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Item 1. Business

2026-03-05 compared with 2025-03-06 · 184 added, 173 removed, 104 unchanged (77% of the section changed)

We are a global leader in the production of cellulose specialties, a natural polymer used in the manufacturing of various specialty chemical products, including liquid crystal displays, filters, textiles and performance additives for pharmaceutical, food and other industrial applications.

Building upon nearly 100 years of experience in cellulose chemistry, we provide some of the highest quality high-purity cellulose pulp products that make up the essential building blocks for our customers’ products while providing exceptional service and value.

RYAM’s specialized assets also produce bioelectricity, biomaterials, including biofuels, lignin and tall oil soap, and commodity fluff, viscose and paper pulp.

Additionally, we produce a unique, lightweight multi-ply paperboard product and a bulky, high-yield pulp product.

Our paperboard is used for production in the commercial printing, lottery ticket and high-end packaging sectors.

Our high-yield pulp is used by paperboard producers as well as in traditional printing, writing and specialty paper manufacturing.

Our Sustainability Profile

Sustainability is at the core of our business model and guides every aspect of our strategy and operations.

We operate four production facilities strategically located in the U.S., Canada and France.

The manufacturing of all of our products begins with trees sourced from working forests.

Working forests are instrumental to maintaining environmental health, including the crucial role they play in carbon sequestration.

All of our production facilities adhere to the EPA’s Best Management Practices and hold certification in both the Forest Stewardship Council and Programme for the Endorsement of Forest Certification Chain of Custody standards.

We believe this dual certification reinforces our dedication to responsible forestry practices throughout our manufacturing processes.

Our Fernandina Beach and Tartas facilities are ISCC PLUS and ISCC EU certified, respectively, underscoring our commitment to independently audited sustainability standards and processes within our supply chain.

Our fluff pulp, produced at our Jesup facility, carries the distinction of being certified as an “Inspected Raw Material” by Nordic Swan Ecolabeling.

This label signifies adherence to environmental requirements at every stage of manufacturing.

We frequently monitor and pursue additional opportunities for sustainability in our manufacturing processes.

We have achieved several key advancements in our processes with the aim of reducing chemical usage, improving energy efficiency and minimizing our CO 2 emissions and environmental footprint.

Examples include the optimization of acid usage, transitioning to rail delivery for H 2 O 2 and refinements of product formulations.

In addition, in our ongoing efforts to reduce chemical usage we have also introduced Maple 80, a new product manufactured without EDTA, a common chelating agent, which served to decrease our chemical reliance.

In 2021, we set an ambitious goal of achieving at least a 40 percent reduction in overall Scope 1 and Scope 2 GHG emissions, on both an absolute and intensity basis, by 2030, using 2020 as a baseline.

We are on track to meet this objective, with external verification confirming total reductions of 21 percent and 14 percent in absolute and intensity emissions, respectively, through 2023.

Our 2024 results are pending confirmation.

Our facilities are energy intensive;

however, nearly 78 percent of the energy consumed by them is derived from renewable sources, primarily biomass.

We do not harvest living trees directly for energy production, but rather use production process biomass residuals or waste to generate energy in our facilities.

The remaining energy consumed is primarily sourced from natural gas.

Water is utilized during various stages of our production cycle, including wood chip digestion, pulp washing and screening and fiber handling and transportation.

Water is also necessary for steam and on-site power generation, air emissions control, process cooling and equipment cleaning.

Each gallon of water consumed at our facilities is reused multiple times in our process.

Over 90 percent of the total water withdrawn at our facilities is returned to natural water sources after undergoing rigorous treatment, in keeping with stringent government-issued permit limitations.

The remaining amounts are either captured in the final product or evaporated during manufacturing.

Our facilities are designed to minimize waste.

We recycle our pulping chemicals, produce environmentally friendly co-products from tree material, and generate energy from biomass residuals.

We also take special care to limit our generation of hazardous or dangerous wastes through source reduction, reuse and recycling.

We seek to meet or exceed all waste management standards and expectations of each country in which we operate.

Each facility has ongoing relationships with local recyclers, and we strive to reuse or recycle as much as possible.

Certified waste handlers dispose of any hazardous waste.

Product Safety

We prioritize safety and regulatory compliance in our product development.

Our high purity cellulose is derived from the treatment of wood fiber with aqueous solutions of pulping and bleaching chemicals.

This process yields materials such as cellulose, hemicellulose, lignin and other extractives.

Pulp cellulose has been classified by the U.S.

Environmental Protection Agency as a Green Circle chemical with a low safety concern based on experimental and modeled data, and it is considered non-hazardous according to the Occupational Safety and Health Administration Hazard Communication Standard.

We proactively ensure compliance with stringent international safety regulations, including the U.S.

Food and Drug Administration approval for food contact materials, European Registration, Evaluation, Authorisation and Restriction of Chemicals standards and the European Union's genetically modified organisms directive.

We maintain stringent safety measures to manage chemical usage responsibly throughout our manufacturing processes.

Our ISO 9001-certified quality management system is used to analyze and improve our operations.

We maintain a rigorous chemical approval process to ensure safety and regulatory compliance.

Strategic Growth Investments

We focus our strategic investments on projects that optimize and align our assets to meet the ever-growing demand for renewable products.

Our portfolio is aligned with sustainability drivers, including the European Union Green Deal for the Renewable Energy Directive II.

Our ongoing projects include:

• Production of 2G bioethanol fuel at our France facility, intended to help meet the demand for Europe’s fast-growing biofuels market and further improve the sustainability of our operating model.

With production commencing in the first quarter of 2024, we are among the first in France to produce wood-based 2G bioethanol, a renewable fuel made from non-food-based biomass that is not competitive to the human food supply and that reduces GHG emissions by up to 90 percent compared to traditional fossil fuels.

