Group 1: Fund Performance - Alluvial Capital Management's Fund achieved a remarkable return of 41.2% in the fourth quarter of 2025, marking the best year since its inception [1] - The strong performance was driven by a supportive market environment and concentrated gains in a select group of companies within the AI value chain [1] Group 2: Sylvamo Corporation Overview - Sylvamo Corporation (NYSE:SLVM) is a paper manufacturing company specializing in cutsize, offset paper, and uncoated freesheet used in printing and publishing [2] - As of March 11, 2026, Sylvamo's stock closed at $43.49 per share, with a one-month return of -20.55% and a 52-week loss of 31.66% [2] - The company has a market capitalization of $1.718 billion [2] Group 3: Investment Insights on Sylvamo Corporation - Alluvial Capital Management purchased shares of Sylvamo Corporation, viewing it as a fundamentally sound company facing short-term challenges [3] - The company is experiencing difficulties due to the expiration of a long-term supply agreement with its former parent, International Paper, and declining paper prices amid poor demand in Europe [3] - Sylvamo is investing in its Eastover and Sumter mills in South Carolina to replace lost supply, aiming to increase capacity by 60,000 short tons annually [3] - The investment program is expected to yield a 30%+ internal rate of return, with projections of returning to $300 million in annual free cash flow by 2027 and beyond [3]

Packaging Corporation of America Bank of America Global Agriculture & Materials Conference February 25, 2026 Mark W. Kowlzan Chairman & CEO Kent A. Pflederer Executive V. P. & CFO Packaging Corporation of America ("PCA") Some of the statements contained in this presentation that are not historical in nature may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often identified by the words "will," "should," "anticipate," "b ...

Core Viewpoint - Packaging Corporation of America (PCA) reported a decline in net income for the fourth quarter of 2025 compared to the previous year, primarily due to lower production and sales volumes, as well as increased operating costs. However, the company experienced growth in net sales year-over-year and expects improved demand moving forward [1][4][8]. Financial Performance - Fourth quarter 2025 net income was $102 million, or $1.13 per share, compared to $221 million, or $2.45 per share, in the fourth quarter of 2024. Excluding special items, net income was $209 million, or $2.32 per share, down from $293 million, or $2.47 per share, in the same quarter of 2024 [1][2][12]. - Full year 2025 net income was $774 million, or $8.58 per share, compared to $805 million, or $8.93 per share, in 2024. Excluding special items, full year net income was $888 million, or $9.84 per share, up from $814 million, or $9.04 per share, in 2024 [1][2][12]. Sales and Revenue - Fourth quarter net sales for 2025 were $2.4 billion, an increase from $2.1 billion in 2024. Full year net sales reached $9.0 billion in 2025, compared to $8.4 billion in 2024 [1][2][12]. - Segment sales for Packaging increased to $2.19 billion in Q4 2025 from $1.98 billion in Q4 2024, while Paper segment sales remained relatively stable [15][16]. Segment Performance - The Packaging segment reported an operating income of $173.3 million in Q4 2025, down from $297.2 million in Q4 2024. For the full year, operating income was $1.125 billion, slightly up from $1.101 billion in 2024 [6][16]. - The Paper segment's operating income was $32.7 million in Q4 2025, down from $34.8 million in Q4 2024, with full year performance remaining stable at $129.6 million [6][16]. Operational Insights - PCA's corrugated product shipments were down 1.7% year-over-year in Q4 2025, but shipments per day increased by 17.0% when including the acquired Greif business. Containerboard production was 1,407,000 tons, with inventory up by 84,000 tons compared to Q4 2024 [7][8]. - The company faced challenges in December 2025 with unfavorable volume and mix in the legacy corrugated business and production issues in the acquired Greif business [5][8]. Future Outlook - PCA anticipates higher per-day volume in its legacy corrugated products plants in Q1 2026, despite a seasonally slower period. The company expects to operate its containerboard mills at full capacity but will produce less containerboard than in Q4 2025 due to scheduled maintenance and fewer operating days [8][9]. - The company forecasts first quarter earnings of $2.20 per share, with expectations of price inflation across most operating costs, while also assessing potential impacts from recent winter storms [8][9].

Financial Performance - Sylvamo's Adjusted EBITDA for Q3 2025 was $151 million, compared to $82 million in Q2 2025 and $193 million in Q3 2024[13] - The Adjusted EBITDA margin for Q3 2025 was 18%, up from 10% in Q2 2025 but down from 20% in Q3 2024[13] - Adjusted Operating Earnings per Share for Q3 2025 was $1.44, compared to $0.37 in Q2 2025 and $2.44 in Q3 2024[13] - Free Cash Flow for Q3 2025 was $33 million, a significant increase from -$2 million in Q2 2025 but lower than $119 million in Q3 2024[13] Market Conditions and Outlook - Uncoated freesheet sales volume increased 7% quarter-over-quarter[12] - Demand in Europe (excluding CIS) was down 5% year-over-year, while supply was down 7% year-over-year[16] - Brazil demand was up 3% year-over-year, while Other Latin America (OLA) demand was down 5%[16] - North America demand was stable year-over-year, with supply recently reduced by approximately 6%[16] Strategic Initiatives - Sylvamo expects to receive approximately 260,000 tons of uncoated freesheet from Riverdale in 2025 and approximately 100,000 tons in 2026[19] - Sylvamo's forestlands in Brazil were appraised at approximately BRL 5 billion in October 2025[20] - The company returned $60 million to shareowners in the quarter[12]