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• Alcoa for paper
• Cemex for paper
• Dow for paper

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• Uncoated Freesheet Paper: High-quality paper primarily used for printing, writing, and various office and communication applications.
• Market Pulp: Wood pulp sold as a raw material to other manufacturers for producing paper, board, tissue, and other fiber-based products.

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Sylvamo (SLVM) sells primarily to other companies, operating on a business-to-business (B2B) model. According to their public filings, no single customer accounts for a significant portion (typically 10% or more) of their consolidated net sales. Therefore, there are no individually named "major customers" that Sylvamo is required to disclose.

Instead, Sylvamo serves a broad and diverse customer base across various industries and geographic regions. Their primary customers fall into the following categories:

• Office Product Distributors and Retailers: These companies purchase large volumes of Sylvamo's cut-size paper products (e.g., copier and printer paper) for resale to businesses, government agencies, and individual consumers through their distribution networks, stores, or online platforms.
• Commercial Printers: Businesses in the printing industry acquire Sylvamo's offset paper in various formats (e.g., rolls or large sheets) to produce a wide range of printed materials, including books, magazines, brochures, direct mail, and marketing collateral for their clients.
• Converters and Manufacturers of Paper Products: These customers utilize Sylvamo's paper as a raw material in their manufacturing processes to create other paper-based products. This includes companies that produce envelopes, notebooks, school and office supplies, business forms, and other specialized paper goods.

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Jean-Michel Ribiéras, Chairman and Chief Executive Officer

Jean-Michel Ribiéras became Sylvamo's first Chairman and CEO in 2021, at the company's inception as a spinoff from International Paper. His career in paper and packaging spans more than 35 years across three continents, encompassing various leadership roles, including senior vice president of Industrial Packaging the Americas and Global Papers at International Paper. He also serves on the boards of LP Building Solutions, the American Forest & Paper Association, and the U.S.-Brazil CEO Forum, and previously served on the board of the Brazil Pulp & Paper Association and the American Chamber of Commerce in Sao Paulo. He will retire on December 31, 2025.

John V. Sims, Senior Vice President and Chief Operating Officer

John V. Sims became Senior Vice President and Chief Operating Officer on May 1, 2025, and is slated to become Sylvamo's next CEO on January 1, 2026. He entered the paper industry in 1994 after serving as an officer in the United States Navy. During his 27-year career with International Paper, he gained extensive experience in the Printing Papers and Packaging businesses in North America and Europe, most recently as senior vice president, Corporate Development. At Sylvamo's inception as a spinoff from International Paper in 2021, he became the company's first Senior Vice President and Chief Financial Officer. He served on the Confederation of European Paper Industries Board from 2016 to 2019.

Don Devlin, Senior Vice President and Chief Financial Officer

Don Devlin was elected Senior Vice President and CFO, effective May 1, 2025. He joined Sylvamo from International Paper (IP), where he began his career in 1998. At IP, he held numerous leadership and finance positions, including vice president, finance and strategy, North American Industrial Packaging, president, International Paper India, finance director, European Papers, and most recently, vice president, transformation and strategy deployment.

Matthew Barron, Senior Vice President and Chief Administrative and Legal Officer

Matthew Barron serves as the Senior Vice President and Chief Administrative and Legal Officer for Sylvamo. No additional background information is available at this time.

Rodrigo Davoli, Senior Vice President and General Manager, North America

Rodrigo Davoli became Senior Vice President and General Manager, North America, on July 1, 2023. He entered the industry in 1993 and has held various finance, strategic planning, sales, marketing, general management, and senior leadership roles in Latin America and Europe. Davoli joined International Paper in 2000 through the acquisition of Champion International and was elected senior vice president of Sylvamo during the 2021 spinoff.

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1. Declining Demand for Uncoated Freesheet and Intense Market Competition: Sylvamo operates in a market experiencing declining demand for uncoated freesheet (UFS) paper, particularly in regions like North America, where demand is projected to continue falling. This decline, coupled with intense market competition, can lead to pricing pressures and decreased net income.
2. Volatility in Raw Material and Energy Costs: The cost of essential raw materials such as wood pulp and chemicals, along with energy, is a significant factor in paper manufacturing. Fluctuations and inflation in these input costs can directly impact Sylvamo's profitability and operational expenses.
3. Adverse Global and Regional Economic and Political Conditions: Sylvamo is exposed to risks associated with global and regional economic slowdowns, including potential impacts from tariff situations. Such conditions can negatively affect the demand for uncoated freesheet and influence trade flows, thereby impacting the company's financial performance.

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Sylvamo's primary product is uncoated freesheet paper, also referred to as uncoated paper, which is crucial for various applications including printing, writing, and packaging solutions. The addressable markets for this main product are as follows:

• Global Uncoated Freesheet Paper Market: The global uncoated freesheet paper market is projected to reach approximately USD 40 billion by 2033, with a compound annual growth rate (CAGR) of 3.5% from 2025 to 2033. Another estimate places the global uncoated paper market at USD 23.21 billion in 2025, growing to USD 32.749 billion by 2034, at a CAGR of 3.9% during this period. In 2025, the market is estimated at $15 billion, with a projected CAGR of approximately 3% from 2025 to 2033.
• North American Uncoated Freesheet Market: North America holds a significant share of the global uncoated paper market, accounting for 40%. In 2024, more than 7.1 million metric tons of uncoated paper were consumed in North America. The demand for the Americas (North & Latin America) uncoated freesheet market is forecasted to reach 7.55 million metric tons in 2028, with a projected decline at a CAGR of 1.19% during 2024-2028.
• European Uncoated Freesheet Market: The European fine paper industry, which includes uncoated woodfree paper, produced and shipped over 11.5 million tonnes in 2019. European demand for uncoated freesheet was down 5% year-over-year through September 2025. Europe continues to hold significant market shares as a mature market.
• Latin American Uncoated Freesheet Market: The Latin America graphic paper market, where uncoated woodfree paper was the largest revenue-generating product, generated a revenue of USD 4,177.9 million in 2024. This market is expected to reach a projected revenue of US$ 4,132.8 million by 2030, with a CAGR of -0.4% from 2025 to 2030. Brazil's uncoated freesheet demand showed a 3% increase year-over-year through September 2025, while other Latin American countries experienced a 5% decrease.

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Sylvamo (SLVM) is poised for future revenue growth over the next two to three years, driven by a combination of increased sales volumes in key regions, strategic capacity expansions, enhanced commercial execution, and a tactical repositioning of its European production capabilities. These drivers are supported by ongoing operational efficiencies and cost management initiatives that strengthen the company's competitive standing.

1. Increased Sales Volume in Core Markets: Sylvamo anticipates continued growth in sales volumes, particularly in its North American and Latin American segments. For the third quarter of 2025, the company reported a 7% quarter-over-quarter increase in uncoated freesheet sales volume. Looking ahead, volume is projected to improve by $15 million to $20 million in the fourth quarter of 2025, primarily driven by stronger performance in Latin America and North America. This trend of higher shipments in North America also contributed to strong earnings in the third quarter of 2024.
2. Strategic Investments and Capacity Expansion: A significant driver of future revenue growth stems from Sylvamo's strategic investments in capacity expansion. Notably, the company plans to bring an additional 60,000 short tons of incremental capacity online at its Eastover mill, with ramp-up expected in the fourth quarter of 2026. These investments are aimed at strengthening Sylvamo's competitive position and addressing future supply needs, particularly following adjustments to other supply agreements.
3. Enhanced Commercial Execution and Product Mix Optimization: Sylvamo is focused on improving its commercial execution across all regions to optimize its product mix and secure new customers. In Europe, initiatives include improving product mix and winning new customers at the Saillat, France, mill. In Latin America, the company has secured new strategic Brazilian customers and is developing key partnerships to expand its market presence. North America is also seeing a focus on strategic commercial initiatives to improve volume and margin. These efforts are designed to improve margins, reduce costs, and strengthen competitive positioning.
4. Leveraging European Production for North American and Mexican Supply: Following the termination of a supply agreement with International Paper, Sylvamo plans to optimize its product, segment, and customer mix, and strategically leverage its European mills to supply the U.S. and Mexico. This move is expected to help bridge supply gaps and expand the reach of its European production into new markets, with the company building inventory to support this transition until the Eastover investments are complete.
5. Operational Efficiency and Cost Management: While primarily impacting profitability, Sylvamo's continuous focus on operational excellence and cost reduction programs, such as "Project Horizon," indirectly supports revenue growth by strengthening its competitive position. These initiatives aim to streamline overhead, manufacturing, and supply chain costs, and improve wood self-sufficiency. By reducing costs and enhancing efficiency, Sylvamo can maintain competitive pricing and free up capital for growth-oriented investments, thereby supporting long-term revenue expansion.

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Share Repurchases

• A new $150 million share repurchase program was authorized by Sylvamo's board in September 2025, representing the third such program approved since 2022.
• The company recently completed a $300 million share repurchase program and exhausted a $150 million program announced in September 2023, having repurchased $82 million in shares year-to-date 2025 under the latter.
• In 2024, Sylvamo repurchased approximately $68 million of its common stock, and in Q3 2025, $42 million in shares were repurchased.

Share Issuance

• Sylvamo was spun off from International Paper on October 1, 2021, with approximately 35.4 million shares distributed to International Paper shareholders.
• As of October 31, 2025, the number of outstanding shares was 39,438,257.
• As of December 31, 2024, shares outstanding were 40.6 million.

Capital Expenditures

• Sylvamo plans to invest approximately $145 million in high-return capital projects at its Eastover, South Carolina facilities from 2025 through 2027, with the majority of spending in 2026. These investments include a $100 million paper machine speed-up and a $45 million replacement sheeter, aimed at reducing costs, enhancing efficiency, and increasing capacity by 60,000 tons.
• Total capital expenditures were $221 million in 2024.
• Expected total capital spending for 2025 is $220-240 million, with annual maintenance, regulatory, and reforestation capital expenditures projected to be in the range of $175 million to $195 million.