Earnings call transcript: Sylvamo Q2 2025 sees stock drop post-earnings miss

Sylvamo Corporation reported its second-quarter 2025 earnings, revealing a significant miss on both earnings per share (EPS) and revenue forecasts. The company’s adjusted EPS came in at $0.37, falling short of the anticipated $0.48, representing a surprise of -22.92%. Revenue also missed expectations, reaching $794 million against a forecast of $831.74 million, a surprise of -4.54%. Following the earnings release, Sylvamo’s stock dropped sharply, declining by 14.46% in regular trading and a further 20% in pre-market trading, bringing the price to $38.27. According to InvestingPro data, the company maintains a strong financial health score of 3.12 (rated as GREAT), despite recent challenges. Two InvestingPro analysts have revised their earnings estimates downward for the upcoming period.

Key Takeaways

• Sylvamo’s Q2 2025 EPS and revenue both missed forecasts significantly.
• The company’s stock experienced a substantial decline, falling over 30% from its last close.
• Strategic investments and operational improvements are underway but have yet to reflect positively in financial results.
• The company expects a stronger performance in the second half of the year.

Company Performance

Sylvamo’s performance in the second quarter of 2025 was underwhelming, with both earnings and revenue missing market expectations. Despite operational improvements and strategic investments, the company struggled to meet its financial targets. This performance contrasts with the company’s previous quarters, where results were more in line with forecasts.

Financial Highlights

• Revenue: $794 million, down from the forecast of $831.74 million.
• Earnings per share: $0.37, compared to a forecast of $0.48.
• Adjusted EBITDA: $82 million, with a margin of 10%.
• Free cash flow: Negative $2 million.

Earnings vs. Forecast

Sylvamo’s EPS of $0.37 fell short of the $0.48 forecast by 22.92%, while revenue missed by 4.54%. This marks a significant deviation from expectations, impacting investor sentiment and stock performance.

Market Reaction

The market reacted negatively to Sylvamo’s earnings miss, with the stock price dropping 14.46% in regular trading and an additional 20% in pre-market trading. This decline places the stock near its 52-week low, highlighting investor concerns over the company’s short-term prospects. InvestingPro analysis suggests the stock is currently undervalued, with management actively buying back shares. The company’s strong free cash flow yield and relatively low P/E ratio indicate potential value opportunity for long-term investors. Check out our Most Undervalued Stocks list for more opportunities like this.

Outlook & Guidance

Looking forward, Sylvamo expects improved performance in the second half of the year, with adjusted EBITDA projected between $145 million and $165 million for Q3. The company is focusing on operational efficiency and strategic investments, particularly at its Eastover, SC mill, which is expected to enhance future earnings.

Executive Commentary

• CEO Jean Michel Rivieres emphasized the company’s commitment to creating shareholder value through strategic partnerships.
• COO John Sims highlighted the resilience of the uncoated freesheet paper segment, which remains a core focus for Sylvamo.
• CFO Don Devlin stated that the company is concentrating on controllable factors to navigate current challenges.

Risks and Challenges

• Market demand fluctuations, particularly in Europe and Latin America, pose ongoing challenges.
• Increased imports in North America could pressure pricing and margins.
• Execution risks associated with strategic investments and operational improvements.
• Potential macroeconomic pressures, including currency fluctuations and inflation.

Q&A

During the earnings call, analysts inquired about the impact of imports on pricing, the role of green energy credits, and regional demand variations. Sylvamo executives addressed these concerns, emphasizing their strategic approach to market challenges and long-term growth initiatives.

Full transcript - Sylvamo Corp (SLVM) Q2 2025:

Conference Operator: Good morning, and thank you for standing by. Welcome to Silvano’s Second Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, you will have an opportunity to ask questions. 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.

Hans Bjorkman, Vice President, Investor Relations, Silvamo: Thanks, Virginia. Good morning, and thank you for joining our second quarter twenty twenty five earnings call. Our speakers this morning are Jean Michel Rivieres, Chairman and Chief Executive Officer John Sims, Senior Vice President and 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.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: 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 run-in the first quarter are largely behind us.

