Slides
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UBS Global Materials Conference September 2026
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This presentation contains what are considered “forward-looking statements,” as defined in Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with words such 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 factors or trends that influence the financial situation, liquidity or operational results. Such statements reflect the current view of the management and are subject to diverse risks and uncertainties. These are qualified in accordance with the inherent risks and uncertainties involving future expectations in general, and actual results could differ materially from those currently anticipated due to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on diverse assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Suzano does not undertake any obligation to update any such forward-looking statements as a result of new information, future events or otherwise, except as expressly required by law. All forward-looking statements in this presentation are covered in their entirety by this disclaimer. In addition, this presentation contains some financial indicators that are not recognized by the BR GAAP or IFRS. These indicators do not 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 separately or as a replacement for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS. Disclaimer
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COMPANY OVERVIEW BUSINESS STRATEGY FINANCIAL MANAGEMENT
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FINANCIAL MANAGEMENT COMPANY OVERVIEW BUSINESS STRATEGY
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ROBUST GOVERNANCE IN PLACE Board of Directors APPOINTMENT OF RISK EXPERT 9 Members 44% Independent members 22% of Women Supported by Committees • Audit (Statutory) • People • Appointment and Compensation • Sustainability • Strategy and Innovation • Management and Finance Listed 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 billion¹ Adjusted EBITDA: US$3.8 billion¹ Adjusted EBITDA margin: 42% Net Debt: US$12.8 billion Net 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 1ST CLASS 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 BUSINESS OUR 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 COMPANY OVERVIEW BUSINESS STRATEGY
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¹Source: Hawkins Wright, December 2025. Market pulp capacity including hardwood and softwood volumes. Hardwood | CIF China | USD/ton and Production Capacity (Mt)¹ Softwood | CIF China | USD/ton and Production Capacity (Mt) Top 101 Brazil 23.2 (50%) Indonesia 4.7 (10%) Chile/Uruguay 8.2 (18%) China 3.0 (6%) Iberia 2.5 (5%) Eastern Europe 1.3 (3%) 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Other Asia 0.6 (1%) Japan 0.7 (1%) Belgium/France 0.5 (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%) Sweden 3.9 (14%) East Canada 1.3 (5%) Int. West Canada 2.4 (9%) Coastal BC 1.2 (4%) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Japan 0.3 (1%) 2.5 2.5 3.5 3.0 4.0 4.4 4.4 4.6 4.8 13.4 Ilim Pulp IP Domtar (PE) APP Metsä CMPC APRIL + Symbol + Bracell Arauco UPM Suzano UNDISPUTABLE COMPETITIVENESS IN THE PULP INDUSTRY
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Key attributes & Risk exposure mitigants Chemicals Diesel Natural Gas and Bunker oil Ocean Freight Hedging portfolio Inside the fence operations and well-structured contracts Long term contracts and fully dedicated vessels Petrobras-based pricing contracts 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 < 2.5X2 TOD¹ REDUCTION • EXTRACT VALUE FROM PREVIOUS CAPITAL ALLOCATION DECISIONS • ACCELERATE FIBER-TO-FIBER STRATEGY ENHANCING COMPETITIVENESS 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 NATURE RESTORATION AND CONSERVATION CLIMATE RESILIENCE AND MITIGATION SOCIAL DEVELOPMENT AND INCLUSION INDUSTRIAL AND LOGISTICS ECO-EFFICIENCY: EMISSIONS REDUCTION FORESTRY BASE: GENETIC INNOVATION AND MANAGEMENT ENHANCING CARBON CAPTURE LOCAL 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-LIST WATER A- CLIMATE B
