Slide 1: Second Quarter 2025 Earnings
1 Second Quarter 2025 Earnings August 8, 2025 © 2025 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: 2Q25 Highlights
2Q25 Highlights 4 • Improved operational performance • Executed heaviest planned maintenance outage quarter • Returned $38 million in cash to shareowners Sumter, SC © 2025 Sylvamo Corporation. All rights reserved.
Slide 5: 2Q25 Key Financial Metrics
2Q25 Key Financial Metrics 5 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $164 $1.98 $90 $82 $62 $0.68 $0.37 18% 11% 10% 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 ($2) ($25) Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2025 Sylvamo Corporation.
Slide 6: 2Q25 Adjusted EBITDA in line with our Outlook, despite ($13) million from FX
2Q25 Adjusted EBITDA in line with our Outlook, despite ($13) million from FX 6 2Q25 vs. 1Q25 $ Million 2Q25 Outlook $5 - $10 ($5) - $5 $10 - $15 ($36) $5 - $10 $75 - $95 (May 9, 2025) $23 ($39) $12 ($9) $90 $5 $82 +$18 Manufacturing Operations +$18 Other Costs ($13) Foreign Exchange 11% 10% 1Q25 Pri
Slide 7: 1H25 uncoated freesheet industry dynamics
1H25 uncoated freesheet industry dynamics 7 Europe1 Latin America North America Supply 1H25 versus 1H24 - Uncoated Freesheet (7%) Stable (10%) Demand (8%) (2%) Stable Brazil: +6% | OLA: (6%) 1H25 versus 1H24 Uncoated Freesheet Supply and Demand variances reflect estimated figures 1Excluding CIS coun
Slide 8: Uncertainty and potential impacts from U.S. tariffs
Uncertainty and potential impacts from U.S. tariffs 8 UFS global trade flows • Trade shifts between regions • Currency fluctuations Cross-regional themes • Inflation • Economic activity slowdown © 2025 Sylvamo Corporation. All rights reserved.
Slide 9: 3Q25 Adjusted EBITDA Outlook: $145 - $165 Million
3Q25 Adjusted EBITDA Outlook: $145 - $165 Million 9 3Q25 vs. 2Q25 $ Million Price and Mix Unfavorable: ($15) - ($20) Primarily paper and pulp prices in Europe Volume Favorable: $15 - $20 Stronger seasonality in Latin America and North America Operations and Favorable: $0 - $5 Improved manufacturing
Slide 10: Disciplined capital allocation to drive long-term shareowner value
Disciplined capital allocation to drive long-term shareowner value 10 • Allows us to focus on customers and run the business with a long-term perspective Maintain Strong Financial Position • Enables reinvesting in our business to strengthen our competitive advantages Reinvest in Return Cash to our B
Slide 11: Fortified our financial position through debt repayment in 2024
Fortified our financial position through debt repayment in 2024 11 Provides flexibility and the ability to take care of customers, run our business and invest in our future Gross Debt $ Billion $1.5 $1.4 $1.0 $1.0 $0.8 $0.8 Initial Gross Debt Dec 21 Dec 22 Dec 23 Dec 24 Jun 25 at Spinoff 1.3x Net De
Slide 12: Ramping up capital spending on high-return projects with >20% IRR
Ramping up capital spending on high-return projects with >20% IRR 12 ~$270 - $290 ~$15 - $35 $221 ~$220 - $230 ~$205 - $235 ~$10 - $20 ~$90 High-Return $27 ~$25 - $55 Projects ~$45 ~$10 High-Return Eastover Mill $194 ~$165 ~$165 ~$170 Maintenance, Regulatory and Brazil Reforestation 2024 2025 2026 2
Slide 13: Investments in our Flagship North America mill (Eastover, SC) are on track
Investments in our Flagship North America mill (Eastover, SC) are on track 13 Reducing costs while improving efficiency and mix of the most competitive North America UFS mill 2025 2026 2027 Paper Machine >30% Optimization IRR ~$145 million Capital Investment New Replacement >$50 million Cutsize Shee
Slide 14: Our long-term strategy and investment thesis remain intact
Our long-term strategy and investment thesis remain intact 14 Investing to strengthen Focusing on Leveraging our strengths competitive advantages uncoated freesheet to drive high returns on to drive earnings and paper invested capital cash flows © 2025 Sylvamo Corporation. All rights reserved.
