Slide 1: Fourth Quarter and Full Year 2025 Earnings
1 Fourth Quarter and Full Year 2025 Earnings February 12, 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: Vision for Sylvamo
Vision for Sylvamo 4 • 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 E
Slide 5: Standards that define success
We will strive to achieve world-class standards in areas that define our success 5 Safety & Employee •Standards Well-being Engagement that Customer Operational Centricity Excellence define success Cost Leadership Sustainability © 2026 Sylvamo Corporation. All rights reserved.
Slide 6: As Sylvamo's CEO, my commitment to you is that we will
As Sylvamo’s CEO, my commitment to you is that we will: 6 • Allocate capital wisely and focus on long-term value creation • Communicate transparently while providing context, rationale and honest assessments of our decisions and performance • Uphold our values and drive smart, data-driven decisions
Slide 7: Maintaining our Strong Financial Position
Generated 12% Return on Invested Capital in a challenging 2025 environment 7 Maintaining our • Maintained very strong balance sheet Strong Financial • Achieved net debt-to-adjusted EBITDA of 1.6x Position • Earned $448 million in Adjusted EBITDA (13% Margin) Executing our • Generated $44 million in
Slide 8: 2025 Key Financial Metrics
2025 Key Financial Metrics 8 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $632 $607 $7.42 $294 $6.51 $448 $248 $3.54 $44 16% 17% 13% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2026 Sylvamo Corporation
Slide 9: 4Q25 Highlights
4Q25 Highlights 9 • Uncoated freesheet sales volume increased 9% quarter-over-quarter • Productivity continued to improve • Significant progress made on strategic investments at our Eastover, SC mill © 2026 Sylvamo Corporation. All rights reserved.
Slide 10: 4Q25 Key Financial Metrics
4Q25 Key Financial Metrics 10 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $157 $151 $125 $1.96 $100 $1.44 $1.08 $33 $38 16% 18% 14% 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2026 Sylvamo Corporation
Slide 11: 4Q25 vs. 3Q25 Adjusted EBITDA
4Q25 vs. 3Q25 Adjusted EBITDA 11 $ Million $151 ($21) $18 ($4) ($17) ($2) $125 18% 14% 3Q25 Price & Mix Volume Operations and Maintenance Input and 4Q25 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 12: Uncoated freesheet industry conditions across our regions
Uncoated freesheet industry conditions across our regions 12 • Challenging industry supply and demand environment Europe • Pulp prices starting to improve • Paper price increases communicated to our customers • Seasonally weaker demand in first quarter Latin America • Brazil paper price increases co
Slide 13: 2026 capital spending peaks with high-return investments
2026 capital spending peaks with high-return investments at our Eastover mill 13 ~$245 $221 $224 ~$10 ~$225 $27 $18 ~$25 High-Return $44 ~$85 ~$15 Projects High-Return Eastover Mill $194 ~$185 $162 ~$150 Maintenance, Regulatory and Brazil Reforestation 2024 2025 2026 2027 Outlook Outlook © 2026 Sylv
Slide 14: Strategic Eastover investments will add capacity
Strategic Eastover investments will add capacity, reduce costs and improve efficiency 14 2025 2026 2027 Paper Machine >30% Optimization IRR (+60,000 UFS tons) ~$145 million Capital Investment New Replacement >$50 million Cutsize Sheeter Adj. EBITDA / Year Woodyard Woodyard $70 - $80 ~$75 million mil
Slide 15: 2026 will be a transition year for North America sales volume
2026 will be a transition year for North America sales volume 15 We expect to have ~($20) million adjusted EBITDA impact from selling ~55,000 fewer tons as we work through short-term capacity constraints Sales Volume (Thousand tons) 1,226 (160) 20 ~1,170 80 35 (30) 2025 Riverdale Extended Supply fro
Slide 16: We are focused on serving our customers during this transition
We are focused on serving our customers during this transition with a solid plan 16 In 2026 we expect ~($45) million adjusted EBITDA impact from additional costs and ~($25) million in working capital in North America Eastover mill & Riverdale supply sheet plant ends extended outage 1Q26 2Q26 3Q26 4Q
Slide 17: Summary of impacts due to North America footprint transition
Summary of impacts due to North America footprint transition in 2026 17 All figures are estimates in $ Million 1Q 2Q 3Q 4Q 2026 Outlook Lower sales volume (55,000 tons) ($20) - - - ~($20) North Sourcing mix & external ($5) ($5) ($5) ($5) ~($20) America conversion costs Adjusted One-time outage costs
Slide 18: More than half of 2026 outage costs in 4Q