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NATURE CLIMATE SOCIAL PROMOTE PRODUCTIVE INCLUSION CONTRIBUTE TO LIFTING 200,000 PEOPLE OUT OF POVERTY IN OUR AREAS OF OPERATION BY 2030. CARING FOR WATER INCREASE WATER AVAILABILITY THROUGH 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 BIODIVERSITY CONNECT 500,000 HECTARES OF CERRADO, ATLANTIC FOREST AND AMAZON FRAGMENTS BY 2030. COMBAT THE CLIMATE CRISIS REDUCE 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)1 41.4 48.9 44.54.4 2024 4.5 Organic 3.0 F2F 2029e Net Verticalization Effect 2029e Additional Fiber-to-Fiber Fossil-to-Fiber MARKET BHKP DEMAND
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PULP & PAPER MARKET Sources: Suzano BI, PPPC, Hawkins Wright. BHKP Organic Growth (Mt) 2024 2029e 41.4 45.9 CAGR 2024-2029 (%) +2.1% +4.5 Organic Growth (Mt) by Region Organic Growth (Mt) by Grade CAGR 2024-2029 (%) 43% 23% 9% 7% 18% 2024 44% 21% 8% 7% 19% 2029e China Europe North America LatAm Others 41.4 45.9 +3.0% +0.2% +0.4% +2.3% +2.9% 11% 19% 18% 51% 2024 12% 16% 19% 53% 2029e Cartonboard P&W Specialties Tissue 41.4 45.9 +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 Average 2022 2023 2024 2025e 0.6 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 2025e BSKP BHKP BHKP Organic Growth (Mt) BHKP annual share gain over BSKP (p.p.) Total Market BCP Demand 2025e: 67.7 Mt BHKP and BSKP Change in Demand - past 5 years (Mt) CAGR +2.2% CAGR -2.3% 37.9 41.4 26.0 23.7 2020 2024 BHKP BSKP 53.1% 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.p share increase in 5 years (Mt) Cartonboard P&W Specialties Tissue Fluff Total 7 11 11 30 6 65 BHKP consumption BSKP consumption 2 (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. 0.4 0.6 0.5 1.5 0.3 3.3 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 THE NEGATIVE • 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 players also become market pulp buyers • Woodchip price could pressure Chinese cash cost THE UNCERTAIN China Indonesia Guanxi 2 projects 1.1 Mt Shandong 3 projects 1.4 Mt Indonesia 1 project 1.4 Mt Jiangxi 1 project 0.7 Mt Hubei 1 project 0.6 Mt Chongqing 1 project 0.8 Mt 6.0 2025 - 2029 CONFIRMED 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 Sucuriú Main announced projects: • Bracell to dissolving pulp • Suzano Limeira to fluff pulp • Altri Biotek to dissolving pulp Main conversions: 46.5 4.0 2024 Net Change 2029e 50.5 Supply (Mt), Demand (Mt) and D/C (%) 91% 90% 87% 86% 88% 2025 2026 2027 2028 2029 44 48 42 47 41 47 43 50 45 50 Demand Capacity D/C (%) BHKP SUPPLY ADDITION AND DEMAND OVER CAPACITY INCOMING 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 levels MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes Higher unexpected/commercial downtimes level should be seen BCP UNPLANNED DOWNTIMES¹ (Mt) BCP - Unplanned 2021 2022 2023 2024 2025 2 3 3 2 1 Time to market of projects is unclear BHKP NEW CAPACITY IMPACT¹ (Mt) | 2025 to 2029 5.2 6.0 Integrated BHKP Market BHKP Competitiveness of integrated players in western markets are challenged VIRGIN PULP CONSUMPTION² (Mt) 38 25 25 14 52 108 North America Europe China Other Asia Latin America Others WHAT SHOULD BE EXPECTED TO BALANCE OVERSUPPLY SCENARIO?
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PULP & PAPER MARKET Source: Afry Smart | 2025 Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp Technical age, years PM capacity, 1000 t/a WEAK STRONG Suzano Asia/Oceania South America Europe/Africa North America Technical age, years PM capacity, 1000 t/a WEAK STRONG TECHNICAL AGE AND SCALE DRIVE PRODUCTION PLANNING 0510152025303540 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 Tres Lagoas Ribas do Rio Pardo Aracruz ImperatrizMucuri Jacarei LimeiraSuzano 0510152025303540 0 500 1.000 1.500 2.000 2.500 3.000 3.500
