Good morning. Thank you for standing by. Welcome to Sylvamo's second quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, you will have an opportunity to ask a question. If you would like to ask question, press star one to raise your hand. To withdraw a question, press star one again. As a reminder, your conference is being recorded. I'd now like to turn the call over to Hans Bjorkman, Vice President of Investor Relations. Sir, the floor is yours. Thank you, Lucas. Good morning, and thank you for joining our call. Our speakers this morning are John Sims, Chief Executive Officer, and Don Devlin, Senior Vice President and Chief Financial Officer. Slides two and three contain important information, including certain legal disclaimers. For example, during this call, we will make forward-looking statements that are subject to risks and uncertainties. We will also present certain non-U.S. GAAP financial information. Reconciliations of those figures to U.S. GAAP financial measures are available in the appendix. Our website also contains copies of the earnings release, as well as today's presentation. I'd like to turn the call over to John. Thank you, Hans, and good morning, everyone. I'm glad that you're on the call, you know I'm on slide four. That's where I'm starting. Our second quarter highlights include continuing to implement the previously communicated uncoated freesheet price increases to our customers across all our regions. We also advanced our Lean transformation journey to embed continuous improvement into how we run the business, so performance improvement becomes employee-driven, systematic, and self-sustaining. We kicked off our lean efforts in our Latin America business and have Value Stream Mapping underway at our Mogi Guaçu and Três Lagoas mills to identify waste and unlock cost savings across end-to-end processes. In North America, we introduced lean at our Ticonderoga, New York mill and our cut size sheet plant in Sumter, South Carolina, and across corporate functions. Lastly, we continue to make very good progress on our strategic investments at our Eastover mill, which we will discuss in more detail later on this call. Let's move to the next slide. Slide five shows our second quarter key financial metrics. 2026 is a transition year as we work through the termination of Riverdale supply agreement and the extended outage at Eastover. Adjusted EBITDA more than doubled sequentially to $60 million with a margin of 7%. Adjusted operating earnings were $0.03 per share. Free Cash Flow was negative $23 million, a $36 million improvement sequentially. As in prior years, the majority of our Free Cash Flow will be generated in the second half of this year. Now I'll turn it over to Don to review our performance in more detail. Don? Thank you, John, and good morning, everyone. Slide six contains our second quarter earnings bridge versus the first quarter. In the second quarter, we earned $60 million of Adjusted EBITDA compared to $29 million in the prior quarter. Price and mix were favorable by $32 million, reflecting the implementation of paper price increases in all regions. Better mix in the Americas, as well as the implementation of pulp price increases in Europe. Volume increased by $3 million, driven by seasonally stronger demand in Latin America. Operations and costs were favorable by $22 million, largely driven by green energy credits in Europe and lower overhead. Planned maintenance outage costs were unfavorable by $24 million due to scheduled outages in all regions. Input and transportation costs were unfavorable by $2 million, as energy costs were stable while purchased wood in Latin America and transportation costs in North America were higher. These were partially offset by the non-repeat of a one-time charge of $10 million from International Paper's Riverdale mill due to high natural gas costs in the first quarter. Let's move to slide seven to walk through the industry conditions. European industry supply and demand remains challenging. Pulp prices improved throughout the first half and now seem stable. We continue realizing paper price increases. We communicated another paper price increase effective mid-June as costs continue to increase and margins are at unacceptable levels. We expect the realization to occur through the third quarter. In Latin America, we expect seasonally higher demand through the second half. This should positively impact our volume and geographic mix. We continue realizing paper price increases to our export customers across other Latin American countries, as well as the Middle East and Africa region, and should continue to see additional realization through the third quarter. In North America, industry supply and demand dynamics have improved as 7% of the annual uncoated freesheet industry supply was removed with International Paper's Riverdale mill paper machine conversion. In the second quarter, we saw imports into North America increasing compared to the previous quarter, a reaction to the 10% global tariff window. We also continue realizing paper price increases and expect to see additional realization through the third quarter. We expect the Middle East conflict to continue pressuring energy, chemicals, and transportation costs across our regions as we go through the year. Let's move to slide eight. As we move through