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Investor Presentation Second Quarter Equity Conferences June 2025
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2 Safe Harbor 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 presentation are made only as of the date set forth at the beginning of this presentation. 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’s operations are subject to a number of risks and uncertainties, 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 conflicts and related impacts. The Company is subject to risks associated with epidemics and pandemics, which could have a material adverse impact on the Company’s business, financial condition, results of operations and cash flows. 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 2024 revenue and the loss of all or a substantial portion of revenue from these customers could 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. 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. 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. 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 inability to protect the intellectual property underlying new products or applications, could have a material adverse impact on the Company’s business. Loss of Company intellectual property and sensitive data or disruption of manufacturing operations due to a cybersecurity incident could materially adversely impact the business. 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.
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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. 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 Non-GAAP Financial Measures
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⎔ For nearly 100 years, RYAM has developed a platform that produces natural cellulose fibers that create value in a diverse range of end -use products – Leading supplier of high-value Cellulose Specialties used in acetate, ethers, and other specialty applications – Niche producer of Cellulose Commodities, with a strategic focus on Fluff applications – Emerging producer of high-margin, green-focused Biomaterials products – Sole producer of 3-ply Paperboard in North America – 290,000 metric tons capacity of bulky High-Yield Pulp ⎔ RYAM operates four strategically located, world -class production facilities across the U.S., Canada, and France ⎔ RYAM’s strategic investments emphasize its BioFuture vision, driving growth in Biomaterials and enhancing operational efficiencies through automation and targeted cost reduction initiatives 4 Who is RYAM Cellulose Specialties Cellulose Commodities Biomaterials Paperboard High-Yield Pulp Products o Acetate o Ethers o Other Specialties o Fluff o Viscose/Lyocell o Paper Pulp o Biofuels o Crude Tall Oil o Prebiotics o Lignosulfonates • Kallima® brand • Packaging • Multiply Coated Board • Commercial Printing • Mechanical Hardwood Pulp (Maple & Aspen) End Markets
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5 1930 1931 1938 1940s 1950s 1960s 1970 1977 1980s 1990s 2005 2020-2022 2022 2024 Rayonier develops thinner LCD films and patents RET RYAM History Rainier Pulp develops sustainable dissolving pulp Rainier partners with DuPont for hemlock pulp Rayonier's team discovers wood pulp rayon Rayonier develops nitrocellulose technology Rayonier introduces cold caustic extraction Rayonier's acetate - grade cellulose becomes a global benchmark Rayonier innovates fluff pulp for consumer products with J&J Rayonier leads in nano cellulose technology Rayonier supplies cellulose for film/LCD production Rayonier Advanced Materials rebrands as "RYAM" RYAM collaborates on sustainable poultry feed RYAM completes inaugural bioethanol delivery from cellulose in France First High IV ether grades in Temiscaming Biofloc HV Development for ultra -high viscosity wood pulp for Cellulose Ethers A RICH HISTORY OF INNOVATION
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6 Overview GLOBAL FOOTPRINT Employees U.S., Canada, France, United Kingdom, China and Japan 2,350 Research Facilities U.S. and France 2 Manufacturing Facilities U.S., Canada and France 4 Sales Offices U.S., Canada, France, United Kingdom, China and Japan 7
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Fluff Personal Hygiene Viscose/Lyocell Textiles Biomaterials Lignin Bioethanol Bioenergy Paperboard Packaging Lottery Commercial Print High-Yield Pulp Packaging Paperboard Printing & Writing Ethers Food Pharmaceuticals Industrial Acetate Filter Plastic LCD/Film Other CS Tire Cord Casings Filtration Nitrocellulose Microcrystalline Cellulose 7 RYAM Is Everywhere