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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 - BHKP China - BHKP China - BHKP (CPI Ajusted) Capacity Additions (‘000 ton)(2) Pulp Prices - CIF Europe/China (US$/ton)(2) Cerrado Sucuriú Liansheng5 APP OKI II6 Bracell4 Guaíba Metsa Horizonte2 APP South Sumatra1 Klabin Guaíba II Oji Nantong Montes del Plata Eldorado Maranhão Chenming Zhanjiang APP Guangxi Rizhao Três Lagoas Kerinci PL3 Fray BentosSanta Fé Mucuri Nueva AldeaVeracel APP Hainan Valdivia Jacarei Aracruz MAPA3 UPM Uruguay 1Partially integrated production | 2Sources: Hawkins Wright, Pöyry and Suzano; PIX China List Price until April 2017 and PIX China Net Price afterwards 3Gross 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 PROTAGONIST TO INCREASE THE ADRESSABLE BHKP MARKET WITH FLUFF 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 volume Project conclusion: Dec/2025 2026 FOCUS: HOMOLOGATION PROCESS EUCAFLUFF® 10 YEARS OF INNOVATION, FROM PIONEERING TO EXPANSION EXPANSION: ON TIME, ON BUDGET Physical 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 2025 PLANTING YEAR MOST PLANTED MARKET CLONE (AEC0144) SUZANO’S CLONES 102 2025e Genetic Improvement Ambition 2034 Operations 30% Silviculture 20% 50% EUCAWOOD PER HECTARE1 (BASE 100) 100 2023 107 to 113 MATO GROSSO DO SUL CASE STUDY Higher share with proprietary clones improving eucawood per hectare and forest resilience FIRST PILLAR: UNIQUE FORESTRY CAPABILITY NEW 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 FROM EUCAFARM TO MILL (KM) 164 165 151 151 150 THIRD PARTY2 OWN3 75% 83% 82% 83% 88% 25% 17% 12%17% 18% 2025 2026 2027 2028-2029 2030-2032 WOOD SOURCE BREAKDOWN (%) -14 km = ~R$170 million/year SECOND PILLAR: DISCIPLINE IN EXECUTION HIGHER SELF-SUFFICIENCY AND LOWER AVERAGE DISTANCE FOCUSED ON OPTIMIZING TOD¹ 6% Spot market 6% Partnership
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¹Real terms in BRL unleveraged (2025 currency). ENHANCING COMPETITIVENESS 18% net gain in eucawood standing 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 PROGRAM OPEX CAPEX OPTIONALITY TO INCREASE PULP PRODUCTION AT 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 OPPORTUNITIES EUCAWOOD 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) 2,570 2025e 2027e onwards ABOVE NOMINAL CAPACITY OF 2,550 OPERATIONAL EFFICIENCY + ASSET QUALITY NO 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 PERFORMANCE HIGHER THAN EXPECTED EFFICIENCY AND POTENTIAL FOR MORE
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¹Does not include planned downtime that occurred in February 2025. ENHANCING COMPETITIVENESS PRIORITIZED INITIATIVES 40 IDENTIFIED INITIATIVES 77 DIVIDED INTO 8 VALUE JOURNEYS ACROSS THE CHAIN Genetics and planting strategy 1 Operational transformation of silviculture and harvesting 2 Forest-mill-port logistics 3 Industry: systems, people and performance 4 Performance in outbound logistics 5 CROSS INITIATIVES Strategic intelligence of the end- to-end supply chain Organizational and process framework Supply management 6 7 8 Short-term 2026 Medium-term 2027 Long-term 2028+ 37% 33% 30% Number of Initiatives per period COMPETITIVENESS ACCELERATION PROGRAM AMBITION: ACCELERATE AND EXPAND SUZANO'S STRUCTURAL COMPETITIVENESS
