# EDGAR Filing Document

**Accession Number:** 0001856485
**File Stem:** 0001856485-25-000028
**Filing Date:** 2025-11
**Character Count:** 45654
**Document Hash:** d9590ff115554847551e91be95a80800
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001856485-25-000028.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001856485-25-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sylvamo Corp
- **CENTRAL INDEX KEY:** 0001856485
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPER MILLS [2621]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 862596371
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40718
- **FILM NUMBER:** 251460492

**BUSINESS ADDRESS:**
- **STREET 1:** 6077 PRIMACY PARKWAY
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38119
- **BUSINESS PHONE:** 901-519-8000

**MAIL ADDRESS:**
- **STREET 1:** 6077 PRIMACY PARKWAY
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38119

?xml version='1.0' encoding='ASCII'? syl-20251107

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): November 7, 2025**

**SYLVAMO CORPORATION**

**(Exact name of registrant as specified in its charter)**

**Commission file number 001-40718** 

---

| | |
|:---|:---|
| **Delaware** | **86-2596371** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **6077 Primacy Parkway, Memphis, Tennessee** | **38119** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (901) 519-8000**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $1 per share par value** | **SLVM** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**EXPLANATORY NOTE**

The information in this Report, including the exhibit, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

**SECTION 2. FINANCIAL INFORMATION.**

**Item 2.02. Results of Operations and Financial Condition.**

On November 7, 2025, Sylvamo Corporation issued a press release announcing its financial results for the fiscal quarter ended September 30, 2025. Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release.

**SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.**

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[Press Release of Sylvamo Corporation dated](sylvamoex9912025thirdquart.htm)[November 7](sylvamoex9912025thirdquart.htm)[, 2025.](sylvamoex9912025thirdquart.htm)</u> |
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
| 104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Sylvamo Corporation** | **Sylvamo Corporation** |
| Date: November 7, 2025 | | /s/ Matthew L. Barron |
| | Name: | Matthew L. Barron |
| | Title: | Senior Vice President and Chief Administrative and Legal Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**NEWS RELEASE**

**Sylvamo Releases Third Quarter Earnings**

MEMPHIS, Tenn. – Nov. 7, 2025 – Sylvamo (NYSE: SLVM), the world's paper company, is releasing third quarter 2025 earnings. The company will host an audio webcast at 10 a.m. EST at investors.sylvamo.com.

**Message from Chairman and Chief Executive Officer**

"Our team delivered 7% sales volume growth quarter-over-quarter and improved operational performance in the third quarter. We also returned substantial cash to shareowners in the quarter, which included $42 million in share repurchases and $18 million in dividends," said Jean-Michel Ribiéras. "I am proud of how our teams executed and overcame some regional challenges by focusing on commercial and operational excellence as well as implementing strategic initiatives to reduce costs and strengthen our competitive position."

**Financial Highlights – Third Quarter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $57 million ($1.41 per diluted share)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating earnings\* of $58 million ($1.44 per diluted share)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* of $151 million (18% margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash provided by operating activities of $87 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* of $33 million

**Commercial and Operational Highlights – Third Quarter vs. Second Quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price and mix decreased by $14 million, primarily driven by paper and pulp prices in Europe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume increased by $14 million, mainly in Latin America and North America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operations and other costs were favorable by $5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Planned maintenance outage expenses decreased by $66 million as expected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Input and transportation costs increased slightly by $2 million

**Fourth Quarter Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $115 million to $130 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared to the third quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Price and mix are expected to decrease by $20 million to $25 million, primarily due to paper prices in Europe and mix across our regions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Volume is projected to improve in the range of $15 million to $20 million, primarily due to Latin America and North America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Operations and other costs are expected to increase by $5 million to $10 million, primarily due to seasonally higher costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Input and transportation costs are projected to be stable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total planned maintenance outage expenses will increase by $18 million

\*See "Non-GAAP Financial Measures" for definitions of non-GAAP financial measures. Reconciliations are included in the financial schedules below.

**Management Summary** 

We delivered stronger uncoated freesheet volumes in the third quarter, up 7% quarter-over-quarter. Our teams executed well, resulting in improved commercial and operational performance. We returned substantial cash to shareowners through $42 million in share repurchases and $18 million in dividends, totaling $60 million in the quarter. Year to date through October, we

------

have returned $82 million through share repurchases and $73 million through dividends for a total of $155 million in cash returns to shareowners.

