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Q3 2025 EARNINGS November 3, 2025
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2 FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES FORWARD -LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s fourth quarter, and full year 2025 performance, including an anticipated decline in fourth quarter Total Adjusted EBITDDA; expected lumber shipment volumes, pricing trends, supply-demand dynamics, inventory levels, the effect of mill curtailments, and manufacturing costs; projected harvest volumes, sawlog mix, and pricing by region; anticipated real estate sales volumes, pricing, and transaction mix in both rural and development segments; anticipated improvement in market conditions; the effect of macroeconomic conditions, mortgage interest rates, and trade policy on housing demand, repair and remodel activity, and lumber consumption into 2026; new or increased duties and tariffs and responses by Canadian mills and the Canadian government and their impact on lumber and log prices, production costs, and the U.S. economy; the company’s capital allocation priorities and flexibility, including dividends, and capital investments; expected liquidity and financial flexibility; statements regarding our pending merger with Rayonier Inc., including expected strategic benefits, synergies to be achieved, transaction expense, and timing for completion; the company’s debt maturities and potential to refinance maturing debt; expected interest, corporate, income tax and pension expenses; the development, growth, and monetization of natural climate solutions opportunities, including solar, lithium, carbon capture and storage, and forest carbon offsets and other emerging initiatives; our beliefs about the impact of the One Big Beautiful Bill Act; our corporate responsibility commitments and goals, including greenhouse gas reduction targets; the expected rate of return on capital investments; and our positioning to drive long-term shareholder value. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “if,” “long-term,” “near term,” “opportunity,” “outlook,” “plan,” “potential,” “predict,” “remain,” “suggest,” “trend,” “when,” “will,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels and pricing; changes in trade policy, duties, and tariffs and uncertainty regarding the timing and scope of such changes; changes in policy regarding governmental timber sales; the impact of U.S. government shutdowns; availability of labor, transportation, and logging contractors; changes in production capacity in the forest products industry; changes in interest rates, inflation, credit availability, and homebuyer sentiment; changes in demand for our products, and real estate; disruptions in manufacturing, infrastructure, or supply chains; unanticipated capital project delays or cost overruns; changes in environmental regulations; unforeseen environmental liabilities; increased frequency or severity of wildfires, droughts, or other climate-related events; the impact of human health threats, fires at our manufacturing facilities, and other catastrophic events; litigation or regulatory actions related to land use, mineral rights, or environmental impact; cybersecurity threats or data privacy breaches; inability to close announced transactions or execute strategic initiatives; shifts in public or investor sentiment regarding sustainability or natural climate solutions; delays or changes in permitting or regulatory approvals for solar, lithium, or carbon-related projects; changes in public policy or tax incentives affecting renewable energy or climate initiatives; the ability of Rayonier Inc. and PotlatchDeltic to successfully complete the pending merger; and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof. NON-GAAP MEASURES This presentation includes non-GAAP financial information. A reconciliation of those numbers to U.S. GAAP is included in this presentation, which is available on the company’s website at www.potlatchdeltic.com.
