Sylvamo Corporation

Good morning and thank you for standing by. Welcome to Sylvamo's second quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, you will have an opportunity to ask questions. To ask a question, please press star then the number one on your telephone keypad. To withdraw your question, press star then one a second time. As a reminder, your conference is being recorded. I'd now like to turn the call over to Hans Bjorkman, Vice President, Investor Relations. Sir, the floor is yours.

Thanks, Virginia. Good morning, and thank you for joining our second quarter 2025 earnings call. Our speakers this morning are Jean-Michel Rivieres, Chairman and Chief Executive Officer, John Sims, Senior Vice President, Chief Operating Officer, and Don Devlin, Senior Vice President and Chief Financial Officer. Slides two and three contain important information including certain legal disclaimers. For example, during this call, we will make forward-looking statements that are subject to risks and uncertainties. We will also present certain non-U.S. GAAP financial information. Reconciliations of those figures to U.S. GAAP financial measures are available in the appendix. Our website also contains copies of the earnings release, as well as today's presentation. With that, I'd like to turn the call over to Jean-Michel.

Thanks, Hans. Good morning, and thank you for joining our call. I'll start on slide four with our second quarter highlights. Our teams are committed to the success of our customers and are partnering with them to be the supplier of choice every day. Our operational performance improved during the second quarter, and the challenges we ran in the first quarter are no largely behind us. We completed the largest planned maintenance all-age quarter we've had in over five years. Lastly, we returned nearly $40 million in cash to shareholders. We distributed $18 million via the second quarter dividend, and we repurchased $20 million in shares in the quarter. Let's move to the next slide. Slide five shows our second quarter key financial metrics. We earned adjusted EBITDA of $82 million with a margin of 10%, in line with our expectations. This reflects having almost $70 million of planned maintenance outages in the quarter, which is the largest in recent history. We now have almost 85% of our planned maintenance outage for the year behind us. We generated adjusted operating earnings of $0.37 per share. Free cash flow was negative $2 million. The variance to the second quarter last year is due to lower adjusted EBITDA and slightly higher capital spending. Keep in mind that our free cash flow is heavily weighted to the second half of the year. In the last two years, we generated almost 90% of our free cash flow in the second half. Now, I will turn it over to Dom to review our performance in more detail.