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1Total Operational Disbursement. 2Sales and Operations Execution. ENHANCING COMPETITIVENESS Nursery operation model 18-29 R$/t Genetics and planting strategy 1 JOURNEY ESTIMATED 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 logistics 31-49 R$/t Forest-mill- port logistics JOURNEY ESTIMATED GAIN 2027 3 Offshore logistics operations enhancement 6-14 R$/t Performance in outbound logistics 5 JOURNEY ESTIMATED GAIN Improved S&OE2 Management for offshore cost efficiency 2027 Corporate expenditures optimization 13-16 R$/t Strategic intelligence of the end-to-end supply chain JOURNEY ESTIMATED GAIN Governance-led framework for cost efficiency and control 20266 COMPETITIVENESS ACCELERATION PROGRAM EXAMPLES 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 f rom 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 875 853 787 690 678 74 (31) (121) 677 618 531 520 2,183 2,062 1,983 TOD 2024 TOD 2025 Inflation 2026² FX Competitiveness Initiatives TOD 2027 Cash Cost (including downtimes) Cash SG&A + Freight Sustaining Capex US$405/t FX 5.59 Brent US$69/bbl Caustic soda US$403/t Forestry radius 164 km Third-party wood 25% FX 5.35 Brent US$70/bbl Caustic soda US$400/t Forestry radius 151 km Third-party wood 18% FX 5.39 Brent US$81/bbl Caustic soda US$393/t Forestry radius 187 km Third-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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2026 R$80M to R$115M in total cost reduction¹ Reducing costs through operational efficiency, including energy savings LIMEIRA MILL Optimizing the logistics network Driving freight efficiency and logistics optimization through effective contract management DIGESTERS Optimize digester performance and capture cost reductions Leveraging advanced optimization of recipe, basis weight, and pulp mill yield paper machines Paper Production ¹Paper & Packaging Business Unit in Brazil – No additional capex required. Optimization Artificial Intelligence ENHANCING COMPETITIVENESS COST REDUCTION INITIATIVES DRIVING COMPETITIVENESS THROUGH TWO KEY FRONTS: LEVERAGING ARTIFICIAL INTELLIGENCE AND OPTIMIZING PROCESSES TO REDUCE COSTS
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USA MILLS AND OFFICES ECUADOR DISTRIBUTION CENTER BRAZIL 4 MILLS 20 DISTRIBUTION CENTERS ARGENTINA DISTRIBUTION CENTER (STENFAR) EUROPE OFFICES AND TERMINALS CASH COST REFERENCE BOTH COUNTRIES WITH OPERATIONS IN THE TOP TWO QUARTILES UNIQUE BUSINESS MODEL LONG TERM CLIENTS IN THE US AND SERVING +40K CLIENTS IN BRAZIL DIRECTLY COMPETITIVENESS IN P&W STRONG CASH GENERATOR LPB FRESH MARKET LEADER IN THE US ENTRY INTO THE U.S. IN STRATEGIC MARKETS ALMOST HALF OF BUSINESS UNIT NET REVENUE IS NOW DRIVEN 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 - 2023 avg. 2024 2025 P&W PACKAGING GROWTH WITH DISCIPLINE PAPER AND PACKAGING BUSINESS OVERVIEW UNIQUE 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% 154 35 14 13 216Other PLAYERS TOP 3 PLAYERS Nº OF MKT. PLAYERS CAPACITY CONCENTRATION BY REGION¹ - Mt ASIA EUROPE LATAM NORTH AMERICA ASIA SYMBOL ND PAPER APP BILLERUD MM GROUP STORA ENSO S. WESTROCK CMPC KLABIN CLEARWATER S. WESTROCK GPK Source: ¹FisherSolver. ²Fastmarkets. 3Some products are subject to additional antidumping and countervailing duties. 4Jan. to Oct. PRICE EVOLUTION BY REGION US$/t 596 1,310 1,532 20152016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD4 US EUROPE CHINA 88% 11% Domestic production Consumption Profile Imports Others Imports Asia1% 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%3 10 Mt GROWTH WITH DISCIPLINE THE U.S. PAPERBOARD MARKET IS THE BEST PLACE TO BE CONSOLIDATED 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 Optimization With CAPEX¹ • Continuous digestor & Delignification Plant • Incremental capacity 100 94 79 7 8 6 Cash Cost 2024 Cash Cost 3Q25 Cash Cost to 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 STRATEGY MODERNIZATION 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$/t) -30% EXPECTED REDUCTION IN SEMI-FINISHED GOODS TRANSFER COST START-UP 3Q25 TO BE FURTHER IMPROVED WITH NEW ARACRUZ MILL (+60 kt) REGION YTD’24 YTD’25 NORTH/NORTHEAST #1 #1 SOUTHEAST #1 #1 CENTER-WEST #2 #2 SOUTH #5 #3 JUL/AUG 2024 SEP/OCT 2024 NOV/DEC 2024 JAN/FEB 2025 MAR/APR 2025 MAY/JUN 2025 JUL/AUG 2025 Price/Roll (R$/roll) | BRAZIL1 1.25 1.25 1.25 1.27 1.26 1.27 1.27 1.45 1.42 1.44 1.45 1.46 1.49 1.51 +4% +2% +18% OTHER PLAYERS SUZANO 3 YoY 23.3% 23.4% +3% VOLUME (t) REVENUE (R$) +5% Market Share Value (R$) | BRAZIL1 YTD ’24 YTD ’25 Suzano2 1Nielsen. 