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3 KEY HIGHLIGHTS Q3 2025 1 | Total Adjusted EBITDDA is a non- GAAP measure; see appendix for definition and reconciliation. Total Adjusted EBITDDA margin i s Total Adjusted EBITDDA divided by revenues. 2 | Cash Available for Distribution (CAD) is for the trailing twelve months ended September 30, 2025. Includes reductions to CA D of $34.7MM for the following items: $6.6MM of payments for the Waldo, Arkansas sawmill expansion and $28.1MM of interest rate swap proceeds classified outside operating activity. CAD is a non- GAAP measure; see appendix for definition and reconciliation. 3 | Based on closing stock price of $40.75 on September 30, 2025. 4 | Includes property, plant and equipment, Timberlands reforestation and roads, and Real Estate development; excludes acquisit ion of timber and timberlands. Includes $6.6 million final closeout payment for the Waldo sawmill project. 5 | Net debt to enterprise value is a non- GAAP measure; see appendix for definition. Based on closing stock price of $40.75 on September 30, 2025. 6 | Corporate Responsibility data as of December 31, 2024. STRATEGY PERFORMANCE CAPITAL ALLOCATION Timberlands provide stability • >80% of gross asset value • Sustainable management benefits society • Supports sustainable dividend Leverage to lumber prices • Mills & indexed Idaho logs • Strategy aligned with fundamentals • Provides discretionary capital Real Estate captures incremental value • Opportunistic rural land sales • Chenal master-planned community • Emerging natural climate opportunities Total Adjusted EBITDDA 1 • $89.3MM • 28.4% margin Segment Adjusted EBITDDA • Timberlands - $41.0MM • 1.9MM tons harvested • Wood Products - $(2.5)MM • 333MMBF lumber shipped • Real Estate - $63.1MM • Sold: • 15.6K rural acres • 55 residential lots • 13 commercial acres Cash Available for Distribution (CAD)2 • $118.5MM Return of cash • $139MM annual dividend run rate • Dividend yield of 4.4%3 • $60MM share repurchase YTD at $40/share Capital expenditures • $49MM spent YTD4 • $60MM - $65MM planned 2025 Strong liquidity position • Investment grade rated • $388MM of liquidity • Net debt to enterprise value5 is 23.1% OUR CORPORATE RESPONSIBILITY COMMITMENT: FORESTS, PLANET, PEOPLE, & PERFORMANCE 6
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4 CONSOLIDATED RESULTS Note: Total Adjusted EBITDDA is a non -GAAP measure. See appendix for definition and reconciliation. Total Adjusted EBITDDA increased $37.3 million from Q2 2025 Timberlands Adjusted EBITDDA increased primarily due to seasonally higher harvest activity Wood Products Adjusted EBITDDA decreased primarily due to lower lumber prices, partially offset by reduced per -unit manufacturing costs Real Estate Adjusted EBITDDA increased primarily due to two large rural real estate sales and increased sales in Chenal Valley Q3 2025 increase in Total Adjusted EBITDDA of $37.3 million was primarily driven by strong performance in our Real Estate segment from both the Rural and Development divisions. Key Consolidated Highlights: Total Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $52.0 $1.4 $(4.2) $40.4 $1.1 $(1.4) $89.3 Q2 2025 Timberlands Wood Products Real Estate Corporate Eliminations Q3 2025 $ MILLIONS
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5 TIMBERLANDS RESULTS Timberlands Adjusted EBITDDA increased $1.4 million from Q2 2025 Northern harvest volume increased due to normal seasonality Northern sawlog prices decreased primarily due to lower indexed sawlog prices Southern sawlog and pulpwood prices were relatively stable Higher log and haul costs were primarily driven by seasonal mix of steep terrain logging in Idaho and longer haul distances Q3 2025 Timberlands Adjusted EBITDDA of $41.0 million reflects seasonally higher harvest volumes. Key Timberlands Highlights: Timberlands Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $39.6 $3.6 $(0.9) $(1.8) $0.5 $41.0 Q2 2025 Harvest Volume Sales Price & Mix Log & Haul Other Q3 2025 $ MILLIONS
