Slides
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© 2025 Sylvamo Corporation. All rights reserved. 1 © 2025 Sylvamo Corporation. All rights reserved. Third Quarter 2025 Earnings November 7, 2025
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© 2025 Sylvamo Corporation. All rights reserved. 2Cautionary statement concerning forward-looking statements This presentation contains information that includes or is based upon forward-looking statements. Forward-looking statements forecast or state expectations concerning future events. These statements often can be identified by the fact that they do not relate strictly to historical or current facts. They typically use words such as “anticipate,” “assume,” “could,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “will” and other words and terms of similar meaning, or they relate to future periods. Some examples of forward-looking statements include, without limitation, those relating to: economic, regulatory and industry conditions, outlook and trends; our strategies, initiatives, plans, expectations and projections concerning our financial performance, business, opportunities, capital allocation and shareowner value; our Adjusted EBITDA outlook; our selected financial guidance; and our use of capital and return of cash to shareowners. Forward-looking statements are not guarantees of future performance. Any or all forward-looking statements may turn out to be incorrect, and actual results could differ materially from those expressed or implied in forward-looking statements. Forward-looking statements are based on current expectations and the current economic environment. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors that are difficult to predict. Although it is not possible to identify all of these risks, uncertainties and other factors, the impact of the following factors, among others, on us or on our suppliers or customers, could cause our actual results to differ from those in the forward-looking statements: deterioration of global and regional economic, civil and political conditions and trade relations including the imposition of tariffs or other trade protections; physical, financial and reputational risks associated with climate conditions and climate change, including adverse environmental events such as floods and fires; reduced demand for our products due to the cyclical nature of the paper industry, the industry-wide secular decline in paper demand, or competition from other businesses; increased costs or reduced availability of the raw materials, energy, transportation (truck, rail and ocean) and labor needed to manufacture and deliver our products; a material disruption at any of our manufacturing facilities; information technology risks including potential cybersecurity breaches affecting us or third parties with which we do business; extensive environmental, tax and other laws and regulations in Brazil, Europe, the United States and other jurisdictions to which we are subject, including our compliance costs and risk of liability and loss for violations; our reliance on a small number of customers; and the factors disclosed in Item 1A. Risk Factors in our annual report on Form 10-K for the year ended December 31, 2024, as such disclosures may be amended, supplemented or superseded from time to time by other reports that we file with the U.S. Securities and Exchange Commission, including subsequent quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K. We assume no obligation to update any forward-looking statements made in this presentation to reflect subsequent events, circumstances or actual outcomes.
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© 2025 Sylvamo Corporation. All rights reserved. 3Statement relating to non-U.S. financial GAAP measures While Sylvamo reports its financial results in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), during the course of this presentation, certain non-U.S. GAAP financial measures are presented. Management believes that these non-U.S. GAAP financial measures, when used in conjunction with information presented in accordance with U.S. GAAP, can facilitate a better understanding of the impact of various factors and trends on Sylvamo’s financial condition and results of operations. Management also uses these non-U.S. GAAP financial measures in making financial, operating and planning decisions and in evaluating Sylvamo’s performance. The non-U.S. GAAP financial measures in this presentation have limitations as analytical tools and should not be considered in isolation or as a substitute for, or superior to, an analysis