RYAM reported 1Q:26 sales of $319.1 million, down 10.4% year over year but above our estimate of $315.0 million, reflecting lower Cellulose Specialties (CS) volumes driven by the company's deliberate pricing initiative, partially offset by a 58% increase in Cellulose Commodities (CC) sales volume. RYAM generated adjusted free cash flow of $11.2 million in 1Q:26, well ahead of our estimate of a free cash outflow of $39.8 million and up $1.2 million year over year. CS's average sales price increased 17% year over year to $2,040 per metric ton in the first quarter, reflecting continued execution of the company's value-based pricing initiative. Management indicated on the earnings call that CS pricing discussions are well advanced, with the majority of the 2026 CS book secured at pricing meaningfully above 2025 levels. From a financial health perspective, RYAM ended the quarter with total liquidity of $160 million, comprising $68 million of cash, $88 million of ABL availability, and $4 million under its French factoring line. Net secured leverage stood at 4.3x against a 4.75x covenant threshold. We are increasing our 2026 full-year sales estimate to $1.475 billion from $1.455 billion, while maintaining our free cash flow estimate of $40 million. Our 2026 diluted loss estimate widens to $1.16 per share from $0.55, reflecting the $41 million non-cash permanent idling charge taken in 1Q:26. Looking to 2027, we increase our sales estimate to $1.635 billion from $1.600 billion and modestly raise our diluted EPS estimate to $1.27 from $1.25, while maintaining our free cash flow estimate of $160 million. We maintain our $15 price target on RYAM shares, based on an 11x enterprise value to our 2027 free cash flow estimate of $160 million, as we await further clarity on the strategic review process and the trajectory of operational improvement through 2026. CS leadership, a scaling Biomaterials platform and the expectation for a healthier balance sheet support our moderate risk rating.