In September, our board of directors authorized a new $150 million share repurchase program—our third since 2022—underscoring our commitment to disciplined capital allocation and long-term value creation. We will continue to evaluate opportunities to repurchase shares at attractive prices, especially when we feel our valuation is well below our intrinsic value. This is why, in the third quarter, we repurchased $42 million worth of shares at an average price of $44.74. Our board also declared a fourth quarter dividend of $0.45 per share, which we paid Oct. 17.

**Industry Conditions**

Looking at our regional industry conditions, North America and Brazil are solid, while Europe and other Latin American countries are challenged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Europe, industry conditions continue to be very challenging. Pulp and uncoated freesheet prices remain under pressure. Some pulp grades started to show signs of recovery at the end of the third quarter. Uncoated freesheet demand is down 5% year-over-year through September, while supply is down 7%. Wood costs in southern Sweden are starting to ease, recently decreasing by a reported 8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Latin America, demand remains mixed. Brazil is up 3% year-over-year through September, while other Latin American countries are down 5%. Even though the majority of this demand decline is due to Argentina and Mexico, some countries across other Latin America are having economic challenges as well. This demand decline, in addition to shifts in global trade flows, is resulting in continued pricing pressure in other Latin American countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In North America, demand is stable year-over-year through September. Imports were up 46% year-over-year through August in anticipation of tariffs but are expected to moderate. Customer feedback indicates that inventories from increased imports are being consumed and returning to normal levels. Industry supply was reduced 6% in the third quarter after Pixelle closed its Chillicothe, Ohio, mill in August.

**Continuous Improvement**

As we navigate through cyclical industry conditions and headwinds, we are focused on the things we can control. We are driving commercial and operational excellence as well as implementing strategic initiatives across all our regions. These efforts should improve margins, reduce costs and strengthen our competitive position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Europe, we're improving our product mix and winning new customers at our Saillat, France, mill. We're actively working to reduce wood costs at our Nymölla, Sweden, mill, a key lever for cost efficiency. Additionally, we're reducing fixed costs and improving operational efficiency and reliability across the region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Latin America, we've secured new strategic Brazilian customers and further developed key partnerships in other Latin American countries, expanding our market presence. We're investing in improving wood self-sufficiency to reduce costs by decreasing the need for higher cost third-party fiber. Our team is also executing a pipeline of more than 100 initiatives across the entire business designed to strengthen EBITDA and cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In North America, we're focused on strategic commercial initiatives to improve volume and margin. We're reducing costs and inventory through supply chain optimization. Finally, we're investing in our flagship mill in Eastover, South Carolina, to improve our competitive advantages by lowering costs, enhancing efficiency and increasing capacity by 60,000 short tons. Across all regions, these initiatives reflect our commitment to customers, operational efficiency and strategic investments to deliver sustainable value.

**Riverdale Supply Agreement**

In August, International Paper (NYSE: IP) announced plans to convert its uncoated freesheet paper machine at its Riverdale mill to produce containerboard by the third quarter of 2026. In October, we announced that a supply agreement with International Paper will continue until May 2026. We expect the Riverdale mill to supply 260,000 short tons of cutsize uncoated freesheet in 2025 and approximately 100,000 short tons in 2026.

As a result of the supply agreement ending, we will optimize our product, segment and customer mix as well as leverage our European mills to supply the U.S. and Mexico. We will build inventory over time to help bridge the gap until our Eastover investments are complete and we have the additional 60,000 short tons of incremental capacity, which is expected to ramp up in the fourth quarter of 2026.

------

**Brazil Forestlands**

Owning forestlands in Brazil is a unique strength that differentiates Sylvamo. These assets provide a competitive advantage that goes beyond operational benefits. Direct control over wood fiber ensures supply security, reduces exposure to market volatility and supports long-term cost management.

Our forestlands represent a significant part of our intrinsic value, which we believe is not fully reflected in our current market valuation. We recently had an appraisal completed on our forestlands, which are now valued at nearly 5 billion reais.

Forestlands are tangible and appreciating resources that are a cornerstone of our strategy, delivering cost advantages and a source of intrinsic value for our shareholders.