• Production of 2G bioethanol fuel at our Fernandina facility, a multi-year project expected to deliver carbon benefits comparable to our France bioethanol facility, with potential applications in additional market segments, including as a feedstock for sustainable aviation fuel.

• Involvement in AGE, a start-up entity that aims to utilize renewable forestry waste and other biomass generally discarded as waste to generate green electricity for the state of Georgia from a new facility to be constructed adjacent to our Jesup plant.

While still in the development phase, the project achieved a significant milestone when AGE was recently awarded a Purchase Power Agreement to sell electricity to Georgia Power Company, which allows AGE to continue evaluating the construction and financing requirements.

The multi-year project offers significant potential long-term benefits to RYAM.

• Development of a prebiotic for poultry and swine at our Jesup facility, which is expected to support sustainable poultry and swine farming and provide a healthy alternative nutrient to enhance gut health.

We have submitted notice of our Generally Recognized as Safe self-certification for our prebiotics product to the U.S.

Food and Drug Administration.

Our strategic investment approach unlocks the capabilities of our facilities and capitalizes on the sustainably harvested trees that we use as our primary feedstock.

RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications.

RYAM’s specialized assets, capable of creating the world’s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, high-yield pulp and various value-added derivatives, including paperboard, biofuels, bioelectricity and lignin.

Company Background

Before June 27, 2014, we consisted of Rayonier Inc.’s wholly-owned performance fibers business, which was primarily engaged in producing cellulose specialties.

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See Note 4—Discontinued Operations to our Financial Statements for further information.

For the years presented in this 2024 Form 10-K, we operated the following operating segments:

• High Purity Cellulose

• High-Yield Pulp

See Note 21—Segment and Geographical Information to our Financial Statements for further information on this operating segment structure in place as of December 31, 2024.

Beginning in January 2025, we reorganized our High Purity Cellulose operating segment as a result of changes in our internal operating model, significant developments in our Biomaterials strategy (see Note 2—Significant Accounting Policies and Recent Accounting Developments— Redeemable Noncontrolling Interest and Note 10—Debt and Finance Leases to our Financial Statements for information regarding our newly-formed subsidiary, BioNova, and important financing milestones reached) and a successful enterprise reporting system launch that significantly enhances our financial reporting capabilities.

In July 2024, we indefinitely suspended operations at our Temiscaming cellulose plant to mitigate high capital needs and operating losses related to exposure to commodity viscose products and improve our cash flow from operations.

In the first quarter of 2026, we determined that we would permanently cease DWP production at the Temiscaming cellulose plant.

Certain infrastructure assets of the site’s cellulose plant continue to run in support of the ongoing energy and other needs of our Temiscaming paperboard and high-yield pulp plants that support our Paperboard and High-Yield Pulp operating segments, which continue to operate at full capacity, subject to market conditions.

We are focused on rebuilding performance — aligning the organization and driving disciplined execution to improve results and cash generation across every business, including Paperboard and High-Yield Pulp, which we are no longer marketing for sale.

We remain committed to disciplined capital allocation and cash management and continue to evaluate options that best support long-term value creation and balance sheet deleveraging.

See Note 3—Indefinite Suspension of Operations to our Financial Statements for further information.

Operating Segments

In the first quarter of 2025, we reorganized our High Purity Cellulose operating segment as a result of changes in our internal operating model, significant developments in our Biomaterials strategy (see Note 10—Debt and Finance Leases and Note 14—Redeemable Noncontrolling Interest to our Financial Statements for information regarding our newly-formed subsidiary, BioNova, and important financing milestones reached) and the successful launch of an enterprise reporting system that significantly enhances our financial reporting and costing capabilities.

Specifically, we determined, in light of these new developments and capabilities, that the performance and outlook of the High Purity Cellulose business will be better managed as three separate businesses:

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No changes were made to the composition of the Paperboard and High-Yield Pulp operating segments.

In July 2024, we indefinitely suspended operations at our Temiscaming High Purity Cellulose plant.

This plan is expected to mitigate high capital needs and operating losses related to exposure to commodity viscose products and improve our consolidated free cash flow.

Our Temiscaming paperboard and high-yield pulp plants that support our Paperboard and High-Yield Pulp operating segments will continue to operate at full capacity while we continue to explore a potential sale of the Paperboard and High-Yield Pulp assets.

We remain committed to pursuing a sale of these assets at a fair price.

See Note 3—Indefinite Suspension of Operations to our Financial Statements for further information.

High Purity Cellulose

Our High Purity Cellulose operating segment, particularly cellulose specialties products, is the primary driver of our profitability.

Cellulose specialties are natural polymers that are used as raw materials to manufacture a broad range of consumer-oriented products such as liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, cigarette filters, high-tenacity rayon tire cords and industrial hoses, food casings, paints and lacquers.

We manufacture products tailored to our customers’ precise and demanding chemical and physical specifications, achieving industry-leading purity and product functionality.

Our ability to consistently manufacture high-quality cellulose specialties products results from our proprietary production processes, intellectual property and nearly 100 years of technical expertise and knowledge of cellulosic chemistry.

We believe our end-use market diversity reduces our exposure to a potential global recession.

In addition to cellulose specialties, a significant portion of our production capacity is dedicated to manufacturing high-purity commodity products for absorbent materials and viscose applications.

Absorbent materials, typically referred to as fluff, are used as an absorbent medium in products such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes and non-woven fabrics.

Commodity viscose is a raw material required for the manufacture of viscose staple fibers which are used in woven applications, such as rayon textiles for clothing and other fabrics, and in non-woven applications, such as baby wipes, cosmetic and personal wipes, industrial wipes and mattress ticking.

