Slide 1: Second Quarter 2025 Financial Presentation Materials
Second Quarter 2025 Financial Presentation Materials August 6, 2025
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements 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 performan
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings release and the accompanying schedules contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted free cash flows, adjusted income from continuing operations, adjusted net debt, and net secured debt. The Company believes these n
Slide 4: 2025 Challenges
2025 Challenges CLEAR PATH TO STRONG EBITDA AND CASH FLOW GROWTH IN 2026 AND BEYOND ($ Millions) 15 $215-235 14 12 $200 18 7 8 $150-160 2025 EBITDA Tariff FX Extraordinary Environmental 2025 Normalized Tariff PBD/HYP 2025 Original Guidance Impacts Operational (Non-cash) EBITDA (Indirect Weakness EBI
Slide 5: Tariffs & FX Potentially a Tailwind in 2026 Onwards
Tariffs & FX Potentially a Tailwind in 2026 Onwards 2025 tariff-related EBITDA headwind estimated at $21 million ⎔ The company expects that $7 million will be non-recurring based on current tariff policy ⎔ The remaining $14 million reflects indirect impacts on our customers; we are working to mitiga
Slide 6: Isolated 2025 Issues Expected to Be Resolved
Isolated 2025 Issues Expected to be Resolved 2025 results were impacted by the following isolated items: ⎔ $18 million extraordinary operational issues ⎔ $12 million non-cash environmental charge Extraordinary operational issues totaling $18 million have been resolved ⎔ 20 days of impacted productio
Slide 7: Restore Temiscaming Profitability, Pursue Divestiture in 2026
Restore Temiscaming Profitability, Pursue Divestiture in 2026 Updated 2025 EBITDA guidance of $0-(5) million vs. ~$30 million historical ⎔ Guidance & historical EBITDA includes $20 million of custodial site expense due to High Purity Cellulose (HPC) line suspensio n ⎔ Typically require $5 million pe
Slide 8: Plan To Strongly Grow Core EBITDA Over Next 2 Years
Plan To Strongly Grow Core EBITDA Over Next 2 Years ($ Millions) 30 $338 39 $308 89 30 30 $200 (80) 202 5 Norm alized CS Price Cos t Cos t Com modity Exposure Bioma terials 202 7 Run-Rate AGE Project 202 8 Run-Rate Core Business Inc rea ses Inf lat ion Reduct ion Reduct ion Growth EBITDA (Core Busin
Slide 9: Compelling Industry Dynamics & Competitive Advantage
Compelling Industry Dynamics & Competitive Advantage RYAM is the leading global producer of Cellulose Specialties ⎔ Highly specialized, non-commodity products ⎔ Long customer qualification periods with high and risky switching costs ⎔ RYAM known for achieving industry leading purity and product func
Slide 10: Structural Cost Reductions
Structural Cost Reductions ⎔ Cost Reductions – Areas of Focus ($ Millions) – Automation → Increased labor productivity by leveraging technology throughout manufacturing & business processes RYAM 2026 Cost Reduction Targets EBITDA CapEx – Efficiency → Lower material usage and improve yield; capture w
Slide 11: Capture Cellulose Specialties Market Growth
Capture Cellulose Specialties Market Growth RYAM owns most of the Cellulose Specialties excess capacity Analysts forecast Cellulose Specialties market growth of 45,000 MT in 2026 and 35,000 MT in 2027 RYAM is conservatively forecasting approximately $30 million of cumulative incremental EBITDA by 20
Slide 12: High Return Growth Opportunities in Biomaterials
High Return Growth Opportunities in Biomaterials Anatomy of a tree: ⎔ 50% of a tree is dry solids, made up of ~40% cellulose and ~60% other chemical compounds ⎔ RYAM’s biomaterials strategy focuses on monetizing the “other 60%”: – Biofuels/Bioelectricity – Lignosulfonates – SAF – Crude Tall Oil (CTO
Slide 13: High Return Growth Opportunities in Biomaterials
High Return Growth Opportunities in Biomaterials FUTURE BIOMATERIALS PROJECTS EXPECTED TO HAVE SIMILARLY ATTRACTIVE ECONOMICS RYAM, through its BioNova Joint Venture with SWEN Capital, is advancing four projects to Final Investment Decision in 2025-2026 (Portfolio 1) ⎔ Fernandina: Bioethanol ⎔ Jesup
Slide 14: Ability to Recycle Capital at Attractive ROI
Ability to Recycle Capital at Attractive ROI ⎔ RYAM opportunity to generate strong ROI is driven by its ability to leverage its extensive and unique asset base – Illustratively, RYAM’s Jesup plant alone has an estimated replacement cost of over $4 billion ⎔ Biomaterials initiatives are commercially
