Sylvamo
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Sylvamo (SLVM) investor relations material

Sylvamo Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved $448 million in Adjusted EBITDA (13% margin) and $44 million in free cash flow for 2025, with a 12% return on invested capital, despite a challenging environment.

  • Returned $155 million in cash to shareholders and reinvested $224 million in manufacturing and forestry assets.

  • 2026 is a transition year with major investments and operational changes, especially in North America, including the Eastover mill project.

  • Uncoated freesheet sales volume increased 9% quarter-over-quarter in Q4 2025, with ongoing productivity improvements.

  • Maintained a strong balance sheet with net debt-to-adjusted EBITDA of 1.6x.

Financial highlights

  • 2025 Adjusted EBITDA was $448 million (13% margin), with free cash flow of $44 million and net sales of $3.4 billion.

  • Adjusted operating earnings were $3.54 per share for 2025.

  • Q4 2025 Adjusted EBITDA was $125 million (14% margin), with $38 million in free cash flow and $1.08 adjusted operating earnings per share.

  • Returned $155 million to shareholders and invested $224 million in capital spending in 2025.

  • Net debt-to-adjusted EBITDA was 1.6x at year-end 2025.

Outlook and guidance

  • 2026 will be a transition year with major investments, especially at the Eastover mill, and capital spending peaking at $245 million.

  • Discontinued quarterly and full-year Adjusted EBITDA and free cash flow guidance to focus on long-term value.

  • 2026 and 2025 are expected to be low points for free cash flow due to cyclical downturns and major investments.

  • Long-term targets include annual free cash flow above $300 million and ROIC above 15% as investments mature.

  • Income tax rate guidance for 2026 is 30%-31%.

Timing of remaining share repurchase auth
North America capacity constraint mitigation effectiveness
Key drivers for future FCF and ROIC targets
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Frequently asked questions

Sylvamo Corporation produces uncoated paper products used in printing and publishing applications. The company operates manufacturing facilities in North America, Latin America, and Europe, and distributes its paper to commercial printers, retailers, and consumers. The company is headquartered in Memphis, Tennessee, and its shares are listed on the NYSE.

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