RYAM Reports Fourth Quarter 2025 Results
Key Terms
adjusted ebitda financial
adjusted free cash flow financial
covenant net secured leverage ratio financial
lignosulfonates medical
bioethanol technical
abl credit facility financial
-
Net Sales for the fourth quarter of
$417 million $5 million -
Loss from Continuing Operations for the fourth quarter of
$21 million $5 million -
Adjusted EBITDA from Continuing Operations for the fourth quarter of
$46 million $5 million -
Total Debt of
$779 million $715 million -
Year-to-date Cash Provided by Operating Activities of
$24 million $88 million
“2025 was a challenging year for RYAM,” said Scott Sutton, President and Chief Executive Officer of RYAM. “Various disruptions and a difficult demand environment pressured volumes, earnings and cash generation, and we delivered full-year revenue of
“In 2026, our focus is sharpening around disciplined execution and cash. Our priorities are clear: deliver positive free cash flow, assert our leadership in Cellulose Specialties and drive year-over-year EBITDA improvement across every business. In Cellulose Specialties, we have the market position to lead, and we are taking value-based pricing actions to earn the returns our products deserve; as we execute, volumes will be pressured early in the year as customers adjust ordering and inventory positions. At the same time, we are tightening working capital, addressing our fixed cost structure and prioritizing and reducing CapEx relative to 2025 — focusing spend on essential maintenance and the highest-return projects. This is the path to converting improved EBITDA into cash, rebuilding a healthier operating base and positioning RYAM for stronger performance in 2027 and beyond.”
Sutton added, “Our employees are aligned and engaged behind an execution-focused operating model aimed at restoring cash generation, strengthening our leadership positions and lifting people.”
Fourth Quarter 2025 Financial Results
The Company reported a loss from continuing operations and net loss each of
Beginning in January 2025, the Company reorganized its former High Purity Cellulose operating segment into three separate businesses: Cellulose Specialties, Biomaterials and Cellulose Commodities. No changes were made to the composition of the Paperboard and High-Yield Pulp operating segments. 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:
|
Three Months Ended |
||||||||||
(in millions) |
December 31, 2025 |
|
September 27, 2025 |
|
December 31, 2024 |
||||||
Cellulose Specialties |
$ |
249 |
|
|
$ |
204 |
|
|
$ |
243 |
|
Biomaterials |
|
10 |
|
|
|
8 |
|
|
|
8 |
|
Cellulose Commodities |
|
94 |
|
|
|
85 |
|
|
|
88 |
|
Paperboard |
|
44 |
|
|
|
39 |
|
|
|
60 |
|
High-Yield Pulp |
|
28 |
|
|
|
24 |
|
|
|
32 |
|
Eliminations |
|
(8 |
) |
|
|
(7 |
) |
|
|
(9 |
) |
Net sales |
$ |
417 |
|
|
$ |
353 |
|
|
$ |
422 |
|
Operating income was comprised of the following for the periods presented:
|
Three Months Ended |
||||||||||
(in millions) |
December 31, 2025 |
|
September 27, 2025 |
|
December 31, 2024 |
||||||
Cellulose Specialties |
$ |
51 |
|
|
$ |
49 |
|
|
$ |
49 |
|
Biomaterials |
|
2 |
|
|
|
1 |
|
|
|
2 |
|
Cellulose Commodities |
|
(20 |
) |
|
|
(13 |
) |
|
|
(20 |
) |
Paperboard |
|
(1 |
) |
|
|
(4 |
) |
|
|
4 |
|
High-Yield Pulp |
|
(6 |
) |
|
|
(10 |
) |
|
|
(8 |
) |
Corporate |
|
(15 |
) |
|
|
(14 |
) |
|
|
(16 |
) |
Operating income |
$ |
11 |
|
|
$ |
9 |
|
|
$ |
11 |
|
Cellulose Specialties
Net sales for the fourth quarter increased
Operating income for the fourth quarter increased
Biomaterials
Net sales for the fourth quarter increased
Operating income for the fourth quarter was flat compared to the same prior year quarter as the increase in net sales was offset by increases in various operating costs.
