Rayonier Advanced Materials (RYAM) Small-Cap Growth Virtual Investor Conference summary

Business overview and product focus

• Largest global producer of high-purity cellulose specialty products, with unique three-ply paperboard and high-yield maple pulp offerings.

• Products serve diverse end uses: food, industrial adhesives, plastics, LCD screens, textiles, hygiene, and sustainable packaging.

• Four world-class facilities in the US, Quebec, and France support operations and growth in biomaterials and bioenergy.

Financial performance and sales mix

• Revenue guidance for 2024 is $1.6–$1.7 billion, similar to 2023, but EBITDA is expected to rise from $139M in 2023 to ~$190M in 2024.

• Improved sales mix: higher-margin cellulose specialty products up, commodity sales down, driving margin and EBITDA growth.

• Suspension of the Temiscaming HPC facility reduces commodity exposure and supports profitability.

Strategic initiatives and operational changes

• Targeting $70M debt reduction through cash flow and asset sales, with refinancing of senior notes due by January 2026 as a top priority.

• Sale of non-core paperboard and high-yield pulp business ongoing, with increased buyer interest after suspending the HPC line.

• Asset optimization focuses on operating commodity facilities only when profitable, reducing earnings volatility.