of our results presented in accordance with U.S. GAAP. In addition, because not all companies use identical calculations, our presentation of non-U.S. GAAP financial measures in this presentation may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. These slides, including the reconciliation, are also available on Sylvamo Corporation’s website at sylvamo.com. The following is a list of all non-U.S. GAAP financial measures included in this presentation. See the Appendix for a reconciliation of all presented non-U.S. GAAP measures (and their components) to U.S. GAAP financial measures. • Adjusted EBITDA and Adjusted EBITDA Margin • Adjusted Operating Earnings per Share • Free Cash Flow
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© 2025 Sylvamo Corporation. All rights reserved. 4 • Uncoated freesheet sales volume increased 7% quarter-over-quarter • Operational performance improved • Returned substantial cash to shareowners, totaling $60 million in the quarter 3Q25 Highlights
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© 2025 Sylvamo Corporation. All rights reserved. 5 Adjusted EBITDA and Margin 3Q25 Key Financial Metrics Adjusted Operating Earnings per Share Free Cash Flow $193 $82 $151 3Q24 2Q25 3Q25 20% 10% 18% $2.44 $0.37 $1.44 3Q24 2Q25 3Q25 $119 ($2) $33 3Q24 2Q25 3Q25 Adjusted EBITDA and Free Cash Flow figures are in $ millions
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© 2025 Sylvamo Corporation. All rights reserved. 6 $82 ($14) $14 $5 $66 ($2) $151 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 3Q25 Adjusted EBITDA 18%10% 3Q25 vs. 2Q25 $ Million 3Q25 Outlook (Aug 8, 2025) ($15) - ($20) $15 - $20 $0 - $5 $66 ($5) - $5 $145 - $165
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© 2025 Sylvamo Corporation. All rights reserved. 7North America and Brazil industry conditions solid, while Europe & OLA are challenged Europe (Excl. CIS)1 • Pulp and uncoated freesheet pricing remain under pressure • Demand down 5% year-over-year • Supply down 7% year-over-year Latin America • Seasonally stronger demand in second half of year • Brazil demand up 3% year-over-year • Other Latin America (OLA) demand down 5% North America • Demand stable year-over-year • Supply recently reduced by ~6% • UFS imports anticipated to moderate UFS global trade flow shifts between regions expected to continue due to U.S. tariffs Uncoated Freesheet Demand: Sept. ’25 YTD versus Sept. ’24 YTD - Source: Pulp and Paper Products Council (PPPC) 1Excluding CIS countries: Commonwealth of Independent States
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© 2025 Sylvamo Corporation. All rights reserved. 84Q25 Adjusted EBITDA Outlook: $115 - $130 Million 4Q25 vs. 3Q25 $ Million Price and Mix Unfavorable: ($20) - ($25) Primarily paper prices in Europe and mix across the regions Volume Favorable: $15 - $20 Stronger in Latin America and North America Operations and Other Costs Unfavorable: ($5) - ($10) Primarily seasonally higher costs Input and Transportation Costs Stable: ($5) - $5 Stable Planned Maintenance Outage Expenses Unfavorable: ($18) Details by region in Appendix Total Maintenance Outage Expense is the sum of direct maintenance outage expense and related unabsorbed fixed costs
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© 2025 Sylvamo Corporation. All rights reserved. 9 • Our current plans to supply North America post-Riverdale include: Optimizing our mix Leveraging our European mill footprint Building inventory to bridge the gap until we have additional capacity at our Eastover mill in 4Q26 The Riverdale mill supply agreement continues until May 2026 • In October, we announced we will continue to receive uncoated freesheet volume until May 2026 • Riverdale is expected to supply us with ~260,000 tons in 2025 • In 2026 we expect Riverdale to supply us with ~100,000 tons
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© 2025 Sylvamo Corporation. All rights reserved. 10 Our Brazilian forestlands serve as a source of intrinsic value for shareowners • Our forestlands are valuable strategic assets • Source of significant global competitive advantage In October 2025, a third party appraised our forestlands at ~BRL 5 billion Sylvamo Forestlands in Brazil: ~250,000 acres or ~110,000 hectares
