Rayonier Advanced Materials Inc. (RYAM): Business Model Canvas [Dec-2025 Updated]

You're looking at Rayonier Advanced Materials Inc. and trying to map out where the real value is now, past the old commodity cycles, and honestly, that's the right place to focus. After spending two decades in this game, I see a clear, deliberate pivot in their Business Model Canvas: they are aggressively shifting from bulk pulp to high-purity specialties and emerging biomaterials. With Cellulose Specialties already driving 58% of their Q3 2025 revenue and the trailing twelve-month top line sitting around $1.47 Billion USD, the story is about executing this 'value over volume' strategy. Keep reading below to see the nine essential building blocks-from their strategic joint development for Sustainable Aviation Fuel to their cost structure challenges-that define Rayonier Advanced Materials Inc.'s path forward.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Rayonier Advanced Materials Inc. (RYAM) has forged to secure its future, especially in the high-growth biomaterials space. These aren't just handshake deals; they involve serious capital and technology commitments. Honestly, these partnerships are what de-risk their big strategic bets.

The collaboration with Verso Energy is a prime example of moving beyond traditional pulp. This joint development, which deepened with a new Memorandum of Understanding (MoU) in June 2025, builds on an initial agreement from December 2024. They're looking at a breakthrough facility in Jesup, Georgia, to produce electro Sustainable Aviation Fuel (e-SAF) and utilize biogenic carbon dioxide ($\text{CO}_2$) from RYAM's operations. The plan includes joint feasibility studies for three key areas: a $\text{CO}_2$ Capture and Storage (CCS) project, a renewable hydrogen ($\text{H}_2$) Unit, and the e-Fuel Production Unit itself. If all goes well, a final investment decision is targeted within 18 to 24 months from that June 2025 announcement. For context, RYAM posted $1.6 billion in revenue in 2024.

Then there's the cellulosic SAF push with GranBio LLC. RYAM signed an MoU in August 2025 to explore a small-scale commercial cellulosic SAF facility, also at the Jesup site. GranBio leads this, deploying its proprietary AVAP technology to convert biomass into second-generation ethanol, which then becomes SAF. This project has a significant external funding component: it will be partially financed through GranBio's $100 million grant from the U.S. Department of Energy (DOE). Should the project move forward, RYAM stands to gain a license to GranBio's latest-generation "Celer2L" yeast and AVAP technologies. Due diligence is expected to wrap up later this year (2025).

To protect the core business, RYAM partnered with the United Steelworkers (USW). In August 2025, they jointly filed antidumping and countervailing duty petitions with the U.S. Department of Commerce (USDOC) and the U.S. International Trade Commission (USITC). These actions target unfairly traded imports of High-Purity Dissolving Pulp (HPDP) from Brazil and Norway. The petitions estimate dumping margins as high as 168 percent for Brazil and 226 percent for Norway, and they specifically identify 30 Brazilian government programs potentially providing subsidies. An initial determination from the USITC was anticipated within 45 days of the filing.

When you look at the operational side, RYAM's foundation rests on its suppliers. The company's integrated process relies on a consistent supply of high-quality raw materials derived from sustainably managed forests. However, the reality is that raw material input and logistics costs were projected to be moderately higher in 2025 compared to 2024, which had net sales of $1,630 million.

The capital structure was significantly bolstered by key financial partners. The refinancing of the majority of RYAM's debt was completed in late 2024, securing a $700 million secured term loan. This transaction closed on October 28, 2024, and funded on November 7, 2024. The lenders included funds managed by Oaktree Capital Management as the lead, alongside affiliates of Silver Point Capital and Blue Torch Capital LLC. The new five-year loan replaced the existing 2026 senior secured notes and the 2027 secured term loan in full. A key covenant requires RYAM to maintain a consolidated net secured debt to covenant EBITDA ratio of no greater than 5.00 times through fiscal 2025. This move pushed the next significant maturity date out to 2029.

Here's a quick look at the key financial and operational metrics tied to these partnerships:

The company's strategy clearly involves using its existing asset base-like the $\text{CO}_2$ streams at Jesup-as leverage points for these new ventures. You can see the focus is shifting toward higher-margin biomaterials, which is reflected in the capital structure moves made to gain flexibility.

