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Third Quarter 2026 Financial Presentation Materials November 4, 2026
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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 September 26, 2026. 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 that are identified prior to the time the Company files its Form 10-Q. The Company’s operations are subject to a number of risks, 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 instability and related impacts. 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 2025 revenue and the loss of all or a substantial portion of revenue from these customers would likely 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. 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. 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. 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 the inability to protect the intellectual property underlying new products or applications, could have a material adverse impact on the Company’s business. Failure to integrate AI and similar advanced technologies into the Company’s business processes may materially adversely affect the Company’s competitive position and results of operations. Loss of Company intellectual property and sensitive data or disruption of manufacturing operations due to a cybersecurity incident could materially adversely impact the business. Our strategic initiatives and operating priorities may not achieve their intended results. Challenges and uncertainties in executing the Company’s strategy to grow its Biomaterials business may adversely impact its business and financial results. 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 Flow, 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 financial measures are provided below. Non-GAAP financial measures are not necessarily indicative of results that may be generated in future periods and 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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ELEVATING THE VISIBILITY OF CS PERFORMANCE IS THE KEY TO UNLOCKI NG VALUE Building Upon My Initial Impressions Customers and product value Customer visits reinforce the unique value our CS products and technical expertise bring to manufacturing efficiency and finished-product performance Commodity Cellulose Lower-priced commodity volumes dilute our average realized cellulose price. Commodity losses weigh on HPC earnings and mask the full value of the CS franchise Assets and infrastructure Realizing the full potential of the HPC business requires maximizing CS value in the market and aggressively loading available capacity with CS Innovation We partner with customers to develop new applications and further differentiate our CS products 4
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TRANSFORMATION Vision Communicated During Strategic Review 5 Our vision for the company, discussed with parties involved in our strategic review Diversified forest products company with low margins and volatile, unpredictable earnings High-margin specialty business with predictable and significant free cash flow generation
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CONVICTION ABOUT OUR SPECIALTIES FOUNDATION Investment Thesis 6 The issue facing RYAM is highly volatile and unprofitable commodity businesses embedded in an increasingly profitable, high-margin specialty business 2012 2014 2016 2018 2020 2022 2024 2026 $0 $500 $1,000 $1,500 $2,000 $2,500 CS and CC Average Sales Prices ($/MT) CS CC CS Pricing leadership CS commands a price premium CS commanded a 170% price premium over CC in Q3: $2,227 vs $825 per metric ton. Supply and pricing discipline GP Foley’s late-2023 closure and Temiscaming’s 2024 HPC idling tightened supply, reinforcing our pricing leadership strategy. Commodity losses obscure value Reducing that exposure can strengthen HPC earnings performance. A stronger CS mix can improve HPC earnings and cash generation and unlock shareholder value.
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A FOCUSED SPECIALTIES COMPANY Benefits of Reducing Commodity Loading Rates 7 The impact extends beyond lost EBITDA ⎔ Commodity exposure adds volatility to earnings and reduces predictability. ⎔ Losses materially depress consolidated margins and absorb profits from specialty. ⎔ The resulting earnings profile weighs on the valuation of the overall business. ⎔ Reducing this exposure can improve both earnings and the quality of those earnings.
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SEQUENTIAL HPC IMPROVEMENT CONTINUES Q3 Business and Strategic Review Update 8 ⎔ HPC earnings and total cellulose shipments improved sequentially, building on progress since Q1, alongside positive cash generation ⎔ Work underway on strategies to shift our production mix more heavily toward CS, reduce commodity losses and strengthen HPC performance ⎔ Construction is underway on the Altamaha Green Energy project at Jesup ⎔ Paperboard and high yield pulp production economically idled October 3 following the 50% U.S. tariff on Canadian paperboard ⎔ Managing ongoing site costs and evaluating all options ⎔ Tariff uncertainty at Temiscaming has slowed the review. ⎔ We continue to work actively with interested parties ⎔ We are targeting a conclusion of the strategic review in Q1 2027 Operating progress Temiscaming Strategic review
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PRODUCTION ECONOMICALLY IDLED FOLLOWING U.S. TARIFFS Temiscaming Update 9 Timeline and current state Financial impact and site response Aug 22, 2026 50% U.S. tariff on Canadian paperboard takes effect Oct 3, 2026 Paperboard and high yield pulp production economically idled Current state Production remains idled. Essential site services continue $2MQ3 tariff-related costs Actual costs during the quarter $2–3MEstimated monthly carrying costs while production remains idled All site options remain under evaluation. Impact on the strategic review Tariff uncertainty and the idling have complicated and slowed the review as parties assess Temiscaming’s path forward. We are providing additional information to support that assessment. Interested parties remain engaged. Approximately 70% of Temiscaming’spaperboard production historically shipped to the U.S.
