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“We delivered strong earnings and significant cash in the quarter,” said Jean-Michel Ribiéras. “As we launch Sylvamo, we have good momentum for the fourth quarter and 2022. Our third-quarter adjusted EBITDA margin was 19.5%, reflecting strong performances by all three regions and lower maintenance outage costs. We project fourth-quarter adjusted EBITDA in the range of $140 to $150 million and adjusted operating earnings per share of $1.20 to $1.40. In the near term, we are focused on generating strong free cash flow, reducing debt and positioning Sylvamo for long-term value creation.”

•Third-quarter net income of $92 million ($2.09 per pro forma share1) compared with $115 million ($2.61 per pro forma share) in the second quarter of 2021 and $51 million ($1.16 per pro forma share) in the third quarter of 2020

•Third-quarter adjusted operating earnings2 (non-GAAP) of $100 million ($2.27 per pro forma share) compared with $68 million ($1.54 per pro forma share) in the second quarter of 2021 and $51 million ($1.16 per pro forma share) in the third quarter of 2020

1 At the date of distribution of Sylvamo common shares by International Paper to its shareholders on Oct. 1, 2021, Sylvamo had 44,104,986 total common shares outstanding. The calculation of pro forma earnings per share for each period presented utilizes the common shares at the date of distribution as the basis for the calculation of weighted average common shares outstanding for periods prior to the spinoff because, at that time, Sylvamo did not operate as a separate, stand-alone entity, and no shares or equity-based awards were outstanding prior to the date of distribution.

2 Adjusted Operating Earnings (non-GAAP) are net earnings (GAAP) excluding net special items. Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present combined operating results. For more information regarding net special items, see the information under the heading Effects of Special Items and the Condensed Combined Statement of Operations and related notes included later in this release.

3 Adjusted EBITDA (non-GAAP) is net income (loss) (GAAP) excluding the sum of income taxes, net interest (income) expense, depreciation, amortization and cost of timber harvested, and, when applicable for the periods reported, special items. Management believes that Adjusted EBITDA and Adjusted EBITDA Margin provide investors and analysts meaningful insights into our operating performance and Adjusted EBITDA is a relevant metric for the third-party debt. For more information regarding net special items, see the information under the heading Effects of Special Items and the Condensed Combined Statement of Operations and related notes included later in this release.

Select Financial Measures


(In millions)	Third Quarter 2021		Second Quarter 2021		Third Quarter 2020
Net Sales	$	908	$	844	$	738
Net Income (Loss)	92		115		51
Business Segment Operating Profit	137		85		62
Adjusted Operating Earnings	100		68		51
Adjusted EBITDA	177		124		104
Cash Provided By (Used For) Operating Activities	157		140		73
Free Cash Flow (1)	135		125		56

(1) Free cash flow is a non-GAAP financial measure. A reconciliation of free cash flow to the most comparable GAAP measure, cash provided by (used for) operating activities, and disclosure regarding why we believe that free cash flow provides useful information to investors, is included later in this release.

Sylvamo uses business segment operating profits to measure the earnings performance of its businesses and is calculated as set forth in footnote (g) below under the "Sales and Earnings by Business Segment" table (page 9). Third-quarter 2021 net sales by business segment and operating profit (loss) by business segment compared with the second quarter of 2021 and the third quarter of 2020 are as follows:


(In millions)	Third Quarter 2021		Second Quarter 2021		Third Quarter 2020
Net Sales by Business Segment
Europe	$	262	$	243	$	220
Latin America	200		189		150
North America	447		426		375
Corporate and Inter-segment Sales	(1)		(14)		(7)
Net Sales	$	908	$	844	$	738
Operating Profit (Loss) by Business Segment
Europe	$	40	$	19	$	16
Latin America	44		44		17
North America	53		22		29
Total Business Segment Operating Profit	$	137	$	85	$	62

Europe - $40 million compared with $19 million in the second quarter of 2021. Earnings were higher as higher average sales prices, higher volumes and lower planned maintenance outage expenses were partially offset by higher input costs.

Latin America - $44 million compared with $44 million in the second quarter of 2021. Earnings were stable as higher average sales prices and volumes were offset by higher input costs and higher planned maintenance outage expenses.