Slide 15: Solid Balance Sheet and Liquidity
Solid Balance Sheet and Liquidity Total Liquidity ⎔ RYAM maintains a balance sheet sufficient to fund key ($ Millions) growth initiatives without shareholder dilution Cash – $202 million of global liquidity including $71 million of cash $71 – Net secured leverage ratio of 3.8x covenant EBITDA, well
Slide 16: RYAM's Compelling Investment Thesis
RYAM’s Compelling Investment Thesis WE BELIEVE RYAM’S CURRENT STOCK PRICE DOES NOT FULLY REFLECT THE INTRINSIC VALUE OF ITS ASSETS OR THE EARNINGS POTENTIAL FROM ITS GROWTH STRATEGY The short term, isolated issues that impacted RYAM are largely behind us: ⎔ Tariffs (direct impacts) ⎔ Extraordinary,
Slide 17: Financial Highlights
Financial Highlights Revenue by Segment/Product ⎔ Q2 2025 Financial Summary: – Revenue of $340 million; -$79 million from Q2’24 – Operating Loss of $1 million; -$29 million from Q2’24 – Adjusted Free Cash Flow of $(52) million YTD – Adjusted EBITDA of $28 million; -$40 million from Q2’24 $340 Cellul
Slide 18: Cellulose Specialties
Cellulose Specialties Quarter Ended Operating Income Bridge 60 Jun 28, Mar 29, Jun 29, 50 Key Financials 50 2025 2025 2024 40 ($ millions) $ millions Net Sales $208 $201 $241 30 29 Operating Income 29 31 50 20 10 Adjusted EBITDA 46 46 68 0 (1) (2) Q2'24 CS Price/ Volume / Cost SG&A / Q2'25 EBITDA Ma
Slide 19: Biomaterials
Biomaterials Quarter Ended Operating Income Bridge 2.5 Jun 28, Mar 29, Jun 29, Key Financials 2.0 2025 2025 2024 $ millions ($ millions) 1.5 Net Sales $6 $7 $8 1 1 1.0 Operating Income 1 2 1 0.5 0.0 Adjusted EBITDA 1 2 2 Q2'24 Price Volume / Cost SG&A / Q2'25 Sales Mix Other EBITDA Margin 17% 29% 25
Slide 20: Cellulose Commodities
Cellulose Commodities Quarter Ended Operating Income Bridge 0 Jun 28, Mar 29, Jun 29, Key Financials (5) 2025 2025 2024 ($ millions) $ millions (10) (9) Net Sales $59 $75 $85 (15) Operating Income (9) (13) (21) (20) Adjusted EBITDA (2) (2) (4) (21) (25) (1) (2) EBITDA Margin (3%) (3%) (5%) Q2'24 CC
Slide 21: Paperboard
Paperboard Quarter Ended Operating Income Bridge Jun 28, Mar 29, Jun 29, 14 Key Financials 12 12 2025 2025 2024 10 ($ millions) $ millions 8 Net Sales $47 $49 $60 6 Operating Income - (2) 12 4 2 - Adjusted EBITDA 5 4 15 0 Q2'24 Price Volume / Cost SG&A / Q2'25 Sales Mix Other EBITDA Margin 11% 8% 25
Slide 22: High-Yield Pulp
High-Yield Pulp Quarter Ended Operating Income Bridge 2 Jun 28, Mar 29, Jun 29, 1 Key Financials 1 0 2025 2025 2024 (1) $ millions ($ millions) (2) (3) Net Sales $29 $31 $33 (4) (5) Operating Income (7) (7) 1 (6) (7) (8) (7) Adjusted EBITDA (7) (6) 2 Q2'24 Price Volume / Cost SG&A / Q2'25 Sales Mix
Slide 23: Appendix
Appendix
Slide 24: Market Outlook
Market Outlook Cellulose Specialties ⎔ 2025 cellulose specialties average sales prices expected to increase mid-single-digit percentage vs. PY ⎔ Sales volumes expected to decline a high-single-digit percentage vs. PY reflecting tariff impacts, accelerated acetate destocking, and the absence of 2024
Slide 25: 2025 Guidance
2025 Guidance EBITDA: $150-$160M | ADJUSTED FREE CASH FLOW: ($10)–($25) MILLION 2 ND HALF EBITDA: $105-$115M | 2 ND HALF ADJUSTED FREE CASH FLOW: ~$35 MILLION ($ Millions) $150-160 ($97) ($10)–(25) $5 $0 ($3)–(8) $10 ($85) (1) (2) (3) 2025 EBITDA Guide Cash Interest Maintenance Enviro/Tax/ Working C
Slide 26: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non -GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Ad
Slide 27: Net Sales and Operating Income by Segment
Net Sales and Operating Income by Segment ($ MILLIONS) 27
Slide 28: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 28
Slide 29: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 29
Slide 30: Reconciliation of EBITDA by Segment
Reconciliation of EBITDA by Segment ($ MILLIONS) 30
Slide 31: Reconciliation of EBITDA Guidance
Reconciliation of EBITDA Guidance ($ MILLIONS) 31
Slide 32: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow ($ MILLIONS) 32
Slide 33: Reconciliation of Adjusted Free Cash Flow Guidance
Reconciliation of Adjusted Free Cash Flow Guidance ($ MILLIONS) 33
Slide 34: Reconciliation of Adjusted Net Secured Debt
Reconciliation of Adjusted Net Secured Debt ($ MILLIONS) 34
Slide 35: Reconciliation of Adjusted Net Income (Loss)
Reconciliation of Adjusted Net Income (Loss) ($ MILLIONS) 35