Cellulose specialties typically contain over 95 percent cellulose, while commodity products usually contain less than 95 percent cellulose.

Our specialized assets, capable of creating the world’s leading high purity cellulose products, also produce bioelectricity and biomaterials, including biofuels, lignin and tall oil soap.

Our 2G bioethanol facility in France, operational in the first quarter of 2024, for example, captures residual sugars from our existing pulp process, which we then use in the production of wood-based 2G bioethanol fuel.

Our three operating production facilities have a combined annual production capacity of 895,000 MTs of cellulose specialties and commodity products, excluding the 150,000 MTs capacity of the Temiscaming plant whose operations were indefinitely suspended in July 2024.

Of our total annual capacity, we dedicate 270,000 MTs of annual production to commodity products, primarily fluff.

As a result of this reorganization, we now operate in the following segments:

• Cellulose Specialties

• Biomaterials

• Cellulose Commodities

• High-Yield Pulp

Prior period segment results have been recast to align with this new segment reporting structure.

See Note 22—Segment and Geographical Information to our Financial Statements for further information.

In January 2026, we appointed a new CEO who also assumed the role of CODM.

Operating segments are determined based on how the CODM reviews and evaluates company operations for purposes of assessing performance and allocating resources.

As a result of this leadership transition, we will evaluate whether any changes to our reportable segment structure are required in 2026.

Cellulose Specialties

Our Cellulose Specialties operating segment is the primary driver of our profitability.

We manufacture cellulose specialties products tailored to our customers’ precise and demanding chemical and physical specifications, achieving industry-leading purity and product functionality.

Our three operating cellulose production facilities have a combined annual production capacity of 885,000 MTs of cellulose specialties and commodities products, excluding the 140,000 MTs capacity of the Temiscaming cellulose plant whose operations were indefinitely suspended in July 2024.

We can shift our cellulose manufacturing assets from cellulose specialties production to cellulose commodity fluff and viscose production.

Our operating lines fluctuate the production of cellulose specialties and commodities products based on market conditions and to generate the most attractive margins.

Our Tartas cellulose plant and Temiscaming cellulose plant (when operating) also produce bio-generated electricity, which is sold into the grid, utilizing renewable biomass.

Key input costs — wood, chemicals and energy — represent approximately 45 percent of our per MT cost of sales.

Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales.

Cellulose Specialties

Cellulose specialties are a natural polymer primarily derived from either wood or cotton and are used as a principal raw material to manufacture a broad range of products.

Cellulose specialties generally command a price premium and earn higher margins relative to other commodity wood pulp products.

Cellulose specialties are a dissolving wood pulp product which target a combination of high purity and high viscosity.

Cellulose is a natural polymer, primarily derived from wood or cotton.

Our cellulose specialties are DWP products, which are used as a principal raw material to manufacture a broad range of consumer-oriented products.

Unlike other wood pulps used for their physical properties, cellulose specialties are sought after for the unique chemical properties and reactivity they impart to downstream products.

Our cellulose specialties, derived from wood, require high levels of purity, consistency and process knowledge.

Cellulose specialties require high levels of purity, consistency and process knowledge.

Our products play a significant role in our customers’ manufacturing processes, which require cellulose specialties of high purity and uniformity for efficient production.

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To meet this demand, our products are custom-engineered and manufactured to each customer’s unique specifications and undergo a stringent qualification process, resulting in quality and consistency that allow our customers to operate more efficiently and cost-effectively.

One of our key competitive advantages is our unique ability to leverage our global manufacturing asset base to provide our customers greater supply chain security for cellulose specialties fibers.

With four facilities and five manufacturing lines capable of producing cellulose specialties, we are the only cellulose specialties producer in the world with the flexibility to use both hardwood and softwood fibers, kraft and sulfite cooking processes and various proprietary chemical treatments to provide customized product functionality.

Additionally, we possess significant knowledge of wood fiber properties and their modification under a sequence of chemical processes, which we have accumulated and developed over nearly 100 years of practical application to satisfy various customer needs.

This process knowledge, combined with our manufacturing scale and flexibility and knowledge of customer applications and specifications, makes us the industry’s most adaptable modifier of cellulose fibers.

Commodity Products

We can shift our High Purity Cellulose operating segment manufacturing assets from cellulose specialties production to commodity fluff and viscose production.

Our operating lines fluctuate the production of cellulose specialties and commodity products based on market conditions and to generate the most attractive margins.

Commodity fluff is typically used in consumer products such as baby diapers.

These fibers provide a medium for fluid acquisition, distribution and retention in the products in which they are incorporated.

Commodity viscose is primarily sold to producers of viscose staple fibers, which in turn are used to manufacture rayon fibers, which are widely used in the clothing and textile industries.

Shifts in fashion styles and textile fiber blending have increased demand for viscose staple fibers.

Additionally, variability in cotton linter supply and growing environmental concerns about cotton production have resulted in viscose staple producers shifting volume away from cotton linter pulp to wood-based dissolving pulp, absent other pricing factors.

We are uniquely positioned to meet the rapidly growing demand for renewable materials and sustainable products.

Fully unlocking the capabilities of our plants and the sustainably harvested trees that we use as our primary feedstock is a core mission.

Generally, a tree’s mass is comprised of 50 percent water and 50 percent “dry solids.” Dry solids are comprised of roughly 40 percent cellulose and 60 percent other chemical compounds, including hemicellulose, lignin, sugars and other extractives.

These chemical compounds can be utilized to produce sustainable bioelectricity and biomaterials, including lignosulfonates, biofuels, prebiotics, tall oil soap and turpentine.

We currently generate and sell lignosulfonates and tall oil soap using these compounds.

