On this page of StockholderLetter.com we present the latest annual shareholder letter from RAYONIER INC — ticker symbol RYN. Reading current and past RYN letters to shareholders can bring important insights into the investment thesis.

 •  4/1/2026 Letter Continued (Full PDF)
 •  4/20/2023 RYN Stockholder Letter
 •  4/12/2024 RYN Stockholder Letter
 •  4/2/2025 RYN Stockholder Letter
 •  More "REITs" Category Stockholder Letters
 •  RYN Benford's Law Stock Score = 86

RYN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT


2025 Annual Report
Financial
Highlights:
2025
2024
2023
$ 484.5
484.5
83.3
97.8
480.6
474.4
89.2
$ 987.9
492.9
364.1
75.0
364.0
359.1
45.8
$ 788.4
546.2
184.7
79.6
176.4
173.5
32.0
Southern Timber
Pacific Northwest Timber
New Zealand Timber
Real Estate
Trading
(   ) Corporate/Other
$ 130.1
23.7
127.1
(32.9)
$ 151.3
25.4
92.4
(38.8)
$ 156.3
28.3
99.3
(37.9)
Total Adjusted EBITDA
$ 248.0
$ 230.2
$ 246.0
$ 256.7
198.6
$ 261.6
141.0
$ 298.4
137.2
$ 1,050.0
842.9
207.1
6%
$ 1,050.0
303.1
746.9
16%
$1,300.0
179.7
1,120.3
18%
(Dollars in millions)
SALES & EARNINGS
Sales
Pro Forma Revenue (Sales) (a)
Operating Income
Pro Forma Operating Income(a)
Net Income attributable to Rayonier, L.P.
Net Income attributable to Rayonier Inc.
Pro Forma Net Income(a)
ADJUSTED EBITDA BY SEGMENT (b)
CASH FLOW
Cash provided by Operating Activities
Cash Available for Distribution(b)
DEBT & DEBT RATIOS
Debt(c)
Cash and cash equivalents
Net Debt
Net Debt to Enterprise Value(d)
T  hese non-GAAP measures are defined and reconciled on page 13.
Adjusted EBITDA and Cash Available for Distribution (CAD) are non-GAAP measures defined and reconciled on pages 56   59 within this Annual Report on
Form 10-K.
(c)
Total debt as of December 31, 2025, 2024 and 2023 reflects the principal on long-term debt, gross of deferred financing costs and unamortized discounts
of $4.7, $5.6, and $6.9 million, respectively.
(d)
Enterprise value based on equity market capitalization (including Rayonier, L.P. units) plus net debt based on Rayonier Inc.   s share price at year-end.
(a)
(b)
TOTAL HARVEST
ADJUSTED EBITDA(b)
CAD(b)
(Tons in millions)
(Dollars in millions)
(Dollars in millions)
$250
10.0
$200
187
7.5
150
125
5.0
100
62
2.5
50


2023
2024
2025
2023
2024
2025
2023
2024
2025
01

Dear Fellow
Shareholders:
As I reflect on 2025, I am struck by the extraordinary scope of what our team accomplished in a
single year. We delivered record results in our Real Estate business, completed an ambitious asset
disposition and capital structure realignment plan, and announced (and subsequently closed) a
transformative merger of equals with PotlatchDeltic   all while navigating extraordinarily challenging market conditions. Each of these milestones, on its own, would have defined a successful year.
Together, they represent a turning point in Rayonier   s 100-year history and a powerful statement
about the drive and determination of this organization.
02

2025 Annual Report
Throughout the year, our team demonstrated remarkable agility and discipline   controlling the controllables,
capitalizing on opportunities in our Real Estate segment,
and executing on bold strategic initiatives even as external conditions remained difficult. We are entering this
next chapter as a combined company in a position of
financial strength and organizational focus that provide
us with a strong foundation for future value creation.
In this letter, I want to walk you through the key themes
that defined our year and explain why I believe Rayonier
is exceptionally well positioned for the years ahead.
2025 FINANCIAL REVIEW
Full-year 2025 net income attributable to Rayonier
was $474 million, or $3.03 per share, which included
the impact of discontinued operations, costs related to
the merger with PotlatchDeltic, an asset impairment
charge, restructuring charges, and costs associated
with legal settlements. Excluding these items and
adjusting for pro forma net income adjustments
attributable to noncontrolling interests, full-year pro
forma net income was $89 million, or $0.57 per share,
which compares to pro forma net income of $46 million, or $0.31 per share, in 2024.
03

4/1/2026 Letter Continued (Full PDF)

 

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