Rayonier Advanced Materials Inc. · NYSE:RYAM
Rayonier Advanced Materials — Q3 2025 Earnings Presentation
30 slides from Rayonier Advanced Materials's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Financial Presentation Materials
Third Quarter 2025 Financial Presentation Materials November 5, 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) 18 $215-235 20 10 ~$195 +$3 vs. Q2’25 12 (Market 21 +10 vs. Q2’25 +$6 vs. Q2’25 Weakness) (Fluff Impacts) 7 5 NC vs. Q2’25 (Market-Driven ~$135-140 Downtime) -3 vs. Q2’25 +3 vs. Q2’25 NC vs. Q2’25 (USD S
Slide 5: Tariffs, FX and Likely Tailwinds in 2026 Onwards
Tariffs, FX and Likely Tailwinds in 2026 Onwards 2025 tariff-related EBITDA headwind currently estimated at $27 million, a change of $6 million from Q2 ⎔ Increased tariff impact driven by ongoing pressure on our Fluff business globally from the 10% Chinese tariff on U.S. exports ⎔ The company expect
Slide 6: Isolated 2025 Business Issues are Being Resolved
Isolated 2025 Business Issues are Being Resolved Cellulose Specialties order flows are returning to normal ⎔ 2025 CS EBITDA guidance: ~$230 million ⎔ CS earnings profile returned to normalized levels in Q3 reflected by ~32% margins despite inventory management actions by a major customer ⎔ CS volume
Slide 7: Restore Temiscaming Profitability, Pursue Divestiture in 2026
Restore Temiscaming Profitability, Pursue Divestiture in 2026 2025 EBITDA guidance decreased to ($14) million vs. ~$30 million historical (inclusive of site custodial) ⎔ Lower Paperboard prices and volumes due to new industry capacity and EU imports ⎔ Planned shutdown in Q4 of the Paperboard line an
Slide 8: Objective Over Next 2 Years to Strongly Grow Core EBITDA
Objective Over Next 2 Years to Strongly Grow Core EBITDA ($ Millions) $50 $365 31 $315 89 30 +20 vs. Q2’25 50 -8 vs. Q2’25 (RYAM proportional (RYAM ~$195 proportional EBITDA) (80) +20 vs. Q2’25 EBITDA) (Targeted 2027 cost reduction) 202 5 Norm alized CS Price Cos t Cos t Com modity Exposure Bioma te
Slide 9: RYAM's Cellulose Specialties Outlook
RYAM’s Cellulose Specialties Outlook RYAM is the leading global producer of Cellulose Specialties ⎔ Highly specialized, non-commodity products with long qualification cycles and risky switching costs ⎔ RYAM leads industry in product quality and functionality, backed by proprietary processes and near
Slide 10: Update on Current High Return Biomaterials Projects
Update on Current High Return Biomaterials Projects Altamaha Green Energy JV: Est. 12X RYAM equity ROI (1) ⎔ 70 MW renewable power; 30-year PPA with Georgia Power (RYAM 49%) ⎔ ~$100M+ JV EBITDA annually, 80%+ margin; ~$500M total capex, RYAM cash equity $46M; RYAM proportional EBITDA expected to exc
Slide 11: 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 – This footprint enables low-cost expansion into complementary Biomaterials projects – Illustratively, RYAM’s Jesup plant alone has an estim
Slide 12: RYAM's Compelling Investment Thesis
RYAM’s Compelling Investment Thesis WE CONTINUE TO 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 ⎔ Direct tariff impacts have stab
Slide 13: Financial Highlights
Financial Highlights Revenue by Segment/Product ⎔ Q3 2025 Financial Summary: – Revenue of $353 million; -$48 million from Q3’24 – Operating Income of $9 million; +$26 million from Q3’24 – Adjusted Free Cash Flow of ($83) million YTD; partially driven by working-capital timing expected to improve in
Slide 14: Cellulose Specialties
