Sylvamo Delivers Strong Results, Fortifies Financial Position

Message from the Chairman and Chief Executive Officer:
“We generated strong earnings and free cash flow in the third quarter. In October, we also achieved several milestones, including selling our Russian operations, reaching our gross debt target ahead of schedule and exiting our transition services agreement. I’m also pleased our board of directors approved increasing our quarterly dividend to 25 cents per share,” said Jean-Michel Ribiéras. “We continue to implement our three-pronged strategy of commercial excellence, operational excellence and financial discipline, which enabled us to remain the supplier of choice and strengthen our balance sheet.”

Third Quarter Highlights:
*Net income from continuing operations of $109 million ($2.44 per diluted share) compared with $84 million ($1.89 per diluted share) in the second quarter of 2022
*Adjusted operating earnings1 (non-GAAP) of $112 million ($2.51 per diluted share) compared with $90 million ($2.02 per diluted share) in the second quarter of 2022
*Adjusted EBITDA2 (non-GAAP) of $216 million (22.3% margin) compared with $189 million (20.7% margin) in the second quarter of 2022
*Free cash flow3 (non-GAAP) of $114 million compared with $39 million in the second quarter of 2022
*Announced an agreement to acquire an uncoated freesheet mill in Nymolla, Sweden, for an attractive price of 150 million euros (approximately $150 million)

Third Quarter Commercial and Operational Highlights:
*Price and mix improved by $60 million versus the prior quarter, outpacing energy and input cost inflation
*Operations and costs increased $3 million this quarter, while total planned maintenance outage expenses improved by $14 million
*Input costs grew by $46 million versus the prior quarter, reflecting energy and input cost inflation
*Adjusted EBITDA margins for Europe, Latin America and North America were 18%, 27% and 20%, respectively
details at: https://investors.sylvamo.com/news/news-details/2022/Sylvamo-Delivers-Strong-Results-Fortifies-Financial-Position-and-Increases-Quarterly-Dividend/default.aspx

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