2Suzano’s BI. 3Considers the weighted average price — covering all Suzano brands in the toilet paper category. BRAZIL BUSINESS DESPITE 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 PERFORMANCE AND VALUE PERCEPTION 2b) DEVELOP HIGH VALUE-ADDED CATEGORIES Neve Toque das Ondas New Tissue Technology *Suzano’s exclusive technology in Brazil CONSUMERS APPROVED THE PRODUCT EXPERIENCE² 9.3/10 SCORE CONTRIBUTION MARGIN VS. TOILET PAPER WIPES NEVE ON THE GO +12% FACIAL TISSUE MIMMO TISSUE +129% DRY WIPES SCALA WIPES +119% BOOST INNOVATION2 PORTFOLIO TRADE-UP3 7% 18% 78% 77% 15% 5% Other Players 4Ply 3Ply 2 Ply 1 Ply Price Index³ Market 135% 100% 87% Value Mix (%)³ (3Ply / 4Ply) (2Ply) (1Ply) Q3’25 VS. Q2’25 Neve (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 BUSINESS SCALING 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 ~ 9,000 Employees 1.0 Mt Tissue Total Capacity Footprint 70+ countries with sales Operations 22 mills in 14 countries ~ US$0.5 bn Pro forma Adj. EBITDA1 ~ US$3.3 bn Pro forma Net Revenues1 EMEA (Europe, the Middle East and Africa) Italy, France, United Kingdom, Germany, Spain, Israel and South Africa APAC (Asia-Pacific) Australia, Malaysia, Thailand and Taiwan Central and South America El Salvador, Peru and Colombia 2 business segments Family Care & Professional 33% 21% 19% 16% 11% EMEA UK LatAm Asia Oceania Mills locations Revenues by region2 GROWTH WITH DISCIPLINE JOINT VENTURE NEWCO: BUSINESS OVERVIEW
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GROWTH WITH DISCIPLINE Arbex 51% 49% ACQUISITION VALUE: USD1.3 billion¹ (Call option for the 49% stake) Board of Directors consists of 5 members, with 3 appointed by Suzano CEO 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 countries with ~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 U SD 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 retains North America business and certain existing JVs outside the scope
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GROWTH WITH DISCIPLINE Net revenue by segment1 FY 2024, % Consumer Goods Paper and Packaging Pulp Suzano As-Is 79% 15% 6% Suzano+ JV (100%) Pro Forma 58% 11% 31% EBITDA by segment2 FY 2024, % Consumer Goods Paper and Packaging Pulp Suzano As-Is 87% 9% 4% Suzano+ JV (100%) Pro Forma 78% 8% 14% Net revenue by segment1 FY 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 System Performance Management P&L Accountability by 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 CULTURES INABILITY TO MANAGE TARGET UNABLE TO IMPLEMENT CHANGE SYNERGY NONEXISTENT OR OVERESTIMATED DID NOT ANTICIPATE FORSEEABLE EVENTS 1 2 3 4 5 67% of mergers experienced synergy delays due to cultural differences Management Process OEE IMPROVEMENTS (MACHINE, CONVERSION AND PRODUCT MIX) EFFICIENCY² ENERGY & CHEMICALS FIBER STRATEGY VARIABLE COSTS & MIX FREIGHT AND NETWORK OPTIMIZATION SUPPLY CHAIN INDUSTRY BEST PRACTICES BENCHMARK FOR STREAMLINING SG&A MAINTENANCE AND CAPEX OPTIMIZATION FIXED COSTS37% 34% 13% 12% 4% US$175 MILLION Value Creation Procurement Industrial G&A Logistics Other JOINT VENTURE WITH K-C: VALUE CREATION AMBITION PRE-SIGNING ESTIMATE UNDER REFINEMENT AND TO BE LED BY INDUSTRIAL AND PROCUREMENT LEVERS
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GROWTH WITH DISCIPLINE 1Nielsen Retail INA + C&C – Toilet Paper. 2Market Share Evolution Pre-Acquisition Jan/Feb 25 vs. May/Jun 23. 3Does not include pulp price change. SYNERGIES BREAKDOWN: G&A Industrial Logistics Supply Others 43% 21% 16% 16% 4% Consolidated Leadership¹ Toilet Paper Value Market Share Brazil Jan’Feb’25 24% Market Share evolution South and Southeast vs. Pre-Acquisition2 Distribution Expansion² • 5% increase in the number of points of sale over the past 12 months. • Leadership in Weighted Distribution (94%) Gain from Cost Efficiency Cash Cost3 -Mogi das Cruzes (R$/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 CAPTURED STRENGTHENING OF KEY COMPETITIVE ADVANTAGES
