Core Insights - The successful integration of the Augusta Mill and the separation of the tissue business were completed ahead of schedule in 2025 [1] - Current margin pressure is attributed to a significant supply-demand imbalance in Solid Bleached Sulfate (SBS), worsened by a competitor adding 500,000 tons of new capacity [1] - The company achieved $50 million in fixed cost reductions during 2025 and reduced its corporate SG&A headcount by 40% to enhance long-term earning potential [1] - A unique market arbitrage exists where SBS is priced lower than lower-cost substrates like CUK and CRB, leading to early-stage grade substitution by CPG customers [1] - The company is implementing a price increase of $50-$60 per ton for non-indexed volume to offset cumulative inflation [1] - Operational execution improved significantly, with all three major maintenance outages completed on schedule, resulting in a total direct cost of $50 million, down from 2024 levels [1]