Cellulose Commodities
Net sales for the fourth quarter increased
Operating loss for the fourth quarter was flat compared to the same prior year quarter as the higher sales, lower wood costs, lower costs due to the indefinite suspension of Temiscaming cellulose operations, the prior year impact of the fire at the Jesup plant and the impact of the timing of planned maintenance outages compared to the prior year quarter were offset by higher logistics costs and higher energy costs that were due, in part, to a
Paperboard
Net sales for the fourth quarter decreased
Operating results for the fourth quarter declined
High-Yield Pulp
Net sales for the fourth quarter decreased
Operating loss for the fourth quarter improved
Corporate
Operating loss for the fourth quarter improved
Non-Operating Income & Expense
Included in non-operating results in the quarter ended December 31, 2025 were charges of
Liquidity
The Company ended the fourth quarter with
As of December 31, 2025, the Company’s consolidated net secured leverage ratio was 3.9 times covenant EBITDA.
Conference Call Information
RYAM will host a conference call and live webcast at 9:00 a.m. ET on Wednesday, March 4, 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 (
About RYAM
RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various 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, high-yield pulp and various value-added derivatives, including paperboard, biofuels, bioelectricity and lignin. With manufacturing operations in the
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-K for the year ended December 31, 2025. 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-K.
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
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
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) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, 2025 |
|
September 27, 2025 |
|
December 31, 2024 |
|
December 31, 2025 |
|
December 31, 2024 |
||||||||||
Net sales |
$ |
417 |
|
|
$ |
353 |
|
|
$ |
422 |
|
|
$ |
1,466 |
|
|
$ |
1,630 |
|
Cost of sales |
|
(380 |
) |
|
|
(319 |
) |
|
|
(385 |
) |
|
|
(1,347 |
) |
|
|
(1,464 |
) |
Gross margin |
|
37 |
|
|
|
34 |
|
|
|
37 |
|
|
|
119 |
|
|
|
166 |
|
Selling, general and administrative expense |
|
(19 |
) |
|
|
(24 |
) |
|
|
(26 |
) |
|
|
(84 |
) |
|
|
(92 |
) |
Foreign exchange gain (loss) |
|
(1 |
) |
|
|
1 |
|
|
|
6 |
|
|
|
(5 |
) |
|
|
7 |
|
Asset impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25 |
) |
Indefinite suspension charges |
|
(1 |
) |
|
|
1 |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(17 |
) |
Other operating income (expense), net |
|
(5 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(25 |
) |
|
|
— |
|
Operating income |
|
11 |
|
|
|
9 |
|
|
|
11 |
|
|
|
4 |
|
|
|
39 |
|
Interest expense |
|
(26 |
) |
|
|
(25 |
) |
|
|
(24 |
) |
|
|
(98 |
) |
|
|
(86 |
) |
Debt refinancing charges |
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
Other income (expense), net |
|
(2 |
) |
|
|
1 |
|
|
|
4 |
|
|
|
(1 |
) |
|
|
8 |
|
Loss from continuing operations before income tax |
|
(17 |
) |
|
|
(15 |
) |
|
|
(19 |
) |
|
|
(95 |
) |
|
|
(49 |
) |
Income tax (expense) benefit |
|
— |
|
|
|
11 |
|
|
|
3 |
|
|
|
(323 |
) |
|
|
9 |
|
Equity in loss of equity method investment |
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(2 |
) |
Loss from continuing operations |
|
(21 |
) |
|
|
(4 |
) |
|
|
(16 |
) |
|
|
(423 |
) |
|