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COMPANY OVERVIEW 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%7.9 8.8 9.0 9.0 2023 2024 2025 LTM 2Q26 Asia Europe Americas - Ex Brazil Brazil End Use Pulp Others P&W 14% Tissue 64% Specialties 14% 8% 75% Pulp 11% P&W 8% Paperboard 6% Other Paper Net Revenues REVENUES MOSTLY FROM INTERNATIONAL MARKETS
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FINANCIAL MANAGEMENT ¹Operational Cash Generation = Adjusted EBITDA less cash Sustaining CAPEX. 23.8 21.7 20.1 4.4 3.9 3.8 50% 43% 42% 0 5 10 15 20 25 30 35 40 2024 2025 LTM 2Q26 Adjusted EBITDA and Margin R$ and US$ billion and (%) R$ billion US$ billion Margin % R$ billion US$ billion Margin % 16.2 13.9 12.5 3.0 2.5 2.4 2024 2025 LTM 2Q26 Operational Cash Generation¹ R$ and US$ billion ADJUSTED EBITDA AND OPERATIONAL CASH GENERATION
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Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) FINANCIAL MANAGEMENT PULP BUSINESS US$ R$ R$ MM R$/ton Margin % 3,269 2,835 2,897 2Q25 1Q26 2Q26 LTM 2Q26 12,303 2Q25 1Q26 2Q26 LTM 2Q26
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Average Net Price ($/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$/ton) Wood Input Fixed Cost Energy FX FINANCIAL MANAGEMENT CASH PRODUCTION COST Pulp Cash Cost – 2Q26 vs. 2Q25 (ex-downtimes – R$/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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54 ² Natural gas and VLSFO. Does not include Diesel.¹ Cost impact considers pre-conflict Brent price (2Q25 average) of US$68/bbl as the baseline. CONSERVATIVE FINANCIAL POLICY WITH COMMODITY HEDGING MITIGATES OIL- RELATED PRICE PRESSURES FINANCIAL MANAGEMENT
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Strong business profile Robust financial position Market Position • Global leader in market pulp • Increased earnings from ex-pulp businesses Competitive Position • Unmatched asset base • Enhanced diversification: global footprint and end-use Efficiency • Structural cost competitiveness increased by Cerrado Project Cash Flow & Leverage • Proven capacity to generate free cash flow throughout any market cycles Financial Policy • Strong growth maintaining controlled leverage • Discipline capital allocation Financial Flexibility • Robust liquidity to navigate volatility • Global funding diversification Investment Grade and outlook status by 3 major agencies Baa3 Positive (May 2024) BBB- Positive (February 2025) BBB- Positive (June 2025) CONSERVATIVE FINANCIAL POLICY AIMING FOR RATING IMPROVEMENT FINANCIAL MANAGEMENT
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FINANCIAL MANAGEMENT 1Total Operational Disbursement. 2Variable TOD is composed of variable cash cost, variable maintenance capex and logistics operations, however, for margin anal ysis purposes, international logistics costs and expenses were excluded. 3Represents pulp price at Suzano’s Brazilian ports of operation. 4Includes forestry partnership agreements. 3.2x 3.1x 2.9x 3.0x 3.1x 3.3x 3.2x 3.3x 3.4x 12.0 12.9 12.8 12.9 13.0 13.0 12.6 13.0 12.8 12.0 11.0 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 PREVIOUS NET DEBT TARGET CURRENT NET DEBT TARGET NET DEBT (US$ bn) NET DEBT/ ADJ. EBITDA IN US$ (x) TARGET < 2.5X DELEVERAGING PLAN WORKING CAPITAL OPTIMIZATION NON-CORE ASSETS SALE MINIMUM DIVIDEND PAYOUT MORE 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 Funding Sources Non-Trade Finance Related Bank Trade Finance Related Bank 21% International Capital Markets 48% Local Capital Markets 11% 20% 26% 74% International Local Funding Counterpart Green Bond 1% Sustainability Linked 37% Traditional 62% 