Slides
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Second Quarter 2026 Earnings August 7 , 2026 Sylvamo © 2026 Sylvamo Corporation . All rights reserved . The World's Paper Company
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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: geopolitical, economic, regulatory and industry conditions, outlook and trends; our vision, goals, strategies, plans, initiatives, expectations and projections, including those relating to our investments, footprint transition, lean transformation, operational and financial improvements, financial performance and guidance, business, operations (including future outages and downtime), opportunities and value creation; and our use of capital. 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, including protective trade measures and the Middle East conflict; 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; disruptions at 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, 2025, 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 • Net Debt
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© 2026 Sylvamo Corporation. All rights reserved. 42Q26 Highlights • Implementing previously communicated UFS price increases across all our regions • Advancing our Lean transformation journey • Progressing on strategic Eastover investments
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© 2026 Sylvamo Corporation. All rights reserved. 5 Adjusted EBITDA and Margin 2Q26 Key Financial Metrics Adjusted Operating Earnings per Share Free Cash Flow $82 $29 $60 2Q25 1Q26 2Q26 10% 4% 7% $0.37 ($0.53) $0.03 2Q25 1Q26 2Q26 ($2) ($59) ($23) 2Q25 1Q26 2Q26 Adjusted EBITDA and Free Cash Flow figures are in $ millions
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© 2026 Sylvamo Corporation. All rights reserved. 6 $29 $32 $3 $22 ($24) ($2) $60 1Q26 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 2Q26 vs. 1Q26 Adjusted EBITDA 7%4% $ Million
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© 2026 Sylvamo Corporation. All rights reserved. 7Uncoated freesheet industry conditions across our regions Europe • Industry supply and demand environment remains challenging • Pulp prices stable • Paper price increases being implemented with our customers Latin America • Demand expected to increase through the year due to seasonality • Brazil paper price increases were implemented with our customers • Export paper price increases being implemented with our customers North America • ~7% of annual UFS industry supply was removed in April (IP’s Riverdale mill) • Imports increased in 2Q • Paper price increases being implemented with our customers Middle East conflict continues pressuring energy, chemicals and transportation costs
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© 2026 Sylvamo Corporation. All rights reserved. 82H26 Adjusted EBITDA benefits from favorable price & mix, volume and operations 2H26 versus 1H26 Price & Mix Favorable Price increases implemented across all our regions; Improved mix in the Americas Volume Favorable Stronger seasonality in Latin America partially offset by lower North America volume Operations and Other Costs Favorable Better manufacturing operations Planned Maintenance Outages Unfavorable (as planned) Details by region in Appendix Input and Transportation Costs Favorable Lower fiber costs partially offset by higher energy, chemicals and transportation costs from the Middle East conflict Reflects management's directional view as of August 7, 2026 (2Q26 Earnings Call)
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© 2026 Sylvamo Corporation. All rights reserved. 9Strategic Eastover investments will add capacity, reduce costs and improve efficiency Woodyard Modernization • Hardwood line operating since May • Improved reliability and chip quality • Softwood 1Q27 startup on schedule Paper Machine Optimization • Incremental 60,000 UFS tons • Installation in 4Q26 planned outage • On schedule and on budget
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© 2026 Sylvamo Corporation. All rights reserved. 10Strategic Eastover investments will add capacity, reduce costs and improve efficiency Warehouse Expansion • Leveraging existing sheet plant location • Lower supply chain costs plus flexibility • Better service to our customers Cutsize Sheeter • Passed acceptance testing in June • Equipment delivered in July • Preparing for installation NEW
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© 2026 Sylvamo Corporation. All rights reserved. 11 Safety and Well-being Employee Engagement Customer Centricity Operational Excellence Cost Leadership Sustainability We aim to achieve world-class performance in areas that define our success
