Business Description

1 Our Company 1 Competition 1 Marketing and Distribution 1 Description of Principal Products 1 Raw Materials 1 Human Capital 1 Environmental and Other Regulations 4 Sustainability 7 Available Information 9 Forward-Looking Statements 9 ITEM 1A. RISK FACTORS. 11 ITEM 1B. UNRESOLVED STAFF COMMENTS. 26 ITEM 1C. CYBERSECURITY . 26 ITEM 2. PROPERTIES. 28 Forestlands 28 Mills and Plants 28 Capital Investments and Dispositions 28 ITEM 3. LEGAL PROCEEDINGS. 29 ITEM 4. MINE SAFETY DISCLOSURES. 29 PART II. 30 ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY. 30 ITEM 6. RESERVED. 31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 32 Executive Summary 32 Results of Operations 32 Description of Business Segments 33 Business Segments Results 34 Non-GAAP Financial Measures 36 Liquidity and Capital Resources 37 Pillar Two Directive 39 Critical Accounting Policies and Significant Accounting Estimates 39 Recent Accounting Developments 40 Foreign Currency Effects 40 Market Risk 41 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 41 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 42 Report of Management on Financial Statements, Internal Control Over Financial Reporting and Internal Control Environment and Board of Directors Oversight 42 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 44 Consolidated Statements of Operations 47 Consolidated Statements of Comprehensive Income (Loss) 48 Consolidated Balance Sheets 49 Consolidated Statements of Cash Flows 50 Consolidated Statements of Changes in Equity 51 i Notes to Consolidated Financial Statements 52 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 78 ITEM 9A. CONTROLS AND PROCEDURES. 78 ITEM 9B. OTHER INFORMATION. 78 ITEM 9C. DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 79 PART III. 79 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 79 ITEM 11. EXECUTIVE COMPENSATION. 79 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 79 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 79 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 79 PART IV. 80 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. 80 ITEM 16. FORM 10-K SUMMARY 82 SIGNATURES 83 APPENDIX I 202 5 LISTING OF FACILITIES 85 APPENDIX II 202 5 CAPACITY INFORMATION 86 ii PART I. ITEM 1. BUSINESS OUR COMPANY Sylvamo Corporation (the “Company” or “Sylvamo”, which may also be referred to as “we” or “us”) is a global uncoated papers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the most attractive geographies, including Europe, Latin America and North America, which are our business segments. We produce uncoated freesheet (“UFS”) for paper products such as cutsize and offset paper, as well as market pulp. With roots going back to 1898, we have a long history of offering premium quality papers to meet the needs of our customers and end-users. Our mills in North America and Latin America predominantly rank in the lowest quartile on global and regional UFS cost curves, and we believe our low-cost operations enable us to serve our customers with the highest quality products at attractive margins. Our industry-leading brands, known for their long-standing reputation in their respective markets for product quality and performance, allow us to maintain our long-term relationships with top-tier customers throughout economic cycles. Our international reach and strong positioning across retail, merchant and e-commerce channels optimally positions us to meet the paper needs of our end-users around the world. This also provides geographical diversification of our revenue and profits. From 2023 to 2025, on average, we generated 48% of our revenues and 28% of our Business Segment Operating Profit in Europe and Latin America. Each region in which we operate exhibits different supply and demand characteristics. Both Latin America and North America have strong profitability for the uncoated paper industry relative to other geographies. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Business Segment Results - Results of Operations for a definition of Business Segment Operating Profit.…