Financial Data and Key Metrics Changes - The company reported full-year Adjusted EBITDA of $248 million for 2025, an 8% increase from 2024, exceeding prior guidance [5][6] - Fourth-quarter Adjusted EBITDA was $62 million, down from $95 million in the prior year period [10][6] - Pro forma net income for the full year was $89 million, or $0.57 per share, while fourth-quarter pro forma net income was $32 million, or $0.20 per share [6][9] Business Line Data and Key Metrics Changes - Southern Timber segment generated fourth-quarter Adjusted EBITDA of $32 million, down 8% year-over-year due to lower net stumpage realizations [7][12] - Pacific Northwest Timber segment reported fourth-quarter Adjusted EBITDA of $5 million, a 24% decline from the prior year, primarily due to a 26% decrease in harvest volumes [16][12] - Real estate segment achieved full-year Adjusted EBITDA of $127 million, significantly above guidance, with fourth-quarter Adjusted EBITDA of $33 million [18][19] Market Data and Key Metrics Changes - The company noted that rural HBU markets remained strong, contributing to the real estate segment's performance [6][19] - Pulpwood pricing in the Atlantic region faced downward pressure due to increased supply and mill closures, impacting overall demand [15][52] - The Pacific Northwest is expected to see tightening log markets due to improving demand from sawmills and constraints on Canadian supply [18][17] Company Strategy and Development Direction - The merger with PotlatchDeltic is expected to create a premier land resources company with a diversified timberland portfolio and enhanced operational efficiencies [3][4] - The company plans to focus on disciplined capital allocation and synergies from the merger to create long-term shareholder value [4][29] - The leadership team is implementing best practices from both companies to optimize organizational structure and enhance operational efficiency [4][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term value creation potential from the merger, despite current market challenges in timber and lumber [28][29] - The company anticipates improved demand and pricing in local markets as sawmills ramp up production in response to higher lumber prices [15][18] - Management highlighted the importance of addressing the underbuilt housing stock in the U.S. as a long-term driver for timber demand [52] Other Important Information - The company repurchased approximately 110,000 shares at an average price of $26.31 per share prior to the merger announcement [11] - The company paid a special dividend of $1.40 per share due to taxable gains from the sale of its New Zealand joint venture [11] - The company finished 2025 with $843 million in cash and $1.1 billion in debt, maintaining a conservative leverage profile [12] Q&A Session Summary Question: Can you provide insights on the drivers for real estate sales in 2026? - Management noted that real estate sales are lumpy and significantly impacted by larger transactions, with strong premiums to timberland value driving performance [34][36] Question: What factors influenced the initial harvest guidance for the combined companies? - Management indicated that the guidance reflects a partial year contribution from PotlatchDeltic and aligns with Rayonier's historical sustainable yield [48][49] Question: Are there signs of stabilization in the pulpwood market? - Management acknowledged challenges in the southern timber segment but expressed optimism for long-term demand growth due to housing market dynamics [51][52] Question: What is the company's stance on M&A opportunities in the current market? - Management stated that while the timberland M&A market remains competitive, the focus is on share repurchases as the best use of capital at this time [60][61] Question: How does the company view the integration of wood products within the timberlands portfolio? - Management believes that the integrated model will benefit shareholders over time, with a focus on evaluating investment opportunities based on return potential [76][77]

Rayonier (NYSE:RYN) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Speaker1Hello, everyone. Thank you for joining us, and welcome to the Q4 2025 Rayonier Inc. Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Collin Mings, Vice President of Capital Markets and Strategic Planning. Please ...

Q4 2025 Financial Supplement February 2026 Safe Harbor Statement Non-GAAP Financial Measures - To supplement Rayonier's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Rayonier uses certain non-GAAP measures, including "cash available for distribution," "pro forma sales," "pro forma operating income (loss)," "pro forma net income," and "Adjusted EBITDA," which are defined and further explained in this communication. Reconciliation of ...

