Slides
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Non-Deal RoadshowSeptember 2026
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This presentation contains what are considered “forward-looking statements,” as defined in Section 27A of the 1933 Securities Act andSection 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with wordssuch as “believe,” “may,” “could,” “would,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “estimate,” “potential,”“outlook” or “continue,” as well as the negative forms of these words, other terms of similar meaning or the use of future dates.The forward-looking statements include, without limitation, statements related to the declaration or payment of dividends,implementation of the key operational and financial strategies and investment plans, guidance about future operations and factorsor trends that influence the financial situation, liquidity or operational results. Such statements reflect the current view of themanagement and are subject to diverse risks and uncertainties. These are qualified in accordance with the inherent risks anduncertainties involving future expectations in general, and actual results could differ materially from those currently anticipated dueto various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statementsare based on diverse assumptions and factors, including general economic and market conditions, industry conditions and operatingfactors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Suzanodoes not undertake any obligation to update any such forward-looking statements as a result of new information, future events orotherwise, except as expressly required by law. All forward-looking statements in this presentation are covered in their entirety by thisdisclaimer.In addition, this presentation contains some financial indicators that are not recognized by the BR GAAP or IFRS. These indicators donot have a standard meaning and may not be comparable to indicators with a similar description used by other companies.We provide these indicators because we use them as measurements of Suzano's performance; they should not be considered separatelyor as a replacement for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS. Disclaimer
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COMPANYOVERVIEW BUSINESS STRATEGY FINANCIAL MANAGEMENT
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FINANCIAL MANAGEMENT COMPANYOVERVIEW BUSINESS STRATEGY
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ROBUST GOVERNANCE IN PLACE Board of Directors APPOINTMENT OF RISK EXPERT9Members44%Independent members22%of WomenSupported by Committees•Audit (Statutory)•People•Appointment and Compensation•Sustainability•Strategy and Innovation•Management and FinanceListed on “Novo Mercado”, B3’s highest corporate governance segment and NYSE ADR-level 2 program MAIN FIGURES – LTM 2Q26 ¹ Rounded and converted at the average exchange rate for the period (LTM 2Q26: FX 5.29). Net Revenue: US$9.0 billion¹Adjusted EBITDA: US$3.8 billion¹Adjusted EBITDA margin: 42%Net Debt: US$12.8 billionNet Leverage: 3.4 x
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OUR PLANTATIONS ¹Includes Veracel (JV between Suzano (50%) and Stora Enso (50%)) ²Addressable market, considering domestic sales of paperboard and Printing & Writing paper. AN IRREPLICABLE 1STCLASS ASSET BASE •1.7 million hectares devoted to plantation and certified areas•Geographically Diversified areas•150 km structural average radius•Unmatched eucalyptus genetic base•Unique harvesting and inbound logistics •13.4 million tons of market pulp•Integrated supply chain•~195 MWm average Surplus(equivalent to ~2 million people town)•9 pulp mills strategically located¹ PULP BUSINESSOUR LOGISTICS•All mills either close to shore or railway connected•4 export pulp terminals•10 fully Dedicated Vessels•74 countries served PAPER BUSINESS•100% pulp integrated•Unique go-to-market model•Leading Brazilian brands•1.6 million tons of paper•40 thousand clients•~42% Brazilian market share²•340 thousand tons of consumer goods (tissue)
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FINANCIAL MANAGEMENT COMPANYOVERVIEW BUSINESS STRATEGY
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¹Source: Hawkins Wright, December 2025. Market pulp capacity including hardwood and softwood volumes. Hardwood | CIF China | USD/tonand Production Capacity (Mt)¹ Softwood | CIF China | USD/tonand Production Capacity (Mt)Top 101 Brazil 23.2 (50%)Indonesia4.7 (10%) Chile/Uruguay8.2 (18%) China 3.0 (6%)Iberia 2.5 (5%) Eastern Europe 1.3 (3%) 700650600550500450400350300250200150100500 Other Asia0.6 (1%) Japan0.7 (1%) Belgium/France0.5 (1%) Finland 5.0 (18%) Other World 1.8 (7%)Chile 1.8 (6%)US 6.6 (24%)Other Euro 1.6 (6%)East Europe 2.0 (7%)Sweden3.9 (14%)East Canada 1.3 (5%)Int. West Canada 2.4 (9%)Coastal BC 1.2 (4%) 800750700650600550500450400350300250200150100500 Japan0.3 (1%) 2.52.53.53.04.04.44.44.64.813.4 Ilim PulpIPDomtar (PE)APPMetsäCMPCAPRIL + Symbol + BracellAraucoUPMSuzano UNDISPUTABLE COMPETITIVENESS IN THE PULP INDUSTRY
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Key attributes &Risk exposure mitigants ChemicalsDiesel Natural Gas and Bunker oil Ocean FreightHedging portfolio Inside the fence operations and well-structured contracts Long term contracts and fully dedicated vessels Petrobras-based pricingcontracts RESILIENT BUSINESS MODEL MITIGATES CURRENT RISKS AMID THE MIDDLE EAST CONFLICT
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STRATEGIC LEVERS •PULP CAPACITY EXPANSIONS IN LATAM AND ASIA •ACCELERATION OF NEW INTEGRATED CAPACITY IN CHINA •WOOD COST PRESSURE IN CERTAIN REGIONS AND LOW EBITDA MARGIN OVER A LONG PERIOD PUT A SIGNIFICANT PULP CAPACITY UNDERWATER FOCUS TO THE NEXT 2-3 YEARS•DELEVERAGING TOWARDS < 2.5X2TOD¹REDUCTION•EXTRACT VALUE FROM PREVIOUS CAPITAL ALLOCATION DECISIONS•ACCELERATE FIBER-TO-FIBER STRATEGY ENHANCINGCOMPETITIVENESS GROWTH WITH DISCIPLINE VALUE CREATION strategyCURRENT LANDSCAPE ¹Total Operational Disbursement. 2Net Debt/Adjusted EBITDA NEW COMPETITIVE LANDSCAPE HIGHLIGHTS THE NEED FOR MORE FOCUSED GOALS, TO DRIVE VALUE CREATION
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Strengthening Competitive Edge Capture value from capital allocations In place Positioning for leadership in a changing landscape A CLEAR STRATEGIC ROADMAP FOR THE NEXT 2-3 YEARS
