10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________

FORM 10-Q

________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From              to            

______________________________

Commission File Number 001-40718

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SYLVAMO CORPORATION

(Exact Name of Registrant as Specified in its Charter)

________________

Delaware	86-2596371
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

6077 Primacy Parkway Memphis, Tennessee	38119
(Address of Principal Executive Offices)	(Zip Code)

901-519-8000

(Registrant’s Telephone Number, Including Area Code)

N/A                

(Former name, former address and and former fiscal year if changed since last report)

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, par value $1.00 per share	SLVM	New York Stock Exchange

________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒     No ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (paragraph 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐    No  ☒

The number of shares outstanding of the registrant’s common stock, par value $1.00 per share, as of August 1, 2025 was 40,372,555.

INDEX

		PAGE NO.
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2025 and 2024	1
	Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Six Months Ended June 30, 2025 and 2024	2
	Condensed Consolidated Balance Sheets - June 30, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2025 and 2024	4
	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	28
Item 6.	Exhibits	29
Signatures		30

ITEM 1.    FINANCIAL STATEMENTS

SYLVAMO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In millions, except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
NET SALES	$	794	$	933	$	1,615	$	1,838
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	640		684		1,302		1,400
Selling and administrative expenses	72		82		145		156
Depreciation, amortization and cost of timber harvested	45		37		85		76
Taxes other than payroll and income taxes	7		8		11		15
Interest (income) expense, net	10		9		19		18
INCOME BEFORE INCOME TAXES	20		113		53		173
Income tax provision	5		30		11		47
NET INCOME	$	15	$	83	$	42	$	126
EARNINGS PER SHARE
Basic	$	0.37	$	2.02	$	1.03	$	3.06
Diluted	$	0.37	$	1.98	$	1.02	$	3.00

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

SYLVAMO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
NET INCOME	$	15	$	83	$	42	$	126
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Defined benefit pension and postretirement adjustments:
Amortization of pension and postretirement loss (less taxes of $0, $0, $0 and $0)	1		—		1		—
Pension and postretirement liability adjustments (less tax of $0,$0, $0 and $0)	(1)		—		(1)		—
Change in cumulative foreign currency translation adjustment	69		(98)		147		(136)
Net gains/losses on cash flow hedging derivatives:
Net gains (losses) arising during the period (less taxes of $0, $2, $3 and $2)	—		(4)		5		—
Reclassification adjustment for (gains) losses included in net earnings (less taxes of $1, $1, $2 and $2)	(2)		(2)		(5)		(5)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	67		(104)		147		(141)
COMPREHENSIVE INCOME (LOSS)	$	82	$	(21)	$	189	$	(15)

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

SYLVAMO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

	June 30, 2025		December 31, 2024
	(unaudited)
ASSETS
Current Assets
Cash and temporary investments	$	113	$	205
Accounts and notes receivable, net	383		429
Contract assets	21		26
Inventories	396		361
Other current assets	64		42
Total Current Assets	977		1,063
Plants, Properties and Equipment, net	1,034		944
Forestlands	367		319
Goodwill	126		111
Right of Use Assets	57		58
Deferred Charges and Other Assets	107		109
TOTAL ASSETS	$	2,668	$	2,604
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	371	$	375
Notes payable and current maturities of long-term debt	46		22
Accrued payroll and benefits	53		79
Other current liabilities	165		206
Total Current Liabilities	635		682
Long-Term Debt	767		782
Deferred Income Taxes	151		152
Other Liabilities	156		141
Commitments and Contingent Liabilities (Note 11)
Equity
Common stock $1 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
Paid-in capital	85		71
Retained earnings	2,460		2,455
Accumulated other comprehensive loss	(1,343)		(1,490)
	1,247		1,081
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	$	2,668	$	2,604

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

SYLVAMO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)

	Six Months Ended
	June 30,
	2025		2024
OPERATING ACTIVITIES
Net income	$	42	$	126
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization, and cost of timber harvested	85		76
Deferred income tax provision (benefit), net	(5)		—
Stock-based compensation	13		12
Changes in operating assets and liabilities and other:
Accounts and notes receivable	77		(7)
Inventories	—		(20)
Accounts payable and accrued liabilities	(79)		(26)
Other	(46)		(19)
CASH PROVIDED BY OPERATING ACTIVITIES	87		142
INVESTMENT ACTIVITIES
Invested in capital projects	(114)		(113)
CASH USED FOR INVESTMENT ACTIVITIES	(114)		(113)
FINANCING ACTIVITIES
Dividends paid	(36)		(25)
Issuance of debt	48		16
Reduction of debt	(40)		(54)
Repurchases of common stock	(40)		(30)
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
Beginning of the period	205		280
End of the period	$	113	$	205

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

SYLVAMO CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of Sylvamo Corporation’s ("Sylvamo's", "the Company’s" or "our") financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first six months of the year may not necessarily be indicative of full year results due to factors such as the Company’s planned maintenance outage schedule at its mills. All intercompany transactions have been eliminated. You should read these condensed consolidated financial statements in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report" or “2024 Form 10-K”), which have previously been filed with the Securities and Exchange Commission. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates.

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are described in Note 2 Significant Accounting Policies to the audited consolidated financial statements included in our 2024 Form 10-K. There have been no material changes to the significant accounting policies for the six months ended June 30, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This guidance requires disaggregated disclosure of certain income statement captions for public business entities into specified categories within the footnotes to the financial statements. Additional disclosures are required in tabular format for each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil-and gas-producing activities or other types of depletion expenses. This update does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the provisions of this guidance.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and this guidance should be applied prospectively but there is the option to apply it retrospectively. The Company plans to adopt the provisions of this guidance in conjunction with our Form 10-K for the annual period ending December 31, 2025.

5

NOTE 3 REVENUE RECOGNITION

External Net Sales by Product

External net sales by major products were as follows by business segment:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Europe
Uncoated Papers	$	162	$	180	$	332	$	366
Market Pulp	19		25		39		46
Europe	181		205		371		412
Latin America
Uncoated Papers	181		220		361		416
Market Pulp	13		15		26		27
Latin America	194		235		387		443
North America
Uncoated Papers	398		474		814		945
Market Pulp	21		19		43		38
North America	419		493		857		983
Total	$	794	$	933	$	1,615	$	1,838

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced when control of the goods is transferred to the customer, satisfying our performance obligation. Contract liabilities of $4 million and $2 million are included in “Other current liabilities” as of June 30, 2025 and December 31, 2024, respectively.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

6

NOTE 4 EQUITY

A summary of changes in equity for the three months and six months ended June 30, 2025 and 2024 is provided below:

Three Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2025	45	$	45	$	78	$	2,463	$	(1,410)	$	(268)	$	908
Stock-based employee compensation	—	—		7		—		—		—		7
Share repurchases	—	—		—		—		—		(20)		(20)
Dividends ($0.45 per share)	—	—		—		(18)		—		—		(18)
Comprehensive income (loss)	—	—		—		15		67		—		82
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Six Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2024	45	$	45	$	71	$	2,455	$	(1,490)	$	(234)	$	847
Stock-based employee compensation	—	—		14		—		—		(14)		—
Share repurchases	—	—		—		—		—		(40)		(40)
Dividends ($0.90 per share)	—	—		—		(37)		—		—		(37)
Comprehensive income (loss)	—	—		—		42		147		—		189
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Three Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2024	45	$	45	$	54	$	2,253	$	(1,293)	$	(170)	$	889
Stock-based employee compensation	—	—		6		—		—		—		6
Share repurchases	—	—		—		—		—		(25)		(25)
Dividends ($0.45 per share)	—	—		—		(19)		—		—		(19)
Comprehensive income (loss)	—	—		—		83		(104)		—		(21)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

Six Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2023	45	$	45	$	48	$	2,222	$	(1,256)	$	(158)	$	901
Stock-based employee compensation	—	—		12		—		—		(7)		5
Share repurchases	—	—		—		—		—		(30)		(30)
Dividends ($0.75 per share)	—	—		—		(31)		—		—		(31)
Comprehensive income (loss)	—	—		—		126		(141)		—		(15)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

7

NOTE 5 OTHER COMPREHENSIVE INCOME

The following table presents the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”), net of taxes, reported in the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period	$	(72)	$	(77)	$	(72)	$	(77)
Other comprehensive income (loss) before reclassifications	(1)		—		(1)		—
Amounts reclassified from accumulated other comprehensive income	1		—		1		—
Balance at end of period	(72)		(77)		(72)		(77)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period	(1,342)		(1,235)		(1,420)		(1,197)
Other comprehensive income (loss) before reclassifications	69		(98)		147		(136)
Balance at end of period	(1,273)		(1,333)		(1,273)		(1,333)
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period	4		19		2		18
Other comprehensive income (loss) before reclassifications	—		(4)		5		—
Amounts reclassified from accumulated other comprehensive income	(2)		(2)		(5)		(5)
Balance at end of period	2		13		2		13
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$	(1,343)	$	(1,397)	$	(1,343)	$	(1,397)

NOTE 6 EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted earnings per share by applying the treasury stock method.

There are no adjustments required to be made to net income for purposes of computing basic and diluted earnings per share.

Basic and diluted earnings per share are calculated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions, except per share amounts	2025		2024		2025		2024
Net income	$	15	$	83	$	42	$	126
Weighted average common shares outstanding	40.6		41.1		40.6		41.2
Effect of dilutive securities	0.5		0.8		0.7		0.8
Weighted average common shares outstanding - assuming dilution	41.1		41.9		41.3		42.0
Earnings per share - basic	$	0.37	$	2.02	$	1.03	$	3.06
Earnings per share - diluted	$	0.37	$	1.98	$	1.02	$	3.00
Anti-dilutive shares (a)	0.2		0.4		0.1		0.4

(a)    Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

8

NOTE 7 SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

Temporary Investments

Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $70 million and $104 million at June 30, 2025 and December 31, 2024, respectively.

Accounts and Notes Receivable

Accounts and notes receivable, net, by classification were:

In millions	June 30, 2025		December 31, 2024
Accounts and notes receivable:
Trade	$	357	$	402
Notes and other	26		27
Total	$	383	$	429

The allowance for expected credit losses was $23 million and $21 million at June 30, 2025 and December 31, 2024, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

Inventories

In millions	June 30, 2025		December 31, 2024
Raw materials	$	74	$	56
Finished paper and pulp products	189		178
Operating supplies	116		107
Other	17		20
Total	$	396	$	361

Plants, Properties and Equipment, Net

Accumulated depreciation was $3.9 billion and $3.6 billion at June 30, 2025 and December 31, 2024, respectively. Depreciation expense was $33 million and $31 million for the three months and $66 million and $64 million for the six months ended June 30, 2025 and 2024, respectively.

Additions to plants, property and equipment included within accounts payable were $12 million and $12 million each at June 30, 2025 and December 31, 2024.

Forestlands

There were no additions to Forestlands included within accounts payable at June 30, 2025. Additions to Forestlands included within accounts payable were $10 million at December 31, 2024.

Interest

Interest payments of $24 million and $31 million were made during the six months ended June 30, 2025 and 2024, respectively.

9

Amounts related to interest were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Interest expense	$	12	$	13	$	24	$	27
Interest income	(1)		(3)		(3)		(7)
Capitalized interest cost	(1)		(1)		(2)		(2)
Total	$	10	$	9	$	19	$	18

Asset Retirement Obligations

As of June 30, 2025 and December 31, 2024, we have recorded liabilities of $29 million and $28 million, respectively, related to asset retirement obligations. These amounts are included in “Other liabilities.” For asset retirement obligations which are conditional upon future events, we cannot reasonably estimate the current fair value of those potential obligations due to the uncertainty as to the timing or amounts that may be incurred.

NOTE 8 LEASES

The Company leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles and certain other equipment. The Company’s leases have a remaining lease term of up to 15 years. Total lease cost was $15 million and $14 million for the three months and $30 million and $28 million for the six months ended June 30, 2025 and 2024, respectively.

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2025		December 31, 2024
Assets
Operating lease assets	Right of use assets	$	57	$	58
Finance lease assets	Plants, properties, and equipment, net (a)	21		20
Total leased assets		$	78	$	78
Liabilities
Current
Operating	Other current liabilities	$	23	$	21
Finance	Notes payable and current maturities of long-term debt	3		2
Noncurrent
Operating	Other Liabilities	41		45
Finance	Long-term debt	13		12
Total lease liabilities		$	80	$	80

(a)Finance leases are recorded net of accumulated amortization of $20 million and $17 million as of June 30, 2025 and December 31, 2024, respectively.

10

NOTE 9 GOODWILL

The following table presents changes in the goodwill balance as allocated to each business segment for the six months ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Balance as of December 31, 2024
Goodwill	$	11	$	101	$	—	$	112
Accumulated impairment losses	(1)		—		—		(1)
	$	10	$	101	$	—	$	111
Changes Due to Currency Translation and Other
Goodwill	2		14		—		16
Accumulated impairment losses	(1)		—		—		(1)
	$	1	$	14	$	—	$	15
Balance as of June 30, 2025
Goodwill	13		115		—		128
Accumulated impairment losses	(2)		—		—		(2)
Total	$	11	$	115	$	—	$	126

NOTE 10 INCOME TAXES

An income tax provision of $5 million and $11 million was recorded for the three and six months ended June 30, 2025, respectively, and the reported effective income tax rate was 25% and 21%, respectively. An income tax provision of $30 million and $47 million was recorded for the three and six months ended June 30, 2024, respectively, and the reported effective income tax rate was 27% and 27%, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act including accelerated tax expensing of qualifying domestic research costs, 100% bonus depreciation on qualifying capital expenditures, and enhancements to the business interest expense limitation. We are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position, but our current understanding of the legislation is that the provisions may have a beneficial impact on our current year results and cash flows.

The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by International Paper do Brasil Ltda., now named Sylvamo do Brasil Ltda. (“Sylvamo Brasil”), a wholly-owned subsidiary of the Company (the “Brazil Tax Dispute”). Sylvamo Brasil received assessments for the tax years 2007-2015 totaling approximately $108 million in tax, and $278 million in interest, penalties and fees as of June 30, 2025 (adjusted for variation in currency exchange rates and a law change pursuant to which the Brazil tax authority agreed to cancel a portion of the interest, penalties, and fees). International Paper challenged and is managing the litigation of this matter pursuant to the Tax Matters Agreement between us and International Paper. After a previous favorable ruling challenging the basis for these assessments, Sylvamo Brasil received other subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. These decisions are being appealed. The appeal involves several separate cases. In October 2024, at the first level of appeal in the Brazilian federal court system, the court ruled in favor of Sylvamo Brasil in cases covering approximately two thirds of the disputed amounts. The remaining one third of the disputed amounts is still under challenge at the Brazilian administrative court level and was not part of the ruling. The Brazilian tax authorities have appealed the October 2024 ruling. This tax litigation matter may take many years to resolve. The Company believes that the transaction underlying these assessments was appropriately evaluated, and that the Company’s tax position would be sustained, based on Brazilian tax law.

