1. It's like **Weyerhaeuser**, owning vast timberlands and producing wood products, but with a more active rural land sales and development business.

2. It's like an **ExxonMobil or Chevron** for trees: they own vast forests, harvest timber, produce lumber, and sell land.

3. It's like a **D.R. Horton or Lennar** for the raw materials of housing: they own the forests, harvest timber, produce lumber, and sell rural land.

• Timber: PotlatchDeltic manages timberlands and harvests timber for sale to wood product manufacturers.
• Wood Products: The company manufactures various wood products, primarily lumber, for residential and commercial construction.
• Real Estate: PotlatchDeltic sells rural land and develops residential properties within master-planned communities.

PotlatchDeltic (PCH) primarily operates in the timberlands, wood products, and real estate sectors. Its sales are predominantly business-to-business (B2B), supplying other companies rather than selling directly to individuals for most of its revenue. While PotlatchDeltic does not typically disclose the names of its specific major customers in its public filings due to the diversified nature of its sales, the company's customer base consists of other large businesses in the building materials, retail, and manufacturing industries. Based on its business segments and the typical structure of the industry, the following categories of companies represent its major customer types, with examples of prominent public companies that would purchase PotlatchDeltic's products:

Major Customer Categories and Representative Companies:

• Major Home Improvement Retailers: These companies purchase large volumes of lumber and other wood products (e.g., plywood) from manufacturers and distributors to sell to contractors and individual consumers.
  • The Home Depot, Inc. (Symbol: HD)
  • Lowe's Companies, Inc. (Symbol: LOW)
• Building Material Distributors and Suppliers: These companies serve as intermediaries, purchasing building materials, including wood products, in bulk and distributing them to professional builders, contractors, and other businesses. PotlatchDeltic's real estate segment also sells developed lots primarily to homebuilders.
  • Builders FirstSource, Inc. (Symbol: BLDR)
• Industrial Wood Products Manufacturers and Processors: These companies purchase raw timber (logs) from PotlatchDeltic's timberlands segment for processing into lumber, panels, pulp, and other engineered wood products, or purchase finished wood products for further manufacturing.
  • Boise Cascade Company (Symbol: BCC)
  • West Fraser Timber Co. Ltd. (Symbol: WFG)

Eric J. Cremers, President & CEO

Mr. Cremers was appointed President and Chief Executive Officer of PotlatchDeltic in January 2021. He joined the company in 2007 as Vice President and Chief Financial Officer. His previous roles at PotlatchDeltic include Executive Vice President and Chief Financial Officer from February 2012 to March 2013, Chief Financial Officer from March 2013 to August 2013, and President and Chief Operating Officer from March 2013 through December 2020. Before joining PotlatchDeltic, Mr. Cremers served as Senior Vice President of corporate strategy and business development for Albertsons, Inc. Prior to that, he was a managing director, investment banking for Piper Jaffray, and held corporate development roles at General Signal, Pillsbury, and Cooper Industries. He played a key role in the company's spin-off of Clearwater Paper Co. in 2008 and the merger with Deltic Timber Corporation in 2018.

Wayne Wasechek, Vice President and Chief Financial Officer

Mr. Wasechek has served as Vice President and Chief Financial Officer since August 2023. Prior to this, he was the Interim Vice President, Chief Financial Officer and Chief Accounting Officer from April 2023 to August 2023.

Michael J. Covey, Chairman of the Board

Mr. Covey has been a director since February 2006 and has served as the non-executive Chairman of the Board since December 2022, and was Executive Chair of the Board from January 2021 until November 2022. He previously served as Chief Executive Officer of PotlatchDeltic from February 2006 through December 2020. Prior to joining PotlatchDeltic in 2006, he was employed for 23 years by Plum Creek Timber Company, Inc., where he served as Executive Vice President from 2001 until shortly before joining PotlatchDeltic. Plum Creek Timber Company, Inc. was a REIT that was acquired by Weyerhaeuser Company in 2016. Mr. Covey also served as a director of Esterline Corporation, a publicly traded aerospace manufacturing company, from May 2017 until its acquisition by TransDigm Group, Inc. in March 2019. He was also President & Chief Executive Officer of Clearwater Paper Corp. from 2001 to 2008.

Darin R. Ball, Vice President, Timberlands

Mr. Ball was elected Vice President of Timberlands in 2017. Before this, he served as the Idaho Unit Resource Manager from 2012 to 2017 and as Director of Budgeting and Business Development for resource from 2007 through 2012 at PotlatchDeltic. Prior to joining PotlatchDeltic in 2003, Mr. Ball worked for Willamette Industries and Weyerhaeuser Company in various accounting, finance, and operations roles.