Seattle, Washington-based Weyerhaeuser Company (WY) is one of the world's largest private owners of timberlands. The company has a market cap of $18.6 billion and owns or controls approximately 10.4 million acres of timberlands in the United States, as well as additional public timberlands managed under long-term licenses in Canada. Shares of the company have lagged behind the broader market over the past year, but have outperformed in 2026. WY stock has declined 15.6% over the past 52 weeks and has grow ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP earnings of $324 million, or $0.45 per diluted share, on net sales of $6.9 billion. Excluding special items, earnings totaled $143 million, or $0.20 per diluted share, with adjusted EBITDA of $1 billion [3] - In the fourth quarter, GAAP earnings were $74 million, or $0.10 per diluted share, on net sales of $1.5 billion. Excluding special items, the company reported a loss of $67 million, or $0.09 per diluted share, with adjusted EBITDA of $140 million [3][4] Business Line Data and Key Metrics Changes - Timberlands contributed $50 million to fourth quarter earnings, with adjusted EBITDA of $114 million, a $34 million decrease compared to the third quarter, primarily due to lower sales volumes and realizations in the West [7] - Real Estate and ENR contributed $84 million to earnings in the fourth quarter, with adjusted EBITDA of $95 million, slightly higher than the prior quarter, driven by strong demand and pricing for high-value development transactions [11][12] - Wood Products reported a $78 million loss in the fourth quarter, with adjusted EBITDA at a $20 million loss, reflecting challenging lumber and OSB markets [15] Market Data and Key Metrics Changes - In the Western domestic market, log demand and pricing softened in the fourth quarter due to ample supply and elevated log inventories [8] - The average sales realizations for export logs to Japan were moderately higher, driven by freight-related benefits, while demand for logs softened due to elevated finished goods inventories [9] - In the South, adjusted EBITDA for Southern Timberlands was $69 million, a $5 million decrease compared to the third quarter, with stable takeaway for logs despite muted sawlog markets [10] Company Strategy and Development Direction - The company launched an ambitious growth strategy through 2030, optimizing its Timberlands portfolio and expanding climate solutions offerings [4][6] - A new target was set to grow the Climate Solutions business to $250 million of annual EBITDA by 2030, with significant progress made in 2025 [12][13] - The company aims to enhance its timberlands portfolio and evaluate capital-efficient opportunities to drive long-term shareholder value [6][20] Management's Comments on Operating Environment and Future Outlook - Management remains constructive on long-term fundamentals supporting the business, despite challenging market conditions in 2025 [6] - The company anticipates stable domestic log pricing in the first quarter, with potential upside if lumber prices improve [8][23] - The outlook for housing activity remains cautious, with expectations of modest improvement in 2026 driven by federal housing policies and lower mortgage rates [34][35] Other Important Information - The company returned $766 million to shareholders in 2025, including a 5% increase in the base dividend and $160 million in share repurchases [4][19] - The company completed divestiture transactions covering non-core timberlands for total proceeds of $406 million and expects to close another transaction for $193 million [6] Q&A Session Summary Question: On the pricing front, do you think the improvement for both lumber and OSB is largely a reflection of curtailments, or is underlying demand actually picking up? - Management indicated that the improvement is primarily driven by curtailment activity, with some potential for demand pickup as the spring building season approaches [42] Question: Given the strong appetite for HBU properties, how is the company approaching A&D decisions into 2026? - Management noted a solid market for timber acquisitions and divestitures, expecting continued demand for HBU transactions [52] Question: What are the operating rates in lumber and OSB, and what steps have been taken to improve profitability? - Operating rates were in the mid-70% for lumber and mid-90% for OSB, with management focused on operational excellence to navigate challenging pricing environments [62]

Core Viewpoint - Acadian Timber Corp. is set to release its fourth quarter results for 2025 on February 11, 2026, followed by a conference call on February 12, 2026, to discuss financial and operational outcomes [2][3]. Company Overview - Acadian Timber Corp. is one of the largest timberland owners in Eastern Canada and the Northeastern U.S., managing approximately 2.4 million acres of land [5]. - The company owns about 775,000 acres of freehold timberlands in New Brunswick and 300,000 acres in Maine, in addition to providing timber services for approximately 1.3 million acres of Crown licensed timberlands in New Brunswick [5]. - Acadian's product offerings include softwood and hardwood sawlogs, pulpwood, and biomass by-products, serving around 90 regional customers [5]. Business Strategy - The company's strategy focuses on maximizing cash flows from existing timberland assets through sustainable forest management and other land use activities [6]. - Acadian aims to grow its business by acquiring additional assets and actively managing these assets to enhance performance [6].

