PotlatchDeltic (a)   70.4     —   \n Inventory purchase price adjustment in cost of sales (e)   1.2     —   \n Restructuring charges (f)   —     1.1   \n Income from operations of discontinued operations, net of tax (g)   —     (2.5 ) \n Adjusted EBITDA (h)   $94.1     $27.1   \n Cash interest received, net (i)   16.5     5.5   \n Cash taxes paid   —     (0.3 ) \n Capital expenditures   (20.4 )   (12.0 ) \n Cash Available for Distribution (b)   $90.2     $20.3   \n           \n Cash Available for Distribution (b)   $90.2     $20.3   \n Real estate development investments   (4.5 )   (4.1 ) \n Cash Available for Distribution after real estate development investments   $85.6     $16.2   \n\n PRO FORMA NET INCOME (LOSS) (j): \n     Three Months Ended \n     March 31, 2026   December 31, 2025   March 31, 2025 \n     $   Per Diluted Share   $   Per Diluted Share   $   Per Diluted Share \n   \n Net (Loss) Income Attributable to Rayonier Inc.   ($12.4 )   ($0.05 )   $25.9     $0.16     ($3.4 )   ($0.02 ) \n Pro Forma items net of tax:                         \n Costs related to the merger with PotlatchDeltic (a)   69.5     0.27     6.3     0.04     —     —   \n Inventory purchase price adjustment in cost of sales (e)   0.9     —     —     —     —     —   \n Tax benefit from valuation allowance release (k)   (40.3 )   (0.16 )   —     —     —     —   \n Income from operations of discontinued operations (g)   —     —     —     —     (2.5 )   (0.02 ) \n Restructuring charges (f)   —     —     —     —     1.1     0.01   \n Net cost on legal settlements (l)   —     —     —     —   1.7     0.01   \n Pro forma net income (loss) adjustments attributable to noncontrolling   (0.2 )   —     (0.1 )   —     0.4     —   \n interests (m) \n Pro Forma Net Income (Loss)   $17.4     $0.07     $32.1     $0.20     ($2.7 )   ($0.02 ) \n\n PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (n) (h):     \n                               \n Three Months Ended   Southern Timber   Northwest Timber   Wood Products   Real   Corporate   Intersegment Eliminations   Total \n \n \n \n \nEstate \nand \n \n \n \nOther \n   \n March 31, 2026                             \n Operating income (loss)   $12.4     ($0.4 )   ($1.0 )   $27.4     ($82.8 )   ($1.2 )   ($45.7 ) \n Costs related to the merger with PotlatchDeltic (a)   —     —     —     —     70.4     —     70.4   \n Inventory purchase price adjustment in cost of sales (e)   —     —     1.2     —     —     —     1.2   \n Pro forma operating income (loss)   $12.4     ($0.4 )   $0.1     $27.4     ($12.3 )   ($1.2 )   $25.9   \n Depreciation, depletion and amortization   33.1     9.0     6.7     6.9     0.6     —     56.2   \n Non-cash cost of land and improved development   —     —     —     12.0     —     —     12.0   \n Adjusted EBITDA   $45.5     $8.6     $6.8     $46.2     ($11.8 )   ($1.2 )   $94.1   \n                               \n December 31, 2025                             \n Operating income (loss)   $15.8     ($1.6 )   —     $27.1     ($14.3 )   —     $27.0   \n Costs related to the merger with PotlatchDeltic (a)   —     —     —     —     6.3     —     6.3   \n Pro forma operating income (loss)   $15.8     ($1.6 )   —     $27.1     ($8.0 )   —     $33.3   \n Depreciation, depletion and amortization   16.2     6.2     —     1.9     0.4     —     24.7   \n Non-cash cost of land and improved development   —     —     —     3.7     —     —     3.7   \n Adjusted EBITDA   $32.0     $4.6     —     $32.7     ($7.5 )   —     $61.7   \n                               \n March 31, 2025                             \n Operating income (loss)   $10.1     $0.3     —     ($1.0 )   ($9.3 )   —     $0.1   \n Restructuring charges (f)   —     —     —     —     1.1     —     1.1   \n Pro forma operating income (loss)   $10.1     $0.3     —     ($1.0 )   ($8.2 )   —     $1.2   \n Depreciation, depletion and amortization   16.9     5.6     —     0.6     0.4     —     23.5   \n Non-cash cost of land and improved development   —     —     —     2.4     —     —     2.4   \n Adjusted EBITDA   $27.0     $5.9     —     $2.0     ($7.9 )   —     $27.1   \n\n (a) “Costs related to the merger with PotlatchDeltic” include professional \n services fees, employee-related costs, accelerated stock-based compensation, \n and other integration-related costs incurred in connection with the merger, \n which closed on January 30, 2026. \n (b) “Cash Available for Distribution” (CAD) is defined as cash provided by \n operating activities adjusted for capital spending (excluding timberland \n acquisitions and real estate development investments) and working capital and \n other balance sheet changes. CAD is a non-GAAP measure of cash generated \n during a period that is available for common share dividends, distributions to \n Operating Partnership unitholders, common share