Rayonier reported 2025 adjusted EBITDA of $248.0 million, up 7.7% from 2024, and says results reflect weaker timber markets through the year alongside stronger Real Estate contributions, Rayonier said in a release.
The company ties the year’s performance to its Real Estate segment, which posts 2025 adjusted EBITDA of $127.1 million, and describes continued strength in rural higher-and-better-use demand and growth in real estate development activity. It also says timber market conditions create headwinds across 2025.
In the fourth quarter, Southern Timber adjusted EBITDA totals $32.0 million, down from $34.7 million a year earlier, as harvest volumes rise and sawtimber pricing holds while pulpwood pricing falls. The company links weaker pulpwood pricing to higher supply and weaker demand following recent mill closures in the Atlantic region, while it also cites improving production conditions due to drier weather and higher demand for green logs as hurricane salvage activity in the Atlantic region subsides.
For 2026, the company provides initial guidance for the combined business after closing its merger with PotlatchDeltic on January 30, 2026. It expects Southern Timber harvest volumes of 12.1 million to 12.6 million tons and says regional pine stumpage realizations should trend modestly higher from fourth-quarter levels as supply-demand conditions normalize, while full-year average pine stumpage realizations for the combined Southern Timber segment are expected to be lower than Rayonier’s standalone 2025 realizations because of the combined company’s geographic mix.
In Northwest Timber, it expects 2026 harvest volumes of 2.0 million to 2.3 million tons and says average log pricing should be higher than Rayonier’s standalone 2025 pricing on improving demand conditions, a higher mix of sawtimber, and the combined company’s geographic mix. It also says Northwest pricing will have higher sensitivity to lumber pricing because a significant portion of Idaho sawlog sales is indexed to lumber prices.