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© 2025 Sylvamo Corporation. All rights reserved. 11 Europe Latin America North America • Improving product mix at Saillat and new customer wins • Actively working to reduce wood costs at Nymolla • Reducing fixed costs while enhancing production efficiency and reliability • New strategic Brazilian customers and key partnerships in OLA • Investing to improve wood self- sufficiency to reduce costs • Executing over 100 initiatives to strengthen EBITDA and cash flow • Strategic commercial initiatives to improve volume and margin • Reducing supply chain costs and optimizing inventory • Investing in the modernization of our flagship mill in Eastover, S.C. Executing continuous improvement initiatives across all our regions Focusing on our customers, operational efficiency and leveraging our strategic initiatives
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© 2025 Sylvamo Corporation. All rights reserved. 12Disciplined capital allocation to drive long-term shareowner value Reinvest in our Business Maintain Strong Financial Position Return Cash to Shareowners • Allows us to focus on customers and run the business with a long-term perspective • Enables reinvesting in our business to strengthen our competitive advantages • Maintains the ability to return cash to shareowners
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© 2025 Sylvamo Corporation. All rights reserved. 13Our long-term strategy and investment thesis remain intact Focusing on uncoated freesheet paper Leveraging our strengths to generate high returns on invested capital Investing to strengthen competitive advantages to drive earnings and cash flows
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© 2025 Sylvamo Corporation. All rights reserved. 14Resignation of Directors and Cooperation Agreement with Atlas Holdings • At the direction of Atlas Holdings, on November 5, Karl Meyers and Mark Wilde resigned from our Board • They joined our Board on March 1, 2023 as part of a Cooperation Agreement with Atlas Holdings • The restrictions in the Cooperation Agreement will terminate five business days after their resignation • We will not be taking questions or commenting further on this matter during today’s call
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© 2025 Sylvamo Corporation. All rights reserved. 15 Appendix
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© 2025 Sylvamo Corporation. All rights reserved. 16Contacts Investor Relations Hans Bjorkman Vice President, Investor Relations +1-901-519-8030 hans.bjorkman@sylvamo.com Media Adam Ghassemi Director, Corporate Communications +1-901-519-8115 adam.ghassemi@sylvamo.com
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© 2025 Sylvamo Corporation. All rights reserved. 17Selected Annual Financial Guidance $ Million 2024 Actual 2025 Outlook Total Maintenance Outage Costs $73 $111 Capital Spending Maintenance & Regulatory $138 ~$120 Brazil Reforestation $56 ~$45 High-return Projects $27 ~$55 - $65 Total $221 ~$220 - $230 Depreciation & Amortization $159 $180 Net Interest Expense1 $39 $34 Income Tax Rate (excluding special items) 26% 29% - 30% 12024 Net Interest Expense includes $5 million of expense for debt extinguishment costs. Net Interest Expense Outlook for 2025 is subject to change based on the amount of debt repayment and changes to floating interest rates.
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© 2025 Sylvamo Corporation. All rights reserved. 18Debt Maturity Profile $3 $23 $380 $23 $196 $12 $161 2025 2026 2027 2028 2029 2030 2031 September 30, 2025 $ Million Term Loan F AR Securitization Revolver Term Loan A Term Loan F 2 Debt maturity profile includes anticipated minimum amortization payments by year
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© 2025 Sylvamo Corporation. All rights reserved. 191.5x Net Debt-to-Adjusted EBITDA - September 30, 2025 $1,520 $1,397 $1,026 $950 $796 $798 Initial Gross Debt at Spinoff Dec 21 Dec 22 Dec 23 Dec 24 Sept 25 Notes Term Loan F Term Loan F 2 Term Loan B Term Loan A AR Securitization Revolver Gross Debt $ Million Net debt reflects quarter-end cash balance of $94 million 1.7x Gross Debt-to-Adjusted EBITDA as of September 30, 2025
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© 2025 Sylvamo Corporation. All rights reserved. 20Free Cash Flow Reconciliation $ Million 3Q24 2Q25 3Q25 Cash from Continuing Operations $163 $64 $87 Cash Invested in Capital Projects ($44) ($66) ($54) Free Cash Flow $119 ($2) $33 Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating activities. Management believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet and service debt, and return cash to shareowners in the future. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. By adjusting for certain items that are not indicative of Sylvamo’s ongoing performance, free cash flow also enables investors to perform meaningful comparisons between past and present periods.