the second half of the year, we expect better earnings across most of our key drivers. This slide provides some perspective to how we see the second half of the year as compared to the first half. Price and mix should have a significant improvement with the price realization we've seen across all our regions, and will continue into the third and fourth quarters. In addition, our mix in both Latin America and North America should be significantly better in the second half. Overall, we expect to have $75 million to $85 million benefit from better price and mix compared to the first half. Volume should have positive momentum given stronger seasonality in Latin America, which will be partially offset by less volume in North America due to the loss of the Riverdale volume and the extended outage at Eastover in the fourth quarter. Operations and other costs are also expected to be much better in the second half. Operational issues we had in the first half are now behind us, with the exception of the debarking drum at Nymölla. Planned maintenance outages will be unfavorable by $5 million as we execute our heaviest planned outage quarter and take the extended downtime at our Eastover mill to complete the paper machine investments. Input and transportation costs are expected to be favorable, with lower fiber costs in Latin America and Europe, more than offsetting unfavorable energy, chemicals, and transportation due to the Middle East conflict across all regions. In total, we expect a much better earnings performance for the last 6 months of the year. I'll now turn it over back to John to talk about our strategic investments at Eastover and our long-term focus. John. Thank you, Don. I'll pick back up on slide 9. Our Eastover strategic investments, including our wood yard modernization and paper machine optimization and new sheeter, continue to make good progress. Starting with the wood yard, the hardwood line has been performing extremely well since May, and we're seeing improved reliability and chip quality. The wood yard softwood line startup remains on schedule for the first quarter next year. The paper machine speed up project remains on schedule, on budget, and will be completed during our fourth quarter maintenance outage. This will result in 60,000 additional tons of uncoated freesheet capacity annually, which will start to ramp up early next year. The benefits including reducing costs, improving our mix and efficiency while enhancing service for our customers. Let's go to slide 10. Also within our Eastover strategic investments, the new sheeter project continues to make good progress. The sheeter passed equipment acceptance testing in June, arrived in the U.S. a few weeks ago, and the teams are preparing for the installation. We expect $50 million of annual benefits from the paper machine speed up and a new sheeter. We estimate roughly $30 million-$40 million of that in 2027. Lastly, we completed a sale-leaseback transaction with a third party for existing sheet plant to expand the attached warehouse by 300,000 square feet. A third party is investing the capital to expand the facility and will lease it back to us. The project will reduce supply chain costs, improve service to our customers while providing additional flexibility. We expect this expansion to be completed in the first quarter of 2027 and contribute upwards of $5 million in savings per year. These four projects will generate $55 million of benefit per year. These strategic investments are high return projects which will generate incremental earnings and cash flow for the long run. Let's move to slide 11. In my letter to shareholders in January, I described the areas that define our success: safety and wellbeing, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability. Let's go to slide 12 to discuss these in more detail. As we aim to achieve world-class performance in the areas that matter to Sylvamo, we have set clear goals for each one. Today, I want to share with you what we are working toward and how we will measure our progress to achieve these by 2030. Safety and wellbeing is our most important responsibility. Our goal is to have a resilient safety culture in which serious injuries are eliminated. If we eliminate serious injuries, it will be because our employees truly care and are aligned on relentlessly pursuing excellence. On employee engagement, we have nearly achieved world-class engagement with an employee Net Promoter Score of 46. Our focus is to be greater than 50 while we strengthen the capability and readiness of our teams and tap into their talents to help us achieve world-class performance. On customer centricity, we are setting a new standard for customer experience and loyalty. We will measure it through our customer Net Promoter Score and through our Perfect Order performance, delivering complete, on time, and without defects. We are targeting a 20-point improvement in Net Promoter Score and higher than 90% on the Perfect Order. On operational excellence, we are targeting improving Overall Equipment Effectiveness by 400 basis points. This is a measure of how well our assets run. On cost leadership, we challenge ourselves to set aggressive goal in order to drive margin improvement despite the significant inflationary cost pressures. Our goal is to achieve three to five times our 