We completed the largest planned maintenance outage quarter we’ve had in over five years. Lastly, we returned nearly $40,000,000 in cash to share owners. We distributed $18,000,000 via the second quarter dividend and we repurchased 20,000,000 shares in the quarter. Let’s move to the next slide. Slide five shows our second quarter key financial metrics.

We earn adjusted EBITDA of $82,000,000 with a margin of 10% in line with our expectations. This reflects having almost $17,000,000 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 2,000,000 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.

Don Devlin, Senior Vice President and Chief Financial Officer, Silvamo: Thank you, Jean Michel and good morning everyone. Slide six contains our second quarter earnings bridge versus the first quarter. The $82,000,000 of adjusted EBITDA was in line with our outlook of 75,000,000 to 95,000,000 Excluding the $13,000,000 in FX headwinds in the quarter, we would have been at the high end of our outlook. Price and mix was favorable by $12,000,000 driven by better mix in North America and Latin America, with lower export sales from both regions. Volume decreased by $9,000,000 mostly in North America.

About half was due to less volume from IP’s Riverdale mill than planned. Over the last three quarters, they’ve only produced about 80% of their 27,000 tonne per month plan, and we expected that to continue into the third quarter. The other half was partially due to our own operational challenges we experienced in the second quarter. Operations and other costs were favorable by $23,000,000 driven by $18,000,000 in improved operational performance in North America and Europe. We continue to make progress in resolving the operational issues experienced in the first and second quarters.

Other costs were also favorable by $18,000,000 primarily due to green energy credits in Europe and lower overhead costs. This more than offset the unfavorable impact of $13,000,000 from FX. Planned maintenance outage costs increased by $39,000,000 largely as expected as we conducted complex outages in five of our mills. Input and transportation costs were favorable by $5,000,000 primarily due to energy in North America. Let’s move to Slide seven.

Looking at industry conditions for the 2025 versus the 2024. In Europe, demand remained sluggish and is down 8% year over year. Industry capacity was reduced by 7% after two uncoated freesheet machines closed late last year. Paper prices stabilized in the second quarter, but are under pressure entering the seasonally slower third quarter. Pulp prices in Europe significantly decreased in the first half of this year, contributing to uncoated freesheet pricing pressure.

In Latin America, demand is down 2% year over year, with demand down 6% in other Latin American countries. However, Brazil is up 6% due to strong publishing demand. Industry capacity across the region remains stable. In North America, reported apparent demand is stable year over year, driven by higher imports, which were up nearly 40%. Much of this increase in imports is in converting and printing rolls.

We believe that real demand will be down 3% to 4% this year. Industry supply was reduced by 10% after a few machines, including IT’s Georgetown mill, closed in the second half of last year. In addition, Pixell announced they will close their Chillicothe, Ohio mill in August. This will further reduce uncoated freesheet capacity in North America by approximately 6%. Let’s go to Slide eight.

We continue to monitor The U. S. Tariff situation and the potential challenges and opportunities that may unfold. In the first half of the year, we saw some shifts in uncoated freesheet and trade flows. This is one of the main reasons why imports into The U.

S. Were up almost 40% through the first half. We’re also keeping an eye on several cross regional themes, for example, currency fluctuations with the U. S. Dollar devaluation against many currencies.

Regarding our major capital spending plans for the year, the business cases for these projects included the possibility of higher tariff costs, which are not expected to be material at this point. We’re staying close to our customers to understand their needs and opportunities to help them be successful. And we are focused on what we can control, improving productivity, reliability and leveraging our cost initiatives. Let’s move to Slide nine. Looking ahead, we expect to deliver third quarter adjusted EBITDA of 145,000,000 to 165,000,000 We project price and mix to be unfavorable by 15,000,000 to $20,000,000 This is primarily due to paper and pulp prices in Europe.