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SUSTAINABILITY NATURERESTORATION AND CONSERVATION CLIMATERESILIENCE AND MITIGATIONSOCIALDEVELOPMENT AND INCLUSIONINDUSTRIAL AND LOGISTICS ECO-EFFICIENCY:EMISSIONS REDUCTIONFORESTRY BASE: GENETIC INNOVATION AND MANAGEMENT ENHANCING CARBON CAPTURELOCAL DEVELOPMENT:SHARED VALUE TO STRENGTHEN THE RESILIENCE OF BOTH THE TERRITORIES AND THE BUSINESS SUPPLIER MANAGEMENT:PARTNERSHIPS FOR RISK MITIGATION AND SOCIO-ENVIRONMENTAL VALUE CREATION NATURE STRATEGY: ACTIONS THAT STRENGTHEN THE BUSINESS AND RESTORE ECOSYSTEMS VALUE CHAIN TICKET TO PLAY: CERTIFICATIONS REGULATIONS INTERNATIONAL ESG STANDARDS & RATINGS SUSTAINABILITY IS EMBEDDED IN OUR BUSINESS MODEL THROUGH THREE INTERCONNECTED PILLARS UPGRADE TO BBB(Mar/26) BBB LOW RISK FORESTS A-LISTWATER A-CLIMATE B
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NATURE CLIMATESOCIAL PROMOTE PRODUCTIVE INCLUSIONCONTRIBUTE TO LIFTING 200,000 PEOPLE OUT OF POVERTY IN OUR AREAS OF OPERATION BY 2030. CARING FOR WATERINCREASE WATER AVAILABILITYTHROUGH FORESTRY MANAGEMENT ACTIONS ACROSS ALL CRITICAL WATERSHEDS IN OUR OPERATING AREAS IN BRAZIL BY 2030.REDUCE BY 15%THE WATER WITHDRAWN IN OUR INDUSTRIAL OPERATIONS BY 2030.CONSERVE BIODIVERSITYCONNECT 500,000HECTARES OF CERRADO, ATLANTIC FOREST AND AMAZON FRAGMENTS BY 2030. COMBAT THE CLIMATE CRISISREDUCE BY 50.4%THE SCOPES 1 AND 2 EMISSIONS BY 2032.² HAVE 80% OF OUR SUPPLIERS AND CUSTOMERS COMMITTED TO SCIENCE-BASED CLIMATE TARGETS BY 2028. APPROVED TARGETS IN JUNE/2025¹ 100%PROGRESS:25%PROGRESS:43%PROGRESS: 71%PROGRESS: SUSTAINABILITY Note: Progress based on 2025 | 1Please refer to Suzano’s 2025 Sustainability Report for further information on the progress of the approved targets announced in June 2025. 2SBTi target replaced previous commitment to reduce scope 1 and 2 GHG emissions intensity by 15% per ton of production by 2030. FOCUS ON TOPICS THAT AMPLIFY POSITIVE SOCIO-ENVIRONMENTAL IMPACT
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PULP BUSINESS
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PULP & PAPER MARKET 1Integrated O.R. Asia assumption = 75% related to confirmed projects. Integrated O.R. RoW assumption = 90%. Closure estimate of 0.3 Mt/year based on 2018-2023 average. NET DEMAND GROWTH IN THE COMING YEARS POTENTIALLY BOOSTED BY ADDITIONAL UPSIDE RISKS Hardwood market pulp demand (Mt)141.4 48.944.54.4 2024 4.5 Organic 3.0 F2F 2029eNet VerticalizationEffect 2029e Additional Fiber-to-FiberFossil-to-FiberMARKET BHKP DEMAND
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PULP & PAPER MARKET Sources: Suzano BI, PPPC, Hawkins Wright. BHKP Organic Growth (Mt) 2024 2029e 41.445.9CAGR 2024-2029 (%)+2.1%+4.5 Organic Growth (Mt) by Region Organic Growth (Mt) by Grade CAGR 2024-2029 (%)43%23%9%7%18%202444%21%8%7%19%2029eChinaEuropeNorth AmericaLatAmOthers41.445.9+3.0%+0.2%+0.4%+2.3%+2.9% 11%19%18%51%202412%16%19%53%2029eCartonboardP&WSpecialtiesTissue41.445.9+3.4%-1.4%+2.8%+2.7%CAGR 2024-2029 (%) ORGANIC GROWTH: MARKET BHKP CONTINUES POSITIVE TREND DRIVEN BY SOLID DEVELOPMENT IN EMERGING MARKETS
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PULP & PAPER MARKET 2022-2025e average = 1.3 p.p.2013-2021 Average2022 2023 2024 2025e0.6 p.p.1.1 p.p.1.8 p.p.1.1 p.p.1.0 p.p. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025eBSKP BHKP BHKP Organic Growth (Mt)BHKP annual share gain over BSKP (p.p.) Total Market BCP Demand 2025e: 67.7 MtBHKP and BSKP Change in Demand - past 5 years (Mt) CAGR +2.2%CAGR-2.3%37.941.426.023.720202024BHKPBSKP53.1%53.8%53.8%54.6%55.4%55.9%56.2%56.8%57.9%57.5%59.3%59.4%60.6%62.5%63.6%64.6%~700 kt of F2F demand in 2025e Sources: PPPC. Suzano BI. F2F TREND EXPANDS: BHKP CONTINUES TO GAIN MARKET SHARE IN BCP
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PULP & PAPER MARKET BCP End-Use Consumption (Mt) | 2024 BHKP gain for every 1 p.pshare increase in 5 years (Mt)Cartonboard P&W Specialties Tissue Fluff Total 7 11 11 30 6 65BHKP consumption BSKP consumption2(34%)5(66%)3(29%)8(71%)3(31%)7(69%)9(30%)21(70%)6(99.9%)24(36%)41(64%)0(0.1%) Sources: Suzano BI. Hawkins Wright.3.30.31.50.50.60.4 THERE IS ROOM TO BHKP ADVANCE IN SHARE FOR ALL SEGMENTS
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PULP & PAPER MARKET CONSIDERATIONS TO MARKET PULP FUNDAMENTALS NEW CONFIRMED BHKP INTEGRATED CAPACITY (Mt)¹ THENEGATIVE•New integrated capacity competing with non-integrated players should consequently reduce market pulp demand •Start-up dates, production learning curves•Operating Rate levels lower than western standards•Depending on market conditions, integrated playersalso become market pulp buyers•Woodchip price could pressure Chinese cash costTHEUNCERTAIN China Indonesia Guanxi2 projects1.1 Mt Shandong3 projects1.4 Mt Indonesia1 project1.4 Mt Jiangxi1 project0.7 Mt Hubei1 project0.6 Mt Chongqing1 project0.8 Mt6.02025 - 2029CONFIRMED BHKP PROJECTS 2025 - 2029 Source: Suzano BI. ¹Nominal capacity increase, not including ramp-up and/or operating rate assumptions. DESPITE UNCERTAINTIES REGARDING OPERATING RATES AND COST PRESSURES, VERTICAL INTEGRATION IN ASIA IS EXPECTED TO KEEP GROWING IN THE COMING YEARS
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PULP & PAPER MARKET Source: Suzano BI. ¹Includes ramp-up assumptions. Estimated market BHKP supply addition¹: (Mt) •APP OKI II •Arauco SucuriúMain announced projects:•Bracell to dissolving pulp•Suzano Limeira to fluff pulp•Altri Biotek to dissolving pulpMain conversions: 46.54.0 2024 Net Change 2029e 50.5Supply (Mt), Demand (Mt) and D/C (%)91%90%87%86%88% 2025 2026 2027 2028 2029 44484247414743504550 Demand Capacity D/C (%) BHKP SUPPLY ADDITION AND DEMAND OVER CAPACITYINCOMING CAPACITIES PARTIALLY MITIGATED BY CONFIRMED CONVERSIONS. OPERATING RATES FORECAST CLEARLY UNSUSTAINABLE
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PULP & PAPER MARKET Sources: ¹Suzano BI | ²Afry Permanent closures could return to historical levelsMARKET BSKP CAPACITY NET CHANGE¹,² (Mt)-2.32021 - 2023-1.02024 2025e-0.6New CapacitiesClosuresCapacity NetChanges Higher unexpected/commercial downtimes level should be seenBCP UNPLANNED DOWNTIMES¹ (Mt)BCP - Unplanned2021 2022 2023 2024 202523321 Time to market of projects is unclearBHKP NEW CAPACITY IMPACT¹ (Mt) | 2025 to 20295.26.0IntegratedBHKPMarketBHKP Competitiveness of integrated players in westernmarkets are challengedVIRGIN PULP CONSUMPTION² (Mt)3825251452108North AmericaEuropeChinaOther AsiaLatin AmericaOthers WHAT SHOULD BE EXPECTED TO BALANCE OVERSUPPLY SCENARIO?