Cellulose Specialties Quarter Ended Operating Income Bridge 70 Sept 27, Jun 28, Sept 28, Key Financials 60 2025 2025 2024 50 49 46 ($ millions) $ millions 40 Net Sales $204 $208 $232 30 Operating Income 49 29 46 20 10 Adjusted EBITDA 66 46 65 0 (1) (2) Q3'24 CS Price/ Volume / Cost SG&A / Q3'25 EBIT
Slide 15: Biomaterials
Biomaterials Quarter Ended Operating Income Bridge 3.5 Sept 27, Jun 28, Sept 28, 3 Key Financials 3.0 2025 2025 2024 2.5 $ millions ($ millions) 2.0 Net Sales $8 $6 $8 1.5 1 1.0 Operating Income 1 1 3 0.5 0.0 Adjusted EBITDA 1 1 4 Q3'24 Price Volume / Cost SG&A / Q3'25 Sales Mix Other EBITDA Margin
Slide 16: Cellulose Commodities
Cellulose Commodities Quarter Ended Operating Income Bridge 0 Sept 27, Jun 28, Sept 28, Key Financials (10) 2025 2025 2024 (13) ($ millions) (20) $ millions Net Sales $85 $59 $86 (30) Operating Income (13) (9) (55) (40) Adjusted EBITDA (3) (2) (10) (50) (55) (60) (1) (2) EBITDA Margin (4%) (3%) (12%
Slide 17: Paperboard
Paperboard Quarter Ended Operating Income Bridge Sept 27, Jun 28, Sept 28, 8 7 Key Financials 6 2025 2025 2024 4 $ millions ($ millions) 2 Net Sales $39 $47 $55 0 Operating Income (4) - 7 (2) (4) (4) Adjusted EBITDA 1 5 11 (6) Q3'24 Price Volume / Cost SG&A / Q3'25 Sales Mix Other EBITDA Margin 3% 1
Slide 18: High-Yield Pulp
High-Yield Pulp Quarter Ended Operating Income Bridge 0 Sept 27, Jun 28, Sept 28, - Key Financials (2) 2025 2025 2024 (4) $ millions ($ millions) (6) Net Sales $24 $29 $28 (8) Operating Income (10) (7) - (10) (10) (12) Adjusted EBITDA (9) (7) 1 Q3'24 Price Volume / Cost SG&A / Q3'25 Sales Mix Other
Slide 19: Solid Balance Sheet and Liquidity
Solid Balance Sheet and Liquidity Total Liquidity ⎔ RYAM maintains a balance sheet sufficient to fund key growth initiatives without shareholder dilution Cash – $140 million of global liquidity including $77 million of cash $53 – Net secured leverage ratio of 4.1x covenant EBITDA, well within $140 F
Slide 20: Appendix
Appendix
Slide 21: Market Outlook
Market Outlook Cellulose Specialties ⎔ 2025 cellulose specialties average sales prices expected to increase mid-single-digit percentage vs. PY ⎔ Sales volumes projected to decline ~10% on tariffs, acetate destocking, and loss of 2024 bridge volumes ⎔ 2026 pricing discussions underway, targeting a si
Slide 22: Fourth Quarter 2025 Guidance
Fourth Quarter 2025 Guidance EBITDA: $48-53M | ADJUSTED FREE CASH FLOW: $25-30 MILLION ($ Millions) $48–53 ~$28 $25–30 ($41) ($10) Q4 2025 Cash Interest Maintenance Working Capital (1) Q4 Adjusted Free EBITDA Guide Expense CapEx Cash Flow (1) Working capital includes AR (net of rebates), Inventory,
Slide 23: Definitions of Non-GAAP Measures
Definitions of Non-GAAP Measures EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non -GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Ad
Slide 24: Net Sales and Operating Income by Segment
Net Sales and Operating Income by Segment ($ MILLIONS) 24
Slide 25: Consolidated Statements of Operations
Consolidated Statements of Operations ($ MILLIONS) 25
Slide 26: Consolidated Balance Sheets
Consolidated Balance Sheets ($ MILLIONS) 26
Slide 27: Reconciliation of EBITDA by Segment
Reconciliation of EBITDA by Segment ($ MILLIONS) 27
Slide 28: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow ($ MILLIONS) 28
Slide 29: Reconciliation of Adjusted Net Secured Debt
Reconciliation of Adjusted Net Secured Debt ($ MILLIONS) 29
Slide 30: Reconciliation of Adjusted Net Income (Loss)
Reconciliation of Adjusted Net Income (Loss) ($ MILLIONS) 30
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