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Revenue ($ Billions) Q1 2025 Revenue by Product EBITDA ($ Millions) 2024 Revenues by Geography 56% 16% 5% 2% 14% 7% Cellulose Specialties Fluff Non-Fluff Commodities Biomaterials Paperboard High-Yield Pulp 8 Business Overview ENTERPRISE REVENUES AND EBITDA 2019 2020 2021 2022 2023 2024 2025G $101 $100 $127 $177 $139 $222 $175- 185 2019 2020 2021 2022 2023 2024 2025G $1.5- $1.6 $1.6$1.6$1.7 $1.4$1.3$1.4 33% 20%9% 20% 4% 14% U.S. China Japan Europe Canada Other Down from 15% in 2023
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9 Why Invest in RYAM? Industry Leader in Tightening Cellulose Specialties Market Clear Path to Margin Expansion Through Cost Optimization Initiatives Significant Upside in Biomaterials Expansions Credible Financial Plan to Fund Growth 1 2 3 4
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INVESTOR DAY 2023 PLAN → EXECUTED ACHIEVEMENTS (2023 –2025) Yesterday, Today, & Tomorrow 10 Progress to Date (2023–2025) Temiscaming HPC Indefinite Suspension Executed ⎔ Reduced commodity exposure from 15% to 5% of sales in 2024 ⎔ Loss impact: ~($60M) in 2023 reduced to ~($5M) in 2025 France Bioethanol Plant Operational ⎔ Inaugural shipment complete in 2024, accelerating biomaterials growth Disciplined Price Stewardship (Value/Volume) ⎔ CS pricing up from $1,538 (2022) → $1,750 in Q1’25 BioNova Established ⎔ Platform to access green capital to fund and accelerate high-return biomaterials investments ⎔ €30M raised for 20% stake, implying valuation >$160M for startup ventures, with an additional €37M in green capital secured Targeted Cost Reductions Underway ⎔ ~$10M efficiencies from ~$15M invested (2024–2025) ⎔ Continued pipeline of attractive projects meeting strict investment criteria
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1.2 1.1 1.2 1.2 1.1 1.1 1.2 1.2 1.3 0.2 0.3 0.3 0.2 0.3 0.2 0.1 0.1 0.1 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E MILLIONS OF TONNES (2) Demand Excess Supply 11 Future CS Supply and Demand Dynamic MARKET DYNAMICS TIGHTEN AMID CAPACITY RATIONALIZATION Source: Hawkins Wright Defining the Specialty Cellulose Market Q2 2024 Report 1. The shipment-to-capacity ratio compares supply and pricing power in the Specialty Cellulose market. 2. Excludes Cotton Linter Pulp 3. Inclusive of expected debottlenecking projects from remaining market participants Shipment-to-Capacity Ratio (1) Reflects ~10% reduction in CS industry capacity Shipment to Capacity Ratio(1) 85% 81% 82% 83% 80% 87% 90% 92% 91% (3)
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STRICT HURDLE RATE: MINIMUM >30% ROE WITH <2 -YEAR PAYBACK High-Return Strategic CapEx Opportunities 12 (1) Includes a $15.8M equity contribution from SWEN Capital in 2024, a second $15.2M contribution expected in 2025 upon meeting certain milestones, and $38.4M in secured term loans from French banks (2) Excludes the completed France Bioethanol plant; total CapEx was $41M, with $36M in external financing, resulting in ~$5M net Strategic CapEx and an expected annual EBITDA benefit of $7M (3) 2025 Plant-Level Strategic CapEx focused on automation and efficiency improvements, with additional projects under evaluation for 2027 (4) Biomaterials EBITDA: $25M starting in H1 2028, with the remainder realized in H1 2029 Project Detail ⎔ Biomaterials: – BioNova initiatives (Bioethanol, CTO, Prebiotics) and the Altamaha Green Energy (AGE) project ⎔ Cellulose Specialties: – Cost reduction, automation, and plant efficiency improvement projects – $5 million investment in 2025 builds on $10 million in plant-level investments from 2024, expected to drive $10 million in production efficiencies in 2025 – Expected to drive near-term EBITDA growth, with benefits ramping quickly after 2025 spend ⎔ Corporate ERP: – Final year of investments in upgraded ERP systems to improve segment reporting and operational oversight Project Aera 0 2025 Strategic CapEx 2025 Ext. Financing 2025 Strategic CapEx, net 0 2 Total Strategic CapEx Total Ext. Financing (1) Total Strategic CapEx, net CapEx Timeline C o l Full Production EBITDA EBITDA Benefit Expected Biomaterials (2) 16$ (15)$ 1$ 141$ (69)$ 71$ 2025-2027 55$ 2029 (4) C ellulose Specialties(3) 19$ -$ 19$ 33$ -$ 33$ 2025-2026 31$ 2026 (0) C orporate (ERP) 4$ -$ 4$ -$ - Total 39$ (15)$ 23$ 174$ (69)$ 104$ 86$ ($ Millions)