>50% of 2026 planned maintenance outage costs in 4Q due to Eastover projects 18 $ Million $115 $24 $61 $55 $24 $35 $18 $17 $23 $19 $15 $16 $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 on
Slide 19: Creating long-term shareowner value since becoming independent
Creating long-term shareowner value since becoming an independent company 19 Improving our • Reduced gross debt by $678 million (45%) to $842 million Financial Position • Achieved net debt-to-adjusted EBITDA of 1.6x • Earned $2.5 billion in Adjusted EBITDA (17% Margin) Delivering on our • Generated
Slide 20: Our strategy and capital allocation philosophy remain unchanged
Our strategy and capital allocation philosophy remain unchanged 20 We will invest in low-risk, high-return projects to strengthen our uncoated freesheet capabilities and grow earnings and cash flow We will deploy every dollar with the goal of improving our competitive position and delivering the bes
Slide 21: Long-term value creation
Long-term value creation 21 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 management principles • Digitally transforming our b
Slide 22: We will share more details at our Investor Day later this year
We will share more details at our Investor Day later this year 22 We seek to attract and retain high-quality, long-term shareowners who share our vision for disciplined capital allocation and sustainable value creation We will share more details on our strategy, capital allocation priorities and pro
Slide 23: Appendix
23 Appendix © 2026 Sylvamo Corporation. All rights reserved.
Slide 24: Contacts
Contacts 24 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 25: Selected Annual Financial Guidance
Selected Annual Financial Guidance 25 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 $172 Net I
Slide 26: 2025 Return on Invested Capital Reconciliation
2025 Return on Invested Capital Reconciliation 26 $ Million 2024 2025 Net Income $132 Special Items Expense (Income) 14 Foreign exchange on intercompany note (1) Interest (Income) Expense, Net 39 Adjusted Operating Earnings Before Interest $184 Total Equity $847 $966 Add: Long-Term Debt 782 763 Add:
Slide 27: Allocated cash since becoming an independent company
Allocated ~$2.2 billion in cash since becoming an independent company 27 $ Million Debt Repayment $167 Half a Billion in cash $202 returned to $678 Capex shareowners $300 ~$2.2 Share Repurchases Billion Dividends $826 Nymolla Acquisition (Jan 2023) All figures reflect our performance as an independe
Slide 28: Debt-to-Adjusted EBITDA Reconciliation
Debt-to-Adjusted EBITDA Reconciliation 28 $ Million 2025 Long-term Debt $763 Notes Payable and current maturities of long-term debt 90 Less: Financing Lease obligations (15) Less: Unamortized Debt Issuance Costs 4 Gross Debt $842 Less: Cash and temporary investments 135 Net Debt $707 Adjusted EBITDA
Slide 29: Net Debt-to-Adjusted EBITDA - December 31, 2025
1.6x Net Debt-to-Adjusted EBITDA - December 31, 2025 29 Gross Debt $ Million $1,520 $1,397 $1,026 $950 $796 $842 Initial Gross Debt Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 at Spinoff Notes Term Loan F Term Loan F 2 Term Loan B Term Loan A AR Securitization Revolver 1.9x Gross Debt-to-Adjusted EBITDA as o
Slide 30: Debt Maturity Profile
Debt Maturity Profile 30 December 31, 2025 $ Million $370 $256 $161 $20 $23 $12 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 © 2026 Sylvamo Corporation. All rights reser
Slide 31: Our Brazilian forestlands serve as a source of value
Our Brazilian forestlands serve as a source of intrinsic value for shareowners 31 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 32: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 32 $ Million 4Q24 3Q25 4Q25 2024 2025 Cash from Continuing Operations $164 $87 $94 $469 $268 Cash Invested in Capital Projects ($64) ($54) ($56) ($221) ($224) Free Cash Flow $100 $33 $38 $248 $44 Free cash flow is a non-GAAP measure and the most directly comparable GAAP
Slide 33: Free Cash Flow Reconciliation - Since Spinoff
Free Cash Flow Reconciliation - Since Spinoff 33 Since $ Million 4Q21 2022 2023 2024 2025 Spinoff Cash from Continuing Operations $131 $418 $504 $469 $268 $1,790 Cash Invested in Capital Projects ($22) ($149) ($210) ($221) ($224) ($826) Free Cash Flow $109 $269 $294 $248 $44 $964 © 2026 Sylvamo Corp
Slide 34: Free Cash Flow by Quarter - Since Spinoff
Free Cash Flow by Quarter - Since Spinoff 34 $ Million $155 $114 $119 $109 $104 $100 $84 $62 1Q 2Q $39 $38 $32 $33 $33 3Q 4Q $2 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ($2) ($25) ($33) © 2026 Sylvamo Corporation. All rights reserved.