Core Insights - Billionaire Stan Kroenke's acquisition of 937,000 acres in New Mexico has made him the top landowner in the U.S. as per the 2026 Land Report 100, marking the largest land purchase in over a decade [1][3] - Kroenke's land purchase surpasses other notable landowners, including Sierra Pacific Industries, John Malone, and Ted Turner, who own 2.44 million, 2.2 million, and 2 million acres respectively [2] - The Singleton Ranches, purchased from the heirs of Henry Singleton, is the second-largest land deal of the 21st century, following Malone's 2011 acquisition of 1 million acres [3] Investment Trends - Kroenke's acquisition reflects a trend among the ultra-wealthy towards investing in hard assets with intrinsic value, providing a hedge against inflation and control over essential resources [4] - The Singleton Ranches exemplify disciplined land management practices dating back to the mid-20th century, contributing to a diversified portfolio for Kroenke, whose wealth is significantly tied to real estate and sports franchises [5] Portfolio Highlights - Kroenke's existing portfolio includes significant properties such as W.T. Waggoner Ranch (535,000 acres), Q Creek Ranch (560,000 acres), Douglas Lake Ranch, and Winecup Gamble Ranch (247,000 acres) [7]

Group 1 - The First Trust Indxx Global Natural Resources Income ETF (FTRI US) targets 50 dividend-paying companies that derive at least 50% of their revenue from upstream energy, materials, agriculture, water, or timber activities [1] - Eligible securities must have positive trailing-12-month EPS, have paid dividends for the past three years, and must not have reduced dividends in the last two years [1] - The index selects the 50 highest dividend-yielding companies, with a limit of 30% for any of the five resource categories [1] Group 2 - Constituents are weighted by free-float market capitalization, with a 9.9% cap per issuer and a 40% cap on the aggregate of stocks above 4.5% [1] - Excess weight is redistributed pro rata among the remaining constituents [1] - The index undergoes reconstitution and rebalancing semi-annually, typically in March and September [1]

Group 1 - Weyerhaeuser Company (NYSE:WY) is recognized as one of the 15 Dividend Stocks with low payout ratios and strong upside potential [1] - DA Davidson maintains a Buy rating and a $31 price target for Weyerhaeuser, highlighting a projected $380 million uplift from Timberlands and Strategic Land Solutions [2] - The company has entered a memorandum of understanding with Aymium to produce and sell 1.5 million tons of sustainable biocarbon annually for metals manufacturing [3] Group 2 - A joint venture named TerraForge Biocarbon Solutions has been established to convert wood fiber into biocarbon using a low-emissions process [4] - The joint venture aims to build a facility next to Weyerhaeuser's lumber mill in McComb, Mississippi, with plans for long-term sales contracts and additional production sites [4] - Weyerhaeuser controls approximately 10.4 million acres of timberlands across the US, positioning it as one of the largest private timberland owners globally [5]

Core Insights - The article discusses the importance of low payout ratios in dividend stocks and highlights companies with strong upside potential and sustainable dividends [1][2][3] Dividend Payout Ratios - A high payout ratio indicates that a large portion of earnings is distributed to shareholders, leaving less for reinvestment [1] - Historical data shows that companies in the second quintile of payout ratios (averaging 40%) have outperformed those in the first quintile (averaging 75%) over multiple decades [2] - Companies with lower payout ratios are less likely to cut dividends during earnings declines, as they have more margin for error [3] Investment Methodology - The selection process involved screening for companies with a 5-year average payout ratio below 60%, indicating a strong cash position [6] - Stocks were further filtered to include those with a minimum upside potential of 25% based on analysts' targets as of December 24 [6] - The final list included 15 companies favored by hedge funds, as per Insider Monkey's database for Q3 2025 [6][7] Company Highlights - **Houlihan Lokey, Inc. (NYSE:HLI)**: - 5-Year Average Payout Ratio: 40.94% - Upside Potential: 26.3% - Recent revenue of $659 million, up from $575 million year-over-year, with net income rising to $112 million [9][10][11] - **Weyerhaeuser Company (NYSE:WY)**: - 5-Year Average Payout Ratio: 59.1% - Upside Potential: 32.1% - Recent initiatives include a joint venture with Aymium to produce sustainable biocarbon, with plans to convert over 7 million tons of wood fiber annually [13][15][16][17] - **Bunge Global SA (NYSE:BG)**: - 5-Year Average Payout Ratio: 22.6% - Upside Potential: 33.2% - Recent earnings per share reported at $0.86, with adjusted segment EBIT rising to $924 million [18][20][21]