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© 2025 Sylvamo Corporation. All rights reserved. 213Q25 vs. 2Q25 Free Cash Flow $ Million 2Q25 3Q25 Variance Adjusted EBITDA $82 $151 $69 Cash Taxes ($35) ($12) $23 Cash Interest ($10) ($10) $0 Cash Special Items ($2) $0 $2 Other Changes in Working Capital $29 ($42) ($71) Cash Provided by Operating Activities $64 $87 $23 Capital Spending ($66) ($54) $12 Free Cash Flow ($2) $33 $35
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© 2025 Sylvamo Corporation. All rights reserved. 223Q25 vs. 3Q24 Free Cash Flow $ Million 3Q24 3Q25 Variance Adjusted EBITDA $193 $151 ($42) Cash Taxes ($18) ($12) $6 Cash Interest ($13) ($10) $3 Cash Special Items ($5) $0 $5 Other Changes in Working Capital $6 ($42) ($48) Cash Provided by Operating Activities $163 $87 ($76) Capital Spending ($44) ($54) ($10) Free Cash Flow $119 $33 ($86)
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© 2025 Sylvamo Corporation. All rights reserved. 23 $109 $32 $39 $114 $84 $2 $33 $155 $104 ($33) $62 $119 $100 ($25) ($2) $33 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Free Cash Flow by Quarter - Since Spinoff $ Million 1Q 2Q 3Q 4Q
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© 2025 Sylvamo Corporation. All rights reserved. 24Adjusted EBITDA and Margin Reconciliation Adjusted EBITDA is a non-GAAP measure presented as a supplemental measure of our performance and the most directly comparable GAAP measure is net income. Management believes that Adjusted EBITDA and Adjusted EBITDA Margin provide investors and analysts meaningful insights into our operating performance and Adjusted EBITDA is a relevant metric for the third-party debt. However, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses such as those used in calculating this measure. Our presentation of this measure should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. $ Million 3Q24 2Q25 3Q25 4Q25 Outlook Net Income (Loss) $95 $15 $57 $39 - $49 Depreciation, Amortization, Cost of Timber Harvested 39 45 49 46 Interest (Income) Expense, Net 14 10 9 8 Income Tax Provision 37 5 31 16 - 21 Adjustments Equity-based Compensation 5 7 4 6 Special Items (Net of interest and tax special items) 3 - 1 - Nymolla One-time Costs - - - - Adjusted EBITDA $193 $82 $151 $115 - $130 Net Sales $965 $794 $846 Adjusted EBITDA Margin 20% 10% 18%
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© 2025 Sylvamo Corporation. All rights reserved. 25Adjusted EBITDA and Margin Reconciliation $ Million 3Q24 2Q25 3Q25 Adjusted EBITDA Europe 11 (30) (11) Latin America 69 27 61 North America 113 85 101 Total Business Segment Adjusted EBITDA $193 $82 $151 Net Sales (excluding Inter-segment Sales eliminations) Europe 194 181 184 Latin America 247 207 228 North America 532 419 450 Total Business Segment Net Sales $973 $807 $862 Adjusted EBITDA Margin Europe 6% (17%) (6%) Latin America 28% 13% 27% North America 21% 20% 22%
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© 2025 Sylvamo Corporation. All rights reserved. 26Adjusted Operating Earnings per Share Reconciliation $ Million 3Q24 2Q25 3Q25 Net Income (Loss) $95 $15 $57 Special Items Expense (Income) $7 - $1 Adjusted Operating Earnings $102 $15 $58 Adjusted Operating Earnings per Share $2.44 $0.37 $1.44 Adjusted Operating Earnings is a non-GAAP measure presented as a supplemental measure of our performance and the most directly comparable GAAP measure is net income. Management uses this measure to focus on on-going operations and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present combined operating results. However, Adjusted Operating Earnings has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted Operating Earnings, you should be aware that in the future we will incur expenses such as those used in calculating this measure. Our presentation of this measure should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.
