Slides
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© 2026 Sylvamo Corporation. All rights reserved. 1 © 2026 Sylvamo Corporation. All rights reserved. Fourth Quarter and Full Year 2025 Earnings February 12, 2026
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© 2026 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 vision, goals, strategies, plans, initiatives, expectations and projections concerning our financial performance, business, opportunities, use of capital, returns on investments 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: global or regional economic, civil, political conditions or trade developments; adverse climate and weather conditions, including risks to our forestlands and mills from drought, fires or floods; 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 the 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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© 2026 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 • Return on Invested Capital • Net Debt
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© 2026 Sylvamo Corporation. All rights reserved. 4Vision for Sylvamo • Will create substantial and lasting value for our employees, customers and shareowners • Will enable us to be the employer, supplier and investment of choice EMPLOYER OF CHOICE SUPPLIER OF CHOICE INVESTMENT OF CHOICE • Sylvamo will be legendary for the way we relentlessly pursue and achieve • world-class excellence in all that we do
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© 2026 Sylvamo Corporation. All rights reserved. 5 Safety & Well-being Employee Engagement Customer Centricity Operational Excellence Cost Leadership Sustainability We will strive to achieve world-class standards in areas that define our success •Standards that define success
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© 2026 Sylvamo Corporation. All rights reserved. 6As Sylvamo’s CEO, my commitment to you is that we will: • Allocate capital wisely and focus on long-term value creation • Communicate transparently while providing context, rationale and honest assessments of our decisions and performance • Uphold our values and drive smart, data-driven decisions that position the company for sustainable success and strengthen Sylvamo for decades to come We seek to attract and retain high-quality, long-term shareowners who share our vision for disciplined capital allocation and sustainable value creation
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© 2026 Sylvamo Corporation. All rights reserved. 7 • Maintained very strong balance sheet • Achieved net debt-to-adjusted EBITDA of 1.6x • Earned $448 million in Adjusted EBITDA (13% Margin) • Generated $44 million in Free Cash Flow • Returned $155 million in cash to shareowners • Capital spending of $224 million to strengthen our low-cost assets • Continued investments in Brazil Forestlands and wood supply • Accelerated development of high-return capital investments Generated 12% Return on Invested Capital in a challenging 2025 environment Net debt-to-adjusted EBITDA as of 12/31/25; All figures reflect our performance for the full year 2025 Maintaining our Strong Financial Position Executing our Investment Thesis Reinvesting in our Business
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© 2026 Sylvamo Corporation. All rights reserved. 8 Adjusted EBITDA and Margin 2025 Key Financial Metrics Adjusted Operating Earnings per Share Free Cash Flow $607 $632 $448 2023 2024 2025 16% 17% $6.51 $7.42 $3.54 2023 2024 2025 $294 $248 $44 2023 2024 2025 Adjusted EBITDA and Free Cash Flow figures are in $ millions 13%
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© 2026 Sylvamo Corporation. All rights reserved. 94Q25 Highlights • Uncoated freesheet sales volume increased 9% quarter-over-quarter • Productivity continued to improve • Significant progress made on strategic investments at our Eastover, SC mill
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© 2026 Sylvamo Corporation. All rights reserved. 10 Adjusted EBITDA and Margin 4Q25 Key Financial Metrics Adjusted Operating Earnings per Share Free Cash Flow $157 $151 $125 4Q24 3Q25 4Q25 16% 18% 14% $1.96 $1.44 $1.08 4Q24 3Q25 4Q25 $100 $33 $38 4Q24 3Q25 4Q25 Adjusted EBITDA and Free Cash Flow figures are in $ millions