We expect volume to be favorable by 15,000,000 to $20,000,000 This is primarily due to stronger seasonality in both Latin America and North America. Operations and other costs are projected to be favorable, up to $5,000,000 due to improved operational performance. We expect input and transportation costs to be stable. Planned maintenance outages will improve by $66,000,000 as we have no outages planned in the quarter. We expect a significantly better adjusted EBITDA performance in the second half.

This is due to much lower planned maintenance outage expenses, improving volumes and better operations. Now I’ll turn it over to John to talk about our capital allocation plans.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Thank you, Don, and good morning, everyone. I’ll pick up on Slide 10. Our long term capital allocation strategy drives shareowner value. We are focused on maintaining a strong financial position, reinvesting in our business and returning cash to shareowners. This

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: allows us

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: to stay focused on our customers, helping them win through commercial excellence efforts. It enables reinvesting in our business, enhancing our reliability, productivity and improving our service through operational excellence initiatives. And our healthy financial position preserves the flexibility to return cash to shareowners. We’ll continue to evaluate opportunities to repurchase shares at attractive prices with the $42,000,000 available on our current share repurchase authorization. Let’s move to Slide 11.

This slide shows how the deleveraging of our balance sheet has enhanced our financial position. We have reduced our debt by about half, including more than $150,000,000 last year, which we did in anticipation of the potential uncertainties in 2025. Our net debt to adjusted EBITDA now stands at 1.3 times. We have no major maturities due until 2027, plus we have almost $400,000,000 available on our revolver. Our strong balance sheet and available cash on hand provides us with the ability to focus on our customers, run our business and invest in our future throughout the cycle.

Let’s go to Slide 12. Our teams continue to develop our high return project pipelines with returns greater than 20%. We’re investing in high return projects to generate earnings and cash flow. We want to take this opportunity to highlight our 2026 and 2027 capital spending outlook. The purple shaded bars on this chart show our high return investments.

The light purple is for our eServo investments and the dark purple is for all other high return projects. As disclosed on our fourth quarter twenty twenty four earnings call back in February, we are investing $145,000,000 in strategic projects at our flagship mill in Eastover, South Carolina. These investments will be spent from 2025 through 2027, with the majority of spending taking place next year. Overall, capital spending is increasing in 2026, but then dropping back down to prior levels in 2027. This outlook should provide you with a good sense of our capital spending for the next few years, and we will continue to update you as we refine our plan.

Let’s go to Slide 13. We feel the importance of the strategic investments that our Easter renewal warrants a quick refresh of our exciting plans. We have three high return projects that will reduce costs while improving efficiency and mix of the most competitive uncoated free sheet mill in North America. First, we are investing to optimize one of our two paper machines. The enhancements will allow us to reduce costs while improving our product mix across both paper machines.

This investment should result in incremental 60,000 tons of uncoated pre sheet capacity. Second, we are replacing existing cut size sheet with a brand new state of the art sheeter. This will lower our sheeting cost up to 15%, reduce waste by maximizing paper machine trim while providing incremental cut size capacity. This cedar will allow us to provide improved reliability and additional flexibility to better serve our customers. Detailed engineering work continues and many of the orders for the parts and equipment have already been placed.

All plans are on track. Once completed, these combined investments should create incremental adjusted EBITDA of more than $50,000,000 per year, resulting in additional cash flows and an internal rate of return of greater than 30%. Lastly, we are partnering with the price companies, an industry leader in woodyard operations to modernize our woodyard and improve our efficiency. This will result in more efficient, reliable and cost effective wood processing operations and allow us to avoid about $75,000,000 in capital over the next five years. This woodyard modernization project is progressing as planned and remains on schedule to begin the startup in early twenty twenty six and will be completed by the 2026.