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© 2025 Sylvamo Corporation. All rights reserved. 27Capacity by Grade 000 Short Tons Uncoated Papers Market Pulp Total Nymolla 500 - 500 Saillat 265 130 395 Europe 765 130 895 Luis Antonio 385 130 515 Mogi Guacu 460 35 495 Tres Lagoas 260 - 260 Latin America 1,105 165 1,270 Eastover 700 115 815 Ticonderoga 275 - 275 North America 975 115 1,090 Sylvamo 2,845 410 3,255 Riverdale 350 - 350 Commercial Agreement with IP 350 - 350 Total 3,195 410 3,605 Source: Sylvamo management
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© 2025 Sylvamo Corporation. All rights reserved. 283Q25 Sales Volume 000 Short Tons Europe Latin America North America Sylvamo Uncoated Papers 157 254 311 722 Market Pulp 42 28 32 102 Total 824 Sales volume includes revenue recognition
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© 2025 Sylvamo Corporation. All rights reserved. 29 123 124 75 23 56 25 15 27 61 23 2 2 1 56 150 185 98 11 25 58 25 7 0 16 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 UFS Pulp 2023 - 2025 Economic Downtime Thousand tons
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© 2025 Sylvamo Corporation. All rights reserved. 3084% of planned maintenance outage costs completed through 3Q25 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs $27 $66 $0 $18 $111 1Q25 2Q25 3Q25 4Q25 2025 Outlook Europe Latin America North America 3Q25 YTD 84% $ Million
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© 2025 Sylvamo Corporation. All rights reserved. 31Total Maintenance Outage Costs - 2025 Outlook $ Million 1Q25 Actual 2Q25 Actual 3Q25 Actual 4Q25 Outlook 2025 Outlook Europe $12 $28 - - $40 Latin America $1 $20 - - $21 North America $14 $18 - $18 $50 Total $27 $66 - $18 $111 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs
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© 2025 Sylvamo Corporation. All rights reserved. 32Quarterly Business Segment Operating Results $ Million Sales D&A Adjusted EBITDA 3Q24 2Q25 3Q25 3Q25 3Q24 2Q25 3Q25 Europe $194 $181 $184 $9 $11 ($30) ($11) Latin America $247 $207 $228 $24 $69 $27 $61 North America $532 $419 $450 $16 $113 $85 $101 Segment Total $973 $807 $862 $49 $193 $82 $151 Sum of Business Segment net sales will not tie with consolidated net sales due to Intersegment Sales
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© 2025 Sylvamo Corporation. All rights reserved. 33 $193 ($25) ($22) $12 $1 ($8) $151 3Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 3Q25 vs. 3Q24 Adjusted EBITDA 18% $ Million 20%
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© 2025 Sylvamo Corporation. All rights reserved. 34 $0 ($30) ($12) $2 $1 $28 ($11) 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 Europe Adjusted EBITDA $ Million $11 ($26) $2 $5 $1 ($4) ($11) 3Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 (6%) 3Q25 vs. 2Q25 3Q25 vs. 3Q24 (6%) (17%) 6%
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© 2025 Sylvamo Corporation. All rights reserved. 35 $27 $2 $5 $9 $20 ($2) $61 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 9% Latin America Adjusted EBITDA $ Million 19% $69 ($7) ($1) ($7) $0 $7 $61 3Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 27%28% 13% 27% 3Q25 vs. 2Q25 3Q25 vs. 3Q24
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© 2025 Sylvamo Corporation. All rights reserved. 36 $85 ($4) $7 ($5) $18 $0 $101 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 9% North America Adjusted EBITDA $ Million 19% $113 $8 ($23) $14 $0 ($11) $101 3Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 3Q25 22%21% 20% 22% 3Q25 vs. 2Q25 3Q25 vs. 3Q24
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© 2025 Sylvamo Corporation. All rights reserved. 37Executing on our Investment Thesis The World’s Paper Company We are the world’s paper company, the: • Employer of Choice • Supplier of Choice • Investment of Choice We believe in the promise of paper and are confident in our ability to create long-term value for shareowners. Our Strategy We execute a three-pronged strategy: • Commercial Excellence: We focus on commercial excellence to remain the supplier of choice for customers. • Operational Excellence: We will remain a responsible, low-cost, agile company. • Financial Discipline: We will be the investment of choice by delivering consistently on our compelling investment thesis. A Simple, Focused Plan We focus on uncoated freesheet and will create long-term value through: • Talented teams • Iconic brands • Low-cost mills in favorable locations A Cash Flow Story We leverage our strengths to drive high returns on invested capital and generate free cash flow. We use that cash to increase shareowner value: • Maintain a strong financial position • Return cash to shareowners • Reinvest in our business
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© 2025 Sylvamo Corporation. All rights reserved. 38 Building a better future for people, the planet and our company