RYAM enters 2026 following what we believe will represent trough earnings in 2025, with results pressured by lower Cellulose Specialties volumes, continued losses in Paperboard and High-Yield Pulp, and elevated cost drag that management has been actively addressing through operational and portfolio actions. We see the planned retirement of CEO De Lyle Bloomquist by the 2026 annual meeting as a positive, as his tenure has been defined by strategic repositioning rather than short-term optimization, including the prioritization of Cellulose Specialties, the development of a long-term Biomaterials growth platform, and a clearer path to rationalizing non-core assets. The Cellulose Specialties market remains supportive, in our view, with limited global capacity additions and a disciplined producer landscape, while annual price increases are modeled into 2026. RYAM's asset base provides operational flexibility as market conditions evolve. Management continues to demonstrate visibility into driving costs out of the system through identified cost-reduction programs, operational efficiencies, and mix improvements. We believe the Temiscaming assets are increasingly positioned for sale by the end of 2026, as we expect cost initiatives and new product introductions to drive the site toward break-even earnings, which we view as a prerequisite for credible buyer engagement. The countervailing duty and antidumping petitions on imports from Brazil and Norway should contribute to a more balanced Cellulose Specialties market over time. We expect strong performance in the first half of 2026 to position the company to opportunistically refinance its debt during the second half of the year, supported by improving cash generation. We maintain our $9 price target on RYAM shares, based on an intact 11x enterprise value to our 2027 free cash flow forecast of $125 million. Our price target reflects about 9x our 2027 adjusted EPS estimate of $0.96. Progress in Cellulose Specialties, momentum in Biomaterials, and improving financial discipline support our moderate risk rating.