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PULP & PAPER MARKET Source: Afry Smart | 2025 Hardwood (BHKP) Market PulpSoftwood (BSKP) Market Pulp Technical age, years PM capacity, 1000 t/a WEAK STRONG SuzanoAsia/OceaniaSouth AmericaEurope/AfricaNorth AmericaTechnical age, years PM capacity, 1000 t/a WEAK STRONGTECHNICAL AGE AND SCALEDRIVE PRODUCTION PLANNING 051015202530354005001.0001.5002.0002.5003.0003.5004.000Tres LagoasRibas do Rio PardoAracruzImperatrizMucuriJacareiLimeiraSuzano 051015202530354005001.0001.5002.0002.5003.0003.500
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CAPACITY INVESTMENT PIPELINE PULP & PAPER MARKET 0 0.5 1 1.5 2 2.5 3 - 200 400 600 800 1,000 1,200 1,400 1,600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Europe - BHKPChina - BHKPChina - BHKP (CPI Ajusted) Capacity Additions (‘000 ton)(2) Pulp Prices - CIF Europe/China (US$/ton)(2) CerradoSucuriú Liansheng5APP OKI II6Bracell4GuaíbaMetsaHorizonte2APP South Sumatra1KlabinGuaíba IIOji NantongMontes del PlataEldoradoMaranhãoChenmingZhanjiangAPPGuangxiRizhaoTrêsLagoasKerinciPL3Fray BentosSanta FéMucuriNueva AldeaVeracelAPP HainanValdiviaJacareiAracruzMAPA3UPM Uruguay 1Partially integrated production | 2Sources: Hawkins Wright, Pöyry and Suzano; PIX China List Price until April 2017 and PIX China Net Price afterwards3Gross capacity, does not consider the closure of Line 1 in Horcones plant (Source: RISI) | 4Papergrade volumes uncertain. DWP swing capacity. | 5Estimated market pulp capacity of 700kt and integrated pulp capacity of 1,000 kt (Source: Fisher and RISI) | 6Estimated market pulp capacity of 1,400kt and integrated pulp capacity of 1,400kt (Source: TTO)
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SUZANO AS PROTAGONISTTO INCREASE THE ADRESSABLE BHKPMARKET WITHFLUFF PULP & PAPER MARKET
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PULP & PAPER MARKET ¹Eucastrong SP1 and SP3: Special Products of Suzano’s proprietary pulp SKUs. 4X MORE PRODUCTION CAPACITY: 340 KT/Y additional volumeProject conclusion: Dec/2025 2026 FOCUS: HOMOLOGATION PROCESS EUCAFLUFF®10 YEARS OF INNOVATION, FROM PIONEERING TO EXPANSIONEXPANSION: ON TIME, ON BUDGETPhysical progress: 98%Financial progress: 91%
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ENHANCING COMPETITIVENESS
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1Consolidated forestry base productivity, adjusted to eliminate the effect of uneven expansion of planted area by region and ensure historical comparability. ENHANCING COMPETITIVENESS 44%42%47%66%76%56%58%53%34%24%2021 2022 2023 2024 2025PLANTING YEAR MOST PLANTED MARKET CLONE (AEC0144) SUZANO’S CLONES 1022025eGenetic ImprovementAmbition2034 Operations30%Silviculture20%50%EUCAWOOD PER HECTARE1(BASE 100) 1002023 107 to113MATO GROSSO DO SUL CASE STUDYHigher share with proprietary clones improving eucawood per hectare and forest resilience FIRST PILLAR: UNIQUE FORESTRY CAPABILITYNEW TECHNOLOGIES AND APPROACHES TO ENHANCE EUCAWOOD PER HECTARE
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1Total Operational Disbursement. 2Third party wood: forestry partnership program and spot market. 3Includes wood swap transaction with Eldorado as disclosed in Material Fact of August 6th,2025. ENHANCING COMPETITIVENESS AVERAGE DISTANCE FROMEUCAFARM TO MILL (KM)164165151 151150 THIRD PARTY2OWN375%83%82%83%88%25%17%12%17%18% 2025 2026 2027 2028-2029 2030-2032WOOD SOURCE BREAKDOWN(%) -14 km =~R$170million/year SECOND PILLAR: DISCIPLINE IN EXECUTIONHIGHER SELF-SUFFICIENCY AND LOWER AVERAGE DISTANCE FOCUSED ON OPTIMIZING TOD¹ 6%Spot market6%Partnership
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¹Real terms in BRL unleveraged (2025 currency). ENHANCING COMPETITIVENESS 18% net gain in eucawoodstanding volume +1.1 average forest age that provides long-term benefits in Mato Grosso do Sul ~13% REDUCTION IN ANNUAL HARVESTING AREA~3% LESS ANNUAL WOOD CONSUMPTION~7% REDUCTION IN THE ANNUAL PLANTING PROGRAMOPEXCAPEXOPTIONALITY TO INCREASE PULP PRODUCTIONAT THE RIBAS MILL IN THE NEXT YEARS~20%IRR1 18 MILLION M³ OF ELDORADO’S FORESTS WILL BE HARVESTED BY SUZANO FROM 2025 TO 2027 ELDORADO WILL HARVEST THE SAME EUCAWOOD VOLUME FROM SUZANO’S FORESTS BETWEEN 2028–2031 THIRD PILLAR: IDENTIFYING AND UNLOCKING STRATEGIC OPPORTUNITIESEUCAWOOD SWAP TRANSACTION WITH ELDORADO DELIVERS ATTRACTIVE RETURN
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¹Does not include planned downtime that occurred in February 2025. ENHANCING COMPETITIVENESS PRODUCTION CAPACITY UPDATE (KT) 2,5702025e 2027eonwards ABOVE NOMINAL CAPACITY OF 2,550OPERATIONAL EFFICIENCY + ASSET QUALITYNO CAPEX REQUIRED 2,700~ HIGH PERFORMANCE ENABLERS EXPERIENCE •TEAM OF EXPERTS SELECTED FROM 8 SUZANO MILLS. TRAINING•15-MONTH PROGRAM PRIOR TO START-UP, INSTEAD OF THE 12 MONTHS ORIGINALLY PLANNED.•USE OF SIMULATORS ACROSS ALL PROCESS AREAS. EXECUTION•EFFICIENCY IN CONSTRUCTION AND ASSEMBLY, ALLOWED ALL OPERATIONAL TESTS.•EARLY COMMISSION ENSURED FAST OPERATIONAL STABILITY. RIBAS DO RIO PARDO MILL: OPERATIONAL PERFORMANCEHIGHER THAN EXPECTED EFFICIENCY AND POTENTIAL FOR MORE
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¹Does not include planned downtime that occurred in February 2025. ENHANCING COMPETITIVENESS PRIORITIZEDINITIATIVES 40IDENTIFIEDINITIATIVES 77DIVIDED INTO 8 VALUE JOURNEYS ACROSS THE CHAIN Genetics andplanting strategy1 Operational transformation of silviculture and harvesting2 Forest-mill-portlogistics3 Industry: systems, people and performance4 Performance in outbound logistics5 CROSS INITIATIVESStrategic intelligence of the end-to-end supply chainOrganizational andprocess framework Supply management6 7 8 Short-term2026Medium-term2027Long-term2028+37%33%30%Number ofInitiatives per period COMPETITIVENESS ACCELERATION PROGRAMAMBITION: ACCELERATE AND EXPAND SUZANO'S STRUCTURAL COMPETITIVENESS