Michele L. Tyler, Vice President, General Counsel and Corporate Secretary

Ms. Tyler was elected Vice President, General Counsel and Corporate Secretary in August 2019. Before joining PotlatchDeltic, she was the Senior Vice President, Chief Legal Officer and Corporate Secretary for Vectrus, Inc., a government services contractor. She also served as a Director with the law firm, Fennemore Craig, P.C.

The increasing frequency and intensity of climate-change-related adverse events, such as wildfires, insect infestations, and severe weather (e.g., droughts, windstorms), pose a clear emerging threat to PotlatchDeltic's timberland assets. These events directly impact timber inventory, reduce harvestable volumes, necessitate costly salvage logging and reforestation efforts, increase operational expenses for fire suppression and pest management, and can permanently diminish the long-term productivity and value of their forests.

PotlatchDeltic (PCH) operates primarily in three segments: Timberlands, Wood Products, and Real Estate. The addressable markets for these segments are as follows, with all market sizes specified for the United States:

• Timberlands: The commercial timberland market in the U.S. has an estimated value of $460 billion, covering 514 million acres. The investable timberland market in the United States is estimated to be around $210 billion, though some higher estimates reach $400 billion. More recent analyses suggest the investable timberland universe ranges from approximately $250 billion to $300 billion. The U.S. timber market size was valued at USD 4.10 billion in 2024 and is projected to reach USD 8.22 billion by 2033.
• Wood Products (Lumber and Plywood): The U.S. secondary wood products market, which includes lumber and plywood used in construction and furniture, reached USD 289.9 billion in 2024 and is expected to grow to USD 341.4 billion by 2033. The U.S. hardwood lumber market specifically is estimated to reach US$6.1 billion by 2030.
• Real Estate (Residential and Commercial Development, Rural Land Sales): The U.S. residential construction market size is valued at USD 1.35 trillion in 2025 and is forecast to reach USD 1.69 trillion by 2030. Total construction spending in the U.S. was estimated at an annual rate of $2,139.1 billion in July 2025, with residential construction accounting for $886.5 billion. The overall U.S. construction industry market size, encompassing residential, commercial, and infrastructure projects, is approximately $2.1 trillion as of 2024.

PotlatchDeltic (PCH) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and anticipated market improvements:

1. Merger with Rayonier: The anticipated merger with Rayonier, expected to close between late Q1 and early Q2 2026, is a significant driver. This combination is projected to create a leading land resources entity with increased scale, operational efficiencies, and an enhanced market presence across 4.2 million acres of timberlands in 11 states. This larger entity is expected to support sustained growth and deliver long-term shareholder value through significant synergies.
2. Rebound in the U.S. Housing Market and Lumber Prices: PotlatchDeltic is strategically positioned to benefit from a rebound in the U.S. housing market. Analysts and company commentary suggest that improved mortgage rates and underlying structural housing demand (such as housing shortages and demographic trends) will reassert themselves, leading to an uptick in housing activity. This is expected to drive increased demand and a rebound in lumber prices, with indications that prices have stabilized and are expected to improve in 2026 due to factors like Canadian softwood lumber duties, Section 232 tariffs, and mill curtailments reducing supply.
3. Strong Performance in the Real Estate Segment: The company's Real Estate segment has consistently demonstrated robust performance, fueled by strong rural land sales and development activities. PotlatchDeltic has successfully capitalized on timberland values through significant land sales, and demand for rural real estate remains strong due to its appeal as a stable long-term investment. The company anticipates continued contributions from both rural and development sales.
4. Expansion into Natural Climate Solutions and Emerging Markets: PotlatchDeltic is actively pursuing and expanding its portfolio in natural climate solutions (NCS), including solar development projects and lithium exploration. The company has secured solar option agreements and new mineral lease agreements for lithium development, highlighting the strategic value of its land holdings in these emerging markets. These initiatives represent new avenues for revenue generation and long-term growth.

Share Repurchases

• PotlatchDeltic authorized a new $200 million share repurchase program in August 2022.
• In Q2 2025, the company repurchased $55.9 million worth of shares (1.4 million shares), and in Q3 2025, it repurchased $30 million worth of shares (1.2 million shares).
• As of September 30, 2025, $232 million remained on the current share repurchase authorization.

Outbound Investments

• In 2024, PotlatchDeltic acquired 16,000 acres of mature timberlands in Arkansas.

Capital Expenditures

• Capital expenditures totaled $131 million in 2023, largely due to a sawmill modernization and expansion.
• The company anticipates spending $60 to $65 million on capital expenditures in 2025.
• A key focus of capital expenditures is regular investment in high-return projects, including sawmill upgrades like the Waldo Modernization Project.