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STRENGTHEN OPERATING PERFORMANCE, GENERATE CASH AND ADVANCE THE STRATEGIC REVIEW 2026 Priorities 10 1 Advance the strategic review Continue advancing the review with interested parties and target a conclusion in Q1 2027 2 Execute our Cellulose Specialties leadership strategy Grow CS volumes and capture product value, alongside disciplined management of the production mix and continued operating improvements 3 Build on sequential progress and deliver positive free cash flow for 2026 Drive cash generation through disciplined working capital management, capital spending and cost control. The full-year objective remains subject to tariff-related cash impacts and carrying costs at Temiscaming 4 Exit 2026 with momentum Build on HPC operating progress while managing Temiscaming’s cash impact and preserving financial flexibility entering 2027
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DELIVERS 30% SEQUENTIAL GROWTH IN ADJUSTED EBITDA Q3 2026 Results 11 Segment Q3 Adj EBITDA ($MM) Q2 Adj EBITDA ($MM) Sequential Change Key Q3 Drivers High Purity Cellulose $73 $57 +16 Higher CS pricing and favorable mix, increased total cellulose shipments, supported by favorable shipment timing and energy credits Paperboard & High Yield Pulp ($9) ($10) +1 U.S. tariffs on Canadian paperboard weighed on Q3 performance, with $2 million of tariff costs Corporate & Other ($12) ($7) (5) Higher legal fees and unfavorable foreign exchange impacts, partially offset by lower professional fees Total Adj EBITDA $52 $40 +12 Q2 to Q3 2026 Adjusted EBITDA Bridge ($MM) $40 $52 16 1 (5) Q2'26 EBITDA High Purity Cellulose Paperboard & High Yield Pulp Corporate & Other Q3'26 EBITDA
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788 863 911 893 806 770 815 825 1,748 1,750 1,807 1,873 1,875 2,040 2,193 2,227 200 700 1,200 1,700 2,200 2,700 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 High Purity Cellulose 12 High Purity Cellulose – Sales Price 2024 2025 Quarter Ended Key Financials Sep 26, Jun 27, Sep 27, 2026 2026 2025 ($ millions) Net Sales $313 $301 $296 Adjusted EBITDA 73 57 64 EBITDA Margin 23% 19% 22% Commodities Specialties 2026 109 84 64 93 111 133 124 132 134 111 111 105 128 72 86 86 0 50 100 150 200 250 300 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 High Purity Cellulose – Sales Volume Volume (000 MT) Commodities Specialties Price ($ / MT) ⎔ Adjusted EBITDA increased $16 million sequentially to $73 million, continuing the progress made since Q1 ⎔ Total cellulose shipments increased 4% sequentially ⎔ Commodity losses continue to weigh on HPC results ⎔ Focus remains on a production mix more heavily weighted toward CS, capturing product value and improving plant performance 2024 2025 2026
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523 518 509 501 487 504 487 501 1,394 1,321 1,346 1,256 1,272 1,194 1,229 1,204 - 200 400 600 800 1,000 1,200 1,400 1,600 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Paperboard & High Yield Pulp 13 Paperboard & High Yield Pulp – Sales Price High Yield Pulp Paperboard 49 48 42 35 46 28 54 43 43 37 34 31 35 35 39 40 0 20 40 60 80 100 120 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Paperboard & High Yield Pulp – Sales Volume Volume (000 MT) High Yield Pulp Paperboard Price ($ / MT) ⎔ Q3 Adjusted EBITDA included $2 million of U.S. tariff costs on Canadian paperboard ⎔ Paperboard and high yield pulp production was economically idled October 3 and remains idled ⎔ Estimated site carrying costs are $2–3 million per month while production remains idled ⎔ Before the idling, paperboard markets had tightened and TemCare had gained market acceptance with global customers Quarter Ended Key Financials Sep 26, Jun 27, Sep 27, 2026 2026 2025 ($ millions) Net Sales $70 $75 $57 Adjusted EBITDA (9) (10) (8) EBITDA Margin (13%) (13%) (14%) 2024 2025 2026 2024 2025 2026