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8 $49 5 10 15 20 25 $10 $20 $30 $40 $50 $60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Volume: Tons (thousands) Price: $ / Ton $21.2 $5 $10 $15 $20 $25 $30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 403 $128 100 200 300 400 500 $20 $40 $60 $80 $100 $120 $140 $160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Volume: Tons (thousands) Price: $ / Ton 6 TIMBERLANDS RESULTS NORTHERN REGION Northern Timberlands - Key Results Northern Timberlands Adjusted EBITDDA ($ in millions) Northern Sawlog Pricing and Volume Northern Pulpwood Pricing and Volume ($ in millions except per ton amounts) Q2 2025 Q3 2025 Change Revenues $ 47.5 $ 52.5 $ 5.0 Adjusted EBITDDA $ 20.9 $ 21.2 $ 0.3 Margin (%) 44.0 % 40.4 % (3.6)pts Sawlog harvest volume ('000 tons) 339 403 64 Sawlog price ($ / ton) $ 136 $ 128 $ (8) Pulpwood harvest volume ('000 tons) 21 8 (13) Pulpwood price ($ / ton) $ 54 $ 49 $ (5)
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543 $31 $100 $200 $300 $400 $500 $600 $700 $5 $10 $15 $20 $25 $30 $35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Volume: Tons (thousands) Price: $ / Ton 614 $47 100 200 300 400 500 600 700 800 $10 $20 $30 $40 $50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Volume: Tons (thousands) Price $ / Ton 7 2TIMBERLANDS RESULTS SOUTHERN REGION $19.8 $5 $10 $15 $20 $25 $30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Southern Timberlands - Key Results Southern Timberlands Adjusted EBITDDA ($ in millions) Southern Sawlog Pricing and Volume Southern Pulpwood Pricing and Volume ($ in millions except per ton amounts) Q2 2025 Q3 2025 Change Revenues $ 54.2 $ 55.4 $ 1.2 Adjusted EBITDDA $ 18.7 $ 19.8 $ 1.1 Margin (%) 34.5 % 35.8 % 1.3 pts Sawlog harvest volume ('000 tons) 671 614 (57) Sawlog price ($ / ton) $ 46 $ 47 $ 1 Pulpwood harvest volume ('000 tons) 495 543 48 Pulpwood price ($ / ton) $ 31 $ 31 $ — Stumpage harvest volume ('000 tons) 294 313 19 Stumpage price ($ / ton) $ 13 $ 16 $ 3
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8 WOOD PRODUCTS RESULTS Wood Products Adjusted EBITDDA decreased $4.2 million from Q2 2025 Average lumber price decreased 12% to $396 per thousand board feet (MBF) in Q3 2025 Log costs decreased primarily due to improved log recovery Increased lumber production resulted in lower per-unit manufacturing costs Lumber inventory charge was $1.8 million lower compared to Q2 2025 Key Wood Products Highlights: $1.7 $(15.1) $3.9 $1.8 $(0.8) $2.4 $(2.5)$3.6 Q2 2025 Price Log Cost Manufacturing Cost Inventory Charge Volume Residuals, Panels & Other Q3 2025 $ MILLIONS Wood Products Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance The decline in Q3 2025 Wood Products’ results were primarily driven by lower lumber prices, despite strong operational execution. Lumber
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333 $396 100 200 300 400 $100 $200 $300 $400 $500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Shipments (MMBF) Price: $/ MBF $(2.5) $(5) $5 $10 $15 $20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 9 WOOD PRODUCTS RESULTS Wood Products - Key Results Wood Products Adjusted EBITDDA ($ in millions) Lumber Pricing and Shipments ($ in millions except per MBF amounts) Q2 2025 Q3 2025 Change Revenues $171.8 $165.9 $ (5.9) Adjusted EBITDDA $ 1.7 $ (2.5) $ (4.2) Margin (%) 1.0 % (1.5)% (2.5)pts Lumber shipment volume (MMBF) 303 333 30 Lumber price ($ / MBF) $ 450 $ 396 $ (54)
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10 REAL ESTATE RESULTS Q3 2025 Real Estate Adjusted EBITDDA of $63.1 million reflects two larger rural real estate sales in Georgia, a 13-acre commercial sale in Chenal Valley, and increased residential lots sold at a higher average price per lot. Key Real Estate Highlights: Real Estate Adjusted EBITDDA increased $40.4 million from Q2 2025 Real Estate – Rural: 15,636 acres sold Average price $3,280 / acre Real Estate – Development: Sold 55 residential lots at an average price of $138,938 / lot Sold 13 commercial acres for $532,942 / acre Real Estate Adjusted EBITDDA – Q2 2025 to Q3 2025 Variance $22.7 $28.1 $12.7 $(0.4) $63.1 Q2 2025 Rural Sales Development Sales Other, Net Q3 2025 $ MILLIONS
