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First Quarter 2025 Financial Presentation Materials May 7, 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 earnings release are made only as of the date set forth at the beginning of this release. 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 has not filed its Form 10-Q for the quarter ended March 29, 2025. As a result, all financial results described in this earnings release should be considered preliminary and are subject to change to reflect any necessary adjustments or changes in accounting estimates identified prior to the Company filing its Form 10-Q. 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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⎔ 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 4 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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113 130 126 134 111 1,724 1,747 1,730 1,732 1,750 1,500 1,550 1,600 1,650 1,700 1,750 1,800 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Cellulose Specialties ⎔ Net sales decreased $5 million, as a 2% sales price increase was more than offset by a 2% decline in sales volumes, an unfavorable sales mix, and strong prior-year volumes ahead of the Temiscaming indefinite suspension ⎔ Cost increases were driven by higher input costs and operational challenges at the cellulose plants 5 Volume (000 MT) Price ($ / MT) 5 Cellulose Specialties - Volume and Price 2024 38 31 Q1'24 CS Price/ Mix Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions 0 5 10 15 20 25 30 35 40 45 Operating Income Bridge (1) Captures product mix within CS segment (2)(1) (2) Volume/Sales Mix variance includes fixed cost impact Quarter Ended Key Financials Mar 29, Dec 31, Mar 30, 2025 2024 2024 ($ millions) Net Sales $201 $241 $206 Operating Income 31 45 38 Adjusted EBITDA 46 62 55 EBITDA Margin 23% 26% 27% 2025
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Cellulose Commodities ⎔ Net sales decreased $19 million, as a 21% drop in sales volumes from the Temiscaming suspension was partially offset by a 2% increase in sales prices driven by stronger fluff demand ⎔ Operating loss improved $6 million due to lower commodity losses partially offset by higher input costs and operational challenges at the cellulose plants 6 6 (19) (13) Q1'24 CC Price/ Mix Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions 0 (2) (4) (6) (8) (10) (12) (14) (16) (18) (20) (22) Operating Income Bridge (1) Captures product mix within CC segment (2)(1) (2) Volume/Sales Mix variance includes fixed cost impact Quarter Ended Key Financials Mar 29, Dec 31, Mar 30, 2025 2024 2024 ($ millions) Net Sales $75 $90 $94 Operating Income (13) (16) (19) Adjusted EBITDA (2) (3) (7) EBITDA Margin (3%) (3%) (7%) 106 96 95 109 84 842 853 860 807 863 500 550 600 650 700 750 800 850 900 0 20 40 60 80 100 120 140 160 Q1 Q2 Q3 Q4 Q1 Volume (000 MT) Price ($ / MT) Cellulose Commodities - Volume and Price 2024 2025
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Biomaterials ⎔ Net sales flat as France bioethanol growth was offset by lower production tied to lower feedstock availability ⎔ Operating income flat as higher shared and ancillary service costs were offset by lower production costs 7 Quarter Ended Key Financials Mar 29, Dec 31, Mar 30, 2025 2024 2024 ($ millions) Net Sales $7 $8 $7 Operating Income 2 2 2 Adjusted EBITDA 2 3 2 EBITDA Margin 29% 38% 29% 2 2 Q1'24 Price Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions 0 1 1 2 2 3 3 4 Operating Income Bridge New Reporting Segment ⎔ Currently consists of Bioethanol and Lignosulfonate sales; excludes green energy sales
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Paperboard ⎔ Net sales decreased $4 million, driven by a 4% decline in sales prices and a 3% decline in sales volumes due to mix and continued pressure from European imports ⎔ Operating income declined $10 million, driven by lower sales volumes and prices, higher maintenance and purchase pulp costs, and Temiscaming custodial site costs 8 32 39 38 38 44 39 43 37 1,498 1,459 1,441 1,382 1,384 1,400 1,394 1,321 650 850 1,050 1,250 1,450 1,650 0 25 50 75 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Volume (000 MT) Price ($ / MT) 8 Paperboard - Volume and Price 8 (2) Q1'24 Price Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions (4) (2) 0 2 4 6 8 10 Operating Income Bridge 2023 2024 2025 Quarter Ended Key Financials Mar 29, Dec 31, Mar 30, 2025 2024 2024 ($ millions) Net Sales $49 $60 $53 Operating Income (2) 4 8 Adjusted EBITDA 4 10 12 EBITDA Margin 8% 17% 23%