2022 through 2025 average annual cash cost improvement rate. This will be enabled by our lean and digital transformation efforts. Lastly, on sustainability, we'll continue to operate responsibly to protect forest, uplift communities, and improve the planet every year. Underpinning all six are a talented team, lean management and digital transformation. I'll conclude my remarks on slide 13. As you are aware, it has been a very dynamic year where we've been adopting and executing the initiatives that are under our control. We are focused on generating strong, sustainable results and long-term value by making disciplined, data-driven decisions that strengthen Sylvamo for decades to come. We will do this by diligently executing our flagship growth strategy, adhering to our disciplined capital allocation, institutionalizing lean continuous improvement. As industry conditions turn, our capital spending normalizes, and the benefits from our investments begin to materialize, we have the potential to generate annually over $300 million of Free Cash Flow and greater than 15% Return on Invested Capital. With that, I'll turn the call back to you, Hans. Thanks, John, and thank you, Don. Okay, Lucas, we're ready to take the questions. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Daniel Harriman with Sidoti & Company. Daniel, please go ahead. Hey, guys. Good morning. Thank you so much for taking my questions. I'll start with two. In North America, margin was up at 15% versus 10% in the first quarter. I'm curious if you could add more color on what drove this improvement and how much was price and mix versus maybe lower sourcing costs from bringing product in from Brazil rather than Europe. Leverage finished the quarter at 2.2 times with most of the Free Cash Flow for the year expected in the back half. Can you give us a better idea of how much of the first half working capital build reverses and where you expect to end the year on leverage? Thanks. Yeah, Daniel, I'll take your second question first. This is Don, and good morning. The working capital build will unwind by the end of the year, mostly. As we talked about in an earlier call, that's due to the Eastover machine speed up project building inventory through what was first quarter, second quarter, and we'll start to draw down. Fourth quarter, it should be pulled out. Your first question, back to North America, the margin improvement from first to second quarter. It was largely price and mix, and lower operations costs and a bit of lower input costs. The key driver is price and mix for North America going into Q2 from one. Just to give a little bit more color, Daniel, on the working capital. North America is where we built the biggest inventory. It's about 50,000 tons that we expect to draw down in the second half, or we will draw down in the second half. Your next question comes from the line of Matthew McKellar with RBC Capital Markets. Matthew, please go ahead. Hi, good morning. Thanks for taking my questions. It sounds like you are expecting lower North American volumes in the second half of the year, if I have understood your comments on slide eight correctly. Is that sales volumes or production? Can I ask what the bogey might be for North American volumes at this point? Thanks. Yeah, Matthew, thanks for the question. On North American volume, it will be both because both lower production and lower sales. We have Riverdale's gone. That is not our production, but the supply from Riverdale is gone, but that will impact sales in the second half. Of course, we have got the Eastover outage, which is now longer than we thought. We originally planned for 45 days. It will be a bit longer than that. That will reduce production as well for North America, and a bit of that flows through sales, and volumes will be lower for those two main reasons. One other point would be, Don, is that during this bear situation, with IP going away, we were able to take advantage of that and move some volume from our Brazilian operations. Now with the new tariffs that are in effect, we said it is not economical. We actually will be bringing in less volume from Europe and Brazil than we expected, and there will be a little bit less than that. I think your second question relative to North American volume as well. If you think about the impact of Riverdale going away, so that supply is gone, and I think we go from what was about a little less than 100,000 tons this year, so that goes away. It was 90, I think, through April. We won't have that in 2027, yet we'll have the speed up from Eastover. The plan from the speed up was a total of 60. We won't get all of that next year as we'll be ramping up once we come out of the project in the quarter. Eventually those two things will be a net 40 down. Okay. If I think about the Q4 2025 presentation where you talked about 1.17 million tons in North American sales, I think it was, the variance is primarily a longer outage at Eastover and then less volumes coming in from Latin America and Europe than you'd anticipated? That's right. Okay. We also got slightly less tons from Riverdale, which we already experienced. That with Riverdale, I think in that slide we were assuming 100,000 tons before they converted, and they delivered about 90,000. That impact's already been felt. Okay. Got it. Thank you. Next, it