Slide 35: 4Q25 vs. 3Q25 Free Cash Flow
4Q25 vs. 3Q25 Free Cash Flow 35 $ Million 3Q25 4Q25 Variance Adjusted EBITDA $151 $125 ($26) Cash Taxes ($12) ($26) ($14) Cash Interest ($10) ($11) ($1) Cash Special Items $0 $0 $0 Other Changes in Working Capital ($42) $6 $48 Cash Provided by Operating Activities $87 $94 $7 Capital Spending ($54) (
Slide 36: 4Q25 vs. 4Q24 Free Cash Flow
4Q25 vs. 4Q24 Free Cash Flow 36 $ Million 4Q24 4Q25 Variance Adjusted EBITDA $157 $125 ($32) Cash Taxes ($40) ($26) $14 Cash Interest ($10) ($11) ($1) Cash Special Items ($2) $0 $2 Other Changes in Working Capital $59 $6 ($53) Cash Provided by Operating Activities $164 $94 ($70) Capital Spending ($6
Slide 37: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 37 $ Million 4Q24 3Q25 4Q25 2024 2025 Net Income (Loss) $81 $57 $33 $302 $132 Depreciation, Amortization, Cost of Timber Harvested 44 49 45 159 179 Interest (Income) Expense, Net 7 9 11 39 39 Income Tax Provision 19 31 25 103 67 Adjustments Equity-based Comp
Slide 38: Adjusted EBITDA Reconciliation - Since Spinoff
Adjusted EBITDA Reconciliation - Since Spinoff 38 Since $ Million 4Q21 2022 2023 2024 2025 Spinoff Net Income from Continuing Operations $29 $336 $253 $302 $132 $1,052 Depreciation, Amortization, Cost of Timber Harvested 31 125 143 159 179 637 Interest (Income) Expense, Net 18 69 34 39 39 199 Income
Slide 39: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 39 $ Million 4Q24 3Q25 4Q25 2024 2025 Adjusted EBITDA Europe 14 (11) (22) 47 (78) Latin America 70 61 58 228 192 North America 73 101 89 357 334 Total Business Segment Adjusted EBITDA $157 $151 $125 $632 $448 Net Sales (excluding Inter-segment Sales eliminat
Slide 40: Adjusted Operating Earnings per Share Reconciliation
Adjusted Operating Earnings per Share Reconciliation 40 $ Million 4Q24 3Q25 4Q25 2024 2025 Net Income (Loss) $81 $57 $33 $302 $132 Special Items Expense (Income) $1 $1 $11 $10 $13 Foreign exchange on intercompany note - - ($1) - ($1) Adjusted Operating Earnings $82 $58 $43 $312 $144 Adjusted Operati
Slide 41: 2025 Financial Highlights
2025 Financial Highlights 41 1Q 2Q 3Q 4Q FY 2025 Net Sales (Million) $821 $794 $846 $890 $3,351 Adjusted EBITDA (Million) $90 $82 $151 $125 $448 Adjusted EBITDA Margin 11% 10% 18% 14% 13% Adjusted Operating EPS $0.68 $0.37 $1.44 $1.08 $3.54 Free Cash Flow (Million) ($25) ($2) $33 $38 $44 © 2026 Sylv
Slide 42: Capacity by Grade
Capacity by Grade 42 000 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 43: 4Q25 Sales Volume
4Q25 Sales Volume 43 Latin North 000 Short Tons Europe Sylvamo America America Uncoated Papers 162 303 319 784 Market Pulp 39 28 21 88 Total 872 Sales volume includes revenue recognition © 2026 Sylvamo Corporation. All rights reserved.
Slide 44: 2025 Sales Volume
2025 Sales Volume 44 Latin North 000 Short Tons Europe Sylvamo America America Uncoated Papers 644 1,022 1,226 2,892 Market Pulp 144 115 116 375 Total 3,267 Sales volume includes revenue recognition © 2026 Sylvamo Corporation. All rights reserved.
Slide 45: 2023 - 2025 Economic Downtime
2023 - 2025 Economic Downtime 45 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 6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 UFS Pulp © 2026 Sylvamo Corporation. All rights reserved.