Let’s go to Slide 14. Our strategy is to be similarly focused on uncoated free sheet paper because we believe uncoated free sheet will be needed for a long, long time. Uncoded free sheet remains the largest and most resilient segment in the graphic paper space and we view uncoated free sheet industry landscape as an opportunity. We’re investing to strengthen our competitive advantages to generate earnings and cash flows. We view these investments as high return and low risk as we are staying in our core product line of uncutted free sheet and reinforcing our position as supplier of choice for our customers.

We will leverage our strength to our talented teams, iconic brands, strategic channel partnership and low cost mills that drive high returns on invested capital. I’ll now turn it back over to Jean Michel.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: Thanks, John. I’ll conclude my remarks on Slide 15. We will create shareowners value by partnering with customers, so we remain the supplier of choice, maintaining a strong financial position to provide flexibility and reinvesting in our business through a great pipeline of high return capital projects, enabling us to grow our earnings and cash flow. Silvamo is creating share on its values with strong cash generation and disciplined capital allocation, including share repurchases at prices well below our interesting value. And we are progressing well with our CEO and CFO transitions with John and Don as we prepare for my retirement at the end of the year.

We are confident in our future and motivated by the opportunities that lie ahead. With that, I’ll turn the call back to Hans.

Hans Bjorkman, Vice President, Investor Relations, Silvamo: Thank you, Jean Michel, John and Don. Okay, Regina, we’re ready to take questions.

Conference Operator: Our first question will come from the line of George Staphos with Bank of America. Please go ahead.

George Staphos, Analyst, Bank of America: Hi, everyone. Good morning. Thanks for all the details. I guess question I had for you is, you talk a little bit about what the outlook is for South America in the third quarter to the extent that you can talk about EBITDA and how things are trending that would be helpful? And the second question would be, I remember from last quarter, seem to remember that you were expecting North And South America on a combined basis to be up in EBITDA versus 24%?

Is that still the outlook? And what are the puts and takes there? Thanks guys.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Hey George, thanks. So for our outlook for third quarter in LatAm, we’re expecting that you’ll see continued improvement. First of all, we have seasonally increasing shipments and we’ve seen that typically and we expect that again to occur this year and you’ll see that in the third quarter. Second, of course, we don’t have any outages. We had two significant major outages in the second quarter down in Latin America, and so that is behind us.

Our shipments were slightly lower than what we expected in the second quarter because we were slow to come out in both of those outages that cost us about 10,000 tons, but that of course, that’s behind us. We’ll be moving forward with that. The second question you had was around the combined earnings. And in general, you know, it’s it is we don’t give a a full year outlook, as you know, and these current market conditions with the tariffs provides a lot of uncertainty. But right now, we believe that the combined earnings of both North America and Latin America could be slightly less than what they were last year.

And this is mostly due to a kind of a change in position because of some of the weakness that we’ve seen in other Latin American markets pricing. And that’s really driven by the impact of the tariffs and increased imports into those markets and also weaker demand. So in particular, in some of our Latin America markets, as we talked about, other than Brazil, Brazil is up 6%, demand is strong there. And the other Latin American market demand generally is down 6% and that’s mostly driven by really Mexico. Now we don’t ship into Mexico because of the tariffs that they implemented against Brazil there, but it does have a knock on impact to the other regions.

George Staphos, Analyst, Bank of America: Thanks, John. I’ll turn it over. Appreciate that.

Conference Operator: Our next question will come from the line of Daniel Harriman with Sidoti. Please go ahead.

Hans Bjorkman, Vice President, Investor Relations, Silvamo: Thank you. Hey, good morning, guys. Thank you for taking my questions. First, I just wanted to start with Europe. And in the last quarter, you spent quite a bit of time talking about some changes that were made there.

Obviously, the region continues to suffer from soft demand and lower pulp prices. And I’m just wondering if you could update us on what needs to happen either commercially or operationally to stabilize performance there heading into 2026?