|
(42 |
) |
Income from discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
3 |
|
Net loss |
|
(21 |
) |
|
|
(4 |
) |
|
|
(16 |
) |
|
|
(420 |
) |
|
|
(39 |
) |
Net income (loss) attributable to redeemable noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss attributable to RYAM |
$ |
(21 |
) |
|
$ |
(4 |
) |
|
$ |
(16 |
) |
|
$ |
(420 |
) |
|
$ |
(39 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and Diluted earnings per common share |
|
|
|
|
|
|
|
|
|
||||||||||
Loss from continuing operations |
$ |
(0.32 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.25 |
) |
|
$ |
(6.37 |
) |
|
$ |
(0.64 |
) |
Income from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
0.05 |
|
Net loss |
$ |
(0.32 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.25 |
) |
|
$ |
(6.33 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares used in determining EPS - Basic and Diluted |
|
67,005,593 |
|
|
|
67,000,882 |
|
|
|
65,929,272 |
|
|
|
66,782,262 |
|
|
|
65,748,775 |
|
Rayonier Advanced Materials Inc. Condensed Consolidated Balance Sheets (Unaudited) (in millions) |
|||||
|
December 31, 2025 |
|
December 31, 2024 |
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
75 |
|
$ |
125 |
Other current assets |
|
493 |
|
|
476 |
Property, plant and equipment, net |
|
1,015 |
|
|
1,019 |
Other assets |
|
175 |
|
|
510 |
Total assets |
$ |
1,758 |
|
$ |
2,130 |
|
|
|
|
||
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity |
|
|
|
||
Debt due within one year |
$ |
21 |
|
$ |
24 |
Other current liabilities |
|
339 |
|
|
376 |
Long-term debt |
|
758 |
|
|
706 |
Non-current environmental liabilities |
|
173 |
|
|
160 |
Other liabilities |
|
139 |
|
|
139 |
Redeemable noncontrolling interest |
|
11 |
|
|
11 |
Stockholders’ equity |
|
317 |
|
|
714 |
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
1,758 |
|
$ |
2,130 |
Rayonier Advanced Materials Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions) |
|||||||
|
Year Ended |
||||||
|
December 31, 2025 |
|
December 31, 2024 |
||||
Operating Activities |
|
|
|
||||
Net loss |
$ |
(420 |
) |
|
$ |
(39 |
) |
Adjustments to reconcile net loss to cash provided by operating activities: |
|
|
|
||||
Income from discontinued operations, net of tax |
|
(3 |
) |
|
|
(3 |
) |
Depreciation and amortization |
|
134 |
|
|
|
137 |
|
Asset impairment |
|
— |
|
|
|
25 |
|
Deferred income tax expense (benefit) |
|
322 |
|
|
|
(10 |
) |
Changes in working capital and other assets and liabilities |
|
(43 |
) |
|
|
82 |
|
Other |
|
34 |
|
|
|
11 |
|
Cash provided by operating activities |
|
24 |
|
|
|
203 |
|
|
|
|
|
||||
Investing Activities |
|
|
|
||||
Capital expenditures, net of proceeds from sale of property, plant and equipment |
|
(116 |
) |
|
|
(108 |
) |
Proceeds related to insurance claims |
|
4 |
|
|
|
— |
|
Investment in equity method investments |
|
(2 |
) |
|
|
— |
|
Cash used in investing activities |
|
(114 |
) |
|
|
(108 |
) |
|
|
|
|
||||
Financing Activities |
|
|
|
||||
Changes in debt principal balance |
|
33 |
|
|
|
(32 |
) |
Debt issuance costs |
|
— |
|
|
|
(24 |
) |
Contribution from redeemable noncontrolling interest |
|
— |
|
|
|
16 |
|
Other |
|
(3 |
) |
|
|
(2 |
) |
Cash provided by (used in) financing activities |
|
30 |
|
|
|
(42 |
) |
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents |
|
(60 |
) |
|
|
53 |
|
Net effect of foreign exchange on cash and cash equivalents |
|
10 |
|
|
|
(4 |
) |
Balance, beginning of period |