repurchases, debt reduction, \n timberland acquisitions and real estate development investments. CAD is not \n necessarily indicative of the CAD that may be generated in future periods. \n (c) The three months ended March 31, 2026 includes a $40.3 million tax benefit from our valuation allowance release. \n (d) The three months ended March 31, 2025 includes $1.7 million of net costs associated with legal settlements. \n (e) “Inventory purchase price adjustment in cost of sales” reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on \n acquired finished goods inventory sold post-closing. \n (f) “Restructuring charges” include severance costs related to workforce optimization initiatives. \n (g) “Income from operations of discontinued operations, net of tax” includes income generated by the Company’s New Zealand joint venture interest, which was classified as \n discontinued operations prior to its June 30, 2025 disposition. \n (h) “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating \n (income) expense, costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, restructuring charges, income from operations \n of discontinued operations and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that \n investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the \n Company’s ongoing operating results. \n (i) “Cash interest received, net” includes patronage refunds received of $14.8 million and $7.7 million during the three months ended March 31, 2026 and March 31, 2025, \n respectively. In addition, cash interest received, net includes cash interest received of $7.1 million and $2.9 million during the three months ended March 31, 2026 and \n March 31, 2025, respectively. \n (j) “Pro forma net income (loss)” is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of costs related to the merger with \n PotlatchDeltic, an inventory purchase price adjustment in cost of sales, a tax benefit from valuation allowance release, income from operations of discontinued operations \n (net of tax), net costs associated with legal settlements, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides \n investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating \n results. \n (k) “Tax benefit from valuation allowance release\" reflects a non-cash release of Rayonier's pre-existing valuation allowance, triggered by deferred tax liabilities \n recognized in the PotlatchDeltic purchase price allocation. \n (l) “Net cost on legal settlements” reflects the net loss from litigation regarding insurance claims. \n (m) “Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling \n interests. \n (n) “Pro forma operating income (loss)” is defined as operating income (loss) adjusted for costs related to the merger with PotlatchDeltic, an inventory purchase price \n adjustment in cost of sales, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful \n information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. \n   \n F \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260505552584/en/\n(https://www.businesswire.com/news/home/20260505552584/en/)\n\nInvestors/Media \n\nCollin Mings\n\n904-357-9100\n\ninvestorrelations@rayonier.com (mailto:investorrelations@rayonier.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-06T20:12:00.361202367Z","server_sent_at_ms":1778098320361},"received_at":"2026-05-06T20:12:00.651Z","source_url":"https://www.businesswire.com/news/home/20260505552584/en/"},"analysis":{"id":"18891","press_release_id":"24164","analysis_json":{"industry":{"label":"Equity Real Estate Investment Trusts (REITs)","sector":"Real Estate"},"redFlags":["Reported GAAP net loss of ($12.4) million driven by $69.5 million in one-time merger costs"],"eventType":"earnings","narrative":"Rayonier reported Q1 revenue of $276.8 million, a significant increase from the prior year, though GAAP net loss was ($12.4) million due to $69.5 million in merger integration costs. On a pro forma basis, net income was $17.4 million, or $0.07 per share, with Adjusted EBITDA rising to $94.1 million.\n\nOperational performance was robust across the new segments, with Real Estate Adjusted EBITDA of $46.2 million exceeding guidance and Southern Timber Adjusted EBITDA jumping 68% year-over-year to $45.5 million. The company also generated Cash Available for Distribution of $90.2 million.\n\nCapital allocation remained a priority, as Rayonier repurchased $31.1 million of shares at an average price of $20.98 and maintained its initial full-year 2026 financial guidance.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Rayonier's post-merger debut shows strong core growth and aggressive buyback, masking headline GAAP integration costs."