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1Total Operational Disbursement. 2Sales and Operations Execution. ENHANCING COMPETITIVENESS Nursery operationmodel18-29R$/t Genetics andplantingstrategy1JOURNEYESTIMATED GAIN Reducing the time to launch clones while increasing clone-to-site matching 2028+ Enhancing Hiring Model, Carrier Profile, and Planning Optimization Strategy, planning and operating model for road logistics31-49R$/tForest-mill-port logisticsJOURNEYESTIMATED GAIN20273 Offshore logistics operations enhancement6-14R$/tPerformance in outbound logistics5JOURNEYESTIMATED GAIN Improved S&OE2Management for offshore cost efficiency 2027 Corporate expendituresoptimization13-16R$/tStrategic intelligence of the end-to-end supply chainJOURNEYESTIMATED GAIN Governance-led framework for cost efficiency and control 20266 COMPETITIVENESS ACCELERATION PROGRAMEXAMPLES OF PRIORITIZED INITIATIVES WITH SIGNIFICANT TOD¹ CAPTURE AND IMPLEMENTATION TIMELINE
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¹Total operational disbursement, including integrated pulp volumes. Considers expected production volume increased capacity from Ribas mill (+150kt). Does not include Suzano mill. 2Inflation rates forecast for 2026 (Real terms at 2026 currency) -> IPCA: 4.5%, INPC: 4.5%, IGPM: 4.5%. ENHANCING COMPETITIVENESS 875853 78769067874(31)(121)677618531 5202,1832,0621,983 TOD 2024 TOD 2025 Inflation2026²FX CompetitivenessInitiativesTOD 2027Cash Cost(including downtimes)Cash SG&A + FreightSustaining Capex US$405/tFX 5.59Brent US$69/bblCaustic soda US$403/tForestry radius 164 kmThird-party wood 25%FX 5.35Brent US$70/bblCaustic soda US$400/tForestry radius 151 kmThird-party wood 18%FX 5.39Brent US$81/bblCaustic soda US$393/tForestry radius 187 kmThird-party wood 28%US$369/t US$371/t COMPETITIVENESS ACCELERATION PROGRAM(R$/t)
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PAPER AND PACKAGING
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2026R$80M to R$115M in total cost reduction¹ Reducing costs through operational efficiency, including energy savingsLIMEIRA MILLOptimizing the logisticsnetworkDriving freight efficiency and logistics optimization through effective contract managementDIGESTERSOptimize digester performance and capture cost reductionsLeveraging advanced optimization of recipe, basis weight, and pulp mill yield paper machinesPaperProduction ¹Paper & Packaging Business Unit in Brazil – No additional capex required. ENHANCING COMPETITIVENESS COST REDUCTION INITIATIVESDRIVING COMPETITIVENESS THROUGH TWO KEY FRONTS: LEVERAGING ARTIFICIAL INTELLIGENCE AND OPTIMIZING PROCESSES TO REDUCE COSTS
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USAMILLS AND OFFICES ECUADORDISTRIBUTION CENTER BRAZIL4 MILLS 20 DISTRIBUTION CENTERS ARGENTINADISTRIBUTION CENTER (STENFAR) EUROPEOFFICES AND TERMINALS CASH COST REFERENCEBOTH COUNTRIES WITH OPERATIONS IN THE TOP TWO QUARTILES UNIQUE BUSINESS MODELLONG TERM CLIENTS IN THE US AND SERVING +40K CLIENTS IN BRAZIL DIRECTLY COMPETITIVENESSIN P&WSTRONG CASH GENERATOR LPB FRESH MARKET LEADER IN THE US ENTRY INTO THE U.S. IN STRATEGIC MARKETS ALMOST HALFOF BUSINESS UNIT NET REVENUE IS NOWDRIVEN BY PACKAGING SEGMENT¹ ¹Packaging includes products made at Cartonboard Machine, at Pine Bluff, and liner products.19%25%47%81%75%53%0%10%20%30%40%50%60%70%80%90%100% 2021 - 2023avg.2024 2025P&WPACKAGING GROWTH WITH DISCIPLINE PAPER AND PACKAGING BUSINESS OVERVIEWUNIQUE GO-TO-MARKET MODEL AND CASH COST COMPETITIVENESS LEADING TRANSITION TO PACKAGING
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US MARKET OVERVIEW² 26%48%60%77%74%52%40%23%154351413216Other PLAYERSTOP 3 PLAYERSNº OF MKT. PLAYERSCAPACITY CONCENTRATION BY REGION¹ - Mt ASIA EUROPE LATAMNORTH AMERICAASIA SYMBOLND PAPERAPPBILLERUDMM GROUPSTORA ENSOS. WESTROCKCMPCKLABINCLEARWATERS. WESTROCKGPKSource: ¹FisherSolver. ²Fastmarkets. 3Some products are subject to additional antidumping and countervailing duties. 4Jan. to Oct. PRICE EVOLUTION BY REGION US$/t5961,3101,53220152016 2017 2018 2019 2020 2021 2022 2023 20242025 YTD4USEUROPECHINA88%11%Domestic production Consumption ProfileImportsOthersImportsAsia1%MAIN EXPORTERS WITH HIGHER TARIFFS IN NOVEMBER 2025 (~15%) COMPARED TO NOVEMBER 2024 (0%) IMPORTED, IN 2025, ONLY ACCOUNTED FOR 12% OF THE US DEMAND, being ASIA ONLY 1%310 Mt GROWTH WITH DISCIPLINE THE U.S. PAPERBOARD MARKET IS THE BEST PLACE TO BECONSOLIDATED MARKET, HIGHER PRICES AND STRONG BARRIER ENTRY
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Improved performance (2024 – 2025)Medium-term plan (2026 - 2029) Without CAPEX•Efficiency improvement•New wood chip mill•CTO Plant & Heat OptimizationWith CAPEX¹•Continuous digestor & Delignification Plant•Incremental capacity 10094 797 86Cash Cost2024Cash Cost3Q25Cash Costto be HIGHER OPERATIONAL EFFICIENCY:INDUSTRIAL CASH COST INDEX (BASE 100) BUILDING ORGANIC AND/OR INORGANIC GROWTH OPTIONALITIES ¹Portfolio of projects still subject to approval. GROWTH WITH DISCIPLINE US OPERATIONS ARE SET FOR MEDIUM AND LONG-TERM STRATEGYMODERNIZATION DRIVES CASH COST REDUCTION, WHILE POTENTIAL GROWTH OPPORTUNITIES AIM TO STRENGTHEN SUZANO’S POSITION IN THE U.S. MARKET
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CONSUMER GOODS
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GROWTH WITH DISCIPLINE FOOTPRINT OPTIMIZATION(R$/t) -30% EXPECTED REDUCTION IN SEMI-FINISHED GOODS TRANSFER COSTSTART-UP3Q25 TO BE FURTHER IMPROVED WITH NEW ARACRUZ MILL(+60 kt)YTD’25YTD’24REGION#1#1NORTH/NORTHEAST#1#1SOUTHEAST#2#2CENTER-WEST#3#5SOUTH JUL/AUG 2024SEP/OCT 2024NOV/DEC 2024JAN/FEB 2025MAR/APR 2025MAY/JUN 2025JUL/AUG 2025Price/Roll(R$/roll) | BRAZIL11.251.251.251.271.261.271.271.451.421.441.451.461.491.51+4%+2%+18%OTHER PLAYERSSUZANO3YoY23.3%23.4%+3%VOLUME (t) REVENUE (R$)+5%Market ShareValue (R$) | BRAZIL1YTD ’24 YTD ’25Suzano2 1Nielsen. 2Suzano’s BI. 3Considers the weighted average price — covering all Suzano brands in the toilet paper category. BRAZIL BUSINESSDESPITE NEW CAPACITIES IN THE MARKET IN 2025, SUZANO IS RETAINING ITS LEADERSHIP POSITION IN MARKET SHARE AND PRICING