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© 2026 Sylvamo Corporation. All rights reserved. 11 $151 ($21) $18 ($4) ($17) ($2) $125 3Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 4Q25 vs. 3Q25 Adjusted EBITDA 14%18% $ Million
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© 2026 Sylvamo Corporation. All rights reserved. 12Uncoated freesheet industry conditions across our regions Europe • Challenging industry supply and demand environment • Pulp prices starting to improve • Paper price increases communicated to our customers Latin America • Seasonally weaker demand in first quarter • Brazil paper price increases communicated to our customers • Export paper price increases communicated to our customers North America • Industry supply and demand environment improving • Imports have declined significantly since June 2025 • Paper price increases communicated to our customers UFS global trade flow shifts between regions appear to have stabilized
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© 2026 Sylvamo Corporation. All rights reserved. 132026 capital spending peaks with high-return investments at our Eastover mill $194 $162 ~$150 ~$185 $44 ~$85 ~$15 $27 $18 ~$10 ~$25 $221 $224 ~$245 ~$225 2024 2025 2026 Outlook 2027 Outlook High-Return Projects High-Return Eastover Mill Maintenance, Regulatory and Brazil Reforestation
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© 2026 Sylvamo Corporation. All rights reserved. 14Strategic Eastover investments will add capacity, reduce costs and improve efficiency Paper Machine Optimization (+60,000 UFS tons) New Replacement Cutsize Sheeter >30% IRR ~$145 million Capital Investment >$50 million Adj. EBITDA / Year Woodyard Modernization 2025 2026 2027 $70 - $80 million Capital Avoidance (2025 - 2030) Initial investments through ramp-up completion Start-up Legend 2Q26 Hardwood start-up 1Q27 Softwood start-up Woodyard Modernization External partner investments ~$75 million Capital Avoidance (2025 - 2029)
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© 2026 Sylvamo Corporation. All rights reserved. 152026 will be a transition year for North America sales volume 1,226 (160) (30) 80 35 20 ~1,170 2025 Riverdale exit Extended Eastover Outage Supply from Europe Productivity External supply 2026 Outlook We expect to have ~($20) million adjusted EBITDA impact from selling ~55,000 fewer tons as we work through short-term capacity constraints Sales Volume (Thousand tons)
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© 2026 Sylvamo Corporation. All rights reserved. 16We are focused on serving our customers during this transition with a solid plan Riverdale supply ends Eastover mill & sheet plant extended outage 1Q26 2Q26 3Q26 4Q26 Working Capital ($70) ($40) $15 $70 Adjusted EBITDA $ million FCF $ million Sourcing mix & external conversion costs ($5) ($5) ($5) ($5) One-time outage costs - - - ($25) Inventory Build Inventory Usage In 2026 we expect ~($45) million adjusted EBITDA impact from additional costs and ~($25) million in working capital in North America Outlook
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© 2026 Sylvamo Corporation. All rights reserved. 17Summary of impacts due to North America footprint transition in 2026 All figures are estimates in $ Million 1Q 2Q 3Q 4Q 2026 Outlook Adjusted EBITDA North America Lower sales volume (55,000 tons) ($20) - - - ~($20) Sourcing mix & external conversion costs ($5) ($5) ($5) ($5) ~($20) One-time outage costs - - - ($25) ~($25) Europe Tariffs and freight costs (80,000 tons) ($5) ($5) ($5) ($5) ~($20) Total ($30) ($10) ($10) ($35) ~($85) FCF North America Working Capital ($70) ($40) $15 $70 ~($25)
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© 2026 Sylvamo Corporation. All rights reserved. 18>50% of 2026 planned maintenance outage costs in 4Q due to Eastover projects Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs $2 $14 $17 $3 $16 $19 $15 $17 $23 $55 $24 $24 $18 $35 $1 $61 $115 1Q26 2Q26 3Q26 4Q26 2026 Outlook Europe Latin America North America Eastover One-time $ Million
