Rayonier Advanced Materials Inc. (RYAM) 2026 Q1 法說會逐字稿

Good morning, and welcome to the RYAM first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Daniel Bradley, Vice President of Investor Relations. Thank you. Mr. Bradley, you may begin.

早安，歡迎參加 RYAM 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我想把電話交給本次會議主持人——投資人關係副總裁 Daniel Bradley。謝謝。Bradley 先生，您可以開始了。

Good morning, and welcome to RYAM's first quarter 2026 earnings conference call. Joining me today is Marcus Moeltner, our CFO and Senior Vice President of Finance and a member of our Interim Office of the CEO. Last evening, we released our earnings report and accompanying presentation materials, which are available on our website at ryam.com. These materials provide key insights into our financial performance and strategic direction.

早安，歡迎參加 RYAM 2026 年第一季財報電話會議。今天與我一同出席的是我們的財務長兼財務資深副總裁、同時也是臨時 CEO 辦公室成員的 Marcus Moeltner。昨晚我們發布了財報以及隨附的簡報資料，可於 ryam.com 的網站上取得。這些資料提供了我們財務表現與策略方向的關鍵洞見。

During today's discussion, we may make forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. These risks are outlined in our earnings release, SEC filings and on slide 2 of the presentation. We will also reference certain non-GAAP financial measures to offer additional perspective on our operational performance. Reconciliations of the most comparable GAAP measures can be found in our presentation on slides 19 to 21. We appreciate your participation today and your ongoing interest in RYAM.

在今天的討論中，我們可能會做出前瞻性陳述，這些陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。相關風險已在我們的財報新聞稿、向 SEC 提交的文件以及簡報第 2 頁中說明。我們也將引用若干非 GAAP 財務衡量指標，以提供對營運表現的額外觀點。與之最可比的 GAAP 指標之調節表可在簡報第 19 至 21 頁找到。感謝各位今天的參與，以及持續關注 RYAM。

I'll now turn the call over to Marcus.

現在我把電話交給 Marcus。

Thanks, Daniel. Good morning, everyone, and thank you for joining us. Before I turn to the quarter, I want to begin on slide 4 and address the announcements we made on April 20. As disclosed, a formal review of strategic alternatives to maximize shareholder value has been initiated, and the company has engaged Morgan Stanley as financial adviser in connection with that review.

謝謝你，Daniel。各位早安，感謝各位加入我們。在我談本季之前，我想先從第 4 頁開始，說明我們在 4 月 20 日所發布的公告。如已揭露，我們已啟動正式的策略替代方案檢視，以最大化股東價值；公司並已聘請摩根士丹利擔任與該檢視相關的財務顧問。

At the same time, an interim office of the CEO has been established to provide continuity during the transition and the search for a permanent CEO is underway. Importantly, the members of the interim office of the CEO bring more than 60 years of combined experience at RYAM and Tembec, which provides continuity and deep knowledge of the business.

同時，我們已成立臨時 CEO 辦公室，以在過渡期間提供延續性，並已展開尋找永久 CEO 的程序。重要的是，臨時 CEO 辦公室成員在 RYAM 與 Tembec 合計擁有超過 60 年的經驗，能提供延續性並對業務具備深厚了解。

We remain focused on safety, reliable operations, serving our customers, executing our 2026 priorities and improving value across the portfolio. That has not changed. With that in mind, the strategic review is appropriately broad. The alternatives under evaluation include, but are not limited to, continued execution of our stand-alone strategic plan, a strategic investment or partnership that strengthens the business, a merger or other business combination and the sale of part or all of the company.

我們仍然專注於安全、可靠營運、服務客戶、執行 2026 年優先事項，並提升整體投資組合的價值。這一點沒有改變。基於此，策略檢視的範圍將適度地保持廣泛。正在評估的替代方案包括但不限於：持續執行我們的獨立（stand-alone）策略計畫、能強化業務的策略投資或合作夥伴關係、合併或其他業務組合，以及出售公司部分或全部。

They may also include capital structure actions designed to improve financial flexibility, including potential debt refinancing or restructuring, covenant relief or other collaboration with our lenders. Any path under consideration ultimately needs to be evaluated against the same core objective; what best strengthens the company, improves financial flexibility and maximizes shareholder value. As we said in the press release, we have not set a timetable for completion of the review, and we do not intend to provide updates unless and until disclosure is appropriate or required.

也可能包括旨在提升財務彈性的資本結構行動，例如潛在的債務再融資或重整、契約條款（covenant）紓困，或與放款機構的其他合作。任何正在考量的路徑，最終都必須以同一核心目標來評估：何者最能強化公司、提升財務彈性並最大化股東價值。如同我們在新聞稿中所述，我們尚未設定完成檢視的時間表，且除非且直到適當或依法要求揭露，否則不打算提供更新。

So today, my focus is where it should be on execution, on the operating path forward and on the actions that improve value under any outcome.

