Sylvamo Corp (SLVM) 2025 Q3 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Sylvamo's third quarter 2025 earnings call.

早安.感謝您的耐心等待。歡迎參加 Sylvamo 2025 年第三季財報電話會議。

(Operator Instructions) I'd now like to turn the call over to Hans Bjorkman, Vice President, Investor relations. Sir, the floor is yours.

（操作員指示）現在我將把電話轉交給投資者關係副總裁漢斯·比約克曼。先生，請您發言。

Thanks, Tina. Good morning and thank you for joining our third quarter 2025 earnings call. Our speakers this morning are Jean-Michel Ribiéras, Chairman and Chief Executive Officer; John Sims, Senior Vice President; and Chief Operating Officer, and Don Devlin, Senior Vice President, Chief Financial Officer.

謝謝你，蒂娜。早安，感謝各位參加我們2025年第三季財報電話會議。今天早上的演講嘉賓有：董事長兼執行長 Jean-Michel Ribiéras；資深副總裁兼營運長 John Sims；以及資深副總裁兼財務長 Don Devlin。

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.

第二張和第三張投影片包含重要訊息，包括某些法律免責聲明。例如，在本次電話會議中，我們將發表一些存在風險和不確定性的前瞻性聲明。

We will also present certain non-US GAAP financial information. Reconciliations of those figures to US GAAP financial measures are available in the appendix.

我們也將提供一些非美國通用會計準則的財務資訊。這些數據與美國通用會計準則財務指標的調節表可在附錄中找到。

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.

我們的網站上還包含盈利報告以及今天簡報的副本。接下來，我想把電話交給讓-米歇爾。

Thanks, Hans. Good morning and thank you for joining our call. I start on slide four with a third quarter highlight.

謝謝你，漢斯。早安，感謝各位參加我們的電話會議。我從第四張投影片開始，重點介紹第三節比賽。

Our uncoated freesheet volume increased 0.5 quarter by 7%. Our teams also executed well, resulting in improved operational performance. We returned $60 million in cash to share owners by distributing $18 million third quarter dividend and repurchasing $42 million in shares. Our Board also approved a new $150 million share repurchase authorization in the quarter.

我們的非塗佈膠版紙銷量成長了 0.5 個季度，增幅為 7%。我們的團隊也表現出色，進而提高了營運績效。我們透過派發 1,800 萬美元的第三季股利和回購 4,200 萬美元的股票，向股東返還了 6,000 萬美元現金。本季度，董事會也批准了一項新的 1.5 億美元股票回購授權。

Let's move to the next slide. Slide five shows the third quarter key financial metrics. We earn adjusted EBITDA of $151 million with a margin of 18%. Free cash flow of $33 million and we generated adjusted operating earnings of $1.44 per share.

我們來看下一張投影片。第五張投影片展示了第三季的主要財務指標。我們調整後的 EBITDA 為 1.51 億美元，利潤率為 18%。自由現金流為 3,300 萬美元，調整後每股營業收益為 1.44 美元。

Now, I will turn it over to Don to review our performance in more detail.

現在，我將把時間交給唐，讓他更詳細地回顧我們的表現。

Thank you, John-Michel, and good morning, everyone.

謝謝你，約翰-米歇爾，大家早安。

Slide six contains our third quarter earnings bridge versus the second quarter. The $151 million of adjusted EBITA was in line with our outlook of $145million to $165 million. Price in mix was unfavorable by $14 million, primarily driven by paper and pulp prices in Europe.

第六張投影片包含了我們第三季與第二季的收益對比。調整後的 EBITA 為 1.51 億美元，與我們先前預期的 1.45 億美元至 1.65 億美元相符。價格組合不利因素導致成本增加 1400 萬美元，主要原因是歐洲紙張和紙漿價格上漲。

Volume increased by $14 million, mainly driven by stronger seasonality in Latin America and North America. Operations and other costs were favorable by $5 million driven by improved operational performance. Planned maintenance outage costs improved by $66 million as we had no planned outages at our mills. Input and transportation costs were unfavorable by $2 million.

銷售額成長了 1400 萬美元，主要原因是拉丁美洲和北美地區的季節性需求增強。營運和其他成本因營運績效的提高而降低了 500 萬美元。由於我們的工廠沒有計劃停產，因此計劃維護停產成本降低了 6,600 萬美元。投入成本和運輸成本不利，虧損達 200 萬美元。

Let's move to slide seven. North America and Brazil industry conditions are solid, while Europe and other Latin America are challenged. In Europe, market conditions continue to be very challenging. Pulp and uncoated freesheet prices remained under pressure. However, some pulp grades started to show signs of recovery at the end of the third quarter.