Slide 15: Creating shareowner value while navigating uncertainty
Creating shareowner value while navigating uncertainty 15 • Focus on customers • Maintain strong financial position • Reinvest in our businesses © 2025 Sylvamo Corporation. All rights reserved.
Slide 16: Appendix
16 Appendix © 2025 Sylvamo Corporation. All rights reserved.
Slide 17: Contacts
Contacts 17 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 © 2025 Sylvamo Corporation. All rights reserved.
Slide 18: Selected Annual Financial Guidance
Selected Annual Financial Guidance 18 2024 2025 $ Million Actual Outlook Total Maintenance Outage Costs $73 $111 Maintenance & Regulatory $138 ~$120 Brazil Reforestation $56 ~$45 Capital Spending High-return Projects $27 ~$55 - $65 Total $221 ~$220 - $230 Depreciation & Amortization $159 $179 Net In
Slide 19: Debt Maturity Profile
Debt Maturity Profile 19 June 30, 2025 $ Million $362 $212 $161 $9 $23 $23 $12 2025 2026 2027 2028 2029 2030 2031 Term Loan F AR Securitization Revolver Term Loan A Term Loan F 2 Debt maturity profile includes anticipated minimum amortization payments by year © 2025 Sylvamo Corporation. All rights r
Slide 20: 1.3x Net Debt-to-Adjusted EBITDA - June 30, 2025
1.3x Net Debt-to-Adjusted EBITDA - June 30, 2025 20 Gross Debt $ Million $1,520 $1,397 $1,026 $950 $796 $802 Initial Gross Debt Dec 21 Dec 22 Dec 23 Dec 24 Jun 25 at Spinoff Notes Term Loan F Term Loan F 2 Term Loan B Term Loan A AR Securitization Revolver 1.5x Gross Debt-to-Adjusted EBITDA as of Ju
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 21 $ Million 2Q24 1Q25 2Q25 Cash from Continuing Operations $115 $23 $64 Cash Invested in Capital Projects ($53) ($48) ($66) Free Cash Flow $62 ($25) ($2) Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating ac
Slide 22: 2Q25 vs. 1Q25 Free Cash Flow
2Q25 vs. 1Q25 Free Cash Flow 22 $ Million 1Q25 2Q25 Variance Adjusted EBITDA $90 $82 ($8) Cash Taxes ($14) ($35) ($21) Cash Interest ($6) ($10) ($4) Cash Special Items - ($2) ($2) Other Changes in Working Capital ($47) $29 $76 Cash Provided by Operating Activities $23 $64 $41 Capital Spending ($48)
Slide 23: 2Q25 vs. 2Q24 Free Cash Flow
2Q25 vs. 2Q24 Free Cash Flow 23 $ Million 2Q24 2Q25 Variance Adjusted EBITDA $164 $82 ($82) Cash Taxes ($27) ($35) ($8) Cash Interest ($11) ($10) $1 Cash Special Items ($4) ($2) $2 Other Changes in Working Capital ($7) $29 $36 Cash Provided by Operating Activities $115 $64 ($51) Capital Spending ($5
Slide 24: Free Cash Flow by Quarter - Since Spinoff
Free Cash Flow by Quarter - Since Spinoff 24 $ Million $155 $114 $119 $109 $104 $100 $84 $62 1Q 2Q $39 $32 $33 3Q 4Q $2 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ($2) ($25) ($33) © 2025 Sylvamo Corporation. All rights reserved.
Slide 25: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 25 3Q25 $ Million 2Q24 1Q25 2Q25 Outlook Net Income (Loss) $83 $27 $15 $59 - $74 Depreciation, Amortization, Cost of Timber Harvested 37 40 45 48 Interest (Income) Expense, Net 9 9 10 8 Income Tax Provision 30 6 5 24 - 29 Adjustments Equity-based Compensatio
Slide 26: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 26 $ Million 2Q24 1Q25 2Q25 Adjusted EBITDA Europe 17 (15) (30) Latin America 55 46 27 North America 92 59 85 Total Business Segment Adjusted EBITDA $164 $90 $82 Net Sales (excluding Inter-segment Sales eliminations) Europe 206 190 181 Latin America 245 199
Slide 27: Adjusted Operating Earnings per Share Reconciliation
Adjusted Operating Earnings per Share Reconciliation 27 $ Million 2Q24 1Q25 2Q25 Net Income (Loss) $83 $27 $15 Special Items Expense (Income) - $1 - Adjusted Operating Earnings $83 $28 $15 Adjusted Operating Earnings per Share $1.98 $0.68 $0.37 Adjusted Operating Earnings is a non-GAAP measure prese
Slide 28: Capacity by Grade
Capacity by Grade 28 000 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 29: 2Q25 Sales Volume
2Q25 Sales Volume 29 Latin North 000 Short Tons Europe Sylvamo America America Uncoated Papers 150 236 288 674 Market Pulp 29 30 30 89 Total 763 Sales volume includes revenue recognition © 2025 Sylvamo Corporation. All rights reserved.