North America - $53 million compared with $22 million in the second quarter of 2021. Earnings were higher as higher average sales prices and lower planned maintenance outage expenses were partially offset by higher input costs.

Sylvamo Corporation (NYSE: SLVM) is the world’s paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 7,000 colleagues. Net sales for the last 12 months ending Sept. 30, 2021, were $3.3 billion. For more information, please visit Sylvamo.com.

The reported effective tax rate for the third quarter of 2021 was 24%, compared to 26% for the second quarter of 2021. The lower rate for the third quarter was due to an $8 million favorable Brazil court ruling that certain interest income is nontaxable.

Excluding special items, the operational effective tax rate for the third quarter of 2021 was 26%, compared with 20% for the second quarter of 2021. The lower operational effective tax rate in the second quarter is primarily due to a discrete period benefit of $3 million related to the adjustment of the tax basis in certain of the Company's fixed assets and a favorable remeasurement of a deferred tax asset due to a tax rate change of $4 million.

Net special items in the third quarter of 2021 amount to a net after-tax charge of $8 million ($0.18 per pro forma share) compared with net after-tax income of $47 million ($1.07 per pro forma share) in the second quarter of 2021 and a net zero impact in the third quarter of 2020. For more information see the information under the Condensed Combined Statement of Operations and related notes included later in this release.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including our projected adjusted EBITDA and adjusted operating earnings per share for the fourth quarter and the information under the heading “Fourth-Quarter Outlook”. Any or all forward-looking statements may turn out to be incorrect, and our actual actions and results could differ materially from what they express or imply, because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control. These risks, uncertainties, and other factors include those disclosed in the heading “Risk Factors” in our Registration Statement on Form 10 filed with the U.S. Securities and Exchange Commission (SEC) and in our subsequent filings with the SEC, available on our website, Sylvamo.com. These forward-looking statements reflect our current expectations, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.


	Three Months Ended September 30,						Three Months Ended June 30, 2021			Nine Months Ended September 30,
	2021			2020						2021			2020
Net Sales	$	908		$	738		$	844		$	2,530		$	2,213
Costs and Expenses
Cost of products sold	587		(a)	500		(f)	525		(d)	1,637		(a)	1,562		(f)
Selling and administrative expenses	47			50			58			146			150
Depreciation, amortization and cost of timber harvested	37			38			35			108			117
Distribution expenses	98			79			93			276			235
Taxes other than payroll and income taxes	9			10			6			22			22
Interest (income) expense, net	10		(b)	(2)		(g)	(29)		(e)	(19)		(b)	(3)		(g)
Income (Loss) Before Income Taxes	120			63			156			360			130
Income tax provision (benefit)	28		(c)	12			41			91		(c)	25
Net Income (Loss)	$	92		$	51		$	115		$	269		$	105

(a)Includes pre-tax loss of $7 million ($5 million after taxes) for the three months ended September 30, 2021, and net pre-tax income of $35 million ($23 million after taxes) for the nine months ended September 30, 2021, for the accrual of a foreign value-added tax refund in Brazil.

(b)Includes pre-tax loss of $8 million ($5 million after taxes) for the three months ended September 30, 2021, and net pre-tax income of $20 million ($14 million after taxes) for the nine months ended September 30, 2021, for interest income associated with the accrual of a foreign value-added tax refund in Brazil.

(f)Includes net pre-tax loss of $1 million ($1 million after taxes) for the three months ended September 30, 2020, and net pre-tax loss of $6 million ($5 million after taxes) for the nine months ended September 30, 2020, for the accrual of a foreign value-added tax expense in Brazil and an environmental reserve adjustment in Russia.

(g)Includes net pre-tax income of $1 million ($1 million after taxes) for the three months ended September 30, 2020, and net pre-tax income of $2 million ($1 million after taxes) for the nine months ended September 30, 2020, for interest income associated with the accrual of a foreign value-added tax refund in Brazil.


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Net Income (Loss)	$	92	$	51	$	115	$	269	$	105
Pro Forma Earnings Per Common Share
Net earnings (loss)	$	2.09	$	1.16	$	2.61	$	6.10	$	2.38
Pro Forma Shares of Common Stock Outstanding	44		44		44		44		44

At the date of distribution of Sylvamo common shares by International Paper to its shareholders on Oct. 1, 2021, Sylvamo had 44,104,986 total common shares outstanding. The calculation of pro forma earnings per share for each period presented utilizes the common shares at the date of distribution as the basis for the calculation of weighted average common shares outstanding for periods prior to the spinoff because, at that time, Sylvamo did not operate as a separate, stand-alone entity, and no shares or equity-based awards were outstanding prior to the date of distribution.