• RYAM's 2024 commodity sales (viscose, paper pulp, High-Yield Pulp) were reduced to 13 percent of sales, down from 22 percent in 2023.
• The biomaterials strategy secured €67 million in capital commitments, valuing those investments at approximately $180 million.
• The bioethanol facility in France is expected to generate $6 million in EBITDA for 2025, with the lignosulfonate plant adding another $4 million in 2025 EBITDA.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Key Activities

Manufacturing High Purity Cellulose (HPC) specialties for diverse end-uses remains central, with the company reorganizing its former HPC segment into three distinct businesses: Cellulose Specialties, Biomaterials, and Cellulose Commodities, effective January 2025 (Source 4). The core focus is on specialty cellulose products, which are plant-based polymers used in filters, food, and pharmaceuticals (Source 8).

Executing the 'value over volume' strategy in Cellulose Specialties is a primary driver. This focus helped increase Adjusted EBITDA by 60% to $222 million in 2024 (Source 1, 9). For 2025, the company negotiated a mid single-digit price increase for these products (Source 2). The Cellulose Specialties segment reported Net Sales of $208 M and Operating Income of $29 M in the third quarter of 2025, achieving an Adjusted EBITDA Margin of 22% (Source 10).

Advancing the biomaterials strategy involves leveraging specialized assets for renewable, high-value solutions. The company secured €67 million in green capital commitments for this strategy (Source 1, 12). The bioethanol facility in France, which became operational in 2024, is expected to generate $6 million of EBITDA in 2025 (Source 1, 9). Additionally, the lignosulfonate powder plant in France is expected to generate $4 million of EBITDA in 2025 (Source 1). The long-term goal is to drive over $40 million in EBITDA from these biomaterials initiatives by 2027 (Source 12).

Managing global logistics and supply chain involves active adjustments due to trade disruptions. Chinese retaliatory tariffs continue to impact global fluff market dynamics, leading to an active shift in production toward non-fluff commodities (Source 4). The company took action in 2024 to reduce exposure to commodity markets, including the indefinite suspension of the Temiscaming HPC operations, which reduced commodity viscose, paper pulp, and High-Yield Pulp sales from 22% in 2023 to 13% in 2024 (Source 1). Due to softer demand and tariff uncertainty, the Paperboard segment is idling production for three weeks during the fourth quarter of 2025 (Source 4).

Strategic capital deployment is targeted for production efficiencies. Rayonier Advanced Materials Inc. expects to achieve $10 million in production efficiencies in 2025, driven by $15 million in strategic capital investments and other continuous improvement initiatives (Source 1, 2). This contrasts with $33 million in strategic investments made across biomaterials expansion, quick return operational projects, and corporate systems in 2024 (Source 9).

Here is a look at the segment performance and guidance as of late 2025:

The company is also taking action to reduce corporate costs by $10.5 million (Source 7).

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Key Resources

You're looking at the tangible and intangible assets Rayonier Advanced Materials Inc. (RYAM) relies on to deliver its value proposition. These resources are the foundation of their specialty cellulose and biomaterials business.

Manufacturing Footprint and Assets

Rayonier Advanced Materials Inc. operates specialized manufacturing assets across key geographies, which are central to its production of cellulose specialties. These facilities include sites in the U.S., Canada, and France. The Tartas facility in France is particularly notable as it houses the operational biomaterials complex.

• Manufacturing presence in the U.S., Canada, and France.
• The Cellulose Specialties segment anchored Q3 2025 performance, delivering $\text{\$66 million}$ in adjusted EBITDA with a $\text{32%}$ margin.
• The company is focused on its core Cellulose Specialties business, which is its largest revenue generator.

Biomaterials Facilities and Projects

The company's commitment to sustainability and higher-value products is embodied in its biomaterials segment. This includes the operational bioethanol plant in France, which utilizes a circular process by capturing residual sugars from the existing pulp process.

Still, operational challenges in France, including labor strikes, have curtailed output at the bioethanol plant.

Intellectual Property and Supply Chain Agreements

Rayonier Advanced Materials Inc. is recognized as a global leader in cellulose-based technologies. This expertise is critical for producing the natural polymer used in specialty chemical products like liquid crystal displays, filters, and pharmaceutical additives. The long-term fiber supply agreements ensure the necessary sustainable wood pulp feedstock for these operations.