**Sylvamo Strategy**

Our strategy is to be singularly focused on uncoated freesheet, the largest and most resilient segment in the graphic paper space. We are investing to strengthen our competitive advantages to generate earnings and cash flows. We view these investments as high-return and low-risk as we stay in our core product line and reinforce our position as the supplier of choice for our customers. We will leverage our strengths to drive high returns on invested capital.

**Earnings Webcast** 

The company will host an audio webcast at 10 a.m. EST at investors.sylvamo.com.

Those who want to participate should call 800-715-9871 (U.S.) or +1-646-307-1963 (international) and use access code 4562356.

Replays are available at investors.sylvamo.com for one year and by phone for one week. To listen by phone, call 800-770-2030 (U.S.) or +1-609-800-9909 (international) and use access code 4562356.

Investor Contact: Hans Bjorkman, 901-519-8030, <u>hans.bjorkman@sylvamo.com</u> 

Media Contact: Adam Ghassemi, 901-519-8115, <u>adam.ghassemi@sylvamo.com</u>

**About Sylvamo** 

Sylvamo Corporation (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales for 2024 were $3.8 billion. For more information, please visit Sylvamo.com.

**Select Financial Measures**

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Third Quarter 2025** | **Second Quarter 2025** | **Third Quarter 2024** |
| Net Sales | $**846** | $794 | $965 |
| Net Income | **57** | 15 | 95 |
| Business Segment Operating Profit | **98** | 30 | 150 |
| Adjusted Operating Earnings | **58** | 15 | 102 |
| Adjusted EBITDA | **151** | 82 | 193 |
| Cash Provided By Operating Activities | **87** | 64 | 163 |
| Free Cash Flow  | **33** | (2) | 119 |

---

**Segment Information**

Sylvamo uses business segment operating profit to measure the earnings performance of its businesses and is calculated as set forth in footnote (g) under the "Sales and Earnings by Business Segment" table (page 8). Third quarter 2025 net sales by business segment and operating profit by business segment compared with the second quarter of 2025 and the third quarter of 2024 are as follows:

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**Business Segment Results**

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| | | | |
|:---|:---|:---|:---|
| (In millions) | **Third Quarter 2025** | **Second Quarter 2025** | **Third Quarter 2024** |
| **Net Sales by Business Segment** |  |  |  |
| Europe | $**184** | $181 | $194 |
| Latin America | **228** | 207 | 247 |
| North America | **450** | 419 | 532 |
| Inter-segment Sales | **(16)** | (13) | (8) |
| **Net Sales** | $**846** | $794 | $965 |
| **Operating Profit by Business Segment** |  |  |  |
| Europe | $**(21)** | $(38) | $3 |
| Latin America | **35** | 2 | 49 |
| North America | **84** | 66 | 98 |
| **Business Segment Operating Profit (Loss)** | $**98** | $30 | $150 |

---

Operating profits in the third quarter of 2025:

**Europe -** $(21) million compared with $(38) million in the second quarter of 2025. Losses were lower due to lower planned maintenance outages, higher volumes and lower operating costs which more than offset lower price and mix and higher unabsorbed costs due to higher economic downtime.

**Latin America -** $35 million compared with $2 million in the second quarter of 2025. Earnings were higher due to lower planned maintenance outages, lower operating costs, higher volumes and higher price and mix which were slightly offset by higher input costs.

**North America -** $84 million compared with $66 million in the second quarter of 2025. Earnings were higher due to lower planned maintenance outages and higher volumes which more than offset lower price and mix and higher operating costs.

**Effective Tax Rate**

The reported effective tax rate for the third quarter of 2025 was 35%, compared to 25% for the second quarter of 2025. The higher rate for the third quarter was due to the mix of earnings in our regions.

Excluding net special items, the effective tax rate for the third quarter of 2025 was 35%, compared with 28% for the second quarter of 2025.

The effective tax rate excluding net special items is a non-GAAP financial measure and is calculated by adjusting the income tax provision and rate to exclude the tax effect at the applicable statutory rate of net special items. Management believes that this presentation provides useful information to investors by providing a more meaningful comparison of the income tax rate between past and present periods.