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$63.1 $20 $40 $60 $80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 55 $138,938 20 40 60 80 100 $50,000 $100,000 $150,000 $200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Residential Lots Sold Average Price: $/Lot 11 15,636 $3,280 5,000 10,000 15,000 20,000 25,000 30,000 $1,000 $2,000 $3,000 $4,000 $5,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Acres Sold Average Price: $/Acre REAL ESTATE RESULTS Real Estate - Key Results Rural Acres Sold and Average Price Real Estate Adjusted EBITDDA ($ in millions) Residential Lots Sold and Average Price 1 | Q2 2024 includes the sale of 34,100 acres to Forest Investment Associates for $57 million. 1 1 ($ in millions except per acre/lot amounts) Q2 2025 Q3 2025 Change Revenues $ 29.1 $ 69.6 $ 40.5 Adjusted EBITDDA $ 22.7 $ 63.1 $ 40.4 Margin (%) 78.4 % 90.7 % 12.3 pts Rural acres sold 7,457 15,636 8,179 Price ($ / acre) $ 3,108 $ 3,280 $ 172 Residential lots sold 18 55 37 Price ($ / lot) $ 102,222 $ 138,938 $ 36,716 Commercial acres sold — 13 13 Price ($ / acre) $ — $ 532,942 $ 532,942
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$28 $139 $100 $190 $185 $40 $78 $78 $100 $100 $50 $100 $150 $200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $ MILLIONS 12 FAVORABLE CAPITAL STRUCTURE Investment grade rated by Moody’s and S&P All interest rates on outstanding debt are fixed Refinanced $100 million of debt Undrawn $300 million revolver Maturity: Feb 2027 Accordion: $500 million We refinanced $100 million of debt that matured in August 2025 at a below-market fixed interest rate through an existing forward-starting swap, preserving our weighted average cost of debt at ~2.3%. Key Highlights: Debt Maturities 1 | Based on closing stock price of $40.75 on September 30, 2025. 2 | Net debt and net debt to enterprise value are non- GAAP measures. See appendix for definitions. 3 | EBITDDA leverage is a non-GAAP measure for the twelve months ended September 30, 2025. See appendix for definition. 4 | Weighted-average-cost-of-debt excludes amortization of deferred issuance costs, credit facility fees and non- cash amortization related to redesignated forward swaps and includes annual estimated patronage credit on term loan debt. Unaudited, $ in millions September 30, 2025 Market capitalization1 $ 3,150 Net debt2 946 Enterprise value $ 4,096 Cash and cash equivalents $ 89 Net debt to enterprise value2 23.1% EBITDDA leverage3 3.7 Weighted average cost of debt4 2.3% Dividend yield1 4.4%
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13 OUTLOOK We anticipate Q4 2025 Total Adjusted EBITDDA to be lower than Q3 2025, reflecting reduced rural and development real estate sales activity, seasonal declines in harvest volumes and softer Idaho sawlog pricing. Harvest Volume Geographic harvest Sawlog mix1 Sawlog pricing TIMBERLANDS WOOD PRODUCTS REAL ESTATE OTHER Lumber shipments Lumber prices Land sales Average price Land basis Corporate2 Non-op pension & OPEB Interest expense, net3 Income taxes Capital expenditures4 1.7 – 1.8 million tons ~80% of volume in South North: ~90% sawlogs South: ~55 % sawlogs North: South: Q4 2025 290 - 300 MMBF Rural Development ~5,000 acres ~$3,200 / acre ~40% ~46 lots ~$95,000 / lot ~80% ~$14 million ~$0.4 million ~$11 million $4 - $6 million benefit $20 - $25 million ~7.4 million tons ~80% of volume in South North: ~95% sawlogs South: ~55% sawlogs FY 2025 ~1.2 BBF Rural Development ~35,000 acres ~$3,200 / acre ~40% ~130 lots ~$120,000 / lot ~70% ~$52 million ~$1.5 million ~$35 million $9 - $11 million benefit $60 - $65 million 1 | Includes sawlogs sold on a delivered and stumpage basis. 2 | Excludes merger-related expenses of $1.9 million in Q3 2025 and an estimated ~$4 million in Q4 2025. 3 | Interest expense, net includes annual patronage on term loan debt, non- cash amortization related to redesignated forward swaps, and interest income. 4 | Excludes final closeout payment of $6.6 million during Q1 2025 for the Waldo sawmill project.