• Expertise in cellulose chemistry is leveraged across biorefineries to provide biobased solutions.
• The company is advancing projects to convert commodity production to specialty production, aiming for $\text{\$30 million}$ in margin enhancement.

Financial Strength and Liquidity

Maintaining sufficient liquidity is a key resource, especially when navigating market volatility and executing capital-intensive growth projects. As of the third quarter of 2025, the balance sheet reflected a specific level of readily available funds.

The consolidated liquidity for Rayonier Advanced Materials Inc. stood at $\text{\$140 million}$ as of Q3 2025. This figure included $\text{\$77 million}$ held in cash. At that time, the total debt was $\text{\$837 million}$, resulting in an adjusted net debt of $\text{\$760 million}$. The net secured leverage ratio was $\text{4.1 times}$ covenant EBITDA as of September 27, 2025.

The company expects a working capital release of approximately $\text{\$28 million}$ to contribute to Q4 2025 adjusted free cash flow guidance of $\text{\$25-\$30 million}$.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Value Propositions

You're looking at the core value Rayonier Advanced Materials Inc. (RYAM) delivers to its customers, which is all about transforming renewable wood fiber into essential, high-performance materials. Honestly, this is where the company stakes its claim in the global market.

High-purity cellulose for critical applications like filters, food, and pharmaceuticals.

Rayonier Advanced Materials Inc. specializes in cellulose specialties, which are natural polymers demanding high precision. These materials are critical for end-uses where purity and consistency matter most. For instance, their acetate-grade cellulose is vital for filtration media and sustainable plastics, while ethers-grade cellulose supports texture in food products and controlled release in pharmaceutical formulations. Furthermore, the high-purity fluff pulp offers superior liquid absorption for hygiene products like diapers and pet pads.

Here's a quick look at where these specialty grades land:

Sustainable, renewable, and natural polymer-based solutions.

The foundation of Rayonier Advanced Materials Inc.'s value is its commitment to renewable resources. They are actively working to reduce the world's reliance on fossil fuels by providing wood-based alternatives. The company has a stated goal to reduce its carbon footprint by 40% by the end of this decade. This focus on low-impact processes helps their partners achieve their own sustainability targets.

Innovative biomaterials like bioethanol and lignosulfonates for the bio-economy.

Rayonier Advanced Materials Inc. is pushing into the bio-economy with advanced biomaterials projects. The proposed cellulosic bioethanol plant in Fernandina Beach, Florida, is designed to produce an estimated 7.5 million gallons of fuel per year from residual sugars in their High-Purity Cellulose production. This initiative is a key part of the long-term strategy, with Biomaterials growth targeted to contribute $31 million to EBITDA in the company's ambitious roadmap. They are also exploring sustainable aviation fuel (eSAF) through a partnership with Verso Energy.

Reliable global supply from a diversified manufacturing footprint.

You need supply you can count on, and Rayonier Advanced Materials Inc. operates across the globe with facilities in the U.S., Canada, and France. To manage market risks, like the 25% Chinese tariff on U.S. cellulose commodities-which previously impacted about $85 million in annual revenue-the company is strategically redirecting sales. They are emphasizing growth in tariff-free markets, specifically naming India, Africa, and the Middle East.

The Cellulose Specialties segment, which remains the strongest performer, contributed $66 million in adjusted EBITDA with a 32% margin in Q3 2025, making up 58% of total revenue for that quarter. They are also targeting a mid single-digit percentage price increase for cellulose specialties in 2025.

Kallima® paperboard brand for premium packaging applications.

For premium packaging, the Kallima® brand offers a natural, paper-based alternative. Rayonier Advanced Materials Inc. recently enhanced this offering with an Enhanced Freezer Application for folding carton board, engineered to maintain structural integrity down to -18°C (0°F) without needing extra coatings. This is important because the Paperboard segment faced softness; for instance, Q1 2025 net sales decreased by $4 million (8 percent) year-over-year, with volumes down 3 percent. The company is executing initiatives to restore this business to historical profitability, with a view toward potential divestiture in 2026.

Key value points for the Paperboard segment include:

• Engineered for cold-chain distribution durability.
• Resists moisture and condensation naturally.
• Supports high-quality graphics and printing.
• Eliminates the need for plastic extrusion coatings.