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GROWTH WITH DISCIPLINE 2a) NEW TECHNOLOGIES ELEVATING PERFORMANCEAND VALUE PERCEPTION2b) DEVELOP HIGH VALUE-ADDED CATEGORIES Neve Toque das OndasNew Tissue Technology*Suzano’s exclusive technology in BrazilCONSUMERS APPROVED THE PRODUCT EXPERIENCE²9.3/10SCORECONTRIBUTION MARGINVS. TOILET PAPER WIPESNEVE ON THE GO+12%FACIAL TISSUEMIMMO TISSUE+129% DRY WIPESSCALA WIPES+119% BOOST INNOVATION2 PORTFOLIO TRADE-UP3 7%18%78%77%15%5% Other Players 4Ply3Ply2 Ply1 Ply Price Index³Market135%100%87% Value Mix (%)³ (3Ply / 4Ply)(2Ply)(1Ply) Q3’25VS. Q2’25Neve (Top1)Top 2 Top 3 Mimmo (Top4)+0.1 p.p.BRAND POWER¹ +42%ENHANCE BRAND STRENGTH1 +0.3 p.p. 1Offerwise. 2Consumer Research – Vento. 3Nielsen Retail. BRAZIL BUSINESSSCALING UP COMPETITIVE ADVANTAGES, ANCHORED IN OPERATIONAL EFFICIENCY AND KEY PROFITABILITY DRIVERS
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¹Pro forma net revenues and adjusted EBITDA 2024 consider non-recurring effects and JV business scope adjustments. ²Based on 2024 figures. Main figures ~ 9,000Employees 1.0 MtTissue Total Capacity Footprint 70+countrieswith sales Operations22millsin 14 countries ~ US$0.5 bn Pro formaAdj. EBITDA1 ~ US$3.3 bnPro formaNet Revenues1 EMEA(Europe, the Middle East and Africa)Italy, France, United Kingdom, Germany, Spain, Israel and South AfricaAPAC(Asia-Pacific)Australia, Malaysia, Thailand andTaiwanCentral andSouth AmericaEl Salvador, Peruand Colombia2business segmentsFamily Care& Professional 33%21%19%16%11% EMEAUKLatAmAsiaOceania Mills locationsRevenues by region2 GROWTH WITH DISCIPLINE JOINT VENTURE NEWCO: BUSINESS OVERVIEW
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GROWTH WITH DISCIPLINE Arbex51%49% ACQUISITION VALUE:USD1.3 billion¹(Call option for the 49% stake) Board of Directors consists of 5 members, with 3 appointed by SuzanoCEO and CFO appointed by Suzano Overview of Suzano & K-C Partnership Arbex holds international tissue and professional products business, including manufacturing, marketing and distribution activities Global footprint across multiple regions, including South America, Europe, Asia, Middle East and Africa Platform comprises 22 manufacturing facilities in 14 countrieswith ~1.0Mt production capacity Commercial presence in 70+ countries through established operations Portfolio includes transfer of regional brands and long-term licensing of selected global brands CREATION OF A JOINT VENTURE, IN WHICH SUZANO HAS CONTROL 1Considering the initial capital structure of the joint venture, which, as of this date, has total net debt of approximately USD 1.0 billion, resulting from financing raised in connection with the Transaction. The purchase price remains subject to customary adjustments for transactions of this nature.Kimberly-Clark retainsNorth America business and certain existing JVs outside the scope
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GROWTH WITH DISCIPLINE Net revenue by segment1FY 2024, % Consumer GoodsPaper and PackagingPulpSuzano As-Is79%15%6% Suzano+ JV (100%) Pro Forma58%11%31%EBITDA by segment2FY 2024, % Consumer GoodsPaper and PackagingPulpSuzano As-Is87%9%4% Suzano+ JV (100%) Pro Forma78%8%14% Net revenue by segment1FY 2024, % 1Nielsen Retail INA + C&C – Toilet Paper. 2Market Share Evolution Pre-Acquisition Jan/Feb 25 vs. May/Jun 23. 3Does not include pulp price change. DOWNSTREAM INTEGRATION REDUCES SUZANO’S CASH FLOW VOLATILITY AND DIVERSIFIES PORTFOLIO
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GROWTH WITH DISCIPLINE New Culture Incentive SystemPerformance ManagementP&L Accountabilityby Region Key Enablers POTENTIAL OPERATIONAL GAINS1 TO BE CAPTURED IN 3 YEARSKEY RISKS COMMONLY SEEN IN M&A DEALS(Forbes 500 CFO Survey)TOP 5 PITFALLS IN CAPTURING SYNERGIES¹ 1Preliminary estimates and subject to adjustments based on the ongoing refinement assessment. 2Consolidate view across country and production capacity under development. INCOMPATIBLE CULTURESINABILITY TO MANAGE TARGETUNABLE TO IMPLEMENT CHANGESYNERGY NONEXISTENT OR OVERESTIMATEDDID NOT ANTICIPATE FORSEEABLE EVENTS 1234567%of mergers experienced synergy delays due to cultural differencesManagement Process OEE IMPROVEMENTS (MACHINE, CONVERSION AND PRODUCT MIX)EFFICIENCY²ENERGY & CHEMICALSFIBER STRATEGYVARIABLE COSTS & MIXFREIGHT AND NETWORK OPTIMIZATIONSUPPLY CHAININDUSTRY BEST PRACTICES BENCHMARK FOR STREAMLININGSG&AMAINTENANCE AND CAPEX OPTIMIZATIONFIXED COSTS37%34%13%12%4%US$175 MILLIONValue CreationProcurementIndustrialG&ALogisticsOther JOINT VENTURE WITH K-C: VALUE CREATION AMBITION PRE-SIGNING ESTIMATE UNDER REFINEMENT AND TO BE LED BY INDUSTRIAL AND PROCUREMENT LEVERS
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GROWTH WITH DISCIPLINE 1Nielsen Retail INA + C&C – Toilet Paper. 2Market Share Evolution Pre-Acquisition Jan/Feb 25 vs. May/Jun 23. 3Does not include pulp price change. SYNERGIES BREAKDOWN:G&AIndustrialLogisticsSupplyOthers 43%21%16%16%4% ConsolidatedLeadership¹Toilet PaperValue Market Share BrazilJan’Feb’2524%Market Share evolutionSouth and Southeast vs. Pre-Acquisition2Distribution Expansion²•5% increase in the number of points of sale over the past 12 months.•Leadership in Weighted Distribution (94%)Gainfrom CostEfficiencyCash Cost3-Mogi das Cruzes (R$/t) (Kimberly-Clark acquisition site)-46%Reduction in inputs costs, specific consumption and fixed costs SYNERGIES FROM K-C’S ACQUIRED ASSETS IN BRAZIL FULLY CAPTUREDSTRENGTHENING OF KEY COMPETITIVE ADVANTAGES
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COMPANYOVERVIEW FINANCIAL MANAGEMENT BUSINESS STRATEGY
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FINANCIAL MANAGEMENT Average FX rate of R$5.39 in 2023, R$5.39 in 2024, R$5.59 in 2025 and R$5.29 in LTM 2Q26. Net revenues (US$ billion) 34%33%36%35%23%26%22%23%21%21%24%23%22%20%18%19%7.98.89.09.0 2023 2024 2025 LTM 2Q26AsiaEuropeAmericas - Ex BrazilBrazilEnd UsePulpOthersP&W14%Tissue64%Specialties14%8%75%Pulp11%P&W8%Paperboard6%Other PaperNetRevenues REVENUES MOSTLY FROM INTERNATIONAL MARKETS
