# EDGAR Filing Document

**Accession Number:** 0001856485
**File Stem:** 0001856485-25-000022
**Filing Date:** 2025-8
**Character Count:** 42034
**Document Hash:** c129c9d086d2b0540d812191e70884d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001856485-25-000022.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001856485-25-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250808

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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:** 251196184

**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-20250808

**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): August 8, 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 August 8, 2025, Sylvamo Corporation issued a press release announcing its financial results for the fiscal quarter ended June 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 August 8, 2025.](sylvamoex9912025secondquar.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: August 8, 2025 | | /s/ Matthew L. Barron |
| | Name: | Matthew L. Barron |
| | Title: | Senior Vice President and Chief Administrative and Legal Officer |

---

## Exhibit 99.1

**NEWS RELEASE**

**Sylvamo Delivers Results In Line With Outlook, Positioned for Stronger Second Half**

MEMPHIS, Tenn. – Aug. 8, 2025 – Sylvamo (NYSE: SLVM), the world's paper company, is releasing second quarter 2025 earnings. The company will host an audio webcast at 10 a.m. EDT at investors.sylvamo.com.

**Message from Chairman and Chief Executive Officer**

"We delivered second quarter earnings in line with our outlook, overcoming a $13 million unfavorable foreign exchange impact while navigating the heaviest planned maintenance outage quarter in over five years," said Jean-Michel Ribiéras. "With 85% of our full year planned maintenance outages behind us, we are positioned for a stronger performance in the second half of the year as we expect seasonally stronger demand in North America and Latin America as well as improved operational performance."

**Financial Highlights – Second Quarter vs. First Quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $15 million ($0.37 per diluted share) vs. $27 million ($0.65 per diluted share)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating earnings\* of $15 million ($0.37 per diluted share) vs. $28 million ($0.68 per diluted share)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* of $82 million (10% margin) vs. $90 million (11% margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash provided by operating activities of $64 million vs. $23 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow\* of $(2) million vs. $(25) million

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price and mix were favorable by $12 million, driven by better mix in North America and Latin America, with lower export sales from both regions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volume decreased by $9 million, mainly in North America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operations and other costs were favorable by $23 million, driven by improved operations, which more than offset a $13 million foreign exchange impact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Planned maintenance outage expenses increased by $39 million, as expected—the heaviest outage quarter since the spinoff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Input and transportation costs were favorable by $5 million, primarily driven by energy in North America

**Third Quarter Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $145 million to $165 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared to the second 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 $15 million to $20 million due to paper and pulp prices in Europe

&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 seasonality in 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 be favorable by up to $5 million, primarily due to improving operational performance

&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 in the range of $(5) million to $5 million

&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 decrease by $66 million with no outages planned in the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect quarterly earnings to significantly improve in the second half of the year as we benefit from much lower planned maintenance outage expenses, improving volumes and better operations.

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

------

**Management Summary** 

Our team navigated the largest planned maintenance outage quarter in over five years, delivering second quarter adjusted EBITDA in line with our outlook. Operational performance improved across our mills during the quarter. We remain focused on productivity, reliability and cost initiatives while ensuring we are well positioned for long-term value creation. Our team is committed to the success of our customers and is partnering with them to be the supplier of choice every day.

We returned $38 million in cash to shareowners through dividends and share repurchases. Our board of directors declared a third quarter dividend of $0.45 per share, which we paid July 29. We will continue evaluating opportunities to repurchase shares at attractive prices with $42 million remaining on our $150 million share repurchase authorization from September 2023.

Uncoated freesheet industry conditions varied by region in the first half of 2025 compared to the first half of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Europe, demand remained sluggish, down 8% year-over-year. Paper prices stabilized in the second quarter but are under pressure entering the seasonally slower third quarter. Pulp prices in Europe significantly decreased in the first half of the year, contributing to uncoated freesheet pricing pressure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Latin America, demand is down 2% year-over-year, driven by other Latin American countries that saw a 6% decline. Brazil, however, is up 6% due to strong publishing demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In North America, reported apparent demand is stable year-over-year, driven by higher imports, which are up nearly 40%. Much of this increase in imports is in converting and printing rolls. We believe real demand will be down 3% to 4% this year.

