In November 2024, the Company and one of its subsidiaries entered into a shareholder agreement with SWEN, pursuant to which SWEN will fund up to €30 million in exchange for up to 222,222 preferred shares, representing an expected 20 percent total noncontrolling equity interest in BioNova. Of this commitment, €15 million was funded at the closing of the shareholder agreement in exchange for 111,111 preferred shares, which currently represents an equity interest in BioNova of approximately 14 percent. Subsequent funding is contingent on the achievement of certain project milestones.

The value of SWEN’s redeemable noncontrolling interest is reflected in temporary equity and is accreted to its estimated redemption value at each period end using the interest method. The redeemable noncontrolling interest balance and activity during the quarter and six months ended June 28, 2025 were as follows:


	Three Months Ended June 28, 2025		Six Months Ended June 28, 2025
Balance, beginning of period	$	11,337	$	10,503


Adjustment to redemption value	481		889
Net income attributable to redeemable noncontrolling interest	18		36
Comprehensive income adjustments:
Foreign currency translation adjustment on redemption value	919		1,327
Balance at June 28, 2025	$	12,755	$	12,755


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Income (loss) from continuing operations attributable to RYAM	$	(365,867)	$	8,173	$	(397,837)	$	6,603
Income from discontinued operations attributable to RYAM	2,670		3,217		2,670		3,217
Net income (loss) attributable to RYAM	$	(363,197)	$	11,390	$	(395,167)	$	9,820