因此今天，我的重點會放在應該放的地方：執行力、未來的營運路徑，以及在任何結果下都能提升價值的行動。

Turning to slide 5. The message is straightforward. Our 2026 priorities are unchanged. We have four operating priorities for the year: first, deliver positive free cash flow; second, assert our leadership in CS; third, drive year-over-year EBITDA improvement across every business; and lastly, exit 2026 with momentum.

請看第 5 頁。訊息很直接。我們 2026 年的優先事項不變。今年我們有四項營運優先事項：第一，實現正向自由現金流；第二，鞏固我們在 CS 的領導地位；第三，推動各事業逐年（year-over-year）EBITDA 改善；最後，以動能結束 2026 年。

These priorities reflect both where we are today and what must happen next. We entered 2026 with negative free cash flow and elevated debt. So our task this year is clear: strengthen the earnings profile of the business, improve cash generation and build momentum quarter-by-quarter. The first quarter was an early step in that process. I will cover the detailed results on the next slide, but at a high level, the quarter was broadly consistent with the operating plan we laid out in March as pricing, mix and commercial actions to strengthen our leadership in CS continued to come together.

這些優先事項反映了我們目前的狀況以及接下來必須發生的事。我們在進入 2026 年時，自由現金流為負且負債水位偏高。因此今年的任務很清楚：強化公司的獲利結構、改善現金創造能力，並逐季建立動能。第一季是這個過程的早期一步。我會在下一頁說明詳細結果，但從高層次來看，本季表現大致符合我們在 3 月提出的營運計畫；隨著定價、產品組合與商務行動持續到位，以強化我們在 CS 的領導地位。

Let's turn to slide 6 and the first quarter results. Adjusted EBITDA in the quarter was $8 million. High Purity Cellulose generated $24 million of adjusted EBITDA, and we achieved a 17% increase in average CS sales price year-over-year, while CS volumes were lower and commodity mix was higher, and we executed our CS leadership actions.

我們看第 6 頁與第一季結果。本季調整後 EBITDA 為 800 萬美元。高純度纖維素（High Purity Cellulose）貢獻 2,400 萬美元的調整後 EBITDA；我們的 CS 平均銷售價格年增 17%，同時 CS 銷量較低、商品級（commodity）組合占比更高，且我們也執行了 CS 領導地位的相關行動。

Paperboard and high-yield pulp were a negative $5 million, reflecting continued pressure from new third-party supply in paperboard and continued domestic oversupply of high-yield pulp in Asia. Corporate and other costs were $11 million for the quarter with favorable foreign exchange rates compared to the prior year quarter, providing some offset.

紙板（Paperboard）與高得率紙漿（high-yield pulp）合計為負 500 萬美元，反映紙板受到新增第三方供給的持續壓力，以及亞洲高得率紙漿在國內市場持續供給過剩。本季公司總部與其他成本為 1,100 萬美元；相較去年同期，較有利的匯率提供了一些抵銷。

Importantly, we ended the quarter with total liquidity of $160 million, comprising $68 million of cash on hand, $88 million of availability under the AVL and $4 million available under our factoring line in France. The quarter came in broadly in line to slightly ahead of the expectation embedded in our prior outlook. Although still below the level required to achieve our full year objectives, that outcome reflects continued execution of the commercial and operating initiatives required to strengthen our leadership in CS as the near-term benefit from those actions is building.

重要的是，我們在季末的總流動性為 1.6 億美元，包括 6,800 萬美元的手頭現金、AVL 項下可動用額度 8,800 萬美元，以及法國保理額度下可用的 400 萬美元。本季結果大致符合、或略優於我們先前展望中所隱含的預期。雖然仍低於達成全年目標所需的水準，但此結果反映我們持續執行必要的商務與營運措施，以強化我們在 CS 的領導地位，而這些行動的短期效益正在累積。

The free cash flow bridge also makes an important point. Even with a weak first quarter, we generated $12 million of adjusted free cash flow. This reinforces that positive free cash flow in 2026 will come from a combination of better operating performance, improved mix, commercialization of new offerings, disciplined capital allocation and balance sheet actions as needed.

自由現金流的橋接分析也傳達了一個重要觀點。即使第一季偏弱，我們仍產生了 1,200 萬美元的調整後自由現金流。這再次證明，2026 年的正向自由現金流將來自多項因素的組合：更佳的營運表現、改善的產品組合、新產品的商業化、嚴謹的資本配置，以及在需要時採取的資產負債表行動。

Turning to slide 7. Our new product pipeline reflects how we are advancing growth through focused innovation and value-added products across the portfolio. What is important here is that these opportunities are not dependent on any single product or end market. They are spread across multiple businesses and in many cases, leverage assets, technical capabilities and commercial positions we already have in place.

請看第 7 頁。我們的新產品管線反映了我們如何透過聚焦創新與高附加價值產品，在整體投資組合中推進成長。這裡重要的是，這些機會不依賴任何單一產品或終端市場。它們分布於多個事業，且在許多情況下，能運用我們既有的資產、技術能力與商務布局。

The initiatives highlighted in green on the slide are the ones I want to focus on today because they represent the most tangible near-term progress. In paperboard, we continue to gain traction in both freezer board and oil and grease resistant board, and we are targeting approximately 10,000 metric tons of annual sales in 2026 in each of these markets as commercialization and customer qualifications continue to advance.