We continue to monitor the U.S. tariff situation and the potential challenges and opportunities that may unfold. In the first half of the year, we saw some shifts in uncoated freesheet trade flows. This is one of the main reasons why imports into the U.S. were up almost 40% through the first half of 2025. We are also keeping an eye on several cross-regional themes, including currency fluctuations with the U.S. dollar devaluation against many currencies.

Looking ahead, we expect third quarter adjusted EBITDA to improve significantly, supported by the absence of planned maintenance outage expenses, improved volumes and better operational performance. Our long-term approach to capital allocation includes reinvesting in our business to strengthen our competitive advantages.

As we first announced in February, we are investing in high-return projects at our Eastover, South Carolina, mill, including a $100 million paper machine speed-up and $45 million replacement sheeter. These combined investments should create incremental adjusted EBITDA of more than $50 million per year, resulting in additional cash flows and an internal rate of return of greater than 30%. Spending for these strategic investments began this year, while the majority will take place in 2026. These investments will increase our total capital spending in 2026, with spending returning to prior levels in 2027. We do not expect tariffs to have a material impact on the cost of our Eastover major capital projects or their expected returns.

We are focused on creating shareowner value by maintaining a strong financial position, reinvesting in our business to grow our earnings and cash flows and returning cash to shareowners. We are confident in our future and motivated by the opportunities that lie ahead.

**Earnings Webcast** 

The company will host an audio webcast at 10 a.m. EDT 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 6289099.

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 +1-647-362-9199 (international) and use access code 6289099.

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) | **Second Quarter 2025** | **First Quarter 2025** | **Second Quarter 2024** |
| Net Sales | $**794** | $821 | $933 |
| Net Income | **15** | 27 | 83 |
| Business Segment Operating Profit | **30** | 44 | 122 |
| Adjusted Operating Earnings | **15** | 28 | 83 |
| Adjusted EBITDA | **82** | 90 | 164 |
| Cash Provided By Operating Activities | **64** | 23 | 115 |
| Free Cash Flow  | **(2)** | (25) | 62 |

---

**Segment Information**

Sylvamo uses business segment operating profit to measure the earnings performance of its businesses and is calculated as set forth in footnote (e) under the "Sales and Earnings by Business Segment" table (page 7). Second quarter 2025 net sales by business segment and operating profit by business segment compared with the first quarter of 2025 and the second quarter of 2024 are as follows:

**Business Segment Results**

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Second Quarter 2025** | **First Quarter 2025** | **Second Quarter 2024** |
| **Net Sales by Business Segment** |  |  |  |
| Europe | $**181** | $190 | $206 |
| Latin America | **207** | 199 | 245 |
| North America | **419** | 438 | 493 |
| Inter-segment Sales | **(13)** | (6) | (11) |
| **Net Sales** | $**794** | $821 | $933 |
| **Operating Profit by Business Segment** |  |  |  |
| Europe | $**(38)** | $(24) | $8 |
| Latin America | **2** | 26 | 37 |
| North America | **66** | 42 | 77 |
| **Business Segment Operating Profit (Loss)** | $**30** | $44 | $122 |

---

Operating profits in the second quarter of 2025:

**Europe -** $(38) million compared with $(24) million in the first quarter of 2025. Earnings were lower due to higher planned maintenance outages, unfavorable foreign exchange impacts and lower volumes which more than offset lower operating costs and favorable price and mix.

**Latin America -** $2 million compared with $26 million in the first quarter of 2025. Earnings were lower due to higher planned maintenance outages and unfavorable foreign exchange impacts which more than offset favorable price and mix, higher volumes and lower input costs.

**North America -** $66 million compared with $42 million in the first quarter of 2025. Earnings were higher due to lower operating and input costs, favorable price and mix and lower unabsorbed costs due to less economic downtime which more than offset lower volumes and higher planned maintenance outages.

