Slide 1: Second Quarter 2026 Earnings
1 Second Quarter 2026 Earnings August 7, 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: 2Q26 Highlights
2Q26 Highlights 4 • Implementing previously communicated UFS price increases across all our regions • Advancing our Lean transformation journey • Progressing on strategic Eastover investments © 2026 Sylvamo Corporation. All rights reserved.
Slide 5: 2Q26 Key Financial Metrics
2Q26 Key Financial Metrics 5 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $82 $0.37 $60 2Q25 1Q26 2Q26 $0.03 ($2) $29 2Q25 1Q26 2Q26 ($23) 10% 4% 7% 2Q25 1Q26 2Q26 ($59) ($0.53) Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2026 Sylvamo Corporation
Slide 6: 2Q26 vs. 1Q26 Adjusted EBITDA
2Q26 vs. 1Q26 Adjusted EBITDA 6 $ Million $22 ($24) $32 $3 ($2) $60 $29 4% 7% 1Q26 Price & Mix Volume Operations and Maintenance Input and 2Q26 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 7: Uncoated freesheet industry conditions across our regions
Uncoated freesheet industry conditions across our regions 7 • Industry supply and demand environment remains challenging Europe • Pulp prices stable • Paper price increases being implemented with our customers • Demand expected to increase through the year due to seasonality Latin America • Brazil p
Slide 8: 2H26 Adjusted EBITDA benefits from favorable price & mix, volume and operations
2H26 Adjusted EBITDA benefits from favorable price & mix, volume and operations 8 2H26 versus 1H26 Price increases implemented across all our regions; Price & Mix Favorable Improved mix in the Americas Stronger seasonality in Latin America partially offset by lower Volume Favorable North America vol
Slide 9: Strategic Eastover investments will add capacity, reduce costs and improve efficiency
Strategic Eastover investments will add capacity, reduce costs and improve efficiency 9 Woodyard Modernization Paper Machine Optimization • Hardwood line operating since May • Incremental 60,000 UFS tons • Improved reliability and chip quality • Installation in 4Q26 planned outage • Softwood 1Q27 st
Slide 10: Strategic Eastover investments will add capacity, reduce costs and improve efficiency
Strategic Eastover investments will add capacity, reduce costs and improve efficiency 10 NEW Cutsize Sheeter Warehouse Expansion • Passed acceptance testing in June • Leveraging existing sheet plant location • Equipment delivered in July • Lower supply chain costs plus flexibility • Preparing for in
Slide 11: We aim to achieve world-class performance in areas that define our success
We aim to achieve world-class performance in areas that define our success 11 Safety and Well-being Employee Engagement Customer Centricity Operational Excellence Cost Leadership Sustainability © 2026 Sylvamo Corporation. All rights reserved.
Slide 12: How we measure world-class performance
How we measure world-class performance 12 Areas Goal Target By When Safety and Eliminate serious injuries through a resilient safety • Zero serious injuries Now Well-being culture Employee Sustain world-class engagement while • Employee Net Promoter Score > 50 Ongoing Engagement strengthening capabi
Slide 13: Focused on generating strong, sustainable results and long-term shareowner value
Focused on generating strong, sustainable results and long-term shareowner value 13 • 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
Slide 14: Appendix
14 Appendix © 2026 Sylvamo Corporation. All rights reserved.
Slide 15: Contacts
Contacts 15 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 16: Selected Annual Financial Guidance
Selected Annual Financial Guidance 16 2025 2026 $ Million Actual Outlook Total Maintenance Outage and One-time Costs $110 $120 Maintenance & Regulatory $112 ~$110 Brazil Reforestation $50 ~$40 Capital Spending High-return Projects $62 ~$95 Total $224 ~$245 Depreciation & Amortization $179 $170 Net I
Slide 17: 2.2x Net Debt-to-Adjusted EBITDA - June 30, 2026
2.2x Net Debt-to-Adjusted EBITDA - June 30, 2026 17 Gross Debt $ Million $1,520 Revolver AR Securitization Term Loan A $899 $934 $842 Term Loan B Term Loan F 3 Term Loan F 2 Term Loan F Notes Initial Gross Debt at Dec '25 Mar '26 Jun '26 Spinoff 2.6x Gross Debt-to-Adjusted EBITDA as of June 30, 2026
Slide 18: Debt-to-Adjusted EBITDA Reconciliation
Debt-to-Adjusted EBITDA Reconciliation 18 $ 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 tempo
Slide 19: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 19 $ 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
Slide 20: Free Cash Flow by Quarter - Since Spinoff
Free Cash Flow by Quarter - Since Spinoff 20 $ 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 2Q26 ($25) ($2) ($23) ($33) ($59) © 2026 Sylvamo Corporation. All rights reserved.
