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Rayonier Advanced Materials (NYSE: RYAM) Q2 loss narrows as EBITDA improves

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Rayonier Advanced Materials Inc. reported second-quarter 2026 net sales of $376 million, up 18% from the first quarter and 11% from the prior-year quarter. Net loss and loss from continuing operations were $33 million, or $(0.49) per diluted share, including a $13 million non-cash asset impairment.

Adjusted EBITDA from continuing operations rose to $40 million from $8 million in the first quarter and $28 million a year earlier, driven mainly by higher pricing and improved performance in High Purity Cellulose, partially offset by a larger operating loss in Paperboard & High Yield Pulp. That segment recorded a $27 million operating loss, including the impairment and impacts from planned maintenance and market downtime.

The company ended the quarter with $145 million of global liquidity, including $57 million of cash, and reported a consolidated net secured leverage ratio of 4.2 times covenant EBITDA. Management reiterated that the full-year trajectory remains aligned with prior expectations, including generating positive free cash flow in 2026, and expects to conclude its strategic review and communicate a path forward in the fourth quarter. All results are preliminary until the Form 10-Q is filed.

Positive

  • Adjusted EBITDA from continuing operations increased to $40 million, up from $8 million in the first quarter and $28 million in the prior-year quarter, reflecting significant sequential and year-over-year improvement in operating performance.

Negative

  • Paperboard & High Yield Pulp recorded a $27 million operating loss in Q2 2026, including a $13 million non-cash asset impairment, contributing to a consolidated net loss of $33 million and highlighting persistent weakness in that segment.

Filing Explained

As of June 27, 2026, disclosed debt exceeded disclosed stockholders’ equity.

This Form 8-K furnishes the company’s preliminary second-quarter results under Item 2.02; it also reports a changed segment structure, with two operating segments and prior periods recast for comparison.

For the six months ended June 27, 2026, the company reported cash provided by operating activities, capital expenditures, and negative adjusted free cash flow.

The company defines adjusted free cash flow as operating cash flow adjusted for capital expenditures and related proceeds; on that six-month basis, the measure did not provide positive cash generation for debt reduction, dividends, acquisitions, or share repurchases.

At June 27, 2026, the balance sheet showed cash, total debt, and stockholders’ equity, so disclosed debt exceeded disclosed equity.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net Sales Q2 2026 $376 million Three months ended June 27, 2026; up 18% sequentially and 11% year-over-year
Net Loss from Continuing Operations Q2 2026 $33 million Quarter ended June 27, 2026, or $(0.49) per diluted share
Adjusted EBITDA from Continuing Operations Q2 2026 $40 million Increased from $8 million in Q1 2026 and $28 million in Q2 2025
High Purity Cellulose Net Sales Q2 2026 $301 million Segment net sales for the three months ended June 27, 2026
Paperboard & High Yield Pulp Operating Loss Q2 2026 $27 million Segment operating loss including a $13 million non-cash asset impairment
Global Liquidity End of Q2 2026 $145 million Comprises $57 million cash, $76 million ABL capacity, $12 million France factoring
Net Secured Leverage Ratio 4.2 times Consolidated net secured leverage ratio based on covenant EBITDA as of June 27, 2026
Adjusted Free Cash Flow, Six Months 2026 $(8) million Six months ended June 27, 2026, improved from $(65) million a year earlier
Adjusted EBITDA financial
"Adjusted EBITDA from Continuing Operations increased to $40 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Free Cash Flow financial
"Adjusted Free Cash Flow is defined as cash provided by operating activities adjusted"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
Net Secured Debt financial
"Net Secured Debt is defined as Adjusted Net Debt less unsecured debt"
Debt that is backed by specific assets (collateral) minus the company’s cash and cash-like holdings; in other words, secured loans reduced by available cash to show the company’s effective burden from collateralized borrowings. Investors care because it shows how much legally protected debt remains after cash is applied, affecting the risk that creditors tied to specific assets could claim those assets and how much cushion equity holders have—think of a mortgage on a house reduced by the homeowner’s savings.
Cellulose Specialties technical
"Cellulose Specialties pricing increased 21% year-over-year and 8% sequentially"
Cellulose specialties are processed forms of plant-based cellulose—such as purified, chemically modified, or finely milled fibers—made into specific ingredients for uses like pharmaceuticals, food, coatings, construction and personal care. They matter to investors because these products often command higher margins, serve regulated or technical markets where quality and supply reliability are critical, and act like a specialty component in a machine: small in volume but essential to a finished product’s performance and pricing power.
High Yield Pulp technical
"Paperboard & High Yield Pulp net sales increased 10% compared to the prior year"
High yield pulp is a type of wood pulp produced so that most of the original tree mass is retained during processing, yielding far more usable fiber per ton of logs than low-yield chemical pulps. For investors, it matters because it usually costs less to produce, affects margins and supply for paper, packaging and tissue makers, and can influence raw‑material risk and sustainability profiles much like choosing a higher‑efficiency engine for fuel costs.
Temiscaming HPC permanent idling charges financial
"Temiscaming HPC permanent idling charges - accelerated depreciation and other adjustments"
Net Sales $376 million Net sales increased 18% from the first quarter to $376 million and were up 11% from the prior-year quarter.
Net Loss from Continuing Operations $33 million Loss from continuing operations improved to $33 million from $81 million in the first quarter and $366 million in the prior-year quarter.
Adjusted EBITDA from Continuing Operations $40 million 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.
Adjusted Free Cash Flow, Six Months 2026 $(8) million Adjusted Free Cash Flow for the six months ended June 27, 2026 was $(8) million, compared with $(65) million for the prior-year period.
Guidance

