Rayonier Advanced Materials : Q3 Financial Results (Q3 2025 Earnings Presentation vFinal 1)

Third Quarter 2025

Financial Presentation Materials

November 5, 2025

Non-GAAP Financial Measures

This earnings release and the accompanying schedules contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted free cash flows, adjusted income from continuing operations, adjusted net debt, and net secured debt. The Company believes these 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 measures are provided below. The Company does not provide reconciliations of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Non-GAAP financial measures should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company.

3

2025 Challenges

CLEAR PATH TO STRONG EBITDA AND CASH FLOW GROWTH IN 2026 AND BEYOND

18

$215-235

~$195

20

21

12

~$135-140

7

NC vs. Q2'25

5

-3 vs. Q2'25

(USD Strength)

NC vs. Q2'25

10

+10 vs. Q2'25

(Market-Driven

Downtime)

+$6 vs. Q2'25

(Fluff Impacts)

+$3 vs. Q2'25

(Market

Weakness)

+3 vs. Q2'25

(French National Strike Impacts)

($ Millions)

2025 EBITDA	Tariff	FX	Extraordinary	Environmental	PBD/HYP Economic	2025 Normalized	Tariff	PBD/HYP	2025 Original
Guidance	Impacts		Operational	(Non-cash)	Downtime	EBITDA	(Indirect	Weakness	EBITDA Guide
			Challenges				Impacts)

• 2025 remains the trough year as Q2 marked the low point and Q3 demonstrated normalization in the core business

• Issues outlined above are expected to resolve entering 2026, supporting a return to normalized EBITDA

4

Tariffs, FX and Likely Tailwinds in 2026 Onwards

2025 tariff-related EBITDA headwind currently estimated at $27 million, a change of $6 million from Q2
o o o	Increased tariff impact driven by ongoing pressure on our Fluff business globally from the 10% Chinese tariff on U.S. exports The company expects that $7 million will be non-recurring based on current tariff policy The remaining $20 million reflects indirect impacts on our customers and expected persistent direct tariff pressures; we are working to mitigate and resolve these impacts, but this potential upside is not reflected in our current outlook
Tariff uncertainty largely resolved
o o o	0% Chinese tariffs on Cellulose Specialties (CS) and Dissolving Wood Pulp (DWP); 10% China tariff remains on Fluff 0% tariffs on U.S. Sales to the European Union (EU) 0% tariffs on Canadian imports to the U.S. (USMCA-compliant Paperboard products)
Tariff-driven tailwinds are intensifying
o o o o	15% U.S. tariff on European Union imports (~5,000 MT of Cellulose Specialties; ~400,000 MT of Paperboard) 10% U.S. tariff on Brazilian Cellulose Specialties imports (~190,000 MT), 50% on Brazilian ethanol imports USITC issued a preliminary injury finding on HPDP imports from Brazil & Norway; DOC preliminary margin determination expected mid-2026 Ongoing U.S. Trade Representative investigation against Brazil for unfair trading practices (~190,000 MT of Cellulose Special ties)
Foreign Exchange headwinds are beginning to abate
o	US dollar has strengthened 3% and 1% versus the CAD and Euro, respectively, since June 27, 2025

5

Isolated 2025 Business Issues are Being Resolved

Cellulose Specialties order flows are returning to normal

2025 CS EBITDA guidance: ~$230 million CS earnings profile returned to normalized levels in Q3 reflected by ~32% margins despite inventory management actions by a major customer CS volumes were modestly impacted in Q3 by the order timing and inventory actions. Order patterns/volumes expected to normalize in Q4

Operational challenges at Tartas plant being managed; Other HPC facilities are operating at capacity

Two additional strikes occurred at Tartas in September due to national political turmoil, bringing the total to five strikes in 2025 Tartas is making progress on recruiting for the key open positions with all critical roles expected to be filled by year -end Other HPC plants continue to operate at capacity

Non-cash environmental charge taken in Q1

o Reflected updated remediation scope at two legacy sites; no near-term cash impact

