Slide 1: Third Quarter 2025 Earnings
1 Third Quarter 2025 Earnings November 7, 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: 3Q25 Highlights
3Q25 Highlights 4 • Uncoated freesheet sales volume increased 7% quarter-over-quarter • Operational performance improved • Returned substantial cash to shareowners, totaling $60 million in the quarter © 2025 Sylvamo Corporation. All rights reserved.
Slide 5: 3Q25 Key Financial Metrics
3Q25 Key Financial Metrics 5 Adjusted EBITDA Free Cash Flow Adjusted Operating and Margin Earnings per Share $193 $2.44 $151 $119 $1.44 $82 $33 $0.37 20% 10% 18% ($2) 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Adjusted EBITDA and Free Cash Flow figures are in $ millions © 2025 Sylvamo Corporation.
Slide 6: 3Q25 Adjusted EBITDA
3Q25 Adjusted EBITDA 6 3Q25 vs. 2Q25 $ Million 3Q25 Outlook ($15) - ($20) $15 - $20 $0 - $5 $66 ($5) - $5 $145 - $165 (Aug 8, 2025) $66 ($2) $151 $82 ($14) $14 $5 10% 18% 2Q25 Price & Mix Volume Operations and Maintenance Input and 3Q25 Other Costs Outages Transportation Costs © 2025 Sylvamo Corpora
Slide 7: North America and Brazil industry conditions solid, while Europe & OLA are challenged
North America and Brazil industry conditions solid, while Europe & OLA are challenged 7 • Pulp and uncoated freesheet pricing remain under pressure Europe • Demand down 5% year-over-year (Excl. CIS)1 • Supply down 7% year-over-year • Seasonally stronger demand in second half of year Latin America •
Slide 8: 4Q25 Adjusted EBITDA Outlook: $115 - $130 Million
4Q25 Adjusted EBITDA Outlook: $115 - $130 Million 8 4Q25 vs. 3Q25 $ Million Price and Mix Unfavorable: ($20) - ($25) Primarily paper prices in Europe and mix across the regions Volume Favorable: $15 - $20 Stronger in Latin America and North America Operations and Unfavorable: ($5) - ($10) Primarily
Slide 9: The Riverdale mill supply agreement continues until May 2026
The Riverdale mill supply agreement continues until May 2026 9 • In October, we announced we will continue to receive uncoated freesheet volume until May 2026 • Riverdale is expected to supply us with ~260,000 tons in 2025 • In 2026 we expect Riverdale to supply us with ~100,000 tons • Our current p
Slide 10: Our Brazilian forestlands serve as a source of intrinsic value for shareowners
Our Brazilian forestlands serve as a source of intrinsic value for shareowners 10 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 11: Executing continuous improvement initiatives across all our regions
Executing continuous improvement initiatives across all our regions 11 Europe Latin America North America • Improving product mix at Saillat and • New strategic Brazilian customers • Strategic commercial initiatives to new customer wins and key partnerships in OLA improve volume and margin • Activel
Slide 12: Disciplined capital allocation to drive long-term shareowner value
Disciplined capital allocation to drive long-term shareowner value 12 • Allows us to focus on customers and run the Maintain Strong business with a long-term perspective Financial Position • Enables reinvesting in our business to strengthen our competitive advantages Reinvest in Return Cash to our B
Slide 13: Our long-term strategy and investment thesis remain intact
Our long-term strategy and investment thesis remain intact 13 Investing to strengthen Focusing on Leveraging our strengths competitive advantages uncoated freesheet to generate high returns to drive earnings and paper on invested capital cash flows © 2025 Sylvamo Corporation. All rights reserved.