Management stated that full-year trajectory remains aligned with prior expectations, including generating positive free cash flow in 2026, and expects to conclude the strategic review and communicate a clear path forward during the fourth quarter.

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FAQ

How did Rayonier Advanced Materials (RYAM) perform in Q2 2026?
RYAM generated $376 million in net sales in Q2 2026 and reported a $33 million net loss, or $(0.49) per diluted share. Results showed strong sequential improvement, with Adjusted EBITDA from continuing operations rising to $40 million from $8 million in the first quarter.

What were the key segment results for RYAM in Q2 2026?
High Purity Cellulose delivered $301 million in net sales and $29 million of operating income. Paperboard & High Yield Pulp posted $75 million in net sales but a $27 million operating loss, including a $13 million non-cash asset impairment and planned maintenance impacts.

What liquidity and leverage levels did RYAM report for Q2 2026?
RYAM ended Q2 2026 with $145 million of global liquidity, including $57 million of cash, $76 million of ABL borrowing capacity and $12 million under a France factoring facility. The consolidated net secured leverage ratio was 4.2 times covenant EBITDA as of June 27, 2026.

What guidance did RYAM give about its 2026 outlook and strategic review?
Management stated the full-year trajectory remains aligned with prior expectations, including generating positive free cash flow in 2026. The comprehensive review of strategic alternatives remains the top priority, with plans to conclude and communicate a clear path forward in the fourth quarter.

How did RYAM’s profitability and cash flow change versus last year?
Net loss from continuing operations improved to $33 million in Q2 2026 from $366 million a year earlier. For the first six months, Adjusted Free Cash Flow was $(8) million, better than $(65) million in the prior-year period, reflecting improved operating performance and lower capital outflows.