sounds like your pricing is a tailwind across each segment into Q3. Could you maybe spend a minute just running through what price is currently announced and pending in the markets? Maybe talk about how price should trend sequentially by the region, either on average or as you exit Q3 in comparison to where you were in Q2. Thank you. Yeah. Matthew, I'll start with how we see the price in the second half. We said $75 million to $85 million incremental, which is both mix and price. I'd say 70% of that is price, and the majority of that is North America and then Europe as well, which we'll see some flow-through. Your second question, could you repeat your second question? Yeah. It was kind of tied together. It was, what is announced and pending in the markets, and then how pricing trends sequentially by region from Q2 into Q3, however you'd like to express that. Thank you. Yeah. I think we have a third price increase that's going through in Europe. That's being implemented right now, and we're actually seeing that in the month of July. We'll see that through. LatAm, we're seeing in the OLA markets in EMEA, and that's EMEA in realized in the third quarter. We're seeing that now. The same thing with the second price increase that we had in North America. That's being mostly implemented in the third quarter. Most of these price, the $75 million to $85 million that Don talked about, a lot of that pricing is we're seeing that flow through in the third quarter. That would be relatively flat and carry into the fourth quarter. Okay, perfect. Thanks for that. Last for me, on slide eight again here, under input and transportation costs, it sounds like lower fiber costs will only partially be offset by higher energy, chemicals, and transportation costs. It sounds like that benefit is specific to Europe and Latin America. Could you help us understand what's happening with fiber costs and how they're favorable in the back half? Thank you. Yeah, Matthew, I'll start with Europe. We've had a deliberate effort, especially at our Nymölla mill, to reduce fiber costs there. I think a lot of what we're seeing in the second half and into the fourth quarter is the benefits of that, both market decreases and actions we've taken. We'll see that benefit second half in Europe. In Latin America, we had some higher costs in Q2 related to some of our outside wood purchases. They were, I would say, unusual, and we don't expect those to occur again in the second half. We'll be normalized in Latin America. As you know, most of our Latin American fiber is own make, own produced. This will be maybe a little bit more- Thanks very much on Nymölla. We've seen a decrease of about 20% since its peak, let's say, in the fourth quarter last year, but it takes six months or so for it to start to impact our operations, and that's why we're seeing it in the third quarter. Okay. Thanks for the color. I'll turn it back. Your next question comes from the line of Mike Roxland with Truist Securities. Mike, please go ahead. Yeah. Thanks, John, Don, and Hans for taking my questions. Congrats on all the progress. I think, about 18 months ago, I guess you hired a new head of EU, you also established something specifically followed by a mention of a decision on the EU strategic review. That really implies then a timeline that you'll have a decision made regarding the EU and what's happening with your European operations around end of year. Just, can you give us an update as to where that process stands? What the different options are in terms of, do you think you're going to continue to put money into those two assets, or are you considering shutting them or selling them? From our understanding of the cash cost of actually closing the assets seems to be manageable and would roughly imply a 2-year payback, and probably would be the most accretive option for shareholders. Any color you have on your European operations and your plans there. Yeah, Mike, I think you characterized it correct in that we said that we were not happy with the performance with our European operations. About this time last year, we made a significant management change because we wanted to see accelerated performance. I have to say that we made a great change. We're seeing accelerated performance. We're focusing on our strategy there, which is mixed improvement from when enabled by the investments we made at our Saillat mill. We're actually ahead of plan there. We're also looking and implementing significant cost reductions that we're seeing both at Saillat and Nymölla, increased productivity and also efficiency. We just talked about it, the wood cost. I'd say in line with our strategy, it's being executed much better and well. As we said, the conditions are difficult in Europe, and we're looking at the long term is, are we satisfied with where we think we can get? We probably would be looking at somewhere in 2027, if we're not satisfied with the outlook that we've got, that we may pursue other options. Those other options are just about essentially everything that you named there. We've been looking at that, but it's probably in 2027 we'll make the call. Got it. Okay. A little bit longer than the 18 months that you initially outlined. Do you think it's going to be early 2027 in terms of making a determination? Just one quick thing, John, in terms of