Slide 14: Resignation of Directors and Cooperation Agreement with Atlas Holdings
Resignation of Directors and Cooperation Agreement with Atlas Holdings 14 • At the direction of Atlas Holdings, on November 5, Karl Meyers and Mark Wilde resigned from our Board • They joined our Board on March 1, 2023 as part of a Cooperation Agreement with Atlas Holdings • The restrictions in the
Slide 15: Appendix
15 Appendix © 2025 Sylvamo Corporation. All rights reserved.
Slide 16: Contacts
Contacts 16 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 17: Selected Annual Financial Guidance
Selected Annual Financial Guidance 17 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 $180 Net In
Slide 18: Debt Maturity Profile
Debt Maturity Profile 18 September 30, 2025 $ Million $380 $196 $161 $3 $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 rig
Slide 19: 1.5x Net Debt-to-Adjusted EBITDA - September 30, 2025
1.5x Net Debt-to-Adjusted EBITDA - September 30, 2025 19 Gross Debt $ Million $1,520 $1,397 $1,026 $950 $796 $798 Initial Gross Debt Dec 21 Dec 22 Dec 23 Dec 24 Sept 25 at Spinoff Notes Term Loan F Term Loan F 2 Term Loan B Term Loan A AR Securitization Revolver 1.7x Gross Debt-to-Adjusted EBITDA as
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 20 $ Million 3Q24 2Q25 3Q25 Cash from Continuing Operations $163 $64 $87 Cash Invested in Capital Projects ($44) ($66) ($54) Free Cash Flow $119 ($2) $33 Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating act
Slide 21: 3Q25 vs. 2Q25 Free Cash Flow
3Q25 vs. 2Q25 Free Cash Flow 21 $ Million 2Q25 3Q25 Variance Adjusted EBITDA $82 $151 $69 Cash Taxes ($35) ($12) $23 Cash Interest ($10) ($10) $0 Cash Special Items ($2) $0 $2 Other Changes in Working Capital $29 ($42) ($71) Cash Provided by Operating Activities $64 $87 $23 Capital Spending ($66) ($
Slide 22: 3Q25 vs. 3Q24 Free Cash Flow
3Q25 vs. 3Q24 Free Cash Flow 22 $ Million 3Q24 3Q25 Variance Adjusted EBITDA $193 $151 ($42) Cash Taxes ($18) ($12) $6 Cash Interest ($13) ($10) $3 Cash Special Items ($5) $0 $5 Other Changes in Working Capital $6 ($42) ($48) Cash Provided by Operating Activities $163 $87 ($76) Capital Spending ($44
Slide 23: Free Cash Flow by Quarter - Since Spinoff
Free Cash Flow by Quarter - Since Spinoff 23 $ Million $155 $114 $119 $109 $104 $100 $84 $62 1Q 2Q $39 $32 $33 $33 3Q 4Q $2 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ($2) ($25) ($33) © 2025 Sylvamo Corporation. All rights reserved.
Slide 24: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 24 4Q25 $ Million 3Q24 2Q25 3Q25 Outlook Net Income (Loss) $95 $15 $57 $39 - $49 Depreciation, Amortization, Cost of Timber Harvested 39 45 49 46 Interest (Income) Expense, Net 14 10 9 8 Income Tax Provision 37 5 31 16 - 21 Adjustments Equity-based Compensat
Slide 25: Adjusted EBITDA and Margin Reconciliation
Adjusted EBITDA and Margin Reconciliation 25 $ Million 3Q24 2Q25 3Q25 Adjusted EBITDA Europe 11 (30) (11) Latin America 69 27 61 North America 113 85 101 Total Business Segment Adjusted EBITDA $193 $82 $151 Net Sales (excluding Inter-segment Sales eliminations) Europe 194 181 184 Latin America 247 2
Slide 26: Adjusted Operating Earnings per Share Reconciliation
Adjusted Operating Earnings per Share Reconciliation 26 $ Million 3Q24 2Q25 3Q25 Net Income (Loss) $95 $15 $57 Special Items Expense (Income) $7 - $1 Adjusted Operating Earnings $102 $15 $58 Adjusted Operating Earnings per Share $2.44 $0.37 $1.44 Adjusted Operating Earnings is a non-GAAP measure pre
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: 3Q25 Sales Volume
3Q25 Sales Volume 28 Latin North 000 Short Tons Europe Sylvamo America America Uncoated Papers 157 254 311 722 Market Pulp 42 28 32 102 Total 824 Sales volume includes revenue recognition © 2025 Sylvamo Corporation. All rights reserved.