|
125 |
|
|
|
76 |
|
Balance, end of period |
$ |
75 |
|
|
$ |
125 |
|
Rayonier Advanced Materials Inc. Average Sales Price and Sales Volumes (Unaudited) |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
December 31, 2025 |
|
September 27, 2025 |
|
December 31, 2024 |
|
December 31, 2025 |
|
December 31, 2024 |
|||||
Average Sales Price ($ per metric ton) |
||||||||||||||
Cellulose Specialties |
$ |
1,875 |
|
$ |
1,873 |
|
$ |
1,748 |
|
$ |
1,830 |
|
$ |
1,742 |
Cellulose Commodities |
$ |
806 |
|
$ |
893 |
|
$ |
788 |
|
$ |
862 |
|
$ |
829 |
Paperboard |
$ |
1,272 |
|
$ |
1,256 |
|
$ |
1,394 |
|
$ |
1,300 |
|
$ |
1,390 |
High-Yield Pulp (external sales) |
$ |
487 |
|
$ |
501 |
|
$ |
523 |
|
$ |
504 |
|
$ |
553 |
|
|
|
|
|
|
|
|
|
|
|||||
Sales Volume (‘000s of metric tons) |
||||||||||||||
Cellulose Specialties |
|
128 |
|
|
105 |
|
|
134 |
|
|
454 |
|
|
504 |
Cellulose Commodities |
|
111 |
|
|
93 |
|
|
109 |
|
|
352 |
|
|
405 |
Paperboard |
|
35 |
|
|
31 |
|
|
43 |
|
|
138 |
|
|
164 |
High-Yield Pulp (external sales) |
|
46 |
|
|
35 |
|
|
49 |
|
|
172 |
|
|
182 |
Rayonier Advanced Materials Inc. Reconciliation of Non-GAAP Measures (Unaudited) (in millions) |
||||||||||||||||||||||||||
EBITDA and Adjusted EBITDA by Segment(a) |
||||||||||||||||||||||||||
|
Three Months Ended December 31, 2025 |
|||||||||||||||||||||||||
|
Cellulose Specialties |
|
Biomaterials |
|
Cellulose Commodities |
|
Paperboard |
|
High-Yield Pulp |
|
Corporate |
|
Total |
|||||||||||||
Income (loss) from continuing operations |
$ |
51 |
|
$ |
(2 |
) |
|
$ |
(19 |
) |
|
$ |
(1 |
) |
|
$ |
(5 |
) |
|
$ |
(45 |
) |
|
$ |
(21 |
) |
Income from continuing operations attributable to redeemable noncontrolling interest |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from continuing operations attributable to RYAM |
|
51 |
|
|
(2 |
) |
|
|
(19 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(45 |
) |
|
|
(21 |
) |
Depreciation and amortization |
|
19 |
|
|
1 |
|
|
|
12 |
|
|
|
5 |
|
|
|
— |
|
|
|
1 |
|
|
|
38 |
|
Interest expense, net |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
|
26 |
|
Income tax expense |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
EBITDA-continuing operations attributable to RYAM |
|
70 |
|
|
(1 |
) |
|
|
(7 |
) |
|
|
4 |
|
|
|
(5 |
) |
|
|
(18 |
) |
|
|
43 |
|
Pension settlement loss |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Indefinite suspension charges |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Adjusted EBITDA-continuing operations attributable to RYAM |
$ |
70 |
|
$ |
(1 |
) |
|
$ |
(6 |
) |
|
$ |
4 |
|
|
$ |
(5 |
) |
|
$ |
(16 |
) |
|
$ |
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Three Months Ended September 27, 2025 |
|||||||||||||||||||||||||
|
Cellulose Specialties |
|
Biomaterials |
|
Cellulose Commodities |
|
Paperboard |
|
High-Yield Pulp |
|
Corporate |
|
Total |
|||||||||||||
Income (loss) from continuing operations |
$ |
50 |
|
$ |
— |
|
|
$ |
(13 |
) |
|
$ |
(3 |
) |
|
$ |
(10 |
) |
|
$ |
(28 |
) |
|
$ |
(4 |
) |
Income from continuing operations attributable to redeemable noncontrolling interest |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from continuing operations attributable to RYAM |
|
50 |
|
|
— |
|
|
|
(13 |
) |
|
|
(3 |
) |
|
|
(10 |
) |
|
|
(28 |
) |
|
|
(4 |
) |
Depreciation and amortization |
|
16 |
|
|
1 |
|
|
|
11 |
|
|
|
4 |
|
|
|
1 |
|
|
|
1 |
|
|
|
34 |
|