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© 2026 Sylvamo Corporation. All rights reserved. 19 • Reduced gross debt by $678 million (45%) to $842 million • Achieved net debt-to-adjusted EBITDA of 1.6x • Earned $2.5 billion in Adjusted EBITDA (17% Margin) • Generated $964 million in Free Cash Flow • Returned $502 million in cash to shareowners (52% of Free Cash Flow) • Invested $826 million to strengthen our low-cost assets • High-return capital projects pipeline >$200 million • Reinvesting in our flagship mills will enable long-term value creation Creating long-term shareowner value since becoming an independent company Gross debt and net debt-to-adjusted EBITDA as of 12/31/25; All figures reflect our performance as an independent company beginning 4Q21 through 4Q25 Improving our Financial Position Delivering on our Investment Thesis Reinvesting in our Business
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© 2026 Sylvamo Corporation. All rights reserved. 20Our strategy and capital allocation philosophy remain unchanged We will invest in low-risk, high-return projects to strengthen our uncoated freesheet capabilities and grow earnings and cash flow We will deploy every dollar with the goal of improving our competitive position and delivering the best possible shareowner returns over time We will continue to: • Maintain a strong balance sheet • Reinvest in our business with discipline to strengthen operations and customer experience • Return cash to shareowners
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© 2026 Sylvamo Corporation. All rights reserved. 21 Long-term value creation We will generate strong, sustainable results by: • Diligently executing our flagship growth strategy • Adhering to our disciplined capital allocation principles • Becoming more customer centric • Institutionalizing lean management principles • Digitally transforming our business operations •As industry conditions turn, our capital spending normalizes and the benefits from our investments begin to materialize, we have the potential to generate annually: • > $300 million of Free Cash Flow • > 15% Return on Invested Capital
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© 2026 Sylvamo Corporation. All rights reserved. 22We will share more details at our Investor Day later this year We will share more details on our strategy, capital allocation priorities and progress towards achieving our vision at our Investor Day later this year We seek to attract and retain high-quality, long-term shareowners who share our vision for disciplined capital allocation and sustainable value creation
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© 2026 Sylvamo Corporation. All rights reserved. 23 Appendix
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© 2026 Sylvamo Corporation. All rights reserved. 24Contacts 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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© 2026 Sylvamo Corporation. All rights reserved. 25Selected Annual Financial Guidance $ Million 2025 Actual 2026 Outlook Total Maintenance Outage and One-time Costs $110 $115 Capital Spending Maintenance & Regulatory $112 ~$110 Brazil Reforestation $50 ~$40 High-return Projects $62 ~$95 Total $224 ~$245 Depreciation & Amortization $179 $172 Net Interest Expense1 $39 $37 Income Tax Rate (excluding special items) 32% 30% - 31% 1Net Interest Expense Outlook for 2026 is subject to change based on the amount of debt repayment and changes to floating interest rates
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© 2026 Sylvamo Corporation. All rights reserved. 262025 Return on Invested Capital Reconciliation ROIC is a non-GAAP measure presented as a supplemental measure of our performance. Management believes that ROIC is useful because it measures how effectively and efficiently we use the capital invested in our business. ROIC = Adjusted Operating Earnings Before Interest / Average Invested Capital. Invested Capital = Equity plus total debt minus cash and temporary investments. The Average Invested Capital is calculated as a simple average for the two most recent fiscal years. ROIC 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 ROIC, 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 2024 2025 Net Income $132 Special Items Expense (Income) 14 Foreign exchange on intercompany note (1) Interest (Income) Expense, Net 39 Adjusted Operating Earnings Before Interest $184 Total Equity $847 $966 Add: Long-Term Debt 782 763 Add: Notes payable & current maturities of long-term debt 22 90 Less: Cash, temporary investments and restricted cash (205) (135) Total Invested Capital $1,446 $1,684 Average Invested Capital $1,565 2025 ROIC 12%