Lignosulfonates are used to produce various products, including construction materials, dispersants, plant nutrients, leather tanning and fungicides, and tall oil soap, which is used as feedstock for producing crude tall oil.

We also produce bio-generated electricity utilizing renewable biomass.

Our France bioethanol facility produces 2G bioethanol, a non-food-based ethanol utilized as an environmentally friendly fuel blend supporting transport decarbonization.

Commercial sales of this 2G bioethanol began in April 2024 under a long-term offtake agreement with a large international petrochemicals company.

We are currently moving forward with plans for a similar bioethanol facility at our Fernandina facility.

Cellulose Specialties

Our acetate-grade cellulose plays a vital role in the manufacturing of liquid crystal displays, impact-resistant plastics and cigarette filters.

Our ethers-grade cellulose enhances texture and thickening of food products and controlled release in pharmaceutical applications.

Other specialty cellulose products that we produce are used in high-tenacity rayon tire cords and industrial hoses, automotive and heavy equipment filters, food casings, paints, lacquers and munitions and explosives.

We believe our end-use market diversity reduces our exposure to a potential global recession.

Significant intellectual property, capital investment and technical expertise are needed to design and manufacture customized cellulose specialties fibers to exacting customer specifications.

The product must be formulated to achieve the desired characteristics, including parameters for purity, viscosity, brightness, reactivity and other physical properties.

Product qualification time can be lengthy, extending from six to 24 months.

Product qualification time can be lengthy, extending from six to 24 months, depending on the application.

Customer relationships are typically long-term and are based on an understanding of the customer’s production processes and on our technical expertise, which we utilize to help solve our customers’ production challenges and support new product development.

Establishing a production line and obtaining the necessary production technologies requires substantial capital and ongoing maintenance expenditures.

Establishing a production line and obtaining the necessary production technologies require substantial capital and ongoing maintenance expenditures.

One of our key competitive advantages is our unique ability to leverage our global manufacturing asset base to provide our customers greater supply chain security for cellulose specialties fibers.

Additionally, we possess significant technical expertise and knowledge of wood fiber properties and their modification under a sequence of chemical processes, which we have accumulated and developed over nearly 100 years of practical application to satisfy various customer needs.

Product performance and customization, technical service and price are principal methods of competition in cellulose specialties.

Product performance is primarily determined by the chemical attributes of the pulp, including purity, viscosity and uniformity of the cellulose specialties.

Our processes, which are a key element of our intellectual property, are capable of generating cellulose specialties purity levels in excess of 98 percent, as well as the highest levels of viscosity derived from wood pulp.

Our processes, which are a key element of our intellectual property, are capable of generating cellulose specialties purity levels of more than 98 percent, as well as the highest levels of viscosity derived from wood pulp.

Cellulose specialties generally command a price premium and earn higher margins compared to other commodity wood pulp products.

Typically, product pricing is set annually in the fourth quarter for the following year based on discussions with customers and the terms of contractual arrangements.

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Our multiple manufacturing lines, processes and intellectual property allow us to compete in more segments of the cellulose specialties market than any of our competitors.

Commodity Products

We are uniquely positioned to meet the rapidly growing demand for renewable materials and sustainable products.

Our specialized assets also produce biomaterials, including biofuels, lignosulfonates, tall oil soap, HCE and turpentine.

Our bioethanol facility in Tartas produces wood-based 2G bioethanol fuel.

We produce lignosulfonates at our Tartas cellulose facility and produced them at our Temiscaming cellulose facility prior to the indefinite suspension of operations.

We produce tall oil soap at our Tartas and Jesup facilities.

HCE is produced at our Fernandina and Tartas cellulose facilities.

Turpentine is produced at our Jesup facility.

Our bioethanol production facility has an annual production capacity of 21 million liters of 2G bioethanol fuel.

Key input costs — chemicals and energy — represent approximately 30 percent of our cost of sales.

Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales.

Fully unlocking the capabilities of our plants and the sustainably harvested trees that we use as our primary feedstock is a core mission.

A tree’s mass is composed of approximately 50 percent water and 50 percent “dry solids.” Dry solids are composed of roughly 40 percent cellulose and 60 percent other chemical compounds, including hemicellulose, lignin, sugars and other extractives.

We use these chemical compounds to produce sustainable biomaterials, including lignosulfonates, biofuels, prebiotics, tall oil soap, HCE and turpentine.

Lignosulfonates are used to produce various products, including construction materials, dispersants, plant nutrients, leather tanning and fungicides.

Tall oil soap is used as feedstock for producing crude tall oil, which we intend to begin producing in the future.

Crude tall oil is used in biofuels, coatings and resins, adhesives, lubricants and construction materials.

HCE is an alkaline byproduct of our pulping operations that can be repurposed as a partial substitute for caustic soda in appropriate industrial applications, supporting circular chemical use and improved resource efficiency.

Turpentine, a high value renewable chemical feedstock recovered from wood during pulping, is primarily used in fragrances, flavors, adhesives, resins and specialty chemical intermediates.

Our Tartas bioethanol facility captures residual sugars from our existing pulp process to produce 2G bioethanol fuel, a non-food-based ethanol utilized as an environmentally friendly fuel blend supporting transport decarbonization.

Each biomaterial product has its own unique market drivers.

For example, the primary global market driver for bioethanol fuel is the regulatory agenda towards production of bioethanol fuel with an active participation of GHG emission reduction and the positive impact on climate change.

Key growth drivers for lignosulfonates include increasing usage of lignosulfonates in all the market segments where fossil petrochemicals can be replaced by sustainable bioproducts.

Lignosulfonate demand is also heavily influenced by the construction industry, which is significantly impacted by broader economic health.

Commercial sales of our 2G bioethanol fuel are in accordance with a long-term offtake agreement with a large international petrochemicals company.