Pursuant to the terms of the Tax Matters Agreement, International Paper will pay 60%, and Sylvamo will pay 40% on up to $300 million of any assessment related to this matter, and International Paper will pay all amounts of the assessment over $300 million. Also in connection with this agreement, all decisions concerning the conduct of the litigation related to this matter, including settlement strategy, pursuit and abandonment, will continue to be made by International Paper, which is vigorously defending Sylvamo Brasil’s historic tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015.

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NOTE 11 COMMITMENTS AND CONTINGENT LIABILITIES

Environmental and Legal Proceedings

The Company is subject to environmental and legal proceedings in the countries in which we operate. Accruals for contingent liabilities, such as environmental remediation costs, are recorded in the consolidated financial statements when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated. The Company has estimated some probable liability associated with environmental remediation matters that is immaterial in the aggregate as of June 30, 2025.

At the Company’s Mogi Guaçu mill, there are legacy basin areas that were formerly lagoons used for treatment of mill wastewater from pulp and paper manufacturing. In coordination with and in response to a request by the Environmental Company of the State of São Paulo (“CETESB”), which is the state environmental regulatory authority, there has been continuous regulatory monitoring and sampling of the former basins, which began prior to their closure in 2006, both to assess for contamination and evaluate whether additional remediation is needed beyond the basins’ ongoing natural vegetation growth. This monitoring and sampling detected metal contamination, with the main constituent of potential environmental impact being mercury. The Company has presented CETESB with proposals for studies and other actions to further assess the scope and type of contamination and the possible need for an additional remediation approach.

In October 2022, CETESB requested that the Company expand its efforts to include providing CETESB with a proposed pilot intervention (remediation) plan for a portion of the former basins. The purpose of the pilot intervention plan was to facilitate determination of the appropriate actions to take for the basins generally, guided by the results of the pilot intervention plan in the subset portion of the basins. The Company submitted a proposed pilot intervention plan to CETESB in late 2023, and CETESB approved its pre-intervention stages and certain additional measures that the Company later submitted. The requirement to conduct the pilot intervention plan is currently suspended, as agreed by CETESB. The Company continues to conduct environmental testing and analysis. The Company has submitted a formal request to CETESB to maintain the suspension of the pilot intervention plan and continue the ongoing environmental testing and analysis.

As of June 30, 2025, the Company has recorded an immaterial liability for the environmental testing and analysis and a third-party review of the results and risk. While this matter could in the future have a material impact on our results of operations and cash flows, the Company is unable to estimate its potential liability. The Company’s liability will depend upon what additional studies and what remediation, beyond vegetation of the basins, may be required by CETESB, which in turn will depend partly upon CETESB’s assessment of information from the Company’s environmental testing and analysis and the third-party review of the results and risk.

Taxes Other Than Payroll Taxes

See Note 10 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil.

During the first quarter of 2024, the State of Sao Paulo issued a tax assessment to Sylvamo Brasil for approximately $49 million (adjusted for variation in currency exchange rates) regarding unpaid VAT arising from intercompany transactions. This assessment includes $19 million in tax and $30 million in interest and penalties. As of June 30, 2025, no reserve has been recorded by the Company because the risk of loss is not probable.

We have other open tax matters awaiting resolution in Brazil, which are at various stages of review in various administrative and judicial proceedings. We routinely assess these tax matters for materiality and probability of loss or gain, and appropriate amounts have been recorded in our financial statements for any open items where the risk of loss is deemed probable. We currently do not consider any of these other tax matters to be material individually. However, it is reasonably possible that settlement of any of these matters concurrently could result in a material loss or that over time a matter could become material, for example, if interest were accruing on the amount at issue for a significant period of time. Also, future exchange rate fluctuations could be unfavorable to the U.S. dollar and significant enough to cause an open matter to become material. The expected timing for resolution of these open matters ranges from one year to ten years.

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General

The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, taxes (including VAT), personal injury, product liability, labor and employment, contracts, sales of property and other matters, some of which allege substantial monetary damages. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assumptions, and are otherwise subject to significant uncertainties. As a result, there can be no certainty that the Company will not ultimately incur charges in excess of presently recorded liabilities. The Company believes that loss contingencies arising from pending matters, including the matters described herein, will not have a material effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in pending or threatened legal matters, some of which are beyond the Company's control, and the large or indeterminate damages sought in some of these matters, a future adverse ruling, settlement, unfavorable development, or increase in accruals with respect to these matters, could result in future charges that could be material to the Company's results of operations or cash flows in any particular reporting period.

NOTE 12 LONG-TERM DEBT

Long-term debt is summarized in the following table:

In millions	June 30, 2025		December 31, 2024
Term Loan F - due 2027 (a)	$	255	$	255
Term Loan F-2 - due 2031 (b)	225		230
Term Loan A - due 2029 (c)	211		217
Securitization Program	83		88
Other	16		14
Less: current portion	(23)		(22)
Total	$	767	$	782

(a) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

(b) As of June 30, 2025 and December 31, 2024, presented net of $1 million and $2 million in unamortized debt issuance costs, respectively.

(c) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

Revolving Credit Facility

In addition to the debt noted above, the Company has the ability to access a cash flow-based revolving credit facility (“Revolving Credit Facility”) with a total borrowing capacity of $400 million, which matures in 2029. As of June 30, 2025 and December 31, 2024, the Company had $23 million and no outstanding borrowings on the Revolving Credit Facility, respectively, and an available borrowing capacity of $377 million and $400 million, respectively. Any outstanding balance on the Revolving Credit Facility is recorded within “Notes payable and current maturities of long-term debt” in the condensed consolidated balance sheet.

Securitization Program

Sylvamo North America LLC, a wholly owned subsidiary of the Company, maintains a $110 million accounts receivable finance facility (the “Securitization Program”), maturing in 2027. The Company sells substantially all of its North American accounts receivable balances to Sylvamo Receivables, LLC, a special purpose entity, which pledges the receivables as collateral for the Securitization Program. The borrowing availability under this facility is limited by the balance of eligible receivables within the program. The average interest rate for the quarter ended June 30, 2025 was 5.32%, and the average interest rate for the year ended December 31, 2024 was 6.10%.

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Term Loans

In the third quarter of 2024, as a result of debt refinancing, the Company entered into a new senior secured term loan facility which provided an aggregate principal amount of $235 million (“Term Loan F-2”) maturing in 2031. A portion of the proceeds from Term Loan F-2 were used to repay $104 million of Term Loan F and $36 million of Term Loan A. The Company used the remaining proceeds to redeem the $90 million outstanding principal of our 2029 Senior Notes and to pay related premiums and fees. Debt extinguishment costs for the refinancing include $3 million of premiums paid related to the 2029 Senior Notes redemption and $2 million of deferred financing costs which were written off. This cost was recorded within “Interest expense (income), net.” In connection with the debt refinancing, we incurred $5 million of debt issuance costs to be amortized over each instrument’s term until maturity.

Interest Rates

The interest rates applicable to the Term Loan F, Term Loan F-2, Term Loan A and Revolving Credit Facility are based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percentage of 1.85%, 2.25%, 1.85% and 1.85%, respectively, payable monthly, with a SOFR floor of 0.00%. The obligations under the Term Loan F, Term Loan F-2, Term Loan A, and Revolving Credit Facility are secured by substantially all the tangible and intangible assets of Sylvamo and its subsidiaries, subject to certain exceptions, and are guaranteed by Sylvamo and certain subsidiaries.

Patronage Credits

We are receiving interest patronage credits under the Term Loan F and Term Loan F-2. Patronage distributions, which are made primarily in cash but also in equity in the lenders, are generally received in the first quarter of the year following that in which they were earned. Expected patronage credits are accrued in accounts and notes receivable as a reduction to interest expense in the period earned. After giving effect to expected patronage distributions of 90 basis points, of which 75 basis points is expected as a cash rebate, the effective net interest rate on the Term Loan F was approximately 5.28% and 5.31% as of June 30, 2025 and December 31, 2024, respectively, and the effective net interest rate on the Term Loan F-2 was approximately 5.68% and 5.71% as of June 30, 2025 and December 31, 2024, respectively.

Interest Rate Swaps

In connection with some of the Company’s loans, we are a party to interest rate swaps with various counterparties. These interest rate swaps are designated as cash flow hedges utilized to manage interest rate risk by allowing the Company to exchange the difference in the variable rates on the term loans determined in reference to SOFR and the related fixed interest rate per notional amount. Fair value assets and liabilities related to interest rate swaps are recorded within “Deferred charges and other assets” and “Other liabilities,” respectively.

			June 30, 2025						December 31, 2024
(Dollars in millions)	Fixed Interest Rate	Maturity (a)	Notional Amount		Fair Value of Assets		Fair Value of Liabilities		Notional Amount		Fair Value of Assets		Fair Value of Liabilities
Interest rate swaps
Term Loan F	3.72% to 3.75%	2025	$	200	$	—	$	—	$	200	$	1	$	—
Term Loan F-2	3.80% to 3.82%	2029	226		—		3		232		2		—
Term Loan A	4.13% to 4.16%	2028	214		—		4		219		—		1

(a) The total notional amounts of Term Loan F-2 and Term Loan A amortize quarterly until maturity.

Debt Covenants

The Company is subject to certain covenants limiting, among other things, the ability of most of its subsidiaries to: (a) incur additional indebtedness or issue certain preferred shares; (b) pay dividends on or make distributions in respect of the Company’s or its subsidiaries’ capital stock or make investments or other restricted payments; (c) create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make certain other intercompany transfers; (d) sell certain assets; (e) create liens; (f) consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets; and (g) enter into certain transactions with its affiliates. The Company is currently subject to a maximum consolidated total leverage ratio of 3.75 to 1.00.

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Our ability to make restricted payments under the credit agreement is governed by the provisions of our debt agreements in effect as if the Brazil Tax Dispute is settled, provided we maintain $275 million of available liquidity at the time we make restricted payments.

As of June 30, 2025, we were in compliance with our debt covenants.

NOTE 13 PENSION AND POSTRETIREMENT BENEFIT PLANS

Defined Benefit Plans

The Company sponsors and maintains pension plans for the benefit of certain of the Company’s employees. The service and non-service cost components of net periodic pension expense for these employees is recorded within cost of products sold and selling and administrative expenses. The assets and liabilities related to plans sponsored by the Company are reflected in deferred charges and other assets and other liabilities, respectively.

Net periodic pension expense (benefit) for all pension plans sponsored by the Company for the six months ended June 30, 2025 and June 30, 2024 was immaterial.

The Company’s funding policy for the pension plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and timing of any discretionary contributions. Generally, the non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required.

NOTE 14 INCENTIVE PLANS

The Company has adopted the Sylvamo 2021 Incentive Compensation Plan, which includes shares under its long-term incentive plan (“LTIP”) that grants certain employees, consultants, or non-employee directors of the Company different forms of awards, including time-based and performance-based restricted stock units. As of June 30, 2025, 2,227,021 shares remain available for future grants.

Total stock-based compensation cost recognized by the Company was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Total stock-based compensation expense (included in selling and administrative expense)	$	7	$	5	$	13	$	12

As of June 30, 2025, $27 million of compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements for Company employees had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.6 years.

NOTE 15 FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company’s business segments, Europe, Latin America and North America, are organized by geography. These segments are consistent with the internal structure used to manage these businesses. Each of our segments derive their revenue from the manufacture and sale of paper and pulp products.

Business segment operating profits are used by the Company’s management to measure the earnings performance of its businesses. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. We define business segment operating profit as our income from continuing operations before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net business special items and net corporate special items.

The chief operating decision maker uses business segment operating profit to allocate resources (primarily capital spending) for each segment predominantly during the annual strategic planning, budgeting and forecasting processes. The chief operating

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decision maker also considers actual performance variances in business segment operating profits on a monthly basis to assess the performance of the segments. The Company’s chief operating decision maker group is made up of the Chairman and Chief Executive Officer and Chief Operating Officer.

Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation).

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	181	$	207	$	419	$	807
Intersegment sales	—		(13)		—		(13)
Net sales	$	181	$	194	$	419	$	794
Less:
Cost of products sold and other	168		125		288		581
Maintenance outages	28		20		18		66
Economic downtime	—		—		—		—
Selling and administrative expenses	15		23		34		72
Depreciation, amortization and cost of timber harvested	8		23		14		45
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	(38)	$	2	$	66	$	30
Income before income taxes							$	20
Interest (income) expense, net							10
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	30

(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil.

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Six Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	371	$	406	$	857	$	1,634
Intersegment sales	—		(19)		—		(19)
Net sales	$	371	$	387	$	857	$	1,615
Less:
Cost of products sold and other	347		253		617		1,217
Maintenance outages	40		21		32		93
Economic downtime	—		—		3		3
Selling and administrative expenses	30		44		71		145
Depreciation, amortization and cost of timber harvested	16		41		28		85
Add:
Other special items, net (a)	—		—		2		2
Business Segment Operating Profit (Loss)	$	(62)	$	28	$	108	$	74
Income before income taxes							$	53
Interest (income) expense, net							19
Corporate special items, net (a)							—
Other special items, net (a)							2
Business Segment Operating Profit							$	74

(a) Net special items in the period presented primarily include a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil and charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.