6

Restore Temiscaming Profitability, Pursue Divestiture in 2026

2025 EBITDA guidance decreased to ($14) million vs. ~$30 million historical (inclusive of site custodial)

Lower Paperboard prices and volumes due to new industry capacity and EU imports Planned shutdown in Q4 of the Paperboard line and a HYP line for three weeks to improve working capital

On track to restore profitability to historical levels

Reduce Temiscaming Costs: $10 million annual EBITDA Improvement Utility contract improvements and high-return strategic capex investments Improve Paperboard Operational Equipment Efficiency (OEE): $10 million annual EBITDA Improvement Driven by fewer economic shutdowns in 2026, grade optimization, and improved maintenance reliability; further upside expected in 2027 with no economic shutdowns as market supply-demand normalizes Realize New Product Development: $10 million annual EBITDA Improvement in 2026 with further $5 million annually in 2027 Rolled HYP softwood product trials progressing well; Freezer board orders being secured; Oil & Grease resistant (OGR) trials to be launched this quarter A HYP wrapper product being developed that will deliver immediate cost savings and could expand into new addressable end mark ets Actively negotiating with U.S. customers concerned about 15% tariffs on EU imports AFRY-led feasibility study ongoing to evaluate strategic and optimization opportunities for all Temiscaming site assets

Goal to restore profitability and position the business for divestiture in 2026

North American Paperboard market expected to deliver 2-4% long term growth RYAM is the sole producer of 3-ply board in North America with strong demand given high surface to weight ratio Analysts and precedent transactions implying 5-7× EBITDA mid-cycle valuation potential RYAM continues to engage opportunistically with inbound inquiries on its Paperboard and High-Yield Pulp businesses as they arise

7

Objective Over Next 2 Years to Strongly Grow Core EBITDA

EBITDA)

+20 vs. Q2'25

(Targeted 2027 cost reduction)

(80)

$50

$365

31

$315

89

30

50

~$195

-8 vs. Q2'25

(RYAM

proportional

+20 vs. Q2'25

(RYAM

proportional EBITDA)

($ Millions)

202 5 Normalized	CS Price	Cost	Cost	Commodity Exposure	Bioma terials (1)	2027 Run-Rate (1)	AGE Project (1)	202 8 Run-Rate (1)
Core Business	Increa ses	Inflat ion	Reduct ion	Reduct ion	Growth	EBITDA (Core Business )		EBITDA (Core Business)
EBITDA

• Divest Paperboard and High-Yield Pulp businesses and operate RYAM as a pure-play Cellulose Specialties and Biomaterials company

• Cellulose Specialties market remains highly attractive, with strong supply-demand fundamentals providing pricing leverage

• Disciplined execution of cost efficiency initiatives to expand margins $30 million in 2026, with additional projects under review to potentially yield an additional

  $20 million of savings in 2027

• RYAM holds most of the excess Cellulose Specialties capacity enabling demand-driven shift from commodity to specialty sales

• Exceptional growth opportunity in Biomaterials to recycle capital into high-return projects to create tremendous shareholder value

• Balance sheet and liquidity remain sufficient to internally fund growth initiatives without shareholder dilution

• We believe RYAM's current stock price does not fully reflect the intrinsic value of its assets or the earnings potential fromits growth strategy

8

(1) Based on RYAM expected proportional EBITDA

RYAM's Cellulose Specialties Outlook

RYAM is the leading global producer of Cellulose Specialties

Highly specialized, non-commodity products with long qualification cycles and risky switching costs RYAM leads industry in product quality and functionality, backed by proprietary processes and nearly 100 years of technical know-how

Discussions Underway Targeting a Significant Reset in 2026 Pricing Across Cellulose Specialties Grades

As we kick off 2026 Cellulose Specialties pricing discussions, we are targeting a significant reset beyond prior-year increases - reflecting the value of our products and recapturing lost value from prior years' inflation Current U.S. reciprocal tariffs and potential additive U.S. CVD/AD duties effectively increasing foreign competitors' delivered cost to U.S. Recent tariff disruptions underscore the lack of alternatives for the company's products as demonstrated by the China tariff exemption for U.S. Cellulose Specialties/Dissolving Wood Pulp products o Analysts forecast 4-6% annual price growth in the CS industry through 2027, outpacing RYAM's "all-in" cost inflation due to tight market conditions and 80% DWP CS market share concentration of the 3 largest producers