------

**Effective Tax Rate**

The reported effective tax rate for the second quarter of 2025 was 25%, compared to 18% for the first quarter of 2025. The lower rate for the first quarter was primarily driven by a higher stock-based compensation windfall, which resulted in a discrete tax benefit recognized during the first quarter.

Excluding net special items, the effective tax rate for the second quarter of 2025 was 28%, compared with 20% for the first 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 second quarter of 2025 amounted to a net after-tax charge of $0 million ($0.00 per diluted share), compared with a net after-tax charge of $1 million ($0.03 per diluted share) in the first 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.

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 "Third Quarter Outlook" and "Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras." 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.

------

**SYLVAMO CORPORATION**

**Consolidated Statement of Operations**

Preliminary and Unaudited

(In millions, except per share amounts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | | **Three Months Ended**<br>**March 31,**<br>**2025** | | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| | **2025** | | **2024** | | **Three Months Ended**<br>**March 31,**<br>**2025** | | **2025** | | **2024** | |
| **Net Sales** | $**794** |  | $933 |  | $821 |  | $**1615** |  | $1838 |  |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold | **640** | (a) | 684 | (d) | 662 |  | **1302** | (a) | 1400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses | **72** |  | 82 | (e) | 73 | (f) | **145** | (c) | 156 | (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | **45** |  | 37 |  | 40 |  | **85** |  | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes other than payroll and income taxes | **7** |  | 8 |  | 4 |  | **11** |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | **10** | (b) | 9 |  | 9 |  | **19** | (b) | 18 |  |
| **Income Before Income Taxes** | **20** |  | 113 |  | 33 |  | **53** |  | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | **5** |  | 30 |  | 6 |  | **11** |  | 47 |  |
| **Net Income** | $**15** |  | $83 |  | $27 |  | $**42** |  | $126 |  |
| **Earnings Per Share** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.37** |  | $2.02 |  | $0.66 |  | $**1.03** |  | $3.06 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.37** |  | $1.98 |  | $0.65 |  | $**1.02** |  | $3.00 |  |
| **Average Shares of Common Stock Outstanding - Diluted** | **41** |  | 42 |  | 41 |  | **41** |  | 42 |  |

---

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

**Three and Six Months Ended June 30, 2025**

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

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

(c) Includes a pre-tax loss of $1 million ($1 million after taxes) 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 for the six months ended June 30, 2025.

**Three and Six Months Ended June 30, 2024**

(d) Includes pre-tax gain of $1 million ($1 million after taxes) for the three months ended June 30, 2024, to adjust the recognition of a foreign value-added tax refund in Brazil.

(e) Includes pre-tax loss of $1 million ($1 million after taxes) for the three and six months ended June 30, 2024, for certain severance costs related to our

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;salaried workforce and a pre-tax loss of $2 million ($1 million after taxes) for the six months ended June 30, 2024, for integration costs related to the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nymölla acquisition.

**Three Months Ended March 31, 2025**

(f) Includes a pretax 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.

------

**SYLVAMO CORPORATION**

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

Preliminary and Unaudited

(In millions, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2024** |
| **Net Income** | $**15** | $83 | $27 | $**42** | $126 |
| Add back: Net special items expense (income) | **—** |  | 1 | **1** | 2 |
| **Adjusted Operating Earnings** | $**15** | $83 | $28 | $**43** | $128 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2024** |
| **Diluted Earnings Per Common Share as Reported** | $**0.37** | $1.98 | $0.65 | $**1.02** | $3.00 |
| Add back: Net special items expense (income) | **—** |  | 0.03 | **0.02** | 0.05 |
| **Adjusted Operating Earnings Per Share** | $**0.37** | $1.98 | $0.68 | $**1.04** | $3.05 |

---

------

**SYLVAMO CORPORATION**

**Sales and Earnings by Business Segment**

Preliminary and Unaudited

(In millions)