Are RYAM’s Q2 2026 results final or preliminary for investors?
The company noted that all financial results are preliminary because the Form 10-Q for the quarter ended June 27, 2026 has not yet been filed. Figures may change to reflect any necessary adjustments or accounting estimate changes identified before filing.
False000159767200015976722026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
August 4, 2026
RYAM_Logo.jpg
COMMISSION FILE NUMBER 001-36285
Incorporated in the State of Delaware
I.R.S. Employer Identification Number 46-4559529
Rayonier Advanced Materials Inc.
1301 Riverplace Boulevard, Jacksonville, Florida 32207
(Principal Executive Office)
Telephone Number: (904) 357-4600
Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Exchange on which Registered
Common Stock, $0.01 par valueRYAMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐


Item 2.02 Results of Operations and Financial Condition
On August 4, 2026, Rayonier Advanced Materials Inc. issued a press release announcing financial results for the quarter ended June 27, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 2.02, including the accompanying exhibit, is furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not be incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1
Rayonier Advanced Materials Announces Second Quarter 2026 Results
104Cover page interactive data file (embedded within the Inline XBRL document)

1

Signature
Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Rayonier Advanced Materials Inc.
By:/s/ JARED ROLLINS
Jared Rollins
Chief Accounting Officer and Vice President, Corporate Controller
Date: August 4, 2026
2

ryam_logo.jpg
RYAM Reports Second Quarter 2026 Results
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 4, 2026 — 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.”
CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com

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:
Three Months Ended
(in millions)June 27, 2026March 28, 2026June 28, 2025
High Purity Cellulose$301 $263 $272 
Paperboard & High Yield Pulp75 56 68 
Net sales$376 $319 $340 
Operating income (loss) was composed of the following for the periods presented:
Three Months Ended
(in millions)June 27, 2026March 28, 2026June 28, 2025
High Purity Cellulose$29 $(43)$20 
Paperboard & High Yield Pulp(27)(10)(7)
Corporate & Other(9)(12)(14)
Operating loss$(7)$(65)$(1)
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.
–CC sales volume increased as the Company’s plants experienced higher operating rates compared to the prior quarter and also shifted to CC production in the current quarter due to lower orders for CS products.
–CS sales volume declined as the Company executed its CS leadership initiatives. Partially offsetting this decline was lower CS sales volume in the prior quarter as Chinese customers delayed orders due to the geopolitical uncertainty with Chinese and U.S. tariffs.
•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.
–CS average sales price increase was driven by higher pricing of newly negotiated 2026 agreements.
–CC average sales price decline was due to softer global commodity pricing and product mix within the commodity portfolio.
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.
CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com

•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:
–Higher sales of folding packaging PBD grades due to increased focus on this market segment.
–Higher HYP sales due to the timing of Q1 shipments, primarily related to delayed orders to Indonesia.
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:
–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.
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.
CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com

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.
Contacts
MediaRyan Houck904-357-9134
InvestorsCody LaCoste904-357-4617
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
CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com

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.
CORPORATE HEADQUARTERS
1301 Riverplace Boulevard Suite 2300 Jacksonville, FL 32207
904.357.4600 fax 904.357.9101 www.RYAM.com


Rayonier Advanced Materials Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in millions, except share and per share information)
Three Months EndedSix Months Ended
June 27, 2026March 28, 2026June 28, 2025June 27, 2026June 28, 2025
Net sales$376 $319 $340 $695 $696 
Cost of sales(353)(327)(316)(680)(648)
Gross margin23 (8)24 15 48 
Selling, general and administrative expense(17)(19)(18)(36)(41)
Foreign exchange gain (loss)1 1 (4)2 (5)
Temiscaming HPC permanent idling charges— (41)— (41)— 
Asset impairment(13)— — (13)— 
Suspension charges(1)— (1)(1)(1)
Other operating income (expense), net— 2 (2)2 (17)
Operating loss(7)(65)(1)(72)(16)
Interest expense(25)(23)(23)(48)(47)
Other income (expense), net2 — (2)2 — 
Loss from continuing operations before income tax(30)(88)(26)(118)(63)
Income tax (expense) benefit(2)7 (339)5 (334)
Equity in loss of equity method investment(1)— (1)(1)(1)
Loss from continuing operations(33)(81)(366)(114)(398)
Income from discontinued operations, net of tax— — 3 — 3 
Net loss(33)(81)(363)(114)(395)
Net income attributable to redeemable noncontrolling interest— — — — — 
Net loss attributable to RYAM$(33)$(81)$(363)$(114)$(395)
Basic and Diluted earnings per common share
Loss from continuing operations$(0.49)$(1.22)$(5.48)$(1.71)$(5.99)
Income from discontinued operations— — 0.04 — 0.04 
Net loss$(0.49)$(1.22)$(5.44)$(1.71)$(5.95)
Weighted average shares used in determining EPS - Basic and Diluted67,510,253 67,133,754 66,875,897 67,326,234 66,551,962 
A