the cost redux that you've achieved there, what are you ultimately targeting? You've achieved a certain amount already. What are your targets in terms of improving the overall cost structure of Europe? Well, when we look at what we're targeting, we probably need somewhere between $50 million or so we can be where we are. It's not just the cost reduction, it's mix improvement, it's other things that go into that to get us at significantly above cash positive on a mid-cycle basis and greater than cost of capital returns. I don't want to lock myself down into a specific because what we're making and looking at, our focus is on Europe. We understand that the issue. I don't want to lock down a timeline. Things could be sooner, things could be later. It depends on how things play out. But I don't really want to commit to a certain date, if you don't mind. Totally understand. Two quick questions, then I'll just turn it over. You guys mentioned $75 million to $85 million from better price mix in the second half over the first half. Any way to help quantify the benefit from better volumes, better ops and costs, better input costs? Any way to just quantify that in the second half versus the first half? Then the second question. The poison pill ends in November. What's your plan regarding the poison pill? If you have a good relationship with your largest shareholder and they're interested in purchasing more shares, why stop them? Thank you. Mike, relative to the second half quantifying volumes. We wanted to give analysts and investors a sense of the $75 to $85 on price and mix because, one, it's big. Two, we're confident prices are in place and we'll see that carry through. We're confident on the planned maintenance outages. That's something that we typically execute well. On the volume and ops and other costs and inputs, there's more uncertainty. We are leaning in, we're confident in our forecast, but we chose not to provide specific guidance there. To your other question about- Yeah the Shareholder Rights Plan. The plan remains in place. The board hasn't made it yet a decision on what we're going to do in terms of when it does expire at the end of November. That'll be something we'll address with the board when we meet in September. Thank you Your next question comes from the line of George Staphos with Bank of America Securities. George, please go ahead. Hey, guys. How are you? Thanks for the details. I'll ask two questions and then I'll come back in queue. First of all, we appreciate you actually providing the pricing guidance. That is helpful. John, Don, if I heard you correctly, most of that hits in 3Q. It incorporates what you have in the market, and there's not so much of a tail into 4Q. Did I correctly summarize that or what would you do to modify, add, correct to what I just relayed? Again, thanks for the pricing guide on that. We asked for that last quarter. Yeah. George, thanks for the question. It'll flow a little more evenly. The way John described those price increases is right, depending on how it flows through the quarter for each of the regions. We will in 3Q versus 4Q relative to price and mix. It's probably slightly more in Q4- Okay than Q3. Would you be at a full run rate, recognizing it's not the full year, would you be at a full run rate on what you have in the market as you're exiting 4Q? Would that be roughly what you'd be contemplating there? Yes. Yeah, we would. North America, definitely be at the run rate by end of 4Q. Latam as well, Europe. That would be the expectation. Okay. My second question. We noticed the tax rate moved up a little bit. In terms of your guide, that can be a lot of different things. It's probably mix, but could you help us understand why the effective rate moved up a couple points? I'll come back. Thanks. Yeah, George, that is mainly due to a Brazil Valuation Allowance that we took on a Deferred Tax Asset in our Brazil export entity. The reason we did that, it was related to the VAT rules are changing in the future, and we merged two entities to really take advantage of $30 million of VAT tax credits we have in that entity. It came at the expense of this Valuation Allowance for Deferred Tax Assets. 30 in VAT credits, and it was approximately $9 million for this expense. Okay. Implicitly- We would've stranded- Go ahead, John. Sorry. I was going to say, we would've stranded that $30 million of tax credits had we not made that move this year. Yeah with the law change. Okay. It implies no change in terms of mix or for that matter, your ongoing profitability based on what you were at last quarter. That's correct, George. Yeah. Okay. Thank you. Be right back. A reminder that if you would like to ask a question, please press star one to raise your hand. Your next question comes from the line of Matthew McKellar with RBC Capital Markets. Matthew, please go ahead. Hi. Thanks. Just one more from me. I thought the slide 12 was pretty interesting. As I think about the more kind of operational focus items there, operational excellence, cost leadership, and maybe to some degree customer centricity. How much of that, I guess, do you need to get right to get to your $300 million Free Cash Flow target? Thanks. That's a good question because as we think about it in terms of the To achieve what we want to do, we want to be there across all these