RYAM

Interested in Rayonier Advanced Materials Inc.? Here are five stocks we like better. Strategic review remains active: CEO Dan Krawczyk said the process is progressing with urgency and discipline, with the company expecting to communicate a clear path forward in the fourth quarter. Second-quarter results improved: Sales rose 11% year over year to $376 million, while adjusted EBITDA increased to $40 million from $28 million a year earlier, driven mainly by stronger High Purity Cellulose performance. Liquidity and refinancing remain priorities: RYAM ended the quarter with $145 million in liquidity and remained within its debt covenants, but reported negative adjusted free cash flow of $8 million year to date and continues targeting positive full-year 2026 free cash flow. Rayonier Advanced Materials (NYSE:RYAM) reported higher second-quarter sales and adjusted EBITDA, while management said its strategic review remains active and is expected to conclude with a clear path forward in the fourth quarter. In his first earnings call as president and chief executive officer, Dan Krawczyk said his appointment does not change the company’s strategic-review process. He said the board’s mandate is to maximize shareholder value while maintaining operational performance during the review. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “The comprehensive review of strategic alternatives remains a top priority for RYAM,” Krawczyk said. “It’s active, it’s progressing with urgency and discipline,” with the company evaluating the full range of strategic and financial alternatives available. Krawczyk said the company has seen constructive engagement from interested parties and expects to communicate a clear path forward during the fourth quarter. He also said the company is pursuing reliability, productivity, energy-efficiency, process-optimization and automation initiatives intended to improve earnings and cash generation. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Chief Financial Officer Marcus Moeltner said second-quarter net sales totaled $376 million, up 18% sequentially and 11% from the prior-year quarter. The company reported a loss from continuing operations of $33 million, improving from an $81 million loss in the first quarter. The second-quarter loss included a $13 million non-cash asset impairment charge related to High-Yield Pulp. Adjusted EBITDA, a non-GAAP measure, increased to $40 million from $8 million in the first quarter and $28 million a year earlier. The year-over-year increase reflected a $12 million improvement in High Purity Cellulose adjusted EBITDA and an $8 million improvement in corporate and other expenses, partly offset by weaker results in Paperboard and High-Yield Pulp. High Purity Cellulose sales rose to $301 million, up $38 million sequentially and $29 million year over year. High Purity Cellulose adjusted EBITDA increased to $57 million, compared with $24 million in the first quarter and $45 million in the prior-year period. Paperboard and High-Yield Pulp sales rose to $75 million, but adjusted EBITDA was negative $10 million, compared with negative $5 million in the first quarter and negative $2 million a year earlier. → No Hangover: Revisiting Microsoft One Week After Earnings Within High Purity Cellulose, Cellulose Specialties pricing increased 8% sequentially and 21% year over year, while sales volumes rose 19% from the first quarter. Moeltner said year-over-year volumes remained lower as the company continued value-based pricing efforts. Cellulose Commodities pricing improved 6% sequentially but remained 11% below the prior-year level, while volumes nearly doubled from a year earlier as operating rates improved and production shifted toward commodity grades. Moeltner attributed the segment’s EBITDA improvement to higher Cellulose Specialties pricing, improved operating rates, and lower wood and fixed costs. Those gains were partly offset by lower Cellulose Specialties volumes, a higher commodity mix, and inflation. Paperboard and High-Yield Pulp sales increased both sequentially and year over year, but the segment’s adjusted EBITDA loss widened. Moeltner said higher volumes were more than offset by lower pricing, planned maintenance, and market-related downtime. Paperboard pricing increased 3% from the first quarter and volumes improved 11%, with tighter market conditions supporting a firmer pricing outlook. However, pricing remained below the prior-year quarter. High-Yield Pulp volumes nearly doubled sequentially and rose 29% from a year earlier, primarily because of shipment timing, while pricing remained under pressure. Krawczyk said a return to improved performance in the business will depend substantially on commercial execution, including the rollout of higher-value freezer board, oil- and grease-resistant grades, high-yield wrappers, and rolled softwood high-yield pulp for absorbent applications. RYAM ended the quarter with $145 million of total liquidity, including $57 million of cash, $76 million of availability under its North American asset-based lending facility, and $12 million under its France factoring facility. Adjusted net debt was $755 million and net secured debt was $726 million. Net secured leverage was 4.2 times covenant EBITDA, compared with a 4.75 times covenant test, and the company remained in compliance with all debt covenants. Year-to-date operating cash flow was $37 million, resulting in adjusted free cash flow of negative $8 million. That represented a $57 million improvement from negative $65 million in the prior-year period. Management reiterated its expectation to generate positive free cash flow for full-year 2026. Moeltner said the company expects Cellulose Specialties volumes to improve by roughly 10% to 15% in the second half compared with the first half, while maintaining favorable pricing and mix. He said working-capital management, discretionary spending, commodity pricing, and improved Paperboard and High-Yield Pulp performance will also be important to reaching the cash-flow target. Management said operating performance, capital-market conditions, and the outcome of the strategic review will influence potential refinancing alternatives. Krawczyk said the company aims to enter 2027 with a stronger earnings run rate and greater financial flexibility. Krawczyk said the U.S. Trade Representative announced final Section 301 actions that include an aggregate 37.5% tariff on Brazilian dissolving wood pulp imports and a 12.5% tariff on Norwegian dissolving wood pulp imports. Preliminary antidumping duties on imports from Brazil and Norway, as well as preliminary countervailing duties on Brazilian imports, remain active, with final determinations expected later this year. He said the ultimate impact will depend on downstream trade programs and other regulatory mechanisms, but added that sustained actions could create fairer competitive conditions for qualified U.S. suppliers. The company is also monitoring tariffs on certain Canadian-origin products. Krawczyk said approximately 75% of RYAM’s paperboard volume is sold into the United States and that tariffs could materially affect the economics of the Paperboard and High-Yield Pulp business. RYAM is working with policymakers and customers on commercial and operational responses. Krawczyk also highlighted RYAM’s position as the sole remaining U.S. supplier of dissolving wood pulp for nitrocellulose applications, which are used in defense and industrial markets. He said the company is seeking to qualify additional grades across its facilities to provide supply flexibility for U.S. and NATO-related supply chains. Rayonier Advanced Materials, Inc is a publicly traded specialty bioproducts company focused on the production of high-purity cellulose and engineered wood products. Headquartered in Jacksonville, Florida, the company operates a network of manufacturing facilities across North America, New Zealand and Europe. Its cellulose specialties business produces dissolving pulps and high-purity fibers that serve a range of end markets, including food and beverage, personal care, pharmaceuticals and textiles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Rayonier Advanced Materials Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Net Sales: $376 million in Q2 2026, up 18% sequentially and 11% year-over-year. Loss from Continuing Operations: Improved to $33 million from $81 million in Q1 2026, including a $13 million non-cash asset impairment charge related to high-yield pulp. Adjusted EBITDA: Increased to $40 million from $8 million in Q1 2026 and $28 million in the prior year quarter. High Purity Cellulose Adjusted EBITDA: Increased $12 million year-over-year to $57 million, with margins expanding to 19% from 17% in the prior year quarter. Cellulose Specialties (CS) Pricing: Increased 8% sequentially and 21% year-over-year. Cellulose