Shares declined 1.5% after the quarter as investors reacted to ongoing margin pressure in paperboard and high yield pulp segments, partly offset by strong pricing in cellulose specialties (CS) but tempered by volume declines and cautious progress toward free cash flow goals.

• Adjusted EBITDA was $8 million for the quarter, with High Purity Cellulose contributing $24 million, driven by a 17% year-over-year price increase in CS.
• CS volumes were down, and commodity mix increased, limiting overall performance gains despite pricing strength.
• Paperboard and High Yield Pulp segments reported a combined negative adjusted EBITDA of $5 million due to new third-party supply and domestic oversupply pressures.
• Corporate costs totaled $11 million, partly offset by favorable foreign exchange compared to last year.
• Liquidity remained solid at $160 million, including $68 million cash on hand and $88 million availability under the asset-based lending facility.