Pricing for the other biomaterials that we currently produce is based on the market dynamics of supply and demand.

Similarly, each biomaterial product has its own competitive considerations, with potential barriers to entry including capital investment, technical expertise and the lack of sustainable feedstock needed to produce the given product.

Our major biomaterials competitors in the lignosulfonates market include Borregaard and Domsjö Aditya Birla and in the 2G bioethanol fuel market include Borregaard, AustroCel Hallein, Raizen and GranBio.

Cellulose Commodities

As mentioned above in the Cellulose Specialties section, our three operating cellulose production facilities have a combined annual production capacity of 885,000 MTs of cellulose specialties and commodities products, excluding the 140,000 MTs capacity of the Temiscaming plant whose operations were indefinitely suspended in July 2024.

Of our total annual capacity, we dedicate 270,000 MTs of annual production to commodities products, primarily fluff.

Key input costs — wood, chemicals and energy — represent approximately 40 percent of our per MT cost of sales.

Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales.

In addition to cellulose specialties, a significant portion of our cellulose production capacity is dedicated to manufacturing high-purity commodity products for absorbent materials and viscose applications.

Cellulose commodity products typically contain less than 95 percent cellulose.

Absorbent materials, typically referred to as fluff, are used as an absorbent medium in consumer products such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes and non-woven fabrics.

These fibers provide a medium for fluid acquisition, distribution and retention in the products in which they are incorporated.

Commodity viscose is a raw material required for the manufacture of viscose staple fibers, which are used in woven applications, including rayon textiles for clothing and other fabrics in the clothing and textile industries, and in non-woven applications, such as baby wipes, cosmetic and personal wipes, industrial wipes and mattress ticking.

The principal method of competition in commodity products is price, as purity and uniformity are less critical differentiators.

Pricing for commodity products is typically referenced to published indices or based on publicly available spot market prices.

Shifts in fashion styles and textile fiber blending have increased demand for viscose staple fibers.

We compete with both domestic and foreign producers of commodity products.

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However, in recent years, commodity viscose from wood has supplanted cotton as the preferred raw material input for viscose staple fiber production.

Although cellulose specialties can generally be sold to meet commodity viscose demand, the reverse is not typically true.

Cellulose specialties can generally be sold to meet commodity viscose demand, however, the reverse is not typically true.

Our major competitors for commodity viscose include Bracell, Sappi, Lenzing, Aditya Birla Group and Sun Paper.

Our major competitors in commodity fluff include International Paper, GP Cellulose, Domtar, Klabin and Stora Enso.

Each biomaterial product has its own unique market drivers.

For example, the primary global market driver for bioethanol is the regulatory agenda towards production of bioethanol with an active participation of GHG emission reduction and the positive impact on climate change.

Key growth drivers for lignosulfonates include increasing usage of lignosulfonates in all the market segments where fossil petrochemicals can be replaced by sustainable bioproducts.

Pricing for biomaterials that we currently produce is based on the market dynamics of supply and demand.

Our major biomaterials competitors in the lignosulfonates market include Borregaard and Domsjö Aditya Birla and in the bioethanol market include Borregaard and AustroCel Hallein.

We manufacture paperboard in the Temiscaming plant in Quebec, Canada.

Our major competitors in commodity fluff include Global Cellulose Fibers, GP Cellulose, Domtar, Klabin and Stora Enso.

We manufacture and sell our Kallima ® Coated Cover Paperboard in the Temiscaming plant in Quebec, Canada.

Our production facility has an annual production capacity of 180,000 MTs of paperboard.

Key input costs — wood, chemicals and energy — represent approximately 75 percent of our per MT cost of sales.

Key input costs — wood pulp, chemicals and energy — represent approximately 50 percent of our per MT cost of sales.

Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales.

Products in the Paperboard business include packaging, printing documents, brochures, promotional materials, paperback book and catalog covers, file folders, tags and lottery tickets.

We are the only multi-ply paperboard producer in North America, with our competition producing single ply solid bleached sulfite paperboard.

Products manufactured using our Kallima ® paperboard include packaging, printing documents, brochures, promotional materials, paperback book and catalog covers, file folders, tags and lottery tickets.

We are the sole multi-ply paperboard producer in North America, with our competition producing single-ply solid bleached sulfite paperboard.

In October 2025, we expanded our Kallima® portfolio with the introduction of an enhanced freezer application for folding carton board.

Engineered to withstand temperatures as low as -18°C (0°F), it maintains structural integrity and resists delamination in freezer conditions.

Its natural resistance to moisture and condensation — without coatings or plastic extrusion — delivers cost efficiency, ease of converting and sustainability benefits.

This innovation comes as the frozen food market continues to grow worldwide, driven by consumer demand for convenience and extended shelf life.

With the enhanced freezer application, we provide packaging manufacturers with a solution that safeguards product integrity while delivering on sustainability and operational efficiency.

The principal method of competition in our Paperboard business is price and product performance.

Pricing is typically based on published indices and marketed through our internal sales team and is impacted by the balance between supply and demand, as affected by global economic conditions, changes in consumption and capacity, the level of customer and producer inventories and fluctuations in currency exchange rates.

Product performance is determined based on the physical attributes of the products in a customer’s manufacturing processes.

Product is marketed through our internal sales team, with pricing typically based on published indices, which is impacted by the balance between supply and demand, as affected by global economic conditions, changes in consumption and capacity, the level of customer and producer inventories and fluctuations in currency exchange rates.

Product performance is determined based on the physical attributes of the product — how well it prints, folds and die-cuts — in a customer’s manufacturing processes.

To a lesser extent, quality and service are also competitive determinants.