我們來看第七張幻燈片。北美和巴西的工業狀況穩健，而歐洲和其他拉丁美洲國家則面臨挑戰。歐洲市場環境仍充滿挑戰。紙漿和未塗佈膠版紙的價格持續承壓。然而，在第三季末，一些紙漿等級開始出現復甦跡象。

Uncoated freesheet demand is down 5% year over year through September while supply is down 7%. Wood costs in southern Sweden are starting to ease, recently decreasing by a reported 8%. In Latin America, demand remains mixed. Brazil is up 3% year over year through September, and prices are stable. However, demand in Latin and other Latin American countries are down 5%. Pricing is under pressure in some countries.

截至9月份，無塗層膠版紙的需求年減5%，而供應量下降7%。瑞典南部木材價格開始回落，據報導最近下降了 8%。拉丁美洲的需求依然喜憂參半。截至9月份，巴西房價年增3%，價格維持穩定。然而，拉丁美洲及其他拉丁美洲國家的需求下降了 5%。一些國家的定價面臨壓力。

Even though the majority of this demand decline is due to Argentina and Mexico, some countries across other Latin America are having economic challenges as well. This demand decline in addition to shifts in global trade flows is resulting in continued pricing pressure across other Latin America. In North America, demand is stable year over year through September.

儘管需求下降的主要原因是阿根廷和墨西哥，但拉丁美洲其他一些國家也面臨經濟挑戰。需求下降加上全球貿易流向的變化，導致拉丁美洲其他地區持續面臨價格壓力。北美地區9月份的需求與去年同期相比保持穩定。

Imports were up 46% year over year through August in anticipation of the tariffs are expected to moderate. In fact, customer feedback indicates inventories from increased imports are being consumed and returning to normal levels. Industry supply was reduced by 6% in the third quarter after Pixell closed their Chillicotee, Ohio mill in August. There's still uncertainty caused by the US tariffs, which may take a while to settle out.

8 月進口額年增 46%，市場預期關稅將有所緩和。事實上，顧客回饋表明，進口增加帶來的庫存正在被消耗，並逐漸恢復到正常水準。第三季度，Pixell 關閉了位於俄亥俄州奇利科蒂的工廠，導致產業供應量減少了 6%。美國關稅帶來的不確定性仍然存在，可能需要一段時間才能穩定下來。

Let's go to slide 8. Looking ahead, we expect to deliver fourth quarter adjusted EBITDA of $115million to $130 million. We project price and mix to be unfavorable by $20 million to $25 million primarily due to paper prices in Europe and mixed across the regions.

我們來看第8張投影片。展望未來，我們預計第四季度調整後 EBITDA 將達到 1.15 億美元至 1.3 億美元。我們預期價格和產品組合將不利 2,000 萬至 2,500 萬美元，主要原因是歐洲紙張價格以及各地區價格不一。

We expect volume to be favorable by $15 million to $20 million, largely due to Latin America and North America. Other operations and other costs are projected to be unfavorable by $5million to $10 million, primarily due to seasonally higher costs. And we expect input and transportation costs to be stable. Planned maintenance outages will be unfavorable by $18 million as we have one outage in North America planned in the quarter.

我們預計銷量將增加 1,500 萬至 2,000 萬美元，主要得益於拉丁美洲和北美市場的成長。其他營運和其他成本預計將造成 500 萬至 1000 萬美元的不利影響，主要原因是季節性成本較高。我們預計原材料和運輸成本將保持穩定。計畫內的維修停機將造成 1,800 萬美元的不利損失，因為我們本季計劃在北美進行一次停機。

Let's move to slide nine. In August, International Paper announced plans to convert their uncoated freesheet paper machine at its Riverdale mill to produce container board by the third quarter of 2026. Last week we announced we would continue to receive uncoated freesheet from Riverdale Mill until May 2026. Riverdale should supply us with approximately 260,000 tons in 2025, and we expect to receive around 100,000 tons in 2026.

