Rayonier Advanced Materials Inc. · NYSE:RYAM
Rayonier Advanced Materials — Q3 2026 Earnings Presentation
24 slides from Rayonier Advanced Materials's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Financial Presentation Materials
Third Quarter 2026 Financial Presentation Materials November 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: Building Upon My Initial Impressions
Building Upon My Initial Impressions ELEVATING THE VISIBILITY OF CS PERFORMANCE IS THE KEY TO UNLOCKING VALUE Commodity Lower-priced commodity volumes dilute our average realized cellulose price. Cellulose Commodity losses weigh on HPC earnings and mask the full value of the CS franchise Customers a
Slide 5: Vision Communicated During Strategic Review
Vision Communicated During Strategic Review TRANSFORMATION Our vision for the company, discussed with parties involved in our strategic review Diversified forest High-margin specialty products company with business with predictable low margins and volatile, and significant free cash unpredictable ea
Slide 6: Investment Thesis
Investment Thesis CONVICTION ABOUT OUR SPECIALTIES FOUNDATION The issue facing RYAM is highly volatile and unprofitable commodity businesses embedded in an increasingly profitable, high-margin specialty business CS and CC Average Sales Prices ($/MT) CS commands a price premium $2,500 CS CS commanded
Slide 7: Benefits of Reducing Commodity Loading Rates
Benefits of Reducing Commodity Loading Rates A FOCUSED SPECIALTIES COMPANY The impact extends beyond lost EBITDA ⎔ Commodity exposure adds volatility to earnings and reduces predictability. ⎔ Losses materially depress consolidated margins and absorb profits from specialty. ⎔ The resulting earnings p
Slide 8: Q3 Business and Strategic Review Update
Q3 Business and Strategic Review Update SEQUENTIAL HPC IMPROVEMENT CONTINUES ⎔ HPC earnings and total cellulose shipments improved sequentially, building on progress since Q1, alongside positive cash generation Operating ⎔ Work underway on strategies to shift our production mix more heavily toward C
Slide 9: Temiscaming Update
Temiscaming Update PRODUCTION ECONOMICALLY IDLED FOLLOWING U.S. TARIFFS Approximately 70% of Temiscaming’s paperboard production historically shipped to the U.S. Timeline and current state Financial impact and site response 50% U.S. tariff on Canadian Q3 tariff-related costs Aug 22, 2026 $2M paperbo
Slide 10: 2026 Priorities
2026 Priorities STRENGTHEN OPERATING PERFORMANCE, GENERATE CASH AND ADVANCE THE STRATEGIC REVIEW 1 Advance the strategic review Continue advancing the review with interested parties and target a conclusion in Q1 2027 2 Execute our Cellulose Specialties leadership strategy Grow CS volumes and capture
Slide 11: Q3 2026 Results
Q3 2026 Results DELIVERS 30% SEQUENTIAL GROWTH IN ADJUSTED EBITDA Q2 to Q3 2026 Adjusted EBITDA Bridge ($MM) Segment Q3 Adj Q2 Adj Sequential Key Q3 Drivers EBITDA EBITDA Change ($MM) ($MM) 16 1 High Purity $73 $57 +16 Higher CS pricing and favorable mix, $52 Cellulose increased total cellulose ship
Slide 12: High Purity Cellulose
High Purity Cellulose Quarter Ended High Purity Cellulose – Sales Price Sep 26, Jun 27, Sep 27, Key Financials Price ($ / MT) 2026 2026 2025 2,700 2,193 2,227 2,040 ($ millions) 2,200 1,748 1,750 1,807 1,873 1,875 Specialties 1,700 Net Sales $313 $301 $296 1,200 863 911 893 815 825 788 806 770 Adjus
Slide 13: Paperboard & High Yield Pulp
Paperboard & High Yield Pulp Quarter Ended Paperboard & High Yield Pulp – Sales Price Sep 26, Jun 27, Sep 27, Key Financials Price ($ / MT) 2026 2026 2025 1,600 1,394 1,321 1,346 1,256 1,272 1,400 1,194 1,229 1,204 ($ millions) 1,200 1,000 Paperboard Net Sales $70 $75 $57 800 523 518 509 501 487 504
Slide 14: Balance Sheet and Liquidity
Balance Sheet and Liquidity Total Liquidity ⎔ Adjusted Net Debt: $745MM Cash – Net Secured Debt: $714MM $66 $143 $61 Factoring (France) – Net secured leverage: 4.0x covenant EBITDA (vs. 4.75x Million ABL (North America) covenant) $16 ⎔ Total liquidity: $143MM, including $61MM cash – ABL availability
Slide 15: 2026 Outlook: Exiting with Momentum into 2027
2026 Outlook: Exiting with Momentum into 2027 A year of transition Laying the foundation for 2027 and beyond – We are targeting a conclusion of the strategic review in Q1 2027 – Deepen customer partnerships to grow CS volumes, capture the value our differentiated products deliver and pursue longer-t
Slide 16: Appendix
Appendix
Slide 17: 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 $4–$5MM 17
Slide 18: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adj
Slide 19: Net Sales by Segment
Net Sales by Segment ($ MILLIONS) 19
Slide 20: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 20
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 21
Slide 22: Reconciliation of Quarterly EBITDA by Segment
Reconciliation of Quarterly 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
Rayonier Advanced Materials — Q3 2026 Earnings Presentation on 6ix