RYN

Merger Integration

• Post close of the equal merger with Potlatch Deltic in late January 2026, the team has progressed quickly on organizational optimization, operational efficiency captures, and cultural integration. • The new corporate headquarters lease was signed in Atlanta, with opening expected in early 2027. • Integration remains on track to hit the stated run rate synergy targets.

Portfolio Transactions

• Two simultaneous timberland transactions with Resource Management Service (RMS) closed recently: 36,000 acres in southwest Washington sold for $145 million, and 57,000 acres in Texas and Alabama acquired for $146 million, structured as a tax-efficient like-kind exchange. • The transactions are expected to be accretive to timber-only cash flow, with additional upside from higher and better use (HBU) real estate sales and land-based solutions opportunities. • The exchange structure preserves capital allocation flexibility, and aligns with the strategy of concentrating capital in markets with stronger cash flow attributes and better long-term growth prospects.

Overall Q2 2026 Financial Results

• GAAP earnings were $19 million, or $0.06 per share; adjusted net income (adjusted for merger-related pro forma items) was $32 million, or $0.10 per share. • Total adjusted EBITDA was $124 million, well above the prior year period, driven by contributions from the merged Potlatch Deltic operations and solid underlying performance across all segments.

Segment Operational Highlights

• Southern Timber: Saw log demand was steady amid rising lumber prices; long-term demand is expected to be supported by ongoing US South sawmill market share gains versus Canada. Pulpwood markets remained challenged, with subdued demand and excess supply from dry weather and post-fire salvage harvesting, but management expects pricing has stabilized, with positive signals from rising container board prices and improving customer mill operating rates. Approximately 9,300 acres of Georgia timberland were impacted by wildfires, with a recorded $2 million casualty loss; salvage harvesting is complete with no expected material ongoing impacts. • Northwest Timber: Strong harvest activity in Idaho was supported by drier-than-normal weather, and higher lumber prices lifted indexed saw log prices for the segment's Idaho holdings. • Wood Products: Lumber pricing improved due to industry curtailments, higher tariffs on Canadian imports, and transportation constraints limiting supply; the expected seasonal post-spring price weakness did not materialize in 2026, and home center demand remained healthy with balanced channel inventories. • Real Estate: Broad-based demand continues at the Wildlight and Heartwood development projects, with the mature Chenal Valley project expected to generate steady cash flow. A 460-acre sale to a solar developer for $10,000 per acre highlights ongoing strong demand for renewable energy development across the southern land portfolio.

Balance Sheet and Capital Allocation

• Cash available for distribution (CAD) totaled $177 million for the first half of 2026, up from $47 million in the prior year period, driven by merged business contributions and stronger real estate results. • 3.5 million shares were repurchased in Q2 for a total of $72 million, at an average price of $20.95 per share. • A $200 million maturing term loan was repaid in cash in April, rather than refinanced, which management viewed as more favorable in the current high interest rate environment. • End-of-quarter cash totaled $412 million, with total debt of ~$1.9 billion, and net debt to enterprise value of 18%.

• Full year 2026 guidance initially provided in February 2026 is maintained, with pro-rata contributions from Potlatch Deltic operations starting January 31. All timber harvest guidance already incorporates the recent RMS land exchange transaction. • Southern Timber Segment: Full-year harvest volume guidance is maintained at 12.2 to 12.5 million tons, with Q3 2026 harvest expected to hit 3.1 to 3.3 million tons. Regional saw timber and pulpwood prices are expected to remain relatively stable in Q3 compared to Q2. • Northwest Timber Segment: Full-year harvest volume guidance is maintained at 2 to 2.2 million tons, with Q3 2026 harvest expected to be approximately 600,000 tons. Overall saw timber prices are expected to be modestly higher in Q3 versus Q2, driven by higher indexed prices for Idaho timberlands. • Wood Products Segment: Q3 2026 lumber shipments are expected to reach 320 to 330 million board feet. As of the end of July, average Q3-to-date lumber price realization is already modestly higher than Q2's average. • Real Estate Segment: The full-year adjusted EBITDA contribution guidance is maintained at $180 to $200 million, with Q3 2026 adjusted EBITDA expected between $25 to $35 million, supported by a healthy transaction pipeline.