投影片上以綠色標示的計畫，是我今天想聚焦的部分，因為它們代表最具體的近期進展。在紙板方面，我們在冷凍食品用紙板（freezer board）以及耐油耐脂紙板（oil and grease resistant board）兩個領域持續取得進展；隨著商業化與客戶認證持續推進，我們在 2026 年於這兩個市場各自鎖定約 10,000 公噸的年銷售量。

In high-yield pulp, we see a path to approximately 20,000 metric tons of annual sales in 2026 for softwood high-yield pulp rolls as we move into higher-value absorbent end markets, while the wrapper product provides a nearer-term opportunity to support internal cost reduction and create a path to future external sales.

在高得率紙漿方面，隨著我們進入更高價值的吸收性終端市場，我們看見 2026 年軟木高得率紙漿卷（softwood high-yield pulp rolls）年銷售量約 20,000 公噸的路徑；同時，wrapper 產品提供較近期的機會，可支援內部降本，並為未來對外銷售建立路徑。

In Cellulose Commodities, odor control fluff remains one of our more differentiated growth and margin accretive opportunities in the pipeline, which I will come back to on the next slide.

在纖維素商品業務中，除臭絨毛仍是我們產品管線中更具差異化、且能帶動成長並提升利潤率的機會之一；我會在下一張投影片再回到這一點。

The broader point is that this pipeline supports both near-term earnings improvement and longer-term portfolio value creation. The slide that follows highlights a few representative examples of how the value is being developed through targeted product innovation, sharper commercial focus and a more dynamic operating approach.

更重要的是，這條產品管線同時支撐短期獲利改善與長期投資組合價值創造。接下來的投影片將重點呈現幾個具代表性的例子，說明我們如何透過聚焦的產品創新、更精準的商業聚焦，以及更具動態的營運方式來開發價值。

So turning to slide 8. This slide brings together three representative examples of how we are working to create value through more focused commercial execution, differentiated product development and a more dynamic operating approach.

接著看第 8 張投影片。這張投影片彙整了三個具代表性的例子，說明我們如何透過更聚焦的商業執行、差異化的產品開發，以及更具動態的營運方式來創造價值。

First, in Nitration Grade Cellulose. What we have learned is that customers in qualification intensive energetic applications are buying certainty, technical support and disciplined specification control, not simply material that meets the basic spec.

第一個例子是硝化級纖維素。我們學到的是，在需要密集資格認證的含能應用領域，客戶購買的是確定性、技術支援與嚴謹的規格控制，而不只是符合基本規格的材料。

RYAM is well positioned here because we are the only supplier with a multisite sulfate and sulfide production footprint across North America and Europe. Our actions are focused on the highest priority conversion and qualification opportunities and on continuing to strengthen customer support, qualification continuity and supply assurance in the applications where reliability matters most.

RYAM 在此具備良好定位，因為我們是唯一一家在北美與歐洲擁有多據點硫酸鹽與硫化物製程生產佈局的供應商。我們的行動聚焦於最優先的轉換與資格認證機會，並持續強化客戶支援、資格認證的連續性與供應保障，特別是在可靠性最重要的應用領域。

Second, Odor Control Fluff is a different type of opportunity, but it reflects the same discipline. Adult incontinence is the fastest-growing fluff segment, and there is a clear unmet need for immediate odor control. Our product offers a differentiated urine-activated solution that can be used as a drop-in replacement in existing products. The commercial approach here is also deliberate. We are targeting brands directly in order to pull the solution through the value chain.

第二個例子是除臭絨毛，這是不同類型的機會，但反映相同的紀律。成人失禁用品是成長最快的絨毛細分市場，且對即時除臭有明確未被滿足的需求。我們的產品提供具差異化的「尿液啟動」解決方案，可在既有產品中直接替換使用。此處的商業策略同樣是審慎規劃的。我們直接鎖定品牌商，以便將解決方案沿著價值鏈向下拉動導入。

Third, Dynamic Asset Allocation is the internal discipline that connects strategy to day-to-day execution. What we have found is that there are still barriers and bottlenecks that can be removed to raise production and improve mix and that we have more flexibility than we have historically used to allocate capacity across our grade portfolio to maximize value. A good current example of this is in the fluff market, where pricing has strengthened. As those market conditions have improved, we have further prioritized volumes into fluff and other attractive softwood pulp markets to take advantage of that pricing environment.

第三個例子是動態資產配置，這是一項內部紀律，用以將策略連結到日常執行。我們發現仍有一些障礙與瓶頸可以移除，以提升產量並改善產品組合；同時，相較於過去我們實際運用的程度，我們在不同等級產品組合之間配置產能以最大化價值的彈性更大。目前一個很好的例子是在絨毛市場，價格已轉強。隨著市場狀況改善，我們進一步優先將產量配置到絨毛及其他具吸引力的軟木漿市場，以把握該定價環境。

The broader point across all three examples is the same. We are becoming more targeted in how we deploy technical, commercial and operating resources, and that is an important part of how we intend to improve the earnings quality of the business going forward.