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© 2026 Sylvamo Corporation. All rights reserved. 27Allocated ~$2.2 billion in cash since becoming an independent company $678 $826 $300 $202 $167 Debt Repayment Capex Share Repurchases Dividends Nymolla Acquisition (Jan 2023) Half a Billion in cash returned to shareowners All figures reflect our performance as an independent company beginning 4Q21 through 4Q25 ~$2.2 Billion $ Million
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© 2026 Sylvamo Corporation. All rights reserved. 28Debt-to-Adjusted EBITDA Reconciliation $ Million 2025 Long-term Debt $763 Notes Payable and current maturities of long-term debt 90 Less: Financing Lease obligations (15) Less: Unamortized Debt Issuance Costs 4 Gross Debt $842 Less: Cash and temporary investments 135 Net Debt $707 Adjusted EBITDA $448 Gross Debt-to-Adjusted EBITDA 1.9x Net Debt-to-Adjusted EBTIDA 1.6x Net Debt is a non-GAAP measure defined as outstanding principal balance of current and long-term debt, less cash and temporary investments. Management uses Net Debt as an indicator of the Company’s overall leverage and liquidity position, and believes it is useful to investors as it reflects the strength of our financial position
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© 2026 Sylvamo Corporation. All rights reserved. 291.6x Net Debt-to-Adjusted EBITDA - December 31, 2025 $1,520 $1,397 $1,026 $950 $796 $842 Initial Gross Debt at Spinoff Dec 21 Dec 22 Dec 23 Dec 24 Dec 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 $135 million 1.9x Gross Debt-to-Adjusted EBITDA as of December 31, 2025
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© 2026 Sylvamo Corporation. All rights reserved. 30Debt Maturity Profile $20 $370 $23 $256 $12 $161 2026 2027 2028 2029 2030 2031 December 31, 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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© 2026 Sylvamo Corporation. All rights reserved. 31 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 Disclosed in the 3Q25 Earnings Presentation on November 7, 2025
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© 2026 Sylvamo Corporation. All rights reserved. 32Free Cash Flow Reconciliation $ Million 4Q24 3Q25 4Q25 2024 2025 Cash from Continuing Operations $164 $87 $94 $469 $268 Cash Invested in Capital Projects ($64) ($54) ($56) ($221) ($224) Free Cash Flow $100 $33 $38 $248 $44 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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© 2026 Sylvamo Corporation. All rights reserved. 33Free Cash Flow Reconciliation - Since Spinoff $ Million 4Q21 2022 2023 2024 2025 Since Spinoff Cash from Continuing Operations $131 $418 $504 $469 $268 $1,790 Cash Invested in Capital Projects ($22) ($149) ($210) ($221) ($224) ($826) Free Cash Flow $109 $269 $294 $248 $44 $964
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© 2026 Sylvamo Corporation. All rights reserved. 34 $109 $32 $39 $114 $84 $2 $33 $155 $104 ($33) $62 $119 $100 ($25) ($2) $33 $38 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Free Cash Flow by Quarter - Since Spinoff $ Million 1Q 2Q 3Q 4Q
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© 2026 Sylvamo Corporation. All rights reserved. 354Q25 vs. 3Q25 Free Cash Flow $ Million 3Q25 4Q25 Variance Adjusted EBITDA $151 $125 ($26) Cash Taxes ($12) ($26) ($14) Cash Interest ($10) ($11) ($1) Cash Special Items $0 $0 $0 Other Changes in Working Capital ($42) $6 $48 Cash Provided by Operating Activities $87 $94 $7 Capital Spending ($54) ($56) ($2) Free Cash Flow $33 $38 $5
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© 2026 Sylvamo Corporation. All rights reserved. 364Q25 vs. 4Q24 Free Cash Flow $ Million 4Q24 4Q25 Variance Adjusted EBITDA $157 $125 ($32) Cash Taxes ($40) ($26) $14 Cash Interest ($10) ($11) ($1) Cash Special Items ($2) $0 $2 Other Changes in Working Capital $59 $6 ($53) Cash Provided by Operating Activities $164 $94 ($70) Capital Spending ($64) ($56) $8 Free Cash Flow $100 $38 ($62)