Commodities Pricing: Improved 6% sequentially but remained 11% below prior year levels. Paperboard and High-Yield Pulp Adjusted EBITDA: Declined $8 million year-over-year to negative $10 million. Total Liquidity: $145 million at quarter-end, consisting of $57 million cash, $76 million under the North American ABL facility, and $12 million under the France factoring facility. Adjusted Net Debt: $755 million; net secured debt was $726 million. Net Secured Leverage: 4.2 times covenant EBITDA versus the 4.75 times covenant test. Year-to-Date Cash Provided by Operating Activities: $37 million, translating into adjusted free cash flow of negative $8 million, a $57 million improvement from negative $65 million in the prior year period. Year-to-Date Capex: $45 million, including $9 million for strategic projects. Warning! GuruFocus has detected 4 Warning Signs with RYAM. Is RYAM fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rayonier Advanced Materials Inc (NYSE:RYAM) reported a strong sequential improvement in Q2 2026, with adjusted EBITDA increasing to $40 million from $8 million in Q1, and a 43% year-over-year increase. Cellulose specialties pricing increased 21% year-over-year, demonstrating the differentiated performance and value of the portfolio, with expectations for pricing to remain significantly above prior year levels through the second half. The company is advancing a comprehensive strategic review, expected to conclude in Q4 2026, with constructive engagement from interested parties and a clear mandate to maximize shareholder value. RYAM is the sole remaining U.S. supplier of nitrocellulose-grade dissolving wood pulp, a mission-critical feedstock for defense and industrial applications, reinforcing the strategic relevance of its assets. The company has identified a tangible pipeline of reliability, productivity, and cost initiatives, including energy efficiency and process optimization, which are expected to improve earnings and cash generation. Year-to-date adjusted free cash flow improved by $57 million compared to the prior year period, keeping the company on track to generate positive free cash flow for 2026. The company is advancing trade actions, including final Section 301 tariffs on Brazilian and Norwegian dissolving wood pulp imports, which are expected to create fairer competitive conditions for U.S. suppliers. Rayonier Advanced Materials Inc (NYSE:RYAM) reported a loss from continuing operations of $33 million in Q2 2026, which included a $13 million non-cash asset impairment charge related to high-yield pulp. The paperboard and high-yield pulp segment continued to underperform, with adjusted EBITDA declining to negative $10 million, impacted by lower pricing and planned maintenance downtime. The company's leverage remains elevated, with net secured leverage at 4.2 times covenant EBITDA, close to the covenant test of 4.75 times. Cellulose specialties volumes remained lower year-over-year as the company continued to execute its value-based pricing initiatives, and second-half volumes are expected to improve only modestly. The company faces significant uncertainty from recently announced tariffs on certain Canadian-origin products, which could materially impact the economics of its paperboard and high-yield pulp business. Certain end markets continue to be challenged, and performance across portions of the portfolio, particularly paperboard and high-yield pulp, must improve to achieve the company's financial targets. The company's adjusted free cash flow remained negative at negative $8 million year-to-date, despite the significant improvement from the prior year period. Q: Why were you hired as CEO, and what gives you confidence you can unlock value for shareholders, whether through the strategic review or as a stand-alone company? Also, what is the path for CS volumes in the second half and full-year free cash flow, and how important is that cash flow for refinancing the 2027 debt?A: Daniel Krawczyk (President and CEO): I was hired to maximize shareholder value by supporting the rigorous strategic review and strengthening the business during that process. I joined because of the strong, specified cellulose specialties platform, the stickiness of our customer relationships, and tangible opportunities to improve commercial execution and operational performance. Marcus Moeltner (CFO): We feel good about HPC momentum, with Q2 adjusted EBITDA of $57 million versus $24 million in Q1. We have line of sight on 10% to 15% volume improvement in the back half with good mix. We are also focused on working capital and discretionary spending to position the business for a refinancing, which will depend on operating performance, market conditions, and the strategic review outcome. Q: How do you see the new U.S. tariffs on Brazil and Norway impacting the CS market, specifically the U.S. acetates market, through this year and into next?A: Daniel Krawczyk (President and CEO): The USTR announced final Section 301 actions including a 37.5% tariff on Brazilian dissolving wood pulp and 12.5% on Norwegian imports. If sustained, these actions would provide fairer, more competitive conditions for qualified U.S. suppliers, including acetate and other cellulose specialty applications. The ultimate outcome depends on downstream trade programs and regulatory mechanisms, but we believe it will improve the competitiveness of our assets and create a level playing field. Q: How are you thinking about potential customer churn in CS volumes as you enter the next contract year, and would you expect customers to evaluate alternative supply given your pricing strategy?A: Daniel Krawczyk (President and CEO): We see good momentum going into Q3 and Q4 for additional volumes. Customers always evaluate alternatives, but we bring the broadest range of products, particularly in Ethers, across our assets. We aim to provide stability and certainty through long-range contracts and partnerships. While pricing has been a focus, our relationships are decades old and remain intact. We believe we can solidify them with longer-term agreements. Q: Can you disclose your share of paperboard shipments into the U.S. and the options you have to adapt if the Section 338 tariffs take effect and persist?A: Daniel Krawczyk (President and CEO): Roughly 75% of our paperboard volume is sold into the U.S. The tariffs have the potential to materially impact the economics of our paperboard and high-yield pulp business. We are actively working with policymakers to assess the final scope and timing, and we are developing commercial actions with customers and operational responses to mitigate any negative effects. Q: Can you talk about the magnitude of the nitrocellulose opportunity, what products you have qualified, and what you are doing to grow in that market?A: Daniel Krawczyk (President and CEO): Ryam is the sole remaining U.S. supplier of dissolving wood pulp for nitrocellulose applications, supporting U.S. defense and NATO supply chains. It is a mission-critical feedstock requiring exacting purity and consistency. We are actively qualifying other grades across our facilities to provide security of supply and flexibility for the Department of Defense. It is an extremely valuable part of our cellulose specialties product mix. Q: Your paperboard and high-yield pulp division is delivering negative EBITDA despite higher volumes. What needs to happen to close the gap and get to profitability?A: Daniel Krawczyk (President and CEO): Tariffs aside, we expect a meaningful step-up in the second half, driven by execution. The primary levers are commercializing new high-value products like freezer board, oil and grease resistant board, and rolled softwood high-yield pulp. We are seeing some tightening in the paperboard market, which helps, but we are tracking qualifications and recurring orders to realize margins from these new products and mitigate losses. Q: Was the sequential price increase in Cellulose Specialties a function of mix or signing higher-priced contracts in Q2, and what is the direction for pricing through the balance of the year?A: Marcus Moeltner (CFO): It was a combination of a greater proportion of higher-value cellulose specialties, customer mix, and the benefits of pricing discussions. Looking forward, we expect 10% to 15% volume improvement with good pricing and mix, though more weighted to other CS grades in the back half. Daniel Krawczyk (CEO): As we produce more CS grades, we push out more commoditized cellulose commodities, which has a positive effect on mix. Q: Can you provide more detail on the expected improvement in the second half and how the actions underway are building momentum into 2027?A: Daniel Krawczyk (President and CEO): Our Q2 results were ahead of expectations and keep us on track for positive free cash flow in 2026. CS pricing is expected to remain significantly above prior year levels through the second half, with volumes improving compared to the first half. We anticipate more favorable inventory conditions in 2027. Underlying supply and demand remain tight. In cellulose commodities, pricing has stabilized with modest improvement expected. In paperboard, tighter conditions support a firmer pricing outlook. We are also advancing trade actions and cost recovery actions to mitigate inflation and improve cash generation. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. New CEO Dan Krawczyk emphasized that the ongoing strategic review is progressing with urgency and discipline, with a mandate to maximize shareholder value through either a transaction or stand-alone optimization. Performance improvement in the second quarter was primarily driven by a 21% year-over-year increase in Cellulose Specialties (CS) pricing, reflecting a disciplined value-based pricing strategy. Management identified a tangible pipeline of reliability, productivity, and cost initiatives to improve the manufacturing network's earnings and cash generation capability. The company is leveraging its unique position as the sole remaining U.S. supplier of nitrocellulose grade dissolving wood pulp for defense and NATO applications, citing it as a critical strategic asset. Operational strategy is shifting from maximizing volume to prioritizing high-margin product mix and markets where RYAM maintains a durable competitive advantage. Management noted that while CS volumes were lower year-over-year due to pricing initiatives, sequential volume growth of 19% indicates a recovery in demand and supply chain stabilization. The company expects to conclude its comprehensive strategic review and communicate a definitive path forward during the fourth quarter of 2026. Management reiterated its target to deliver positive free cash flow for the full year 2026, supported by improved second-half earnings and disciplined capital allocation. Second-half CS volumes are projected to improve by 10% to 15% compared to the first half, with pricing expected to remain significantly above prior-year levels. Strategic priorities for 2027 include positioning the company for potential refinancing alternatives by strengthening the earnings run rate and improving operating performance and cash generation. Biomaterials opportunities, such as the Altamaha Green Energy project, are being advanced using capital-light models to preserve upside without requiring additional cash equity. A $13 million noncash asset impairment charge was recorded in the second quarter related to high-yield pulp assets. Management is monitoring new U.S. tariffs on Canadian-sourced products, which could impact the Paperboard segment as 75% of its volume is sold into the U.S. market. Final Section 301 actions involving 37.5% tariffs on Brazilian and 12.5% on Norwegian dissolving wood pulp are expected to create a more competitive environment for U.S. suppliers. Paperboard and high-yield pulp segments remain under pressure, delivering negative EBITDA due to lower pricing and planned maintenance downtime. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Dan Krawczyk cited RYAM's highly specified, sticky customer relationships and untapped operational potential as the primary reasons for joining. He highlighted his background in specialty chemicals and restructuring as a fit for the company's current need to evaluate strategic alternatives while improving base performance. Management expects volume momentum to continue as supply chains stabilize and customers seek security of supply. The company aims to transition recent pricing gains into long-term contracts to provide stability and certainty for both the company and its customers. Profitability hinges on the successful commercialization of new high-value products like freezer board and oil-resistant grades. Management is implementing operational and commercial mitigation plans to offset potential negative impacts from recently announced Canadian tariffs.

Strategic review remains the top priority; momentum builds into the second half Net Sales increased 18% from the first quarter to $376 million and were up 11% from the prior-year quarter Loss from Continuing Operations improved to $33 million from $81 million in the first quarter Adjusted EBITDA from Continuing Operations increased to $40 million from $8 million in the first quarter and was up 43% from the prior-year quarter Cellulose Specialties pricing increased 21% year-over-year and 8% sequentially, while sales volumes improved 19% from the first quarter Second-quarter results were ahead of expectations; full-year trajectory remains on track with prior expectations Strategic review remains the top priority, with the Company expecting to conclude the review and communicate a clear path forward during the fourth quarter JACKSONVILLE, Fla., August 04, 2026--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (NYSE:RYAM) (the "Company") today reported results for its second quarter ended June 27, 2026. "I am excited to join RYAM at a pivotal time for the Company," said Daniel M. Krawczyk, President and Chief Executive Officer. "The Board asked me to bring an operational lens, strategic perspective and transaction experience to a clear mandate: maximize value for our shareholders. I am fully committed to concluding the Company’s comprehensive review of strategic alternatives with urgency and discipline and communicating a clear path forward during the fourth quarter. At the same time, we will continue strengthening the performance and market position of the business while keeping the Company on track to deliver against its full-year objectives. "Since stepping into the role, I have spent significant time with our employees, customers, leadership team and advisors, as well as interested parties participating in our strategic review and other stakeholders. Those conversations have reinforced my conviction that RYAM has substantial untapped value. At the center of that value is a highly differentiated Cellulose Specialties franchise, supported by leading market positions, specialized and difficult-to-replicate assets, deep technical expertise and strong customer relationships built over decades. These durable competitive advantages, together with a tangible pipeline of reliability, productivity and cost initiatives across our manufacturing network, provide clear, actionable levers to unlock value and deliver stronger, more consistent earnings and cash flow. "Our second-quarter results were ahead of expectations and showed strong sequential improvement, reflecting both the value of our Cellulose Specialties products and the benefits of ongoing operational improvements. Our full-year trajectory remains aligned with our prior expectations, including generating positive free cash flow in 2026. Cellulose Specialties pricing increased 21% compared with the prior-year quarter, reflecting the value our products deliver in our customers’ most demanding applications. Our customers are critical partners to RYAM, and we will continue working collaboratively with them to help differentiate their products and create value in the markets they serve. We also remain focused on improving reliability and prioritizing the products and markets where RYAM has the strongest competitive position. "To be clear, executing the business plan and completing the strategic review are not competing priorities. Stronger operations, disciplined commercial execution and improved cash generation enhance the value of the Company and the range of alternatives available to the Board. We also continue to advance select biomaterials opportunities that offer attractive investment economics and meaningful value creation. For example, RYAM retains a capital-light interest in the Altamaha Green Energy project through its land and prior investments, preserving potential upside without requiring additional cash equity from the Company. My focus is to build on RYAM’s Cellulose Specialties leadership position, partner closely with our customers and act decisively on the opportunities in front of us, while ensuring that the path ultimately selected captures the full value of this unique platform for our shareholders." Second Quarter 2026 Financial Results Net loss and loss from continuing operations for the quarter ended June 27, 2026 were each $33 million, or $(0.49) per diluted share, inclusive of a $13 million non-cash asset impairment. Net loss and loss from continuing operations for the same prior year quarter were $363 million, or $(5.44) per diluted share, and $366 million, or $(5.48) per diluted share, respectively, each inclusive of a $337 million non-cash deferred tax asset write-off. Beginning in January 2026, the Company reorganized its segment structure and now operates in two segments: High Purity Cellulose: formerly the segments