JACKSONVILLE, Fla. — March 4, 2026 — Rayonier Advanced Materials Inc. (NYSE: RYAM) reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting challenging market conditions, weaker demand, and negative free cash flow during the year.

Fourth Quarter 2025 Financial Highlights

• Net Sales: $417 million, down $5 million year-over-year.

• Net Loss from Continuing Operations: $21 million, compared with a $16 million loss in the prior-year quarter.

• Adjusted EBITDA: $46 million, down $5 million year-over-year.

• Diluted EPS: $(0.32) per share.

• Total Debt: $779 million.

• Net Secured Debt: $715 million with leverage ratio of 3.9x covenant EBITDA.

The company ended the quarter with $157 million of global liquidity, including $75 million in cash and additional borrowing capacity under its credit facilities.

Full-Year 2025 Performance

• Revenue: Approximately $1.5 billion.

• Adjusted EBITDA: $133 million.

• Adjusted Free Cash Flow: negative $88 million.

Management said the results were impacted by operational disruptions, weak demand conditions, and pressures on volumes and earnings.

Segment Performance

Cellulose Specialties

• Sales: $249 million (up $6 million YoY)

• Growth driven by 7% increase in average selling price.

• Volume declined 4% due to prior-year order timing and operational changes.

Biomaterials

• Sales: $10 million (up 25% YoY).

• Growth driven by higher lignosulfonates and bioethanol sales.

Cellulose Commodities

• Sales: $94 million (up $6 million YoY).

• Improved pricing and volumes, but operating loss remained unchanged.

Paperboard

• Sales: $44 million (down 27% YoY).

• Impacted by lower pricing, lower volumes, and increased U.S. capacity.

High-Yield Pulp

• Sales: $28 million (down 13% YoY).

• Weak demand, especially in China, and shipping challenges to India affected volumes.

Operational Updates

Segment Reorganization

• In January 2025, RYAM reorganized its High Purity Cellulose segment into three businesses:

  • Cellulose Specialties

  • Biomaterials

  • Cellulose Commodities

• Paperboard and High-Yield Pulp segments remained unchanged.

Plant & Operational Factors

• The indefinite suspension of Temiscaming cellulose operations impacted sales volumes but reduced costs.

• Prior-year operations were affected by a fire at the Jesup plant, influencing year-over-year comparisons.

Non-Operating Items

During the quarter, the company recorded:

• $3 million charge related to discontinued involvement in the AGE project.

• $2 million pension settlement loss.

• $1 million increase in liability related to SWEN’s put option remeasurement.

Management Commentary

CEO Scott Sutton said 2025 was a difficult year for the company, citing operational disruptions and weak demand. Management stated that the company is focusing on restoring cash generation and strengthening its operating model to improve future performance.

Key Balance Sheet Metrics

• Total Debt: $779 million

• Net Secured Debt: $715 million

• Net Secured Leverage Ratio: 3.9x

• Global Liquidity: $157 million