Rayonier Advanced Materials Inc. · NYSE:RYAM
Rayonier Advanced Materials — Q4 2025 Earnings Presentation
24 slides from Rayonier Advanced Materials's earnings presentation, Mar 4, 2026
Slide 1: Fourth Quarter & Full Year 2025 Financial Presentation Materials
Fourth Quarter & Full Year 2025 Financial Presentation Materials March 4, 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: 2025 Results
2025 Results Segment Adj EBITDA Key Themes ($MM) $228 Sales prices Sales volumes Free Cash Flow bridge ($MM) Cellulose Specialties (CS) $133 Cellulose Commodities ($13) Weak Chinese consumption in Fluff. (CC) Biomaterials $3 Operational issues at Tartas. Paperboard (PB) $14 New third-party supply an
Slide 5: 2026 Priorities
2026 Priorities 1 Deliver positive free cash flow. Exit 2026 with building free cash flow momentum. 2 Assert our leadership in Cellulose Specialties. 3 Drive year-over-year EBITDA improvement across every business. 2026 is the year of heavy execution 5
Slide 6: Growth Across Every Segment
Growth Across Every Segment Product / initiative Segment Target launch Value proposition Freezer board Paperboard Commercialized - Ramping up Expands addressable market with differentiated freezer-grade performance Unique lyocell grade Cellulose Commodities Commercialized - Ramping up Expands into h
Slide 7: 2026 Outlook
2026 Outlook Improvement drivers vs. 2025 Adjusted EBITDA Direction (vs. 2025) • Cellulose: • Specialties Price Net Contribution • Specialties Volume Complementary • Commodities Price Net Contribution • Commodities Volume $ EBITDA • Biomaterials feedstock availability improvement • Paperboard new pr
Slide 8: Appendix
Appendix
Slide 9: 2025 Financial Highlights
2025 Financial Highlights 2025 Revenue Mix ⎔ Q4 2025 Financial Summary: – Revenue of $417 million; -$5 million from Q4’24 – Operating Income of $11 million; flat from Q4’24 – Adjusted EBITDA of $46 million; -$5 million from Q4’24 ⎔ Full Year 2025 Financial Summary: $1.5 Cellulose – Revenue of $1,466
Slide 10: Cellulose Specialties
Cellulose Specialties Quarter Ended Year Ended Cellulose Specialties - Volume and Price Key Dec 31, Sep 27, Dec 31, Dec 31, Dec 31, Volume (000 MT) Price ($ / MT) Financials 1,873 1,875 2025 2025 2024 2025 2024 250 1,900 1,807 1,850 ($ millions) 200 1,753 1,750 1,748 1,750 1,800 1,724 Net Sales $249
Slide 11: Cellulose Commodities
Cellulose Commodities Quarter Ended Year Ended Cellulose Commodities - Volume and Price Key Dec 31, Sep 27, Dec 31, Dec 31, Dec 31, Volume (000 MT) Price ($ / MT) Financials 911 2025 2025 2024 2025 2024 250 842 849 863 893 950 830 900 ($ millions) 200 788 806 850 800 Net Sales $94 $85 $88 $313 $355
Slide 12: Biomaterials
Biomaterials Quarter Ended Year Ended Key Dec 31, Sep 27, Dec 31, Dec 31, Dec 31, Financials 2025 2025 2024 2025 2024 ($ millions) Net Sales $10 $8 $8 $31 $30 Operating 2 1 2 6 6 Income Adjusted (1) 1 3 3 8 EBITDA EBITDA (10%) 13% 38% 10% 27% Margin 12
Slide 13: Paperboard
Paperboard Quarter Ended Year Ended Paperboard - Volume and Price Key Dec 31, Sep 27, Dec 31, Dec 31, Dec 31, Volume (000 MT) Price ($ / MT) Financials 2025 2025 2024 2025 2024 75 1,650 1,382 1,384 1,400 1,394 ($ millions) 1,321 1,346 1,450 1,256 1,272 50 Net Sales $44 $39 $60 $179 $228 1,250 44 43
Slide 14: High-Yield Pulp
High-Yield Pulp Quarter Ended Year Ended High-Yield Pulp - Volume and Price Key Dec 31, Sep 27, Dec 31, Dec 31, Dec 31, Volume (000 MT) Price ($ / MT) Financials 2025 2025 2024 2025 2024 125 700 ($ millions) 100 559 574 559 523 518 600 509 501 Net Sales $28 $24 $32 $112 $127 75 487 500 Operating (6)
Slide 15: Balance Sheet and Liquidity
Balance Sheet and Liquidity Total Liquidity ⎔ Adjusted Net Debt: $745MM Cash – Net Secured Debt: $715MM – Net secured leverage: 3.9x covenant EBITDA (vs. 5.0x $72 $157 $75 Factoring (France) covenant) Million ABL (North America) ⎔ Total liquidity: $157MM, including $75MM cash $10 – ABL availability
Slide 16: 2026 Outlook – Modeling Assumptions
2026 Outlook – Modeling Assumptions Line Item Forecast Capital Expenditures $80MM Cash Interest Expense $85MM Environmental Expenditure $5MM Cash Taxes $3–$5MM Stock Compensation $8–$10MM 16
Slide 17: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adj
Slide 18: Net Sales and Operating Income by Segment
Net Sales and Operating Income by Segment ($ MILLIONS) 18
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 19
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 20
Slide 21: Reconciliation of Quarterly EBITDA by Segment
Reconciliation of Quarterly EBITDA by Segment ($ MILLIONS) 21
Slide 22: Reconciliation of Annual EBITDA by Segment
Reconciliation of Annual EBITDA by Segment ($ MILLIONS) 22
Slide 23: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow ($ MILLIONS) 23
Slide 24: Reconciliation of Adjusted Net Debt and Net Secured Debt
Reconciliation of Adjusted Net Debt and Net Secured Debt ($ MILLIONS) 24
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