of Cellulose Specialties, Cellulose Commodities and Biomaterials Paperboard & High Yield Pulp: formerly the segments of Paperboard and High Yield Pulp Prior period segment results have been recast to align with this new segment reporting structure. Net sales were composed of the following for the periods presented: Operating income (loss) was composed of the following for the periods presented: High Purity Cellulose Net Sales Net sales for the second quarter increased $29 million, or 11%, compared to the same prior year quarter, driven by: Cellulose sales volume increase of 20%, including a 94% increase in cellulose commodities (CC) sales volume that was partially offset by a 23% decrease in cellulose specialties (CS) sales volume. Cellulose average sales price decrease of 7%, including an 11% decrease in CC average sales price that was partially offset by a 21% increase in CS average sales price. Operating Income Operating income for the second quarter increased $9 million, or 45%, compared to the same prior year quarter, driven by: Increase in CS average sales price. Lower wood costs. Lower fixed costs due to reduced discretionary spending. Improved operating rates. These increases were partially offset by: Lower CS sales volumes and mix resulting from higher CC sales. Lower CC pricing and mix. Higher inflation of chemicals and logistics costs. Paperboard & High Yield Pulp Net Sales Net sales for the second quarter increased $7 million, or 10%, compared to the same prior year quarter, driven by: Total sales volume increase of 22%, including 15% and 29% increases for paperboard (PBD) and high yield pulp (HYP), respectively, due to: These increases were partially offset by: Total average sales price decrease of 10%, including 9% and 4% decreases for PBD and HYP, respectively, driven by: Operating Loss Operating loss for the second quarter increased $20 million, or 286%, compared to the same prior year quarter, driven by: HYP non-cash asset impairment of $13 million in the current quarter. Decreases in average sales prices discussed above. Impacts of the planned maintenance outage and market-related downtime taken in the current quarter. Partially offsetting these decreases were the increases in sales volumes discussed above. Corporate & Other Operating loss for the second quarter improved $5 million, or 36%, compared to the same prior year quarter, driven by favorable foreign exchange rates in the current quarter compared to unfavorable rates in the prior quarter, partially offset by higher variable compensation costs. Liquidity The Company ended its second quarter with $145 million of global liquidity, including $57 million of cash, $76 million of borrowing capacity under the ABL Credit Facility and $12 million of availability under the France factoring facility. As of June 27, 2026, the Company’s consolidated net secured leverage ratio was 4.2 times covenant EBITDA. Conference Call Information RYAM will host a conference call and live webcast at 9:00 a.m. ET on Wednesday, August 5, 2026, to discuss these results. Supplemental materials and access to the live audio webcast will be available at www.RYAM.com. A replay of this webcast will be archived on the Company’s website shortly after the call. Investors may listen to the conference call by dialing 800-715-9871 (U.S. & Canada Toll-Free) or +1 (646) 307-1963 (International) and entering Conference ID 3159397. An audio replay of the teleconference will be available one hour after the call ends. To access the replay, please dial +1 (800) 770-2030 (U.S. & Canada Toll-Free) or +1 (609) 800-9909 (International) and enter Playback ID 3159397 followed by the # key. The replay will be available until 11:59 p.m. on Wednesday, August 19, 2026. About RYAM RYAM is a global leader of high purity cellulose commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various other industrial applications. RYAM’s specialized assets, capable of creating the world’s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, paperboard, high yield pulp and various value-added co-products, including biofuels, bioelectricity and lignin. With manufacturing operations in the U.S., Canada and France, RYAM generated $1.5 billion of revenue in 2025. More information is available at www.RYAM.com. 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 performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "target," "believe," "intend," "plan," "forecast," "anticipate," "guidance" and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. Forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to various risks and uncertainties. All statements made in this earnings release are made only as of the date set forth at the beginning of this release. The Company undertakes no obligation to update the information made in this release in the event facts or circumstances change after the date of this release. The Company has not filed its Form 10-Q for the quarter ended June 27, 2026. As a result, all financial results described in this earnings release should be considered preliminary and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time the Company files its Form 10-Q. The Company’s operations are subject to a number of risks, including, but not limited to, those listed below. When considering an investment in the Company’s securities, you should carefully read and consider these risks, together with all other information in the Company’s Annual Report on Form 10-K and other filings and submissions to the SEC, which provide more information and detail on the risks described below. If any of the events described in the following risk factors occur, the Company’s business, financial condition, operating results and cash flows, as well as the market price of the Company’s securities, could be materially adversely affected. These risks and events include, without limitation: Macroeconomic and Industry Risks The Company’s business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by geopolitical instability and related impacts. The businesses the Company operates are highly competitive and many of them are cyclical, which may result in fluctuations in pricing and volume that can materially adversely affect the Company’s business, financial condition, results of operations and cash flows. Changes in the availability and price of raw materials and energy and continued inflationary pressure could have a material adverse effect on the Company’s business, financial condition and results of operations. The Company is subject to material risks associated with doing business outside of the United States. Foreign currency exchange fluctuations may have a material adverse impact on the Company’s business, financial condition and results of operations. Restrictions on trade through tariffs, countervailing and anti-dumping duties, quotas and other trade barriers, in the United States and internationally, could materially adversely affect the Company’s ability to access certain markets. Business and Operational Risks The Company’s ten largest customers represented a significant portion of the Company’s 2025 revenue and the loss of all or a substantial portion of revenue from these customers would likely have a material adverse effect on the Company’s business. A material disruption at any of the Company’s manufacturing plants could prevent the Company from meeting customer demand, reduce sales and profitability, increase the cost of production and capital needs, or otherwise materially adversely affect the Company’s business, financial condition and results of operations. Unfavorable changes in the availability of, and prices for, wood fiber may have a material adverse impact on the Company’s business, financial condition and results of operations. The Company depends on third parties for transportation services and unfavorable changes in the cost and availability of transportation could materially adversely affect the Company’s business. Substantial capital is required to maintain the Company’s production facilities, and the cost to repair or replace equipment, as well as the associated downtime, could materially adversely affect the Company’s business. The Company faces risks to its assets, including the potential for substantial impairment of long-lived assets. The Company may be required to recognize a significant non-cash charge to earnings if its recorded deferred tax assets are deemed unrealizable. Failure to maintain satisfactory labor relations could have a material adverse effect on the Company’s business. The Company depends on attracting and retaining key personnel, the loss of whom could materially adversely affect the Company’s business. Failure to meet the Company’s customers’ needs through the development of new products or the discovery of new applications for existing products, or the inability to protect the intellectual property