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)

（操作說明）

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

現在我將把電話交給投資者關係副總裁漢斯·比約克曼先生。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 Ribieras, 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，蒂娜。早安，感謝您參加我們2025年第三季財報電話會議。今天早上發言的嘉賓有：董事長兼執行長讓-米歇爾·裡比埃拉斯、高級副總裁兼首席營運官約翰·西姆斯以及高級副總裁兼首席財務官唐·德夫林。

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，我們將做出一些前瞻性陳述，這些陳述存在風險和不確定性。

We will also present certain non-US GAAP financial information.

我們也將提供一些非美國通用會計準則的財務資訊。

Reconciliations of those figures to US GAAP financial measures are available in the appendix.

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.

我們的網站上也提供了財報發布稿和今天簡報的副本。接下來，我將把電話交給讓-米歇爾。

Thanks, Hans. Good morning and thank you for joining our call.

謝謝，漢斯。早安，感謝您參加我們的電話會議。

I start on slide four with a third quarter highlight.

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%.

我們的非塗佈膠版紙銷量成長了 0.5 個季度，增幅為 7%。

Our teams also executed well, resulting in improved operational performance.

我們的團隊也表現出色，進而提高了營運績效。

We returned $60 million in cash to share owners by distributing $18 million third quarter dividend and repurchasing $42 million in shares.

我們透過派發第三季股利 1,800 萬美元和回購 4,200 萬美元股票，向股東返還了 6,000 萬美元現金。

Our board also approved a new $150 million share repurchase authorization in the quarter.

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.

我們來看下一張投影片。

Slide five shows the third quarter key financial metrics.

第五張投影片展示了第三季的主要財務指標。

We earn adjusted EBITDA of $151 million with a margin of 18%. Free cash flow of $33 million.

我們調整後的 EBITDA 為 1.51 億美元，利潤率為 18%。自由現金流為 3300 萬美元。

And we generated adjusted operating earnings of $1.44 per share.

我們實現了每股1.44美元的調整後營業利潤。

No, I will turn it over to Don to review our performance in more detail.

不，我會把這項工作交給唐，讓他更詳細地回顧我們的表現。

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

謝謝約翰、米歇爾，大家早安。

Slide six contains our third quarter earnings bridge versus the second quarter.

第六張投影片包含了我們第三季與第二季的收益對比。

The $151 million of adjusted EBITA was in line with our outlook of $145million to $165 million.

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。

Price in mix was unfavorable by $14 million, primarily driven by paper and pulp prices in Europe.

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.

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。

Operations and other costs were favorable by $5 million driven by improved operational performance.

營運和其他成本因營運績效的提高而減少了 500 萬美元。

Planned maintenance outage costs improved by $66 million as we had no planned outages at our mills.

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。

Input and transportation costs were unfavorable by $2 million.

投入成本和運輸成本不利，虧損達 200 萬美元。

Let's move to slide seven.

我們來看第七張幻燈片。

North America and Brazil industry conditions are solid, while Europe and other Latin America are challenged.

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。

In Europe, market conditions continue to be very challenging.

歐洲市場環境仍充滿挑戰。

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.

紙漿和未塗佈膠版紙的價格持續承壓。然而，部分紙漿等級在第三季末開始出現復甦跡象。

uncoated freesheet demand is down 5% year over year through September while supply is down 7%.

截至9月份，無塗層膠版紙的需求年減5%，而供應量下降7%。

Wood costs in southern Sweden are starting to ease, recently decreasing by a reported 8%.

瑞典南部木材價格開始回落，據報導最近下降了 8%。

In Latin America, demand remains mixed. Brazil is up 3% year over year through September, and prices are stable.

拉丁美洲的需求依然喜憂參半。巴西9月年增3%，物價維持穩定。

However, demand in Latin and other Latin American countries are down 5%. Pricing is under pressure in some countries.

然而，拉丁美洲及其他拉丁美洲國家的需求下降了5%。一些國家的價格面臨壓力。

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.

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。

This demand decline in addition to shifts in global trade flows is resulting in continued pricing pressure across other Latin America.

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。

In North America, demand is stable year over year through September.

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.

由於預期關稅將有所緩和，截至8月份，進口額年增46%。事實上，客戶回饋表明，進口增加所累積的庫存正在被消耗，並逐漸恢復到正常水準。

Industry supply was reduced by 6% in the third quarter after Pixell closed their Chillicotee, Ohio mill in August.