metrics. In terms of the $300 million, probably the most important area for us is two. One is the cost leadership. We need to increase the rate at which we can, and the level that we can reduce cost given these high inflationary environments we've had. It's across all regions and input costs. Additionally, I think it's important with our customer centricity. It's very important that given our strategy, where the flagship growth strategy is and where we want to run and to our assets at full capability. We need to make sure that our customers, we have intense customer loyalty as the market continues to decline. It's very important that we build and serve our customers to a level that's well above their expectations. Great. Thanks for the perspective. I'll turn it back. Your next question comes from the line of George Staphos with Bank of America Securities. George, please go ahead. Hey, thanks. Two quick ones. Number one, guys, I remember last quarter the update relative to the earnings impact from the footprint alignment related to Eastover. There was effectively a $20 million ad back for the view that you'd be bringing in some tons, I remember mostly from Brazil, to help on your volume, and it would be a bit more economical. Obviously, with tariffs changing again, maybe that situation has changed. I think I implied it or commented to it in one of the earlier questions. Can you update us on where that stands? There was a comment in the slide about Eastover and the softwood line, and I was just curious, how are you using softwood in the mix out there? I'll come back. Thanks. George, I'll take that first question. Based on the tariff changes, we will not be able to bring in as much product from Brazil as we anticipated last quarter. It looks like we'll be back near that $85 million estimate that we provided back in February from our Q4 call. When we said $20 million, it's essentially gone away from Brazil, rather. Yeah. Back to the $85 million that we originally estimated. Yeah, George, to your question about the softwood, we only have two lines in terms of our wood fiber that we supply to the mill, both hardwood and softwood. Generally, we put about 30%-40% softwood in the products, and mostly that's in the converting grades, which need strength. Okay, got it. Like envelope grades and stuff. That's. Yeah, I forgot about you had some grades used for converting. I will turn it over. I'll come back. Thanks. Your next question comes from the line of Mike Roxland with Truist Securities. Mike, please go ahead. Yeah. Thanks again for the additional questions. Just two quick ones. First, can you talk about the impact on the U.S. market from additional Canadian tariffs? I think the U.S. imports around 7% of supply from Canada. I'm just wondering, what the new tariffs, if and when they're implemented, would mean for additional tightness in the U.S. market. Second question, just wanted to find out from you. Your most profitable Brazil mill is not backward integrated. The Mogi mill is backward integrated and losing money. Can you remind me why it's important to be backward integrated into pulp in Brazil? What I would also note is there was an article recently that a domestic U.S. mill has decided to rely on market pulp to produce paper and discontinue the use of internal pulp, and that's actually improved their return profile. Any color you have on why the integration is necessary in Brazil. Thank you. Yeah, Mike. When you think about the process to produce paper on an integrated mill, not only are you fully integrated, are you using wood to produce the fiber, but you also use that process of reclaiming the chemical, debarking it, so you get bark. You end up producing your energy, both electricity and steam, from the process of cooking the wood. When you add that together collectively, it's typically a much lower cost way to produce the products that we make on uncoated freesheet if you have a good source of wood. Given the competitive situation where you actually may have high-cost wood and relatively low-cost energy, potentially, that may make sense. Where you have low-cost wood, it's going to make more sense to be fully integrated. Três Lagoas is a non-integrated mill, it has a unique position of being attached to a pulp mill. Unlike buying market pulp, and then having to repulp that and put it back into your processes, we get that directly from the pulp mill, from the Suzano mill. We get that in a wet slurry. No transportation cost, no repulping yet. Also, we have an agreement with the Suzano mill to provide steam and energy at very attractive rates. Yeah, that makes that situation down in Três Lagoas. It actually may not be the highest margin business we own, but it certainly is the highest cash generation business, because also you don't have the capital cost on the back end of the mill. I would add, John, for Mike, for your benefit. Luiz Antônio is actually our lowest cost mill, even compared to Três Lagoas. John's comment around on a cash basis is important because you got a lot less equipment at Três Lagoas. Luiz Antônio, fully integrated, using fiber is its lowest cost. And- Go ahead. Then- Thank you. You asked about the impact on the Canadian tariff. The tariff that was applied was on a very narrow product line of uncoated freesheet. As you mentioned, it's imported or