這三個例子的共同重點是一樣的。我們正更有針對性地部署技術、商業與營運資源，而這是我們未來提升公司獲利品質的重要一環。

Let's turn to slide 9 and the 2026 outlook. The core message on this slide is that 2026 remains a transition year, but one in which we are building leadership momentum and laying the foundation for a stronger 2027 and beyond. The first quarter came in broadly in line to slightly ahead of the near zero EBITDA level we had anticipated as the benefit of our CS leadership initiative is building.

接著看第 9 張投影片與 2026 年展望。這張投影片的核心訊息是：2026 年仍是過渡年，但我們正在累積領導動能，並為更強勁的 2027 年及其後奠定基礎。第一季表現大致符合、甚至略優於我們先前預期接近零 EBITDA 的水準，因為我們的 CS 領導力計畫效益正在逐步顯現。

So while the year still depends on sequential improvement from here, the underlying direction of the plan remains intact. The items on the right side of the slide reinforce that point. In the first quarter, average CS sales price increased 17% as our leadership actions continue to build. We are also advancing trade actions to support fair competition in RYAM's US domestic markets.

因此，雖然今年仍仰賴從現在起逐季改善，但計畫的基本方向仍然完好。投影片右側的項目也強化了這一點。第一季，隨著我們的領導行動持續推進，CS 平均銷售價格上升 17%。我們也在推進貿易行動，以支持 RYAM 在美國國內市場的公平競爭。

Across the CS value chain, we expect inventory conditions to become more favorable as we move into 2027, while CS supply/demand conditions remain tight and continue to support disciplined pricing actions. We also expect to benefit from improving commodity pricing as supply and trade dynamics continue to normalize with pricing currently forecasted to increase sequentially over the balance of 2026.

在整個 CS 價值鏈中，我們預期隨著進入 2027 年，庫存狀況將更為有利；同時，CS 供需仍然吃緊，並持續支撐有紀律的定價行動。我們也預期將受惠於大宗商品價格改善，因為供給與貿易動態持續正常化；目前預測 2026 年剩餘期間價格將逐季上升。

Beyond the market backdrop, we continue to take actions within the business to improve the earnings and cash flow profile. That includes ongoing inflation mitigation work across the enterprise and continued progress on new product and grade-specific leadership initiatives that are expected to contribute incremental value in 2026 and beyond.

除了市場背景之外，我們也持續在公司內部採取行動，以改善獲利與現金流輪廓。這包括全企業持續的通膨緩解工作，以及在新產品與特定等級的領導力計畫上持續取得進展，預期將在 2026 年及其後帶來增量價值。

Taken together, these actions are intended to build a stronger earnings base and improve cash generation over time. That said, our priorities for 2026 are unchanged. We continue to target positive free cash flow, assert our leadership in CS, drive year-over-year EBITDA improvement across every business and exit the year with stronger momentum.

綜合而言，這些行動旨在建立更強的獲利基礎，並隨時間提升現金創造能力。話雖如此，我們 2026 年的優先事項維持不變。我們仍以達成正向自由現金流為目標，確立我們在 CS 的領導地位，推動各事業逐年 EBITDA 改善，並以更強的動能結束今年。

We also remain focused on safer operations, strengthening our organization and executing with greater precision and speed. In closing, I have confidence in the plan we are executing and in the team that is advancing it. Regardless of which plan is ultimately chosen, execution remains the anchor under any outcome. The initiatives we've discussed today are the right initiatives for the company. They strengthen our financial position, improve our commercial posture, increase operating discipline and enhance the strategic value of our assets.

我們也持續聚焦於更安全的營運、強化組織，並以更高的精準度與速度執行。最後，我對我們正在執行的計畫以及推動計畫的團隊充滿信心。無論最終選擇哪一個方案，執行力仍是任何結果之下的核心支柱。我們今天討論的各項倡議，都是公司正確的倡議。它們強化我們的財務狀況、改善我們的商業態勢、提升營運紀律，並增進我們資產的策略價值。

The best way we can support the strategic review is to execute the initiatives in front of us, improve our earnings and free cash flow quarter-by-quarter and continue building a stronger company. If we do that well, we will reinforce the business under any scenario and position RYAM for a stronger 2027 and beyond. With that, operator, please open the call for questions.

我們支持策略檢討的最佳方式，就是把眼前的倡議執行到位，逐季改善獲利與自由現金流，並持續打造更強的公司。如果我們做得好，無論在任何情境下都能強化業務基本面，並讓 RYAM 為更強勁的 2027 年及其後做好準備。以上，接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Daniel Harriman, Sidoti.

Daniel Harriman，Sidoti。

Thank you. Good morning. Thank you for taking my questions this morning. I'll start with a couple, and then I'll get back into the queue. But Marcus, heading into 2026, it was very clear that CS volumes would be under pressure as you continue to push price. And obviously, Q1 results were consistent with that. Could you provide us with a little bit of an update regarding where you stand on those pricing conversations today and when you expect to have that fully placed? I believe you had maybe between 12% and 15% still to go.

