Investor Presentation
Timberland vs. Wood Products Volatility
50%
40%
30%
20%
10%
Historical Timber vs. Wood Products Segment EBITDA* Margins (1)
(10%)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
(20%)
40%
30%
20%
10%
■Timber ■Wood Products
Average EBITDA* Margin (2004 - 2022)
34.5%
Timber
Margin Volatility / Coefficient of Variation (2)
200%
150%
100%
11.2%
50%
11.4%
Wood Products
Timber
120.3%
Wood Products
Timberland operations generally yield high EBITDA* margins with very low volatility relative
to wood products manufacturing.
(1)
(2)
Rayonier
Based on aggregate U.S. timber segments EBITDA margin versus aggregate manufacturing segments EBITDA margin of Rayonier, Weyerhaeuser, Potlatch Deltic, and legacy
Plum Creek.
Calculated as ratio of standard deviation to average.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | August 2023View entire presentation