Three Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	206	$	245	$	493	$	944
Intersegment sales	(1)		(10)		—		(11)
Net sales	$	205	$	235	$	493	$	933
Less:
Cost of products sold and other	169		150		337		656
Maintenance outages	—		7		22		29
Economic downtime	3		—		4		7
Selling and administrative expenses	17		23		42		82
Depreciation, amortization and cost of timber harvested	8		17		12		37
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	8	$	37	$	77	$	122
Income before income taxes							$	113
Interest (income) expense, net							9
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	122

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(a) Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Six Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	413	$	461	$	983	$	1,857
Intersegment sales	(1)		(18)		—		(19)
Net sales	$	412	$	443	$	983	$	1,838
Less:
Cost of products sold and other	362		295		693		1,350
Maintenance outages	—		18		36		54
Economic downtime	3		—		8		11
Selling and administrative expenses	28		44		83		155
Depreciation, amortization and cost of timber harvested	16		35		25		76
Add:
Other special items, net (a)	1		—		1		2
Business Segment Operating Profit (Loss)	$	4	$	51	$	139	$	194
Income before income taxes							$	173
Interest (income) expense, net							18
Corporate special items, net (a)							1
Other special items, net (a)							2
Business Segment Operating Profit							$	194

(a) Net special items in the period presented primarily include integration costs for the Nymölla acquisition, a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Assets

In millions	June 30, 2025		December 31, 2024
Europe	$	392	$	324
Latin America	1,163		1,065
North America	861		904
Corporate and Other (a)	252		311
Assets	$	2,668	$	2,604

(a) Includes corporate assets.

Capital Spending

	Six Months Ended June 30,
In millions	2025		2024
Europe	$	22	$	10
Latin America	62		77
North America	30		25
Corporate	—		1
Capital Spending	$	114	$	113

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included in “Financial Information” of this Quarterly Report on Form 10-Q (this “Form 10-Q”) and the Company’s Form 10-K for the three years ended December 31, 2024, 2023 and 2022. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those stated and implied in any forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Form 10-Q and in our 2024 Form 10-K, particularly under the headings “Risk Factors” and “Forward-Looking Statements.”

EXECUTIVE SUMMARY

Second quarter 2025 net income was $15 million ($0.37 per diluted share) compared with $83 million ($1.98 per diluted share) for the second quarter of 2024. Net sales were $794 million in the current quarter compared with $933 million in the prior year. Cash from operations was $64 million compared to $115 million in the second quarter of last year. Adjusted EBITDA was $82 million, with an adjusted EBITDA margin of 10%, compared to $164 million and an adjusted EBITDA margin of 18% in the second quarter of 2024. Free cash flow was $(2) million compared to $62 million in the second quarter of 2024.

Comparing our earnings performance in the second quarter of 2025 to the prior year, volume decreased, primarily due to lower North America volume resulting from International Paper’s Georgetown mill closure. Price and mix decreased in Europe. More favorable operations and costs were partially offset by higher input and transportation costs. Planned maintenance outage costs were significantly higher as we conducted complex outages in five of our mills. We continued to return cash to shareowners through an $18 million dividend payment and repurchased $20 million in shares during the quarter.

Looking ahead to the third quarter of 2025, we expect price and mix to be unfavorable primarily driven by paper and pulp prices in Europe. Volume is expected to be favorable due to stronger seasonality in both Latin America and North America. Operations and costs are projected to improve slightly due to better operational performance. We expect input and transportation costs to remain stable. Lastly, planned maintenance outage costs are projected to improve by $66 million as we have no outages planned in the third quarter.

BUSINESS SEGMENT RESULTS

Overview

Management provides business segment operating profit, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. Business segment operating profit is reconciled to Income before income taxes, the most directly comparable GAAP measure. Business segment operating profit may be determined or calculated differently by other companies and therefore may not be comparable among companies.

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The following table presents a comparison of Income before taxes to business segment operating profit:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Income Before Income Taxes	$	20	$	113	$	53	$	173
Interest (income) expense, net	10		9		19		18
Net special items expense (income) (b)	—		—		2		3
Business Segment Operating Profit (a)	$	30	$	122	$	74	$	194
Europe	$	(38)	$	8	$	(62)	$	4
Latin America	2		37		28		51
North America	66		77		108		139
Business Segment Operating Profit (Loss) (a)	$	30	$	122	$	74	$	194

(a)    We define business segment operating profit as our income before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net special items. We believe that business segment operating profit is an important indicator of operating performance as it 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.

(b)    Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include a gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil, certain severance costs related to our salaried workforce and integration costs related to the Nymölla acquisition.

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

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Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

The following tables present net sales and operating profit, which is the Company’s measure of business segment profitability, for each of the Company’s segments. See Note 15 Financial Information by Business Segment for more information on the Company’s segments.

Europe

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Sales	$	181	$	206	$	371	$	413
Operating Profit (Loss)	$	(38)	$	8	$	(62)	$	4

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Our Europe business segment sales decreased $25 million compared to the same period in 2024, primarily due to lower sales price and mix ($17 million) and lower volumes ($18 million), partially offset by favorable foreign exchange impacts.

Europe operating profit was $46 million lower than the same period in 2024, primarily driven by lower sales price and mix ($16 million), higher planned maintenance outages ($28 million), higher operating ($1 million) and input costs ($2 million), primarily for wood and chemicals, and lower volumes ($2 million) which were partially offset by lower unabsorbed costs due to less economic downtime ($3 million).

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Our Europe business segment sales decreased $42 million compared to the same period in 2024, primarily due to lower sales price and mix ($26 million) and lower volumes ($25 million), partially offset by favorable foreign exchange impacts.

Europe operating profit was $66 million lower than the same period in 2024, primarily driven by lower sales price and mix ($25 million), higher planned maintenance outages ($40 million), higher input costs ($4 million), primarily for wood, and lower volumes ($1 million) which were partially offset by lower unabsorbed costs due to less economic downtime ($3 million) and lower operating costs ($1 million).

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Latin America

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Sales	$	207	$	245	$	406	$	461
Operating Profit	$	2	$	37	$	28	$	51

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Our Latin America business segment sales decreased $38 million compared to the same period in 2024, primarily driven by lower volumes ($22 million), a decrease in sale price and mix ($6 million) and unfavorable foreign exchange impacts.

Operating profit for Latin America was $35 million lower than the same period in 2024, primarily driven by lower sales price and mix ($6 million), higher planned maintenance outages ($13 million), higher operating costs ($9 million) and lower volumes ($7 million).

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Our Latin America business segment sales decreased $55 million compared to the same period in 2024, primarily driven by lower volumes ($26 million), a decrease in sale price and mix ($5 million) and unfavorable foreign exchange impacts.

Operating profit for Latin America was $23 million lower than the same period in 2024, primarily driven by lower sales price and mix ($5 million), higher planned maintenance outages ($3 million), higher operating ($3 million) and input costs ($4 million), primarily for wood, chemicals and purchased pulp, and lower volumes ($8 million).

North America

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Sales	$	419	$	493	$	857	$	983
Operating Profit	$	66	$	77	$	108	$	139

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Our North America business segment sales decreased $74 million compared to the same period in 2024, primarily due to a decrease in volumes ($78 million) which was partially offset by an increase in sales price and mix ($4 million).

Operating profit for North America was $11 million lower than the same period in 2024, primarily due to lower volumes ($22 million) and higher input costs ($3 million), primarily for energy, chemicals and wood, which more than offset higher sales price and mix ($4 million), lower outage costs ($4 million), lower unabsorbed costs due to less economic downtime ($4 million) and lower operating costs ($2 million).

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Our North America business segment sales decreased $126 million compared to the same period in 2024, primarily due to a decrease in volumes ($129 million) which was partially offset by an increase in sales price and mix ($3 million).

Operating profit for North America was $31 million lower than the same period in 2024, primarily due to lower volumes ($35 million) and higher operating ($5 million) and input costs ($6 million), primarily for energy, chemicals and wood, which more than offset higher sales price and mix ($4 million), lower planned maintenance outages ($4 million) and lower unabsorbed costs due to less economic downtime ($7 million).

22

Non-GAAP Financial Measures

Management provides Adjusted EBITDA, a non-GAAP financial measure, to supplement our GAAP financial information, and it should be considered in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Management uses this measure in managing the operating performance of our business and believes that Adjusted EBITDA provides investors and analysts meaningful insights into our operating performance and is a relevant metric for the third-party debt. Adjusted EBITDA is reconciled to Net income, the most directly comparable GAAP measure. Adjusted EBITDA may be determined or calculated differently by other companies and therefore may not be comparable among companies.

	Three Months Ended June 30,						Six Months Ended June 30,
In millions	2025			2024			2025			2024
Net Income	$	15		$	83		$	42		$	126
Income tax provision	5			30			11			47
Interest (income) expense, net	10			9			19			18
Depreciation, amortization and cost of timber harvested	45			37			85			76
Stock-based compensation	7			5			13			12
Net special items expense (income) (a)	—			—			2			3
Adjusted EBITDA (b)	$	82		$	164		$	172		$	282
Net Sales	$	794		$	933		$	1,615		$	1,838
Adjusted EBITDA Margin	10.3		%	17.6		%	10.7		%	15.3		%

(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the periods presented primarily include a gain to adjust the recognition of a foreign value-added tax refund in Brazil, charges related to the termination of the Georgetown mill offtake agreement, environmental reserves in Brazil, certain severance costs related to our salaried workforce and integration costs related to the Nymölla acquisition.

(b)     We define Adjusted EBITDA (non-GAAP) as net income (GAAP), net of taxes 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, special items.

Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating activities. Management 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. By adjusting for certain items that are not indicative of the Company’s ongoing performance, free cash flow also enables investors to perform meaningful comparisons between past and present periods.

The following is a reconciliation of Cash provided by operations to Free Cash Flow:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Cash provided by operating activities	$	64	$	115	$	87	$	142
Adjustments:
Cash invested in capital projects	(66)		(53)		(114)		(113)
Free Cash Flow	$	(2)	$	62	$	(27)	$	29

The non-GAAP financial measures presented in this Form 10-Q as referenced above 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 utilize identical calculations, the Company’s presentation of non-GAAP measures in this Form 10-Q may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as the Company.

23

LIQUIDITY AND CAPITAL RESOURCES

Overview

Our ability to fund the Company’s cash needs depends on our ongoing ability to generate cash from operations and obtain financing on acceptable terms. Based upon our history of generating strong operating cash flow, we believe we will be able to meet our short-term liquidity needs. We believe we will meet known or reasonably likely future cash requirements through the combination of cash flows from operating activities, available cash balances and available borrowings through the issuance of third-party debt, as needed.

A major factor in our liquidity and capital resource planning is our generation of operating cash flow, which is highly sensitive to changes in the pricing and demand for our products. While changes in key operating cash costs, such as raw materials, energy, mill outages and distribution expenses do have an effect on operating cash generation, we believe that our focus on commercial and operational excellence, as well as our ability to manage costs and working capital, will provide sufficient cash flow generation to meet our operational and capital spending needs.

The terms of the agreements governing our debt contain customary limitations as well as other provisions. These provisions may also restrict our business and, in the event we cannot meet the terms of those provisions, may adversely impact our financial condition, results of operations or cash flows.

Operating Activities

Cash provided by operating activities totaled $87 million for the six months ended June 30, 2025, compared with cash provided by operating activities of $142 million for the six months ended June 30, 2024. The decrease in cash provided by operating activities in 2025 relates primarily to lower net income offset by timing of cash flows related to working capital.

Cash used for working capital components (accounts and notes receivable, inventories, accounts payable and accrued liabilities, and other) was $48 million for the six months ended June 30, 2025, compared with cash used for working capital components of $72 million for the six months ended June 30, 2024. The six months ended June 30, 2025 working capital components primarily reflect $77 million of cash provided by our accounts and notes receivables, offset by $79 million and $46 million of cash used for our accounts payable and accrued liabilities and other operating activities, respectively. The six months ended June 30, 2024 working capital components primarily reflect $7 million, $20 million, $26 million and $19 million of cash used for our accounts and notes receivable, inventories, accounts payable and accrued liabilities, and other operating activities, respectively.

Investment Activities

The total cash used for investing activities for the six months ended June 30, 2025 was consistent with the six months ended June 30, 2024.

The following table shows capital spending by business segment:

	Six Months Ended June 30,
In millions	2025		2024
Europe	$	22	$	10
Latin America	62		77
North America	30		25
Corporate	—		1
Total	$	114	$	113

Capital spending primarily consists of purchases of machinery and equipment related to our global mill operations and reforestation and timber purchase costs in Latin America.

24

Financing Activities

Cash used for financing activities for the six months ended June 30, 2025 primarily reflects the payments of $27 million, $6 million, and $6 million on our outstanding principal debt balances for the AR Securitization, Term Loan F-2, and Term Loan A, respectively. These amounts are primarily offset by draws on our AR Securitization and Revolving Credit Facility of $22 million and $23 million, respectively. During the six months ended June 30, 2025 the Company also paid $36 million in dividends and repurchased $40 million of our shares pursuant to our share repurchase program. Cash used for financing activities for the six months ended June 30, 2024 primarily reflects the payments of $23 million, $13 million, $10 million, and $8 million on our outstanding principal debt balances for the AR Securitization, Term Loan F, Revolving Credit Facility, and Term Loan A, respectively. These amounts are primarily offset by draws on our Revolving Credit Facility and AR Securitization of $10 million and $6 million, respectively. During the six months ended June 30, 2024 the Company also paid $25 million in dividends and repurchased $30 million of our shares pursuant to our share repurchase program.

Contractual Obligations

Our 2024 Form 10-K included disclosures of our contractual obligations and commitments as of December 31, 2024. We continue to make the contractually required payments, and, therefore, the 2024 obligations and commitments described in our 2024 Form 10-K have been reduced by the required payments.

Capital Expenditures

For the six months ended June 30, 2025, we have invested approximately $114 million, or 7.1% of net sales, in total capital expenditures. Over that period, we spent approximately $84 million, or 5.2% of net sales, in maintenance, regulatory and reforestation capital expenditures, and approximately $30 million, or 1.9% of net sales, in high-return capital projects. Our annual maintenance, regulatory and reforestation capital expenditures are expected to be in the range of approximately $165 to $190 million per year (before inflation) for the next several years, which we believe will be sufficient to maintain our operations and productivity. In addition, we expect to spend approximately $55 million to $65 million on high-return projects in 2025.

PILLAR TWO DIRECTIVE

The Organization for Economic Co-Operation and Development (“OECD”) has been working on a project to act to prevent what it refers to as base erosion and profit shifting (“BEPS”). Most recently, the OECD, through an association of almost 140 countries known as the “inclusive framework,” has announced a consensus to address, among other things, perceived challenges presented by global digital commerce (“Pillar 1”) and the perceived need for a minimum global effective tax rate of 15% (“Pillar 2”). On December 15, 2022, the European Union formally adopted the Pillar Two Directive, and a majority of EU member states have enacted the directive into domestic law as of December 31, 2023. Other countries are taking similar actions. We have evaluated the developments and do not anticipate any material impact on our financial position, results of operations, or cash flows.

CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT ACCOUNTING ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires the Company to establish accounting policies and to make estimates that affect both the amounts and timing of the recording of assets, liabilities, revenues and expenses. Some of these estimates require subjective judgments about matters that are inherently uncertain.

Accounting policies whose application may have a significant effect on the reported results of operations and financial position of the Company, and that can require judgments by management that affect their application, include the accounting for impairment or disposal of long-lived assets and goodwill and income taxes.

The Company has included in the 2024 Form 10-K a discussion of these critical accounting policies, which are important to the portrayal of the Company’s financial condition and results of operations and require management’s judgments. The Company has not made any changes in these critical accounting policies during the first six months of 2025.

25

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains information that includes or is based upon forward-looking statements. Forward-looking statements forecast or state expectations concerning future events. These statements often can be identified by the fact that they do not relate strictly to historical or current facts. They typically use words such as “anticipate,” “assume,” “could,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “will” and other words and terms of similar meaning, or they relate to future periods. Some examples of forward-looking statements include those relating to our business and operating outlook, future obligations and anticipated expenditures.

Forward-looking statements are not guarantees of future performance. Any or all forward-looking statements may turn out to be incorrect, and actual results could differ materially from those expressed or implied in forward-looking statements. Forward-looking statements are based on current expectations and the current economic environment. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors that are difficult to predict. Although it is not possible to identify all of these risks, uncertainties and other factors, the impact of the following factors, among others, on us or on our suppliers or customers, could cause our actual results to differ from those in the forward-looking statements: deterioration of global and regional economic, civil and political conditions and trade relations including the imposition of tariffs or other trade protections; physical, financial and reputational risks associated with climate conditions and climate change, including adverse environmental events such as floods and fires; reduced demand for our products due to the cyclical nature of the paper industry, the industry-wide secular decline in paper demand, or competition from other businesses; increased costs or reduced availability of the raw materials, energy, transportation (truck, rail and ocean) and labor needed to manufacture and deliver our products; a material disruption at any of our manufacturing facilities; information technology risks including potential cybersecurity breaches affecting us or third parties with which we do business; extensive environmental, tax and other laws and regulations in Brazil, Europe, the United States and other jurisdictions to which we are subject, including our compliance costs and risk of liability and loss for violations; our reliance on a small number of customers; and the factors disclosed in Item 1A. Risk Factors of our 2024 Form 10-K, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the U.S. Securities and Exchange Commission (the “SEC”), including subsequent annual reports on Form 10-K and quarterly reports on Form 10-Q.

We assume no obligation to update any forward-looking statements made in this quarterly report to reflect subsequent events or circumstances or actual outcomes.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information relating to quantitative and qualitative disclosures about market risk is shown on page 46 of the Company’s 2024 Form 10-K, which information is incorporated herein by reference. There have been no material changes in the Company’s exposure to market risk since December 31, 2024.

ITEM 4.    CONTROLS AND PROCEDURES

Management carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of such date and designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is: recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting:

In the second quarter of 2025, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

26

PART II. OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

Sylvamo may be involved in legal proceedings arising from time to time in the ordinary course of business. Sylvamo is not involved in any legal proceedings that we believe will result, individually or in the aggregate, in a material adverse effect upon our financial condition or results of operations. Note 10 Income Taxes and Note 11 Commitments and Contingent Liabilities of the Notes to the Condensed Consolidated Financial Statements in this Form 10-Q are incorporated into this Item 1 by reference.

Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions, unless we reasonably believe the monetary sanctions will not equal or exceed a threshold of $1 million (which is the threshold we elected to use as permitted by this regulation). The matters set forth in Note 11 Commitments and Contingent Liabilities and incorporated herein are disclosed in accordance with such requirement.

ITEM 1A.    RISK FACTORS

The risk factors that affect our business and financial results are set forth under Part I, Item 1A, “Risk Factors,” in our 2024 Form 10-K. Except for the risk factor below, there have been no material changes to the risk factors described in our 2024 Form 10-K. The Risk Factors in the 2024 Form 10-K and the risks described in this Form 10-Q or our other SEC filings could cause our actual results to differ materially from those stated in any forward-looking statements.

Our operations and performance depend significantly on global and regional economic, civil and political conditions and stable trade relations; and adverse economic, civil or political conditions, or deterioration in trade relations, could materially adversely affect our business, financial condition, results of operations and cash flows.

We operate in three primary regions, each of which contributes significantly to our financial performance: Europe, Latin America and North America. Five of the seven mills that we own are located outside the United States: three in Brazil, one in France and one in Sweden. Deterioration of economic, civil or political conditions, either globally or in a region where we operate, could have a material adverse effect on our business, financial condition, results of operations and cash flows. As examples, a recession could reduce demand for our products, impact capacity utilization, and erode our profits; significant inflation could increase our costs, reduce demand for our products if we increase prices, and erode our profits; and an unstable economic environment could disrupt our business strategies and destabilize demand for our products. Such conditions could also generally affect industrial non-durable goods production, consumer spending, commercial printing and advertising activity, white-collar employment levels, and consumer confidence, all of which could impact our costs of operating and demand for our products.

Also, civil or political unrest or conflict, including military conflict, could hinder the supply to us of, and increase the cost of, materials needed for our operations. Military conflicts that were ongoing in 2024 could have a material adverse effect on us in the future; for example, if the war in Ukraine were to spread further in Europe, or if, notwithstanding any ceasefire, armed conflict in and near the Middle East were to spread or Houthis attacks affecting Red Sea shipping were to increase in severity. With respect to these specific conflicts, in 2024 we experienced increased transportation costs due to shipping disruptions in and around the Red Sea that, in turn, resulted in global increases in shipping and container costs and supply chain disruptions. However, we believe that, generally, our operations in Europe are at more risk than our operations in Latin America and North America from potential expansion of these conflicts, because geographic proximity to such conflicts elevates the risk of transportation network, energy and supply chain disruptions and related price increases.

Other unfavorable economic, political or civil conditions in the three regions where we operate, such as strikes, lack of availability and high cost of credit, and fluctuations in the value of local currency versus the U.S. dollar could adversely affect our cost and ability to manufacture and deliver our products to customers, obtain credit on favorable terms, and maintain profit margins.

The imposition of trade protection measures, such as governmental subsidies and tax benefits, favoring locally produced products that compete with ours, but which do not also protect our products, could have a material adverse effect on our results of operations and business prospects. Conversely, the removal of trade protection measures that protect our products could have a material adverse effect on our results of operations and business prospects. For

27

example, our mills in Brazil have historically benefited from policies favoring domestic producers. We cannot guarantee that any such policies will continue or that we will continue to benefit from existing or future policies, nor can we guarantee that we will not be harmed by future policies.

Increased trade friction between countries or disruption in existing trade agreements have resulted in actual and proposed tariffs and could result in additional tariffs and other protective measures, such as anti-dumping and countervailing duties. Protective trade measures have, and could further, skew markets, disrupt the cross-border flow of globally traded materials used to make our products and the distribution of our products, and increase the costs of products that we import and export.

We expect some tariff-related increases in the costs of equipment and other inputs. If United States’ tariffs were to cause substantial increases in the prices of inputs, and we were to increase our products’ prices to mitigate the increases in our costs, it could decrease demand for our products. Also, protective trade measures taken by other countries in response to tariffs imposed by the United States could make our exported products more expensive and less desirable to customers in those countries. Most of the products that we manufacture in the United States we sell within it, but we do export some products from the United States to various locations globally.

United States tariffs on products made in countries where we operate could create financial limitations on the available cross-border strategies to supply our customers. For example, high tariffs create financial disincentives for us to supply our customers in the United States with products from our mills outside the United States. Also, United States’ tariffs could cause our competitors outside the United States to shift more exports to Europe or Latin America instead of the United States, increasing the number of products competing with ours in those regions. On the other hand, our products made and sold within the United States compete with similar imported products and may benefit from the United States’ tariffs. The net impact on us is not yet clear.

ITEM 2. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Period	Total Number of Shares Purchased (a)	Average Price Paid Per Share		Total Number of Shares (or Units) Purchased as Part of the Publicly Announced Program	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Program (in millions)
April 1, 2025 - April 30, 2025	674	$	67.07	—	$	62
May 1, 2025 - May 31, 2025	344,311	$	55.48	343,959	$	43
June 1, 2025 - June 30, 2025	17,839	$	53.82	17,077	$	42
Total	362,824			361,036

(a) 1,788 shares were acquired from employees from share withholdings under the Company’s long term incentive compensation program.

On May 18, 2022, the Board approved a share repurchase program under which the Company may purchase up to an aggregate amount of $150 million of shares of its common stock (the “Repurchase Program”). In the third quarter of 2023, the Board authorized an additional $150 million for the Repurchase Program, bringing the total program capacity to $300 million, of which $42 million remains available for repurchases as of June 30, 2025. Pursuant to the Repurchase Program, the Company may repurchase in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations, including all applicable legal requirements. Repurchases may include purchases on the open market or privately negotiated transfers, under Rule 10b5-1 trading plans, under accelerated share repurchase programs, in tender offers and otherwise. The Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended at any time at the Company’s discretion. The Company repurchased $40 million of shares during the six months ended June 30, 2025.

28

ITEM 6.    EXHIBITS

3.1	Amended and Restated Certificate of Incorporation of Sylvamo Corporation (incorporated by reference to Exhibit 3.1 to Sylvamo Corporation’s Registration Statement on Form S-8 filed with the SEC on September 28, 2021).
3.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Sylvamo Corporation (incorporated by reference to Exhibit 3.2 to Sylvamo Corporation’s Quarterly Report on Form 10-Q filed with the SEC on August 9, 2024).
3.3	Second Amended and Restated By-Laws of Sylvamo Corporation (incorporated by reference to Exhibit 3.1 to Sylvamo Corporation’s Current Report on Form 8-K filed with the SEC on May 16, 2025).
31.1*	Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32**	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
101.SCH XBRL	Taxonomy Extension Schema.
101.CAL XBRL	Taxonomy Extension Calculation Linkbase.
101.DEF XBRL	Taxonomy Extension Definition Linkbase.
101.LAB XBRL	Taxonomy Extension Label Linkbase.
101.PRE XBRL	Extension Presentation Linkbase.
104.	Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101).

*    Filed herewith

**    Furnished herewith

Items 3, 4 and 5 are not applicable and have been omitted.

29

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

	SYLVAMO CORPORATION
Date: August 8, 2025	By:	/s/ Kevin W. Ferguson
	Name:	Kevin W. Ferguson
	Title:	Vice-President and Controller

30

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jean-Michel Ribiéras, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Sylvamo Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 8, 2025

By:    /s/ Jean-Michel Ribiéras                

Jean-Michel Ribiéras

Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Donald P. Devlin, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Sylvamo Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 8, 2025

By:    /s/ Donald P. Devlin                

Donald P. Devlin

Senior Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Sylvamo Corporation (the “Company”) for the period ended June 30, 2025 (the “Report”), each of the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:     /s/ Jean-Michel Ribiéras         

Jean-Michel Ribiéras

Chairman and Chief Executive Officer

August 8, 2025

By:     /s/ Donald P. Devlin             

Donald P. Devlin

Senior Vice President and Chief Financial Officer

August 8, 2025

XML

Cover - shares	6 Months Ended
	Jun. 30, 2025	Aug. 01, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-40718
Entity Registrant Name	SYLVAMO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2596371
Entity Address, Address Line One	6077 Primacy Parkway
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38119
City Area Code	901
Local Phone Number	519-8000
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	SLVM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,372,555
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Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
NET SALES	$ 794	$ 933	$ 1,615	$ 1,838
COSTS AND EXPENSES
Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below)	640	684	1,302	1,400
Selling and administrative expenses	72	82	145	156
Depreciation, amortization and cost of timber harvested	45	37	85	76
Taxes other than payroll and income taxes	7	8	11	15
Interest (income) expense, net	10	9	19	18
Income before income taxes	20	113	53	173
Income tax provision	5	30	11	47
NET INCOME	$ 15	$ 83	$ 42	$ 126
EARNINGS PER SHARE
Basic	$ 0.37	$ 2.02	$ 1.03	$ 3.06
Diluted	$ 0.37	$ 1.98	$ 1.02	$ 3.00

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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 15	$ 83	$ 42	$ 126
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
Amortization of pension and postretirement loss (less taxes of $0, $0, $0 and $0)	1	0	1	0
Pension and postretirement liability adjustments (less tax of $0,$0, $0 and $0)	(1)	0	(1)	0
Change in cumulative foreign currency translation adjustment	69	(98)	147	(136)
Net gains/losses on cash flow hedging derivatives:
Net gains (losses) arising during the period (less taxes of $0, $2, $3 and $2)	0	(4)	5	0
Reclassification adjustment for (gains) losses included in net earnings (less taxes of $1, $1, $2 and $2)	(2)	(2)	(5)	(5)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	67	(104)	147	(141)
COMPREHENSIVE INCOME (LOSS)	$ 82	$ (21)	$ 189	$ (15)

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COMPREHENSIVE CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	$ 0	$ 0	$ 0	$ 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax	0	0	0	0
Net gains (losses) arising during the period, tax	0	2	3	2
Reclassification adjustments for (gains) losses included in net earnings, tax	$ 1	$ 1	$ 2	$ 2

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current Assets
Cash and temporary investments	$ 113	$ 205
Accounts and notes receivable, net	383	429
Contract assets	21	26
Inventories	396	361
Other current assets	64	42
Total Current Assets	977	1,063
Plants, Properties and Equipment, net	1,034	944
Forestlands	367	319
Goodwill	126	111
Right of Use Assets	57	58
Deferred Charges and Other Assets	107	109
TOTAL ASSETS	2,668	2,604
Current Liabilities
Accounts payable	371	375
Notes payable and current maturities of long-term debt	46	22
Accrued payroll and benefits	53	79
Other current liabilities	165	206
Total Current Liabilities	635	682
Long-Term Debt	767	782
Deferred Income Taxes	151	152
Other Liabilities	156	141
Commitments and Contingent Liabilities (Note 11)
Equity
Common stock $1 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
Paid-in capital	85	71
Retained earnings	2,460	2,455
Accumulated other comprehensive loss	(1,343)	(1,490)
Stockholders' equity before treasury stock	1,247	1,081
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	$ 2,668	$ 2,604

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000.0	200,000,000.0
Common stock, shares issued (in shares)	45,500,000	44,900,000
Common shares, outstanding (in shares)	40,400,000	40,600,000
Treasury stock (in shares)	5,200,000	4,300,000

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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Statement of Cash Flows [Abstract]
NET INCOME	$ 42	$ 126
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and cost of timber harvested	85	76
Deferred income tax provision (benefit), net	(5)	0
Stock-based compensation	13	12
Changes in operating assets and liabilities and other:
Accounts and notes receivable	77	(7)
Inventories	0	(20)
Accounts payable and accrued liabilities	(79)	(26)
Other	(46)	(19)
CASH PROVIDED BY OPERATING ACTIVITIES	87	142
INVESTMENT ACTIVITIES
Payments to Acquire Productive Assets	(114)	(113)
CASH USED FOR INVESTMENT ACTIVITIES	(114)	(113)
FINANCING ACTIVITIES
Dividends paid	(36)	(25)
Issuance of debt	48	16
Reduction of debt	(40)	(54)
Repurchases of common stock	(40)	(30)
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)
Beginning of the period	205	280
End of the period	$ 113	$ 205

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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the instructions to Form 10-Q and, in the opinion of management, include all adjustments that are necessary for the fair presentation of Sylvamo Corporation’s ("Sylvamo's", "the Company’s" or "our") financial position, results of operations, and cash flows for the interim periods presented. Except as disclosed herein, such adjustments are of a normal, recurring nature. Results for the first six months of the year may not necessarily be indicative of full year results due to factors such as the Company’s planned maintenance outage schedule at its mills. All intercompany transactions have been eliminated. You should read these condensed consolidated financial statements in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report" or “2024 Form 10-K”), which have previously been filed with the Securities and Exchange Commission. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States that require the use of management’s estimates. Actual results could differ from management’s estimates.