The low-density construction of our Kallima ® paperboard offers a basis weight advantage over competing products, enabling significant material and cost savings without compromising quality or performance.

Our major paperboard competitors include Smurfit Westrock, Graphic Packaging, Clearwater Paper, Sappi, Metsa Group, Stora Enso, CMPC and Billerud.

High-Yield Pulp

We manufacture and market high-yield pulp produced in our Temiscaming plant in Quebec, Canada.

We manufacture and sell high-yield pulp produced in our Temiscaming plant.

Our Temiscaming plant has an annual production capacity of 290,000 MTs of high-yield pulp, approximately 60,000 MTs of which are used internally to produce paperboard.

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This unique fiber supply produces a highly sought-after bulky high-yield pulp product.

With nearly double the yield of traditional market pulps, our high-yield pulp requires fewer trees to make the same amount of paper and its superior bulk allows paper and paperboard manufacturers to use less fiber for the same surface area, thereby reducing their resource consumption and enabling environmentally friendly practices in paper production.

Typical applications of our high-yield pulp include paperboard, packaging, coated and uncoated printing and writing paper, specialty papers and various other paper products.

Additionally, we are currently running machine trials on a rolled high-yield pulp grade for the absorbent product market as well as our own high-yield pulp bale wrappers.

The principal method of competition in the High-Yield Pulp operating segment is price.

However, better quality (i.e., higher bulk) can sometimes command a premium price.

Pricing for high-yield pulp is typically referenced to published indices marketed through our internal sales team and is impacted by the balance between supply and demand, as affected by global economic conditions, changes in consumption and capacity, the level of customer and producer inventories and fluctuations in currency exchange rates.

Our major high-yield pulp competitors include Sappi, Millar Western, West Fraser, Domtar, SCA, Pan Pac Forest Products Ltd and Estonia Cell.

However, better quality (i.e., higher bulk or cleanliness) can sometimes command a premium price.

Product is marketed through our internal sales team, with pricing typically referenced to published indices, which is impacted by the balance between supply and demand, as affected by global economic conditions, changes in consumption and capacity, the level of customer and producer inventories and fluctuations in currency exchange rates.

Our major high-yield pulp competitors include Sappi, Millar Western, Domtar, SCA, Pan Pac Forest Products Ltd and Estonia Cell.

Strategic Growth Investments

We are prioritizing strategic investments that deliver near-term cash impact and strengthen RYAM’s long-term earnings power.

Our focus is on projects with clear returns, short paybacks where possible and manageable execution risk, including cost savings and reliability improvements across our facilities and selective initiatives that leverage our assets and byproduct streams that we currently use for energy and steam.

Key areas of evaluation include:

• Cost savings and reliability projects across the footprint to reduce operating costs and improve day-to-day performance.

• Biomaterials projects that can upgrade plant byproduct streams, including opportunities to convert tall oil soap into crude tall oil for downstream markets.

• Bioethanol opportunities, including existing operations in France and additional integrated opportunities under evaluation in North America.

• Prebiotics at Jesup, progressing development and commercialization planning.

We will continue to evaluate and sequence these opportunities with a disciplined lens on cash impact, returns and liquidity.

As part of our capital allocation framework, we will also evaluate all capital return options alongside our investment priorities to drive long-term shareholder value.

Our Sustainability Profile

Sustainability is central to our business model and informs our strategy, capital planning and day-to-day operations.

Across our four production facilities in the United States, Canada and France, we focus on responsible sourcing, resource efficiency and continuous improvement of our environmental footprint.

All of our products begin with trees sourced from sustainably managed working forests.

Working forests support biodiversity, carbon sequestration and sustained economic value, and we rely on them as our primary renewable raw material.

Across our supply chain, we follow and monitor compliance with the EPA’s Best Management Practices and maintain certification under both the Forest Stewardship Council ® and Programme for the Endorsement of Forest Certification™ Chain of Custody standards, demonstrating our commitment to responsible forestry practices and fiber traceability.

Several of our facilities hold additional third-party certifications.

Our Fernandina Beach, Florida site is ISCC PLUS certified and our Tartas, France facility is certified under ISCC EU, recognizing adherence to independently verified sustainability criteria within the biofuels and biomaterials supply chain.

Our Jesup, Georgia facility produces fluff pulp certified as an “Inspected Raw Material” by Nordic Swan Ecolabeling.

We continue to monitor and implement opportunities to improve the sustainability profile of our manufacturing processes and product offerings.

Recent innovations include the development of our enhanced freezer application paperboard grade, which provides moisture and condensation resistance without the use of plastic coatings or extrusion.

Manufactured at our Temiscaming, Quebec facility using hydro-powered energy and responsibly sourced certified fiber, this lightweight grade helps reduce material usage and transportation-related emissions while maintaining structural integrity at temperatures as low as –18°C.

The freezer-grade material expands our portfolio of renewable packaging solutions and reflects our commitment to sustainable product stewardship.

Our operations are energy intensive;

however, a significant portion of our energy needs are met through renewable resources.

In 2024, nearly 80 percent of the energy consumed at our facilities was derived from renewable sources, primarily biomass residuals generated during our production processes.

Across our four plants, we use natural gas, fuel oil and other non-renewable fuels only to supplement processes that cannot be powered entirely by renewable sources.

In addition, several of our facilities generate renewable electricity and supply excess power to local utility grids, supporting energy resilience in the communities where we operate.

Water plays a central role in our production processes, including wood digestion, pulp washing, chemical recovery, steam and power generation, emissions control and equipment cleaning.

Each gallon of water used in our system is reused multiple times before treatment and discharge.

Across our facilities, more than 90 percent of water withdrawn is treated and safely returned to the environment in accordance with stringent government-issued discharge permits.