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© 2026 Sylvamo Corporation. All rights reserved. 12How we measure world-class performance Areas Goal Target By When Safety and Well-being Eliminate serious injuries through a resilient safety culture • Zero serious injuries Now Employee Engagement Sustain world-class engagement while strengthening capability and readiness • Employee Net Promoter Score > 50 • Certifications and readiness 100% Ongoing Customer Centricity Provide superior customer experience to be the supplier of choice • Net Promoter Score > 50 • Perfect Order > 90% 2030 Operational Excellence Achieve best-in-class efficiency, reliability and productivity • +400 basis points machine efficiency 2030 Cost Leadership Attain industry-leading cost effectiveness through continuous improvement • 3 - 5x our average annual cash cost improvement rate 2030 Sustainability Protect forests, uplift communities and improve the planet through responsible operations • Improve our social and environmental impacts every year Ongoing Our talented teams, lean management and digital transformation are the key enablers of these goals
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© 2026 Sylvamo Corporation. All rights reserved. 13 Focused on generating strong, sustainable results and long-term shareowner value • Diligently executing our flagship growth strategy • Adhering to our disciplined capital allocation principles • Institutionalizing lean continuous improvement principles •We are executing the initiatives within our control today •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. 14 Appendix
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© 2026 Sylvamo Corporation. All rights reserved. 15Contacts 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. 16Selected Annual Financial Guidance $ Million 2025 Actual 2026 Outlook Total Maintenance Outage and One-time Costs $110 $120 Capital Spending Maintenance & Regulatory $112 ~$110 Brazil Reforestation $50 ~$40 High-return Projects $62 ~$95 Total $224 ~$245 Depreciation & Amortization $179 $170 Net Interest Expense1 $39 $39 Income Tax Rate (excluding special items) 32% 33% - 34% 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. 172.2x Net Debt-to-Adjusted EBITDA - June 30, 2026 $1,520 $842 $899 $934 Initial Gross Debt at Spinoff Dec '25 Mar '26 Jun '26 Revolver AR Securitization Term Loan A Term Loan B Term Loan F 3 Term Loan F 2 Term Loan F Notes Gross Debt $ Million Net debt reflects quarter-end cash balance of $123 million 2.6x Gross Debt-to-Adjusted EBITDA as of June 30, 2026
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© 2026 Sylvamo Corporation. All rights reserved. 18Debt-to-Adjusted EBITDA Reconciliation $ Million June 30, 2026 Long-term debt $843 Notes payable and current maturities of long-term debt 121 Less: Financing lease obligations (14) Less: Other financing arrangements (19) Less: Unamortized debt issuance costs 3 Gross Debt $934 Less: Cash and temporary investments 123 Net Debt $811 Adjusted EBITDA for twelve months ended June 30, 2026 $365 Gross Debt-to-Adjusted EBITDA 2.6x Net Debt-to-Adjusted EBTIDA 2.2x 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. 19Free Cash Flow Reconciliation $ Million 2Q25 1Q26 2Q26 Cash from Continuing Operations $64 ($10) $38 Cash Invested in Capital Projects ($66) ($49) ($61) Free Cash Flow ($2) ($59) ($23) 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. 20 $109 $32 $39 $114 $84 $2 $33 $155 $104 ($33) $62 $119 $100 ($25) ($2) $33 $38 ($59) ($23) 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Free Cash Flow by Quarter - Since Spinoff $ Million 1Q 2Q 3Q 4Q
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© 2026 Sylvamo Corporation. All rights reserved. 212Q26 vs. 1Q26 Free Cash Flow $ Million 1Q26 2Q26 Variance Adjusted EBITDA $29 $60 $31 Cash Taxes ($12) ($6) $6 Cash Interest ($7) ($11) ($4) Cash Special Items - - - Other Changes in Working Capital ($20) ($5) $15 Cash Provided by Operating Activities ($10) $38 $48 Capital Spending ($49) ($61) ($12) Free Cash Flow ($59) ($23) $36
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© 2026 Sylvamo Corporation. All rights reserved. 222Q26 vs. 2Q25 Free Cash Flow $ Million 2Q25 2Q26 Variance Adjusted EBITDA $82 $60 ($22) Cash Taxes ($35) ($6) $29 Cash Interest ($10) ($11) ($1) Cash Special Items ($2) - $2 Other Changes in Working Capital $29 ($5) ($34) Cash Provided by Operating Activities $64 $38 ($26) Capital Spending ($66) ($61) $5 Free Cash Flow ($2) ($23) ($21)
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© 2026 Sylvamo Corporation. All rights reserved. 23Adjusted 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 2Q25 1Q26 2Q26 Net Income (Loss) $15 ($3) ($11) Depreciation, Amortization, Cost of Timber Harvested 45 41 43 Interest Expense, Net 10 9 11 Income Tax Provision 5 (3) 12 Adjustments Equity-based Compensation 7 3 3 Foreign exchange on intercompany note - (19) (1) Special Items (Net of interest and tax special items) - 1 3 Adjusted EBITDA $82 $29 $60 Net Sales $794 $755 $806 Adjusted EBITDA Margin 10% 4% 7%