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SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are described in Note 2 Significant Accounting Policies to the audited consolidated financial statements included in our 2024 Form 10-K. There have been no material changes to the significant accounting policies for the six months ended June 30, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This guidance requires disaggregated disclosure of certain income statement captions for public business entities into specified categories within the footnotes to the financial statements. Additional disclosures are required in tabular format for each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil-and gas-producing activities or other types of depletion expenses. This update does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the provisions of this guidance.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and this guidance should be applied prospectively but there is the option to apply it retrospectively. The Company plans to adopt the provisions of this guidance in conjunction with our Form 10-K for the annual period ending December 31, 2025.

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REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

External Net Sales by Product

External net sales by major products were as follows by business segment:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Europe
Uncoated Papers	$	162	$	180	$	332	$	366
Market Pulp	19		25		39		46
Europe	181		205		371		412
Latin America
Uncoated Papers	181		220		361		416
Market Pulp	13		15		26		27
Latin America	194		235		387		443
North America
Uncoated Papers	398		474		814		945
Market Pulp	21		19		43		38
North America	419		493		857		983
Total	$	794	$	933	$	1,615	$	1,838

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products for which we have an enforceable right to payment.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced when control of the goods is transferred to the customer, satisfying our performance obligation. Contract liabilities of $4 million and $2 million are included in “Other current liabilities” as of June 30, 2025 and December 31, 2024, respectively.

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive pre-payment from the customer, respectively.

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EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

EQUITY

EQUITY

A summary of changes in equity for the three months and six months ended June 30, 2025 and 2024 is provided below:

Three Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2025	45	$	45	$	78	$	2,463	$	(1,410)	$	(268)	$	908
Stock-based employee compensation	—	—		7		—		—		—		7
Share repurchases	—	—		—		—		—		(20)		(20)
Dividends ($0.45 per share)	—	—		—		(18)		—		—		(18)
Comprehensive income (loss)	—	—		—		15		67		—		82
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Six Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2024	45	$	45	$	71	$	2,455	$	(1,490)	$	(234)	$	847
Stock-based employee compensation	—	—		14		—		—		(14)		—
Share repurchases	—	—		—		—		—		(40)		(40)
Dividends ($0.90 per share)	—	—		—		(37)		—		—		(37)
Comprehensive income (loss)	—	—		—		42		147		—		189
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Three Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2024	45	$	45	$	54	$	2,253	$	(1,293)	$	(170)	$	889
Stock-based employee compensation	—	—		6		—		—		—		6
Share repurchases	—	—		—		—		—		(25)		(25)
Dividends ($0.45 per share)	—	—		—		(19)		—		—		(19)
Comprehensive income (loss)	—	—		—		83		(104)		—		(21)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

Six Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2023	45	$	45	$	48	$	2,222	$	(1,256)	$	(158)	$	901
Stock-based employee compensation	—	—		12		—		—		(7)		5
Share repurchases	—	—		—		—		—		(30)		(30)
Dividends ($0.75 per share)	—	—		—		(31)		—		—		(31)
Comprehensive income (loss)	—	—		—		126		(141)		—		(15)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

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OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME

The following table presents the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”), net of taxes, reported in the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period	$	(72)	$	(77)	$	(72)	$	(77)
Other comprehensive income (loss) before reclassifications	(1)		—		(1)		—
Amounts reclassified from accumulated other comprehensive income	1		—		1		—
Balance at end of period	(72)		(77)		(72)		(77)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period	(1,342)		(1,235)		(1,420)		(1,197)
Other comprehensive income (loss) before reclassifications	69		(98)		147		(136)
Balance at end of period	(1,273)		(1,333)		(1,273)		(1,333)
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period	4		19		2		18
Other comprehensive income (loss) before reclassifications	—		(4)		5		—
Amounts reclassified from accumulated other comprehensive income	(2)		(2)		(5)		(5)
Balance at end of period	2		13		2		13
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$	(1,343)	$	(1,397)	$	(1,343)	$	(1,397)

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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted earnings per share by applying the treasury stock method.

There are no adjustments required to be made to net income for purposes of computing basic and diluted earnings per share.

Basic and diluted earnings per share are calculated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions, except per share amounts	2025		2024		2025		2024
Net income	$	15	$	83	$	42	$	126
Weighted average common shares outstanding	40.6		41.1		40.6		41.2
Effect of dilutive securities	0.5		0.8		0.7		0.8
Weighted average common shares outstanding - assuming dilution	41.1		41.9		41.3		42.0
Earnings per share - basic	$	0.37	$	2.02	$	1.03	$	3.06
Earnings per share - diluted	$	0.37	$	1.98	$	1.02	$	3.00
Anti-dilutive shares (a)	0.2		0.4		0.1		0.4

(a)    Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

Temporary Investments

Temporary investments with an original maturity of three months or less and money market funds with greater than three-month maturities but with the right to redeem without notice are treated as cash equivalents and are stated at cost. Temporary investments totaled $70 million and $104 million at June 30, 2025 and December 31, 2024, respectively.

Accounts and Notes Receivable

Accounts and notes receivable, net, by classification were:

In millions	June 30, 2025		December 31, 2024
Accounts and notes receivable:
Trade	$	357	$	402
Notes and other	26		27
Total	$	383	$	429

The allowance for expected credit losses was $23 million and $21 million at June 30, 2025 and December 31, 2024, respectively. Based on the Company’s accounting estimates and the facts and circumstances available as of the reporting date, we believe our allowance for expected credit losses is adequate.

Inventories

In millions	June 30, 2025		December 31, 2024
Raw materials	$	74	$	56
Finished paper and pulp products	189		178
Operating supplies	116		107
Other	17		20
Total	$	396	$	361

Plants, Properties and Equipment, Net

Accumulated depreciation was $3.9 billion and $3.6 billion at June 30, 2025 and December 31, 2024, respectively. Depreciation expense was $33 million and $31 million for the three months and $66 million and $64 million for the six months ended June 30, 2025 and 2024, respectively.

Additions to plants, property and equipment included within accounts payable were $12 million and $12 million each at June 30, 2025 and December 31, 2024.

Forestlands

There were no additions to Forestlands included within accounts payable at June 30, 2025. Additions to Forestlands included within accounts payable were $10 million at December 31, 2024.

Interest

Interest payments of $24 million and $31 million were made during the six months ended June 30, 2025 and 2024, respectively.

Amounts related to interest were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Interest expense	$	12	$	13	$	24	$	27
Interest income	(1)		(3)		(3)		(7)
Capitalized interest cost	(1)		(1)		(2)		(2)
Total	$	10	$	9	$	19	$	18

Asset Retirement Obligations

As of June 30, 2025 and December 31, 2024, we have recorded liabilities of $29 million and $28 million, respectively, related to asset retirement obligations. These amounts are included in “Other liabilities.” For asset retirement obligations which are conditional upon future events, we cannot reasonably estimate the current fair value of those potential obligations due to the uncertainty as to the timing or amounts that may be incurred.

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LEASES

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

LEASES

LEASES

The Company leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles and certain other equipment. The Company’s leases have a remaining lease term of up to 15 years. Total lease cost was $15 million and $14 million for the three months and $30 million and $28 million for the six months ended June 30, 2025 and 2024, respectively.

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2025		December 31, 2024
Assets
Operating lease assets	Right of use assets	$	57	$	58
Finance lease assets	Plants, properties, and equipment, net (a)	21		20
Total leased assets		$	78	$	78
Liabilities
Current
Operating	Other current liabilities	$	23	$	21
Finance	Notes payable and current maturities of long-term debt	3		2
Noncurrent
Operating	Other Liabilities	41		45
Finance	Long-term debt	13		12
Total lease liabilities		$	80	$	80

(a)Finance leases are recorded net of accumulated amortization of $20 million and $17 million as of June 30, 2025 and December 31, 2024, respectively.

LEASES

LEASES

The Company leases various real estate, including certain operating facilities, warehouses, office space and land. The Company also leases material handling equipment, vehicles and certain other equipment. The Company’s leases have a remaining lease term of up to 15 years. Total lease cost was $15 million and $14 million for the three months and $30 million and $28 million for the six months ended June 30, 2025 and 2024, respectively.

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2025		December 31, 2024
Assets
Operating lease assets	Right of use assets	$	57	$	58
Finance lease assets	Plants, properties, and equipment, net (a)	21		20
Total leased assets		$	78	$	78
Liabilities
Current
Operating	Other current liabilities	$	23	$	21
Finance	Notes payable and current maturities of long-term debt	3		2
Noncurrent
Operating	Other Liabilities	41		45
Finance	Long-term debt	13		12
Total lease liabilities		$	80	$	80

(a)Finance leases are recorded net of accumulated amortization of $20 million and $17 million as of June 30, 2025 and December 31, 2024, respectively.

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GOODWILL

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

GOODWILL

The following table presents changes in the goodwill balance as allocated to each business segment for the six months ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Balance as of December 31, 2024
Goodwill	$	11	$	101	$	—	$	112
Accumulated impairment losses	(1)		—		—		(1)
	$	10	$	101	$	—	$	111
Changes Due to Currency Translation and Other
Goodwill	2		14		—		16
Accumulated impairment losses	(1)		—		—		(1)
	$	1	$	14	$	—	$	15
Balance as of June 30, 2025
Goodwill	13		115		—		128
Accumulated impairment losses	(2)		—		—		(2)
Total	$	11	$	115	$	—	$	126

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INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

An income tax provision of $5 million and $11 million was recorded for the three and six months ended June 30, 2025, respectively, and the reported effective income tax rate was 25% and 21%, respectively. An income tax provision of $30 million and $47 million was recorded for the three and six months ended June 30, 2024, respectively, and the reported effective income tax rate was 27% and 27%, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act including accelerated tax expensing of qualifying domestic research costs, 100% bonus depreciation on qualifying capital expenditures, and enhancements to the business interest expense limitation. We are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position, but our current understanding of the legislation is that the provisions may have a beneficial impact on our current year results and cash flows.

The Brazilian Federal Revenue Service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by International Paper do Brasil Ltda., now named Sylvamo do Brasil Ltda. (“Sylvamo Brasil”), a wholly-owned subsidiary of the Company (the “Brazil Tax Dispute”). Sylvamo Brasil received assessments for the tax years 2007-2015 totaling approximately $108 million in tax, and $278 million in interest, penalties and fees as of June 30, 2025 (adjusted for variation in currency exchange rates and a law change pursuant to which the Brazil tax authority agreed to cancel a portion of the interest, penalties, and fees). International Paper challenged and is managing the litigation of this matter pursuant to the Tax Matters Agreement between us and International Paper. After a previous favorable ruling challenging the basis for these assessments, Sylvamo Brasil received other subsequent unfavorable decisions from the Brazilian Administrative Council of Tax Appeals. These decisions are being appealed. The appeal involves several separate cases. In October 2024, at the first level of appeal in the Brazilian federal court system, the court ruled in favor of Sylvamo Brasil in cases covering approximately two thirds of the disputed amounts. The remaining one third of the disputed amounts is still under challenge at the Brazilian administrative court level and was not part of the ruling. The Brazilian tax authorities have appealed the October 2024 ruling. This tax litigation matter may take many years to resolve. The Company believes that the transaction underlying these assessments was appropriately evaluated, and that the Company’s tax position would be sustained, based on Brazilian tax law.

Pursuant to the terms of the Tax Matters Agreement, International Paper will pay 60%, and Sylvamo will pay 40% on up to $300 million of any assessment related to this matter, and International Paper will pay all amounts of the assessment over $300 million. Also in connection with this agreement, all decisions concerning the conduct of the litigation related to this matter, including settlement strategy, pursuit and abandonment, will continue to be made by International Paper, which is vigorously defending Sylvamo Brasil’s historic tax position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015.

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COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

Environmental and Legal Proceedings

The Company is subject to environmental and legal proceedings in the countries in which we operate. Accruals for contingent liabilities, such as environmental remediation costs, are recorded in the consolidated financial statements when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated. The Company has estimated some probable liability associated with environmental remediation matters that is immaterial in the aggregate as of June 30, 2025.

At the Company’s Mogi Guaçu mill, there are legacy basin areas that were formerly lagoons used for treatment of mill wastewater from pulp and paper manufacturing. In coordination with and in response to a request by the Environmental Company of the State of São Paulo (“CETESB”), which is the state environmental regulatory authority, there has been continuous regulatory monitoring and sampling of the former basins, which began prior to their closure in 2006, both to assess for contamination and evaluate whether additional remediation is needed beyond the basins’ ongoing natural vegetation growth. This monitoring and sampling detected metal contamination, with the main constituent of potential environmental impact being mercury. The Company has presented CETESB with proposals for studies and other actions to further assess the scope and type of contamination and the possible need for an additional remediation approach.

In October 2022, CETESB requested that the Company expand its efforts to include providing CETESB with a proposed pilot intervention (remediation) plan for a portion of the former basins. The purpose of the pilot intervention plan was to facilitate determination of the appropriate actions to take for the basins generally, guided by the results of the pilot intervention plan in the subset portion of the basins. The Company submitted a proposed pilot intervention plan to CETESB in late 2023, and CETESB approved its pre-intervention stages and certain additional measures that the Company later submitted. The requirement to conduct the pilot intervention plan is currently suspended, as agreed by CETESB. The Company continues to conduct environmental testing and analysis. The Company has submitted a formal request to CETESB to maintain the suspension of the pilot intervention plan and continue the ongoing environmental testing and analysis.

As of June 30, 2025, the Company has recorded an immaterial liability for the environmental testing and analysis and a third-party review of the results and risk. While this matter could in the future have a material impact on our results of operations and cash flows, the Company is unable to estimate its potential liability. The Company’s liability will depend upon what additional studies and what remediation, beyond vegetation of the basins, may be required by CETESB, which in turn will depend partly upon CETESB’s assessment of information from the Company’s environmental testing and analysis and the third-party review of the results and risk.

Taxes Other Than Payroll Taxes

See Note 10 Income Taxes for a discussion of a goodwill amortization tax matter in Brazil.

During the first quarter of 2024, the State of Sao Paulo issued a tax assessment to Sylvamo Brasil for approximately $49 million (adjusted for variation in currency exchange rates) regarding unpaid VAT arising from intercompany transactions. This assessment includes $19 million in tax and $30 million in interest and penalties. As of June 30, 2025, no reserve has been recorded by the Company because the risk of loss is not probable.

We have other open tax matters awaiting resolution in Brazil, which are at various stages of review in various administrative and judicial proceedings. We routinely assess these tax matters for materiality and probability of loss or gain, and appropriate amounts have been recorded in our financial statements for any open items where the risk of loss is deemed probable. We currently do not consider any of these other tax matters to be material individually. However, it is reasonably possible that settlement of any of these matters concurrently could result in a material loss or that over time a matter could become material, for example, if interest were accruing on the amount at issue for a significant period of time. Also, future exchange rate fluctuations could be unfavorable to the U.S. dollar and significant enough to cause an open matter to become material. The expected timing for resolution of these open matters ranges from one year to ten years.

General

The Company is involved in various other inquiries, administrative proceedings and litigation relating to environmental and safety matters, taxes (including VAT), personal injury, product liability, labor and employment, contracts, sales of property and other matters, some of which allege substantial monetary damages. Assessments of lawsuits and claims can involve a series of complex judgments about future events, can rely heavily on estimates and assumptions, and are otherwise subject to significant uncertainties. As a result, there can be no certainty that the Company will not ultimately incur charges in excess of presently recorded liabilities. The Company believes that loss contingencies arising from pending matters, including the matters described herein, will not have a material effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in pending or threatened legal matters, some of which are beyond the Company's control, and the large or indeterminate damages sought in some of these matters, a future adverse ruling, settlement, unfavorable development, or increase in accruals with respect to these matters, could result in future charges that could be material to the Company's results of operations or cash flows in any particular reporting period.

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LONG-TERM DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt and Derivatives Disclosure

LONG-TERM DEBT

Long-term debt is summarized in the following table:

In millions	June 30, 2025		December 31, 2024
Term Loan F - due 2027 (a)	$	255	$	255
Term Loan F-2 - due 2031 (b)	225		230
Term Loan A - due 2029 (c)	211		217
Securitization Program	83		88
Other	16		14
Less: current portion	(23)		(22)
Total	$	767	$	782

(a) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

(b) As of June 30, 2025 and December 31, 2024, presented net of $1 million and $2 million in unamortized debt issuance costs, respectively.

(c) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

Revolving Credit Facility

In addition to the debt noted above, the Company has the ability to access a cash flow-based revolving credit facility (“Revolving Credit Facility”) with a total borrowing capacity of $400 million, which matures in 2029. As of June 30, 2025 and December 31, 2024, the Company had $23 million and no outstanding borrowings on the Revolving Credit Facility, respectively, and an available borrowing capacity of $377 million and $400 million, respectively. Any outstanding balance on the Revolving Credit Facility is recorded within “Notes payable and current maturities of long-term debt” in the condensed consolidated balance sheet.

Securitization Program

Sylvamo North America LLC, a wholly owned subsidiary of the Company, maintains a $110 million accounts receivable finance facility (the “Securitization Program”), maturing in 2027. The Company sells substantially all of its North American accounts receivable balances to Sylvamo Receivables, LLC, a special purpose entity, which pledges the receivables as collateral for the Securitization Program. The borrowing availability under this facility is limited by the balance of eligible receivables within the program. The average interest rate for the quarter ended June 30, 2025 was 5.32%, and the average interest rate for the year ended December 31, 2024 was 6.10%.

Term Loans

In the third quarter of 2024, as a result of debt refinancing, the Company entered into a new senior secured term loan facility which provided an aggregate principal amount of $235 million (“Term Loan F-2”) maturing in 2031. A portion of the proceeds from Term Loan F-2 were used to repay $104 million of Term Loan F and $36 million of Term Loan A. The Company used the remaining proceeds to redeem the $90 million outstanding principal of our 2029 Senior Notes and to pay related premiums and fees. Debt extinguishment costs for the refinancing include $3 million of premiums paid related to the 2029 Senior Notes redemption and $2 million of deferred financing costs which were written off. This cost was recorded within “Interest expense (income), net.” In connection with the debt refinancing, we incurred $5 million of debt issuance costs to be amortized over each instrument’s term until maturity.

Interest Rates

The interest rates applicable to the Term Loan F, Term Loan F-2, Term Loan A and Revolving Credit Facility are based on a fluctuating rate of interest measured by reference to SOFR plus a fixed percentage of 1.85%, 2.25%, 1.85% and 1.85%, respectively, payable monthly, with a SOFR floor of 0.00%. The obligations under the Term Loan F, Term Loan F-2, Term Loan A, and Revolving Credit Facility are secured by substantially all the tangible and intangible assets of Sylvamo and its subsidiaries, subject to certain exceptions, and are guaranteed by Sylvamo and certain subsidiaries.

Patronage Credits

We are receiving interest patronage credits under the Term Loan F and Term Loan F-2. Patronage distributions, which are made primarily in cash but also in equity in the lenders, are generally received in the first quarter of the year following that in which they were earned. Expected patronage credits are accrued in accounts and notes receivable as a reduction to interest expense in the period earned. After giving effect to expected patronage distributions of 90 basis points, of which 75 basis points is expected as a cash rebate, the effective net interest rate on the Term Loan F was approximately 5.28% and 5.31% as of June 30, 2025 and December 31, 2024, respectively, and the effective net interest rate on the Term Loan F-2 was approximately 5.68% and 5.71% as of June 30, 2025 and December 31, 2024, respectively.

Interest Rate Swaps

In connection with some of the Company’s loans, we are a party to interest rate swaps with various counterparties. These interest rate swaps are designated as cash flow hedges utilized to manage interest rate risk by allowing the Company to exchange the difference in the variable rates on the term loans determined in reference to SOFR and the related fixed interest rate per notional amount. Fair value assets and liabilities related to interest rate swaps are recorded within “Deferred charges and other assets” and “Other liabilities,” respectively.

			June 30, 2025						December 31, 2024
(Dollars in millions)	Fixed Interest Rate	Maturity (a)	Notional Amount		Fair Value of Assets		Fair Value of Liabilities		Notional Amount		Fair Value of Assets		Fair Value of Liabilities
Interest rate swaps
Term Loan F	3.72% to 3.75%	2025	$	200	$	—	$	—	$	200	$	1	$	—
Term Loan F-2	3.80% to 3.82%	2029	226		—		3		232		2		—
Term Loan A	4.13% to 4.16%	2028	214		—		4		219		—		1

(a) The total notional amounts of Term Loan F-2 and Term Loan A amortize quarterly until maturity.

Debt Covenants

The Company is subject to certain covenants limiting, among other things, the ability of most of its subsidiaries to: (a) incur additional indebtedness or issue certain preferred shares; (b) pay dividends on or make distributions in respect of the Company’s or its subsidiaries’ capital stock or make investments or other restricted payments; (c) create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends to the Company or make certain other intercompany transfers; (d) sell certain assets; (e) create liens; (f) consolidate, merge, sell or otherwise dispose of all or substantially all of the Company’s assets; and (g) enter into certain transactions with its affiliates. The Company is currently subject to a maximum consolidated total leverage ratio of 3.75 to 1.00.

Our ability to make restricted payments under the credit agreement is governed by the provisions of our debt agreements in effect as if the Brazil Tax Dispute is settled, provided we maintain $275 million of available liquidity at the time we make restricted payments.

As of June 30, 2025, we were in compliance with our debt covenants.

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PENSION AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

PENSION AND POSTRETIREMENT BENEFIT PLANS

PENSION AND POSTRETIREMENT BENEFIT PLANS

Defined Benefit Plans

The Company sponsors and maintains pension plans for the benefit of certain of the Company’s employees. The service and non-service cost components of net periodic pension expense for these employees is recorded within cost of products sold and selling and administrative expenses. The assets and liabilities related to plans sponsored by the Company are reflected in deferred charges and other assets and other liabilities, respectively.

Net periodic pension expense (benefit) for all pension plans sponsored by the Company for the six months ended June 30, 2025 and June 30, 2024 was immaterial.

The Company’s funding policy for the pension plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plans, tax deductibility, cash flow generated by the Company, and other factors. The Company continually reassesses the amount and timing of any discretionary contributions. Generally, the non-U.S. pension plans are funded using the projected benefit as a target, except in certain countries where funding of benefit plans is not required.

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INCENTIVE PLANS

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

INCENTIVE PLANS

INCENTIVE PLANS

The Company has adopted the Sylvamo 2021 Incentive Compensation Plan, which includes shares under its long-term incentive plan (“LTIP”) that grants certain employees, consultants, or non-employee directors of the Company different forms of awards, including time-based and performance-based restricted stock units. As of June 30, 2025, 2,227,021 shares remain available for future grants.

Total stock-based compensation cost recognized by the Company was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Total stock-based compensation expense (included in selling and administrative expense)	$	7	$	5	$	13	$	12

As of June 30, 2025, $27 million of compensation cost, net of estimated forfeitures, related to all stock-based compensation arrangements for Company employees had not yet been recognized. This amount will be recognized in expense over a weighted-average period of 1.6 years.

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FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA

FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company’s business segments, Europe, Latin America and North America, are organized by geography. These segments are consistent with the internal structure used to manage these businesses. Each of our segments derive their revenue from the manufacture and sale of paper and pulp products.

Business segment operating profits are used by the Company’s management to measure the earnings performance of its businesses. Management believes that business segment operating profit provides investors and analysts useful insights into our operating performance. We define business segment operating profit as our income from continuing operations before income taxes calculated in accordance with GAAP, excluding net interest expense (income) and net business special items and net corporate special items.

The chief operating decision maker uses business segment operating profit to allocate resources (primarily capital spending) for each segment predominantly during the annual strategic planning, budgeting and forecasting processes. The chief operating

decision maker also considers actual performance variances in business segment operating profits on a monthly basis to assess the performance of the segments. The Company’s chief operating decision maker group is made up of the Chairman and Chief Executive Officer and Chief Operating Officer.

Sales by business segment are determined using a management approach and include intersegment sales (which are eliminated in consolidation).

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	181	$	207	$	419	$	807
Intersegment sales	—		(13)		—		(13)
Net sales	$	181	$	194	$	419	$	794
Less:
Cost of products sold and other	168		125		288		581
Maintenance outages	28		20		18		66
Economic downtime	—		—		—		—
Selling and administrative expenses	15		23		34		72
Depreciation, amortization and cost of timber harvested	8		23		14		45
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	(38)	$	2	$	66	$	30
Income before income taxes							$	20
Interest (income) expense, net							10
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	30

(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil.

Six Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	371	$	406	$	857	$	1,634
Intersegment sales	—		(19)		—		(19)
Net sales	$	371	$	387	$	857	$	1,615
Less:
Cost of products sold and other	347		253		617		1,217
Maintenance outages	40		21		32		93
Economic downtime	—		—		3		3
Selling and administrative expenses	30		44		71		145
Depreciation, amortization and cost of timber harvested	16		41		28		85
Add:
Other special items, net (a)	—		—		2		2
Business Segment Operating Profit (Loss)	$	(62)	$	28	$	108	$	74
Income before income taxes							$	53
Interest (income) expense, net							19
Corporate special items, net (a)							—
Other special items, net (a)							2
Business Segment Operating Profit							$	74

(a) Net special items in the period presented primarily include a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil and charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.

Three Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	206	$	245	$	493	$	944
Intersegment sales	(1)		(10)		—		(11)
Net sales	$	205	$	235	$	493	$	933
Less:
Cost of products sold and other	169		150		337		656
Maintenance outages	—		7		22		29
Economic downtime	3		—		4		7
Selling and administrative expenses	17		23		42		82
Depreciation, amortization and cost of timber harvested	8		17		12		37
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	8	$	37	$	77	$	122
Income before income taxes							$	113
Interest (income) expense, net							9
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	122

(a) Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Six Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	413	$	461	$	983	$	1,857
Intersegment sales	(1)		(18)		—		(19)
Net sales	$	412	$	443	$	983	$	1,838
Less:
Cost of products sold and other	362		295		693		1,350
Maintenance outages	—		18		36		54
Economic downtime	3		—		8		11
Selling and administrative expenses	28		44		83		155
Depreciation, amortization and cost of timber harvested	16		35		25		76
Add:
Other special items, net (a)	1		—		1		2
Business Segment Operating Profit (Loss)	$	4	$	51	$	139	$	194
Income before income taxes							$	173
Interest (income) expense, net							18
Corporate special items, net (a)							1
Other special items, net (a)							2
Business Segment Operating Profit							$	194

(a) Net special items in the period presented primarily include integration costs for the Nymölla acquisition, a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Assets

In millions	June 30, 2025		December 31, 2024
Europe	$	392	$	324
Latin America	1,163		1,065
North America	861		904
Corporate and Other (a)	252		311
Assets	$	2,668	$	2,604

(a) Includes corporate assets.

Capital Spending

	Six Months Ended June 30,
In millions	2025		2024
Europe	$	22	$	10
Latin America	62		77
North America	30		25
Corporate	—		1
Capital Spending	$	114	$	113

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REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

External net sales by major products

External net sales by major products were as follows by business segment:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Europe
Uncoated Papers	$	162	$	180	$	332	$	366
Market Pulp	19		25		39		46
Europe	181		205		371		412
Latin America
Uncoated Papers	181		220		361		416
Market Pulp	13		15		26		27
Latin America	194		235		387		443
North America
Uncoated Papers	398		474		814		945
Market Pulp	21		19		43		38
North America	419		493		857		983
Total	$	794	$	933	$	1,615	$	1,838

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EQUITY (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Summary of changes in equity

A summary of changes in equity for the three months and six months ended June 30, 2025 and 2024 is provided below:

Three Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2025	45	$	45	$	78	$	2,463	$	(1,410)	$	(268)	$	908
Stock-based employee compensation	—	—		7		—		—		—		7
Share repurchases	—	—		—		—		—		(20)		(20)
Dividends ($0.45 per share)	—	—		—		(18)		—		—		(18)
Comprehensive income (loss)	—	—		—		15		67		—		82
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Six Months Ended June 30, 2025
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2024	45	$	45	$	71	$	2,455	$	(1,490)	$	(234)	$	847
Stock-based employee compensation	—	—		14		—		—		(14)		—
Share repurchases	—	—		—		—		—		(40)		(40)
Dividends ($0.90 per share)	—	—		—		(37)		—		—		(37)
Comprehensive income (loss)	—	—		—		42		147		—		189
Balance, June 30, 2025	45	$	45	$	85	$	2,460	$	(1,343)	$	(288)	$	959

Three Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, March 31, 2024	45	$	45	$	54	$	2,253	$	(1,293)	$	(170)	$	889
Stock-based employee compensation	—	—		6		—		—		—		6
Share repurchases	—	—		—		—		—		(25)		(25)
Dividends ($0.45 per share)	—	—		—		(19)		—		—		(19)
Comprehensive income (loss)	—	—		—		83		(104)		—		(21)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

Six Months Ended June 30, 2024
In millions	Shares	Common Stock		Paid-In Capital		Retained Earnings		Accumulated  Other Comprehensive Loss		Common Stock Held In Treasury, At Cost		Total Equity
Balance, December 31, 2023	45	$	45	$	48	$	2,222	$	(1,256)	$	(158)	$	901
Stock-based employee compensation	—	—		12		—		—		(7)		5
Share repurchases	—	—		—		—		—		(30)		(30)
Dividends ($0.75 per share)	—	—		—		(31)		—		—		(31)
Comprehensive income (loss)	—	—		—		126		(141)		—		(15)
Balance, June 30, 2024	45	$	45	$	60	$	2,317	$	(1,397)	$	(195)	$	830

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OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax

The following table presents the changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”), net of taxes, reported in the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Defined Benefit Pension and Postretirement Adjustments
Balance at beginning of period	$	(72)	$	(77)	$	(72)	$	(77)
Other comprehensive income (loss) before reclassifications	(1)		—		(1)		—
Amounts reclassified from accumulated other comprehensive income	1		—		1		—
Balance at end of period	(72)		(77)		(72)		(77)
Change in Cumulative Foreign Currency Translation Adjustments
Balance at beginning of period	(1,342)		(1,235)		(1,420)		(1,197)
Other comprehensive income (loss) before reclassifications	69		(98)		147		(136)
Balance at end of period	(1,273)		(1,333)		(1,273)		(1,333)
Net Gains and Losses on Cash Flow Hedging Derivatives
Balance at beginning of period	4		19		2		18
Other comprehensive income (loss) before reclassifications	—		(4)		5		—
Amounts reclassified from accumulated other comprehensive income	(2)		(2)		(5)		(5)
Balance at end of period	2		13		2		13
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$	(1,343)	$	(1,397)	$	(1,343)	$	(1,397)

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EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share are calculated as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions, except per share amounts	2025		2024		2025		2024
Net income	$	15	$	83	$	42	$	126
Weighted average common shares outstanding	40.6		41.1		40.6		41.2
Effect of dilutive securities	0.5		0.8		0.7		0.8
Weighted average common shares outstanding - assuming dilution	41.1		41.9		41.3		42.0
Earnings per share - basic	$	0.37	$	2.02	$	1.03	$	3.06
Earnings per share - diluted	$	0.37	$	1.98	$	1.02	$	3.00
Anti-dilutive shares (a)	0.2		0.4		0.1		0.4

(a)    Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts and Notes Receivable Net

Accounts and notes receivable, net, by classification were:

In millions	June 30, 2025		December 31, 2024
Accounts and notes receivable:
Trade	$	357	$	402
Notes and other	26		27
Total	$	383	$	429

Schedule of Inventories

In millions	June 30, 2025		December 31, 2024
Raw materials	$	74	$	56
Finished paper and pulp products	189		178
Operating supplies	116		107
Other	17		20
Total	$	396	$	361

Schedule of Interest Expense

Amounts related to interest were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Interest expense	$	12	$	13	$	24	$	27
Interest income	(1)		(3)		(3)		(7)
Capitalized interest cost	(1)		(1)		(2)		(2)
Total	$	10	$	9	$	19	$	18

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LEASES (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related To Leases

Supplemental Balance Sheet Information Related to Leases

In millions	Classification	June 30, 2025		December 31, 2024
Assets
Operating lease assets	Right of use assets	$	57	$	58
Finance lease assets	Plants, properties, and equipment, net (a)	21		20
Total leased assets		$	78	$	78
Liabilities
Current
Operating	Other current liabilities	$	23	$	21
Finance	Notes payable and current maturities of long-term debt	3		2
Noncurrent
Operating	Other Liabilities	41		45
Finance	Long-term debt	13		12
Total lease liabilities		$	80	$	80

(a)Finance leases are recorded net of accumulated amortization of $20 million and $17 million as of June 30, 2025 and December 31, 2024, respectively.

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GOODWILL (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Goodwill

The following table presents changes in the goodwill balance as allocated to each business segment for the six months ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Balance as of December 31, 2024
Goodwill	$	11	$	101	$	—	$	112
Accumulated impairment losses	(1)		—		—		(1)
	$	10	$	101	$	—	$	111
Changes Due to Currency Translation and Other
Goodwill	2		14		—		16
Accumulated impairment losses	(1)		—		—		(1)
	$	1	$	14	$	—	$	15
Balance as of June 30, 2025
Goodwill	13		115		—		128
Accumulated impairment losses	(2)		—		—		(2)
Total	$	11	$	115	$	—	$	126

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LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt is summarized in the following table:

In millions	June 30, 2025		December 31, 2024
Term Loan F - due 2027 (a)	$	255	$	255
Term Loan F-2 - due 2031 (b)	225		230
Term Loan A - due 2029 (c)	211		217
Securitization Program	83		88
Other	16		14
Less: current portion	(23)		(22)
Total	$	767	$	782

(a) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

(b) As of June 30, 2025 and December 31, 2024, presented net of $1 million and $2 million in unamortized debt issuance costs, respectively.

(c) As of June 30, 2025 and December 31, 2024, presented net of $2 million and $2 million in unamortized debt issuance costs, respectively.

Schedule of Interest Rate Derivatives

In connection with some of the Company’s loans, we are a party to interest rate swaps with various counterparties. These interest rate swaps are designated as cash flow hedges utilized to manage interest rate risk by allowing the Company to exchange the difference in the variable rates on the term loans determined in reference to SOFR and the related fixed interest rate per notional amount. Fair value assets and liabilities related to interest rate swaps are recorded within “Deferred charges and other assets” and “Other liabilities,” respectively.

			June 30, 2025						December 31, 2024
(Dollars in millions)	Fixed Interest Rate	Maturity (a)	Notional Amount		Fair Value of Assets		Fair Value of Liabilities		Notional Amount		Fair Value of Assets		Fair Value of Liabilities
Interest rate swaps
Term Loan F	3.72% to 3.75%	2025	$	200	$	—	$	—	$	200	$	1	$	—
Term Loan F-2	3.80% to 3.82%	2029	226		—		3		232		2		—
Term Loan A	4.13% to 4.16%	2028	214		—		4		219		—		1

(a) The total notional amounts of Term Loan F-2 and Term Loan A amortize quarterly until maturity.

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INCENTIVE PLANS (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Cost Recognized

Total stock-based compensation cost recognized by the Company was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
In millions	2025		2024		2025		2024
Total stock-based compensation expense (included in selling and administrative expense)	$	7	$	5	$	13	$	12

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting

Information By Business Segment

Net Sales and Business Segment Operating Profit

Three Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	181	$	207	$	419	$	807
Intersegment sales	—		(13)		—		(13)
Net sales	$	181	$	194	$	419	$	794
Less:
Cost of products sold and other	168		125		288		581
Maintenance outages	28		20		18		66
Economic downtime	—		—		—		—
Selling and administrative expenses	15		23		34		72
Depreciation, amortization and cost of timber harvested	8		23		14		45
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	(38)	$	2	$	66	$	30
Income before income taxes							$	20
Interest (income) expense, net							10
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	30

(a) Net special items represent income or expenses that are incurred periodically, rather than on a regular basis. Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil.

Six Months Ended June 30, 2025:

In millions	Europe		Latin America		North America		Total
Sales	$	371	$	406	$	857	$	1,634
Intersegment sales	—		(19)		—		(19)
Net sales	$	371	$	387	$	857	$	1,615
Less:
Cost of products sold and other	347		253		617		1,217
Maintenance outages	40		21		32		93
Economic downtime	—		—		3		3
Selling and administrative expenses	30		44		71		145
Depreciation, amortization and cost of timber harvested	16		41		28		85
Add:
Other special items, net (a)	—		—		2		2
Business Segment Operating Profit (Loss)	$	(62)	$	28	$	108	$	74
Income before income taxes							$	53
Interest (income) expense, net							19
Corporate special items, net (a)							—
Other special items, net (a)							2
Business Segment Operating Profit							$	74

(a) Net special items in the period presented primarily include a pre-tax gain to adjust the recognition of a foreign value-added tax refund in Brazil and charges related to the termination of the Georgetown mill offtake agreement and environmental reserves in Brazil.

Three Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	206	$	245	$	493	$	944
Intersegment sales	(1)		(10)		—		(11)
Net sales	$	205	$	235	$	493	$	933
Less:
Cost of products sold and other	169		150		337		656
Maintenance outages	—		7		22		29
Economic downtime	3		—		4		7
Selling and administrative expenses	17		23		42		82
Depreciation, amortization and cost of timber harvested	8		17		12		37
Add:
Other special items, net (a)	—		(1)		1		—
Business Segment Operating Profit (Loss)	$	8	$	37	$	77	$	122
Income before income taxes							$	113
Interest (income) expense, net							9
Corporate special items, net (a)							—
Other special items, net (a)							—
Business Segment Operating Profit							$	122

(a) Net special items in the period presented include a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Six Months Ended June 30, 2024:

In millions	Europe		Latin America		North America		Total
Sales	$	413	$	461	$	983	$	1,857
Intersegment sales	(1)		(18)		—		(19)
Net sales	$	412	$	443	$	983	$	1,838
Less:
Cost of products sold and other	362		295		693		1,350
Maintenance outages	—		18		36		54
Economic downtime	3		—		8		11
Selling and administrative expenses	28		44		83		155
Depreciation, amortization and cost of timber harvested	16		35		25		76
Add:
Other special items, net (a)	1		—		1		2
Business Segment Operating Profit (Loss)	$	4	$	51	$	139	$	194
Income before income taxes							$	173
Interest (income) expense, net							18
Corporate special items, net (a)							1
Other special items, net (a)							2
Business Segment Operating Profit							$	194

(a) Net special items in the period presented primarily include integration costs for the Nymölla acquisition, a gain to adjust the recognition of a foreign value-added tax refund in Brazil and certain severance costs related to our salaried workforce.

Assets

In millions	June 30, 2025		December 31, 2024
Europe	$	392	$	324
Latin America	1,163		1,065
North America	861		904
Corporate and Other (a)	252		311
Assets	$	2,668	$	2,604

(a) Includes corporate assets.

Capital Spending

	Six Months Ended June 30,
In millions	2025		2024
Europe	$	22	$	10
Latin America	62		77
North America	30		25
Corporate	—		1
Capital Spending	$	114	$	113

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REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Revenue from External Customer [Line Items]
NET SALES	$ 794	$ 933	$ 1,615	$ 1,838
Other Current Liabilities
Revenue from External Customer [Line Items]
Contract liabilities	4		4		$ 2
Europe Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	181	205	371	412
Latin America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	194	235	387	443
North America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	419	493	857	983
Uncoated Papers | Europe Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	162	180	332	366
Uncoated Papers | Latin America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	181	220	361	416
Uncoated Papers | North America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	398	474	814	945
Market Pulp | Europe Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	19	25	39	46
Market Pulp | Latin America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	13	15	26	27
Market Pulp | North America Segment [Member]
Revenue from External Customer [Line Items]
NET SALES	$ 21	$ 19	$ 43	$ 38

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EQUITY - Summary of Changes In Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			40,600,000
Beginning balance	$ 908	$ 889	$ 847	$ 901
Stock-based employee compensation	7	6	0	5
Stock Repurchased During Period, Value	(20)	(25)	(40)	(30)
Dividends	(18)	(19)	(37)	(31)
Comprehensive income (loss)	$ 82	(21)	$ 189	(15)
Ending balance (in shares)	40,400,000		40,400,000
Ending balance	$ 959	$ 830	$ 959	$ 830
Dividends per share (in dollars per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.75
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	45,000,000	45,000,000	45,000,000	45,000,000
Beginning balance	$ 45	$ 45	$ 45	$ 45
Ending balance (in shares)	45,000,000	45,000,000	45,000,000	45,000,000
Ending balance	$ 45	$ 45	$ 45	$ 45
Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	78	54	71	48
Stock-based employee compensation	7	6	14	12
Ending balance	85	60	85	60
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,463	2,253	2,455	2,222
Dividends	(18)	(19)	(37)	(31)
Comprehensive income (loss)	15	83	42	126
Ending balance	2,460	2,317	2,460	2,317
Accumulated  Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,410)	(1,293)	(1,490)	(1,256)
Comprehensive income (loss)	67	(104)	147	(141)
Ending balance	(1,343)	(1,397)	(1,343)	(1,397)
Common Stock Held In Treasury, At Cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(268)	(170)	(234)	(158)
Stock-based employee compensation	0		(14)	(7)
Stock Repurchased During Period, Value	(20)	(25)	(40)	(30)
Ending balance	$ (288)	$ (195)	$ (288)	$ (195)

