UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36285 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a sm ...

Earnings Call InsightsRayonier Advanced Materials targets positive free cash flow and substantial EBITDA growth in 2026 through pricing and portfolio initiativesMar. 04, 2026 3:53 PM ETRayonier Advanced Materials Inc. (RYAM) StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: Rayonier Advanced Materials (RYAM) Q4 2025 Management View CEO Scott Sutton opened by identifying negative free cash flow of $88 million and high-cost debt as unsustainable, declaring "priority 1...is simple: deliv ...

Much of the discussion focused on Cellulose Specialties pricing actions. Sutton said 85% of the specialties business is now arranged at an average price increase of 18% over 2025 , with an expected volume loss of about 20% versus 2025. The remaining 15% is still being negotiated and may not be finalized until the back half of the year. Sutton said that if the company is successful in those discussions, the remaining volume would come only at a price increase “significantly higher than the 18% level.”In the ...

Financial Data and Key Metrics Changes - Free cash flow for 2025 was reported at -$88 million, indicating a need for improvement in cash generation [4] - The company aims to deliver positive free cash flow in 2026 as a mission-critical activity [5] Business Line Data and Key Metrics Changes - In the Cellulose Specialties segment, 85% of the business has achieved an average price increase of 18% over 2025, with an expected volume loss of about 20% [5] - Every business unit is expected to improve EBITDA in 2026 relative to 2025 through various leadership initiatives and active portfolio management [6][8] Market Data and Key Metrics Changes - The ethers-grade cellulose market is facing challenges, particularly in Europe, due to increased competition from Chinese producers, yet the company has managed to achieve near 20% price increases [26] - The nitration-grade cellulose market is experiencing increased demand from domestic producers of propellants, with price increases exceeding 18% [27] Company Strategy and Development Direction - The company is focused on four strategic themes: leadership initiatives to extract value, skilled management of product groups, new product development, and maintaining an active idea pipeline to offset inflation [20] - The company plans to optimize its production capabilities across various product segments to maximize contribution margins while reducing fixed costs [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying earnings power and long-term shareholder value, emphasizing the team's capability to drive free cash flow [11] - The company is actively working on restoring pricing in North America, with ongoing antidumping cases expected to positively impact pricing dynamics [36] Other Important Information - The company has no plans to divest any business units, focusing instead on improving all segments, including Paperboard and High-Yield Pulp [42] - New product introductions in the Paperboard segment, such as oil and grease-resistant board, are expected to drive improvements in 2026 [43] Q&A Session Summary Question: Confidence in underlying earnings power and long-term shareholder value - Management highlighted the team's execution capabilities and the significant value opportunities available [11] Question: Recent offer rejection and independent company strategy - Management stated that plans are in place to deliver more value as an independent company [19] Question: Demand conditions and market competition - Management acknowledged challenges in the ethers market due to competition but noted successful price increases [26] Question: Biomaterials strategy and impact on joint ventures - Management emphasized the importance of Biomaterials and the integrated model across product lines for growth [32] Question: Pricing restoration timeline and antidumping case - Management provided updates on the antidumping case and its potential impact on pricing [36] Question: Future of Paperboard and High-Yield Pulp businesses - Management confirmed no divestiture plans and highlighted new product initiatives for improvement [42]