The remainder is either incorporated into finished products or evaporated during the manufacturing process.

While none of our facilities are located in areas of high baseline water stress, we continue to evaluate opportunities to reduce water use and improve efficiency, including through capital project reviews that require at least water-neutral design outcomes.

Our manufacturing footprint is designed to minimize waste generation and support circular use of materials.

Chemical inputs are recovered and recycled where feasible and biomass residuals are used to generate renewable energy.

We prioritize source reduction, reuse and recycling, and we work with certified waste handlers to manage hazardous and regulated waste.

Each facility maintains relationships with local recyclers and many implement site-specific initiatives to divert materials from landfills and repurpose process byproducts for beneficial use.

Product Safety

Product safety and regulatory compliance are integral to our product stewardship practices.

Our high-purity cellulose is produced using aqueous pulping and bleaching processes that separate cellulose from hemicellulose, lignin and other extractives.

Environmental Protection Agency classifies pulp cellulose as a Green Circle chemical, indicating low concern for human health, and the material is considered non-hazardous under the Occupational Safety and Health Administration Hazard Communication Standard.

Our products comply with applicable U.S.

Food and Drug Administration regulations for food contact materials, as well as European requirements under Registration, Evaluation, Authorisation and Restriction of Chemicals and directives related to genetically modified organisms.

We maintain an ISO 9001-certified quality management system, including a formal chemical approval and review process.

All specialty chemicals must undergo constituent disclosure, hazard screening, environmental impact evaluation and review of compliance with regulatory frameworks prior to use in our manufacturing processes.

This governance structure helps ensure chemical safety, operational consistency and responsible management throughout our product lifecycle.

Raw Materials and Input Costs

All of our manufacturing operations require significant amounts of wood fiber, in the form of logs or wood chips, as a raw material and energy to produce our products.

Additionally, our High Purity Cellulose and High-Yield Pulp operating segments’ manufacturing processes require significant amounts of chemicals.

These raw materials and input costs are subject to significant changes in price as a result of weather conditions, supply and demand.

All our manufacturing operations require significant amounts of wood fiber, in the form of logs or wood chips, as a raw material and energy to produce our products.

Additionally, our Cellulose Specialties, Cellulose Commodities and High-Yield Pulp operating segments’ manufacturing processes require significant amounts of chemicals.

These raw materials and input costs are subject to significant changes in price due to weather conditions, supply and demand.

To control cost, we continually pursue reductions in usage and cost of key supplies, services and raw materials.

We procure wood chips for our high purity cellulose and high-yield pulp plants through the purchase of chips from lumber producers or the production of chips from roundwood at our own wood chipping facilities.

We procure wood chips for our cellulose and high-yield pulp plants through the purchase of chips from lumber producers or the production of chips from roundwood at our own wood chipping facilities.

The price for wood is impacted by various factors, including supply and demand, weather events, transportation costs for delivery and overall economic conditions.

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Intellectual Property

Substantially all of our intellectual property relates to our High Purity Cellulose operating segment.

We own patents, trademarks and trade secrets, and have developed significant expertise, particularly in the production of high purity cellulose, which we deem vital to our operations, and also in the production of paperboard.

Substantially all our intellectual property relates to our Cellulose Specialties operating segment.

We own patents, trademarks and trade secrets, and have developed significant expertise, particularly in the production of cellulose specialties, which we deem vital to our operations, and in the production of paperboard.

We intend to protect our intellectual property, including, when appropriate, through the filing of patent applications for inventions that we deem important to our business and operations.

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No single customer accounted for 10 percent or more of total sales during the years ended December 31, 2025 and 2024.

One customer in the High Purity Cellulose operating segment represented 10 percent of total sales for the year ended December 31, 2023.

One customer in the Cellulose Specialties operating segment represented 10 percent of total sales for the year ended December 31, 2023.

Research and Development

Our R&D capabilities and activities are primarily focused on our High Purity Cellulose operating segment.

Our R&D capabilities and activities are primarily focused on our Cellulose Specialties and Biomaterials operating segments.

The quality and consistency of our cellulose specialties, together with our R&D capabilities, are important factors in achieving an optimal value for our cellulose specialties products and create a material competitive advantage.

Our R&D efforts are directed at further developing products and technologies, improving the quality of cellulose fiber grades, improving manufacturing efficiency and environmental controls and reducing fossil fuel consumption.

We also focus our R&D activities on the development and marketing of new products and applications.

During the years ended December 31, 2024, 2023 and 2022, our R&D spend totaled $5 million, $6 million and $7 million, respectively.

We also focus our R&D activities on the development and marketing of new products and applications, for example, our prebiotics product currently in testing.

During the years ended December 31, 2025, 2024 and 2023, our R&D expense totaled $7 million, $5 million and $6 million, respectively.

Environmental Matters

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Our operations are subject to constantly changing environmental requirements, and interpretations of existing requirements, which are often impacted by new policy initiatives, new and amended legislation and regulation, negotiations involving state and federal governmental agencies and various other stakeholders, as well as, at times, litigation.

Our future spending requirements in the area of environmental compliance could change significantly based on the passage of new environmental laws and regulations.

Our future spending requirements for environmental compliance could change significantly based on the passage of new environmental laws and regulations.

Management closely monitors our environmental responsibilities and believes we are in material compliance with current requirements.

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We have production facilities in the U.S., Canada and France and sales offices in the U.S., Canada, France, United Kingdom, Japan and China.

Of our approximately 2,350 employees, 69 percent belong to labor unions, as all of our manufacturing sites are represented by various local and national unions.

We believe our relationships with the union employee representatives are strong.

Of our approximately 2,325 employees, 68 percent belong to labor unions, as all our manufacturing sites are represented by various local and national unions.

