Executive Summary

Q4 delivered strong headline results: revenue $726.3M, net income $327.1M ($2.15), pro forma EPS $0.27, and Adjusted EBITDA $115.1M; FY24 Adjusted EBITDA of $298.8M came in roughly 3% above the high end of prior guidance as Real Estate materially outperformed in the quarter .
Real Estate was the key upside driver (pro forma sales $72.2M; Adjusted EBITDA $63.4M) on premium HBU/development transactions (weighted‑average per‑acre price ~$8,923 vs $3,320 LY; ~7,800 acres sold ex-Large Dispositions) .
2025 guidance: net income $79–$100M, EPS $0.51–$0.64, Adjusted EBITDA $270–$300M; management expects softer 1Q activity in Real Estate but modest improvement in Timber (pricing/FX) as the year progresses, with salvage-related headwinds ebbing in 2H25 .
Capital allocation catalysts: $300M new buyback authorization (replacing $100M), 4Q repurchases of 488k shares ($14.7M), and a $1.80/share special dividend (25% cash/75% stock); quarterly dividend reset to $0.2725 reflecting the special dividend share issuance .

What Went Well and What Went Wrong

What Went Well
- Real Estate pricing power and mix: “extraordinarily strong” quarter; Adjusted EBITDA $63.4M with weighted‑average per‑acre price (ex-Improved Development and Large Dispositions) ~$7,200; CEO: team “optimize[d] the value of our portfolio by generating significant HBU premiums above timberland value” .
- New Zealand improved sharply: Adjusted EBITDA +66% YoY to $20.0M on higher volumes, FX tailwinds, and slightly better stumpage; domestic sawtimber +6%, export sawtimber +7% YoY .
- Disposition plan execution/Balance sheet: closed $495M of Large Dispositions in Q4; cumulative ~$737M since Nov-2023, reducing leverage (net debt/TTM Adjusted EBITDA ~2.6x at YE) and funding returns to shareholders .
What Went Wrong
- U.S. South pricing headwinds: Hurricane Helene salvage volumes pressured stumpage (weighted‑avg net stumpage −15% YoY to $19.30/ton; sawtimber −14%, pulpwood −9%); management expects headwind to persist through 1H25 .
- Pacific Northwest softness: domestic sawtimber −5% YoY to $89.04/ton and volumes −3%, with Adjusted EBITDA down 2% YoY to $6.0M despite cost offsets .
- NZ carbon credits lower: non‑timber/carbon revenue fell to $6.2M from $7.7M YoY; shipping costs remained elevated, largely offsetting delivered log price gains .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Revenues ($MM)	$467.4	$195.0	$726.3
Operating Income ($MM)	$145.2	$27.6	$346.2
Net Income Attrib. to RYN ($MM)	$126.9	$28.8	$327.1
Diluted EPS ($)	$0.85	$0.19	$2.15
Pro Forma Revenues ($MM)	$225.2	$195.0	$231.3
Pro Forma Net Income ($MM)	$25.4	$18.1	$41.1
Adjusted EBITDA ($MM)	$93.7	$71.8	$115.1

Segment Adjusted EBITDA ($MM):

Segment	Q4 2023	Q3 2024	Q4 2024
Southern Timber	$32.0	$37.9	$34.7
Pacific Northwest Timber	$6.2	$8.7	$6.0
New Zealand Timber	$12.1	$14.6	$20.0
Real Estate	$53.5	$19.9	$63.4
Trading	$0.1	($0.1)	($0.1)
Corporate & Other	($10.3)	($9.2)	($9.0)
Total	$93.7	$71.8	$115.1

Selected KPIs (operations and pricing):

KPI	Q4 2023	Q4 2024
Southern harvest volumes (MM tons)	1.60	1.56
Southern weighted‑avg net stumpage ($/ton)	$22.63	$19.30
Southern pine sawtimber ($/ton)	$28.84	$24.74
Southern pine pulpwood ($/ton)	$17.68	$16.08
PNW harvest volumes (k tons)	298	290
PNW domestic sawtimber ($/ton)	$93.91	$89.04
PNW pulpwood ($/ton)	$28.91	$29.99
New Zealand volumes (k tons)	632	729
NZ export sawtimber ($/ton)	$100.73	$108.09
NZ domestic sawtimber ($/ton)	$63.03	$66.68
NZ non‑timber/carbon ($MM)	$7.7	$6.2
Real Estate acres sold	20,488	7,811
Real Estate weighted‑avg price/acre	$3,320	$8,923
Real Estate pro forma sales ($MM)	$68.3	$72.2

Note: Q4 includes $495M of “Large Dispositions”; “pro forma” excludes these to show core operations .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Income Attrib. to RYN ($MM)	FY2025	n/a	$79–$100	n/a
Diluted EPS ($)	FY2025	n/a	$0.51–$0.64	n/a
Adjusted EBITDA ($MM)	FY2025	n/a	$270–$300	n/a
Southern Timber Adj. EBITDA ($MM)	FY2025	n/a	$141–$149	n/a
PNW Timber Adj. EBITDA ($MM)	FY2025	n/a	$21–$26	n/a
New Zealand Timber Adj. EBITDA ($MM)	FY2025	n/a	$54–$60	n/a
Real Estate Adj. EBITDA ($MM)	FY2025	n/a	$86–$96	n/a
Quarterly Dividend/Share ($)	Q1 2025	$0.285	$0.2725	Lowered 4.4% (share issuance effect)

Additional corporate actions: new $300M share repurchase authorization (Dec 2, 2024), replacing prior $100M program .