**Net Sales by Business Segment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2024** |
| Europe | $**181** | $206 | $190 | $**371** | $413 |
| Latin America | **207** | 245 | 199 | **406** | 461 |
| North America | **419** | 493 | 438 | **857** | 983 |
| Inter-segment Sales | **(13)** | (11) | (6) | **(19)** | (19) |
| **Net Sales** | $**794** | $933 | $821 | $**1615** | $1838 |

---

**Operating Profit by Business Segment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | | **Three Months Ended**<br>**March 31,**<br>**2025** | | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | |
| | **2025** | | **2024** | | **Three Months Ended**<br>**March 31,**<br>**2025** | | **2025** | | **2024** | |
| Europe | $**(38)** |  | $8 |  | $(24) |  | $**(62)** |  | $4 |  |
| Latin America | **2** |  | 37 |  | 26 |  | **28** |  | 51 |  |
| North America | **66** |  | 77 |  | 42 |  | **108** |  | 139 |  |
| **Business Segment Operating Profit (Loss)** | $**30** |  | $122 |  | $44 |  | $**74** |  | $194 |  |
| **Income Before Income Taxes** | $**20** |  | $113 |  | $33 |  | $**53** |  | $173 |  |
| Interest expense (income), net | **10** | (a) | 9 |  | 9 |  | **19** | (a) | 18 |  |
| Net special items expense (income) | **—** | (b) |  | (c) | 2 | (d) | **2** | (b) | 3 | (c) |
| **Business Segment Operating Profit (e)** | $**30** |  | $122 |  | $44 |  | $**74** |  | $194 |  |

---

**Three and Six Months Ended June 30, 2025**

(a) Includes a pretax charge of $1 million ($1 million after tax) of interest expense related to tax settlements for the three and six months ended June 30, 2025.

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

**Three and Six Months Ended June 30, 2024**

(c) Includes pre-tax loss of $1 million ($1 million after taxes) for the three and six months ended June 30, 2024, for certain severance costs related to our salaried

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;workforce and a pre-tax loss of $2 million ($1 million after taxes) for the six months ended June 30, 2024, for integration costs related to the Nymölla

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition. Also includes pre-tax gain of $1 million ($1 million after taxes) for the three months ended June 30, 2024, to adjust the recognition of a foreign

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value-added tax refund in Brazil.

**Three Months Ended March 31, 2025**

(d) Includes 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.

(e) 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**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2025** | **2024** | **2024** |
| **Net Income** | **$** | **15** | $| 83 | $| 27 | **$** | **42** | $| 126 |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | **5** | **5** | 30 | 30 | 6 | 6 | **11** | **11** | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | **10** | **10** | 9 | 9 | 9 | 9 | **19** | **19** | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | **45** | **45** | 37 | 37 | 40 | 40 | **85** | **85** | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **7** | **7** | 5 | 5 | 6 | 6 | **13** | **13** | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net special items expense (income) | **—** | **—** |  |  | 2 | 2 | **2** | **2** | 3 | 3 |
| **Adjusted EBITDA** | **$** | **82** | $| 164 | $| 90 | **$** | **172** | $| 282 |
| Net Sales | **$** | **794** | $| 933 | $| 821 | **$** | **1615** | $| 1838 |
| **Adjusted EBITDA Margin** | **10.3%** | **10.3%** | 17.6% | 17.6% | 11.0% | 11.0% | **10.7%** | **10.7%** | 15.3% | 15.3% |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2025** | **2024** | **2024** |
| **Adjusted EBITDA** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **$** | **(30)** | $| 17 | $| (15) | **$** | **(45)** | $| 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **27** | **27** | 55 | 55 | 46 | 46 | **73** | **73** | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **85** | **85** | 92 | 92 | 59 | 59 | **144** | **144** | 171 | 171 |
| **Total Business Segment Adjusted EBITDA** | **$** | **82** | $| 164 | $| 90 | **$** | **172** | $| 282 |
| **Net Sales (excluding inter-segment sales eliminations)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **$** | **181** | $| 206 | $| 190 | **$** | **371** | $| 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **207** | **207** | 245 | 245 | 199 | 199 | **406** | **406** | 461 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **419** | **419** | 493 | 493 | 438 | 438 | **857** | **857** | 983 | 983 |
| **Total Business Segment Net Sales** | **$** | **807** | $| 944 | $| 827 | **$** | **1634** | $| 1857 |
| **Adjusted EBITDA Margin** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | **(17)%** | **(17)%** | 8% | 8% | (8)% | (8)% | **(12)%** | **(12)%** | 5% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | **13%** | **13%** | 22% | 22% | 23% | 23% | **18%** | **18%** | 19% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | **20%** | **20%** | 19% | 19% | 13% | 13% | **17%** | **17%** | 17% | 17% |

---

------

**SYLVAMO CORPORATION**

**Consolidated Balance Sheet**

Preliminary and Unaudited

(In millions)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and temporary investments | $**113** | $205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | **383** | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **21** | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **396** | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **64** | 42 |
| Total Current Assets | **977** | 1063 |
| Plants, Properties and Equipment, Net | **1034** | 944 |
| Forestlands | **367** | 319 |
| Goodwill | **126** | 111 |
| Right of Use Assets | **57** | 58 |
| Deferred Charges and Other Assets | **107** | 109 |
| **Total Assets** | $**2668** | $2604 |
| **Liabilities and Equity** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**371** | $375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable and current maturities of long-term debt | **46** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and benefits | **53** | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | **165** | 206 |
| Total Current Liabilities | **635** | 682 |
| Long-Term Debt | **767** | 782 |
| Deferred Income Taxes | **151** | 152 |
| Other Liabilities | **156** | 141 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $1.00 par value, 200.0 shares authorized, 45.5 shares and 44.9 shares issued and 40.4 shares and 40.6 shares outstanding at June 30, 2025 and December 31, 2024, respectively | **45** | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-In Capital | **85** | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained Earnings | **2460** | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Loss | **(1343)** | (1490) |
|  | **1247** | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Common stock held in treasury, at cost, 5.2 shares and 4.3 shares at June 30, 2025 and December 31, 2024, respectively | **(288)** | (234) |
| **Total Equity** | **959** | 847 |
| **Total Liabilities and Equity** | $**2668** | $2604 |

---

------

**SYLVAMO CORPORATION**

**Consolidated Statement of Cash Flows**

Preliminary and Unaudited

(In millions)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**42** | $126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization, and cost of timber harvested | **85** | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision (benefit), net | **(5)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | **13** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities and other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | **77** | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **—** | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(79)** | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(46)** | (19) |
| **Cash Provided By Operating Activities** | **87** | 142 |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested in capital projects | **(114)** | (113) |
| **Cash Used for Investing Activities** | **(114)** | (113) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | **(36)** | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of debt | **48** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction of debt | **(40)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(40)** | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(8)** | (2) |
| **Cash Used for Financing Activities** | **(76)** | (95) |
| **Effect of Exchange Rate Changes on Cash** | **11** | (9) |
| **Change in Cash, Temporary Investments and Restricted Cash** | **(92)** | (75) |
| **Cash, Temporary Investments and Restricted Cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of the period | **205** | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of the period | $**113** | $205 |

---

------

**SYLVAMO CORPORATION**

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

Preliminary and Unaudited

(In millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**March 31,**<br>**2025** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **Three Months Ended**<br>**March 31,**<br>**2025** | **2025** | **2024** |
| **Cash Provided By Operating Activities** | $**64** | $115 | $23 | $**87** | $142 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash invested in capital projects | **(66)** | (53) | (48) | **(114)** | (113) |
| **Free Cash Flow** | $**(2)** | $62 | $(25) | $**(27)** | $29 |

---

**SYLVAMO CORPORATION**

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

Estimates

(In millions)

---

| | |
|:---|:---|
| | **Three Months Ended**<br>**September 30,**<br>**2025** |
| | **Three Months Ended**<br>**September 30,**<br>**2025** |
| **Net Income** | $59 - $74 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 24 - 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (income), net | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and cost of timber harvested | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6 |
| **Adjusted EBITDA** | $145 - $165 |

---

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.