Slide 21: 2Q26 vs. 1Q26 Free Cash Flow
2Q26 vs. 1Q26 Free Cash Flow 21 $ 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) ($61) ($
Slide 22: 2Q26 vs. 2Q25 Free Cash Flow
2Q26 vs. 2Q25 Free Cash Flow 22 $ 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)
Slide 23: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 23 $ 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 intercompan
Slide 24: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 24 $ 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
Slide 25: Adjusted Operating Earnings per Share Reconciliation
Adjusted Operating Earnings per Share Reconciliation 25 $ 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
Slide 26: Our Brazilian forestlands serve as a source of intrinsic value for shareowners
Our Brazilian forestlands serve as a source of intrinsic value for shareowners 26 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 27: Capacity by Grade
Capacity by Grade 27 000 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 28: 2Q26 Sales Volume
2Q26 Sales Volume 28 Latin North 000 Short Tons Europe Sylvamo America America 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 © 2026 Sylvamo Corporation. All rights reserved.
Slide 29: North America Uncoated Freesheet Sales Volume
North America Uncoated Freesheet Sales Volume 29 000 Short Tons 1Q26 2Q26 Including Inter-segment Sales 271 280 Inter-segment Elimination (3) (14) Excluding Inter-segment Sales 268 266 © 2026 Sylvamo Corporation. All rights reserved.
Slide 30: 2023 - 2026 Economic Downtime
2023 - 2026 Economic Downtime 30 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 0 0 1 6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 UFS Pulp © 2026 Sylvamo Corporation. All rights reserved.
Slide 31: ~50% of 2026 planned maintenance outage costs in 4Q
~50% of 2026 planned maintenance outage costs in 4Q 31 $ Million $120 $24 $61 $54 $41 $24 $17 $24 $17 $23 $21 $14 $1 $14 $18 $3 $3 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 32: Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook
Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook 32 $ Million 1Q26 2Q26 3Q26 4Q26 2026 Actual Actual Outlook Outlook 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 Syl
Slide 33: Quarterly Business Segment Operating Results
Quarterly Business Segment Operating Results 33 Sales D&A Adjusted EBITDA $ Million 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
Slide 34: 2Q26 vs. 2Q25 Adjusted EBITDA
2Q26 vs. 2Q25 Adjusted EBITDA 34 $ Million $82 ($7) $25 ($23) ($6) ($11) $60 10% 7% 2Q25 Price & Mix Volume Operations and Maintenance Input and 2Q26 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 35: Europe Adjusted EBITDA
Europe Adjusted EBITDA 35 2Q26 vs. 1Q26 ($36) ($12) (19%) $18 ($3) $3 (6%) $7 ($1) 1Q26 Price & Mix Volume Operations and Maintenance Input and 2Q26 Other Costs Outages Transportation Costs $ Million 2Q26 vs. 2Q25 ($30) ($12) $25 ($2) (17%) (6%) ($14) $8 $1 2Q25 Price & Mix Volume Operations and Mai
Slide 36: Latin America Adjusted EBITDA
Latin America Adjusted EBITDA 36 2Q26 vs. 1Q26 $4 ($1) ($18) $7 $26 ($9) $9 14% 4% 1Q26 Price & Mix Volume Operations and Maintenance Input and 2Q26 Other Costs Outages Transportation $ Million Costs 2Q26 vs. 2Q25 $27 $0 ($1) ($5) 9% 19% ($1) ($11) $9 13% 4% 2Q25 Price & Mix Volume Operations and Ma
Slide 37: North America Adjusted EBITDA
North America Adjusted EBITDA 37 2Q26 vs. 1Q26 $18 $0 $5 ($3) $4 $63 $39 10% 15% 1Q26 Price & Mix Volume Operations and Maintenance Input and 2Q26 Other Costs Outages Transportation $ Million Costs 2Q26 vs. 2Q25 $7 ($6) ($14) $85 $1 ($10) 9% $63 19% 20% 15% 2Q25 Price & Mix Volume Operations and Mai
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 © 2026 Sylvamo Corporation. All rights reserved.