RYAM expects to realize $30 million of cumulative EBITDA by capturing organic demand growth

On schedule to qualify Temiscaming CS volume targeted for 2026 generating $5 million of EBITDA benefit We remain optimistic to capture $20 million of EBITDA benefit by 2028 from organic CS market growth o Recently announced CLP plant closure to potentially increase CS demand for RYAM Potential upside of $15 million in future years when ethers demand returns to historical levels (not included in forward projections)

Operational excellence and cost discipline enhancing margin capture

Structural cost-reduction initiatives (~$30 million run-rate savings by 2026) drive incremental margin expansion alongside pricing actions ~$20 million margin of improvement opportunities under review for realization in 2027

9

Update on Current High Return Biomaterials Projects

Altamaha Green Energy JV: Est. 12X RYAM equity ROI (1)
o o o	70 MW renewable power; 30-year PPA with Georgia Power (RYAM 49%) ~$100M+ JV EBITDA annually, 80%+ margin; ~$500M total capex, RYAM cash equity $46M; RYAM proportional EBITDA expected to exceed $50M Air permit approved; EPC contract executed; interconnect and financing being finalized
BioNova 2G Bioethanol Project (US): Est. 19X RYAM equity ROI (2)
o o	6.5M gallons annually, 2nd-gen bioethanol plant (RYAM 80%); $19M EBITDA annually, 40%+ margin; $64M capex, RYAM cash equity $6M Funding secured, air permit approved; pursuing a constructive path to resolution for local building permit to advance the project while preserving all legal rights
BioNova CTO Project (US): Est. 16X RYAM equity ROI (2)
o o	13K MTPY CTO converted from TOS sourced at Jesup/Fernandina (RYAM 80%); $7M EBITDA annually, 40%+ margin; $9M capex, RYAM cash equity $1.5M Acquired high quality used CTO plant equipment; engineering completed; negotiating commercial agreements; air permit application to be filed in November
BioNova CTO Project (France): No RYAM equity investment
o o	CTO produced via 3rd-party tolling using Tartas TOS feedstock (RYAM 80%); $1M EBITDA annually; no capital cost Tolling and offtake agreements being negotiated
BioNova Pre-Biotics Project: ROI TO BE REVISITED
o o o	TO BE REVISITED: $12M EBITDA annually, 40%+ margin; $33M capex, RYAM equity $5M (RYAM 80%) Product efficacy over 2x higher than existing prebiotics additives, lowering dosage needs; facility redesign underway for a smaller, modular footprint scalable with customer demand Commercial Sales MOU signed with a feed additive manufacturer for U.S. poultry and swine feed segments

(1) Based on utility market comps

(2) Based on specialty cellulose market comps (e.g., Borregaard, recent CS sales transactions) 10

Ability to Recycle Capital at Attractive ROI

• RYAM opportunity to generate strong ROI is driven by its ability to leverage its extensive and unique asset base

  • This footprint enables low-cost expansion into complementary Biomaterials projects

  • Illustratively, RYAM's Jesup plant alone has an estimated replacement

    cost of over $4 billion

• Biomaterials initiatives are commercially viable

  • Market demand and technical viability proven across bioethanol, CTO, and lignin applications

  • With financing in place for BioNova, RYAM is positioned to execute on these high-value opportunities

• Pipeline of projects extending growth beyond 2027

  • GranBio and RYAM due diligence expected to be completed by 2026 for a pilot-scale ethanol-to-jet plant at Jesup using 2nd generation feedstocks. Pilot plant would be funded by a DOE grant.

