RYN News & Events

Reports Q4 revenue $117.5M, consensus $109.22M. "Our full-year 2025 performance highlights the resilience of our diversified portfolio as well as our nimble execution as timber market headwinds persisted throughout the year," said Mark McHugh, President and CEO. "We generated Adjusted EBITDA of $248.0 million, representing an 8% increase over 2024 and exceeding the high end of our prior guidance range. This outperformance was primarily driven by the record contribution from our Real Estate segment, which delivered full-year Adjusted EBITDA of $127.1 million amid continued strength in our rural HBU markets and further growth in our real estate development business."

The company said, "Given the recent completion of our merger with PotlatchDeltic, we are providing the following initial segment guidance for the combined company for 2026 (which reflects the anticipated pro rata contribution from the PotlatchDeltic operations for January 31, 2026 through December 31, 2026): Southern Timber: In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.1 to 12.6 million tons-reflecting the increase in our sustainable yield due to the merger with PotlatchDeltic. We further expect that regional pine stumpage realizations will trend modestly higher from fourth quarter levels during the year as supply-demand conditions normalize. However, we expect that full-year 2026 average pine stumpage realizations for the combined company's Southern Timber segment will be lower than the standalone realizations for Rayonier in the prior year based on the pro forma geographic mix of the combined company. Northwest Timber: In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.3 million tons-reflecting the increase in our sustainable yield due to the merger with PotlatchDeltic. We further expect that full-year 2026 average log pricing for the combined company's Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year based on improving demand conditions, a higher mix of sawtimber, and the pro forma geographic mix of the combined company. However, we anticipate that the combined company's pricing in the Northwest will have increased sensitivity to lumber pricing compared to legacy Rayonier, as a significant portion of our sawlog sales in Idaho are indexed to lumber prices. Wood Products: In our Wood Products segment, we've been encouraged by the positive momentum in lumber prices to start the year. For the 11 months of contribution from the Wood Products segment in 2026, we expect lumber shipments to total ~1.1 billion board feet. Based on quarter-to-date price realizations and current lumber pricing, we would expect the Wood Products segment to have a slightly positive contribution to overall Adjusted EBITDA in the first quarter. Real Estate: We anticipate continued momentum in our Real Estate segment as a combined company to start 2026, supported by a strong pipeline of rural land sales and improved development projects. Based on our current transaction pipeline and sales closed to date, we expect an Adjusted EBITDA contribution in the first quarter of $30 to $35 million dollars. For the full year, we expect an Adjusted EBITDA contribution from our Real Estate segment of $180 to $200 million."