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© 2026 Sylvamo Corporation. All rights reserved. 37Adjusted 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 4Q24 3Q25 4Q25 2024 2025 Net Income (Loss) $81 $57 $33 $302 $132 Depreciation, Amortization, Cost of Timber Harvested 44 49 45 159 179 Interest (Income) Expense, Net 7 9 11 39 39 Income Tax Provision 19 31 25 103 67 Adjustments Equity-based Compensation 6 4 1 23 18 Foreign exchange on intercompany note - - (1) - (1) Special Items (Net of interest and tax special items) - 1 11 4 14 Nymolla One-time Costs - - - 2 - Adjusted EBITDA $157 $151 $125 $632 $448 Net Sales $970 $846 $890 $3,773 $3,351 Adjusted EBITDA Margin 16% 18% 14% 17% 13%
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© 2026 Sylvamo Corporation. All rights reserved. 38Adjusted EBITDA Reconciliation - Since Spinoff $ Million 4Q21 2022 2023 2024 2025 Since Spinoff Net Income from Continuing Operations $29 $336 $253 $302 $132 $1,052 Depreciation, Amortization, Cost of Timber Harvested 31 125 143 159 179 637 Interest (Income) Expense, Net 18 69 34 39 39 199 Income Tax Provision 28 131 116 103 67 445 Adjustments Equity-based Compensation 4 20 23 23 18 88 Special Items (Net of interest and tax special items) 6 17 38 6 14 81 Foreign exchange on intercompany note - - - - (1) (1) Spinoff Transition Services 7 23 - - - 30 Adjusted EBITDA $123 $721 $607 $632 $448 $2,531 Net Sales $778 $3,628 $3,721 $3,773 $3,351 $15,251 Adjusted EBITDA Margin 16% 20% 16% 17% 13% 17%
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© 2026 Sylvamo Corporation. All rights reserved. 39Adjusted EBITDA and Margin Reconciliation $ Million 4Q24 3Q25 4Q25 2024 2025 Adjusted EBITDA Europe 14 (11) (22) 47 (78) Latin America 70 61 58 228 192 North America 73 101 89 357 334 Total Business Segment Adjusted EBITDA $157 $151 $125 $632 $448 Net Sales (excluding Inter-segment Sales eliminations) Europe 194 184 186 801 741 Latin America 266 228 270 974 904 North America 514 450 447 2,029 1,754 Total Business Segment Net Sales $974 $862 $903 $3,804 $3,399 Adjusted EBITDA Margin Europe 7% (6%) (12%) 6% (11%) Latin America 26% 27% 21% 23% 21% North America 14% 22% 20% 18% 19%
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© 2026 Sylvamo Corporation. All rights reserved. 40Adjusted Operating Earnings per Share Reconciliation $ Million 4Q24 3Q25 4Q25 2024 2025 Net Income (Loss) $81 $57 $33 $302 $132 Special Items Expense (Income) $1 $1 $11 $10 $13 Foreign exchange on intercompany note - - ($1) - ($1) Adjusted Operating Earnings $82 $58 $43 $312 $144 Adjusted Operating Earnings per Share $1.96 $1.44 $1.08 $7.42 $3.54 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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© 2026 Sylvamo Corporation. All rights reserved. 412025 Financial Highlights 1Q 2Q 3Q 4Q FY 2025 Net Sales (Million) $821 $794 $846 $890 $3,351 Adjusted EBITDA (Million) $90 $82 $151 $125 $448 Adjusted EBITDA Margin 11% 10% 18% 14% 13% Adjusted Operating EPS $0.68 $0.37 $1.44 $1.08 $3.54 Free Cash Flow (Million) ($25) ($2) $33 $38 $44
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© 2026 Sylvamo Corporation. All rights reserved. 42Capacity 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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© 2026 Sylvamo Corporation. All rights reserved. 434Q25 Sales Volume 000 Short Tons Europe Latin America North America Sylvamo Uncoated Papers 162 303 319 784 Market Pulp 39 28 21 88 Total 872 Sales volume includes revenue recognition
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© 2026 Sylvamo Corporation. All rights reserved. 442025 Sales Volume 000 Short Tons Europe Latin America North America Sylvamo Uncoated Papers 644 1,022 1,226 2,892 Market Pulp 144 115 116 375 Total 3,267 Sales volume includes revenue recognition
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© 2026 Sylvamo Corporation. All rights reserved. 45 123 124 75 23 56 25 15 6 27 61 23 2 2 1 1 56 150 185 98 11 25 58 25 7 0 16 7 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 UFS Pulp 2023 - 2025 Economic Downtime Thousand tons