Rayonier Advanced Materials Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)
June 27, 2026December 31, 2025
Assets
Cash and cash equivalents$57 $75 
Other current assets453 493 
Property, plant and equipment, net944 1,015 
Other assets166 175 
Total assets$1,620 $1,758 
Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity
Debt due within one year$30 $21 
Other current liabilities342 339 
Long-term debt745 758 
Non-current environmental liabilities173 173 
Other liabilities123 139 
Redeemable noncontrolling interest12 11 
Stockholders’ equity195 317 
Total liabilities, redeemable noncontrolling interest and stockholders’ equity$1,620 $1,758 
B


Rayonier Advanced Materials Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in millions)
Six Months Ended
June 27, 2026June 28, 2025
Operating Activities
Net loss$(114)$(395)
Adjustments to reconcile net loss to cash provided by operating activities:
Income from discontinued operations, net of tax— (3)
Depreciation and amortization65 62 
Temiscaming HPC permanent idling charges - accelerated depreciation35 — 
Temiscaming HPC permanent idling charges - other asset adjustments6 — 
Asset impairment13 — 
Deferred income tax expense (benefit)(6)333 
Changes in working capital and other assets and liabilities37 (13)
Other1 26 
Cash provided by operating activities37 10 
Investing Activities
Capital expenditures, net of proceeds from sale of property, plant and equipment(47)(75)
Insurance recoveries on property damage2 — 
Cash used in investing activities(45)(75)
Financing Activities
Changes in debt principal balance(6)4 
Other(3)(3)
Cash used in financing activities(9)1 
Net decrease in cash and cash equivalents(17)(64)
Net effect of foreign exchange on cash and cash equivalents(1)10 
Balance, beginning of period75 125 
Balance, end of period$57 $71 
C


Rayonier Advanced Materials Inc.
Average Sales Price and Sales Volumes
(Unaudited)
Three Months EndedSix Months Ended
June 27, 2026March 28, 2026June 28, 2025June 27, 2026June 28, 2025
Average Sales Price ($ per metric ton)
Total Cellulose$1,380 $1,219 $1,478 $1,300 $1,422 
Cellulose Specialties$2,193 $2,040 $1,807 $2,123 $1,783 
Cellulose Commodities$815 $770 $911 $792 $883 
Paperboard & High Yield Pulp$800 $884 $885 $834 $877 
Paperboard$1,229 $1,194 $1,346 $1,213 $1,333 
High Yield Pulp (external sales)$487 $504 $509 $493 $514 
Sales Volume (‘000s of metric tons)
Total Cellulose210 205175 415 370 
Cellulose Specialties86 72 111 158 221 
Cellulose Commodities124 133 64 257 149 
Paperboard & High Yield Pulp93 63 76 157 162 
Paperboard39 35 34 74 72 
High Yield Pulp (external sales)54 28 42 83 90 
D