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13 RYAM’s Compelling Biofuture RYAM has access to feedstock from its existing CS process Economies of scale and variable contribution economics Established technologies & markets demanding products Substantial incremental EBITDA with compelling margins and investment returns 1 2 3 4
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14 Biomaterial Products ESTABLISHED TECHNOLOGIES WITH EXISTING MARKETS CRUDE TALL OIL (CTO) BIOETHANOL PREBIOTICS LIGNOSULPHONATE (LIQUID + POWDER) SUSTAINABLE AVIATION FUEL (SAF) PRE- HYDROLYZED LIQUOR (PHL)
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15 RYAM’s Compelling Proposition STABLE CORE BUSINESS AND BIOMATERIALS DRIVE RUN RATE EBITDA TO $ 325M IN 2027 Key Drivers ⎔ Stable Core CS Business with favorable supply and demand dynamics – Recent capacity rationalization has significantly tightened the CS market – Mid-single-digit percentage price increase for 2025 ⎔ Expedited Growth through Biomaterials Opportunities – Biomaterials expected to generate over $70M of EBITDA in 2029 ⎔ Reduced Commodity Exposure – HPC non-Fluff commodities exposure declined 60% from 2023 levels, dropping from 15% to 6% in 2024 ⎔ Cost Savings Initiatives to Drive Margin Enhancement – Driven by investments in automation driving increased plant efficiencies 10.0x 5.4x 4.0x 5.2x 2.9x 3.7x 2.5x 7.4% 9.0% 10.3% 8.5% 13.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 0.0x 2.5x 5.0x 7.5x 10.0x 12.5x 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual 2025 Guidance Target EBITDA Margin Net Debt/Adjusted EBITDA Gross Debt Net Debt/Adj EBITDA (LTM) Adj EBITDA Margin % (LTM) 17% 15% $1,095 $937 $859 $778 $797 Net Secured Debt to Covenant EBITDA 4.2x < 2.7x ~ 12% 11% 3.1x ~
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Appendix
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17 Understanding the Value Chain *Most Specialized Products and RYAM Market Leading Position Ethers* Food Pharmaceuticals Industrial Acetate* Filter Plastic LCD/Film Other CS* Tire Cord Casings Filtration Nitrocellulose Microcrystalline Cellulose Viscose/Lyocell Textiles Fluff Personal Hygiene Biomaterials Lignin Bioenergy Paperboard Packaging Commercial Print Lottery High-Yield Pulp Packaging Paperboard Printing & Writing Kraft Sulfite Pulping Bleaching CUSTOMIZED PER CUSTOMER APPLICATION FINISHING CUSTOMER END USES Hardwood & Softwood Softwood END MARKETSPRODUCTSPROCESSINGINPUT RYAM’s products require significant technical acumen and serve diverse end markets
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⎔ Revenue of $356 million; -$32 million from Q1’24 ⎔ Operating Loss of $15 million; -$32 million from Q1’24 ⎔ Adjusted Free Cash Flow generation of $10 million; +$26 million from Q1’24 ⎔ Adjusted EBITDA of $17 million; -$35 million from Q1’24 – Cellulose Specialties: -$9 million – Lower sales volumes, higher key input costs, and operational challenges at the plants, partially offset by the absence of prior-year losses from Temiscaming cellulose operations – Cellulose Commodities: +$5 million – Lower commodity losses, partially offset by higher key input costs and operational challenges at the cellulose plants in the current quarter – Biomaterials: $0 million – Lower production due to reduced feedstock availability resulting from the Tartas operational challenges and planned shutdown, offset by initial bioethanol sales in France and lower production costs – Paperboard: -$8 million – Lower sales prices and volumes, higher maintenance and purchased pulp costs, and the impact of Temiscaming net custodial site costs – High-Yield Pulp: -$6 million – Lower sales prices and volumes and the impact of Temiscaming net custodial site costs – Corporate: -$17 million – Non-cash environmental reserve charges and unfavorable foreign exchange rates compared to favorable rates in the prior year 18 Q1’25 Financial Highlights Revenue by Segment/Product Cellulose Specialties, 56% Fluff , 16% $356 Million Adjusted EBITDA $ MILLIONS Cellulose Specialties 46 Cellulose Commodities (2) Biomaterials 2 Paperboard 4 High-Yield Pulp (6) Corporate (27) TOTAL $17 Adjusted EBITDA guidance of $175-185M; Adjusted free cash flow guidance of $5-15M