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Net Income (Loss)	$	92	$	51	$	115	$	269	$	105
Add back: Net Special items expense (income)	8		—		(47)		(45)		4
Adjusted Operating Earnings	$	100	$	51	$	68	$	224	$	109


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Pro Forma Earnings per Common Share as Reported	$	2.09	$	1.16	$	2.61	$	6.10	$	2.38
Add back: Net Special items expense (income)	0.18		—		(1.07)		(1.02)		0.09
Pro Forma Adjusted Operating Earnings per Share	$	2.27	$	1.16	$	1.54	$	5.08	$	2.47

The Company calculates Adjusted Operating Earnings (non-GAAP) by excluding the effect of items considered by management to be unusual (net special items) as reflected in the Condensed Combined Statement of Operations and related notes included in this release from the earnings reported under GAAP. Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present combined operating results. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of operations by quarter. Net income (loss) is the most directly comparable GAAP measure.


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Net Income (Loss)	$	92	$	51	$	115	$	269	$	105
Adjustments:
Income tax provision (benefit)	28		12		41		91		25
Interest (income) expense, net	10		(2)		(29)		(19)		(3)
Depreciation, amortization and cost of timber harvested	37		38		35		108		117
Stock-based compensation	3		4		4		10		11
Net Special items expense (income)	7		1		(42)		(35)		6
Adjusted EBITDA	$	177	$	104	$	124	$	424	$	261
Net Sales	$	908	$	738	$	844	$	2,530	$	2,213
Adjusted EBITDA Margin	19.5%		14.1%		14.7%		16.8%		11.8%


	Three Months Ended September 30,				Three Months Ended June 30, 2021
	2021		2020
Adjusted EBITDA	$	177	$	104	$	124
Europe	49		27		27
Latin America	59		31		59
North America	69		46		38
Total Business Segment Adjusted EBITDA	$	177	$	104	$	124
Net Sales (excluding Corporate and Inter-segment Sales)	$	909	$	745	$	858
Europe	262		220		243
Latin America	200		150		189
North America	447		375		426
Total Business Segment Net Sales	$	909	$	745	$	858
Adjusted EBITDA Margin
Europe	19%		12%		11%
Latin America	30%		21%		31%
North America	15%		12%		9%

The Company calculates Adjusted EBITDA (non-GAAP) by excluding the sum of income taxes, net interest (income) expense, depreciation, amortization and cost of timber harvested as well as the after-tax effect of items considered by management to be unusual (net special items) as reflected in the Condensed Combined Statement of Operations and related notes included in this release from the earnings reported under GAAP. Management believes that Adjusted EBITDA and Adjusted EBITDA Margin provide investors and analysts meaningful insights into our operating performance and Adjusted EBITDA is a relevant metric for the third-party debt. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of its operations. Net income (loss) is the most directly comparable GAAP measure.


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Europe	$	262	$	220	$	243	$	743	$	682
Latin America	200		150		189		557		434
North America	447		375		426		1,255		1,114
Corporate and Inter-segment Sales	(1)		(7)		(14)		(25)		(17)
Net Sales	$	908	$	738	$	844	$	2,530	$	2,213


	Three Months Ended September 30,						Three Months Ended June 30, 2021			Nine Months Ended September 30,
	2021			2020						2021			2020
Europe	$	40		$	16		$	19		$	82		$	62
Latin America	44			17			44			131			46
North America	53			29			22			93			25
Total Business Segment Operating Profit	$	137		$	62		$	85		$	306		$	133

Income (Loss) Before Income Taxes	$	120		$	63		$	156		$	360		$	130
Interest (income) expense, net	10		(a)	(2)		(e)	(29)		(c)	(19)		(a)	(3)		(e)
Other special items, net	7		(b)	1		(f)	(42)		(d)	(35)		(b)	6		(f)
Business Segment Operating Profit (g)	$	137		$	62		$	85		$	306		$	133

(a)Includes net pre-tax loss of $8 million ($5 million after taxes) for the three months ended September 30, 2021, and net pre-tax income of $20 million ($14 million after taxes) for the nine months ended September 30, 2021, for interest income associated with the accrual of a foreign value-added tax refund in Brazil.