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APPENDIX Q3 2025
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15 TOTAL COMPANY SUMMARY in millions except per-share amounts – unaudited 1 | The sum of the quarterly diluted EPS may not equal YTD diluted EPS due to changes in weighted- average shares outstanding over the year. Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Operating income (loss): Timberlands 17.1$ 17.4$ 19.0$ 17.5$ 71.0$ 26.9$ 24.0$ 24.9$ 75.8$ Wood Products (12.7) (18.9) (18.3) (0.9) (50.8) 2.0 (9.1) (12.3) (19.4) Real Estate 2.0 32.9 18.8 5.9 59.6 12.7 11.1 36.9 60.7 Corporate (12.8) (11.9) (12.3) (12.7) (49.7) (12.3) (13.3) (12.3) (37.9) Rayonier merger-related expenses — — — — — — — (1.9) (1.9) Environmental charge — — — — — (0.5) — — (0.5) Eliminations 1.6 (2.0) — 3.5 3.1 (1.3) 1.2 (0.2) (0.3) Total operating income (loss) (4.8) 17.5 7.2 13.3 33.2 27.5 13.9 35.1 76.5 Interest expense, net 0.3 (8.7) (9.6) (10.9) (28.9) (1.5) (10.4) (11.5) (23.4) Non-operating pension and OPEB benefits 0.2 0.2 0.2 0.2 0.8 (0.3) (0.4) (0.4) (1.1) Other (0.1) (0.1) 1.5 1.8 3.1 (0.2) 0.7 1.3 1.8 Income (loss) before taxes (4.4) 8.9 (0.7) 4.4 8.2 25.5 3.8 24.5 53.8 Income taxes 4.1 4.8 4.0 0.8 13.7 0.3 3.6 1.4 5.3 Net income (loss) (GAAP) (0.3)$ 13.7$ 3.3$ 5.2$ 21.9$ 25.8$ 7.4$ 25.9$ 59.1$ Diluted EPS (GAAP)1 —$ 0.17$ 0.04$ 0.07$ 0.28$ 0.33$ 0.09$ 0.33$ 0.75$ Distributions per share 0.45$ 0.45$ 0.45$ 0.45$ 1.80$ 0.45$ 0.45$ 0.45$ 1.35$ 2024 2025
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16 OPERATING SEGMENT ADJUSTED EBITDDA Non-GAAP Reconciliation in millions – unaudited Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Timberlands Northern Timberlands operating income 9.3$ 11.3$ 13.0$ 11.7$ 45.3$ 19.0$ 19.1$ 19.3$ 57.4$ Depreciation, depletion and amortization 1.8 1.9 1.9 1.7 7.3 1.8 1.8 1.9$ 5.5 Northern Timberlands Adjusted EBITDDA 11.1 13.2 14.9 13.4 52.6 20.8 20.9 21.2$ 62.9 Southern Timberlands operating income 7.8 6.1 6.1 5.7 25.7 7.9 5.0 5.6$ 18.5 Depreciation, depletion and amortization 15.8 14.9 14.8 14.9 60.4 13.7 13.7 14.2$ 41.6 Southern Timberlands Adjusted EBITDDA 23.6 21.0 20.9 20.6 86.1 21.6 18.7 19.8$ 60.1 Timberlands Adjusted EBITDDA 34.7$ 34.2$ 35.8$ 34.0$ 138.7$ 42.4$ 39.6$ 41.0$ 123.0$ $ $ Wood Products Operating income (loss) (12.7)$ (18.9)$ (18.3)$ (0.9)$ (50.8)$ 2.0$ (9.1)$ (12.3)$ (19.4)$ Depreciation, amortization, & eliminations 12.6 12.2 8.3 9.5 42.6 9.6 10.4 9.6$ 29.6 (Gain) loss on disposal of assets — (0.1) 0.4 0.2 0.5 0.1 0.4 0.2$ 0.7 Wood Products Adjusted EBITDDA (0.1)$ (6.8)$ (9.6)$ 8.8$ (7.7)$ 11.7$ 1.7$ (2.5)$ 10.9$ Real Estate Operating income 2.0$ 32.9$ 18.8$ 5.9$ 59.6$ 12.7$ 11.1$ 36.9$ 60.7$ Basis of land and depreciation 4.2 56.7 13.0 13.5 87.4 10.0 11.6 26.2$ 47.8 Real Estate Adjusted EBITDDA 6.2$ 89.6$ 31.8$ 19.4$ 147.0$ 22.7$ 22.7$ 63.1$ 108.5$ Eliminations and other 1.6$ (2.0)$ —$ 3.5$ 3.1$ (1.3)$ 1.2$ (0.3)$ (0.4)$ Corporate Corporate expense (12.8)$ (11.9)$ (12.3)$ (12.6)$ (49.6)$ (12.8)$ (13.4)$ (14.2)$ (40.4)$ Depreciation and eliminations 0.1 0.1 0.2 0.2 0.6 0.2 0.2 0.3 0.7 Merger-related expenses — — — — — — — 1.9 1.9 Environmental Charges — — — — (0.5) 0.5 — — 0.5 Corporate Adjusted EBITDDA (12.7)$ (11.8)$ (12.1)$ (12.4)$ (49.0)$ (12.1)$ (13.2)$ (12.0)$ (37.3)$ Total Adjusted EBITDDA 29.7$ 103.2$ 45.9$ 53.3$ 232.1$ 63.4$ 52.0$ 89.3$ 204.7$ 2024 2025