Interest expense, net |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24 |
|
|
|
24 |
|
Income tax benefit |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11 |
) |
|
|
(11 |
) |
EBITDA-continuing operations attributable to RYAM |
|
66 |
|
|
1 |
|
|
|
(2 |
) |
|
|
1 |
|
|
|
(9 |
) |
|
|
(14 |
) |
|
|
43 |
|
Indefinite suspension charges |
|
— |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Adjusted EBITDA-continuing operations attributable to RYAM |
$ |
66 |
|
$ |
1 |
|
|
$ |
(3 |
) |
|
$ |
1 |
|
|
$ |
(9 |
) |
|
$ |
(14 |
) |
|
$ |
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Three Months Ended December 31, 2024 |
|||||||||||||||||||||||||
|
Cellulose Specialties |
|
Biomaterials |
|
Cellulose Commodities |
|
Paperboard |
|
High-Yield Pulp |
|
Corporate |
|
Total |
|||||||||||||
Income (loss) from continuing operations |
$ |
49 |
|
$ |
2 |
|
|
$ |
(20 |
) |
|
$ |
5 |
|
|
$ |
(8 |
) |
|
$ |
(44 |
) |
|
$ |
(16 |
) |
Income from continuing operations attributable to redeemable noncontrolling interest |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from continuing operations attributable to RYAM |
|
49 |
|
|
2 |
|
|
|
(20 |
) |
|
|
5 |
|
|
|
(8 |
) |
|
|
(44 |
) |
|
|
(16 |
) |
Depreciation and amortization |
|
17 |
|
|
1 |
|
|
|
10 |
|
|
|
5 |
|
|
|
— |
|
|
|
1 |
|
|
|
34 |
|
Interest expense, net |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
23 |
|
Income tax benefit |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(3 |
) |
EBITDA-continuing operations attributable to RYAM |
|
66 |
|
|
3 |
|
|
|
(10 |
) |
|
|
10 |
|
|
|
(8 |
) |
|
|
(23 |
) |
|
|
38 |
|
Indefinite suspension charges |
|
— |
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Debt refinancing charges |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
10 |
|
Adjusted EBITDA-continuing operations attributable to RYAM |
$ |
66 |
|
$ |
3 |
|
|
$ |
(7 |
) |
|
$ |
10 |
|
|
$ |
(8 |
) |
|
$ |
(13 |
) |
|
$ |
51 |
|
|
Year Ended December 31, 2025 |
||||||||||||||||||||||||
|
Cellulose Specialties |
|
Biomaterials |
|
Cellulose Commodities |
|
Paperboard |
|
High-Yield Pulp |
|
Corporate |
|
Total |
||||||||||||
Income (loss) from continuing operations |
$ |
161 |
|
$ |
— |
|
$ |
(54 |
) |
|
$ |
(6 |
) |
|
$ |
(29 |
) |
|
$ |
(495 |
) |
|
$ |
(423 |
) |
Income from continuing operations attributable to redeemable noncontrolling interest |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from continuing operations attributable to RYAM |
|
161 |
|
|
— |
|
|
(54 |
) |
|
|
(6 |
) |
|
|
(29 |
) |
|
|
(495 |
) |
|
|
(423 |
) |
Depreciation and amortization |
|
67 |
|
|
3 |
|
|
40 |
|
|
|
20 |
|
|
|
2 |
|
|
|
2 |
|
|
|
134 |
|
Interest expense, net |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
96 |
|
|
|
96 |
|
Income tax expense |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
323 |
|
EBITDA-continuing operations attributable to RYAM |
|
228 |
|
|
3 |
|
|
(14 |
) |
|
|
14 |
|
|
|
(27 |
) |
|
|
(74 |
) |
|
|
130 |
|
Pension settlement loss |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
Indefinite suspension charges |
|
— |
|
|
— |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Adjusted EBITDA-continuing operations attributable to RYAM |
$ |
228 |
|
$ |
3 |
|
$ |
(13 |
) |
|
$ |
14 |
|
|
$ |
(27 |
) |
|
$ |
(72 |
) |
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Year Ended December 31, 2024 |
||||||||||||||||||||||||
|
Cellulose Specialties |
|
Biomaterials |
|
Cellulose Commodities |
|
Paperboard |