underlying new products or applications, could have a material adverse impact on the Company’s business. Failure to integrate AI and similar advanced technologies into the Company’s business processes may materially adversely affect the Company’s competitive position and results of operations. Loss of Company intellectual property and sensitive data or disruption of manufacturing operations due to a cybersecurity incident could materially adversely impact the business. Our strategic initiatives and operating priorities may not achieve their intended results. Challenges and uncertainties in executing the Company’s strategy to grow its Biomaterials business may adversely impact its business and financial results. Regulatory and Environmental Risks The Company’s business is subject to extensive environmental laws, regulations and permits that may materially restrict or adversely affect how the Company conducts business and its financial results. The potential long-term impact of climate-related risks remain uncertain at this time. Regulatory measures to address climate change may materially restrict how the Company conducts business or adversely affect its financial results. Financial Risks The Company may need to make significant additional cash contributions to its retirement benefit plans if investment returns on pension assets are lower than expected or interest rates decline, and/or due to changes to regulatory, accounting and actuarial requirements. The Company has debt obligations that could materially adversely affect the Company’s business and its ability to meet its obligations. Covenants in the Company’s debt agreements may impair its ability to operate its business. Challenges in the commercial and credit environments may materially adversely affect the Company’s future access to capital. The Company may require additional financing in the future to meet its capital needs or to make acquisitions, and such financing may not be available on favorable terms, if at all, and may be dilutive to existing stockholders. Common Stock and Certain Corporate Matters Risks Stockholders’ ownership in RYAM may be diluted. Certain provisions in the Company’s amended and restated certificate of incorporation and bylaws, as well as Delaware law, could prevent or delay an acquisition of the Company, which could decrease the price of its common stock. Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company assumes no obligation to update these statements except as is required by law. 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 information to its Board of Directors, management and investors regarding its financial condition and results of operations. Management uses these non-GAAP financial measures to compare its performance to that of prior periods for trend analyses, to determine management incentive compensation and for budgeting, forecasting and planning purposes. The Company does not consider these non-GAAP financial measures an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in the consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures are provided below. Non-GAAP financial measures are not necessarily indicative of results that may be generated in future periods and should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804606257/en/ Contacts MediaRyan Houck904-357-9134 InvestorsCody LaCoste904-357-4617

International Paper Company IP reported adjusted operating earnings of four cents per share for the second quarter of 2026, down 77.8% year over year. The figure beat the Zacks Consensus Estimate of a loss of four cents by 200%. Elevated planned maintenance outages pressured profitability in the quarter. Including one-time items, the company reported a loss of two cents per share against earnings of 14 cents in the year-ago quarter. Net sales declined 2.2% year over year to $6.00 billion and missed the consensus mark of $6.17 billion by 2.7%. North American box volumes rose 1.7% in the quarter. International Paper Company price-consensus-eps-surprise-chart | International Paper Company Quote Cost of products sold decreased 1.8% year over year to $4.34 billion. Gross profit was down 3.5% year over year to $1.66 billion. The gross margin came in at 27.6% compared with the year-ago quarter’s 28%. Selling and administrative expenses increased 7.4% to $564 million, while distribution expenses rose 1.4% to $523 million. Adjusted EBITDA from continuing operations fell 12.4% year over year to $587 million on expected higher maintenance outage costs. The adjusted EBITDA margin contracted to 9.8% from 10.9%. Adjusted operating income declined 58.6% to $99 million from $239 million in the prior-year quarter. The Packaging Solutions North America segment’s sales were $3.69 billion, down 4.5% year over year but up 1.7% sequentially. Our projection for the segment’s sales was $3.77 billion. The segment’s operating profit declined 26.4% year over year to $204 million. Adjusted EBITDA fell to $425 million from $515 million, while the margin contracted to 12.2% from 13.9%. Higher planned outage costs and lower export volumes outweighed favorable pricing, mix and improved mill performance. Our projection for the segment’s operating income and adjusted EBITDA was $169.7 million and $385.7 million, respectively. Packaging Solutions EMEA sales were $2.29 billion, nearly flat with the prior-year quarter. Our expectation for the segment’s sales was $2.36 billion. The segment reported an operating loss of $80 million compared with a loss of $1 million a year ago. Adjusted EBITDA decreased 6.2% to $182 million, and the adjusted EBITDA margin narrowed to 8% from 8.5%. Higher paper costs within packaging, distribution expenses and weaker volumes offset energy-cost benefits and cost-reduction actions. Our projection for the segment’s operating income and adjusted EBITDA was a loss of $90.1 million and $158.9 million, respectively. Cash provided by operating activities increased to $526 million from $476 million in the year-ago quarter. However, capital expenditures rose to $533 million from $422 million. This led to a free cash flow of a negative $7 million against positive $54 million a year earlier. International Paper expects third-quarter adjusted EBITDA from continuing operations between $780 million and $830 million. The outlook includes an estimated $85 million negative impact from the temporary suspension of operations at the Pine Hill mill for roof repairs.Packaging Solutions North America adjusted EBITDA is projected between $555 million and $585 million, including the Pine Hill impact. Packaging Solutions EMEA adjusted EBITDA is expected between $230 million and $250 million. For 2026, management targets adjusted EBITDA from continuing operations of $3.20-$3.40 billion. The company expects Packaging Solutions North America adjusted EBITDA of $2.35-$2.45 billion and Packaging Solutions EMEA adjusted EBITDA of $900 million-$1 billion. International Paper projects full-year net sales of $24.5-$25.1 billion and free cash flow of $300-$500 million. Capital expenditures are targeted between $2 billion and $2.1 billion, while maintenance outage expenses are forecast at $431 million. The company completed the NORPAC acquisition in June and the acquisition of a converting facility from Delmarva Corrugated Packaging in Dover, DE, in May. It also finished the Riverdale machine conversion, with the ramp-up progressing as expected. Operations at the Waterloo greenfield packaging plant are scheduled to begin in the fourth quarter. In EMEA, International Paper has announced more than $210 million of run-rate savings tied to footprint and headcount actions. The planned separation of the North American and EMEA packaging operations remains on track with the previously announced timeline. The company’s shares have lost 19.4% in the past year compared with the industry’s 8.3% decline. Image Source: Zacks Investment Research IP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Packaging Corporation of America PKG reported second-quarter 2026 adjusted earnings of $2.35 per share, falling 5.2% year over year but beating the Zacks Consensus Estimate of $2.31. Packaging Corp’s sales increased 14.7% year over year to $2.49 billion and surpassed the consensus estimate of $2.40 billion by 3.6%. Total corrugated products shipments reached an all-time quarterly record, rising 24.3% both per day and in total from the prior-year quarter. Smurfit Westrock Plc SW reported second-quarter 2026 adjusted earnings of 35 cents per share, down 20% year over year. The figure missed the Zacks Consensus Estimate of 42 cents by 16.7%. Higher input costs, particularly freight, pressured profitability. Smurfit Westrock's net sales increased 1.1% year over year to $8.03 billion and surpassed the consensus estimate of $7.99 billion by 0.5%. Rayonier Advanced Materials RYAM is expected to release second-quarter 2026 results on Aug. 4. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 17 cents per share. The company incurred a loss of 43 cents per share in the year-ago quarter. The consensus estimate for Rayonier Advanced Materials’ top line is pegged at $357.5 million, indicating 5.5% growth from the prior-year reported figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Paper Company (IP) : Free Stock Analysis Report Packaging Corporation of America (PKG) : Free Stock Analysis Report Rayonier Advanced Materials Inc. (RYAM) : Free Stock Analysis Report Smurfit Westrock PLC (SW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Smurfit Westrock Plc SW has reported second-quarter 2026 adjusted earnings of 35 cents per share, down 20% year over year. The figure missed the Zacks Consensus Estimate of 42 cents by 16.7%. Higher input costs, particularly freight, pressured profitability.Net sales increased 1.1% year over year to $8.03 billion and surpassed the consensus estimate of $7.99 billion by 0.5%. Smurfit Westrock PLC price-consensus-eps-surprise-chart | Smurfit Westrock PLC Quote Smurfit Westrock has reported an operating profit of $309 million, up 23.1% year over year. The company’s cost of sales increased 3.2% to $6.63 billion from the year-ago period. Gross profit fell 7.7% year over year to $1.40 billion.Adjusted EBITDA declined to $1.14 billion from $1.21 billion a year ago, while the adjusted EBITDA margin contracted to 14.2% from 15.3%. In North America, net sales totaled $4.74 billion, moving down marginally from $4.76 billion in the year-ago quarter. Adjusted EBITDA declined 6.4% year over year to $704 million. Corrugated volumes fell 4.8% on a days-adjusted basis, reflecting continued pressure in the region. However, SW noted improving commercial momentum, a supportive pricing backdrop and progress in cost-reduction initiatives.The Europe, MEA & APAC segment delivered net sales of $2.83 billion, up 1.7% from $2.78 billion in the prior-year quarter. The segment’s adjusted EBITDA increased 2.2% year over year to $380 million. Corrugated volumes rose 1.5% on a days-adjusted basis, supported by strengthening containerboard markets, improving corrugated pricing and disciplined cost management.Net sales of the LATAM segment were $559 million, up 7.9% year over year from $518 million. Adjusted EBITDA came in at $124 million compared with $123 million in the second quarter of 2025. Corrugated volumes increased 1% on a days-adjusted basis, aided by healthy demand across the key markets and pricing actions that helped offset inflationary pressures. SW had cash and cash equivalents of $677 million as of June 30, 2026, compared with $892 million at the end of 2025. Net cash provided by operating activities was $765 million compared with $829 million in the year-ago quarter. Capital expenditure totaled $465 million, down from $522 million in the prior-year period.The company announced a quarterly dividend of 45.23 cents per ordinary share, payable Sept. 10, 2026, to shareholders of record as of Aug. 14. For the third quarter of 2026, the company expects adjusted EBITDA of $1.3 billion. Full-year adjusted EBITDA is projected between $4.9 billion and $5.1 billion, with momentum through the second half of 2026.The company expects 2026 freight and energy cost increases of $300 million and $220 million, respectively. Third-quarter year-over-year increases are projected at $80 million for freight and $70 million for energy. Shares of the company have gained 10.1% in the past year against the industry’s 2.5% decline. Image Source: Zacks Investment Research The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Packaging Corporation of America PKG reported second-quarter 2026 adjusted earnings of $2.35 per share, falling 5.2% year over year but beating the Zacks Consensus Estimate of $2.31. Packaging Corp’s sales increased 14.7% year over year to $2.49 billion and surpassed the consensus estimate of $2.40 billion by 3.6%. Total corrugated products shipments reached an all-time quarterly record, rising 24.3% both per day and in total from the prior-year quarter. International Paper Company IP is expected to release second-quarter 2026 results on July 30. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 4 cents per share. The company posted earnings of 20 cents per share in the year-ago quarter.The consensus estimate for International Paper’s top line is pegged at $6.17 billion, indicating an 8.8% decline from the prior-year reported figure.Rayonier Advanced Materials RYAM is expected to release second-quarter 2026 results on Aug. 4. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 17 cents per share. The company incurred a loss of 43 cents per share in the year-ago quarter.The consensus estimate for Rayonier Advanced Materials’ top line is pegged at $357.5 million, indicating 5.5% growth from the prior-year reported figure. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Smurfit Westrock PLC (SW) : Free Stock Analysis Report International Paper Company (IP) : Free Stock Analysis Report Packaging Corporation of America (PKG) : Free Stock Analysis Report Rayonier Advanced Materials Inc. (RYAM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Management initiated a formal strategic review following third-party interest, evaluating options ranging from a full sale or merger to capital structure restructuring and debt refinancing. First quarter performance was driven by a 17% increase in Cellulose Specialties (CS) pricing, reflecting a deliberate strategy to prioritize value over volume and better align pricing with product utility. CS volume declines were attributed to elevated customer inventories in acetate and soft demand in European construction for ethers, alongside competition from Chinese imports. The company is implementing 'dynamic asset allocation' to increase operational flexibility, allowing production lines to pivot quickly between grades like paper pulp and fluff based on real-time market pricing. Operational priorities for 2026 focus on reversing negative free cash flow and elevated debt through improved product mix, commercialization of new offerings, and disciplined capital allocation. Management is actively pursuing trade actions, including anti-dumping and countervailing duties, to protect its position as the sole remaining U.S. producer of high-purity dissolving wood pulp. Management expects 2026 to be a transition year, with sequential EBITDA improvement driven by the continued realization of higher CS contract pricing and normalizing commodity markets. The company targets approximately 10 thousand metric tons of annual sales in 2026 for both freezer board and oil-and-grease-resistant board as part of its T￩miscaming-centric product pipeline. Guidance assumes a recovery in the fluff market, with forecasted price increases of approximately $55 in China and $120 in North America and Europe supporting margin expansion. Inventory conditions across the CS value chain are expected to become more favorable as the market moves into 2027, supported by tight supply-demand dynamics above 90% capacity utilization. The company expects to generate positive free cash flow for the full year 2026 through a combination of better operating performance and strategic balance sheet actions. An interim office of the CEO has been established to provide continuity during the search for a permanent leader and the ongoing strategic review process. A recent isolated fire incident resulted in a minor financial impact of approximately $5 million, though management noted it was significantly less severe than previous events. Inflationary pressures persist in logistics and chemicals, specifically within the sulfur and ammonia families, driven by higher oil and diesel costs. The company faces ongoing headwinds in the High Yield Pulp segment due to domestic oversupply in Asia and new third-party supply in the paperboard market. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management has secured the majority of 2026 CS volumes at pricing meaningfully higher than 2025 levels, as evidenced by the 17% price increase in Q1. Volume weakness is partially market-driven by elevated acetate inventories and soft European construction demand, but discussions to complete remaining negotiations are well advanced. The review was triggered by unsolicited third-party interest and a belief that the public market underappreciates the value of the company's unique cellulose-based offerings. The mandate is broad, covering corporate development and capital structure optimization to maximize shareholder value. Management is pivoting production toward fluff to capture significant price momentum in North America and Europe. Q2 is expected to see a higher mix of fluff and lower paper pulp production compared to Q1 to take advantage of the strengthening pricing environment. Higher shipping costs, particularly to China, are being driven by fuel surcharges and broader inflationary pressures on freight. The company is attempting to mitigate these costs through supplier negotiations and targeted commercial recovery actions. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Net Sales for the quarter of $319 million, down $34 million from prior year quarter Net Loss for the quarter of $81 million, a decline of $49 million from prior year quarter, inclusive of non-cash permanent idling charges of $41 million Adjusted EBITDA for the quarter of $8 million, down $9 million from prior year quarter Cash Provided by Operating Activities of $32 million; Adjusted Free Cash Flow generation of $12 million Total Debt of $763 million and Net Secured Debt of $705 million with a covenant net secured leverage ratio of 4.3 times JACKSONVILLE, Fla., May 05, 2026--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (NYSE:RYAM) (the "Company") today reported results for its first quarter ended March 28, 2026. "Our first quarter performance was consistent with the trajectory we outlined in March, with early progress on pricing and mix in Cellulose Specialties and positive adjusted free cash flow despite a low earnings base," said Marcus Moeltner, Office of the CEO, Chief Financial Officer and Senior Vice President of Finance. Moeltner added, "As previously announced, we are conducting a review of a range of strategic and financial alternatives to maximize shareholder value, including continued execution of our standalone plan. In light of recent unsolicited indications of interest and the Board’s responsibility to evaluate the full range of value-maximizing options available to the Company, we believe this is the appropriate time to undertake that review. While that process is underway, our focus remains on executing our operating plan, strengthening earnings and cash flow, and advancing our Cellulose Specialties leadership initiative. "2026 remains a transition year that depends on sequential improvement, and we have a defined path to build earnings momentum over the balance of the year. Our priorities remain unchanged, and we continue to expect full-year EBITDA above 2025 levels and positive free cash flow in 2026. By continuing to execute our strategic leadership initiatives, we are laying the foundation for stronger performance in 2027 and beyond." First Quarter 2026 Financial Results The Company reported a net loss of $81 million, or $(1.22) per diluted share, for the quarter ended March 28, 2026, compared to a net loss of $32 million, or $(0.49) per diluted share, for the prior year quarter. Beginning in January 2026, the Company reorganized its segment structure and now operates in two segments: High Purity Cellulose: formerly the segments of Cellulose Specialties, Cellulose Commodities and Biomaterials Paperboard & High Yield Pulp: formerly the segments of Paperboard and High Yield Pulp Prior period segment results have been recast to align with this new segment reporting structure. Net sales were comprised of the following for the periods presented: Operating income (loss) was comprised of the following for the periods presented: High Purity Cellulose In April 2026, an isolated fire occurred on the B production line of the Company’s HPC plant in Jesup, Georgia during its scheduled annual maintenance outage. There were no injuries to employees or contractors and no impact on the surrounding community. Production lines A and C resumed operations as scheduled following the maintenance outage and the B line resumed operations within one week of the fire. The total impact of the fire is estimated at under $5 million. Net Sales Net sales for the quarter decreased $16 million, or 6%, compared to the prior year quarter, driven by: Cellulose sales volume increase of 5%, driven by mix that included a 58% increase in cellulose commodities (CC) sales volume that was partially offset by a 35% decrease in cellulose specialties (CS) sales volume. CC sales volume increased as the Company executed its CS leadership initiatives and shifted production toward commodity products. CS sales volume declined as the Company executed its CS leadership initiatives, with the decline further impacted by elevated inventory levels in the acetate market and softer demand in the ethers market. Cellulose average sales price decrease of 11%, including an 11% decrease in CC average sales price that was partially offset by a 17% increase in CS average sales price. CS average sales price increase was driven by improved pricing of newly negotiated contracts. The Company remains on track to securing value-based pricing for its 2026 CS portfolio. CC average sales price decline was due to softer global commodity pricing. Partially offsetting the decreases above was an increase in biomaterials and other net sales from $11 million to $13 million, primarily driven by 2G bioethanol fuel and lignosulfonates. Operating Income (Loss) Operating results for the quarter declined $63 million, or 315%, compared to the prior year quarter, driven by: Non-cash permanent idling charges of $41 million in the current quarter as a result of the decision to permanently cease dissolving wood pulp production at the Temiscaming HPC plant. Decrease in net sales discussed above, primarily the decrease in variable margin resulting from the lower CS sales volumes. Higher labor and maintenance costs. These decreases were partially offset by: Lower wood costs. Insurance recovery of $4 million related to the 2024 Jesup plant fire. Lower energy costs, driven by a $3 million higher benefit from sales of excess emission allowances in the current quarter compared to the prior year quarter. Paperboard & High Yield Pulp Net Sales Net sales for the quarter decreased $18 million, or 24%, compared to the prior year quarter, driven by: Total sales volume decrease of 26%, due to 5% and 42% decreases for paperboard (PBD) and high yield pulp (HYP), respectively. Total average sales price increase of 2%, despite 10% and 3% decreases for PBD and HYP, respectively, due to a higher mix of PBD sales. These decreases were driven by: Increased competitive activity in PBD due to the startup of new U.S. capacity in mid-year 2025. Continued oversupply of domestic HYP in Asia. Weaker demand for paper and packaging materials due to global economic uncertainty. Partially offsetting these decreases were higher sales of folding packaging PBD grades due to increased focus on this market segment. Operating Loss Operating loss for the quarter increased $1 million, or 11%, compared to the prior year quarter, driven by: Decrease in net sales discussed above. Increase in logistics costs due to higher ocean freight rates for shipments to Asia as a result of the current geopolitical environment. Impact of market downtime taken in the current quarter. Partially offsetting these decreases were: Lower energy costs due to higher offsetting electricity production and sales. Lower purchased pulp costs. Corporate & Other Operating loss for the quarter improved $14 million, or 54%, compared to the prior year quarter, driven by: Lower environmental remediation expense driven by the $12 million charge incurred in the prior year quarter. Favorable foreign exchange rates in the current quarter compared to unfavorable rates in the prior year quarter. Liquidity The Company ended the first quarter with $160 million of global liquidity, including $68 million of cash, $88 million of borrowing capacity under the ABL Credit Facility and $4 million of availability under the France factoring facility. As of March 28, 2026, the Company’s consolidated net secured leverage ratio was 4.3 times covenant EBITDA. Conference Call Information RYAM will host a conference call and live webcast at 9:00 a.m. ET on Wednesday, May 6, 2026, to discuss these results. Supplemental materials and access to the live audio webcast will be available at www.RYAM.com. A replay of this webcast will be archived on the Company’s website shortly after the call. Investors may listen to the conference call by dialing 800-715-9871 (U.S. & Canada Toll-Free) or +1 (646) 307-1963 (International) and entering Conference ID 3159397. An audio replay of the teleconference will be available one hour after the call ends until 11:59 p.m. ET on Wednesday, May 13, 2026. To access the replay, please dial +1 (800) 770-2030 (U.S. & Canada Toll-Free) or +1 (609) 800-9909 (International) and enter Playback ID 3159397 followed by the # key. About RYAM RYAM is a global leader of high purity cellulose commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various other industrial applications. RYAM’s specialized assets, capable of creating the world’s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, paperboard, high yield pulp and various value-added co-products, including biofuels, bioelectricity and lignin. With manufacturing operations in the U.S., Canada and France, RYAM generated $1.5 billion of revenue in 2025. More information is available at www.RYAM.com. 