  • MOU with Verso Energy to explore eSAF opportunities at Jesup and Tartas aligned with EU decarbonization mandates

  • Additional high-ROI Biomaterials concepts under review, creating longterm reinvestment and value realization potential

11

RYAM's Compelling Investment Thesis

WE CONTINUE TO BELIEVE RYAM'S CURRENT STOCK PRICE DOES NOT FULLY REFLECT THE

INTRINSIC VALUE OF ITS ASSETS OR THE EARNINGS POTENTIAL FROM ITS GROWTH STRATEGY

The short term, isolated issues that impacted RYAM are largely behind us

Direct tariff impacts have stabilized; continued work to mitigate indirect customer effects Extraordinary operational disruptions have been resolved; non-cash environmental and FX remeasurements not expected to recur

The underlying fundamentals remain strong, and our growth initiatives are advancing

Core Cellulose Specialties business performing to plan, with significant 2026 pricing reset aimed at reflecting product value, and recapturing lost value from prior years' inflation Structural cost-reduction on track to deliver ~$30 million in 2026 savings; additional ~$20 million opportunity under review for 2027 Margin expansion supported by mix improvement as production shifts from commodity to Cellulose Specialties products Biomaterials expected to contribute ~$31 million of proportional run-rate EBITDA in 2027 and ~$80 million including proportional AGE EBITDA in 2028 Temiscaming profitability initiatives driving margin improvement and positioning for future divestiture Disciplined cash and capital management supports ability to recycle capital into high -ROI projects and deleveraging

Attractive valuation and multiple re-rating potential

Closest peer, Borregaard, trades at double-digit EBITDA multiples; recent private transactions for comparable Cellulose Specialties assets have occurred at similarly attractive levels As we execute our strategy, we expect RYAM's valuation multiple to increase to double digits Applying a similar multiple to RYAM's 2027 run-rate core EBITDA of ~$315 million would imply a stock price up to ~5x current levels

12

Financial Highlights Revenue by Segment/Product

$353

Million

Cellulose

Specialties,

58%

Fluff , 16%

• Q3 2025 Financial Summary:

  • Revenue of $353 million; -$48 million from Q3'24

  • Operating Income of $9 million; +$26 million from Q3'24

  • Adjusted Free Cash Flow of ($83) million YTD; partially driven by working-capital

    timing expected to improve in Q4'25

  • Adjusted EBITDA of $42 million; -$9 million from Q3'24

• Primary Drivers Impacting Earnings:

  • Paperboard: -$10 million

    • Lower sales volumes and sales prices from tariff uncertainty and sales mix, competitive EU imports and new U.S. capacity; higher fixed costs from economic downtime and the allocation of Temiscaming net custodial site costs

  • High-Yield Pulp: -$10 million

    • Lower sales volumes and sales prices due to China oversupply and shipping delays; higher fixed

      costs from economic downtime and the allocation of Temiscaming net custodial site costs

  • Cellulose Commodities: +$7 million

    • Higher sales pricing and improved sales mix, lower fixed costs from the Temiscaming indefinite suspension, and the absence of prior-year impairment and suspension charges, partially offset by lower sales volumes from reduced production and prioritization toward Cellulose Specialties

• Guidance:

  • 2025 Adjusted EBITDA: $135-140 million

  • Q4 Adjusted Free Cash Flow: $25-30 million

Adjusted EBITDA

$ MILLIONS EBITDA Margin %
Cellulose Specialties	66	32%
Biomaterials	1	13%
Cellulose Commodities	(3)	(4%)
Paperboard	1	3%
High-Yield Pulp	(9)	(38%)
Corporate	(14)	N/A
TOTAL	$42	12%
		13

Cellulose Specialties

Key Financials ($ millions) Net Sales	Quarter Ended
	Sept 27, 2025 $204	Jun 28, 2025 $208	Sept 28, 2024 $232
Operating Income	49	29	46
Adjusted EBITDA	66	46	65
EBITDA Margin	32%	22%	28%

Operating Income Bridge

70

46

49

60

$ millions

50

40

30

20

10

0

Q3'24 CS Price/ (1)

Mix

Volume /(2)

Sales Mix

Cost SG&A /

Other

Q3'25

Cellulose Specialties - Volume and Price

Volume (000 MT) Price ($ / MT)

o Net sales decreased $28 million, as higher sales prices were more than offset by lower sales volumes, reflecting elevated prior-year

