Slide 1: First Quarter 2026 Earnings
1 First Quarter 2026 Earnings May 8, 2026 © 2026 Sylvamo Corporation. All rights reserved.
Slide 2: Cautionary statement concerning forward-looking statements
Cautionary statement concerning forward-looking statements 2 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
Slide 3: Statement relating to non-U.S. financial GAAP measures
Statement relating to non-U.S. financial GAAP measures 3 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. Managem
Slide 4: Evolving macro conditions since February have led to changes in our plans
Evolving macro conditions since February have led to changes in our plans 4 Key Macro Developments Company Actions Tariffs & • U.S. places 10% global tariffs on • Optimizing global trade flows by Trade all trading partners serving U.S. customers from Brazil Middle East • Near-term headwinds in energ
Slide 5: 1Q26 Highlights
1Q26 Highlights 5 • Implementing previously communicated UFS price increases across all our regions • Impacted by operational challenges • Launched our Lean transformation journey • Refinancing of our 2027 debt to extend our maturity profile © 2026 Sylvamo Corporation. All rights reserved.
Slide 6: 1Q26 Key Financial Metrics
1Q26 Key Financial Metrics 6 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $125 $38 $1.08 $90 $0.68 1Q25 4Q25 1Q26 $29 ($25) 1Q25 4Q25 1Q26 11% 14% 4% 1Q25 4Q25 1Q26 ($59) ($0.53) Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2026 Sylvamo Corporatio
Slide 7: 1Q26 vs. 4Q25 Adjusted EBITDA
1Q26 vs. 4Q25 Adjusted EBITDA 7 $ Million $125 ($13) ($36) ($29) $0 ($18) $29 14% 4% 4Q25 Price & Mix Volume Operations and Maintenance Input and 1Q26 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 8: Uncoated freesheet industry conditions across our regions
Uncoated freesheet industry conditions across our regions 8 • Industry supply and demand environment remains challenging Europe • Pulp prices improved • Paper price increases being implemented with our customers • Demand expected to increase through the year due to seasonality Latin America • Brazil
Slide 9: Update on our 2026 North American footprint transition costs
Update on our 2026 North American footprint transition costs 9 Key Macro Development on Tariffs & Trade: U.S. places 10% global tariffs on all trading partners through July 24 Bringing volume to serve U.S. Estimated 2026 Company customers from our Brazil Adjusted EBITDA operations while ramping down
Slide 10: >50% of 2026 planned maintenance outage costs in 4Q
>50% of 2026 planned maintenance outage costs in 4Q 10 $ Million $115 $24 $60 $52 $24 $37 $16 $22 $17 $22 $14 $19 $1 $14 $17 $3 $2 1Q26 2Q26 3Q26 4Q26 2026 Outlook Europe Latin America North America Eastover One-time Total maintenance outage costs (shown for Sylvamo mills only) include direct mainte
Slide 11: Strengthening our financial position as we navigate an uncertain environment
Strengthening our financial position as we navigate an uncertain environment 11 Capital Allocation Framework • Refinancing our long-term debt allows us to maintain our focus on customers and run the business, while navigating geopolitical and Maintain Strong economic challenges Financial Position •
Slide 12: Refinanced 2027 debt to extend our maturity profile
Refinanced 2027 debt to extend our maturity profile 12 $367 March 31, 2026 $321 $899 Million $161 $15 $23 $12 $0 2026 2027 2028 2029 2030 2031 2032 Proforma1 $326 March 31, 2026 $263 $899 Million $179 $19 $41 $41 $30 2026 2027 2028 2029 2030 2031 2032 1Reflects refinancing using March 31, 2026 balan
Slide 13: Vision for Sylvamo
Vision for Sylvamo 13 • Sylvamo will be legendary for the way we relentlessly pursue and achieve • world-class excellence in all that we do • Will create substantial and lasting value for our employees, customers and shareowners • Will enable us to be the employer, supplier and investment of choice
Slide 14: Lean transformation will drive customer experience, operational efficiency and value creation
Lean transformation will drive customer experience, operational efficiency and value creation 14 Customer Operational Cost Centricity Excellence Leadership LEAN INITIATIVES VALUE DRIVERS • Maximize customer value while systematically • Improve customer experience, reduce operating eliminating waste
Slide 15: Initiated our Lean transformation in Latin America
Initiated our Lean transformation in Latin America 15 Latin America Business North America Business and Mogi Guacu Mill and Corporate Functions Ticonderoga Mill 2Q 2026 2026 forward >> Employee-driven continuous improvement culture © 2026 Sylvamo Corporation. All rights reserved.
Slide 16: Strategic Eastover investments will add capacity, reduce costs and improve efficiency
Strategic Eastover investments will add capacity, reduce costs and improve efficiency 16 Paper Machine New Replacement Woodyard Optimization Cutsize Sheeter Modernization (+60,000 UFS tons) (External partner investments) © 2026 Sylvamo Corporation. All rights reserved.