**Effects of Net Special Items**

Net special items in the third quarter of 2025 amounted to a net after-tax charge of $1 million ($0.03 per diluted share), compared with a net after-tax charge of $0 million ($0.00 per diluted share) in the second quarter of 2025.

**Non-GAAP Financial Measures**

Adjusted Operating Earnings (non-GAAP) are net income (GAAP), net of tax and net special items. Management uses this measure to focus on ongoing operations and believes it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of operations. Net income is the most directly comparable GAAP measure. For more information regarding net special items, see the information under the heading Effects of Net Special Items and the Consolidated Statement of Operations and related notes included later in this release.

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Adjusted EBITDA (non-GAAP) is net income (GAAP), net of tax, plus the sum of income taxes, net interest expense (income), depreciation, amortization and cost of timber harvested, stock-based compensation, and, when applicable for the periods reported, net special items. Management uses this measure in managing the operating performance of our business and believes that Adjusted EBITDA and Adjusted EBITDA Margin provide investors and analysts meaningful insights into our operating performance and Adjusted EBITDA is a relevant metric for the third-party debt. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of its operations. Net income is the most directly comparable GAAP measure. For more information regarding net special items, see the information under the heading Effects of Net Special Items and the Consolidated Statement of Operations and related notes included later in this release.

Free Cash Flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating activities. Management utilizes this measure in connection with managing our business and believes that Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet and service debt, and return cash to shareowners. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures. Free Cash Flow also enables investors to perform meaningful comparisons between past and present periods.

**Forward-Looking Statements**

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the information under the headings "Fourth Quarter 2025 Outlook" and "Management Summary." Any or all forward-looking statements may turn out to be incorrect, and our actual actions and results could differ materially from what they express or imply, because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control. These risks, uncertainties, and other factors include those disclosed in the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended Dec. 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC) and in our subsequent filings with the SEC, available on our website, Sylvamo.com. These forward-looking statements reflect our current expectations, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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**SYLVAMO CORPORATION**

**Consolidated Statement of Operations**

Preliminary and Unaudited

(In millions, except per share amounts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| | **2025** | | **2024** | | **Three Months Ended June 30,**<br>**2025** | | **2025** | | **2024** | |
| **NET SALES** | $**846** |  | $965 |  | $794 |  | $**2461** |  | $2803 |  |
| **COSTS AND EXPENSES**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) | **624** |  | 700 |  | 640 | (h) | **1926** | (b) | 2100 | (g) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses | **68** | (a) | 74 | (d) | 72 |  | **213** | (a) | 230 | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | **49** |  | 39 | (e) | 45 |  | **134** |  | 115 | (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than payroll and income taxes | **8** |  | 6 |  | 7 |  | **19** |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense, net | **9** |  | 14 | (f) | 10 | (i) | **28** | (c) | 32 | (f) |
| **INCOME BEFORE INCOME TAXES** | **88** |  | 132 |  | 20 |  | **141** |  | 305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | **31** |  | 37 |  | 5 |  | **42** |  | 84 |  |
| **NET INCOME** | $**57** |  | $95 |  | $15 |  | $**99** |  | $221 |  |
| **EARNINGS PER SHARE** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**1.43** |  | $2.32 |  | $0.37 |  | $**2.45** |  | $5.37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**1.41** |  | $2.27 |  | $0.37 |  | $**2.42** |  | $5.26 |  |
| Average Shares of Common Stock Outstanding - Diluted | **40** |  | 42 |  | 41 |  | **41** |  | 42 |  |

---

The accompanying notes are an integral part of this consolidated statement of operations.

**Three and Nine Months Ended September 30, 2025**

(a) Includes a pre-tax loss of $1 million ($1 million after taxes) for certain severance costs related to our salaried workforce for the three and nine months ended September 30, 2025, a pre-tax loss of $1 million ($1 million after taxes) related to the termination of the Georgetown mill offtake agreement for the nine months ended September 30, 2025 and a pre-tax loss of $1 million ($0 million after tax) related to environmental reserves in Brazil for the nine months ended September 30, 2025.

(b) Includes a pre-tax gain of $1 million ($1 million after taxes) for the nine months ended September 30, 2025, to adjust the recognition of a foreign value-added tax refund in Brazil.

(c) Includes a pretax charge of $1 million ($1 million after tax) of interest expense related to tax settlements for nine months ended September 30, 2025.