(b)Includes net pre-tax loss of $7 million ($5 million after taxes) for the three months ended September 30, 2021, and net pre-tax income of $35 million ($23 million after taxes) for the nine months ended September 30, 2021, for the accrual of a foreign value-added tax refund in Brazil.

(e)Includes net pre-tax income of $1 million ($1 million after taxes) for the three months ended September 30, 2020, and net pre-tax income of $2 million ($1 million after taxes) for the nine months ended September 30, 2020, for interest income associated with the accrual of a foreign value-added tax refund in Brazil.

(g)As set forth in the chart above, business segment operating profit is defined as income (loss) before income taxes, but excluding net interest (income) expense and other special items, net. Business segment operating profit 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 and is presented in our financial statement footnotes in accordance with ASC 280.


	September 30, 2021		December 31, 2020
Assets
Current Assets
Cash and Temporary Investments	$	132	$	95
Accounts and Notes Receivable, Net	422		400
Related Party Receivable	25		221
Inventories	344		342
Other current assets	96		61
Total Current Assets	1,019		1,119
Plants, Properties and Equipment, Net	911		974
Forestlands	285		293
Goodwill	136		143
Right of Use Assets	43		46
Deferred Charges and Other Assets	343		336
Total Assets	$	2,737	$	2,911
Liabilities and Parent Company Equity
Current Liabilities
Accounts Payable	$	315	$	259
Notes Payable and Current Maturities of Long-Term Debt	126		4
Accrued Payroll and Benefits	73		68
Related Party Payable	110		25
Other Current Liabilities	160		134
Total Current Liabilities	784		490
Long-Term Debt	1,393		22
Deferred Income Taxes	163		170
Other Liabilities	132		117
Parent Company Equity
Parent Company Investment	1,892		3,592
Accumulated Other Comprehensive Loss	(1,627)		(1,480)
Total Parent Company Equity	265		2,112
Total Liabilities and Parent Company Equity	$	2,737	$	2,911


	Nine Months Ended September 30,
	2021		2020
Operating Activities
Net income (loss)	$	269	$	105
Depreciation, amortization and cost of timber harvested	108		117
Deferred income tax provision (benefit), net	(8)		(44)
Stock-based compensation	10		11
Changes in current assets and liabilities
Accounts and notes receivable	(28)		98
Related party receivable	(13)		(13)
Inventories	(9)		41
Related party payable	3		12
Accounts payable and accrued liabilities	99		(55)
Other	(52)		(47)
Cash Provided By (Used For) Operating Activities	379		225
Investment Activities
Invested in capital projects	(54)		(59)
Cash pool arrangements with Parent	202		7
Other	(8)		1
Cash Provided By (Used For) Investment Activities	140		(51)
Financing Activities
Net transfers (to) from Parent	(359)		(201)
Special payment to Parent	(1,520)		—
Issuance of debt	1,499		—
Reduction of debt	(6)		(15)
Cash Provided By (Used for) Financing Activities	(386)		(216)
Effect of Exchange Rate Changes on Cash	(96)		48
Change in Cash and Temporary Investments	37		6
Cash and Temporary Investments
Beginning of the period	95		135
End of the period	$	132	$	141


	Three Months Ended September 30,				Three Months Ended June 30, 2021		Nine Months Ended September 30,
	2021		2020				2021		2020
Cash Provided By (Used For) Operating Activities	$	157	$	73	$	140	$	379	$	225
Adjustments:
Cash invested in capital projects	(22)		(17)		(15)		(54)		(59)
Free Cash Flow	$	135	$	56	$	125	$	325	$	166

Free cash flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operations. 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 in the future. 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 non-GAAP financial measures presented in this release 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 use identical calculations, the Company’s presentation of non-GAAP measures in this release may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as Sylvamo.

Management believes certain non-U.S. GAAP financial measures, when used in conjunction with information presented in accordance with U.S. GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company’s financial condition and results of operations. Management also uses these non-U.S. GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.


			Exhibit 99.1