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%。

There's still uncertainty caused by the US tariffs, which may take a while to settle out. Let's go to slide 8.

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消除。我們來看第8張投影片。

Looking ahead, we expect to deliver fourth quarter adjusted EBITDA of $115million to $130 million.

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。

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.

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。

Other operations and other costs are projected to be unfavorable by $5million to $10 million, primarily due to seasonally higher costs.

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。

And we expect input and transportation costs to be stable.

我們預計原材料和運輸成本將保持穩定。

Planned maintenance outages will be unfavorable by $18 million as we have one outage in North America planned in the quarter.

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.

我們來看第九張投影片。

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.

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。

Last week we announced we would continue to receive uncoated freesheet from Riverdale Mill until May 2026.

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。

Riverdale should supply us with approximately 260,000 tons in 2025, and we expect to receive around 100,000 tons in 2026.

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.

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。

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.

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.

我們結束第10張投影片。

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.

我們最近簽署的Riverdale修正案包含幾個部分。其中一部分是，如果我們出售巴西林地，IP同意將我們應向其支付的1億美元款項減少1500萬美元。

We have no intention of selling the forestlands as we believe we are unlocking value every day by producing uncoded sheep.

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。

Owning forestlands in Brazil is a unique strength that differentiates Sylvamo.

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.

這些資產提供了競爭優勢，其益處遠不止於營運層面。

Direct control over wood fiber ensures security of supply, reduces exposure to market volatility, and supports long-term cost management.

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.

我們的林地是我們內在價值的重要組成部分，我們認為這並未反映在我們目前的市場評估中。

We recently had an appraisal completed on our forest lands which are now valued at almost $5 billion Brazilian hay.

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.

林地是實實在且不斷增值的資源，是我們策略的基石，能夠為股東帶來成本優勢和內在價值。接下來我會把電話交給約翰。

Thank you, Don, and good morning, everyone.

謝謝你，唐，大家早安。

I'll pick up on slide 11.

我將從第11張投影片開始講解。

As we navigate through cyclical industry conditions and headwinds, we are focused on the things we can control.

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。

We are continuously working to improve our business.

我們一直在努力改進業務。

We are driving operational excellence and strategic initiatives across all our regions. These efforts should improve margins, reduce costs, and strengthen our competitive position.

我們正在所有地區推動卓越營運和策略性舉措。這些努力旨在提高利潤率、降低成本並增強我們的競爭優勢。

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.

在歐洲，我們正在優化產品組合，並在薩特工廠贏得新客戶。我們正積極努力降低尼莫拉工廠的木材成本，並提升成本效益。

Additionally, we're focused on reducing fixed costs and improving operational efficiency and reliability across the European region.

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.

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。

We're investing to improve wood self-sufficiency to reduce costs by decreasing the need for higher cost third-party wood.

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。

Our team is also executing a pipeline of more than 100 initiatives across the entire business designed to strengthen EBITDA and cash flow.

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.

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。

But reducing supply chain costs and optimizing inventory.

但要降低供應鏈成本並優化庫存。

Failing 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.

失敗了。我們正在投資位於南卡羅來納州東奧弗的旗艦工廠，以降低成本、提高效率並增加 6 萬噸產能，從而提高我們的競爭優勢。

Across all regions, these initiatives reflect our commitment to customers, operational efficiency, and strategic investments to deliver sustainable value.

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.

那我們把投影片移到第 12 頁。

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 share owners.

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。

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.

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。

It enables reinvesting in our business.

它使我們能夠對業務進行再投資。

Enhancing our reliability, productivity, and improving our service through operational excellence initiatives.

透過卓越營運舉措，提高我們的可靠性、生產力和改善服務。

And it preserves the flexibility to return cash to share owners.

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.

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。

Another strategic pillar of cash returns to share owners are share repurchases.

另一個向股東返還現金的策略支柱是股票回購。

We will continue to evaluate opportunities to repurchase shares at attractive prices especially when we feel our valuation is well below our intrinsic value.

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。

This is why in the third quarter we repurchased $42 million worth of shares at an average price of $44.74.

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。

Exhausting the remaining amount of our share repurchase authorization.

用盡剩餘的股份回購授權額度。

This brings our year-to-date share repurchases to $82 million.

這使得我們今年迄今的股票回購額達到 8,200 萬美元。

In September, the board also approved a new $150 million share repurchase authorization.

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.

第13張幻燈片。

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

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.

我們認為未編碼的免費紙張產業是一個機會。

We are investing to strengthen our competitive advantages to drive earnings and cash flows.