Slide 46: Total Maintenance Outage Costs - 2025
Total Maintenance Outage Costs - 2025 46 $ Million 1Q25 2Q25 3Q25 4Q25 2025 Europe $12 $28 - - $40 Latin America $1 $20 - - $21 North America $14 $18 - $17 $49 Total $27 $66 - $17 $110 Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related
Slide 47: Total Maintenance Outage and Eastover One-time Costs
Total Maintenance Outage and Eastover One-time Costs - 2026 Outlook 47 2026 $ Million 1Q26 2Q26 3Q26 4Q26 Outlook Europe - $2 $1 $14 $17 Latin America $3 $16 - - $19 North America1 $15 $17 - $47 $79 Total $18 $35 $1 $61 $115 Total maintenance outage costs (shown for Sylvamo mills only) include direc
Slide 48: Total Maintenance Outage by quarter 2025 - 2026
Total Maintenance Outage by quarter 2025 - 2026 48 2025 2026 Outlook $66 $61 $35 $27 $18 $17 $0 $1 1Q 2Q 3Q 4Q Total maintenance outage costs (shown for Sylvamo mills only) include direct maintenance outage expense and related unabsorbed fixed costs North America 4Q26 includes $31 million one-time c
Slide 49: Annual Business Segment Operating Results
Annual Business Segment Operating Results 49 Sales Adjusted EBITDA $ Million 2024 2025 2024 2025 Europe $801 $741 $47 ($78) Latin America $974 $904 $228 $192 North America $2,029 $1,754 $357 $334 Segment Total $3,804 $3,399 $632 $448 Sum of Business Segment net sales will not tie with consolidated n
Slide 50: Quarterly Business Segment Operating Results
Quarterly Business Segment Operating Results 50 Sales D&A Adjusted EBITDA $ Million 4Q24 3Q25 4Q25 4Q25 4Q24 3Q25 4Q25 Europe $194 $184 $186 $9 $14 ($11) ($22) Latin America $266 $228 $270 $21 $70 $61 $58 North America $514 $450 $447 $15 $73 $101 $89 Segment Total $974 $862 $903 $45 $157 $151 $125 S
Slide 51: 4Q25 vs. 4Q24 Adjusted EBITDA
4Q25 vs. 4Q24 Adjusted EBITDA 51 $ Million $157 ($29) ($10) $5 $125 $1 $1 16% 14% 4Q24 Price & Mix Volume Operations and Maintenance Input and 4Q25 Other Costs Outages Transportation Costs © 2026 Sylvamo Corporation. All rights reserved.
Slide 52: Europe Adjusted EBITDA
Europe Adjusted EBITDA 52 4Q25 vs. 3Q25 ($11) ($22) ($6) (6%) $2 ($6) (12%) $0 ($1) 3Q25 Price & Mix Volume Operations and Maintenance Input and 4Q25 Other Costs Outages Transportation Costs $ Million 4Q25 vs. 4Q24 $14 ($22) 7% ($22) $3 ($17) (12%) $0 $0 4Q24 Price & Mix Volume Operations and Mainte
Slide 53: Latin America Adjusted EBITDA
Latin America Adjusted EBITDA 53 4Q25 vs. 3Q25 $61 ($6) $10 ($7) $0 $0 $58 27% 21% 3Q25 Price & Mix Volume Operations and Maintenance Input and 4Q25 Other Costs Outages Transportation Costs $ Million 4Q25 vs. 4Q24 $70 ($14) 9% 19% $0 ($7) $0 $9 $58 26% 21% 4Q24 Price & Mix Volume Operations and Main
Slide 54: North America Adjusted EBITDA
North America Adjusted EBITDA 54 4Q25 vs. 3Q25 $101 ($9) $6 $9 ($17) ($1) $89 22% 20% 3Q25 Price & Mix Volume Operations and Maintenance Input and 4Q25 Other Costs Outages Transportation $ Million Costs 4Q25 vs. 4Q24 $25 $1 ($4) 9% $89 19% $73 $7 ($13) 14% 20% 4Q24 Price & Mix Volume Operations and
Slide 55: 2025 Delivered Cash Cost of Goods Sold
2025 Delivered Cash Cost of Goods Sold 55 Packaging 5% Energy 9% Fiber 26% Transportation 13% Woo d Labor Chemicals 15% 15% Fixed 17% Delivered cash cost of goods sold show Sylvamo mills only © 2026 Sylvamo Corporation. All rights reserved.
Slide 56: Executing on our Investment Thesis
Executing on our Investment Thesis 56 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 57: Building a better future for people, the planet and our company
57 Building a better future for people, the planet and our company © 2026 Sylvamo Corporation. All rights reserved.