Investor Presentation March 2026 Safe Harbor & Non-GAAP Measures Forward-Looking Statements Financial Risks The Company may need to make significant additional cash contributions to its retirement benefit plans if investment returns on pension assets are lower than expected or interest rates decline, and/or due to changes to regulatory, accounting and actuarial requirements. The Company has debt obligations that could materially adversely affect the Company's business and its ability to meet its obligations ...

Core Viewpoint - Rayonier Advanced Materials is focusing on restoring positive free cash flow and improving pricing in its Cellulose Specialties segment while addressing a leveraged capital structure and negative cash flow situation [3][6]. Group 1: Financial Performance and Strategy - The company reported a free cash flow of -$88 million for 2025 and emphasized the need to achieve positive free cash flow in 2026, which is deemed "mission-critical" [2][6]. - Management aims to refinance to reduce high-cost debt and interest expenses, which is a top priority following the negative cash flow [6] - The company expects a "near zero" EBITDA in Q1 2026, with a full-year EBITDA projected to be "substantially better than 2025" and solid positive free cash flow by year-end [4][18]. Group 2: Pricing and Volume in Cellulose Specialties - 85% of the Cellulose Specialties business is contracted at an average price increase of 18% compared to 2025, with an anticipated volume loss of about 20% [1][5]. - The remaining 15% of contracts are still under negotiation, and if successful, will likely require price increases "significantly higher than the 18% level" [1][5]. - The company is addressing market challenges, including pressure from subsidized imports and competition, while also noting that pricing remains essential for industry health [6]. Group 3: Operational Focus and Product Development - The company plans to run its Tartas facility harder to support Biomaterials and feedstock needs, indicating a focus on operational efficiency [4][10]. - New products in the paperboard segment are expected to improve performance in 2026, with management highlighting the introduction of a foldable freezer board and oil and grease-resistant board [13][17]. - For High-Yield Pulp, a significant new product is undergoing customer testing, with expectations for price recovery as oversupply issues are addressed [15]. Group 4: Market Conditions and Trade Actions - The company is facing challenges in the ethers-grade cellulose market in Europe due to competition from Chinese imports, yet has managed to achieve a near 20% price increase in that segment [7]. - There are increasing inquiries for nitration-grade cellulose, particularly from domestic propellant producers, where the company has achieved price increases exceeding 18% [8]. - Management is optimistic about the outcomes of antidumping and countervailing duty rulings expected in March and May, which could positively impact pricing and close the gap in the remaining 15% of specialties business [11][16].

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 ...

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]

Financial Performance & Guidance - Q3 2025 revenue was $353 million, a decrease of $48 million compared to Q3 2024[39] - Adjusted EBITDA for Q3 2025 was $42 million, down $9 million from Q3 2024[39] - The company projects Q4 2025 Adjusted Free Cash Flow to be between $25 million and $30 million[39] - 2025 Adjusted EBITDA guidance is $135-140 million[39] Segment Performance - Cellulose Specialties Q3 2025 Adjusted EBITDA was $66 million with a 32% margin[39, 40] - Biomaterials Q3 2025 Adjusted EBITDA was $1 million with a 13% margin[39, 45] - Cellulose Commodities Q3 2025 Adjusted EBITDA was negative $3 million with a negative 4% margin[39, 48] - Paperboard Q3 2025 Adjusted EBITDA was $1 million with a 3% margin[39, 54] - High-Yield Pulp Q3 2025 Adjusted EBITDA was negative $9 million with a negative 38% margin[39, 60] Strategic Initiatives - The company aims to restore Temiscaming profitability with $10 million annual EBITDA improvement through cost reduction and $10 million annual EBITDA improvement by improving Paperboard Operational Equipment Efficiency (OEE)[20] - The company expects Biomaterials to contribute approximately $31 million of proportional run-rate EBITDA in 2027 and approximately $80 million including proportional AGE EBITDA in 2028[34]

Financial Performance & Challenges - RYAM reported Q2 2025 revenue of $340 million, a decrease of $79 million compared to Q2 2024[59] - The company's Adjusted EBITDA for Q2 2025 was $28 million, down $40 million from Q2 2024[59] - RYAM faces an Adjusted Free Cash Flow deficit of $(52) million year-to-date[59] - The company's 2025 EBITDA guidance is projected to be in the range of $150 million to $160 million[14, 59] Segment Performance - Cellulose Specialties reported Q2 2025 sales of $208 million with an Adjusted EBITDA of $46 million, representing a 22% margin[60] - Cellulose Commodities experienced a negative Adjusted EBITDA of $(2) million on sales of $59 million, with a margin of (3%)[69] - Paperboard sales were $47 million with an Adjusted EBITDA of $5 million, resulting in an 11% margin[75] - High-Yield Pulp reported sales of $29 million and a negative Adjusted EBITDA of $(7) million, with a margin of (24%)[80] Strategic Initiatives & Outlook - RYAM aims to restore Temiscaming's profitability, targeting a $35 million improvement and positioning it for potential divestiture in 2026[22] - The company anticipates a 2027 run-rate EBITDA of $308 million for its core business, excluding the AGE project[26] - RYAM expects to generate approximately $30 million of cumulative incremental EBITDA by 2027 by capturing Cellulose Specialties market growth[35] - BioNova is expected to invest $110 million to generate ~$39 million in EBITDA, implying a build multiple of 28X[41]

Financial Performance - Revenue for Q1 2025 was $356 million, a decrease of $32 million compared to Q1 2024 [15] - Adjusted EBITDA for Q1 2025 was $17 million, a decrease of $35 million compared to Q1 2024 [15] - Adjusted Free Cash Flow generation was $10 million, an increase of $26 million from Q1 2024 [15] - The company is providing Adjusted EBITDA guidance of $175-$185 million and Adjusted Free Cash Flow guidance of $5-$15 million for 2025 [15] Segment Performance - Cellulose Specialties net sales were $201 million in Q1 2025 [16] - Cellulose Commodities net sales were $75 million in Q1 2025 [22] - Biomaterials net sales were $7 million in Q1 2025 [28] - Paperboard net sales decreased by $4 million, driven by a 4% decline in sales prices and a 3% decline in sales volumes [38] - High-Yield Pulp net sales decreased by $3 million, driven by a 7% decrease in sales prices and a 4% decrease in sales volumes [43] Capital Structure and Liquidity - Adjusted Net Debt was $653 million, a $90 million reduction from Q1 2024 [50] - Net Secured Debt was $624 million, a $97 million reduction from Q1 2024 [50] - Total liquidity was $272 million, including $130 million of cash [48, 50] Tariff Impact and Mitigation - The company faces tariff exposure on Cellulose Specialties (~$160 million revenue), Cellulose Commodities (~$85 million revenue), and Paperboard (~$175 million revenue) [57] - Mitigation strategies include customer advocacy, market diversification, and operational adjustments [52, 56]