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。

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 fors.

我們認為這些投資具有高回報和低風險，因為我們將繼續專注於核心產品線，並鞏固我們作為首選供應商的地位。

We will leverage our strengths to generate high returns on invested capital.

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.

現在我將結束下一張投影片（第14張）的評論。

You likely saw some public filings yesterday related to Atlas Holdings and a couple of our directors resigning.

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。

I want to spend a minute discussing this topic.

我想花一分鐘討論一下這個主題。

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 Saamma.

根據Atlas Holdings的指示，Karl Meyers和Mark Wilde已於11月5日辭去董事會職務。我謹代表Saamma感謝他們二位所做的貢獻。

As a reminder, they both joined our board in 2023 as part of a cooperation agreement with Atlas.

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。

The Valma board also thanks them for their service.

Valma董事會也對他們的服務表示感謝。

With these resignations, the restrictions on Atlas and the cooperation agreement will terminate.

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.

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。

We appreciate your cooperation on that.

感謝您的合作。

Lastly, as we prepare for a leadership transition on January 1st, And I am honored to lead Sylvamo as its next CEO.

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.

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。

He led Sylvamo through the spinoff and other challenges in our first few years and has been instrumental to Sylvamo's success.

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。

Positioning it for further long-term value creation.

為其創造更長遠的長期價值做好準備。

We wish them all the best.

我們祝福他們一切順利。

So, Michel, would you like to say a few words?

那麼，米歇爾，你想說幾句話嗎？

Thanks John. I appreciate your kind words and well wishes.

謝謝你，約翰。感謝你的鼓勵與祝福。

Leading Sylvamo has been an absolute honor these past 4 years.

在過去四年裡，能夠領導 Sylvamo 對我來說是莫大的榮幸。

And I'm pleased with everything we have accomplished.

我對我們所取得的成就感到滿意。

I would like to thank our employees, customers, suppliers, and investors for the support and partnership.

我要感謝我們的員工、客戶、供應商和投資者的支持與合作。

I'll leave knowing that the company is in very good hands.

我離開時很放心，公司交到了非常可靠的人手中。

And it brighter days ahead of it.

未來會更加美好。

As I've said many times before, I'm confident in the future for Sylvamo and motivated by the opportunities that lie ahead.

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.

謝謝。

And you turn it over to Hans.

然後你把麥克風交給漢斯。

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 Insytuctions)

（操作員指導）

Daniel Herman with (Inaudible)

丹尼爾·赫爾曼（聽不清楚）

Hey guys, good morning.

嘿，各位，早安。

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.

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.

嗨，丹尼爾，我是約翰·西姆斯。謝謝你的提問。是的，我們預計庫存正在下降，而且我們已經看到，也從客戶那裡了解到，庫存正在下降，這是由於年初關稅威脅導致的進口激增造成的，目前庫存正在通過系統逐步減少。

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 Shellot 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，進口量實際上已經開始下降。此外，正如我們之前提到的，黃豆加工廠的關閉也將有助於提高明年的開工率。

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。關於最後一個問題，庫存消耗過程目前進展如何？是否已接近正常水平？您預計到2026年就能達到這個水平，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。這就是我們目前看到的情況。

Great, very helpful. And then, a couple of quick ones on Riverdale, and how you're preparing for the end of that supply agreement.

太好了，很有幫助。接下來，我想快速問幾個關於《河谷鎮》的問題，以及你們是如何應對供貨協議到期的。

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.

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，以及您預計需要多少營運資金投資？

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.

當時宣布取消那份供應協議時，我記得您說過，以當前利潤率計算，2026 年的 EBITDA 將減少約 3000 萬美元。考慮到利潤率的變化以及您此後計劃的任何調整，您現在對影響的估計是否仍然準確？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.

關於您問題的第一部分，我們計劃全年建立約 6 萬噸庫存。大部分庫存將在上半年建立，以便在 Eastover 工廠停產前加快其改造速度；之後，我們計劃在下半年消耗這些庫存。因此，從年初到年末，庫存消耗將保持平衡。

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。我會把它退回去。

(Operator Instructions)

（操作說明）

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

各位沒有其他問題了，現在我將把電話交還給漢斯·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.

謝謝蒂娜。我們非常感謝，也感謝各位今天參加我們的電話會議。感謝大家對Sylvamo的關注，我們期待在接下來的幾週繼續與大家交流。

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。您可以斷開連線了。