We believe our relationships with the union employee representatives are positive.

The safety of our employees is our highest priority.

We are committed to our vision of every employee returning home every day injury-free and we continue to make progress each year.

While no injury is acceptable, our company-wide injury rate decreased 30 percent in 2024 and 49 percent since 2020.

While no injury is acceptable, our company-wide injury rate has decreased 38 percent since 2020.

All work-related incidents are investigated and recorded in our incident management system.

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Our Safety Values Exchange process, one of our most important safety programs, requires that leaders talk to their employees about safety to encourage and reinforce desired safe behaviors.

We drive towards our vision of injury-free operations by focusing on five leading safety metrics:

housekeeping, leadership engagement, corrective action closure, gas emissions and life safety programs.

We drive towards our vision of injury-free operations by focusing on six leading safety metrics:

housekeeping, leadership engagement, corrective action closure, gas emissions, life safety program and contractor interaction.

We continuously track and measure our progress against these metrics at the individual plant level, with each plant accountable for its respective metrics and reporting to the RYAM Leadership Team, headed by our CEO.

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Employee Engagement

Attracting, retaining and developing employees is vital to our success.

We partner with colleges and universities to develop a robust pipeline of prospective employees and provide scholarships and internships to students whose academic pursuits align with career opportunities in chemical, electrical, mechanical and process control engineering.

We strive to ensure that all of our employees have the mentorship, training and support they need to develop lasting and rewarding careers, as we believe that engaged employees are happier, safer and more productive.

Some of our key programs include:

• Our ECD five-year rotational program provides recent graduates and new hires with structured onboarding, on-the-job training and leadership experiences to support the ongoing development of the technical and leadership skills required to support and sustain our operations.

The ECD program covers engineering, supply chain, accounting, information technology and human resources.

• Our Achievement in Motion mentoring program pairs new employees with peer mentors during their first three months to provide guidance throughout the orientation and onboarding process and help them integrate into the organization.

• Our Educational Assistance Program provides partial reimbursement for the successful completion of job-related degree programs and courses taken on personal time.

• Comprehensive technical training programs across all of our plants and roundtable workshops throughout the year for employees to share technical knowledge and insights.

In addition, we provide our employees with training and education opportunities such as leadership development, financial services and retirement planning workshops.

We are committed to fostering an environment where every employee feels a strong sense of belonging and has the opportunity to maximize their potential.

Our success is driven by a workplace culture that values individual contributions, encourages innovation and rewards performance based on merit.

We prioritize an inclusive environment where all employees—regardless of race, gender, background or any other characteristic—are empowered to contribute, grow and succeed.

Our approach is guided by the principle that diverse perspectives, skills and experiences drive better decision-making and stronger business outcomes.

We strive to ensure that every employee has access to meaningful career development, training and leadership opportunities based on their talents, performance and dedication.

Through open communication, mentorship and continuous learning, we reinforce a culture where all individuals can thrive and reach their full potential.

Attracting, developing and retaining talented employees is essential to our long-term success.

We work closely with colleges and universities to build a strong pipeline of prospective employees and offer scholarships and internships to students pursuing chemical, electrical, mechanical and process control engineering disciplines.

We also strive to ensure that our employees have the training, resources and support needed to build rewarding and sustainable careers at RYAM, as we believe that engaged employees are happier, safer and more productive.

Some of our key programs that support employee development and engagement include:

• Engineering Career Development Rotational Program:

provides recent engineering graduates with structured onboarding, on-the-job training and leadership experience designed to build the technical and leadership skills required to support and sustain our operations.

• Achievement in Motion Program:

pairs new salaried employees with peer mentors during their first three months to guide them through the orientation and onboarding process and support integration into the organization.

• Educational Assistance Program:

offers partial reimbursement for eligible job-related degree programs and coursework completed outside of working hours.

• Technical Training and Knowledge Sharing:

includes comprehensive technical training across all plants and recurring roundtable workshops that allow employees to share expertise, reinforce best practices and enhance operational capabilities.

• Leadership Development Programs:

our Front-Line and Mid-Level Leader programs provide targeted leadership skill development to strengthen capabilities of current and future RYAM leaders.

We conduct periodic engagement surveys to understand employee needs and take action to address identified opportunities for improvement.

We are committed to fostering a workplace where employees can maximize their potential.

Our culture values individual contributions, encourages innovation and rewards performance based on merit.

Through open communication, continuous learning and equitable access to development opportunities, we strive to create an environment where all employees can thrive and grow.

Commitment to Human Rights

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• Community and stakeholder engagement

Our Corporate Human Rights Policy is overseen by the Sustainability Committee of the Board of Directors.

We align our policies with various international human rights declarations and principles, such as the Universal Declaration of Human Rights, the United Nations’ Guiding Principles on Business and Human Rights and the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work.

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Adherence to the Code is intended to ensure that we fulfill our obligation to observe the law, both in letter and spirit, in all countries where we do business, and to deal fairly with our stockholders, employees, customers, suppliers, regulators and communities.

We publish and communicate these expectations and values for all new hires and employees several times each year, including through various trainings.

We publish and communicate these expectations and values for all employees several times each year, including through various trainings.

Availability of Reports and Other Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Sections 13(a) or 14 of the Exchange Act are made available to the public free of charge in the Investor Relations section of our website www.ryam.com as soon as reasonably practicable after we electronically file such material with, or furnish them to, the SEC.

All reports we file with or furnish to the SEC are also available free of charge on the SEC’s website http://www.sec.gov .

All reports we file with or furnish to the SEC are also available free of charge on the SEC’s website www.sec.gov .

Our corporate governance guidelines, including the Standard of Ethics and Code of Corporate Conduct, and charters of all standing committees of our Board of Directors are also available on our website.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business