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© 2026 Sylvamo Corporation. All rights reserved. 46Total Maintenance Outage Costs - 2025 $ Million 1Q25 2Q25 3Q25 4Q25 2025 Europe $12 $28 - - $40 Latin America $1 $20 - - $21 North America $14 $18 - $17 $49 Total $27 $66 - $17 $110 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs
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© 2026 Sylvamo Corporation. All rights reserved. 47Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook $ Million 1Q26 2Q26 3Q26 4Q26 2026 Outlook Europe - $2 $1 $14 $17 Latin America $3 $16 - - $19 North America1 $15 $17 - $47 $79 Total $18 $35 $1 $61 $115 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs 1 North America 4Q26 includes $31 million one-time costs ($24 million related to the machine optimization project and $7 million related to the recovery boiler maintenance)
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© 2026 Sylvamo Corporation. All rights reserved. 48Total Maintenance Outage by quarter 2025 - 2026 $27 $66 $0 $17$18 $35 $1 $61 1Q 2Q 3Q 4Q 2025 2026 Outlook Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs North America 4Q26 includes $31 million one-time costs ($24 million related to the machine optimization project and $7 million related to the recovery boiler maintenance)
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© 2026 Sylvamo Corporation. All rights reserved. 49Annual Business Segment Operating Results $ Million Sales Adjusted EBITDA 2024 2025 2024 2025 Europe $801 $741 $47 ($78) Latin America $974 $904 $228 $192 North America $2,029 $1,754 $357 $334 Segment Total $3,804 $3,399 $632 $448 Sum of Business Segment net sales will not tie with consolidated net sales due to Intersegment Sales
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© 2026 Sylvamo Corporation. All rights reserved. 50Quarterly Business Segment Operating Results $ Million Sales D&A Adjusted EBITDA 4Q24 3Q25 4Q25 4Q25 4Q24 3Q25 4Q25 Europe $194 $184 $186 $9 $14 ($11) ($22) Latin America $266 $228 $270 $21 $70 $61 $58 North America $514 $450 $447 $15 $73 $101 $89 Segment Total $974 $862 $903 $45 $157 $151 $125 Sum of Business Segment net sales will not tie with consolidated net sales due to Intersegment Sales
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© 2026 Sylvamo Corporation. All rights reserved. 51 $157 ($29) ($10) $1 $1 $5 $125 4Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 4Q25 vs. 4Q24 Adjusted EBITDA 14% $ Million 16%
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© 2026 Sylvamo Corporation. All rights reserved. 52 ($1) ($11) ($6) $2 ($6) $0 ($22) 3Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 Europe Adjusted EBITDA $ Million $14 ($22) $3 ($17) $0 $0 ($22) 4Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 (12%) 4Q25 vs. 3Q25 4Q25 vs. 4Q24 (12%) (6%) 7%
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© 2026 Sylvamo Corporation. All rights reserved. 53 $61 ($6) $10 ($7) $0 $0 $58 3Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 9% Latin America Adjusted EBITDA $ Million 19% $70 ($14) $0 ($7) $0 $9 $58 4Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 21%26% 27% 21% 4Q25 vs. 3Q25 4Q25 vs. 4Q24
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© 2026 Sylvamo Corporation. All rights reserved. 54 $101 ($9) $6 $9 ($17) ($1) $89 3Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 9% North America Adjusted EBITDA $ Million 19%$73 $7 ($13) $25 $1 ($4) $89 4Q24 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 4Q25 20%14% 22% 20% 4Q25 vs. 3Q25 4Q25 vs. 4Q24
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© 2026 Sylvamo Corporation. All rights reserved. 552025 Delivered Cash Cost of Goods Sold Woo d Fiber 26% Chemicals 15% Fixed 17% Labor 15% Transportation 13% Energy 9% Packaging 5% Delivered cash cost of goods sold show Sylvamo mills only
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© 2026 Sylvamo Corporation. All rights reserved. 56Executing 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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© 2026 Sylvamo Corporation. All rights reserved. 57 Building a better future for people, the planet and our company