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FINANCIAL MANAGEMENT ¹Operational Cash Generation = Adjusted EBITDA less cash Sustaining CAPEX. 23.821.720.14.43.93.850%43%42% 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 2024 2025 LTM 2Q26 Adjusted EBITDA and MarginR$ and US$ billion and (%)R$ billionUS$ billionMargin %R$ billionUS$ billionMargin %16.213.912.53.02.52.42024 2025 LTM 2Q26 Operational Cash Generation¹R$ and US$ billion ADJUSTED EBITDA AND OPERATIONAL CASH GENERATION
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Sales Volume (‘000 ton)Average Net Price – Export Market ($/ton)Adjusted EBITDA and EBITDA Margin (%) FINANCIAL MANAGEMENT PULP BUSINESSUS$R$R$ MMR$/tonMargin %3,2692,8352,897 2Q25 1Q262Q26 LTM 2Q26 12,303 2Q25 1Q26 2Q26 LTM 2Q26
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Average Net Price ($/ton) FINANCIAL MANAGEMENT Paper Sales¹ (‘000 ton) 1 Excluding Consumer Goods. ² Does not exclude the impact of Mgmt. LTI. Paper Adjusted EBITDA and EBITDA Margin² PAPER AND PACKAGING BUSINESS
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Pulp Cash Cost – 2Q26 vs. 1Q26 (ex-downtimes – R$/ton) WoodInputFixed CostEnergyFX FINANCIAL MANAGEMENT CASH PRODUCTION COST Pulp Cash Cost – 2Q26 vs. 2Q25 (ex-downtimes – R$/ton)
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FINANCIAL MANAGEMENT ¹ Closing FX rate on 06/30/2026. CONSERVATIVE FINANCIAL POLICY WITH COMMODITY HEDGING MITIGATES OIL-RELATED PRICE PRESSURES
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54² Natural gas and VLSFO. Does not include Diesel.¹ Cost impact considers pre-conflict Brent price (2Q25 average) of US$68/bbl as the baseline. CONSERVATIVE FINANCIAL POLICY WITH COMMODITY HEDGING MITIGATES OIL-RELATED PRICE PRESSURES FINANCIAL MANAGEMENT
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Strong business profile Robust financial positionMarket Position•Global leader in market pulp •Increased earnings fromex-pulp businessesCompetitive Position•Unmatchedasset base•Enhanceddiversification:global footprint and end-useEfficiency•Structural cost competitiveness increased by Cerrado Project Cash Flow & Leverage •Proven capacity to generate free cash flow throughout any market cycles FinancialPolicy•Strong growth maintaining controlled leverage•Disciplinecapital allocationFinancial Flexibility•Robust liquidity to navigate volatility•Global funding diversificationInvestment Grade and outlookstatus by 3 major agenciesBaa3 Positive(May 2024) BBB-Positive(February 2025)BBB-Positive(June 2025) CONSERVATIVE FINANCIAL POLICY AIMING FOR RATING IMPROVEMENTFINANCIAL MANAGEMENT
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FINANCIAL MANAGEMENT 1Total Operational Disbursement. 2Variable TOD is composed of variable cash cost, variable maintenance capex and logistics operations, however, for margin analysis purposes, international logistics costs and expenses were excluded. 3Represents pulp price at Suzano’s Brazilian ports of operation. 4Includes forestry partnership agreements. 3.2x3.1x2.9x3.0x3.1x3.3x3.2x3.3x3.4x12.012.912.812.913.013.012.613.012.812.011.0 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 PREVIOUS NET DEBT TARGETCURRENT NET DEBT TARGET NET DEBT (US$ bn)NET DEBT/ ADJ. EBITDA IN US$ (x) TARGET< 2.5XDELEVERAGING PLANWORKING CAPITAL OPTIMIZATIONNON-CORE ASSETS SALEMINIMUM DIVIDEND PAYOUTMORE SELECTIVE SHARE BUYBACK TOD REDUCTION DISCRETIONARY CAPEX REDUCTION ADOPTING A MORE CONSERVATIVE APPROACH TOWARDS NET DEBT TARGET
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FINANCIAL MANAGEMENT Source: Suzano’s financial team, as of June 30, 2026 | Figures as % of gross debt | ¹ BOND 2028, BOND 2031, BOND 2032, Panda Bond and SLLs FundingSources Non-Trade Finance Related BankTrade Finance Related Bank21% International Capital Markets48% Local Capital Markets11%20% 26% 74%International LocalFundingCounterpartGreen Bond1%Sustainability Linked37%Traditional62%38%ESG1 GLOBAL AND DIVERSIFIED FUNDING SOURCES
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FINANCIAL MANAGEMENT MAIN ISSUANCES – 2025/2026 (US$ M) AVERAGE TENURE OF ISSUANCE (YEARS)Panda Bond 2027161SLL1,200Local debenture367Bi-lateral loan200Bi-lateral loan250Local debenture5262036 Bond1,000Local debenture523IFC A/B Loan950-90-80-70-60-50-40-30-20-10010 0.0 2.0 4.0 6.0 8.0 10.0BPS VERSUS US$ BOND CURVE AT DATE OF ISSUANCE (BPS) REINFORCING FUNDING COST AS A COMPETITIVE ADVANTAGEALL DEBT ISSUED/REFINANCED IN 2025/2026 BELOW OUR BOND CURVE - THE 2036 BOND ACHIEVED THE COMPANY’S LOWEST G-SPREAD EVER 9799102113116126136146172178190 Gerdau Vale Embraer JBS Votorantim SUZ Klabin Petrobrás Brazil Arauco CMPC WITH OPPORTUNITY FOR COMPRESSION IN SPREADS¹ Source: Bloomberg | Sustainability-Linked Loan | 1Peer comparison between G-spreads with maturities around 10 years | Suzano’s financial team, as of September 2026 GLOBAL AND DIVERSIFIED FUNDING SOURCES
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FINANCIAL MANAGEMENT 1Considers interest swap. FINANCIAL MANAGEMENT GUIDELINES1 YEAR AGO CURRENTAVERAGE TENOR(MONTHS)% OF DEBT MATURING IN LESS THAN 36 MONTHSCASH COVERAGE OF FINANCIAL OBLIGATIONS(MONTHS)RCF FOR TAILSCENARIOSFINANCIAL COVENANTS >70<30%>24NONE 74~20%~35IN PLACENONENONE 76~21%~45IN PLACE 4.5%4.9%5.1%5.0%5.1%3.0%3.7%4.5%4.2%4.3%2T22 2T23 2T24 2T25 2T6Average cost of debt (% p.a.)Average Treasury 7yr. in quarter (% p.a.)100.0%95.5%71.1%76.7%67%2T22 2T23 2T24 2T25 2T26 COST OF DEBT SHARE OF US$ DEBT IN FIXED INTEREST TERMS¹ (%) SECURING COMPETITIVE FUNDING COSTS, EVEN IN A HIGH INTEREST-RATE AND VOLATILE SCENARIO
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FINANCIAL MANAGEMENT (0.0)(2.4)(1.3)0.7 3.2 0.7 (0.0)1.1 1.9 2019 2020 2021 2022 2023 2024 2025 2026e 2027eActualForecast with FX@5.20¹ +0.9 US$/R$4.805.005.205.405.605.80 20261.71.51.41.21.00.8 20274.23.63.02.41.71.1 CASH BALANCEOF CASH FLOW HEDGING (ZCC + NDF) R$ bnCASH FLOWHEDGING RESULT SENSITIVITY TO FX (ZCC + NDF) R$ bnPROTECTING CASH FLOW EXPOSURE AGAINST FX RISK, WITH A CONSISTENT HEDGING POLICY 1Considers interest swap.