我們來看第九張投影片。8 月，國際紙業宣布計劃將其位於 Riverdale 工廠的無塗佈膠版紙機改造為生產箱板紙，預計於 2026 年第三季完成。上週我們宣布，我們將繼續從 Riverdale Mill 接收未塗佈的無塗層膠版紙，直到 2026 年 5 月。里弗代爾公司預計在 2025 年向我們供應約 26 萬噸，我們預計在 2026 年將收到約 10 萬噸。

As a result of the supply agreement ending, we will optimize our product segment and customer mix and leverage our European mills to supply the US and Mexico. We will be building inventory over time to help bridge the GAAP until our Eastover investments are complete, and we have the additional 60,000 tons of incremental capacity which is expected to ramp up in the fourth quarter of 2026.

由於供應協議終止，我們將優化產品類別和客戶組合，並利用我們在歐洲的工廠向美國和墨西哥供貨。我們將逐步建立庫存，以幫助彌補 GAAP 的不足，直到我們在 Eastover 的投資完成，我們還有額外的 6 萬噸增量產能，預計將在 2026 年第四季投入使用。

Let's close slide 10. The Riverdale amendments we recently executed had a few components. One component was the IP agreeing to a $15 million reduction to the $100 million payment we would owe to IP in the event we sell the Brazil forestlands. We have no intention of selling the forestlands as we believe we are unlocking value every day by producing uncoded sheep. Owning forestlands in Brazil is a unique strength that differentiates Sylvamo.

我們結束第10張投影片。我們最近執行的 Riverdale 修正案包含幾個部分。其中一項內容是，如果我們出售巴西森林，我們將向 IP 支付 1 億美元，而 IP 同意將這筆款項減少 1,500 萬美元。我們沒有出售林地的打算，因為我們相信，透過生產未經馴化的綿羊，我們每天都在釋放價值。在巴西擁有森林是 Sylvamo 的獨特優勢，使其與眾不同。

These assets provide a competitive advantage and goes beyond operational benefits. Direct control over wood fiber ensures security of supply, reduces exposure to market volatility, and supports long-term cost management.

這些資產提供了競爭優勢，其益處遠不止於營運層面。直接控制木纖維可確保供應安全，降低市場波動風險，並支援長期成本管理。

Our forest lands represent a significant part of our intrinsic value that we feel is not reflected in our current market evaluation. We recently had an appraisal completed on our forest lands which are now valued at almost $5 billion Brazilian hay.

我們的林地是我們內在價值的重要組成部分，我們認為這部分價值並未在目前的市場評估中得到體現。我們最近完成了林地的評估，現在價值接近 50 億美元（相當於巴西乾草）。

Forest lands are tangible and appreciating resources that are the cornerstone of our strategy, delivering cost advantages and a source of intrinsic value for our shareholders. I'll turn the call over to John.

森林土地是有形的、不斷增值的資源，是我們策略的基石，能夠為我們的股東帶來成本優勢和內在價值。我把電話轉給約翰。

Thank you, Don, and good morning, everyone.

謝謝你，唐，大家早安。

I'll pick up on slide 11. As we navigate through cyclical industry conditions and headwinds, we are focused on the things we can control. We are continuously working to improve our business. We are driving operational excellence and strategic initiatives across all our regions. These efforts should improve margins, reduce costs, and strengthen our competitive position.

我將從第11張投影片開始講解。在應對產業週期性波動和逆境的過程中，我們專注於我們能夠控制的事情。我們一直在努力改進業務。我們正在所有地區推動卓越營運和策略性舉措。這些措施應該能夠提高利潤率、降低成本並增強我們的競爭地位。

In Europe, we're improving our product mix, winning new customers at our Saat mill. We're actively working to reduce wood costs at Nymolla and a key level of cost efficiency. Additionally, we're focused on reducing fixed costs and improving operational efficiency and reliability across the European region.

在歐洲，我們正在改進產品組合，並在薩特工廠贏得新客戶。我們正在積極努力降低尼莫拉工廠的木材成本，並提高成本效益。此外，我們也致力於降低固定成本，提高整個歐洲地區的營運效率和可靠性。

In Latin America, we've secured new strategic Brazilian customers and further developed key partnerships in other Latin American countries, expanding our market presence. We're investing to improve wood self-sufficiency to reduce costs by decreasing the need for higher cost third-party wood. Our team is also executing a pipeline of more than 100 initiatives across the entire business designed to strengthen EBITDA and cash flow.

在拉丁美洲，我們獲得了新的巴西戰略客戶，並進一步發展了與其他拉丁美洲國家的關鍵合作夥伴關係，從而擴大了我們的市場份額。我們正在投資提高木材自給率，以減少對成本更高的第三方木材的需求，從而降低成本。我們的團隊還在全公司範圍內執行 100 多項旨在增強 EBITDA 和現金流的計劃。

In North America, we're focused on strategic commercial initiatives to improve volume and margin. But reducing supply chain costs and optimizing inventory. Finally, we're investing in our flagship mill in East Over, South Carolina to improve our competitive advantages by lowering costs, enhancing efficiency, and increasing capacity by 60,000 tons. Across all regions, these initiatives reflect our commitment to customers, operational efficiency, and strategic investments to deliver sustainable value.

