Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras

In 2024, we earned $632 million in adjusted EBITDA, a 17% margin, and generated $248 million of free cash flow. We returned $130 million in cash to shareowners, representing 52% of free cash flow, exceeding our 40% commitment.

We have $82 million remaining on our $150 million share repurchase authorization from September 2023. Our board of directors also declared a first quarter dividend of $0.45 per share, which we paid Jan. 24th.

Our strong cash flow and $60 million received from escrow allowed us to pay down $154 million in debt in 2024, ending the year with $591 million in net debt.

Our structural cost reduction program, Project Horizon, made significant progress streamlining manufacturing, supply chain and overhead costs throughout 2024. Before inflation, we exceeded our $110 million year end run rate savings goal by $34 million, achieving $144 million in run rate savings.

On Dec. 31, we mutually terminated a supply agreement for uncoated freesheet, bristols and specialty papers from International Paper's Georgetown, South Carolina, mill. We will continue to optimize by leveraging strategic initiatives to simplify the business, unlock efficiencies and drive earnings growth.