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17 TOTAL ADJUSTED EBITDDA & CAD Non-GAAP Reconciliation in millions – unaudited 1 | Real Estate development capital expenditures included in cash from operating activities. Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Total Adjusted EBITDDA Net income (loss) (GAAP) (0.3)$ 13.7$ 3.3$ 5.2$ 21.9$ 25.8$ 7.4$ 25.9$ 59.1$ Interest expense, net (0.3) 8.7 9.6 10.9 28.9 1.5 10.4 11.5 23.4 Income taxes (4.1) (4.8) (4.0) (0.8) (13.7) (0.3) (3.6) (1.4) (5.3) Depreciation, depletion and amortization 30.4 29.3 25.4 26.4 111.5 25.4 26.4 26.0 77.8 Basis of real estate sold 4.1 56.5 12.9 13.4 86.9 9.9 11.4 26.1 47.4 Rayonier merger-related expenses — — — — — — — 1.9 1.9 Non-operating pension and OPEB costs (0.2) (0.2) (0.2) (0.2) (0.8) 0.3 0.4 0.3 1.0 (Gain) loss on disposal of assets — (0.1) 0.4 0.2 0.5 0.1 0.3 0.3 0.7 Environmental charge — — — — — 0.5 — — 0.5 Other 0.1 0.1 (1.5) (1.8) (3.1) 0.2 (0.7) (1.3) (1.8) Total Adjusted EBITDDA 29.7$ 103.2$ 45.9$ 53.3$ 232.1$ 63.4$ 52.0$ 89.3$ 204.7$ Cash Available for Distribution Cash from operating activities 1 16.0$ 100.6$ 26.5$ 45.4$ 188.5$ 49.0$ 41.0$ 65.7$ 155.7$ Capital expenditures and timberland acquisitions (44.3) (26.6) (32.9) (17.2) (121.0) (19.5) (7.9) (38.0) (65.4) Cash Available for Distribution (28.3)$ 74.0$ (6.4)$ 28.2$ 67.5$ 29.5$ 33.1$ 27.7$ 90.3$ Net cash from investing activities (37.0)$ (19.4)$ (25.7)$ (10.0)$ (92.1)$ (12.8)$ (0.6)$ (31.6)$ (45.0)$ Net cash from financing activities (36.6)$ (61.0)$ (39.9)$ (44.8)$ (182.3)$ (40.4)$ (92.0)$ (36.4)$ (168.8)$ 2024 2025
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18 STATISTICS: TIMBERLANDS unaudited Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Timberlands Fee Volumes (tons) Northern Region Sawlog 327,423 359,311 420,896 336,941 1,444,571 354,124 339,282 402,939 1,096,345 Pulpwood 1,863 5,889 5,964 8,216 21,932 13,893 20,833 7,704 42,430 Total 329,286 365,200 426,860 345,157 1,466,503 368,017 360,115 410,643 1,138,775 Southern Region Sawlog 654,623 729,107 668,557 652,721 2,705,008 654,191 671,230 613,720 1,939,141 Pulpwood 505,296 495,948 591,527 531,027 2,123,798 549,664 494,918 543,283 1,587,865 Stumpage 433,895 283,709 266,516 356,632 1,340,752 363,627 294,123 313,064 970,814 Total 1,593,814 1,508,764 1,526,600 1,540,380 6,169,558 1,567,482 1,460,271 1,470,067 4,497,820 Total Fee V olume 1,923,100 1,873,964 1,953,460 1,885,537 7,636,061 1,935,499 1,820,386 1,880,710 5,636,595 Sales Price/Unit ($ per ton) Northern Region Sawlog 103$ 113$ 110$ 114$ 110$ 124$ 136$ 128$ 129$ Pulpwood 35$ 36$ 39$ 39$ 38$ 52$ 54$ 49$ 52$ Southern Region Sawlog 48$ 47$ 47$ 47$ 47$ 45$ 46$ 47$ 46$ Pulpwood 31$ 31$ 31$ 30$ 31$ 31$ 31$ 31$ 31$ Stumpage 18$ 14$ 15$ 14$ 15$ 14$ 13$ 16$ 14$ 2024 2025