Slide 17: Long-term value creation
Long-term value creation 17 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 continuous improvement principles • Digitally transf
Slide 18: Appendix
18 Appendix © 2026 Sylvamo Corporation. All rights reserved.
Slide 19: Contacts
Contacts 19 Hans Bjorkman Vice President, Investor Relations Investor Relations +1-901-519-8030 hans.bjorkman@sylvamo.com Adam Ghassemi Director, Corporate Communications Media +1-901-519-8115 adam.ghassemi@sylvamo.com © 2026 Sylvamo Corporation. All rights reserved.
Slide 20: Selected Annual Financial Guidance
Selected Annual Financial Guidance 20 2025 2026 $ Million Actual Outlook Total Maintenance Outage and One-time Costs $110 $115 Maintenance & Regulatory $112 ~$110 Brazil Reforestation $50 ~$40 Capital Spending High-return Projects $62 ~$95 Total $224 ~$245 Depreciation & Amortization $179 $173 Net I
Slide 21: 2.0x Net Debt-to-Adjusted EBITDA - March 31, 2026
2.0x Net Debt-to-Adjusted EBITDA - March 31, 2026 21 Gross Debt $ Million $1,520 Revolver AR Securitization Term Loan A $842 $899 $899 Term Loan B Term Loan F 3 Term Loan F 2 Term Loan F Notes Initial Gross Debt at Dec'25 Mar'26 Mar'26 Spinoff Proforma 2.3x Gross Debt-to-Adjusted EBITDA as of March
Slide 22: Debt-to-Adjusted EBITDA Reconciliation
Debt-to-Adjusted EBITDA Reconciliation 22 $ Million March 31, 2026 Long-term debt $766 Notes payable and current maturities of long-term debt 155 Less: Financing lease obligations (15) Less: Other financing arrangements (11) Less: Unamortized debt issuance costs 4 Gross Debt $899 Less: Cash and temp
Slide 23: Refinanced our debt on May 7, 2026 to extend our debt maturity profile
Refinanced our debt on May 7, 2026 to extend our debt maturity profile 23 Term Loan F • Refinanced entire $257 million balance into new Term Loan F-3 • New farm credit loan for $357 million Term Loan F-3 • Used to pay off Term Loan F and repay $100 million of revolver • Approx $90 million drawn; kep
Slide 24: Refinanced 2027 debt to extend our maturity profile
Refinanced 2027 debt to extend our maturity profile 24 $367 March 31, 2026 $321 $899 Million $161 $15 $23 $12 $0 2026 2027 2028 2029 2030 2031 2032 Term Loan F AR Securitization Revolver Term Loan A Term Loan F 2 Proforma1 $326 March 31, 2026 $263 $899 Million $179 $19 $41 $41 $30 2026 2027 2028 202
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 25 $ Million 1Q25 4Q25 1Q26 Cash from Continuing Operations $23 $94 ($10) Cash Invested in Capital Projects ($48) ($56) ($49) Free Cash Flow ($25) $38 ($59) Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating
Slide 26: Free Cash Flow by Quarter - Since Spinoff
Free Cash Flow by Quarter - Since Spinoff 26 $ Million $155 $114 $119 $109 $104 $100 $84 $62 1Q $39 $33 $33 $38 2Q $32 3Q $2 4Q 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 ($25) ($2) ($33) ($59) © 2026 Sylvamo Corporation. All rights reserved.
Slide 27: 1Q26 vs. 4Q25 Free Cash Flow
1Q26 vs. 4Q25 Free Cash Flow 27 $ Million 4Q25 1Q26 Variance Adjusted EBITDA $125 $29 ($96) Cash Taxes ($26) ($12) $14 Cash Interest ($11) ($7) $4 Cash Special Items - - - Other Changes in Working Capital $6 ($20) ($26) Cash Provided by Operating Activities $94 ($10) ($104) Capital Spending ($56) ($
Slide 28: 1Q26 vs. 1Q25 Free Cash Flow
1Q26 vs. 1Q25 Free Cash Flow 28 $ Million 1Q25 1Q26 Variance Adjusted EBITDA $90 $29 ($61) Cash Taxes ($14) ($12) $2 Cash Interest ($6) ($7) ($1) Cash Special Items - - - Other Changes in Working Capital ($47) ($20) $27 Cash Provided by Operating Activities $23 ($10) ($33) Capital Spending ($48) ($4
Slide 29: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 29 $ Million 1Q25 4Q25 1Q26 Net Income (Loss) $27 $33 ($3) Depreciation, Amortization, Cost of Timber Harvested 40 45 41 Interest Expense, Net 9 11 9 Income Tax Provision 6 25 (3) Adjustments Equity-based Compensation 6 1 3 Foreign exchange on intercompany n
Slide 30: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 30 $ Million 1Q25 4Q25 1Q26 Adjusted EBITDA Europe (15) (22) (36) Latin America 46 58 26 North America 59 89 39 Total Business Segment Adjusted EBITDA $90 $125 $29 Net Sales (excluding Inter-segment Sales eliminations) Europe 190 186 190 Latin America 199 27
Slide 31: Adjusted Operating Earnings per Share Reconciliation
Adjusted Operating Earnings per Share Reconciliation 31 $ Million 1Q25 4Q25 1Q26 Net Income (Loss) $27 $33 ($3) Special Items Expense (Income) $1 $11 $1 Foreign exchange on intercompany note - ($1) ($19) Adjusted Operating Earnings $28 $43 ($21) Adjusted Operating Earnings per Share $0.68 $1.08 ($0.