謝謝。早安。謝謝你們今天早上回答我的問題。我先問幾個，之後再回到隊列。不過 Marcus，進入 2026 年時，很明顯在你們持續推動漲價的情況下，CS 銷量會承受壓力。而第一季的結果顯然也與此一致。你能否就目前這些定價談判的進展，以及你們預期何時能把價格全面落實，提供一些更新？我記得你們可能還有大約 12% 到 15% 尚未完成。

And then with the breakdown on the CS volume decline, the release calls out elevated acetate inventories and also soft ethers demand. I was just hoping to get an idea of how much of the volume weakness is market-driven versus self-imposed by those higher prices and if that at all changes your confidence in the back half of recovery? Thanks so much.

另外，關於 CS 銷量下滑的拆解，新聞稿提到醋酸酯庫存偏高，以及醚類需求疲弱。我想了解一下，銷量疲弱有多少是市場因素驅動、又有多少是因為價格較高而你們主動造成的；以及這是否會影響你們對下半年復甦的信心？非常感謝。

Yeah, good morning, Daniel Harriman. Thanks for your questions. Maybe just as an update to the negotiations and asserting our leadership strategy. As we said, we have secured the majority of our 2026 CS volume. And at pricing that's meaningfully higher than '25. And a good reference point is the evidence that we shared with the 17% increase in Q1.

好的，早安，Daniel Harriman。謝謝你的提問。我先就談判進展與我們確立領導地位的策略做個更新。如同我們所說，我們已鎖定 2026 年大部分的 CS 銷量。而且定價顯著高於 2025 年。一個很好的參考點是我們分享的證據：第一季上漲 17%。

So again, this really reflects deliberate commercial actions we've taken to manage pricing and improve our mix and better align value -- with the value our products bring to the applications. And that said, if you look at our industry, Hawkins Wright, who publishes capacity and demand figures for the industry, anything above 88% is really balanced, and we're above 90%. So we're still in the backdrop of a very constructive market. So we see our discussions are well advanced, and we continue to make progress.

因此再次強調，這確實反映了我們為了管理定價、改善產品組合，並讓價值——與我們產品在應用端所帶來的價值更一致——而採取的審慎商業行動。話雖如此，如果你看我們的產業，Hawkins Wright 會發布產業的產能與需求數據，任何高於 88% 的水準基本上就算供需平衡，而我們在 90% 以上。所以我們仍處於一個非常具建設性的市場背景之下。因此我們看到相關討論已相當深入，我們也持續取得進展。

Speaking to your second question on acetate and ethers markets, we continue to advance our discussions with the acetate customer base in the backdrop of an end-use market that does have existing elevated inventories, but it's improving. In ethers, that's the market where you do see the weakness, European construction. And there's also the impact of competing products from China that make their way into that end-use market. But overall, consistent with our last message in the back half of the year, we will continue to complete these negotiations.

針對你第二個關於醋酸鹽與醚類市場的問題，我們持續推進與醋酸鹽客戶群的討論；在終端市場仍有偏高庫存的背景下，但情況正在改善。至於醚類，這個市場確實看得到疲弱，主要在歐洲建築。同時也受到來自中國的競品進入該終端市場的影響。但整體而言，與我們上次對下半年所傳達的訊息一致，我們將持續完成這些談判。

It's really helpful. Thanks so much, Marcus.

這真的很有幫助。非常感謝你，Marcus。

You're welcome.

不客氣。

(Operator Instructions)

(接線員指示)

Matthew McKellar, RBC Capital.

Matthew McKellar，RBC Capital。

Hi, good morning. Thanks for taking my questions. First for me, I guess you disclosed on April 20 that you're engaged in a formal process to explore strategic alternatives. I think there was some language in the presentation suggesting you don't have a specific time line.

嗨，早安。謝謝讓我提問。首先，我想你們在 4 月 20 日披露，你們正進行一項正式程序以探索策略性替代方案。我記得簡報中有些措辭暗示你們沒有特定時間表。

But just to help us get a sense of timing here, can you help us understand maybe when you formally began this process? And maybe more broadly, what do you think is driving interest in RYAM at this point in time? And what do you think public markets have maybe underappreciated about your business? Thanks.

但為了讓我們更能掌握時程，你能否協助我們了解你們大概是何時正式開始這個程序的？以及更廣泛地說，你認為此時此刻市場對 RYAM 產生興趣的驅動因素是什麼？你覺得公開市場可能低估了你們業務的哪些面向？謝謝。

Yes, Matt, thanks for your question. As I mentioned in my prepared comments today, engaging Morgan Stanley was a decision made given interest expressed by third parties. And as you can see, it's a very broad mandate, right, that could involve numerous permutations of corporate development type activities to -- with the real focus to maximize shareholder value.