**Three and Nine Months Ended September 30, 2024**

(d) Includes pre-tax loss of $2 million ($1 million after taxes) for legal fees related to the Brazil Tax Dispute for the three and nine months ended September 30, 2024. Also includes pre-tax loss of $1 million ($1 million after taxes) and $2 million ($2 million after taxes) for certain severance costs related to our salaried workforce for the three and nine months ended September 30, 2024, respectively. Finally, includes pre-tax loss of $2 million ($1 million after taxes) for the nine months ended September 30, 2024, for integration costs related to the Nymölla acquisition.

(e) Includes pre-tax loss of $1 million ($1 million after taxes) for the three and nine months ended September 30, 2024, related to forest fires in Brazil.

(f)&nbsp;&nbsp;&nbsp;&nbsp;Includes pre-tax loss of $5 million ($4 million after taxes) for the three and nine months ended September 30, 2024, related to debt extinguishment costs.

(g)&nbsp;&nbsp;&nbsp;&nbsp;Includes pre-tax gain of $1 million ($1 million after taxes) for the nine months ended September 30, 2024, to adjust the recognition of a foreign value-added tax refund in Brazil. Also includes pre-tax loss of $1 million ($1 million after taxes) for the nine months ended September 30, 2024, for other charges.

**Three Months Ended June 30, 2025**

(h) Includes a pre-tax gain of $1 million ($1 million after taxes) to adjust the recognition of a foreign value-added tax refund in Brazil.

(i) Includes a pretax charge of $1 million ($1 million after tax) of interest expense related to tax settlements.

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**SYLVAMO CORPORATION**

**Reconciliation of Net Income to Adjusted Operating Earnings** 

Preliminary and Unaudited

(In millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Three Months Ended June 30,**<br>**2025** | **2025** | **2024** |
| **Net Income** | $**57** | $95 | $15 | $**99** | $221 |
| Add back: Net special items expense (income) | **1** | 7 |  | **2** | 9 |
| **Adjusted Operating Earnings** | $**58** | $102 | $15 | $**101** | $230 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Three Months Ended June 30,**<br>**2025** | **2025** | **2024** |
| **Diluted Earnings Per Common Share as Reported** | $**1.41** | $2.27 | $0.37 | $**2.42** | $5.26 |
| Add back: Net special items expense (income) | **0.03** | 0.17 |  | **0.05** | 0.22 |
| **Adjusted Operating Earnings Per Share** | $**1.44** | $2.44 | $0.37 | $**2.47** | $5.48 |

---

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**SYLVAMO CORPORATION**

**Sales and Earnings by Business Segment**

Preliminary and Unaudited

(In millions)

**Net Sales by Business Segment**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Three Months Ended June 30,**<br>**2025** | **2025** | **2024** |
| Europe | $**184** | $194 | $181 | $**555** | $607 |
| Latin America | **228** | 247 | 207 | **634** | 708 |
| North America | **450** | 532 | 419 | **1307** | 1515 |
| Inter-segment Sales | **(16)** | (8) | (13) | **(35)** | (27) |
| **Net Sales** | $**846** | $965 | $794 | $**2461** | $2803 |

---

**Operating Profit by Business Segment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | |
| | **2025** | | **2024** | | **Three Months Ended June 30,**<br>**2025** | | **2025** | | **2024** | |
| Europe | $**(21)** |  | $3 |  | $(38) |  | $**(83)** |  | $7 |  |
| Latin America | **35** |  | 49 |  | 2 |  | **63** |  | 100 |  |
| North America | **84** |  | 98 |  | 66 |  | **192** |  | 237 |  |
| **Business Segment Operating Profit (Loss)** | $**98** |  | $150 |  | $30 |  | $**172** |  | $344 |  |
| **Income Before Income Taxes** | $**88** |  | $132 |  | $20 |  | $**141** |  | $305 |  |
| Interest expense (income), net | **9** |  | 14 | (c) | 10 | (e) | **28** | (b) | 32 | (c) |
| Net special items expense (income) | **1** | (a) | 4 | (d) |  | (f) | **3** | (a) | 7 | (d) |
| **Business Segment Operating Profit (g)** | $**98** |  | $150 |  | $30 |  | $**172** |  | $344 |  |

---

**Three and Nine Months Ended September 30, 2025**

(a) Includes a pre-tax loss of $1 million ($1 million after taxes) for certain severance costs related to our salaried workforce for the three and nine months ended September 30, 2025. Also includes a pre-tax gain of $1 million ($1 million after taxes) to adjust the recognition of a foreign value-added tax refund in Brazil, a pre-tax loss of $1 million ($1 million after tax) related to the termination of the Georgetown mill offtake agreement and a pre-tax loss of $1 million ($0 million after tax) related to environmental reserves in Brazil, all for the nine months ended September 30, 2025.