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19 STATISTICS: WOOD PRODUCTS AND REAL ESTATE unaudited Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 TOTAL Wood Products Lumber shipments (MBF) 271,148 285,650 267,263 282,913 1,106,974 289,810 302,915 332,724 925,449 Lumber sales prices ($ per MBF) 430$ 423$ 402$ 445$ 425$ 454$ 450$ 396$ 432$ Real Estate Rural Revenues (millions) 5.5$ 84.9$ 24.4$ 17.3$ 132.1$ 23.3$ 23.1$ 51.3$ 97.7$ Acres Sold 1,801 43,121 6,548 5,919 57,389 7,043 7,457 15,636 30,136 Sales Price per Acre 3,069$ 1,968$ 3,727$ 2,923$ 2,302$ 3,303$ 3,108$ 3,280$ 3,243$ Development Residential lots Lots sold 24 13 53 45 135 11 18 55 84 Average price per lot 119,750$ 112,721$ 204,851$ 101,400$ 146,366$ 112,745$ 102,222$ 138,938$ 127,640$ Commercial Acres Acres sold — 12 — — 12 — — 13 13 Average price per acre —$ 492,746$ —$ —$ 492,746$ —$ —$ 532,942$ 532,942$ 2024 2025
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20 DEFINITIONS Total Adjusted EBITDDA is a non- GAAP measure and is calculated as net income (loss) adjusted for interest expense, net, income taxes, depletion, depreciation and amortization, basis of real estate sold, non- operating pension and other post -retirement benefits, pension sett lement charge, environmental charge, gains and losses on disposition of assets, gains and losses on fire damage, merger -related expenses and ot her special items. Total Adjusted EBITDDA Margin is Total Adjusted EBITDDA divided by revenues. Adjusted Net Income is a non- GAAP measure and is net income (loss) adjusted for pension settlement charge, gains and losses on fire damage, environmental charge, merger -related expenses and other special items. EBITDDA Leverage is a non- GAAP measure and is calculated as net debt divided by Total Adjusted EBITDDA. Operating Segment Adjusted EBITDDA is calculated as segment operating income (loss) adjusted for depletion, depreciation and amortization, basis of real estate sold, gains and losses on disposition of fixed assets, non- cash impairments and other special items. Cash Available for Distribution (CAD) is a non- GAAP measure and is calculated as cash from operations minus capital expenditures and timberland acquisitions not classified as strategic. Net Debt to Enterprise Value is a non- GAAP measure and is calculated as net debt divided by enterprise value. Net Debt is a non- GAAP measure and is calculated as long- term debt (plus long- term debt due within a year) less cash and cash equivalents.
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WAYNE WASECHEK Vice President and Chief Financial Officer 509-835-1521 PotlatchDeltic (Nasdaq: PCH) www.PotlatchDeltic.com Q3 2025 EARNINGS November 3, 2025