Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

Rayonier Advanced Materials / Equity Bottom-Up

<div><ul><li>1Q26 results modestly ahead of expectations despite weak Y/Y comparisons.</li><li> RYAM reported 1Q26 adjusted EBITDA of $8MM, above the near-zero outlook implied on the 4Q25 call, as stronger-than-expected HPC performance and lower corporate costs partially offset weakness in Paperboard &amp; HYP.</li><li>CS pricing increased 17% Y/Y, although lower specialty volumes, acetate destocking, softer ethers demand, and weaker commodity mix pressured overall profitability.</li></ul></div>

1Q26 results modestly ahead of expectations despite weak Y/Y comparisons. RYAM reported 1Q26 adjusted EBITDA of $8MM, above the near-zero outlook implied on the 4Q25 call, as stronger-than-expected HPC performance and lower corporate costs partially offset weakness in Paperboard &amp; HYP.CS pricing increased 17% Y/Y, although lower specialty volumes, acetate destocking, softer ethers demand, and weaker commodity mix pressured overall profitability.

RYAM: Sequential Recovery Building as Pricing, Mix, and Cash Flow Begin to Improve