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Daniel, Europe is a difficult market conditions. This is also driven a lot by the tariff impacts, particularly the impact it’s had on market pulp due to weak demand in China. As you know, market pulp prices were going up in the first quarter, but then significantly decreased in the second quarter. And pulp pricing is a driver of uncoated freesheet prices in Europe because of the level of non integrated capacity that is there. So we’re seeing weakness in both pulp and uncoated freesheet pricing in there.

Certainly, we need the market conditions to improve. With pulp book going up, it would be part of stabilization for the pricing there. But what we’re really focused on, we talked about it is the factors that we can control and that’s improving our competitive cost position. So we’re focused on in Sayat around mix improvement as well as fixed cost reduction in our new mill and mill, reducing wood cost and improving our operations there. Those are the things that we’re focused on.

We’ve got, we believe, the right leader driving that. We’ve got talented teams that are focused on that, and that’s what the the team is working on.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: Okay. Thanks so much, John. Our

Conference Operator: next question comes from the line of Matthew McKellar with RBC Capital Markets. Please go ahead.

Matthew McKellar, Analyst, RBC Capital Markets: Good morning. Thanks for taking my questions. You mentioned shifting trade flows and uncoated free sheet to the first half of the year. Could you maybe just give us a sense of what the latest is that you’re seeing on that front and how trends through the past couple of months and into August have looked in particular? What are you seeing by market?

Thanks.

Don Devlin, Senior Vice President and Chief Financial Officer, Silvamo: Yes, Matthew. So relative to the first half of this year, we’ve seen a significant increase in roles mainly coming into North America. And we believe it’s in advance of the tariff uncertainties. And so it’s had an impact in creating making more supply available in North America, primarily roles.

Matthew McKellar, Analyst, RBC Capital Markets: Okay. And are you seeing any, I guess changes in trends in Europe at this point?

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: We’ve seen some pressure also from the borders trying to get into the European market. Where we see it is some which are anticipated to have new access to U. S. Or difficult access with tariffs trying to go to Ola. John was mentioning to you prices in Ola were under pressure and partially is because of some countries trying to import at very low prices to Ola and we didn’t have

So OLA is other Latin America to be sure what I mean by OLA. So we’ve seen it as we said in North America, especially in the first half and we’re seeing it a lot in Ola and Middle East. So some of the traditional people who were used to sell to The U. S. Will today try to find other avenues and this is where we call with the flows impact.

Matthew McKellar, Analyst, RBC Capital Markets: Okay. Thanks very much for that detail. Next, mean, zooming out a bit here. What is your outlook for how uncoated freesheet demand in Latin America evolves over the next couple of years? Thanks.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Yeah. We think that Latin America will continue to be maybe flat to slightly down. I think what we’re seeing today, if you look at it, Brazil is up 6%. So that’s in Brazil demand year to date is up 6%. It’s other Latin America markets that are down.

And that’s really, as I said earlier, is being driven by Mexico. And that’s being driven mostly, we think, because of the tariff uncertainty that’s occurring, that’s just driving through the economy in Mexico. We also see it in a couple of the other countries in Brazil. But in general, we believe I’m sorry, not Brazil, but in other Latin American market. But in general, we believe the long term trend will be flat to slightly down the whole Latin American market.

Matthew McKellar, Analyst, RBC Capital Markets: Thanks very much. And if I could just sneak one last one in here. I recognize that East Delta spending will be ramping into ’26. But how do you think about the opportunity to lead into share repurchases with where the share price is at, particularly with the balance sheet in good shape at the second half of twenty five likely to be stronger from a free cash perspective? Thanks.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Yeah. I think it’s clear we have a pretty strong balance sheet. So we have a lot of capacity to take advantage and opportunistically buy back our shares when they’re significantly undervalued. If we have a little bit over $40,000,000,000 still authorized from the Board of Directors. And so we think we have plenty of capacity to take advantage of repurchasing our shares.

Matthew McKellar, Analyst, RBC Capital Markets: Thanks very much. I’ll turn it back.

