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- **Merger with Rayonier**: $40 million synergies and 4.2M acres of timberland; expected close in early 2026.
- **Q3 EBITDA**: $89M, up 71% QoQ, driven by rural real estate ($39M in Georgia sales) and operational excellence in Wood Products.
- **Lumber market**: Prices stabilized in Q3, with 12% decline offset by 30% shipment growth; Q4 outlook for modest price recovery.
- **Strategic initiatives**: 45,000 acres under solar options and 5,000 acres in lithium leases with ExxonMobil.
- **Risk factors**: Near-term lumber demand weakness, regulatory approvals for merger, and macroeconomic housing challenges.

**【CEO Summary Section】**
- Announced merger with Rayonier, creating a combined entity with 4.2 million acres of timberland, 1.2 billion board feet of lumber capacity, and $40 million in synergies. Expected closure in early 2026.
- Q3 adjusted EBITDA of $89 million, driven by strong real estate performance (rural sales up 15,600 acres at $3,300/acre) and operational efficiency in Wood Products (lowest manufacturing costs since Q2 2021).
- Wood Products segment reported a $2 million EBITDA loss due to 12% decline in lumber prices, despite 30% increase in shipments.
- Natural climate solutions progress: 45,000 acres under solar options and 5,000 acres in lithium leases with ExxonMobil.
- Lumber prices stabilized in Q3, with expectations for modest improvement in Q4 due to supply curtailments and tariffs.

**【CFO Financial Commentary】**
- Q3 total adjusted EBITDA: $89 million (vs. $52 million in Q2), driven by real estate ($63 million) and Timberlands ($41 million).
- Wood Products: Average lumber price down 12% to $396/MBF, offset by 30% increase in shipments to 333 million board feet.
- Capital expenditures: $16 million in Q3, with full-year guidance of $60-65 million.
- Q4 outlook: Lower rural real estate sales (5,000 acres at $3,200/acre) and seasonal decline in Timberlands harvest volumes.

**【Q&A Key Highlights】**
- **Pulpwood market**: Despite mill closures, diversified supply and scale mitigate price pressure. Combined entity with Rayonier will enhance resilience.
- **Wood Products strategy**: Running mills at full capacity to absorb overhead costs; Q4 cash margins expected to remain flat, with slight price improvement.
- **Real estate growth**: Conservation sales drove Q3 outperformance; 2025 guidance for 35,000 acres includes 10,000 acres in conservation deals.
- **Lumber tariffs impact**: 10% Section 232 tariffs and Canadian duties may support price normalization in 2026, though near-term demand remains weak.
- **Natural climate solutions**: Solar pipeline expanding to 45,000 acres; lithium development with ExxonMobil in early stages, with potential for long-term value creation.

PotlatchDeltic Corporation (PCH) Q3 2025 Earnings Call Transcript

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