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FINANCIAL MANAGEMENT Source: Suzano’s financial team, as of December 31, 2025 2024 (R$ billion) 2026e (R$ billion) 2025 (R$ billion) 7.64.01.04.5 7.92.91.51.0 7.32.60.80.2 SustainingLand and ForestsExpansion, Modernization and othersCerrado Project R$17.1 Bn R$10.9 BnR$13.3 BnCAPEX UPDATE
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GROWTH WITH DISCIPLINE Yes Yes YesIs it investment with scale and growth opportunity? YesFit for investmentOther allocationsCash returnsDividendsShare buybackNet Debt reduction NoDoes it create or strengthens a competitive advantage? No No No Other value creation traits•Geographical diversification•Volatility reduction•Risks mitigation CAPITAL ALLOCATION – DECISION TREEIs the investment compliant with Suzano´s financial and sustainability policies?Does it offer adequate profitability and financial return? FINANCIAL MANAGEMENT
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BACKUPS
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MAINTENANCE SCHEDULE
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¹Includes integrated pulp (paper-grade and fluff) and paper capacities. | 2Veracel is a joint operation between Suzano (50%) and Stora Enso (50%) with total annual capacity of 1,120 thousand tons. |³ Capacity allocated to tissue production. Mill – Pulp Capacity2025 2026 20271Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27Aracruz – Mill A (ES) – 590 ktNo downtimeAracruz – Mill B (ES) – 830 ktAracruz – Mill C (ES) – 920 ktImperatriz – (MA)1– 1,650 ktJacareí (SP) – 1,100 ktLimeira (SP)1– 690 ktMucuri Mill 1 (BA)1– 610 ktMucuri Mill 1 (BA)¹ – 1,130 ktRibas do Rio Pardo (MS) – 2,550 ktSuzano (SP)1– 620 ktTrês Lagoas – Mill 1 (MS) – 1,300 ktTrês Lagoas – Mill 2 (MS) – 1,950 ktVeracel (BA)2– 560 kt MAINTENANCE DOWNTIMESSCHEDULE Mogi das Cruzes (SP)³– 130 ktPine Bluff (USA)1– 420 kt No downtimeNo downtimeNo downtimeNo downtime No downtimeNo downtimeNo downtimeNo downtimeNo downtime
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PULPMARKET
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26418073674475216107 24 4638 10 Paper Production¹ 7 Fiber Consumption² Virgin Pulp³43Market Pulp4Bleached Chemical Pulp (BCP)PackagingP&WTissueNewsprintOther4324031807367RecycledNon-Wood VirginIntegratedBCPMarket Required Fiber AmountMMton MechanicalUKPBSKPBHKP Source(s): ¹AFRY (December 2025), ²AFRY (December 2025) + Hawkins Wright (April 2026); ³ AFRY 2024 + Hawkins Wright (April 2026); 4PPPC (G100 – March 2026). Furnish also includes Chemicals, which are not depicted above. PAPER & BOARD PRODUCTION AND FIBER FURNISH
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China’s Share of Market Pulp21%28%33%37%35%41%05,00010,00015,00020,00025,00030,000 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 2010 2013 2016 2019 2022 2025 EucalyptusHardwoodTotal% China vs. Global Market Pulp China’s demand of BHKP by Country in million tons18,80912,3933,4792,93714,4589,3162,8382,304BHKP Total LATAM/South Africa/New Zealand Indonesia Others¹2025 Source: PPPC – G100 (Mar/26). | 1Includes China, Japan, Malaysia, Russia, Thailand, Vietnam, USA, Canada and Western Europe CHINESE GROWTH 2022
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Source: ¹PPPC – SRN (May/2026), ²PPPC World Tissue (Dec/2025) and Chinese Demand Report; ³Afry (2024) Chinese Market Pulp Demand¹In million tons 17.128.5 1.1p/y Tissue Consumption per Capita 2024³In kgs per year23.715.815.19.97.27.01.60.9North America Western Europe Japan China Eastern Europe Latin America Rest of Asia Other Tissue Demand By Main Regions²In million tons 20152025991010101011118999999988899999445555551010111111121212202120222023202420252026e 2027e 2028e4041424344454647 China Latin AmericaNorth AmericaEuropeRest of the World MARKET DYNAMICS SUPPORTED BY CHINA AND TISSUE
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Source: PPPC – SRN (Mar/2026) Global Market Pulp DemandIn million tons50.057.066.369.6 201020152020 +1.4/y+1.8/y+0.6/y Softwood22.224.325.923.72010 2015 2020 2025+0.4/y+0.3/y-0.4/y Hardwood25.130.837.941.42010 2015 2020 2025+1.1/y+1.4/y+0.7/y CONSISTENT GROWTH ON GLOBAL PULP DEMAND 2025
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Source: AFRY (Dec, 2025), Suzano BI Demand Growth 2024-2035e in million tons P&W Tissue Cartonboards Containerboard Specialties GLOBAL END USE CONSUMPTION GROWTH 4659210332024 834760214332025e 814861218342026e 794962221342027e 775063225352028e 755165229352029e 735266233362030e 715367237362031e 705469241372032e 685670246372033e 665771250 85 2034e 655873254382035e 432437 38 446450455460465471476482488441
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Source: Bloomberg. September 2026 Historical Volatility (US$) 14%18%19%20%25%28%35%40% BHKP LME Metais Cattle Soy Copper Sugar Nickel Crude Oil PULP: LOWER VOLATILITY WHEN COMPARED TO OTHER COMMODITIES
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FINANCE
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2020 onwards3 :Adjusted Balance Sheet to fair value² (EBT reduction)R$18.0 bn~R$1.2 bn annually R$25.9 bn ~R$2.0 bn annuallyGoodwill²(tax base reduction)R$7.9 bn~R$0.8 bn annuallyTotal TAX SYNERGY: DEAL WITH FIBRIA¹ ~R$0.6 bn of tax benefit/year1On top of the operational synergies. 2Based on PPA as disclosed on 2019 Financial Statements – Note 1.2 (1.2). 3Estimate considering 10 years fiscal amortization period.