1. Southern Timber Segment: Adjusted EBITDA of $53 million, 85% higher than the prior year quarter. Harvest volumes more than doubled year-over-year, driven by added volume from the Potlatch Deltic merger. It contributed approximately 42.7% of total Q2 2026 adjusted EBITDA.
2. Northwest Timber Segment: Adjusted EBITDA of $26 million, up from $7 million in the prior year quarter. Harvest volumes more than doubled year-over-year, with 360,000 tons of incremental volume from Potlatch Deltic's Idaho timberlands. It contributed approximately 21.0% of total Q2 2026 adjusted EBITDA.
3. Wood Products Segment: Adjusted EBITDA of $25 million, the strongest quarterly result for this segment since Q3 2022, beating management's pre-quarter expectations. It contributed approximately 20.2% of total Q2 2026 adjusted EBITDA. Average lumber price realization was $505 per MBF, an 18% increase from Q1 2026, with shipments of 314 million board feet, in line with prior guidance.
4. Real Estate Segment: Total revenue of $54 million, with adjusted EBITDA of $38 million, up $20 million year-over-year. Approximately 7,500 acres sold at an average price of $6,300 per acre. Improved development sales totaled $6 million, while rural sales totaled $41 million across nearly 7,500 acres at an average price of $5,400 per acre. It contributed approximately 30.6% of total Q2 2026 adjusted EBITDA.

• Macroeconomic conditions remain uncertain, creating headwinds for end market demand across the company's segments. • Pulpwood markets have faced sustained challenges from multiple mill closures, excess supply from past hurricane salvage and current dry weather conditions, leading to multiple quarters of declining pricing. • Higher current interest rates increase the cost of leverage and limit the company's capacity for aggressive share repurchases and acquisitions, requiring more conservative balance sheet management. • Renewable energy projects, particularly solar, face extended timelines for interconnection studies and regulatory approval, delaying conversion of option agreements to closed sales. • Wildfire activity poses potential casualty loss risks to timber holdings and impacts local communities and team members.

Q: What is the upside potential for HBU real estate and land-based solutions on the newly acquired RMS timberlands, and are there specific opportunities being evaluated? / A: Management states the acquired properties do not have unique upside compared to the company's existing portfolio in Texas and Alabama, but the assets are additive to the existing footprint. The company already has significant experience capturing HBU and land-based solutions value in these markets, so the acquisition simply expands the existing opportunity set. No unique specific opportunities for the acquired land are highlighted at this stage.

Q: Why has Rainier consistently reduced its Pacific Northwest timberland holdings via divestments to reallocate to the U.S. South? What factors drive this geographic portfolio shift? / A: Management clarifies it is not dissatisfied with the Pacific Northwest market, and the company still holds sufficient scale to operate meaningfully in the region. The shift is driven by relative opportunity: the U.S. South offers far more embedded option value for HBU real estate and land-based solutions, and the transactions have allowed the company to improve the age class balance and reduce low-value hemlock exposure in the Northwest portfolio, raising overall per-acre portfolio quality.

Q: Given that shares trade at a wide discount to NAV and the balance sheet is solid, why not increase the pace of share repurchases to $100 million or more per quarter? What is the constraint? / A: Management confirms it has already stepped up repurchase activity and remains committed to opportunistic buybacks as an attractive capital allocation option. However, the company's capacity is not unlimited, as it is committed to maintaining an investment grade credit rating and a conservative balance sheet to preserve long-term capital allocation flexibility. It will continue to balance buybacks against these balance sheet priorities.

Q: How is Rainier positioned to capitalize on AI-related infrastructure buildout beyond just selling land for data centers, and has higher energy costs increased solar development activity? / A: Management notes growing interest from data center developers, and is also evaluating new opportunities in bioenergy and biofuels, particularly across its U.S. South portfolio. Solar activity has not increased recently, as developers are currently focused on optimizing their existing pipelines rather than expanding, sorting through higher interconnection costs and evolving regulatory and incentive frameworks. Long-term, management remains optimistic about the renewable energy and data center development opportunity sets.