Rayonier Advanced Materials Inc.
Reconciliation of Non-GAAP Measures
(Unaudited)
(in millions)
EBITDA and Adjusted EBITDA by Segment(a)
Three Months Ended June 27, 2026
High Purity CellulosePaperboard & High Yield PulpCorporate & OtherTotal
Income (loss) from continuing operations$29 $(27)$(35)$(33)
Income from continuing operations attributable to redeemable noncontrolling interest— — — — 
Income (loss) from continuing operations attributable to RYAM29 (27)(35)(33)
Depreciation and amortization27 4 1 32 
Interest expense, net— — 25 25 
Income tax expense— — 2 2 
EBITDA-continuing operations attributable to RYAM56 (23)(7)26 
Asset impairment— 13 — 13 
Suspension charges1 — — 1 
Adjusted EBITDA-continuing operations attributable to RYAM$57 $(10)$(7)$40 
Three Months Ended March 28, 2026
High Purity CellulosePaperboard & High Yield PulpCorporate & OtherTotal
Loss from continuing operations$(45)$(9)$(27)$(81)
Income from continuing operations attributable to redeemable noncontrolling interest— — — — 
Loss from continuing operations attributable to RYAM(45)(9)(27)(81)
Depreciation and amortization28 4 1 33 
Temiscaming HPC permanent idling charges - accelerated depreciation35 — — 35 
Interest expense, net— — 22 22 
Income tax benefit— — (7)(7)
EBITDA-continuing operations attributable to RYAM18 (5)(11)2 
Temiscaming HPC permanent idling charges - other asset adjustments6 — — 6 
Adjusted EBITDA-continuing operations attributable to RYAM$24 $(5)$(11)$8 
Three Months Ended June 28, 2025
High Purity CellulosePaperboard & High Yield PulpCorporate & OtherTotal
Income (loss) from continuing operations$20 $(8)$(378)$(366)
Income from continuing operations attributable to redeemable noncontrolling interest— — — — 
Income (loss) from continuing operations attributable to RYAM20 (8)(378)(366)
Depreciation and amortization24 6 1 31 
Interest expense, net— — 23 23 
Income tax expense— — 339 339 
EBITDA-continuing operations attributable to RYAM44 (2)(15)27 
Suspension charges1 — — 1 
Adjusted EBITDA-continuing operations attributable to RYAM$45 $(2)$(15)$28 

E


Six Months Ended June 27, 2026
High Purity CellulosePaperboard & High Yield PulpCorporate & OtherTotal
Loss from continuing operations$(16)$(36)$(62)$(114)
Income from continuing operations attributable to redeemable noncontrolling interest— — — — 
Loss from continuing operations attributable to RYAM(16)(36)(62)(114)
Depreciation and amortization55 8 2 65 
Temiscaming HPC permanent idling charges - accelerated depreciation35 — — 35 
Interest expense, net— — 47 47 
Income tax benefit— — (5)(5)
EBITDA-continuing operations attributable to RYAM74 (28)(18)28 
Asset impairment— 13 — 13 
Temiscaming HPC permanent idling charges - other asset adjustments6 — — 6 
Suspension charges1 — — 1 
Adjusted EBITDA-continuing operations attributable to RYAM$81 $(15)$(18)$48 
Six Months Ended June 28, 2025
High Purity CellulosePaperboard & High Yield PulpCorporate & OtherTotal
Income (loss) from continuing operations$40 $(16)$(422)$(398)
Income from continuing operations attributable to redeemable noncontrolling interest— — — — 
Income (loss) from continuing operations attributable to RYAM40 (16)(422)(398)
Depreciation and amortization50 12 — 62 
Interest expense, net— — 46 46 
Income tax expense— — 334 334 
EBITDA-continuing operations attributable to RYAM90 (4)(42)44 
Suspension charges1 — — 1 
Adjusted EBITDA-continuing operations attributable to RYAM$91 $(4)$(42)$45 
(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.
F


Rayonier Advanced Materials Inc.
Reconciliation of Non-GAAP Measures (Continued)
(Unaudited)
(in millions)
Adjusted Free Cash Flow(a)
Six Months Ended
June 27, 2026June 28, 2025
Cash provided by operating activities$37 $10 
Capital expenditures, net (45)(75)
Adjusted Free Cash Flow$(8)$(65)
(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 six months ended June 28, 2025 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)
June 27, 2026December 31, 2025
Debt due within one year$30 $21 
Long-term debt745 758 
Total debt775 779 
Unamortized premium, discount and issuance costs37 41 
Cash and cash equivalents(57)(75)
Adjusted Net Debt755 745 
Unsecured debt(29)(30)
Net Secured Debt$726 $715 
(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.
G

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