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¹Based on PPA as disclosed on Financial Statements (ii) ²Benefit does not include CSLL (Social Contribution) reduction MaturityDescription and AmountAccording to assets maturityAnnual deduction: R$1.2 bn (based on 10yr average)(-)Deductible accounting expenseAs stated in the income statement(a) EBT2029(1)Annual deduction: R$790 MN (based on 10yr average)Tax benefit: ~R$270 MN(-)(b) Goodwill(Fibria acquisition)--------------------(+/-)(c) Exchange variation (cash)--------------------(+/-)(d) Other(a) + (b) + (c) + (d)Tax base before compensationsUndefined- Up to 30% of tax base before compensations- Balance up to Jun/26: R$4.8 billion (base)(e) (-) Tax loss carryforward----------Tax base before compensations – tax loss carryforward (e)(f) Tax base----------Tax base (f) * 34%(g) Income tax2030 – Portocel2031 – Aracruz2032 – Mucuri and Imperatriz2033 – Itacel (Terminal Itaqui)2033 – Veracel2034 – Belém75% reduction of the annual payable Income Tax²(h) (-) SUDENE/SUDAMUndefinedBalance Jun/2026:- Withholding tax (IR and CSLL): R$905 million- Reintegra: R$74 million(i) (-) Federal tax creditsIncome Tax (g) – SUDENE/SUDAM (h) - Tax Credits (i)Cash Tax SUZANO’S TAX STRUCTURE
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¹Sensitivity at each R$0.10/US$ variation for 12 months period; ²Net exposure as of June 2026. 27% USD11% USD26% USD79% USDRevenueCash COGSCash SG&ASustaining CapexSensitivity¹ ~ R$670 millionEBITDA~ R$580 millionOperational Cash Generation100% of hedging contracts with no margin calls FX RISK MANAGEMENTHedging PolicyOperating HedgeTarget:40% to 75% of the following 24 monthsCurrent:57% of net exposure2Debt HedgeTarget:Net debt 90%-110% denominated in USD
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1.7 M hadevoted to plantation eucalyptus1.2 M ha devoted to conservation purpose only+ 100% Constantly Monitored ALL SUZANO INDUSTRIAL UNITSARE CERTIFIED: •Forest Stewardship Council® (FSC®)¹ and/or CERFLOR® / PEFC •85% of Certified Areas using mosaic technique and landscape managementCOMMITTED TO ZERO DEFORESTATION•Operations only on already anthropized areas•Wood purchase policy and forest management plans•100% chain of custody certification •100% traceability: sourcing and supply of wood •New position paper available on our website•Aiming for biodiversity maintenance / enrichment, soil conservation, carbon sequestration and stock, etc.•Committed to responsible water use http://centraldeindicadores.suzano.com.br/en/tcfd/¹License code FSC-C010014 SUSTAINABLE FORESTRY MODEL
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1Include eucalyptus and native areas. SP and MS states account for 58% of Suzano's operational forestry base. MONITORING TOWER CENTERA total of 133 towers among all sitesREAL TIME MONITORINGSatellite coverage on 100% of the areaPREDICTION MODELSForecast of fire direction to better allocate fire brigade fleet 0.610.38 2019-2023 (avg)2024Averageresponse time:30 minutes(from detection to fighting) CHALLENGE: CLIMATE UNCERTAINTIES & IMPACTSEFFECTIVE FIRE PROTECTION SYSTEM
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•100% OF THE WOOD USED IN THE PRODUCTION PROCESS IS CONTROLLED (TRACEABILITY)•COMPLIANCE WITH THE CHAIN OF CUSTODY MANAGEMENT SYSTEMS FOREST STEWARDSHIP COUNCIL® (FSC®) AND CERFLOR® / PROGRAMME FOR THE ENDORSEMENT OF FOREST CERTIFICATION (PEFC)•85% OF CERTIFIED AREAS USING MOSAIC TECHNIQUE AND LANDSCAPE MANAGEMENTIllegally harvested woodWood harvested in violation of traditional and human rightsWood harvested in forests where high conservation values are threatened by management activities1 2 3 4 5Wood harvested in forests being converted to plantations ornon-forest useWood from forests in which genetically modified trees are planted WOOD PURCHASE POLICY
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•Suzano has no genetically modified trees deployed in commercial operations at this time. •Plant biotechnology to improve forest yieldand forest protection.•FuturaGene undertakes extensive biosafety evaluationof new varieties, including human and animal safety and environmental impact, under normative determined by the National Biosafety Technical Commission (CTNBio).•Environmental impact assessmentprotocol of CTNBioincludes studies to evaluate if the GM variety impactsthe environment differently from conventional varieties.•Policy of open dialogue withmultiple stakeholderswith respect to the Suzano’s GM program (including NGOs, certification bodies, smallholder farmers,agricultural associations and customers). GMO
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RETURNS AS TREATED EFFLUENT80%PULP AND PAPERPRODUCTIONEVAPORATIONPULP AND PAPERFINAL PRODUCTRECIRCULATIONOF AROUND 5 TIMES20% •SUZANO RETURNS ABOUT 80% OF THE WATER WITHDRAWN FROM THE RIVER AS TREATED EFFLUENT.•HIGH EFFICIENCY IN THE USE OF WATER – WITHDRAW IS BELOW THE BAT OF IPPC(INTEGRATED POLLUTION PREVENTION AND CONTROL), WHICH IS WITHIN 30-50M³/ADT. WATER: WATER BODY (RIVERS)
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Presence in Brazil 200+ municipalities (counties)12.5 MILLIONPEOPLEThese municipalities have a total population of3.3 MILLIONPEOPLEOf these, there arebelow the poverty line2030 GOAL:200KPEOPLElifted out of povertyof the total poor population of our high-priority municipalities20%1,600+ COMMUNITIESAround our operations:TRADITIONAL COMMUNITIES:131Indigenous people, quilombolas, among others SOCIAL INVESTMENTStrategic instrument to generate andshare valueThe generation of work and income, associated with the improvement of education, are catalysts for social development SUZANO’S CONTEXT
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Modernization CAPEX Scoring75% 25%FINANCIAL PARAMETERSNet present value PaybackCost of carbon emissions is incorporated into financial analysis, to assess risks of future public policies that may increase costs for the company.Shadow priceViability assessment, to determine under which carbon market scenario the project under analysis becomes accretive.Enabling price Impacts onCommitmentsto Renewing LifeQualitative &quantitativeparameters CAPITAL ALLOCATIONESG CRITERIA IN DECISION MAKING PROCESS
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THANK YOUir.suzano.com.br