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$130 $11 $131 Cash Factoring (France) ABL (North America) $272 Million ⎔ Adjusted Net Debt of $653 million, $90 million reduction from Q1’24 – Net Secured debt of $624 million, $97 million reduction from Q1’24 ⎔ $272 million of liquidity, including $130 million of cash ⎔ Net secured leverage ratio of 2.9x covenant EBITDA ⎔ $38 million of total CapEx in Q1’25 – $30 million Maintenance CapEx – $8 million Strategic CapEx ⎔ Continued focus on working capital optimization and free cash flow generation 19 Capital Structure & Liquidity Total Liquidity (1) ABL is undrawn (2) Debt assumed by RYAM BioNova S.A.S, excludes $38.4M of committed capital Amount Outstanding Interest Rate Maturity ABL Revolver (1) - S + 2.0% November-29 Sr Secured Term Loan 700 S + 7.0% October-29 Canada Debt 20 5.5% April-28 BioNova Debt (2) 22 1.8% Various France Debt 33 3.6% Various Other Debt 8 Various Various Gross Debt $ 783 ~10.5% Cash (130) Adjusted Net Debt $ 653 Unsecured Debt (29) Net Secured Debt $ 624
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EBITDA: $175 -$185M | ADJUSTED FREE CASH FLOW: $5 -$15M 2025 Guidance (1) Higher due to the timing of interest payments related to the 2024 refinance. Cash interest is ~$82 million normalized (2) Working capital includes AR (net of rebates), Inventory, and AP (3) Payment deferred from actions in 2022 20 ($ Millions) Adjusted EBITDA Cash Interest Expense Maintenance CapEx Enviro/Tax/ Stock Comp Working Capital France Deferred Energy Liabilities Other Accrued Liabilities Adjusted Free Cash Flow (1) (2) (3) Capital allocation decision to repay debt or invest in high return strategic capital projects $175-185 $(93) $5-15 $(2)$(5) $5$10 $(85)
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– Customer Advocacy: – Continuing strategic dialogues and leveraging relationships to mitigate tariff impacts and reduce immediate business disruptions – Market Diversification: – Accelerating the development and expansion of sales channels into non-tariff-affected geographies to sustain revenues and margins – Operational Adjustments: – Adjusting product mix and shifting existing volumes to markets not impacted by tariffs, while optimizing production and logistics to stay flexible Navigating 2025: Strategic Initiatives Amid Tariff Challenges 21 – Debt Reduction: – Gross debt reduced by $15M year-over-year and $310M since 2021; continuing disciplined repayment under the new credit agreement – Asset Optimization: – Reducing earnings volatility and increasing profit margins by minimizing exposure to commodity markets and advancing high-return investments in automation and efficiency – Requalification of Temiscaming CS volumes remains on track and production may flex in the near term to offset dislocation in fluff demand from China tariffs – Biomaterials Investments: – Advancing projects supported by secured green capital; final investment decisions for several initiatives expected in H2 2025, focused on sustainable growth and strong financial returns Immediate Focus: Tariff Mitigation Sustained Commitment: 2025 Strategic Initiatives
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Tariffs: Impact & Mitigation Summary 22 Cellulose Specialties Cellulose Commodities Paperboard Exposed Market ⎔ China/European Union ⎔ Retaliatory tariff from China/EU ⎔ China/European Union ⎔ Retaliatory tariff from China/EU ⎔ US Coated Paperboard ⎔ US tariff implementation Revenue Exposed ⎔ China: ~$160 Million ⎔ EU: ~$115 Million ⎔ China: ~$85 Million ⎔ EU: ~$30 Million ⎔ ~$175 Million Tariff Exposure & Likelihood ⎔ China: 10% → Low ⎔ EU: 50% → Low ⎔ China: 10% → High ⎔ EU: 50% → Medium ⎔ 25% → Low Start Date ⎔ China: N/A ⎔ EU: N/A ⎔ China: May 13, 2025 ⎔ EU: N/A ⎔ March 4, 2025 Market Dynamics/ RYAM Competitive Position ⎔ High industry capacity utilization ⎔ 1-2% demand growth China ⎔ 3-4% demand growth EU ⎔ Foreign competition ⎔ RYAM market quality leader ⎔ Minimal non-US inputs ⎔ High fluff capacity utilization ⎔ 2-3% demand growth ⎔ US based competition ⎔ US southeast fiber is highly valued ⎔ RYAM a niche producer ⎔ Minimal non-US inputs ⎔ RYAM is USMCA compliant ⎔ 10%+ tariff on European imports into the U.S. ⎔ 4-5% demand growth ⎔ New U.S. SBS capacity expected in 2025 ⎔ RYAM the only North American FBB producer Mitigation Strategy ⎔ Customers absorb tariff ⎔ Optimize US market positioning ⎔ Customers absorb tariff ⎔ Pursue market share in emerging geographies ⎔ Backfill production capacity with paper pulp production ⎔ Maintain USMCA compliance ⎔ Protect Canadian market via retaliatory tariffs ⎔ Replace our U.S. share with Canadian share