250

200

150

100

50

0

1,873

105

111

1,750

1,748

1,753

1,750

1,807

126

134

111

130

Q2 Q3 Q4 Q1 Q2 Q3

2024 2025

1,9 00

1,8 50

1,8 00

1,7 50

1,7 00

1,6 50

1,6 00

1,5 50

1,5 00

bridge orders ahead of the Temiscaming indefinite suspension, continued acetate destocking, and global tariff impacts

o Operating income increased $3 million, driven by higher sales price, lower fixed costs as result of the indefinite Temiscaming suspension, and a $7 million energy benefit, partially offset by higher operating costs from operational challenges at the Tartas cellulose plant and French national labor strikes that disrupted production, as well as lower sales volumes

(1 ) Captures product mix within CS segmen t 14

(2 ) Volu me/Sa les Mix varian ce reflects fully absorb ed costs

Biomaterials

Key Financials ($ millions) Net Sales	Quarter Ended
	Sept 27, 2025 $8	Jun 28, 2025 $6	Sept 28, 2024 $8
Operating Income	1	1	3
Adjusted EBITDA	1	1	4
EBITDA Margin	13%	17%	50%

Operating Income Bridge

3.5

3.0

$ millions

2.5

2.0

1.5

1.0

0.5

0.0

3

						1

Q3'24 Price Volume /

Sales Mix

Cost SG&A /

Other

Q3'25

• Net sales were flat year-over-year, as higher turpentine sales were offset by lower bioethanol sales volumes due to operational challenges and French national labor strikes at the Tartas cellulose plant that limited feedstock supply

• Operating income decreased $2 million, primarily driven by higher shared and ancillary service costs

15

Cellulose Commodities

Key Financials ($ millions) Net Sales	Quarter Ended
	Sept 27, 2025 $85	Jun 28, 2025 $59	Sept 28, 2024 $86
Operating Income	(13)	(9)	(55)
Adjusted EBITDA	(3)	(2)	(10)
EBITDA Margin	(4%)	(3%)	(12%)

0

(10)

$ millions

(20)

(30)

(40)

(50)

(60)

Operating Income Bridge

(13)

(55)

(1)

Q3'24 CC Price/

Mix

(2)

Volume /

Sales Mix

Cost SG&A /

Other

Q3'25

Cellulose Commodities - Volume and Price

Volume (000 MT) Price ($ / MT)

64

788

863

830

849

109

95

93

84

96

911 893

o Net sales decreased $1 million, driven by lower sales volumes from reduced production levels and prioritization of production to CS,

160

140

120

100

80

60

40

20

0

Q2 Q3 Q4 Q1 Q2 Q3

2024 2025

900

800

700

600

500

400

along with the absence of Temiscaming sales following the

indefinite suspension of operations. These impacts were mostly offset by higher sales prices from improved mix and stronger fluff pricing

• Operating loss improved $42 million, primarily due to the absence of prior-year impairment and suspension costs, along with higher average sales price and lower fixed costs as result of the indefinite Temiscaming suspension

  (1 ) Captures product mix within CC segment 16

  (2 ) Volu me/Sa les Mix varian ce reflects fully absorb ed costs

  
  
  

  Paperboard

  Key Financials ($ millions) Net Sales	Quarter Ended
  	Sept 27, 2025 $39	Jun 28, 2025 $47	Sept 28, 2024 $55
  Operating Income	(4)	-	7
  Adjusted EBITDA	1	5	11
  EBITDA Margin	3%	11%	20%

  Operating Income Bridge

  8

  6

  $ millions

  4

  2

  0

  (2)

  (4)

  (6)

  7

  Q3'24 Price Volume /

  Sales Mix

  Cost SG&A /

  Other

  (4)

  Q3'25

  Paperboard - Volume and Price

  Volume (000 MT) Price ($ / MT)

  o Net sales decreased $16 million, driven by lower sales volumes and sales prices due to mix, shifting customer

  dynamics tied to tariff uncertainty, and increased

  75

  1,321

  1,256

  44

  38

  38

  39

  43

  37

  34

  31

  
  