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 performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "target," "believe," "intend," "plan," "forecast," "anticipate," "guidance" and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. Forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to various risks and uncertainties. All statements made in this earnings release are made only as of the date set forth at the beginning of this release. The Company undertakes no obligation to update the information made in this release in the event facts or circumstances change after the date of this release. The Company has not filed its Form 10-Q for the quarter ended March 28, 2026. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time the Company files its Form 10-Q. The Company’s operations are subject to a number of risks, including, but not limited to, those listed below. When considering an investment in the Company’s securities, you should carefully read and consider these risks, together with all other information in the Company’s Annual Report on Form 10-K and other filings and submissions to the SEC, which provide more information and detail on the risks described below. If any of the events described in the following risk factors occur, the Company’s business, financial condition, operating results and cash flows, as well as the market price of the Company’s securities, could be materially adversely affected. These risks and events include, without limitation: Macroeconomic and Industry Risks The Company’s business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by geopolitical instability and related impacts. The businesses the Company operates are highly competitive and many of them are cyclical, which may result in fluctuations in pricing and volume that can materially adversely affect the Company’s business, financial condition, results of operations and cash flows. Changes in the availability and price of raw materials and energy and continued inflationary pressure could have a material adverse effect on the Company’s business, financial condition and results of operations. The Company is subject to material risks associated with doing business outside of the United States. Foreign currency exchange fluctuations may have a material adverse impact on the Company’s business, financial condition and results of operations. Restrictions on trade through tariffs, countervailing and anti-dumping duties, quotas and other trade barriers, in the United States and internationally, could materially adversely affect the Company’s ability to access certain markets. Business and Operational Risks The Company’s ten largest customers represented a significant portion of the Company’s 2025 revenue and the loss of all or a substantial portion of revenue from these customers would likely have a material adverse effect on the Company’s business. A material disruption at any of the Company’s manufacturing plants could prevent the Company from meeting customer demand, reduce sales and profitability, increase the cost of production and capital needs, or otherwise materially adversely affect the Company’s business, financial condition and results of operations. Unfavorable changes in the availability of, and prices for, wood fiber may have a material adverse impact on the Company’s business, financial condition and results of operations. The Company depends on third parties for transportation services and unfavorable changes in the cost and availability of transportation could materially adversely affect the Company’s business. Substantial capital is required to maintain the Company’s production facilities, and the cost to repair or replace equipment, as well as the associated downtime, could materially adversely affect the Company’s business. The Company faces risks to its assets, including the potential for substantial impairment of long-lived assets. The Company may be required to recognize a significant non-cash charge to earnings if its recorded deferred tax assets are deemed unrealizable. Failure to maintain satisfactory labor relations could have a material adverse effect on the Company’s business. The Company depends on attracting and retaining key personnel, the loss of whom could materially adversely affect the Company’s business. Failure to meet the Company’s customers’ needs through the development of new products or the discovery of new applications for existing products, or the inability to protect the intellectual property underlying new products or applications, could have a material adverse impact on the Company’s business. Failure to integrate AI and similar advanced technologies into the Company’s business processes may materially adversely affect the Company’s competitive position and results of operations. Loss of Company intellectual property and sensitive data or disruption of manufacturing operations due to a cybersecurity incident could materially adversely impact the business. Our strategic initiatives and operating priorities may not achieve their intended results. Challenges and uncertainties in executing the Company’s strategy to grow its Biomaterials business may adversely impact its business and financial results. Regulatory and Environmental Risks The Company’s business is subject to extensive environmental laws, regulations and permits that may materially restrict or adversely affect how the Company conducts business and its financial results. The potential long-term impact of climate-related risks remain uncertain at this time. Regulatory measures to address climate change may materially restrict how the Company conducts business or adversely affect its financial results. Financial Risks The Company may need to make significant additional cash contributions to its retirement benefit plans if investment returns on pension assets are lower than expected or interest rates decline, and/or due to changes to regulatory, accounting and actuarial requirements. The Company has debt obligations that could materially adversely affect the Company’s business and its ability to meet its obligations. Covenants in the Company’s debt agreements may impair its ability to operate its business. Challenges in the commercial and credit environments may materially adversely affect the Company’s future access to capital. The Company may require additional financing in the future to meet its capital needs or to make acquisitions, and such financing may not be available on favorable terms, if at all, and may be dilutive to existing stockholders. Common Stock and Certain Corporate Matters Risks Stockholders’ ownership in RYAM may be diluted. Certain provisions in the Company’s amended and restated certificate of incorporation and bylaws, as well as Delaware law, could prevent or delay an acquisition of the Company, which could decrease the price of its common stock. Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document are described or will be described in the Company’s filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company assumes no obligation to update these statements except as is required by law. 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 information to its Board of Directors, management and investors regarding its financial condition and results of operations. Management uses these non-GAAP financial measures to compare its performance to that of prior periods for trend analyses, to determine management incentive compensation and for budgeting, forecasting and planning purposes. The Company does not consider these non-GAAP financial measures an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in the consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures are provided below. Non-GAAP financial measures are not necessarily indicative of results that may be generated in future periods and should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company. Rayonier Advanced Materials Inc. Condensed Consolidated Statements of Operations (Unaudited) (in millions, except share and per share information) Rayonier Advanced Materials Inc. Condensed Consolidated Balance Sheets (Unaudited) (in millions) Rayonier Advanced Materials Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions) Rayonier Advanced Materials Inc. Average Sales Price and Sales Volumes (Unaudited) Rayonier Advanced Materials Inc. Reconciliation of Non-GAAP Measures (Unaudited) (in millions) EBITDA and Adjusted EBITDA by Segment(a) Adjusted Free Cash Flow(a) Adjusted Net Debt and Net Secured Debt(a) View source version on businesswire.com: https://www.businesswire.com/news/home/20260505491104/en/ Contacts Media Ryan Houck 904-357-9134 Investors Daniel Bradley 904-549-7396