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© 2026 Sylvamo Corporation. All rights reserved. 24Adjusted EBITDA and Margin Reconciliation $ Million 2Q25 1Q26 2Q26 Adjusted EBITDA Europe (30) (36) (12) Latin America 27 26 9 North America 85 39 63 Total Business Segment Adjusted EBITDA $82 $29 $60 Net Sales (excluding Inter-segment Sales eliminations) Europe 181 190 197 Latin America 207 187 219 North America 419 390 411 Total Business Segment Net Sales $807 $767 $827 Adjusted EBITDA Margin Europe (17%) (19%) (6%) Latin America 13% 14% 4% North America 20% 10% 15%
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© 2026 Sylvamo Corporation. All rights reserved. 25Adjusted Operating Earnings per Share Reconciliation $ Million 2Q25 1Q26 2Q26 Net Income (Loss) $15 ($3) ($11) Special Items Expense (Income) - $1 $13 Foreign exchange on intercompany note - ($19) ($1) Adjusted Operating Earnings $15 ($21) $1 Adjusted Operating Earnings per Share $0.37 ($0.53) $0.03 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. 26 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. 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 Source: Sylvamo management
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© 2026 Sylvamo Corporation. All rights reserved. 282Q26 Sales Volume 000 Short Tons Europe Latin America North America Sylvamo Uncoated Papers 172 233 266 671 Market Pulp 39 26 20 85 Total 756 Recognized sales tons are presented in this chart based on the manufacturing origin
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© 2026 Sylvamo Corporation. All rights reserved. 29North America Uncoated Freesheet Sales Volume 000 Short Tons 1Q26 2Q26 Including Inter-segment Sales 271 280 Inter-segment Elimination (3) (14) Excluding Inter-segment Sales 268 266
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© 2026 Sylvamo Corporation. All rights reserved. 30 123 124 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 0 0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 UFS Pulp 2023 - 2026 Economic Downtime Thousand tons
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© 2026 Sylvamo Corporation. All rights reserved. 31~50% of 2026 planned maintenance outage costs in 4Q Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs $3 $14 $18 $3 $21 $24 $14 $17 $23 $54 $24 $24 $17 $41 $1 $61 $120 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. 32Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook $ Million 1Q26 Actual 2Q26 Actual 3Q26 Outlook 4Q26 Outlook 2026 Outlook Europe - $3 $1 $14 $18 Latin America $3 $21 - - $24 North America1 $14 $17 - $47 $78 Total $17 $41 $1 $61 $120 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs 1North 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. 33Quarterly Business Segment Operating Results $ Million Sales D&A Adjusted EBITDA 2Q25 1Q26 2Q26 2Q26 2Q25 1Q26 2Q26 Europe $181 $190 $197 $7 ($30) ($36) ($12) Latin America $207 $187 $219 $24 $27 $26 $9 North America $419 $390 $411 $12 $85 $39 $63 Segment Total $807 $767 $827 $43 $82 $29 $60 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. 34 $82 ($7) ($6) ($11) $25 ($23) $60 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 2Q26 vs. 2Q25 Adjusted EBITDA 7% $ Million 10%
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© 2026 Sylvamo Corporation. All rights reserved. 35 ($36) $7 ($1) $18 ($3) $3 ($12) 1Q26 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 Europe Adjusted EBITDA $ Million ($30) ($14) $1 $8 $25 ($2) ($12) 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 (6%) 2Q26 vs. 1Q26 2Q26 vs. 2Q25 (6%) (19%) (17%)
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© 2026 Sylvamo Corporation. All rights reserved. 36 $26 $7 $4 ($1) ($18) ($9) $9 1Q26 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 9% Latin America Adjusted EBITDA $ Million 19% $27 $0 ($1) ($5) ($1) ($11) $9 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 4%13% 14% 4% 2Q26 vs. 1Q26 2Q26 vs. 2Q25
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© 2026 Sylvamo Corporation. All rights reserved. 37 $39 $18 $0 $5 ($3) $4 $63 1Q26 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 9% North America Adjusted EBITDA $ Million 19% $85 $7 ($6) ($14) $1 ($10) $63 2Q25 Price & Mix Volume Operations and Other Costs Maintenance Outages Input and Transportation Costs 2Q26 15%20% 10% 15% 2Q26 vs. 1Q26 2Q26 vs. 2Q25
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© 2026 Sylvamo Corporation. All rights reserved. 38Executing 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. 39 Building a better future for people, the planet and our company