Financial Data and Key Metrics Changes - Free cash flow for 2025 was reported at -$88 million, indicating a need for improvement in cash generation [4] - The company carries high-cost debt, which is unsustainable under current conditions [4] Business Line Data and Key Metrics Changes - In the Cellulose Specialties segment, 85% of the business has achieved an average price increase of 18% over 2025, with an expected volume loss of about 20% [5] - The remaining 15% of the specialties business is still under discussion for potential price increases [5][6] Market Data and Key Metrics Changes - The ethers-grade cellulose market is facing challenges due to increased competition from Chinese producers, particularly in Europe, but the company has still managed to achieve near 20% price increases [26] - The nitration-grade cellulose market is experiencing increased demand from domestic producers of propellants, with price increases exceeding 18% [27] Company Strategy and Development Direction - The company aims to deliver positive free cash flow in 2026 as a top priority [5] - A focus on asserting leadership in Cellulose Specialties and improving EBITDA across all business lines is emphasized [6][8] - The company plans to implement a more integrated model across its product lines to optimize contribution margins and drive down fixed costs [51] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the team's ability to drive free cash flow and improve operational performance [11] - There is a recognition of the need for higher pricing to ensure the sustainability of domestic producers in the Cellulose Specialties market [12][13] - The company is actively working on plans to enhance its Biomaterials segment, which is seen as a key growth area [32] Other Important Information - The company has a crisis management team in place to address production issues at the Tartas plant, which is crucial for the Biomaterials business [34] - There are ongoing antidumping cases that could positively impact pricing in North America, with preliminary determinations expected soon [36][37] Q&A Session Summary Question: Confidence in underlying earnings power and long-term shareholder value - Management highlights the team's capability and the significant value opportunities within the company, with plans to provide more details in future earnings calls [11] Question: Perspective on rejected potential offer and independent company strategy - Management refrains from commenting on specific offers but emphasizes plans that will deliver more value as an independent company [19] Question: Demand conditions and market competition - Management acknowledges challenges in the ethers-grade cellulose market due to competition but notes successful price increases [26] Question: Strategy for Biomaterials and impact on BioNova joint venture - Management views Biomaterials as an important growth contributor and plans to integrate it with other product lines for better value creation [32] Question: Pricing restoration timeline and antidumping case updates - Management is optimistic about restoring prices with or without antidumping duties, with preliminary determinations expected soon [36] Question: Long-term role of Paperboard and High-Yield Pulp businesses - Management states that all business segments are sources of improvement and will not be divested, with new products expected to drive growth [42]

Financial Data and Key Metrics Changes - The company's free cash flow for 2025 was reported at -$88 million, indicating a need for improvement in cash generation [4] - The focus for 2026 is to achieve positive free cash flow, which is deemed mission-critical for the company [5] Business Line Data and Key Metrics Changes - In the Cellulose Specialties segment, 85% of the business has been arranged with an average price increase of 18% over 2025, despite an expected volume loss of about 20% [5] - The remaining 15% of the Cellulose Specialties business is still under discussion, with potential for higher price increases [6] Market Data and Key Metrics Changes - The ethers-grade cellulose market is facing challenges due to increased competition from Chinese producers, particularly in Europe, but the company has still managed to achieve near 20% price increases [26] - The nitration-grade cellulose market is experiencing increased demand from domestic producers of propellants, with price increases exceeding 18% [27] Company Strategy and Development Direction - The company aims to assert its leadership in Cellulose Specialties and improve EBITDA across all business lines in 2026 [5][6] - A four-theme strategy is being developed, focusing on leadership initiatives, skilled market participation, new product development, and an active idea pipeline to offset inflation [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's underlying earnings power and long-term shareholder value, emphasizing the team's capability to drive free cash flow [11] - The company is actively working on restoring pricing in North America, with ongoing antidumping cases expected to positively impact pricing [35][36] Other Important Information - The company is not planning to sell any business or close any assets, viewing all segments as sources of improvement [41] - New product introductions in the Paperboard and High-Yield Pulp businesses are expected to drive improvements in 2026 [42] Q&A Session Summary Question: Observations on the company's underlying earnings power - Management highlighted the team's execution capabilities and the significant value opportunities available, with updates on forward plans expected in future earnings calls [11] Question: Perspective on the recent rejected offer - Management refrained from commenting on specific offers but indicated that their plans would deliver substantially more value [19] Question: Demand conditions and market competition - Management acknowledged challenges in the ethers-grade cellulose market due to competition but noted successful price increases [26] - The nitration-grade cellulose market is seeing increased inquiries and demand [27] Question: Strategy for Biomaterials and impact on BioNova - Management emphasized the importance of Biomaterials in the growth story and plans to run operations more effectively to support this segment [32] Question: Pricing restoration timeline - Management indicated that pricing restoration efforts are ongoing, with preliminary determinations for antidumping duties expected soon [35][36] Question: Long-term role of Paperboard and High-Yield Pulp businesses - Management confirmed that both segments are viewed as sources of improvement, with new products expected to enhance performance [41] Question: Integrated model across product segments - Management discussed plans for a unified value creation model across all product segments to optimize contribution margins [47]