Finance: draft 13-week cash view by Friday.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Customer Relationships

You're looking at how Rayonier Advanced Materials Inc. (RYAM) manages its relationships with its industrial buyers, which is critical given their focus on high-value specialty products. This relationship model is heavily weighted toward direct, technical partnership rather than purely transactional sales.

Dedicated sales and technical service teams for specialty chemical customers

Rayonier Advanced Materials Inc. supports its specialty chemical customers through clearly defined, geographically dispersed sales contacts, indicating dedicated teams for specific product lines and regions. For instance, the company lists specific contacts for High Purity Cellulose in the Americas (John Gegg, based in Jesup, GA), Europe and India (Christoph Koenig, based in the UK), and Asia (Steven Shen, based in Shanghai). Also, Zoran Dukanac handles Lignosulfonates from Dax, France. This structure suggests deep technical service is embedded to support the exacting demands of industries like pharmaceuticals and personal care that use their High Purity Cellulose. The company explicitly states they collaborate with customers to develop tailored solutions that align with specific performance requirements.

The focus on specialty materials means the relationship is consultative. For example, the Cellulose Specialties segment was the financial backbone in Q3 2025, generating $204 million in net sales, which was 58% of the total revenue for that quarter, and delivered a 32% margin. This high-margin segment requires close technical alignment.

Long-term supply contracts with major global customers (top ten are significant)

While specific long-term contract values aren't public, the risk profile highlights customer dependency. Filings from early 2025 noted that the company's ten largest customers represented a significant portion of the Company's 2024 revenue, and losing a substantial portion of that revenue could materially hurt the business. This concentration underscores the importance of maintaining strong, likely contractually-bound, relationships with these key global buyers. The company is focused on building on achievements from 2024 by continuing to prioritize value over volume for its core cellulose specialties products moving into 2025.

Direct engagement with industrial customers (B2B) for product co-development

The relationship model is designed for B2B co-development, especially within the Biomaterials and Cellulose Specialties areas. Rayonier Advanced Materials Inc. partners with industries to ensure their renewable, high-value solutions-like bio-based polymers or specialty cellulose-meet precise performance requirements. This direct engagement is necessary for integrating their products into complex supply chains for applications ranging from eyeglasses to tires. The company's strategic pivot relies on expanding its portfolio of specialty materials, which is inherently a collaborative process with end-users.

Investor relations and transparent communication on strategic pivot

Investor relationships are centered on communicating a clear, albeit challenging, strategic shift. Management has been transparent that 2025 is viewed as a performance 'trough' year, with a revised full-year Adjusted EBITDA guidance set between $135 million and $140 million. The communication strategy, as seen in November 2025 investor presentations, focuses on the path forward: divesting non-core Paperboard and High-Yield Pulp businesses and targeting over $300 million in run-rate EBITDA by the end of 2027. The Treasurer and VP of Investor Relations, Mickey Walsh, is a key contact point for this ongoing dialogue. The goal is to reduce the net leverage ratio to two to two and a half times following these strategic moves.

Here's a quick look at the latest financial context framing these customer-facing strategies:

The company is actively managing its portfolio to ensure the specialty customer base remains the primary driver of future profitability. Finance: review the Q4 2025 working capital conversion projections by next Tuesday.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Channels

You're looking at how Rayonier Advanced Materials Inc. gets its specialized products to market. The direct sales force targets global industrial manufacturers and converters, pushing a Value over Volume strategy in core Cellulose Specialties markets. This approach anticipates a mid-single-digit percentage price increase versus 2024 for these products. For context, the Cellulose Specialties business alone generated $201 million in net sales in Q1 2025.

The global distribution network is essential for moving both cellulose specialties and commodities across continents. To give you a sense of the scale, Rayonier Advanced Materials Inc. had sales to China reach $352 million in 2024, with $251 million of that coming specifically from U.S.-produced goods. The company currently has approximately 2,350 employees supporting this global reach.

The physical assets supporting these channels are strategically located across key regions. This manufacturing footprint is central to serving the global customer base. Here's a quick look at the operational spread and some recent financial context:

Rayonier Advanced Materials Inc. is actively reshaping its channel exposure by planning the divestiture of its noncore Paperboard and High-Yield Pulp segments, which faced significant sales declines. The focus is shifting to higher-value production, with plans to convert commodity production to specialty production, aiming to achieve $30 million in margin enhancement through this shift. The company projects its core business would have generated $200 million in normalized EBITDA for 2025 before isolating one-time headwinds.