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High-Yield Pulp ⎔ Net sales decreased $3 million, driven by a 7% decrease in sales prices and a 4% decrease in sales volumes, primarily resulting from lower demand, continued oversupply in China, and shipment timing challenges to customers in India ⎔ Operating loss increased $6 million, primarily due to lower sales prices and volumes and Temiscaming custodial site costs 60 39 40 50 45 38 49 48 633 489 504 559 574 559 523 518 200 300 400 500 600 700 0 25 50 75 100 125 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Volume (000 MT) Price ($ / MT) 9 High-Yield Pulp - Volume and Price (1) (7) Q1'24 Price Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions 0 (1) (2) (3) (4) (5) (6) (7) (8) Operating Income Bridge 2023 2024 2025 Quarter Ended Key Financials Mar 29, Dec 31, Mar 30, 2025 2024 2024 ($ millions) Net Sales $31 $32 $34 Operating Income (7) (8) (1) Adjusted EBITDA (6) (8) - EBITDA Margin (19%) (25%) 0%
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BRIDGE Q1 2024 TO Q1 2025 10 Consolidated Operating Income ⎔ Lower pricing in Paperboard and High-Yield Pulp offset modest gains in Cellulose Specialties, which came in below guidance due to weaker mix and the timing of orders ⎔ Favorable volume/mix driven by reduction of commodity losses ⎔ Increased costs driven by operational challenges at the cellulose plants and higher key inputs ⎔ Corporate costs increase driven by a $12M non-cash environmental reserve charge and FX headwinds from a weaker U.S. dollar 17 (15) Q1'24 CS Price/ Mix Non CS Price Volume / Sales Mix Cost SG&A / Other Q1'25 $ millions (20) (15) (10) (5) 0 5 10 15 20 25 30 (2) Volume/Sales Mix variance includes fixed cost impact (1) Captures product mix within CS segment (1) (2)
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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 11 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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– 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 12 – 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 13 Cellulose Specialties Cellulose Commodities Paperboard Exposed Market ⎔ China ⎔ Retaliatory tariff from China ⎔ China ⎔ Retaliatory tariff from China ⎔ US Coated Paperboard ⎔ US tariff implementation Revenue Exposed ⎔ ~$160 Million ⎔ ~$85 Million ⎔ ~$175 Million Tariff Exposure & Likelihood ⎔ 125% ⎔ Low ⎔ 125% ⎔ High ⎔ 25% ⎔ Low Start Date ⎔ N/A ⎔ April 12, 2025 ⎔ March 4, 2025 Market Dynamics/ RYAM Competitive Position ⎔ High industry capacity utilization ⎔ 1-2% demand growth ⎔ 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
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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 ~$82 million normalized (2) Working capital includes AR (net of rebates), Inventory, and AP (3) Payment deferred from actions in 2022 14 ($ 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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Cellulose Specialties ⎔ 2025 cellulose specialties average sales prices expected to increase mid-single-digit percentage ⎔ Sales volumes expected to decline a mid-single-digit percentage reflecting second-order tariff impacts, accelerated acetate destocking, and the absence of 2024 bridge volumes from the Temiscaming indefinite suspension ⎔ Acetate demand remains soft due to ongoing destocking in China, with added risk that customers may use the tariff-related pause in orders to accelerate this trend. Ethers volumes are expected to improve, and other specialty grades remain strong given reduced global supply ⎔ Moderate inflation for raw material input and logistics costs ⎔ Q1 operational issues addressed through planned outages completed at all three cellulose plants in March & April 2025 ⎔ EBITDA Guidance: $237M - $245M Cellulose Commodities ⎔ While fluff demand is expected to be resilient, China retaliatory tariffs causing dislocation of Fluff supply relative to demand ⎔ Production is expected to shift toward non-fluff commodities to offset reduced fluff sales to China ⎔ Moderate inflation for raw material input and logistics costs ⎔ EBITDA Guidance: ($5M) Biomaterials ⎔ The company secured ~$70 million in green capital in Q4 2024 to advance its Biomaterials strategy ⎔ Final investment decisions on Bionova projects expected in 2025 ⎔ Fernandina project under appeal; progress continues toward 2025 investment decision