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Balance Sheet and Liquidity 14 ⎔ Adjusted Net Debt: $745MM – Net Secured Debt: $714MM – Net secured leverage: 4.0x covenant EBITDA (vs. 4.75x covenant) ⎔ Total liquidity: $143MM, including $61MM cash – ABL availability (North America): $66MM – Factoring facility (France): $16MM ⎔ Net CapEx YTD: $64MM – Strategic CapEx: $10MM $61 $16 $66 Cash Factoring (France) ABL (North America) $143 Million Total Liquidity Amount Outstanding Interest Rate Maturity ABL Revolver 33 6.6% November-29 Sr Secured Term Loan 690 S + 7.5% October-29 Canada Debt 18 5.5% April-28 BioNova Debt (1) 18 1.9% Various Asset Financing Obligation 15 10.6% November-28 France Debt 28 4.2% Various Other Debt 4 Various Various Gross Debt $ 806 ~10.4% Cash (61) Adjusted Net Debt $ 745 Unsecured Debt (31) Net Secured Debt $ 714 (1) Debt assumed by RYAM BioNova S.A.S, excludes $38.4M of committed capital
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15 2026 Outlook: Exiting with Momentum into 2027 – We are targeting a conclusion of the strategic review in Q1 2027 – Deepen customer partnerships to grow CS volumes, capture the value our differentiated products deliver and pursue longer-term commitments for 2027 and beyond – Strengthen product differentiation through innovation and technical collaboration with customers – Maintain cost discipline and actively manage working capital, capital spending and Temiscaming carrying costs to support cash generation and financial flexibility – Pursue additional opportunities to create incremental long- term value by leveraging the scale and capabilities of our existing assets and infrastructure – Shift our production mix more heavily toward CS to reduce commodity losses and strengthen HPC performance Laying the foundation for 2027 and beyond 2025 Q Average 1Q 2026 2Q 2026 3Q 2026 4Q 2026 $ EBITDA Zero Initial 2026 earnings cadence Actual Result A year of transition
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Appendix
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17 2026 Outlook – Modeling Assumptions Line Item Forecast Capital Expenditures $80MM Cash Interest Expense $85MM Environmental Expenditure $5MM Cash Taxes $0–$2MM Stock Compensation $4–$5MM
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EBITDA Net income (loss) before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Management, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adjusted EBITDA EBITDA adjusted for items management believes do not represent core operations. Management believes this measure is useful to evaluate the Company's performance. Adjusted Free Cash Flow Cash provided by (used in) operating activities less capital expenditures, net of proceeds from the sale of property, plant and equipment and insurance claims. Adjusted free cash flow is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted Net Debt The amount of debt after the consideration of the debt premium, discount and issuance costs, less cash. Net Secured Debt Adjusted net debt less unsecured debt. Available Liquidity The funds available under the revolving credit facility adjusted for cash on hand, outstanding letters of credit and certain threshold requirements. Definitions of Non-GAAP Measures 18
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($ MILLIONS) Net Sales 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 Quarterly EBITDA by Segment 22
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($ MILLIONS) Reconciliation of Adjusted Free Cash Flow 23
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($ MILLIONS) Reconciliation of Adjusted Net Debt and Net Secured Debt 24