在北美，我們專注於策略性商業舉措，以提高銷售量和利潤率。但要降低供應鏈成本並優化庫存。最後，我們正在投資位於南卡羅來納州東奧弗的旗艦工廠，透過降低成本、提高效率和增加 6 萬噸產能來增強我們的競爭優勢。在所有地區，這些措施都體現了我們對客戶、營運效率和策略性投資的承諾，旨在提供永續的價值。

So let's move the slide 12. Our long-term capital allocation strategy drives share owner value. We are focused on maintaining a strong financial position, reinvesting in our business, and returning cash to shareowners. Our healthy financial position allows us to stay focused on our customers with a long-term perspective in mind, especially during times of challenging industry conditions like we're currently experiencing in some of our markets. It enables reinvesting in our business. Enhancing our reliability, productivity, and improving our service through operational excellence initiatives. And it preserves the flexibility to return cash to shareowners.

那我們把投影片移到第 12 頁。我們的長期資本配置策略旨在提升股東價值。我們專注於保持穩健的財務狀況，對業務進行再投資，並向股東返還現金。我們健康的財務狀況使我們能夠以長遠的眼光專注於客戶，尤其是在像我們目前在一些市場中經歷的充滿挑戰的行業環境時期。它使我們能夠對業務進行再投資。透過卓越營運舉措，提高我們的可靠性、生產力和改善服務。而且它保留了向股東返還現金的彈性。

Dividends are an important part of our cash returns to share owners, and after paying $0.45 per share at all four quarters, we have returned approximately $73 million from dividends this year. Another strategic pillar of cash returns to share owners are share repurchases. We will continue to evaluate opportunities to repurchase shares at attractive prices especially when we feel our valuation is well below our intrinsic value. This is why in the third quarter we repurchased $42 million worth of shares at an average price of $44.74. Exhausting the remaining amount of our share repurchase authorization. This brings our year-to-date share repurchases to $82 million. In September, the board also approved a new $150 million share repurchase authorization.

股息是我們向股東返還現金的重要組成部分，在過去四個季度每股派發 0.45 美元股息後，我們今年已透過股息返還了約 7,300 萬美元。另一個向股東返還現金的策略支柱是股票回購。我們將繼續評估以優惠價格回購股票的機會，尤其是當我們認為公司估值遠低於其內在價值的時候。因此，我們在第三季以平均每股 44.74 美元的價格回購了價值 4,200 萬美元的股票，並用完了剩餘的股票回購授權額度。這使得我們今年迄今的股票回購額達到 8,200 萬美元。9 月份，董事會還批准了一項新的 1.5 億美元股票回購授權。

Slide 13. Our strategy is to be singly focused on uncoated freesheet paper, which remains the largest and most resilient segment in the graphic paper space.

第13張幻燈片。我們的策略是專注於非塗佈膠版紙，它仍然是印刷用紙領域中規模最大、最具韌性的細分市場。

We view the uncoded free sheet industry landscape as an opportunity. We are investing to strengthen our competitive advantages to drive earnings and cash flows. We view these investments as high return and low risk as we are staying in our core product line and reinforcing our position as a supplier of choice for customers. We will leverage our strengths to generate high returns on invested capital.

我們認為未編碼的免費紙張產業是一個機會。我們正在進行投資，以增強我們的競爭優勢，從而提高利潤和現金流。我們認為這些投資具有高回報和低風險的特點，因為我們將繼續專注於核心產品線，並鞏固我們作為客戶首選供應商的地位。我們將發揮自身優勢，實現投資資本的高回報。

I'll now wrap up my comments on the next slide 14. You likely saw some public filings yesterday related to Atlas Holdings and a couple of our directors resigning. I want to spend a minute discussing this topic. At the direction of Atlas Holdings, Karl Meyers and Mark Wilde resigned from the Board effective November 5th. I would like to thank both of them for their contribution to Sylvamo.