好的，Matt，謝謝你的問題。如我今天在事先準備的發言中提到的，聘請摩根士丹利是基於第三方表達的興趣而做出的決定。而且如你所見，這是一個非常廣泛的授權，對吧，可能涉及多種公司發展類活動的不同組合——其真正重點是最大化股東價值。

And there's also a piece that's related to continuing to address the balance sheet of the company and look to optimize the capital structure of the company. And it's -- that process is -- has the overarching objective, as I mentioned, to maximize shareholder value because I truly believe there is value within RYAM that is not recognized by the marketplace.

此外也有一部分與持續處理公司的資產負債表、並尋求優化公司的資本結構相關。而這個流程——如我所說——其總體目標是最大化股東價值，因為我確實相信 RYAM 內含的價值並未被市場認可。

And we have a unique offering. I think you're seeing that unique offering be reinforced in the current backdrop of what's going on in the world where you've got pressure on oil-based products and our cellulose-based products are well positioned in any environment to be perceived as having high value.

而且我們有獨特的產品供給。我認為在當前世界局勢的背景下，你會看到這種獨特性被進一步強化：油基產品面臨壓力，而我們的纖維素基產品在任何環境下都具備良好定位，並可被視為具有高價值。

Great. Thanks for that perspective. Maybe next for me, can you provide maybe just a bit more color on the conditions you're seeing in the fluff market right now and maybe how those conditions might be different than your expectations going into the year?

很好。謝謝你分享這些觀點。接下來，我想請你再多補充一些目前你們在絨毛漿（fluff）市場看到的狀況，以及這些狀況與你們年初的預期可能有哪些不同？

And then I guess with that, can you talk maybe just a bit about your mix in the commodities business, maybe around what your mix of fluff looked like in Q1 compared to what it looked like over the past couple of quarters? And then whether you'd expect mix to evolve much through the balance of the year compared to what it looked like in quarter one? Thank you.

另外延伸這點，你能否談談你們在大宗品業務中的產品組合，例如第一季絨毛漿的占比，相較於過去幾季大概是什麼樣子？以及你是否預期在今年剩餘期間，產品組合相較於第一季會有明顯變化？謝謝。

Yes. Thanks again, Matt. Yes, so higher fluff pricing is really a positive background to our business right now. And it really melds well with the dynamic asset allocation strategy that I referenced in my comments.

好的。再次謝謝你，Matt。是的，絨毛漿價格走高，對我們目前的業務背景確實是正面的。而且這也非常契合我在發言中提到的動態資產配置策略。

Given what we're seeing in the fluff space, there is definitely upward pricing movement. We're seeing the ability to pivot and drive our mix toward more fluff production. If I were to contrast Q1 versus Q2, we certainly had a higher mix of paper pulp in Q1 versus where we will be this quarter, given that we're going to drive pricing and volumes to fluff.

就我們在絨毛漿領域所看到的情況而言，確實存在向上的價格變動。我們也看到能夠靈活調整，將產品組合轉向更多絨毛漿生產。若對比第一季與第二季，第一季我們的紙漿（paper pulp）占比確實較高；而本季在我們將定價與銷量導向絨毛漿的情況下，組合會有所不同。

We're picking up that there's some further pricing announcements pending here in the range of a net $55 increase in China and $120 in North America and Europe. So I think there's a lot of positive momentum in fluff. I think additionally, as we advance the commercialization of the softwood rolled product in Temiscaming, again, that we will be able to have products across the continuum of fluff grades and position our product made out of Temiscaming on this out of high yield and get some further value there as well and drive improved mix. So I'm really excited about that project as well.

我們也注意到，接下來可能還會有進一步的漲價公告，幅度大約是：中國淨增加 55 美元、北美與歐洲增加 120 美元。所以我認為絨毛漿有很強的正向動能。此外，隨著我們推進在 Temiscaming 的針葉木卷裝產品商業化，我們將能在絨毛漿等級的全光譜上提供產品，並把 Temiscaming 的產品定位在高產率（high yield）端，進一步創造價值並改善產品組合。所以我對這個專案也非常興奮。

That's helpful. Thank you. I'll turn it back.

很有幫助。謝謝。我把時間交回去。

Dmitry Silversteyn, Water Tower Research.

Dmitry Silversteyn，Water Tower Research。

Good morning, Marcus. Thank you for taking my call. Quick question. Recently, there was a development on the antidumping case at the end of last year concerning Brazilian and Norwegian imports. Can you -- the ruling was positive for you in the sense that there was some damage that was assessed, but the amount of remedy, I guess, was a little bit disappointing.

早安，Marcus。謝謝你接聽我的電話。我有個簡短問題。最近，關於去年底涉及巴西與挪威進口的反傾銷案件有一些進展。你能否——該裁定對你們而言是正面的，因為認定存在某些損害，但我想補救措施的金額有點令人失望。

Can you talk about what other things we can look forward to in terms of that trade dispute? And then as a follow-up, you mentioned in your press release that your shipping costs have gone up, particularly to China. Is it in any way related to the conflict, geopolitical that's going on in the Middle East now? Or I guess, to ask it differently, are there any impacts on your logistics and your shipping costs as a result of that conflict?