(b) Includes a pretax charge of $1 million ($1 million after tax) of interest expense related to tax settlements for the nine months ended September 30, 2025.

**Three and Nine Months Ended September 30, 2024**

(c) Includes pre-tax loss of $5 million ($4 million after taxes) for the three and nine months ended September 30, 2024, related to debt extinguishment costs.

(d) Includes pre-tax loss of $2 million ($1 million after taxes) for legal fees related to the Brazil Tax Dispute for the three and nine months ended September 30, 2024 and a pre-tax loss of $1 million ($1 million after taxes) for the three and nine months ended September 30, 2024, related to forest fires in Brazil. Also includes pre-tax loss of $1 million ($1 million after taxes) and $2 million ($2 million after taxes) for certain severance costs related to our salaried workforce for the three and nine months ended September 30, 2024, respectively. Finally, includes pre-tax loss of $2 million ($1 million after taxes) for integration costs related to the Nymölla acquisition, a pre-tax gain of $1 million ($1 million after taxes) to adjust the recognition of a foreign value-added tax refund in Brazil and a pre-tax loss of $1 million ($1 million after taxes) for other charges, all for the nine months ended September 30, 2024.

**Three Months Ended June 30, 2025**

(e) Includes a pretax charge of $1 million ($1 million after tax) of interest expense related to tax settlements.

(f) Includes a pre-tax gain of $1 million ($1 million after taxes) to adjust the recognition of a foreign value-added tax refund in Brazil.

(g) As set forth in the chart above, business segment operating profit is defined as income before income taxes, but excluding net interest expense (income) and net special items. Business segment operating profit is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments.

------

**Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin**

Preliminary and Unaudited

(In millions)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
| **Net Income** | **$** | **57** | $| 95 | $| 15 | **$** | **99** | $| 221 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | **31** | **31** | 37 | 37 | 5 | 5 | **42** | **42** | 84 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | **9** | **9** | 14 | 14 | 10 | 10 | **28** | **28** | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | **49** | **49** | 39 | 39 | 45 | 45 | **134** | **134** | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **4** | **4** | 5 | 5 | 7 | 7 | **17** | **17** | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net special items expense (income) | **1** | **1** | 3 | 3 |  |  | **3** | **3** | 6 | 6 |
| **Adjusted EBITDA** | **$** | **151** | $| 193 | $| 82 | **$** | **323** | $| 475 |
| Net Sales | **$** | **846** | $| 965 | $| 794 | **$** | **2461** | $| 2803 |
| **Adjusted EBITDA Margin** | **18%** | **18%** | 20% | 20% | 10% | 10% | **13%** | **13%** | 17% | 17% |

---

**Adjusted EBITDA and Adjusted EBITDA Margin by Business Segment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **$** | **(11)** | $| 11 | $| (30) | **$** | **(56)** | $| 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **61** | **61** | 69 | 69 | 27 | 27 | **134** | **134** | 158 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **101** | **101** | 113 | 113 | 85 | 85 | **245** | **245** | 284 | 284 |
| **Total Business Segment Adjusted EBITDA** | **$** | **151** | $| 193 | $| 82 | **$** | **323** | $| 475 |
| **Net Sales (excluding inter-segment sales eliminations)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **$** | **184** | $| 194 | $| 181 | **$** | **555** | $| 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **228** | **228** | 247 | 247 | 207 | 207 | **634** | **634** | 708 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **450** | **450** | 532 | 532 | 419 | 419 | **1307** | **1307** | 1515 | 1515 |
| **Total Business Segment Net Sales** | **$** | **862** | $| 973 | $| 807 | **$** | **2496** | $| 2830 |
| **Adjusted EBITDA Margin** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **(6)%** | **(6)%** | 6% | 6% | (17)% | (17)% | **(10)%** | **(10)%** | 5% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **27%** | **27%** | 28% | 28% | 13% | 13% | **21%** | **21%** | 22% | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **22%** | **22%** | 21% | 21% | 20% | 20% | **19%** | **19%** | 19% | 19% |