Slide 32: Our Brazilian forestlands serve as a source of intrinsic value for shareowners
Our Brazilian forestlands serve as a source of intrinsic value for shareowners 32 Sylvamo Forestlands in Brazil: ~250,000 acres or ~110,000 hectares • Our forestlands are valuable In October 2025, a third party strategic assets appraised our forestlands at • Source of significant global competitive
Slide 33: Capacity by Grade
Capacity by Grade 33 000 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 Syl
Slide 34: 1Q26 Sales Volume
1Q26 Sales Volume 34 Latin North 000 Short Tons Europe Sylvamo America America Uncoated Papers 169 211 268 648 Market Pulp 39 28 29 96 Total 744 Sales volume includes revenue recognition © 2026 Sylvamo Corporation. All rights reserved.
Slide 35: 2023 - 2026 Economic Downtime
2023 - 2026 Economic Downtime 35 Thousand tons 185 150 61 27 98 23 56 123 124 58 2 75 25 25 16 2 56 11 7 1 7 23 25 0 15 1 0 6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 UFS Pulp © 2026 Sylvamo Corporation. All rights reserved.
Slide 36: Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook
Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook 36 $ Million 1Q26 2Q26 3Q26 4Q26 2026 Actual Outlook Outlook Outlook Outlook Europe - $2 $1 $14 $17 Latin America $3 $19 - - $22 North America1 $14 $16 - $46 $76 Total $17 $37 $1 $60 $115 Total maintenance outage costs (shown for Sy
Slide 37: Quarterly Business Segment Operating Results
Quarterly Business Segment Operating Results 37 Sales D&A Adjusted EBITDA $ Million 1Q25 4Q25 1Q26 1Q26 1Q25 4Q25 1Q26 Europe $190 $186 $190 $8 ($15) ($22) ($36) Latin America $199 $270 $187 $21 $46 $58 $26 North America $438 $447 $390 $12 $59 $89 $39 Segment Total $827 $903 $767 $41 $90 $125 $29 Su
Slide 38: 1Q26 vs. 1Q25 Adjusted EBITDA
1Q26 vs. 1Q25 Adjusted EBITDA 38 $ Million $90 ($30) ($18) ($7) $10 ($16) $29 11% 4% 1Q25 Price & Mix Volume Operations and Maintenance Input and 1Q26 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 39: Europe Adjusted EBITDA
Europe Adjusted EBITDA 39 1Q26 vs. 4Q25 ($22) ($36) (12%) (19%) ($3) ($1) ($6) $0 ($4) 4Q25 Price & Mix Volume Operations and Maintenance Input and 1Q26 Other Costs Outages Transportation Costs $ Million 1Q26 vs. 1Q25 ($15) ($36) (8%) ($16) (19%) ($3) ($10) $12 ($4) 1Q25 Price & Mix Volume Operation
Slide 40: Latin America Adjusted EBITDA
Latin America Adjusted EBITDA 40 1Q26 vs. 4Q25 $58 ($5) ($18) ($7) ($3) $1 $26 21% 14% 4Q25 Price & Mix Volume Operations and Maintenance Input and 1Q26 Other Costs Outages Transportation Costs $ Million 1Q26 vs. 1Q25 9% 19% $46 ($8) ($3) ($9) ($2) $2 $26 23% 14% 1Q25 Price & Mix Volume Operations a
Slide 41: North America Adjusted EBITDA
North America Adjusted EBITDA 41 1Q26 vs. 4Q25 $89 ($5) ($17) ($16) $3 ($15) $39 20% 10% 4Q25 Price & Mix Volume Operations and Maintenance Input and 1Q26 Other Costs Outages Transportation $ Million Costs 1Q26 vs. 1Q25 9% 19% $59 ($6) ($12) $12 $0 ($14) $39 13% 10% 1Q25 Price & Mix Volume Operation
Slide 42: Executing on our Investment Thesis
Executing on our Investment Thesis 42 The World’s Paper Company A Simple, Focused Plan We are the world’s paper company, the: We focus on uncoated freesheet and will create long-term • Employer of Choice value through: • Supplier of Choice • Talented teams • Investment of Choice • Iconic brands We b
Slide 43: Building a better future for people, the planet and our company
43 Building a better future for people, the planet and our company © 2026 Sylvamo Corporation. All rights reserved.