Sylvamo Quarterly Results Exceed Outlook, Generates Strong Free Cash Flow

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras

We delivered strong earnings with a 20% adjusted EBITDA margin and outstanding free cash flow in the third quarter, driven by solid operational performance, good commercial execution and stable input costs. The quarter also had no planned maintenance outages.

On Oct. 31, we announced we are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers from International Paper’s Georgetown, South Carolina, mill, effective Dec. 31, 2024. We will continue to optimize our North America region by leveraging strategic initiatives to simplify the business, unlock efficiencies and drive earnings growth.

We have seen encouraging increases in industry demand across our regions and expect recent capacity reduction announcements to lead to more favorable supply and demand balance trends in 2025. We are confident in our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.
details at: https://investors.sylvamo.com/news/news-details/2024/Sylvamo-Quarterly-Results-Exceed-Outlook-Generates-Strong-Free-Cash-Flow/default.aspx

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Financial Highlights – 2023 Full Year *Net income from continuing operations of $253 million *Cash provided by operating activities from continuing operations of $504 million *Free cash flow3 of $294 million *Paid regular and special dividends totaling $57 million *Repurchased 1,574,133 shares of our common stock for approximately $70 million, resulting in 41.2 million shares outstanding as of Dec. 31 *Ended the year with net debt of $730 million ($950 million of gross debt and $220 million cash on hand). Financial Highlights - Fourth Quarter vs. Third Quarter *Net sales of $964 million vs. $897 million (7.5% increase) *Net income from continuing operations of $49 million vs. $58 million *Cash provided by operating activities from continuing operations of $167 million vs. $197 million *Free cash flow3 of $104 million vs. $155 million
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