  

  1,346

  1,441 1,382 1,384 1,400 1,394

  50

  25

  0

  2024

  2023

  2025

  
  
  

  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

  1,6 50

  1,4 50

  1,2 50

  1,0 50

  850

  650

  competitive activity from EU imports and new U.S. capacity

  o Operating results declined $11 million, driven by the lower sales, higher fixed costs from market-driven downtime, and the allocation of Temiscaming net custodial site costs, partially offset by lower purchased pulp costs

  17

  
  
  

  High-Yield Pulp

  Key Financials ($ millions) Net Sales	Quarter Ended
  	Sept 27, 2025 $24	Jun 28, 2025 $29	Sept 28, 2024 $28
  Operating Income	(10)	(7)	-
  Adjusted EBITDA	(9)	(7)	1
  EBITDA Margin	(38%)	(24%)	4%

  Operating Income Bridge

  -

  0

  (2)

  $ millions

  (4)

  (6)

  (8)

  (10)

  (12)

  Q3'24 Price Volume /

  Sales Mix

  Cost SG&A /

  Other

  (10)

  Q3'25

  High-Yield Pulp - Volume and Price

  Volume (000 MT) Price ($ / MT)

  518

  125

  o Net sales decreased $4 million, driven by lower sales prices and lower sales volumes due to weaker demand, continued oversupply in China, and shipment-timing

  100

  75

  50

  25

  559 574 559

  700

  504

  523

  501

  
  
  

  509

  600

  500

  50

  40

  45

  49

  48

  38

  42

  35

  400

  300

  delays to customers in India

  o Operating results declined $10 million, primarily due to lower sales, higher fixed costs from market-driven downtime, and the allocation of Temiscaming net custodial site costs

  0

  Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

  200

  2024

  2023

  2025

  
  
  

  18

  
  
  

  Solid Balance Sheet and Liquidity

• RYAM maintains a balance sheet sufficient to fund key growth initiatives without shareholder dilution

  • $140 million of global liquidity including $77 million of cash

  • Net secured leverage ratio of 4.1x covenant EBITDA, well within

    the 5.0x covenant threshold

  • $40 million of green debt committed by lenders for portfolio 1

• Proceeds from a Paperboard/High-Yield Pulp divestiture would materially strengthen the balance sheet

  Amount

  Outstanding

  Interest Rate

  Maturity

• Continued discipline in working capital optimization and free cash flow generation remains a key focus

  Total Liquidity

  $53

  $140

  Million

  $77

  $10

  Cash
  
  Factoring (France)
  
  ABL (North America)
  
  

  ABL Revolver 59 S + 2.0% November-29

• EBITDA above $170 million supports free cash flow generation used to:

  • Reduce leverage

  • Recycle into high-return growth initiatives

  • Evaluate capital return opportunities

• Debt becomes callable in 2026; opportunity to significantly lower interest expense and increase free cash flow
• At its targeted 2027 run-rate core EBITDA, RYAM's core business is expected to generate nearly $140 million per year in free cash flow

Sr Secured Term Loan 697 S + 7.5%

Gross Debt	$ 837	~10.6%
Cash	(77)
Adjusted Net Debt	$ 760
Unsecured Debt	(31)
Net Secured Debt	$ 729

Canada Debt	19	5.5%	April-28
BioNova Debt (2)	22	1.8%	Various
France Debt	34	3.8%	Various
Other Debt	6	Various	Various

(1 ) Increased to S + 7.5% as Net Se cur ed Leverage rose abo ve 3.5x

(2 ) Debt assumed by RYAM BioNova S.A.S, excludes $38.4M of committed capital

(1)