Slide 30: 2023 - 2025 Economic Downtime
2023 - 2025 Economic Downtime 30 Thousand tons 185 150 61 27 98 23 56 124 58 123 2 75 25 25 2 56 11 7 23 25 0 0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 UFS Pulp © 2025 Sylvamo Corporation. All rights reserved.
Slide 31: 84% of planned maintenance outage costs completed in 1H25
84% of planned maintenance outage costs completed in 1H25 31 $ Million $111 1H25 84% $66 $27 $18 $0 1Q25 2Q25 3Q25 4Q25 2025 Outlook Europe Latin America North America Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed
Slide 32: Total Maintenance Outage Costs - 2025 Outlook
Total Maintenance Outage Costs - 2025 Outlook 32 $ Million 1Q25 2Q25 3Q25 4Q25 2025 Actual Actual Outlook Outlook Outlook Europe $12 $28 - - $40 Latin America $1 $20 - - $21 North America $14 $18 - $18 $50 Total $27 $66 - $18 $111 Total maintenance outage costs (shown for Sylvamo mills only) include
Slide 33: Quarterly Business Segment Operating Results
Quarterly Business Segment Operating Results 33 Sales D&A Adjusted EBITDA $ Million 2Q24 1Q25 2Q25 2Q25 2Q24 1Q25 2Q25 Europe $206 $190 $181 $8 $17 ($15) ($30) Latin America $245 $199 $207 $23 $55 $46 $27 North America $493 $438 $419 $14 $92 $59 $85 Segment Total $944 $827 $807 $45 $164 $90 $82 Sum
Slide 34: 2Q25 vs. 2Q24 Adjusted EBITDA
2Q25 vs. 2Q24 Adjusted EBITDA 34 $ Million $164 ($18) ($31) $9 ($37) ($5) $82 18% 10% 2Q24 Price & Mix Volume Operations Maintenance Input and 2Q25 and Costs Outages Transportation Costs © 2025 Sylvamo Corporation. All rights reserved.
Slide 35: Europe Adjusted EBITDA
Europe Adjusted EBITDA 35 2Q25 vs. 1Q25 ($15) ($30) (8%) $1 ($3) $3 ($16) (17%) $0 1Q25 Price & Mix Volume Operations Maintenance Input and 2Q25 and Costs Outages Transportation $ Million Costs 2Q25 vs. 2Q24 $17 ($16) 8% ($2) $1 ($28) ($30) (17%) ($2) 2Q24 Price & Mix Volume Operations Maintenance I
Slide 36: Latin America Adjusted EBITDA
Latin America Adjusted EBITDA 36 2Q25 vs. 1Q25 $46 $2 $2 ($5) ($19) $1 $27 23% 13% 1Q25 Price & Mix Volume Operations Maintenance Input and 2Q25 and Costs Outages Transportation Costs $ Million 2Q25 vs. 2Q24 9% 19% $55 ($6) ($7) ($2) ($13) $0 $27 22% 13% 2Q24 Price & Mix Volume Operations Maintenanc
Slide 37: North America Adjusted EBITDA
North America Adjusted EBITDA 37 2Q25 vs. 1Q25 $25 ($4) $4 $85 $59 $9 ($8) 13% 20% 1Q25 Price & Mix Volume Operations Maintenance Input and 2Q25 and Costs Outages Transportation $ Million Costs 2Q25 vs. 2Q24 $92 $4 ($22) 9% 19% $10 $4 ($3) $85 19% 20% 2Q24 Price & Mix Volume Operations Maintenance I
Slide 38: Executing on our Investment Thesis
Executing on our Investment Thesis 38 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 39: Building a better future for people, the planet and our company
39 Building a better future for people, the planet and our company © 2025 Sylvamo Corporation. All rights reserved.