---

------

**SYLVAMO CORPORATION**

**Consolidated Balance Sheet**

Preliminary

(In millions)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | (unaudited) | |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and temporary investments | $**94** | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | **393** | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **18** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **434** | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **51** | 42 |
| Total Current Assets | **990** | 1063 |
| Plants, Properties and Equipment, net | **1045** | 944 |
| Forestlands | **378** | 319 |
| Goodwill | **128** | 111 |
| Right of Use Assets | **53** | 58 |
| Deferred Charges and Other Assets | **109** | 109 |
| **TOTAL ASSETS** | $**2703** | $2604 |
| **LIABILITIES AND EQUITY** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**383** | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable and current maturities of long-term debt | **30** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefits | **57** | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **183** | 206 |
| Total Current Liabilities | **653** | 682 |
| Long-Term Debt | **778** | 782 |
| Deferred Income Taxes | **148** | 152 |
| Other Liabilities | **147** | 141 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock $1.00 par value, 200.0 shares authorized, 45.6 shares and 44.9 shares issued and 39.4 shares and 40.6 shares outstanding at September 30, 2025 and December 31, 2024, respectively | **45** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | **89** | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **2499** | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(1326)** | (1490) |
|  | **1307** | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock held in treasury, at cost, 6.1 shares and 4.3 shares at September 30, 2025 and December 31, 2024, respectively | **(330)** | (234) |
| Total Equity | **977** | 847 |
| **TOTAL LIABILITIES AND EQUITY** | $**2703** | $2604 |

---

------

**SYLVAMO CORPORATION**

**Consolidated Statement of Cash Flows**

Preliminary and Unaudited

(In millions)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| **OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $**99** | $221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization, and cost of timber harvested | **134** | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision (benefit), net | **(10)** | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **17** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities and other: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | **69** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(34)** | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(63)** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(38)** | (11) |
| **CASH PROVIDED BY OPERATING ACTIVITIES** | **174** | 305 |
| **INVESTMENT ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invested in capital projects | **(168)** | (157) |
| **CASH USED FOR INVESTMENT ACTIVITIES** | **(168)** | (157) |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(55)** | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt | **67** | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction of debt | **(65)** | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(82)** | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **7** | (6) |
| **CASH USED FOR FINANCING ACTIVITIES** | **(128)** | (114) |
| **Effect of Exchange Rate Changes on Cash** | **11** | (6) |
| **Change in Cash, Temporary Investments and Restricted Cash** | **(111)** | 28 |
| **Cash, Temporary Investments and Restricted Cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period | **205** | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of the period | $**94** | $308 |

---

------

**SYLVAMO CORPORATION**

**Reconciliation of Cash Provided by Operations to Free Cash Flow**

Preliminary and Unaudited

(In millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Three Months Ended June 30,**<br>**2025** | **2025** | **2024** |
| **Cash Provided By Operating Activities** | $**87** | $163 | $64 | $**174** | $305 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash invested in capital projects | **(54)** | (44) | (66) | **(168)** | (157) |
| **Free Cash Flow** | $**33** | $119 | $(2) | $**6** | $148 |

---

**SYLVAMO CORPORATION**

**Reconciliation of Net Income to Adjusted EBITDA - Fourth Quarter 2025 Outlook**

Estimates

(In millions)

---

| | |
|:---|:---|
| | **Three Months Ended**<br>**December 31,**<br>**2025** |
| | **Three Months Ended**<br>**December 31,**<br>**2025** |
| **Net Income** | $39 - $49 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 16 - 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6 |
| **Adjusted EBITDA** | $115 - $130 |

---

The non-GAAP financial measures presented in this release have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this release may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as Sylvamo.

Management believes certain non-U.S. GAAP financial measures, when used in conjunction with information presented in accordance with U.S. GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company's financial condition and results of operations. Management also uses these non-U.S. GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance.