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International Paper for printing paper and pulp.

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• Printing Paper: The company produces uncoated freesheet for various paper products, including cutsize and offset paper.
• Pulp: Sylvamo offers different types of pulp, such as bleached hardwood kraft, bleached eucalyptus kraft, bleached softwood kraft, and bleached chemi-thermomechanical pulp.
• Packaging Materials: They market aseptic and liquid packaging board, along with coated unbleached kraft papers.

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Sylvamo (SLVM) sells primarily to other businesses (B2B) rather than directly to individual consumers. Due to the nature of its business in commodity paper, pulp, and packaging materials, specific major customer company names are generally not publicly disclosed by Sylvamo.

However, based on the company's products and distribution channels, its major customers can be identified as businesses falling into the following categories:

• Paper Merchants and Distributors: These companies purchase large volumes of Sylvamo's paper and pulp products, which they then distribute and resell to a wide array of end-users, including smaller printers, businesses, and retail outlets.
• Office Product Suppliers and Retailers: Businesses that source cutsize paper and other office-related paper products from Sylvamo for sale to commercial clients and individual consumers. This category includes large office supply chains and e-commerce platforms. An example of a public company in this space would be Office Depot (ODP), which procures paper for its distribution.
• Printing Companies and Converters: These businesses use Sylvamo's uncoated freesheet and other paper products as raw materials to produce finished goods such as envelopes, forms, books, magazines, and marketing materials.
• Packaging Manufacturers: Companies that utilize Sylvamo's pulp, aseptic, liquid packaging board, and coated unbleached kraft papers as raw materials for manufacturing various types of packaging solutions for food, beverages, and other industrial or consumer goods. Public companies in this sector include, for example, WestRock (WRK) or International Paper (IP), though these may also be competitors in some product lines.

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John Sims, Chief Executive Officer

John Sims was appointed Chief Executive Officer of Sylvamo in January 2026. Prior to this, he served as the company's Senior Vice President and Chief Financial Officer, a role he held since Sylvamo's inception in 2021 as a spinoff from International Paper. He transitioned to Chief Operating Officer in May 2025 before becoming CEO. Sims joined International Paper in 1994 after serving as an officer in the U.S. Navy. Over his 27-year career at International Paper, he gained extensive experience in the printing papers and packaging businesses across North America and Europe. His leadership roles at International Paper included vice president and general manager, North American Papers; senior vice president and president, Europe, Middle East, Africa and Russia; and senior vice president, Corporate Development.

Don Devlin, Senior Vice President and Chief Financial Officer

Don Devlin was elected Senior Vice President and Chief Financial Officer of Sylvamo, effective May 1, 2025. He joined Sylvamo from International Paper, where he began his career in 1998. At International Paper, Devlin held numerous leadership and finance positions, including vice president, transformation and strategy deployment. Other roles included vice president, finance and strategy, North American Industrial Packaging; president, International Paper India; and finance director, European Papers. In 2015, he was named vice president, Corporate Audit, and became an officer at International Paper before becoming chief executive officer of the company's operations in India. Devlin possesses extensive international leadership experience, with a track record of building teams, developing strategic plans, and delivering results in diverse environments. He holds a bachelor's degree in business administration from Siena College.

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

Matthew Barron serves as Sylvamo's Senior Vice President and Chief Administrative and Legal Officer.

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

Rodrigo Davoli became Sylvamo's Senior Vice President and General Manager, North America on July 1, 2023. He entered the paper and packaging industry in 1993 and joined International Paper in 2000 following the merger with Champion International. Davoli held various leadership roles in finance, strategic planning, marketing, and sales. In 2017, he was named vice president, Latin America Printing Papers and president of International Paper Brazil. At the inception of Sylvamo in 2021, he became senior vice president and general manager, Latin America.

Tatiana Kalman, Senior Vice President and General Manager, Latin America

Tatiana Kalman joined Sylvamo in 2023 as Senior Vice President and General Manager, Latin America. Before her tenure at Sylvamo, she worked for BASF for over 22 years, holding leadership roles of increasing responsibility across various business segments in Europe, Latin America, and North America. In 2020, she was named senior vice president, Performance Care Chemicals Americas, and subsequently became managing director and senior vice president, Personal Care, Europe, Middle East and Africa. Kalman currently serves on the Brazilian Pulp and Paper Association Board.

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Key Risks to Sylvamo (SLVM)

1. Weakening Demand and Pricing Pressure: Sylvamo faces significant risks from softening demand and persistent pricing pressure, particularly within the printing paper market. This is considered a major ongoing risk that directly impacts the company's profitability and sales. Factors such as a global economic slowdown and tariffs could further reduce demand for uncoated freesheet paper, while intense import competition could pressure both pricing and margins.
2. Raw Material Cost Increases and Supply Disruptions: The company is exposed to risks related to the increased cost or decreased availability of essential raw materials, including wood fiber, chemicals, water, and energy. Any supply disruption or significant surge in these input costs could materially affect Sylvamo's profitability and share price. Inflationary pressures on raw materials and transportation costs also pose a threat.
3. Labor Market Challenges: Sylvamo is susceptible to risks associated with the labor market, including difficulties in attracting, retaining, and developing skilled personnel. Increases in labor costs could lead to operational challenges and higher expenses, thereby impacting the company's performance and share value.

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Addressable Markets for Sylvamo's Main Products and Services

• Printing Paper (uncoated freesheet, cutsize, and offset paper)
  • Global: The global printing paper market was valued at USD 57.12 billion in 2023 and is projected to reach USD 102.43 billion by the end of 2030. Other estimates indicate the global printing paper market at USD 67.78 billion in 2025, set to reach USD 98.82 billion by 2032. Another report estimates the global printing paper market at USD 45.6 billion in 2024, expected to reach USD 98.7 billion by 2033.
  • North America: The North American printing paper market accounts for approximately 40% of the global share.
  • Europe: The European printing paper market holds around 30% of the global market share. The market for coated printing and writing papers in the European Union had a value of $7.6 billion in 2024. The overall Europe paper market size stood at 71.14 million tonnes in 2025.
  • Latin America: Specific market size for "printing paper" in Latin America was not available in the search results.
• Pulp (bleached hardwood kraft, bleached eucalyptus kraft, bleached softwood kraft, and bleached chemi-thermomechanical pulp)
  • Global: The global pulp market size is estimated at USD 75.30 billion in 2025, set to expand to USD 99.60 billion by 2034. Another source indicates the pulp market size was valued at USD 273.46 billion in 2026 and is expected to reach USD 415.94 billion by 2035.
  • North America: North America is estimated to contribute 32% to the growth of the global pulp market. The North America pulp and paper market size was valued at USD 56.39 billion in 2023.
  • Europe: Europe is the world's second-largest producer of pulp and paper, manufacturing 37 million tonnes of pulp annually. Europe produced 45.7 million tonnes of pulp in 2021. The European pulp and paper sector had a turnover of 74 billion euros in 2020.
  • Latin America: The wood pulp market in Latin America and the Caribbean expanded to $7 billion in 2024, with consumption projected to reach $10.2 billion by 2035. Latin America dominates market kraft pulp production, accounting for approximately 31% of the global output.
• Aseptic and Liquid Packaging Board
  • Global: The global liquid packaging board market is projected to grow from USD 44.71 billion in 2026 to USD 86.07 billion by 2035. Another estimate values the liquid packaging board market at $12.5 billion in 2024, projected to reach $18.7 billion by 2033. The global aseptic packaging market (which includes paperboard) was valued at USD 88.94 billion in 2025 and is projected to grow to USD 229.98 billion by 2034.
  • North America: North America dominates the Liquid Packaging Board Market with the largest revenue share of 39.01% in 2024.
  • Europe: Europe dominated the global liquid packaging board market by holding the highest market share of 37.6% in 2025. The aseptic packaging paperboard market in Europe is projected to grow from USD 1456.8 million in 2025 to USD 1892.4 million by 2035.
  • Latin America: Latin America is noted as a key growth region for aseptic packaging paperboard.
• Coated Unbleached Kraft Papers
  • Global: The coated unbleached kraft (CUK) segment contributed the biggest revenue share of 63% in the unbleached kraft paperboard market in 2024. Approximately 116 million metric tons of CUK were consumed worldwide in 2024. The global unbleached kraft paperboard market (which includes CUK) is valued at USD 7.61 billion in 2025, anticipated to reach USD 12.44 billion by 2035.
  • Asia Pacific: Asia Pacific dominated the unbleached kraft paperboard market with the largest revenue share of 39% in 2024.
  • North America: Over 140,000 metric tons of unbleached kraft paper were used in North America in countertop and wall panel laminates.
  • Europe and Latin America: Specific market sizes for coated unbleached kraft papers were not available for these regions in the search results.

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Here are 3-5 expected drivers of future revenue growth for Sylvamo (SLVM) over the next 2-3 years:

1. Strategic Investments in Mill Modernization and Capacity Expansion: Sylvamo is undertaking significant high-return strategic investments, particularly a $145 million capital spending plan at its Eastover mill in 2026. These investments include a paper machine optimization project, a new, state-of-the-art cutsize sheeter, and a woodyard modernization project. These initiatives are expected to enhance capacity, reduce operational costs, and improve the overall product mix, with a softwood operation slated to commence in 2027.
2. Improved Pricing and Favorable Market Conditions: Following a period of challenging market conditions, particularly in Europe, Sylvamo has communicated price increases to its European customers, with expected realization beginning in the second quarter of 2026. Additionally, North America and Brazil have demonstrated positive industry conditions, with improved supply and demand dynamics in North America, including significant declines in imports. These trends are anticipated to contribute to revenue growth.
3. Optimization of Product and Customer Mix: The company plans to strategically optimize its product segment and customer mix, leveraging its European mills to supply markets in the U.S. and Mexico. Recent investments have also led to full order books for the higher-margin roll business at the Säffle mill, further supporting efforts to improve the product mix in Europe. This focus on higher-value products and efficient market allocation is expected to drive revenue.
4. Increased Sales Volume in Key Regions: Sylvamo has demonstrated growth in sales volume in certain regions. In the third quarter of 2025, volume increased quarter-over-quarter, primarily due to stronger seasonality in Latin America and North America. Furthermore, uncoated freesheet sales volume saw a 9% quarter-over-quarter increase in the fourth quarter of 2025, indicating continued momentum in these markets.

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Share Repurchases

• In 2025, Sylvamo returned $155 million to shareholders, including $82 million in share repurchases.
• As of January 30, 2026, Sylvamo had a full $150 million remaining under its current share repurchase authorization.
• A $300 million buyback program announced on May 19, 2022, was completed by December 31, 2025, with 5,626,736 shares repurchased.

Share Issuance

• Sylvamo was spun off from International Paper on October 1, 2021, with each International Paper shareholder receiving one share of Sylvamo common stock for every eleven shares of International Paper common stock.
• International Paper continues to own approximately 19.9% of the outstanding shares of Sylvamo common stock post-spin-off.

Outbound Investments

• On January 2, 2023, Sylvamo acquired Stora Enso's uncoated freesheet paper mill in Nymölla, Sweden, for 150 million euros (approximately $160 million).

Capital Expenditures

• Sylvamo's capital expenditures for 2025 were $224 million, reinvested across its manufacturing network and Brazil forestlands.
• Expected capital spending for 2026 is $245 million, representing a peak in capital expenditures.
• The majority of the 2026 capital spending is focused on a $145 million strategic investment at the Eastover mill for projects including a paper machine optimization, a new cutsize sheeter, and a woodyard modernization.