exported or comes into the U.S. at a very small volume. The impact of that on the North America market is de minimis from the tariff perspective. Thank you. Your next question comes from the line of George Staphos, Bank of America Securities. George, please go ahead. Hey, guys. Last two from me, one on Europe and one on the bridge into the third quarter. For Europe, guys, I think you're answering it to Matthew and I might have missed it, but have you quantified what benefit you're getting from improved fiber in Nymölla or with a reasonable time period, like in the next quarter or two, annualized, what kind of benefit on fiber you expect to get in Nymölla? Relatedly, what are you seeing in the pulp markets in Europe right now and what it's doing to the cost curve, especially for the non-integrated guys? That's question one, broadly. Question two, if we think about what you reported for 2Q, you did $60 million. Again, thank you for the pricing guide. Let's say you get half of that $75 million-$85 million, let's call it $40 million of the midpoint of $80 million, right? You have maintenance, which comes down $40, I believe, 2Q to 3Q. Again, correct me if I'm wrong. That's an $80. Should we assume that the Brazilian tons that are not coming in, that -$20 offsets whatever volume and ops benefit you'd get? Basically, we're looking at an $80 million benefit, 3Q versus 2Q. What other good guys might help you add to that total? Thank you, guys, and good luck in the quarter. There's a lot packed in there, George. We're trying. Maybe Tate. Yeah. Appreciate that. On Europe, let's talk about fiber. Relative to pulp, what we're seeing with pulp are pulp prices coming up, but probably to a stable point. Relative to the non-integrated players, today there are a fewer non-integrated players in Europe than there were some years ago. I think what you traditionally saw where when pulp went up, it helped to put paper prices up. We're not seeing that as much anymore. Operating rates are still low. Pulp has come up somewhat. We've gotten some traction on price, but I think there's less relationship there. Pulp is up EUR 112 a ton, euros a ton, sorry, say July year to date. Prices are not up that much. Okay. Relatedly, Nymölla and then the bridge at 3Q. Thank you. Yeah. I think, George, basically what I said is that wood cost has come down about 20%, but we're going to see the impact of that. We're starting to just start to see the impact of that in the third quarter. Okay. That'll carry through the rest of the year. Okay. The bridge? the bridge. Yeah, back to you're looking for more specifics on each of these, the buckets, if you will, for second half? Yeah, I gave you two round numbers to work with Don. Yeah. When I look at numbers at a very quick level, directionally I would say you're in the ballpark is where we would think. Of course, there's some uncertainty around the input cost with the war, but generally that's right. The other thing too is, and maybe we need to talk about this in the volume and stuff. We shipped the volume. When the AIP tariff went away, we made a change and moved from instead of importing in from our European operations, we imported in from Brazil. Now we've had to stop that due to the recent tariffs implications. There was volume that was shipped into Brazil and not sold, right? Will be sold in the second half. To the U.S. I'm sorry, to the U.S. Roughly, that means that the earnings for Brazil understated, and we're going to see the impact of that in the second half in the mix. It's roughly about $9 to $10 million. Okay. That's not all going to hit the third quarter. That'll as we sell it'll be third and fourth quarter. Okay. Thank you very much. We have reached the end of the Q&A session. I'll now turn the call back over to John Sims for closing remarks. John, please go ahead. Again, thank you for being on the call and thank you for the questions. We said, and I said that 2025 and 2026 would be low points in our Free Cash Flow generation, and I would say that the first and second quarter were probably the nadir of that. This is a transition year, 2026. It is going to be a tale of two halves, which we've talked about during this call. This year we're executing our most significant investments at our Eastover mill, and will drive a lot of value in the years to come. We've also launched our Lean transformation, focused on exceeding our customers' expectations and driving improvement, and accelerating that across all our operations. We are focused on the long-term value creation and will generate strong, sustainable results by diligently executing our flagship growth strategy, adhering to the disciplined capital allocation principles, becoming more customer centric, and institutionalizing lean management principles. We have a lot of confidence that we believe that as industry concerns, particularly in Europe and on the older markets, our capital spending normalizes and the benefits from our investments begin to materialize with potential to generate annually greater than $300 million of cash flow, greater than 15% Return on Invested Capital. Thank you for being on the call. Thanks everybody. Have a great day and a great weekend. Bye-bye. Once again, we would like to thank you for participating in Sylvamo's second quarter 2026 earnings call. You may now disconnect.