Financial Presentation Materials March 4, 2026 Safe Harbor Forward-Looking Statements Fourth Quarter & Full Year 2025 Certain statements in this document regarding anticipated financial, business, legal or other outcomes, including business and market conditions, outlook and other similar statements relating to future events, developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Refor ...

Significant EPS Miss: RYAM reported an EPS of -$0.31, a negative surprise of 211.11% against the estimated -$0.08.Revenue Surpasses Estimates: Despite a slight year-over-year decline, RYAM's revenue of $417 million exceeded expectations by 14.09%.Challenging Financial Ratios: With a negative earnings yield and significant negative enterprise value to operating cash flow ratio, RYAM faces profitability and cash flow challenges.Rayonier Advanced Materials Inc. (NYSE:RYAM) operates within the Zacks Paper and R ...

Core Insights - Rayonier Advanced Materials reported $417 million in revenue for Q4 2025, a year-over-year decline of 1.2% and an EPS of -$0.28 compared to -$0.10 a year ago, indicating a significant drop in profitability [1] - The revenue exceeded the Zacks Consensus Estimate of $365.5 million by 14.09%, while the EPS fell short of the consensus estimate of -$0.09 by 211.11% [1] Revenue Performance - High-Yield Pulp revenue was $28 million, surpassing the estimated $21 million [4] - Paperboard revenue reached $44 million, slightly above the estimated $42.5 million [4] - Cellulose Commodities generated $94 million, exceeding the $72.2 million estimate [4] - Cellulose Specialties revenue was $249 million, higher than the estimated $228.75 million [4] - Biomaterials revenue was $10 million, above the estimated $8.05 million [4] - Eliminations resulted in a loss of $-8 million, compared to the estimated $-7 million [4] EBITDA Analysis - EBITDA from continuing operations for Cellulose Specialties was $70 million, slightly above the $69.5 million estimate [4] - Cellulose Commodities reported an EBITDA of $-7 million, worse than the estimated $-6 million [4] - Corporate operations had an EBITDA of $-18 million, compared to the estimated $-14 million [4] - Paperboard operations generated an EBITDA of $4 million, exceeding the $3 million estimate [4] - High-Yield Pulp operations reported an EBITDA of $-5 million, in line with the estimate [4] - Biomaterials had an EBITDA of $-1 million, below the estimated $3 million [4] Stock Performance - Rayonier Advanced Materials shares returned +21% over the past month, contrasting with the Zacks S&P 500 composite's -1.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Rayonier Advanced Materials reported a quarterly loss of $0.28 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.09, representing an earnings surprise of -211.11% [1] - The company posted revenues of $417 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 14.09%, although this is a decrease from $422 million in the same quarter last year [2] - Rayonier Advanced Materials shares have increased by approximately 62.3% since the beginning of the year, outperforming the S&P 500's gain of 0.5% [3] 分组2 - The earnings outlook for Rayonier Advanced Materials is mixed, with the current consensus EPS estimate for the coming quarter at -$0.04 on revenues of $355.5 million, and $0.36 on revenues of $1.49 billion for the current fiscal year [7] - The Zacks Industry Rank indicates that the Paper and Related Products industry is currently in the bottom 31% of over 250 Zacks industries, which may negatively impact stock performance [8]