New market access, particularly in the growing biomaterials space, is being secured through strategic alliances. Rayonier Advanced Materials Inc. signed a Memorandum of Understanding (MoU) with GranBio LLC to explore a cellulosic Sustainable Aviation Fuel (SAF) facility at the Jesup site. This project leverages GranBio's proprietary AVAP® technology and is partially financed by a $100 million grant from the U.S. Department of Energy to GranBio. Furthermore, the company's French biomaterials subsidiary, RYAM BioNova S.A.S., secured €30 million in preferred equity from SWEN Impact Fund for Transition 3, valuing the new entity at greater than $160 million.

Key channel-related operational facts include:

• The company is prioritizing value over volume in Cellulose Specialties.
• Expected volume growth in Cellulose Specialties is roughly 15,000 tons per year over two years.
• The Tartas bioethanol plant in France is operational.
• The company expects full-year 2025 Adjusted EBITDA guidance to be between $135 million and $140 million.
• The goal is to generate over $140 million in annual free cash flow after executing growth plans.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Customer Segments

Rayonier Advanced Materials Inc. (RYAM) serves a diverse set of industrial customers, with a clear strategic pivot toward higher-value, specialized products, as evidenced by the January 2025 reorganization of the High Purity Cellulose segment into Cellulose Specialties, Biomaterials, and Cellulose Commodities. The overall business generated trailing twelve-month revenue of $1.47B as of September 30, 2025.

The core customer base relies on the natural building blocks Rayonier Advanced Materials Inc. provides, which chemical companies then use to create everyday products.

Specialty Chemical Producers and High-Purity Applications

This group forms the backbone of Rayonier Advanced Materials Inc.'s focus, primarily served by the Cellulose Specialties business, which remains the main contributor to the company's profitability. These customers use the high-purity cellulose specialties for manufacturing:

• Acetate, used in products like cigarette filters.
• Ethers, which are indispensable in food and pharmaceutical formulations.
• Other cellulose specialties for liquid crystal displays, paints, and performance additives.

For 2025, average sales prices for these specialties are anticipated to increase by a mid-single-digit percentage compared to 2024, though sales volumes are expected to decline a low single-digit percentage. The Cellulose Specialties segment reported net sales of $204 million in the third quarter of 2025, a 12% decrease year-over-year, but its operating income still increased by 7%.

Packaging and Printing Companies (Paperboard Segment)

The Paperboard segment serves customers in packaging and printing, though this business is considered non-core, and the company is exploring a potential sale. The segment faced headwinds in 2025, with third-quarter net sales dropping to $39 million, down 29% from the prior year. Prices were expected to decline in 2025 compared to the fourth quarter of 2024.

Emerging Green Energy and Fuel Markets

This market is being addressed through the newly established Biomaterials business, which is a key part of Rayonier Advanced Materials Inc.'s growth strategy. The company has specific projects targeting this segment:

• The bioethanol facility in France is projected to generate $6 million of EBITDA in 2025.
• The restarted lignosulfonate powder plant in France is expected to contribute $4 million of EBITDA in 2025.
• Overall, the Biomaterials business is projected to generate $8 million to $10 million in EBITDA for the full year 2025.
• Discussions and Memorandums of Understanding (MOUs) are in place to explore opportunities in Sustainable Aviation Fuel (SAF).
• A proposed bioethanol plant in Fernandina Beach, Florida, represents a $50 million-plus investment, designed to produce an estimated 7.5 million gallons of second-generation bioethanol annually.

Commodity Pulp Buyers

This segment, which includes Cellulose Commodities and High-Yield Pulp, is explicitly noted as declining following the indefinite suspension of operations at the Temiscaming facility in 2024. This strategic move was made to mitigate exposure to volatile commodity viscose markets. In 2024, sales from commodity viscose and High-Yield Pulp represented 13% of sales, down from 22% in 2023. The High-Yield Pulp segment's third-quarter 2025 net sales were $24 million, a 14% decline year-over-year, resulting in an operating loss of $10 million.

Here's a quick look at the revenue contribution from the reportable segments in the third quarter of 2025:

The company's overall Adjusted EBITDA for the third quarter of 2025 was $42 million.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Cost Structure

You're looking at the core expenses Rayonier Advanced Materials Inc. (RYAM) is managing through late 2025. The cost structure is heavily influenced by the capital-intensive nature of their global operations, which means significant fixed overhead is always on the books.

