Slide 1: Second Quarter 2026 Financial Presentation Materials
Second Quarter 2026 Financial Presentation Materials August 5, 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: Strategic Review and Business Update
Strategic Review and Business Update STRATEGIC REVIEW IS THE TOP PRIORITY; BUSINESS EXECUTION CONTINUES TO STRENGTHEN THE COMPANY’S VALUE Strategic review remains active and the top priority Strategic review expected to The comprehensive review is evaluating the full range of strategic and financial
Slide 5: 2026 Priorities
2026 Priorities STRATEGIC REVIEW REMAINS THE TOP PRIORITY; OPERATING EXECUTION CONTINUES TO SUPPORT VALUE MAXIMIZATION 1 Conclude strategic review Communicate a clear path forward during Q4 2026 2 Execute Cellulose Specialties leadership strategy Deepen customer partnerships by aligning product perf
Slide 6: Q2 2026 Results
Q2 2026 Results Q2 2026 Adjusted EBITDA by Segment and YoY Drivers ($MM) Q2 2025 to Q2 2026 Adj EBITDA Bridge ($MM) Segment Adj EBITDA Key Drivers vs. Q2 2025 ($MM) 12 8 $40 High Purity Cellulose $57 Higher CS pricing, lower wood and fixed costs and improved operating rates; partially $28 (8) offset
Slide 7: High Purity Cellulose
High Purity Cellulose Quarter Ended High Purity Cellulose – Sales Price Jun 27, Mar 28, Jun 28, Key Financials Price ($ / MT) 2026 2026 2025 2,700 2,193 2,040 ($ millions) 2,200 1,753 1,748 1,750 1,807 1,873 1,875 Specialties 1,700 Net Sales $301 $263 $272 1,200 830 863 911 893 815 788 806 770 Adjus
Slide 8: Paperboard & High Yield Pulp
Paperboard & High Yield Pulp Quarter Ended Paperboard & High Yield Pulp – Sales Price Jun 27, Mar 28, Jun 28, Key Financials Price ($ / MT) 2026 2026 2025 1,600 1,400 1,394 1,321 1,346 1,256 1,272 1,400 1,194 1,229 ($ millions) 1,200 1,000 Paperboard Net Sales $75 $56 $68 800 559 523 518 509 501 504
Slide 9: Balance Sheet and Liquidity
Balance Sheet and Liquidity Total Liquidity ⎔ Adjusted Net Debt: $755MM Cash $57 – Net Secured Debt: $726MM $76 $145 Factoring (France) – Net secured leverage: 4.2x covenant EBITDA (vs. 4.75x Million ABL (North America) covenant) $12 ⎔ Total liquidity: $145MM, including $57MM cash – ABL availability
Slide 10: 2026 Outlook: Exiting with Momentum into 2027
2026 Outlook: Exiting with Momentum into 2027 A year of transition Laying the foundation for 2027 & beyond – CS supply-demand dynamics remain tight, supporting disciplined commercial execution while we continue working closely with customers – Anticipating more favorable inventory conditions across
Slide 11: Appendix
Appendix
Slide 12: 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–$5MM 12
Slide 13: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adj
Slide 14: Net Sales by Segment
Net Sales by Segment ($ MILLIONS) 14
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 15
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 16
Slide 17: Reconciliation of Quarterly EBITDA by Segment
Reconciliation of Quarterly EBITDA by Segment ($ MILLIONS) 17
Slide 18: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow ($ MILLIONS) 18
Slide 19: Reconciliation of Adjusted Net Debt and Net Secured Debt
Reconciliation of Adjusted Net Debt and Net Secured Debt ($ MILLIONS) 19