Conference Operator: And our next question is a follow-up from the line of George Staphos with Bank of America. Please go ahead.

George Staphos, Analyst, Bank of America: Thanks, everyone. Could you talk about the green energy credits that you received in 2Q? What was the amount? Are they nonrecurring? And then to the extent that you can comment, the fact that you’re seeing so much in the way of imports into North America, is that affecting any of your tactics and for that matter, the behavior of producers in the region vis a vis their margin efforts?

And then I guess relatedly, you’re seeing imports, I believe, into Europe as well. From what I heard from you Jean Michel, I recognize it’s slow, but is it changing behavior at all? And how are you contending with that? Thank you.

Don Devlin, Senior Vice President and Chief Financial Officer, Silvamo: George, this is Don. To your first question relative to the green credits in q two, were 8,000,000

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: k.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: And this is accurate?

Don Devlin, Senior Vice President and Chief Financial Officer, Silvamo: It’s it’s yeah. It’s a something that recurs throughout the year.

George Staphos, Analyst, Bank of America: Okay. Got it. Thank you for that. And your second question behavior and what’s going on? Thank you.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Yeah. Well, you know, with the import situation in The US, just to our view with that, whether that in the first quarter was due to anticipation of the tariffs being implemented. Given where we stand today with the tariffs, we’re expecting imports to decrease into US because of the high level of tariffs that are being applied, particularly on those countries that where those imports will be coming into. So in general, we believe in North America that with the closure of the Chillicothe mill and reduction in imports, operating rates are going to improve, probably be in the mid-90s on the second half of the year. In terms of our tactics, no.

I mean, I think that our strategy continues to be, as we said, to be focused on uncoated free sheet. We want to be the supplier of choice for our customers. We’re continuously working to improve our cost positions, our competitive advantages, the values of that brand and what we provide to the customers. This is why it’s so important for us, we believe, to debottleneck the East River mill so that we can produce more uncoated free sheet. And the timing is going to look, we believe, pretty good on that given where we think that the operating rates, where we think the import situation is going to be near term and also longer term.

George Staphos, Analyst, Bank of America: Yes. John, I appreciate that. Have you seen looking at 2Q and to date 3Q recognizing you can’t comment on a forward basis, did the fact that you had more supply perhaps from imports change any of the competitive activity on pricing? Was it a little bit more intense on pricing than you would expect? I think from your waterfall, was a little bit worse than you would expect.

So if you can talk a little bit about that across the regions.

John Sims, Senior Vice President and Chief Operating Officer, Silvamo: Yes. I mean, think the candid answer is we put a price increase announcement to our customers in the first part of this year, and we realized much less than what we expected. And that was driven attributed to the increase in the imports and also the fact that with the announced closure of the Chillicothe, there was an effort by them to sell their inventory at very low prices, which impacted our ability to get the price increase that we would have expected. And so, yes, that did impact us in the short term.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: Okay.

George Staphos, Analyst, Bank of America: Thank you, John. I’ll turn it over.

Conference Operator: I’ll now turn the call back over to Hans Bjorkman for any closing comments.

Hans Bjorkman, Vice President, Investor Relations, Silvamo: All right. Thank you.

Jean Michel Rivieres, Chairman and Chief Executive Officer, Silvamo: I’m going let Jean Michel do a quick wrap up. So thank you first of all for joining our call. We understand we’re facing some difficult industry conditions, but we’ve faced them before. So we have a very strong position financially and we think we can continue to perform very strongly through the cycles. We’re committed to our long term strategy of reinvesting in our business to increase our competitive advantages and returning cash to shareholders.

We’re in the process of executing seamless CEO and CFO transition plan with John and Don as we prepare for my retirement. Our long term strategy investment thesis remain intact. So we’re really confident in our ability to generate strong earnings and cash flow through the cycle. Thank you for joining again.

Conference Operator: Once again, we would like to thank you for participating in Silvamo’s second quarter twenty twenty five earnings call. You may now disconnect.

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