Fixed Costs and Operational Overhead

Operating and maintaining Rayonier Advanced Materials Inc.'s global manufacturing plants inherently drives high fixed costs. For instance, in the third quarter of 2025, operating results were negatively impacted by higher fixed costs due to market-driven downtime, showing how these costs hit the bottom line when utilization dips. This is a constant factor in their cost profile.

The company also has specific overhead expectations for the full year 2025:

• Corporate costs are expected to approximate $70 million for the full year 2025.
• These corporate costs for 2025 are higher than the prior year, largely due to a $12 million non-cash environmental reserve charge recorded in the first quarter, partially offset by lower spending post-ERP implementation.

Raw Material and Logistics

Input costs remain a variable but significant component. Raw material input and logistics costs are expected to increase moderately throughout 2025. This pressure is seen across segments, with purchased pulp prices forecast to rise, impacting the Paperboard segment specifically.

Temiscaming Suspension Costs

The indefinite suspension of the Temiscaming High Purity Cellulose (HPC) plant, which began in 2024, still generates specific costs that must be accounted for in the 2025 structure. These are primarily the net custodial site costs required to support the ongoing energy needs of the remaining Paperboard and High-Yield Pulp operations at the site. For the full year 2025, Rayonier Advanced Materials Inc. expects to incur net custodial site costs totaling between $20 million and $22 million.

Financing Costs

Servicing the company's debt is a material cash outflow. While the requested full-year projection of approximately $93 million was not confirmed in the latest reports, we do have a concrete quarterly figure for the end of the year. For the fourth quarter of 2025, the projected cash interest expense is $41 million. The company is looking ahead to a potential debt refinancing in 2026 to lower this expense, leveraging expected stronger operating performance.

Here's a quick look at some of the key projected 2025 cost line items:

Finance: draft 13-week cash view by Friday.

Rayonier Advanced Materials Inc. (RYAM) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Rayonier Advanced Materials Inc. (RYAM) as of late 2025, which is a mix of stable core business and emerging growth areas, though some legacy segments are definitely struggling.

The Trailing Twelve Months (TTM) revenue for Rayonier Advanced Materials Inc. sits at approximately $1.47 Billion USD. This figure reflects a challenging period, down from the $1.63 Billion USD reported for the full year 2024.

Sales of Cellulose Specialties (CS)

Cellulose Specialties (CS) remains the anchor of the business, representing a required 58% of Q3 2025 revenue. This segment is crucial for Rayonier Advanced Materials Inc., even with market softness in areas like acetate due to destocking and tariff effects. For the third quarter of 2025, the operating income for CS rose to $49 million, which included a $7 million energy credit. Adjusted CS EBITDA for that quarter was $66 million, showing margin uplift sequentially from Q2.

• CS operating income in Q3 2025: $49 million.
• Adjusted CS EBITDA in Q3 2025: $66 million.
• CS net sales saw a 12% decrease year-over-year in Q3 2025.

Sales of Paperboard Products

The Paperboard segment, along with High-Yield Pulp, has faced significant headwinds this year due to new U.S. capacity affecting prices and volumes. For the full year 2025, the expected EBITDA for Paperboard products is cited at $20 million. However, other reports suggest the combined Paperboard and High-Yield Pulp business is expected to incur an EBITDA loss of about $14 million for 2025, or an expected EBITDA of approximately $15 million for the combined segments.

Sales of Cellulose Commodities and High-Yield Pulp

These segments are noted as declining, which is clear from the financial guidance. The High-Yield Pulp business is challenged by oversupply in markets like China and India, leading to proactive downtime. For the full year 2025, the expected EBITDA for Cellulose Commodities is approximated to be a loss of $15 million. Management is actively shifting production mix away from these commodities where possible.

Revenue from Biomaterials

Biomaterials represents a key growth vector for Rayonier Advanced Materials Inc., with specific projects expected to start contributing meaningfully in 2025. Capital investment is supporting facilities like the bioethanol plant in Tartas, France. The expected EBITDA contribution from these Biomaterials projects for the full year 2025 is targeted between $8 million to $10 million.

Here's a quick look at how the segments stack up based on the latest figures and guidance you're tracking: