SLVM – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

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SLVM – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 17, 2026

INDUSTRIALS: Paper Sylvamo Corporation (SLVM)

SLVM – Quick Take – Takeaways from the Truist Securities Michael Roxland

212-326-4839 Industrials & Services Conference

Michael.Roxland@truist.com

Niccolo Piccini Sylvamo’s (SLVM, Buy) CEO John Sims, SVP & CFO Don Devlin, and VP, Investor Relations

212-303-4140 Hans Bjorkman hosted meetings at the Truist Securities Industrials & Services Conference.

Nico.Piccini@truist.com Overall, the discussion highlighted healthy North American uncoated freesheet (UCFS)

fundamentals, ongoing strategic structural challenges in Europe, and a relatively stable

outlook in Latin America.

Current Price (Jun. 17, $39.59 North America UCFS fundamentals remain healthy as capacity closures continue to more

2026) than offset a 3-4% secular demand decline. As we’ve note in prior research (link), the UCFS

Stock Rating BUY operating rate in April stood at ~92.4% per Fastmarkets RISI and is likely to head higher as PM16 at International Paper’s (IP, Buy) Riverdale mill in Selma, AL (~350k tons nameplate Unchanged

capacity, ~6% of North American capacity) exited the market at the end of May as the

Price Target $54.00 company begins to convert it to containerboard. This follows the closure of Pixelle’s (private)

Unchanged Chillicothe, OH mill (~400k tons nameplate capacity; ~7% of North American capacity) last

year. Over time, there is the potential for further capacity rationalization should IP decide to

fully convert its recently purchased NORPAC mill to recycled containerboard. Meanwhile,

SLVM has solid order books with an operating rate of 90%+.

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