Slide 29: 2023 - 2025 Economic Downtime
2023 - 2025 Economic Downtime 29 Thousand tons 185 150 61 27 98 23 56 123 124 58 2 75 25 25 16 2 56 11 7 1 23 25 0 15 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 UFS Pulp © 2025 Sylvamo Corporation. All rights reserved.
Slide 30: 84% of planned maintenance outage costs completed through 3Q25
84% of planned maintenance outage costs completed through 3Q25 30 $ Million $111 3Q25 YTD 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 unabsor
Slide 31: Total Maintenance Outage Costs - 2025 Outlook
Total Maintenance Outage Costs - 2025 Outlook 31 $ Million 1Q25 2Q25 3Q25 4Q25 2025 Actual Actual Actual 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 32: Quarterly Business Segment Operating Results
Quarterly Business Segment Operating Results 32 Sales D&A Adjusted EBITDA $ Million 3Q24 2Q25 3Q25 3Q25 3Q24 2Q25 3Q25 Europe $194 $181 $184 $9 $11 ($30) ($11) Latin America $247 $207 $228 $24 $69 $27 $61 North America $532 $419 $450 $16 $113 $85 $101 Segment Total $973 $807 $862 $49 $193 $82 $151 S
Slide 33: 3Q25 vs. 3Q24 Adjusted EBITDA
3Q25 vs. 3Q24 Adjusted EBITDA 33 $ Million $193 ($25) ($22) $12 $1 ($8) $151 20% 18% 3Q24 Price & Mix Volume Operations and Maintenance Input and 3Q25 Other Costs Outages Transportation Costs © 2025 Sylvamo Corporation. All rights reserved.
Slide 34: Europe Adjusted EBITDA
Europe Adjusted EBITDA 34 3Q25 vs. 2Q25 ($30) ($11) $28 $0 (6%) (17%) ($12) $2 $1 2Q25 Price & Mix Volume Operations and Maintenance Input and 3Q25 Other Costs Outages Transportation Costs $ Million 3Q25 vs. 3Q24 $11 ($26) 6% ($11) $5 $1 ($4) $2 (6%) 3Q24 Price & Mix Volume Operations and Maintenanc
Slide 35: Latin America Adjusted EBITDA
Latin America Adjusted EBITDA 35 3Q25 vs. 2Q25 $20 ($2) $61 $9 $5 $27 $2 13% 27% 2Q25 Price & Mix Volume Operations and Maintenance Input and 3Q25 Other Costs Outages Transportation Costs $ Million 3Q25 vs. 3Q24 $69 ($7) 9% 19% ($1) ($7) $7 $61 $0 28% 27% 3Q24 Price & Mix Volume Operations and Maint
Slide 36: North America Adjusted EBITDA
North America Adjusted EBITDA 36 3Q25 vs. 2Q25 $18 $0 $101 $85 ($4) $7 ($5) 20% 22% 2Q25 Price & Mix Volume Operations and Maintenance Input and 3Q25 Other Costs Outages Transportation $ Million Costs 3Q25 vs. 3Q24 $8 ($23) $113 $14 $0 ($11) 9% $101 19% 21% 22% 3Q24 Price & Mix Volume Operations and
Slide 37: Executing on our Investment Thesis
Executing on our Investment Thesis 37 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 38: Building a better future for people, the planet and our company
38 Building a better future for people, the planet and our company © 2025 Sylvamo Corporation. All rights reserved.