based on current legal timelines ⎔ AGE awarded a Purchase Power Agreement with Georgia Power; final investment decision expected in Q3 2025 ⎔ EBITDA Guidance: $8M - $10M Paperboard ⎔ RYAM Paperboard is USMCA-compliant, enabling zero-tariff access to the U.S. market, with Canadian volumes expected to increase despite projected price declines in 2025 ⎔ Costs are expected to rise due to higher purchased pulp costs, increased allocation of Temiscaming custodial site costs, and tariff mitigation efforts ⎔ EBITDA Guidance: $25M High-Yield Pulp ⎔ 2025 prices and volumes expected to decline due to continued oversupply in China ⎔ Costs projected to increase from higher allocation of Temiscaming custodial site costs ⎔ EBITDA Guidance: ($20M) Corporate ⎔ Corporate costs expected to decline sequentially in Q2 2025 following ERP completion and Q1’s $12M environmental reserve charge ⎔ Full-year costs will be higher due to the Q1 charge and potential FX headwinds from a weaker U.S. dollar versus the CAD and Euro ⎔ Corporate Expense: ($70M) 15 Market Outlook
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10.0x 5.4x 4.0x 5.2x 2.9x 3.5x 3.7x 2.5x 7.4% 9.0% 10.3% 8.5% 13.6% 11.7% 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 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual Q1'25 Actual 2025 Target 2027 Target EBITDA Margin Net Debt/Adjusted EBITDA Gross Debt Net Debt/Adj EBITDA (LTM) Adj EBITDA Margin % (LTM) Reducing Net Leverage via EBITDA Growth & Debt Reduction 17% 15% $1,095 $937 $859 $778$797 16Net Secured Debt to Covenant EBITDA $783 4.2x 2.7x < ~3.1x ~ 12% 11% 2.9x
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Appendix
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EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adjusted EBITDA EBITDA adjusted for items management believes do not represent core operations. Management believes this measure is useful to evaluate the Company's performance. EBITDA by Segment Net income (loss) before interest, taxes, depreciation and amortization. Adjusted Net income (Loss) Net income (loss) adjusted net of tax for items that management believes are not representative of core operations. Adjusted Free Cash Flows Cash provided by operating activities adjusted for capital expenditures, net of proceeds from sale of assets and excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted Net Debt The amount of debt after the consideration of the debt premiums, original issue discounts and issuance costs, less cash. Net Secured Debt Adjusted net debt less unsecured debt. Available Liquidity The funds available under the revolving credit facility adjusted for cash on hand and outstanding letters of credit. Definitions of Non-GAAP Measures 18
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($ MILLIONS) Net Sales and Operating Income by Segment 19
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($ MILLIONS) Consolidated Statements of Operations 20
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($ MILLIONS) Consolidated Balance Sheets 21
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($ MILLIONS) Reconciliation of EBITDA by Segment 22
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($ MILLIONS) Reconciliation of EBITDA Guidance 23
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($ MILLIONS) Reconciliation of Adjusted Free Cash Flow 24
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($ MILLIONS) Reconciliation of Adjusted Free Cash Flow Guidance 25
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($ MILLIONS) Reconciliation of Adjusted Net Secured Debt 26
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($ MILLIONS) Reconciliation of Adjusted Net Income (Loss) 27
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Viscose Delivered to China Commodity Prices Mixed Source: RISI Fastmarkets Fluff Delivered to North America BEK (High-Yield Pulp Proxy) Delivered to China 483 530 643 662 735 635 548 578 300 400 500 600 700 800 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PRICE ($ / Tonne) Paperboard 16-point SBS 28 1,530 1,470 1,450 1,423 1,397 1,390 1,390 1,390 1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PRICE ($ / Ton) 900 850 890 905 950 955 970 945 300 500 700 900 1,100 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PRICE ($ / Tonne) 1,977 1,747 1,755 1,833 1,890 1,873 1,832 1,968 300 800 1,300 1,800 2,300 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PRICE ($ / Tonne) 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025