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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.


Rayonier Advanced Materials Inc.(RYAM)-20251105-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RYAM

RYAM fundamentals

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