|
High-Yield Pulp |
|
Corporate |
|
Total |
||||||||||||
Income (loss) from continuing operations |
$ |
184 |
|
$ |
6 |
|
$ |
(113 |
) |
|
$ |
33 |
|
|
$ |
(7 |
) |
|
$ |
(145 |
) |
|
$ |
(42 |
) |
Income from continuing operations attributable to redeemable noncontrolling interest |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from continuing operations attributable to RYAM |
|
184 |
|
|
6 |
|
|
(113 |
) |
|
|
33 |
|
|
|
(7 |
) |
|
|
(145 |
) |
|
|
(42 |
) |
Depreciation and amortization |
|
72 |
|
|
2 |
|
|
44 |
|
|
|
15 |
|
|
|
2 |
|
|
|
2 |
|
|
|
137 |
|
Interest expense, net |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
|
|
84 |
|
Income tax benefit |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
(9 |
) |
EBITDA-continuing operations attributable to RYAM |
|
256 |
|
|
8 |
|
|
(69 |
) |
|
|
48 |
|
|
|
(5 |
) |
|
|
(68 |
) |
|
|
170 |
|
Asset impairment |
|
— |
|
|
— |
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
Indefinite suspension charges |
|
— |
|
|
— |
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17 |
|
Debt refinancing charges |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
10 |
|
Adjusted EBITDA-continuing operations attributable to RYAM |
$ |
256 |
|
$ |
8 |
|
$ |
(27 |
) |
|
$ |
48 |
|
|
$ |
(5 |
) |
|
$ |
(58 |
) |
|
$ |
222 |
|
|
(a) |
EBITDA from continuing operations is defined as income (loss) from continuing operations before interest, taxes, depreciation and amortization. Adjusted EBITDA from continuing operations is defined as EBITDA from continuing operations adjusted for items that management believes are not representative of core operations. EBITDA and Adjusted EBITDA are non-GAAP measures used by management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. |
Adjusted Free Cash Flow(a)
|
|||||||
|
Year Ended |
||||||
|
December 31, 2025 |
|
December 31, 2024 |
||||
Cash provided by operating activities |
$ |
24 |
|
|
$ |
203 |
|
Capital expenditures, net |
|
(112 |
) |
|
|
(108 |
) |
Adjusted Free Cash Flow |
$ |
(88 |
) |
|
$ |
95 |
|
|
(a) |
Beginning in the fourth quarter of 2025, Adjusted Free Cash Flow is defined as cash provided by (used in) operating activities adjusted for capital expenditures, net of proceeds from the sale of property, plant and equipment and insurance claims. Adjusted Free Cash Flow for the year ended December 31, 2024 has been recalculated according to this new definition. Adjusted Free Cash Flow is a non-GAAP measure of cash generated during a period that is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of the Company’s common stock. |
Adjusted Net Debt and Net Secured Debt(a) |
|||||||
|
December 31, 2025 |
|
December 31, 2024 |
||||
Debt due within one year |
$ |
21 |
|
|
$ |
24 |
|
Long-term debt |
|
758 |
|
|
|
706 |
|
Total debt |
|
779 |
|
|
|
730 |
|
Unamortized premium, discount and issuance costs |
|
41 |
|
|
|
48 |
|
Cash and cash equivalents |
|
(75 |
) |
|
|
(125 |
) |
Adjusted Net Debt |
|
745 |
|
|
|
653 |
|
Unsecured debt |
|
(30 |
) |
|
|
(28 |
) |
Net Secured Debt |
$ |
715 |
|
|
$ |
625 |
|
|
(a) |
Adjusted Net Debt is defined as the amount of debt after the consideration of debt premium, discount and issuance costs, less cash. Net Secured Debt is defined as Adjusted Net Debt less unsecured debt. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303569064/en/
Media
Ryan Houck
904-357-9134
Investors
Mickey Walsh
904-357-9162
Source: Rayonier Advanced Materials Inc.