現在我將結束下一張投影片（第14張）的評論。昨天您可能已經看到了一些與 Atlas Holdings 相關的公開文件，以及我們幾位董事辭職的消息。我想花一分鐘討論一下這個主題。根據 Atlas Holdings 的指示，Karl Meyers 和 Mark Wilde 於 11 月 5 日辭去了董事會職務。我要感謝他們二位對 Sylvamo 的貢獻。

As a reminder, they both joined our Board in 2023 as part of a cooperation agreement with Atlas. The Sylmavo Board also thanks them for their service. With these resignations, the restrictions on Atlas and the cooperation agreement will terminate.

再次提醒大家，他們兩人於 2023 年加入我們的董事會，這是與 Atlas 合作協議的一部分。Sylmavo董事會也對他們的服務表示感謝。隨著這些辭職，對 Atlas 的限制和合作協議也將終止。

When we move to the Q&A portion on this call, I hope you can appreciate that we will not be taking questions or commenting further on this matter. We appreciate your cooperation on that. Lastly, as we prepare for a leadership transition on January 1st, and I am honored to lead Sylvamo as its next CEO.

在本次電話會議的問答環節，希望大家理解，我們將不再接受關於此事的提問或評論。感謝您的合作。最後，在我們準備於 1 月 1 日進行領導交接之際，我很榮幸能夠擔任 Sylvamo 的下一任執行長。

As Jean-Michel is retiring at the end of the year on behalf of our senior league team and all the employees of Sylvamo, I would like to take this opportunity to thank him for his 4+ years of dedication to Sylvamo as its CEO. He led Sylvamo through the spin-off and other challenges in our first few years and has been instrumental to Sylvamo's success, positioning it for further long-term value creation. We wish them all the best. So, Michel, would you like to say a few words?

鑑於 Jean-Michel 將於年底退休，我謹代表我們的高級聯賽團隊和 Sylvamo 的所有員工，藉此機會感謝他作為 Sylvamo 首席執行官 4 年多來的奉獻。在公司成立的最初幾年裡，他帶領 Sylvamo 度過了分拆和其他挑戰，對 Sylvamo 的成功起到了至關重要的作用，使其能夠創造更大的長期價值。我們祝福他們一切順利。那麼，米歇爾，你想說幾句話嗎？

Thanks John. I appreciate your kind words and well wishes. Leading Sylvamo has been an absolute honor these past 4 years, and I'm pleased with everything we have accomplished. I would like to thank our employees, customers, suppliers, and investors for the support and partnership. I'll leave knowing that the company is in very good hands, and its brighter days ahead of it. As I've said many times before, I'm confident in the future for Sylvamo and motivated by the opportunities that lie ahead.

謝謝你，約翰。感謝您的鼓勵與祝福。在過去四年裡，領導 Sylvamo 對我來說是一種莫大的榮幸，我對我們所取得的一切成就感到非常滿意。我要感謝我們的員工、客戶、供應商和投資者的支持與合作。我離開時深知公司後繼有人，未來一片光明。正如我之前多次說過的那樣，我對 Sylvamo 的未來充滿信心，並被未來的機會所激勵。

Thank you. And I'll turn it over to Hans.

謝謝。接下來交給漢斯。

Thanks John-Michel, John, and Don. Okay, Tina, we're ready to take questions.

謝謝約翰-米歇爾、約翰和唐。好的，蒂娜，我們準備回答問題了。

(Operator Instuctions)

（操作說明）

Daniel Harriman with Sidoti.

Daniel Harriman 與 Sidoti。

Hey guys, good morning. Thank you so much for taking my questions, and Jean-Michel, congratulations on the retirement, and we certainly appreciate all your help since we've had you under coverage.

嘿，各位，早安。非常感謝您回答我的問題，Jean-Michel，恭喜您退休，我們非常感謝您自我們報道以來的所有幫助。

I just have, I'll start off with one today and then I'll get back in the queue, but, regarding North America, you highlighted stable demand even with imports running higher earlier in the year, and as those inventories continue to be worked down, I'm wondering if you think we can expect that normalization to translate into potentially a more stable or improved pricing environment as we move into 2026.

我剛剛就完成了，今天先完成一個，然後我會繼續排隊。但是，關於北美，您強調了即使今年稍早進口量較高，需求依然穩定。隨著庫存的持續減少，我想知道您是否認為我們可以預期這種正常化會轉化為更穩定或更好的定價環境，尤其是在我們進入 2026 年的時候。

Hey Daniel, it's John Sims. Thanks for your question. Yeah, we're expecting and we are already seeing and we're hearing from our customers that the inventory is being working down, worked down from the import surge that occurred earlier in the year as a result of the threat of tariffs, if you will, and that has worked out, working through the system and also the.