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OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 908	$ 889	$ 847	$ 901
Ending balance	959	830	959	830
Total Accumulated Other Comprehensive Income (Loss) at End of Period	959	830	959	830
Accumulated  Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,410)	(1,293)	(1,490)	(1,256)
Ending balance	(1,343)	(1,397)	(1,343)	(1,397)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,343)	(1,397)	(1,343)	(1,397)
Defined Benefit Pension and Postretirement Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(72)	(77)	(72)	(77)
Other comprehensive income (loss) before reclassifications	(1)	0	(1)	0
Amounts reclassified from accumulated other comprehensive income	1	0	1	0
Ending balance	(72)	(77)	(72)	(77)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(72)	(77)	(72)	(77)
Change in Cumulative Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,342)	(1,235)	(1,420)	(1,197)
Other comprehensive income (loss) before reclassifications	69	(98)	147	(136)
Ending balance	(1,273)	(1,333)	(1,273)	(1,333)
Total Accumulated Other Comprehensive Income (Loss) at End of Period	(1,273)	(1,333)	(1,273)	(1,333)
Net Gains and Losses on Cash Flow Hedging Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4	19	2	18
Other comprehensive income (loss) before reclassifications	0	(4)	5	0
Amounts reclassified from accumulated other comprehensive income	(2)	(2)	(5)	(5)
Ending balance	2	13	2	13
Total Accumulated Other Comprehensive Income (Loss) at End of Period	$ 2	$ 13	$ 2	$ 13

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EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Net income	$ 15	$ 83	$ 42	$ 126
Weighted average common shares outstanding	40,600,000	41,100,000	40,600,000	41,200,000
Effect of dilutive securities	500,000	800,000	700,000	800,000
Weighted average common shares outstanding - assuming dilution	41,100,000	41,900,000	41,300,000	42,000,000.0
Basic	$ 0.37	$ 2.02	$ 1.03	$ 3.06
Diluted	$ 0.37	$ 1.98	$ 1.02	$ 3.00
Anti-dilutive shares (a)	200,000	400,000	100,000	400,000

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Temporary Investments (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Short-term Investments	$ 70	$ 104

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Schedule of Accounts and Notes Receivable, Net (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade	$ 357	$ 402
Notes and other	26	27
Total	$ 383	$ 429

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Expected Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for expected credit losses	$ 23	$ 21

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 74	$ 56
Finished paper and pulp products	189	178
Operating supplies	116	107
Other	17	20
Inventory net	$ 396	$ 361

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Plants, Property and Equipment, Net (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Other Significant Noncash Transactions [Line Items]
Accumulated depreciation	$ 3,900,000,000		$ 3,900,000,000		$ 3,600,000,000
Depreciation	$ 33,000,000	$ 31,000,000	66,000,000	$ 64,000,000
Property, Plant and Equipment [Member]
Other Significant Noncash Transactions [Line Items]
Non-cash additions			12,000,000		12,000,000
Forestlands [Member]
Other Significant Noncash Transactions [Line Items]
Non-cash additions			$ 0		$ 10,000,000

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest payments			$ 24	$ 31
Interest expense	$ 12	$ 13	24	27
Interest income	(1)	(3)	(3)	(7)
Capitalized interest cost	(1)	(1)	(2)	(2)
Total	$ 10	$ 9	$ 19	$ 18

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Asset Retirement Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset Retirement Obligation	$ 29	$ 28

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LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Lease cost	$ 15	$ 14	$ 30	$ 28
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years		15 years

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LEASES - Balance Sheet Components (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Assets
Right of Use Assets	$ 57	$ 58
Finance lease assets	21	20
Total leased assets	78	78
Current
Operating	23	21
Finance	3	2
Noncurrent
Operating	41	45
Finance	13	12
Total lease liabilities	$ 80	$ 80
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plants, Properties and Equipment, net	Plants, Properties and Equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Notes payable and current maturities of long-term debt	Notes payable and current maturities of long-term debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt	Long-Term Debt
Finance lease, accumulated amortization	$ 20	$ 17

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GOODWILL - Changes in the Goodwill Balance as Allocated to Each Business Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)
Goodwill [Roll Forward]
Goodwill gross beginning balance	$ 112
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	111
Currency translation and other	16
Goodwill, Other Increase (Decrease)	(1)
Goodwill, Period Increase (Decrease)	15
Goodwill gross ending balance	128
Accumulated impairment loss, ending balance	(2)
Goodwill, ending balance	126
Europe Segment [Member]
Goodwill [Roll Forward]
Goodwill gross beginning balance	11
Accumulated impairment loss, beginning balance	(1)
Goodwill, beginning balance	10
Currency translation and other	2
Goodwill, Other Increase (Decrease)	(1)
Goodwill, Period Increase (Decrease)	1
Goodwill gross ending balance	13
Accumulated impairment loss, ending balance	(2)
Goodwill, ending balance	11
Latin America Segment [Member]
Goodwill [Roll Forward]
Goodwill gross beginning balance	101
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	101
Currency translation and other	14
Goodwill, Other Increase (Decrease)	0
Goodwill, Period Increase (Decrease)	14
Goodwill gross ending balance	115
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	115
North America Segment [Member]
Goodwill [Roll Forward]
Goodwill gross beginning balance	0
Accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	0
Currency translation and other	0
Goodwill, Other Increase (Decrease)	0
Goodwill, Period Increase (Decrease)	0
Goodwill gross ending balance	0
Accumulated impairment loss, ending balance	0
Goodwill, ending balance	$ 0

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Examination [Line Items]
Income tax provision	$ 5	$ 30	$ 11	$ 47
Effective income tax rate reconciliation, percent	25.00%	27.00%	21.00%	27.00%
Income tax examination, estimate of possible loss			$ 108
Income tax examination, penalties and interest expense			278
Income tax examination, tax liability, threshold	$ 300		$ 300
International Paper
Income Tax Examination [Line Items]
Income tax examination, tax liabilities payable, percentage	60.00%		60.00%
Sylvamo
Income Tax Examination [Line Items]
Income tax examination, tax liabilities payable, percentage	40.00%		40.00%

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COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)
Brazil Unpaid VAT
Site Contingency [Line Items]
Damages claim, value	$ 49
Loss Contingency Accrual	0	$ 0
Brazil Unpaid VAT | Tax
Site Contingency [Line Items]
Damages claim, value	19
Brazil Unpaid VAT | Interest and penalties
Site Contingency [Line Items]
Damages claim, value	$ 30
Minimum
Site Contingency [Line Items]
Expected timing for resolution in open market, term		1 year
Maximum
Site Contingency [Line Items]
Expected timing for resolution in open market, term		10 years

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LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less: current portion	$ (23)	$ (22)
Long-Term Debt	767	782
Other
Debt Instrument [Line Items]
Long-term debt	16	14
Term Loan F - due 2027 (a) | Secured Debt
Debt Instrument [Line Items]
Long-term debt	255	255
Unamortized debt issuance costs	2	2
Term Loan F-2 - due 2031 (b) | Secured Debt
Debt Instrument [Line Items]
Long-term debt	225	230
Unamortized debt issuance costs	1	2
Term Loan A - due 2029 (c) | Secured Debt
Debt Instrument [Line Items]
Long-term debt	211	217
Unamortized debt issuance costs	2	2
Securitization Program
Debt Instrument [Line Items]
Long-term debt	$ 83	$ 88

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LONG-TERM DEBT - Debt Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Reduction of debt		$ 40,000,000	$ 54,000,000
Debt Issuance Costs, Gross	$ 5,000,000	$ 5,000,000
Debt Instrument, Consolidated Total, Maximum Leverage Ratio	375.00%	375.00%
Available Liquidity
Debt Instrument [Line Items]
Income Tax Examination, Available Liquidity Required to Eliminate Limits on Maximum Annual Restricted Payments		$ 275,000,000
Interest (expense) income
Debt Instrument [Line Items]
Deferred Debt Issuance Cost, Writeoff	$ 2,000,000
Securitization Program
Debt Instrument [Line Items]
Total borrowing capacity	$ 110,000,000	$ 110,000,000
Line of Credit Facility, Interest Rate at Period End	5.32%	5.32%		6.10%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowing capacity	$ 400,000,000	$ 400,000,000
Long-term line of credit outstanding	23,000,000	23,000,000		$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 377,000,000	$ 377,000,000		$ 400,000,000
Debt Instrument, interest rate, stated percentage	1.85%	1.85%
Line of Credit | Revolving Credit Facility | Term Loan A Due 2028 [Member] | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Secured Debt | Term Loan F - due 2027 (a)
Debt Instrument [Line Items]
Reduction of debt	$ 104,000,000
Secured Debt | Term Loan F Notes Due 2027
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.85%	1.85%
Debt instrument, patronage distributions, percentage	0.90%	0.90%
Debt instrument, patronage distributions, cash rebate, percentage	0.75%	0.75%
Debt instrument, effective interest rate	5.28%	5.28%		5.31%
Secured Debt | Term Loan F Notes Due 2027 | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Secured Debt | Term Loan F-2 - due 2031 (b)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 235,000,000	$ 235,000,000
Debt Instrument, interest rate, stated percentage	2.25%	2.25%
Debt instrument, effective interest rate	5.68%	5.68%		5.71%
Secured Debt | Term Loan F-2 - due 2031 (b) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Secured Debt | Term Loan A - due 2029 (c)
Debt Instrument [Line Items]
Reduction of debt	$ 36,000,000
Secured Debt | Term Loan A Due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	1.85%	1.85%
Senior Notes | Seven Percent Senior Notes Due 2029 [Member]
Debt Instrument [Line Items]
Reduction of debt	$ 90,000,000
Senior Notes | Seven Percent Senior Notes Due 2029 [Member] | Interest (expense) income
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 3,000,000

XML

LONG-TERM DEBT Derivative Table (Details) - Interest Rate Swap - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Term Loan F - due 2027 (a) | Deferred Charges and Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	$ 0	$ 1,000,000
Term Loan F - due 2027 (a) | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 0	0
Term Loan F - due 2027 (a) | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	3.72%
Term Loan F - due 2027 (a) | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	3.75%
Term Loan F-2 - due 2031 (b) | Deferred Charges and Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	$ 0	2,000,000
Term Loan F-2 - due 2031 (b) | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 3,000,000	0
Term Loan F-2 - due 2031 (b) | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	3.80%
Term Loan F-2 - due 2031 (b) | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	3.82%
Term Loan A - due 2029 (c) | Deferred Charges and Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	$ 0	0
Term Loan A - due 2029 (c) | Other Liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Fair Value Hedge Liability at Fair Value	$ 4,000,000	1,000,000
Term Loan A - due 2029 (c) | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	4.13%
Term Loan A - due 2029 (c) | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, fixed interest rate	4.16%
2025 | Term Loan F - due 2027 (a) | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 200,000,000	200,000,000
2029 | Term Loan F-2 - due 2031 (b) | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	226,000,000	232,000,000
2028 Maturity | Term Loan A - due 2029 (c) | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 214,000,000	$ 219,000,000

XML

PENSION AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Retirement Benefits [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0	$ 0

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INCENTIVE PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 27
Vesting period	1 year 7 months 6 days
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grant (in shares) | shares	2,227,021

XML

INCENTIVE PLANS - Summary of Stock Based Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense (included in selling and administrative expense)	$ 7	$ 5	$ 13	$ 12

XML

FINANCIAL INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC AREA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers, including Intersegment Sales	$ 807	$ 944	$ 1,634	$ 1,857
NET SALES	794	933	1,615	1,838
Cost of products sold and other	581	656	1,217	1,350
Maintenance outages	66	29	93	54
Economic downtime	0	7	3	11
Selling and administrative expenses, excluding Corporate Special Items	72	82	145	155
Depreciation, amortization and cost of timber harvested	45	37	85	76
Other Nonrecurring (Income) Expense	0	0	2	2
Business Segment Operating Profit (Loss)	30	122	74	194
Income before income taxes	20	113	53	173
Interest (income) expense, net	10	9	19	18
TOTAL ASSETS	2,668		2,668		$ 2,604
Payments to Acquire Productive Assets			114	113
Europe Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	181	205	371	412
Latin America Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	194	235	387	443
North America Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	419	493	857	983
Operating Segments | Europe Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers, including Intersegment Sales	181	206	371	413
NET SALES	181	205	371	412
Cost of products sold and other	168	169	347	362
Maintenance outages	28	0	40	0
Economic downtime	0	3	0	3
Selling and administrative expenses, excluding Corporate Special Items	15	17	30	28
Depreciation, amortization and cost of timber harvested	8	8	16	16
Other Nonrecurring (Income) Expense	0	0	0	1
Business Segment Operating Profit (Loss)	(38)	8	(62)	4
TOTAL ASSETS	392		392		324
Payments to Acquire Productive Assets			22	10
Operating Segments | Latin America Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers, including Intersegment Sales	207	245	406	461
NET SALES	194	235	387	443
Cost of products sold and other	125	150	253	295
Maintenance outages	20	7	21	18
Economic downtime	0	0	0	0
Selling and administrative expenses, excluding Corporate Special Items	23	23	44	44
Depreciation, amortization and cost of timber harvested	23	17	41	35
Other Nonrecurring (Income) Expense	(1)	(1)	0	0
Business Segment Operating Profit (Loss)	2	37	28	51
TOTAL ASSETS	1,163		1,163		1,065
Payments to Acquire Productive Assets			62	77
Operating Segments | North America Segment [Member]
Segment Reporting Information [Line Items]
Revenue from Contracts with Customers, including Intersegment Sales	419	493	857	983
NET SALES	419	493	857	983
Cost of products sold and other	288	337	617	693
Maintenance outages	18	22	32	36
Economic downtime	0	4	3	8
Selling and administrative expenses, excluding Corporate Special Items	34	42	71	83
Depreciation, amortization and cost of timber harvested	14	12	28	25
Other Nonrecurring (Income) Expense	1	1	2	1
Business Segment Operating Profit (Loss)	66	77	108	139
TOTAL ASSETS	861		861		904
Payments to Acquire Productive Assets			30	25
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other special items, net (a)	0	0	2	2
Less:
Segment Reporting Information [Line Items]
NET SALES	(13)	(11)	(19)	(19)
Less: | Europe Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	0	(1)	0	(1)
Less: | Latin America Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	(13)	(10)	(19)	(18)
Less: | North America Segment [Member]
Segment Reporting Information [Line Items]
NET SALES	0	0	0	0
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Other Nonrecurring (Income) Expense	0	$ 0	0	1
TOTAL ASSETS	$ 252		252		$ 311
Payments to Acquire Productive Assets			$ 0	$ 1