Rayonier Advanced Materials Inc. · NYSE:RYAM
Rayonier Advanced Materials — Q1 2026 Earnings Presentation
21 slides from Rayonier Advanced Materials's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Financial Presentation Materials
First Quarter 2026 Financial Presentation Materials May 6, 2026
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 Flow, Adjusted Net Debt and Net Secured Debt. The Company believes these non-GAAP financial measures provide useful info
Slide 4: Review of Strategic Alternatives
Review of Strategic Alternatives RYAM is evaluating a range of value-maximizing alternatives while maintaining leadership continuity and executing its 2026 priorities WHAT HAS CHANGED WHAT HAS NOT CHANGED A formal review of strategic alternatives to maximize shareholder Commitment to safe, reliable
Slide 5: 2026 Priorities Are Unchanged
2026 Priorities Are Unchanged 1 Deliver positive free cash flow 2 Assert our leadership in Cellulose Specialties 3 Drive year-over-year EBITDA improvement across every business 4 Exit 2026 with momentum 5
Slide 6: Q1 2026 Results
Q1 2026 Results Segment Adj EBITDA Key Themes Q1 2026 Adjusted Free Cash Flow bridge ($MM) ($MM) High Purity Cellulose $24 Cellulose Specialties price increase; lower 26 $12 CS volumes and higher commodity mix from $8 Cellulose Specialties leadership actions Paperboard & High ($5) New third-party su
Slide 7: New Product Pipeline
New Product Pipeline Advancing growth through focused innovation and value-added products Product / initiative Product line Target launch Value proposition Freezer board Paperboard Commercialized - Ramping up Expands addressable market with differentiated freezer-grade performance Unique lyocell gra
Slide 8: Leadership Initiatives: Examples of Execution in Action
Leadership Initiatives: Examples of Execution in Action 01 Nitration Grade Cellulose 02 Odor Control Fluff 03 Dynamic Asset Allocation WHAT WE HAVE FOUND WHAT WE HAVE FOUND WHAT WE HAVE FOUND – Customers buy certainty: assured supply, technical – Unmet need for immediate odor control in adult – Barr
Slide 9: 2026 Outlook: Building Leadership Momentum
2026 Outlook: Building Leadership Momentum A year of transition Laying the foundation for 2027 & beyond – Q1’26 CS price increased 17% as leadership actions continue to build – Advancing trade actions to ensure fair competition in RYAM’s U.S. domestic markets – Anticipating more favorable inventory
Slide 10: Appendix
Appendix
Slide 11: High Purity Cellulose
High Purity Cellulose Quarter Ended High Purity Cellulose - Volume and Price Mar 28, Dec 31, Mar 29, Volume (000 MT) Price ($ / MT) Key Financials 2,040 1,807 1,873 1,875 600 1,750 1,753 1,748 1,750 $2,050 2026 2025 2025 ($ millions) 450 Specialties $1,550 849 830 863 911 893 788 806 770 $1,050 Net
Slide 12: Paperboard & High Yield Pulp
Paperboard & High Yield Pulp Quarter Ended Paperboard & High Yield Pulp- Volume and Price Mar 28, Dec 31, Mar 29, Volume (000 MT) Price ($ / MT) Key Financials 1,400 1,384 1,394 1,346 1,321 1,272 2026 2025 2025 300 1,256 1,194 $1,300 Paperboard ($ millions) 250 $1,100 200 $900 Net Sales $56 $67 $74
Slide 13: Balance Sheet and Liquidity
Balance Sheet and Liquidity Total Liquidity ⎔ Adjusted Net Debt: $734MM Cash $68 – Net Secured Debt: $705MM $88 $160 Factoring (France) – Net secured leverage: 4.3x covenant EBITDA (vs. 4.75x Million ABL (North America) covenant) $4 ⎔ Total liquidity: $160MM, including $68MM cash – ABL availability
Slide 14: 2026 Outlook – Modeling Assumptions
2026 Outlook – Modeling Assumptions Line Item Forecast Capital Expenditures $80MM Cash Interest Expense $85MM Environmental Expenditure $5MM Cash Taxes $0–$2MM Stock Compensation $8–$10MM 14
Slide 15: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adj
Slide 16: Net Sales by Segment
Net Sales by Segment ($ MILLIONS) 16
Slide 17: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 17
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 18
Slide 19: Reconciliation of Quarterly EBITDA by Segment
Reconciliation of Quarterly EBITDA by Segment ($ MILLIONS) 19
Slide 20: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow ($ MILLIONS) 20
Slide 21: Reconciliation of Adjusted Net Debt and Net Secured Debt
Reconciliation of Adjusted Net Debt and Net Secured Debt ($ MILLIONS) 21
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