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- **2025 EBITDA Guidance**: $135M-$140M (down from $150M-$160M) due to strategic downtime in non-core assets.
- **Tariff Mitigation**: 10% fluff tariff countered by new dissolving wood pulp fluff product in development.
- **Temiscaming Turnaround**: 2026 initiatives target $30M EBITDA improvement via cost cuts, efficiency gains, and new products.
- **Biomaterials Growth**: AGE project ($500M, 12x ROI) and BioNova ethanol ($64M, 19x ROI) driving 2026-2027 EBITDA expansion.
- **Pricing Reset**: 4-6%+ 2026 price increase to recapture 35% inflation differential since 2014.

**【CEO Summary Section】**
- **Updated 2025 Guidance**: Adjusted EBITDA refined to $135M-$140M (from $150M-$160M) due to strategic downtime in non-core Paperboard and high-yield pulp lines. 
- **Tariff Developments**: 0% tariffs on Cellulose Specialties and dissolving wood pulp into China; 10% fluff tariff mitigation via new dissolving wood pulp fluff product in development. U.S. ITC affirmative injury determination for Brazilian and Norwegian dissolving pulp imports.
- **Operational Stabilization**: French strikes at Tartas resolved; key technical roles filled at Temiscaming and Tartas. Jesup and Fernandina performing to expectations.
- **Temiscaming Turnaround**: 2025 EBITDA loss of $14M vs. historical $30M; 4 initiatives to restore profitability: $10M cost reduction, $10M OEE improvement, $10M new product EBITDA, and strategic divestiture exploration.
- **2027 EBITDA Plan**: Target $300M+ EBITDA through pricing reset, $30M cost reduction, specialty mix shift, and biomaterials growth. 2026 pricing reset targeting 4-6%+ increase to recapture 35% inflation differential since 2014.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue $353M (-13% YoY); Adjusted EBITDA $42M (-17% YoY). Cellulose Specialties EBITDA $66M (+2% YoY), margins 32% vs. 28% prior year. Paperboard EBITDA $1M (-90% YoY); High-Yield Pulp EBITDA -$9M (-100% YoY). 
- **Segment Performance**: Cellulose Commodities loss narrowed to -$3M (from -$10M); Biomaterials EBITDA $1M (down 75% YoY). 
- **Liquidity**: $140M total liquidity; 2025 free cash flow expected $25M-$30M. $40M green debt available for biomaterials projects.

**【Q&A Key Highlights】**
- **Temiscaming Sale Milestones**: USMCA renewal (July 2026) and positive EBITDA/cash flow required for divestiture. 2026 milestones: $10M cost savings, $10M OEE improvement, and new product commercialization.
- **Refinancing Strategy**: 2026 debt refinancing contingent on 2025 EBITDA recovery. Target leverage below 4x to regain balance sheet flexibility.
- **Pricing Reset Impact**: 1% price increase generates $8M-$9M EBITDA; targeting 4-6%+ increase to recapture $300M inflation differential. 
- **AGE Project Progress**: $500M renewable energy project with 12x ROI on $46M equity. FID pending financing resolution. 
- **Fluff Product Development**: Dissolving wood pulp fluff product in testing; cost reduction efforts underway to justify tariff avoidance.


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