Rayonier Advanced Materials Details 2026 Turnaround: Price Increases, Operational Reset, Trade Cases

Overview

• Management flagged 2025 free cash flow of -$88 million and made restoring the balance sheet the top priority.
• The company guides to near‑zero EBITDA in Q1 2026 with materially higher full‑year EBITDA and targets solid positive free cash flow by year‑end, with refinancing pursued after execution improves.
• In Cellulose Specialties, 85% of volumes are contracted at roughly 18% higher prices with about a 20% planned volume reduction, while the remaining 15% is still being negotiated at potentially higher pricing.
• Leaders introduced a production ‘NASCAR leaderboard’ to dynamically shift between specialty and commodity grades such as fluff pulp and said the Tartas site will run harder to support biomaterials and feedstock needs.
• Portfolio moves include permanently ceasing dissolving wood pulp production at Temiscaming and exiting a previously announced Georgia energy project, alongside ongoing antidumping and countervailing duty cases with CVD rulings expected in late March and antidumping determinations in May.