你能談談在這項貿易爭端方面，接下來我們還可以期待哪些進一步發展嗎？另外作為追問，你在新聞稿中提到你們的運輸成本上升，特別是運往中國。這是否與目前中東的衝突、地緣政治事件有任何關聯？或者換個方式問，該衝突是否對你們的物流與運輸成本造成任何影響？

Dmitry, thanks for your questions. So maybe I'll take the trade comment first. So really, we feel positive about the direction and where things are headed across the tariff-related work streams we have, including AD and CVD and as you know, RYAM is the sole remaining US producer of high-purity dissolving wood pulp. And we think the importance of a reliable domestic supply is paramount.

Dmitry，謝謝你的問題。我先回應貿易方面的評論。整體而言，我們對目前的方向以及我們在各項與關稅相關的工作線（包括反傾銷 AD 與反補貼 CVD）上的進展感到正面；而且如你所知，RYAM 是美國唯一仍在生產高純度溶解木漿的廠商。我們認為可靠的國內供應至關重要。

And it's particularly important for critical infrastructure and certain defense-related applications. And it's continuing to get really better understood. It's early days, but we are optimistic on the direction that this is taking and like the trajectory that we're on, on those discussions.

這對關鍵基礎設施以及某些國防相關應用尤其重要。而這一點也正逐步被更充分理解。目前仍在初期階段，但我們對其發展方向感到樂觀，也認同我們在這些討論上的進展軌跡。

Maybe secondly, on your comment on inflationary pressures on logistics. Yes. I think like everybody, you're seeing the impact of higher oil pricing and diesel costs. And there are surcharges coming through on freight. We're certainly focused on that.

也許第二點，關於你提到物流的通膨壓力。是的。我想跟大家一樣，你也看到油價上漲與柴油成本提高所帶來的影響。而且運費也開始出現附加費。我們當然也非常關注這一點。

It's creating pressure as well, perhaps on some chemicals, think of the sulfur and ammonia families. But we're actively managing this through supplier negotiations. We've got targeted commercial recovery actions that we're pursuing. And where appropriate, we continue to pursue cost discipline to mitigate these impacts. So thanks again for your questions, Dmitry.

這也在某些化學品上造成壓力，例如硫與氨相關系列。但我們正透過與供應商談判積極管理。我們也在推動有針對性的商業回收行動。並且在適當情況下，我們持續推行成本紀律，以緩解這些影響。所以再次感謝你的提問，Dmitry。

Okay, thank you, Marcus. Okay. Just if I can, a quick follow-up. You mentioned in your presentation, several new businesses or business lines that are gaining traction in the first quarter, second quarter, some by the end of the year. If we were looking at Rayonier's performance versus your expectations in your guidance, what -- which of those products do you think will have the greatest impact on your results provided successful commercialization and share gains for 2026. And which should we think about is it more impactful for '27 and beyond?

好的，謝謝你，Marcus。好的。如果可以的話，我再快速追問一下。你在簡報中提到，幾個新業務或業務線在第一季、第二季開始取得進展，有些會在年底前見到成效。如果我們拿Rayonier的表現與你們指引中的預期相比，假設在2026年成功商業化並取得市占提升，你認為其中哪些產品會對你們的業績影響最大？而哪些則應該被視為對2027年及之後更具影響？

Yes. Thanks again, Dmitry. So if you look at our new product pipeline, several of those products are Temiscaming centric -- so think of the freezer board and oil and grease, those will help us drive better mix across our paperboard portfolio. And those will be impacts in the second half of this year in '26. And as well as we advance the commercialization of the roll product, the fluff product at Temiscaming again, that is another value adder for the second half.

是的。再次謝謝你，Dmitry。如果你看我們的新產品管線，其中有幾項是以Temiscaming為核心——例如冷凍紙板（freezer board）以及耐油耐脂（oil and grease）產品，這些將有助於我們在紙板產品組合中提升更好的產品結構（mix）。而這些影響會在今年下半年、也就是2026年下半年顯現。同時，隨著我們推進Temiscaming的卷裝產品（roll product）與絨毛漿產品（fluff product）的商業化，這也會在下半年帶來額外價值。

So we see all those products that are being produced in Temiscaming as providing a nice benefit for RYAM for the balance of the year.

因此，我們認為所有在Temiscaming生產的這些產品，將在今年剩餘期間為RYAM帶來不錯的效益。

If you look longer term, certainly, I mentioned it in my comments, the Odor Control Fluff is a real differentiator and a nice prospect. I can see that adding considerable value to our fluff portfolio going forward. So really excited about all those products. But think of Temiscaming having a nice impact from these activities, Dmitry.

若看更長期，我在評論中也提到，除臭絨毛漿（Odor Control Fluff）是真正的差異化產品，也是很好的機會。我認為它未來能為我們的絨毛漿產品組合帶來相當可觀的價值提升。所以我們對所有這些產品都非常興奮。但總體而言，請把Temiscaming視為這些行動帶來良好影響的重點，Dmitry。

Understood. Thank you for that level of detail.

了解。謝謝你提供這麼詳細的說明。

Yes. You're welcome.

是的。不客氣。

(Operator Instructions)

（接線員指示）

Matthew McKellar, RBC Capital.

RBC Capital 的 Matthew McKellar。

Hi, thanks. Just one follow-up for me and kind of following my previous question but referencing slide 8 and the dynamic asset allocation comments you've made. Can you give us any more detail at all around how you've achieved this greater flexibility to increase production and allocate capacity across grades?

嗨，謝謝。我這邊再追問一個問題，算是延續我先前的提問，但參考第8頁以及你提到的動態資產配置（dynamic asset allocation）評論。你能否再多分享一些細節，說明你們是如何達成更高的彈性，以提高產量並在不同等級（grades）之間分配產能？

And then I guess a follow-up on Daniel's question somewhat. Can you share any perspective around how we should think about the sequential change in CS shipments into Q2 and whether the fire adjustment will have any impact to acetate volumes in the quarter in particular? Thanks.

然後我想也算是延伸Daniel的問題。你能否分享一些看法，讓我們理解CS出貨量在第二季相較前一季的變化，以及火災調整是否會對本季的醋酸纖維（acetate）銷量，特別是出貨量，造成任何影響？謝謝。

Yes. Thanks again, Matt. So examples of the execution and leveraging this dynamic asset allocation strategy, it's a question of being more nimble and quicker to respond to market changes because our production lines are quite flexible. And it's just leveraging that capability and putting it into action to be able to adapt to market changes quickly. We had to do that in Q1.

是的。再次謝謝你，Matt。就執行並運用這項動態資產配置策略的例子而言，關鍵在於更靈活、更快速地回應市場變化，因為我們的生產線相當有彈性。而我們只是把這項能力加以運用並付諸行動，以便能快速適應市場變化。我們在第一季就必須這麼做。

We had to adapt B-line to making a mix of commodity paper pulp to keep the lines running. And as that's now filled with acetate, you can see how we've put that into action.

我們必須調整B線，改生產一定比例的商品級紙漿，以維持產線運轉。而現在這條線已經由醋酸纖維填補，你就能看到我們如何把這項策略落實。

Another example is as fluff markets have improved, I just mentioned it earlier, is driving that mix higher. And we have that same capability at Tartas where we can pivot between ethers type grades and make a fluff product.

另一個例子是，隨著絨毛漿市場改善——我剛才也提到——我們提高了絨毛漿的產品比重。而在Tartas，我們也具備同樣的能力，可以在醚類（ethers）等級產品與絨毛漿產品之間切換。

So it's just being mindful of our asset capabilities and putting that into action in real time. I would say your second question, sequentially, how should we think about volumes, you should think sequentially that CS volumes will be higher from the base, right? We just did over 70,000 tons of CS. We could be upwards of 15% to 20% higher on those volumes.

所以重點就是留意我們資產的能力，並即時把它付諸行動。至於你的第二個問題，關於出貨量的季對季變化，你可以把CS的量視為會在基期之上提高，對吧？我們剛剛做到了超過70,000噸的CS。這些出貨量可能會再高出約15%到20%。

We'll also drive some better fluff pricing, and that mix should be greater given that we'll make less paper pulp. Lastly, your question on the fire, as we mentioned, this was a very isolated and contained fire that occurred. And as we confirmed in our comments relative to the previous fire, a minor impact in the range of $5 million we mentioned. And Matt, as far as production, we were more focused on paper pulp as we started up from the outage. So again, the impact on acetate, I would see that as being de minimis.

我們也會推動絨毛漿價格更好一些，而且由於我們會生產較少的紙漿，產品組合（mix）應該會更偏向絨毛漿。最後，關於火災的問題，如我們所提到，這是一場非常局部且已受控的火災事件。而且如同我們在針對先前火災的評論中所確認的，影響很小，我們提到大約在5百萬美元的範圍。另外，Matt，就產量而言，從停機復產啟動時，我們更專注於紙漿。因此，對醋酸纖維的影響，我認為可忽略不計（de minimis）。

Perfect. Thanks for all the help. I'll turn it back.

太好了。謝謝你們的協助。我把時間交回去。

At this time, there are no further audio questions. I will now hand the call back over to the presenters for any closing remarks.

目前沒有其他語音提問。我現在把電話交回給簡報人員，請他們做結語。

Again, thank you again for your time today and for your continued interest in RYAM. We really appreciate the support and engagement of our shareholders and other stakeholders. And as I mentioned, our focus remains on disciplined execution, open communication and continuing to build value in the business. And we look forward to updating you further on our progress next quarter. And thanks again.

再次感謝各位今天撥冗參與，以及持續關注RYAM。我們非常感謝股東與其他利害關係人的支持與參與。如我所提到的，我們的重點仍是紀律執行、開放溝通，並持續為公司創造價值。我們期待在下個季度向各位進一步更新我們的進展。再次感謝。

This concludes today's presentation. Thank you for joining. You may now disconnect your lines.

今天的簡報到此結束。感謝各位參與。您現在可以掛斷電話。