October-29

19

Appendix

Market Outlook

Cellulose Specialties	2025 cellulose specialties average sales prices expected to increase mid-single-digit percentage vs. PY Sales volumes projected to decline ~10% on tariffs, acetate destocking, and loss of 2024 bridge volumes 2026 pricing discussions underway, targeting a significant reset reflecting product value, and capturing lost value from prior years' inflation Acetate demand soft; ethers improving; other grades mixed; moderate inflation in raw material and logistics costs expected 2025 EBITDA Guidance: $227-230 million
Biomaterials	Projects continue to advance; select BioNova project FIDs expected in 2025 Fernandina Bioethanol: Funding and air permit secured; the company is pursuing a constructive path to resolution to advance the project while preserving all legal rights Prebiotics: Higher-than-expected poultry trial efficacy prompting commercial plan update and potential market expansion Altamaha Green Energy (AGE): Construction planning complete; financing options under review ahead of potential 2025 FID 2025 EBITDA Guidance: $7 million
Cellulose Commodities	Chinese retaliatory tariffs continue to disrupt global fluff market dynamics Production actively shifting toward non-fluff commodities to mitigate tariff impacts Raw material input and logistics costs expected to increase moderately year -over-year 2025 EBITDA Guidance: ($13-15 million)
Paperboard	Sales volumes expected to remain soft due to economic uncertainty and weaker demand Average sales price projected to decline as new U.S. capacity and EU imports increase competition. Input costs expected to rise from higher purchased pulp and Temiscaming net custodial site cost allocation; line to be idled for three weeks in Q4 to manage inventory and cash EBITDA Guidance: $13 million
High-Yield Pulp	Prices and volumes expected to decline amid continued oversupply in China Higher costs from increased Temiscaming net custodial site allocations; one line to be idled for three weeks in Q4 to manage inventory and cash EBITDA Guidance: ($27 million)
Corporate	Full-year costs higher due to environmental reserve charges and FX headwinds, partly offset by lower spending post-ERP implementation EBITDA Guidance: ($70 million)

21

Fourth Quarter 2025 Guidance

EBITDA: $48-53M | ADJUSTED FREE CASH FLOW: $25-30 MILLION

($ Millions)

$48-53

~$28

$25-30

($41)

($10)

Q4 2025

EBITDA Guide

Cash Interest Expense

Maintenance CapEx

Working Capital (1)

Q4 Adjusted Free Cash Flow

22

(1) Working capital includes AR (net of rebates), Inventory, and AP

Definitions of Non-GAAP Measures

EBITDA	Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management.
Adjusted EBITDA	EBITDA adjusted for items management believes do not represent core operations. Management believes this measure is useful to evaluate the Company's performance.
EBITDA by Segment	Net income (loss) before interest, taxes, depreciation and amortization.
Adjusted Net income (Loss)	Net income (loss) adjusted net of tax for items that management believes are not representative of core operations.
Adjusted Free Cash Flows	Cash provided by operating activities adjusted for capital expenditures, net of proceeds from sale of assets and excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock.
Adjusted Net Debt	The amount of debt after the consideration of the debt premiums, original issue discounts and issuance costs, less cash.
Net Secured Debt	Adjusted net debt less unsecured debt.
Available Liquidity	The funds available under the revolving credit facility adjusted for cash on hand and outstanding letters of credit.

23

Net Sales and Operating Income by Segment

($ MILLIONS)

24

Consolidated Statements of Operations

($ MILLIONS)

25

Consolidated Balance Sheets
($ MILLIONS)	September 27, 2025		December 31,	2024
Assets
Cash and cash equivalents	77		S	125
Other current assets	S 14			476
Property. rlant and equirment,net	i ,o26			1,019

Other assets

179

510

Total assets 1,796 S 2,130

Liabilities, Redeemable Noncontrolling Interest and Stockholders' Equi Debt due within one ear	30	$	24
Other current liabilities Long-term debt	764		706
Non-current environmental liabilities	172		160
Other liabilities	13s		139
Redeemable noncontrolling interest			11
Stockholders' equity			714

Total liabilities. redeemable noncontrolling interest and stockholders' equity S 1,796 S 2,1?0

RYAM* 26

Reconciliation of EBITDA by Segment

($ MILLIONS)

27

Reconciliation of Adjusted Free Cash Flow

($ MILLIONS)

28

Reconciliation of Adjusted Net Secured Debt

($ MILLIONS)

29

Reconciliation of Adjusted Net Income (Loss)

($ MILLIONS)

30