},"keyFigures":{"revenue":276800000,"guidance":"Consistent with initial 2026 guidance; expects Q2 Real Estate Adjusted EBITDA of $25-$35 million and full-year Real Estate Adjusted EBITDA of $180-$200 million.","customDimensions":{"total_debt":2060000000,"cash_balance":681700000,"adjusted_ebitda":94100000,"pro_forma_net_income":17400000,"share_repurchase_amount":31100000,"average_repurchase_price":20.98,"cash_available_for_distribution":90200000}},"quotedText":"During the first quarter, we generated total Adjusted EBITDA of $94.1 million, reflecting two months of post-merger contribution from the legacy PotlatchDeltic businesses following the successful closing of our merger of equals on January 30th","namedEntities":{"people":[{"name":"Mark McHugh","role":"President and Chief Executive Officer"},{"name":"Collin Mings","role":"Investor Relations"}],"products":[],"companies":[{"name":"Rayonier Inc.","ticker":"RYN"},{"name":"PotlatchDeltic Corporation","relationship":"acquired"}],"dollarAmounts":[{"amount":"$12.4 million","context":"first quarter net loss attributable to Rayonier"},{"amount":"$17.4 million","context":"pro forma net income"},{"amount":"$94.1 million","context":"Adjusted EBITDA"},{"amount":"$31.1 million","context":"shares repurchased"},{"amount":"$2.06 billion","context":"debt outstanding"},{"amount":"$681.7 million","context":"cash balance"},{"amount":"$276.8 million","context":"Q1 2026 revenues"},{"amount":"$69.5 million","context":"costs related to the merger with PotlatchDeltic"},{"amount":"$22.5 million","context":"land sale to a solar developer"},{"amount":"$10,000 per acre","context":"price of land sale to solar developer"}]},"materialImpact":{"score":4,"reasoning":"Rayonier reported strong first post-merger results with Adjusted EBITDA of $94.1 million, up significantly from the prior year, and repurchased $31.1 million of shares. While GAAP showed a loss due to integration costs, the pro forma profitability and operational beat across segments indicate successful execution of the PotlatchDeltic merger."},"tickerRelevance":{"others":[],"primary":"RYN"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":["buyback"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"first-post-merger-earnings-beat","sectorWeight":"Real Estate / REIT","capitalAllocation":"active-buyback"}},"event_type":"earnings","event_type_secondary":["buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Rayonier reported Q1 revenue of $276.8 million, a significant increase from the prior year, though GAAP net loss was ($12.4) million due to $69.5 million in merger integration costs. On a pro forma basis, net income was $17.4 million, or $0.07 per share, with Adjusted EBITDA rising to $94.1 million.\n\nOperational performance was robust across the new segments, with Real Estate Adjusted EBITDA of $46.2 million exceeding guidance and Southern Timber Adjusted EBITDA jumping 68% year-over-year to $45.5 million. The company also generated Cash Available for Distribution of $90.2 million.\n\nCapital allocation remained a priority, as Rayonier repurchased $31.1 million of shares at an average price of $20.98 and maintained its initial full-year 2026 financial guidance.","key_figures":{"revenue":276800000,"guidance":"Consistent with initial 2026 guidance; expects Q2 Real Estate Adjusted EBITDA of $25-$35 million and full-year Real Estate Adjusted EBITDA of $180-$200 million.","customDimensions":{"total_debt":2060000000,"cash_balance":681700000,"adjusted_ebitda":94100000,"pro_forma_net_income":17400000,"share_repurchase_amount":31100000,"average_repurchase_price":20.98,"cash_available_for_distribution":90200000}},"named_entities":{"people":[{"name":"Mark McHugh","role":"President and Chief Executive Officer"},{"name":"Collin Mings","role":"Investor Relations"}],"products":[],"companies":[{"name":"Rayonier Inc.","ticker":"RYN"},{"name":"PotlatchDeltic Corporation","relationship":"acquired"}],"dollarAmounts":[{"amount":"$12.4 million","context":"first quarter net loss attributable to Rayonier"},{"amount":"$17.4 million","context":"pro forma net income"},{"amount":"$94.1 million","context":"Adjusted EBITDA"},{"amount":"$31.1 million","context":"shares repurchased"},{"amount":"$2.06 billion","context":"debt outstanding"},{"amount":"$681.7 million","context":"cash balance"},{"amount":"$276.8 million","context":"Q1 2026 revenues"},{"amount":"$69.5 million","context":"costs related to the merger with PotlatchDeltic"},{"amount":"$22.5 million","context":"land sale to a solar developer"},{"amount":"$10,000 per acre","context":"price of land sale to solar developer"}]},"model_name":"glm-4.7","prompt_hash":"sha256:6c7fa2f5e3b62e83","schema_hash":"sha256:ee8f711bc9bfba0d","created_at":"2026-05-07T14:22:25.250Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"mid-cap","eventGravity":"first-post-merger-earnings-beat","sectorWeight":"Real Estate / REIT","capitalAllocation":"active-buyback"}},"durationMs":null,"modelName":"glm-4.7"}}