嘿，丹尼爾，我是約翰·西姆斯。謝謝你的提問。是的，我們預計，而且我們已經看到，並且從客戶那裡也聽到，庫存正在減少，這是由於今年早些時候關稅威脅導致的進口激增造成的，而且這種情況已經得到控制，正在通過系統進行處理。

The fact that imports have actually started to decrease coming in as a result of the tariffs. And then also you have the closure of the Chillicothe mill that we talked about so that the operating rate should improve and strengthen going into next year.

由於關稅的影響，進口實際上已經開始減少。此外，正如我們之前提到的，奇利科西工廠的關閉也會導致明年的營運率提高和增強。

Thanks, John.

謝謝你，約翰。

Matthew McKellar with RBC Capital Markets.

Matthew McKellar，取自 RBC Capital Markets。

Hi, thanks for taking my questions. Just to follow-up on the last one there, how far along are we in that process of inventories being consumed? Are they approaching normal levels today? Is that something you'd expect by your end or will that process continue into 2026?

您好，感謝您回答我的問題。關於上一個問題，我們目前的庫存消耗過程進行到什麼程度了？今天它們是否接近正常水平？這是您預期在2026年之前就能實現的，還是這個過程會持續到2026年？

Thank you.

謝謝。

So, I would say that we're approaching normal levels right now. That's how we're seeing it currently.

所以，我認為我們現在已經接近正常水平了。目前我們就是這麼看的。

Great, very helpful. And then, a couple of quick ones on Riverdale, and how you're preparing for the end of that supply agreement. Can you give us a sense of how much inventory you're intending to build to bridge you to that incremental capacity at Eastover and maybe what kind of working capital investment you'd expect?

太好了，很有幫助。然後，簡單聊聊《河谷鎮》，以及你如何為供應協議的結束做準備。您能否大致說明一下，為了彌補 Eastover 產能的不足，您打算建立多少庫存？以及您預計需要投入多少營運資金？

And then at the time that the cancellation of that supply agreement was announced, I think you said the impact 2026 EBITDA would be about $30 million in current margins. Is that still a good estimate of what you expect the impact to be based on how margins may have evolved and any changes to your plans since that time? Thanks very much.

然後在宣布取消該供應協議的時候，我想你說過，以目前的利潤率計算，2026 年 EBITDA 將受到約 3000 萬美元的影響。根據利潤率的變化以及您自那時以來對計劃的任何更改，您認為這仍然是對預期影響的合理估計嗎？非常感謝。

Hey Matthew, this is Don. Thanks for the question.

嗨，馬修，我是唐。謝謝你的提問。

So, for the first part of your question, we planned to build about 60,000 tons of inventory through the year. Most of it will happen in the first half leading up to the Eastover outage for the conversion speed up of Eastover, and then we'll, we plan to consume that inventory in the balance of the year. So from beginning to end, it would even out.

所以，對於你問題的第一部分，我們計劃在一年內建立約 6 萬噸的庫存。大部分工作將在上半年完成，也就是在 Eastover 停機之前，為了加快 Eastover 的轉換速度，之後我們計劃在今年剩餘的時間裡消耗掉這些庫存。所以從頭到尾，最終會達到平衡。

And relative to the $30 million I think in the previous call we estimated the impact of Riverdale to be about $30 million and that's the same, that hasn't changed for 2026.

相對於之前的 3000 萬美元，我認為我們在上次電話會議中估計 Riverdale 的影響約為 3000 萬美元，這個數字仍然相同，2026 年的估計也沒有改變。

Thanks very much. I'll turn it back.

非常感謝。我會把它轉回去。

(Operator Instructions)

（操作說明）

And with no further questions in queue, I will now hand the call back to Hans Bjorkman for closing remarks.

由於沒有其他問題需要提問，我現在將電話交還給漢斯·比約克曼，請他作總結發言。

Thanks, Tina. We appreciate it and thank you all for joining our call today. We appreciate your interest in Sylvamo and we look forward to our continued conversations over the coming weeks.

謝謝你，蒂娜。我們非常感謝各位今天參加我們的電話會議。我們感謝您對 Sylvamo 的關注，並期待在接下來的幾週內與您繼續交流。

Thank you.

謝謝。

Thank you, bye.

謝謝，再見。

Once again, we would like to thank you for participating in Sylvamo's third quarter 2025 earnings call. You may disconnect.

再次感謝您參加 Sylvamo 2025 年第三季財報電話會議。您可以斷開連線。