Earnings Call Themes & Trends

Topic	Q2 2024 (Q‑2)	Q3 2024 (Q‑1)	Q4 2024 (Current)	Trend
Southern pricing/volumes	Wet weather and softer lumber demand; stumpage mixed (+pulpwood)	Soft overall; non‑timber buoyed; stumpage −3% YoY	Salvage from Hurricane Helene pressured pricing; headwind likely through 1H25	Near‑term headwind, improving 2H25
PNW pricing and mix	Lower delivered prices; volumes down after prior OR disposition	Volumes +10% but prices −12% YoY; costs favorable	Prices −5% YoY; costs lower; expect modest 2025 price improvement; lower costs after WA dispositions	Stabilizing to modestly improving
New Zealand market	Softer exports; domestic −6%; carbon rev up vs LY in Q2	Net stumpage −16% YoY; carbon credits down	FX tailwinds, volumes +15%, carbon down; prices modestly better; carbon pricing stabilized	Improving modestly
Real Estate HBU/development	Lower prices/acre; higher acres sold	Weighted‑avg $8,835/acre; pipeline solid for 4Q	Weighted‑avg $8,923/acre; ex‑LD ~7,200/acre; strong mix; EBITDA $63.4M	Strong momentum
Dispositions / leverage	Advancing $1B plan	Revised FY24 guidance for dispositions timing	$495M closed in Q4; ~$737M to date; net leverage ~2.6x YE	Executed, optionality up
Land‑Based Solutions (solar/CCS)	Growing but small base	Cited growth contribution	~39k acres under solar option; ~154k acres under CCS lease; 104k‑acre Reliant CCS easement in AL	Accelerating pipeline

Management Commentary

“We were pleased to finish the year with strong fourth quarter financial results…full‑year Adjusted EBITDA of $298.8 million—roughly 3% above the high end of our prior guidance range,” driven by Real Estate’s “extraordinarily strong” quarter and significant HBU premiums .
On 2025 setup: “We are cautiously optimistic that timber prices will gradually improve along with end market demand…another strong contribution from our real estate platform this year” and growing land‑based solutions pipeline .
On dispositions and capital returns: “We’ve closed on roughly $737 million of dispositions (~74% of our $1 billion target), which has allowed us to meaningfully reduce leverage and return over $110 million of capital to shareholders” .

Notable quotes (Q&A):

Salvage pressure path: “We do expect…headwinds going into the first half of 2025…should wrap up sometime in that first half” .
PNW 2025 bridge: Flat EBITDA despite lower harvest volumes reflects “expectation of higher pricing” and lower costs after selling steeper, higher‑cost ground .
Tariffs backdrop: Higher Canadian lumber duties or new tariffs would be a “net short‑term positive” for lumber producers and timberland owners, with caveats on affordability .

Q&A Highlights

Southern salvage dynamics: Hurricane Helene salvage volumes weighed on stumpage in Q4; management expects the effect to persist through 1H25, then normalize, aiding 2H25 pricing .
PNW outlook: Despite harvest cuts from WA dispositions, 2025 EBITDA expected comparable on improved pricing and lower costs; portfolio mix improved (less Hemlock, lower operating cost) .
Disposition plan cadence and optionality: ~74% of $1B completed; willing to be patient/opportunistic, could exceed target if values are compelling; buybacks seen as attractive at current valuation .
Land‑Based Solutions timing: On track toward ~$30M EBITDA by 2027; larger ramp expected beyond 2027 given 3–6 year permitting/option‑to‑lease timelines (solar/CCS) .
Corporate realignment: ~10% U.S. workforce reduction to align with reduced footprint; continuing to pursue efficiency .

Estimates Context

S&P Global (Capital IQ) Wall Street consensus for Q4 2024 (EPS/revenue/EBITDA) could not be retrieved due to an SPGI daily request limit during this analysis window. As a result, we do not present vs‑consensus comparisons here and will update when S&P estimates are available.

Key Takeaways for Investors

Real Estate remains a high‑quality, high‑optionality earnings lever: premium pricing on HBU/development and lumpy but material EBITDA contribution; Q4 strength validated the pipeline and execution .
Timber recovery skewed to 2H25: Southern stumpage pressured near‑term by salvage supply, but normalization plus better lumber duty/tariff dynamics could favorably shift pricing, especially in PNW .
Balance sheet and capital returns add support: leverage ~2.6x TTM Adjusted EBITDA at YE, new $300M buyback authorization, and continued portfolio optimization present multiple capital allocation paths .
Land‑Based Solutions is building: solar options and CCS leases expanded notably (incl. Reliant 104k‑acre easement), reinforcing medium‑term cash flow optionality (post‑2027 ramp) .
2025 guide implies a modest reset after outsized Real Estate in 2024; expect low 1Q Real Estate EBITDA (<$10M) and improving Timber cadence as salvage headwinds fade .
Watch catalysts: additional dispositions (and NAV accretion), share repurchase activity, CCS/solar conversions to leases, and macro policy (Canadian duties/tariffs) impacting lumber/log pricing .

Appendix: Additional Relevant Disclosures

Share repurchases: 488k shares repurchased in Q4 at $30.10; new $300M authorization announced in December 2024 .
Special dividend: $1.80/share (25% cash/75% stock) related to Q4 dispositions; Q1 2025 dividend adjusted to $0.2725 (−4.4%) reflecting share issuance; total aggregate quarterly dividend outlay roughly flat .

RAYONIER INC (RYN)·Q4 2024 Earnings Summary