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 2027 161 SLL 1,200 Local debenture 367 Bi-lateral loan 200 Bi-lateral loan 250 Local debenture 526 2036 Bond 1,000 Local debenture 523 IFC A/B Loan 950 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 0.0 2.0 4.0 6.0 8.0 10.0 BPS VERSUS US$ BOND CURVE AT DATE OF ISSUANCE (BPS) REINFORCING FUNDING COST AS A COMPETITIVE ADVANTAGE ALL DEBT ISSUED/REFINANCED IN 2025/2026 BELOW OUR BOND CURVE - THE 2036 BOND ACHIEVED THE COMPANY’S LOWEST G-SPREAD EVER 97 99 102 113 116 126 136 146 172 178 190 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 GUIDELINES 1 YEAR AGO CURRENT AVERAGE TENOR (MONTHS) % OF DEBT MATURING IN LESS THAN 36 MONTHS CASH COVERAGE OF FINANCIAL OBLIGATIONS (MONTHS) RCF FOR TAIL SCENARIOS FINANCIAL COVENANTS >70 <30% >24 NONE 74 ~20% ~35 IN PLACE NONE NONE 76 ~21% ~45 IN 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 2T6 Average 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 2027e Actual Forecast with FX@5.20¹ +0.9 US$/R$ 4.80 5.00 5.20 5.40 5.60 5.80 2026 1.7 1.5 1.4 1.2 1.0 0.8 2027 4.2 3.6 3.0 2.4 1.7 1.1 CASH BALANCE OF CASH FLOW HEDGING (ZCC + NDF) R$ bn CASH FLOW HEDGING RESULT SENSITIVITY TO FX (ZCC + NDF) R$ bn PROTECTING 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) 7.6 4.0 1.0 4.5 7.92.9 1.5 1.0 7.3 2.6 0.8 0.2 Sustaining Land and Forests Expansion, Modernization and others Cerrado Project R$17.1 Bn R$10.9 BnR$13.3 Bn CAPEX UPDATE
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GROWTH WITH DISCIPLINE Yes Yes Yes Is it investment with scale and growth opportunity? Yes Fit for investment Other allocations Cash returns Dividends Share buyback Net Debt reduction No Does it create or strengthens a competitive advantage? No No No Other value creation traits • Geographical diversification • Volatility reduction • Risks mitigation CAPITAL ALLOCATION – DECISION TREE Is 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 Capacity 2025 2026 2027 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 Aracruz – Mill A (ES) – 590 kt No downtime Aracruz – Mill B (ES) – 830 kt Aracruz – Mill C (ES) – 920 kt Imperatriz – (MA)1 – 1,650 kt Jacareí (SP) – 1,100 kt Limeira (SP)1 – 690 kt Mucuri Mill 1 (BA)1 – 610 kt Mucuri Mill 1 (BA)¹ – 1,130 kt Ribas do Rio Pardo (MS) – 2,550 kt Suzano (SP)1 – 620 kt Três Lagoas – Mill 1 (MS) – 1,300 kt Três Lagoas – Mill 2 (MS) – 1,950 kt Veracel (BA)2 – 560 kt MAINTENANCE DOWNTIMES SCHEDULE Mogi das Cruzes (SP)³ – 130 kt Pine Bluff (USA)1 – 420 kt No downtime No downtime No downtime No downtime No downtime No downtime No downtime No downtime No downtime
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PULP MARKET
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264 180 73 67 44 75 216 107 24 46 38 10 Paper Production¹ 7 Fiber Consumption² Virgin Pulp³ 4 3 Market Pulp4 Bleached Chemical Pulp (BCP) Packaging P&W Tissue Newsprint Other 432 403 180 73 67 Recycled Non-Wood Virgin Integrated BCPMarket Required Fiber Amount MMton Mechanical UKP BSKP BHKP Source(s): ¹AFRY (December 2025), ²AFRY (December 2025) + Hawkins Wright (April 2026); ³ AFRY 2024 + Hawkins Wright (April 2026); 4 PPPC (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 Pulp 21% 28% 33% 37% 35% 41% 0 5,000 10,000 15,000 20,000 25,000 30,000 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 Eucalyptus Hardwood Total % China vs. Global Market Pulp China’s demand of BHKP by Country in million tons 18,809 12,393 3,479 2,937 14,458 9,316 2,838 2,304 BHKP Total LATAM/South Africa/New Zealand Indonesia Others¹ 2025 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 Demand¹ In million tons 17.1 28.5 1.1 p/y Tissue Consumption per Capita 2024³ In kgs per year 23.7 15.8 15.1 9.9 7.2 7.0 1.6 0.9 North America Western Europe Japan China Eastern Europe Latin America Rest of Asia Other Tissue Demand By Main Regions² In million tons 2015 2025 9 9 10 10 10 10 11 11 8 9 9 9 9 9 9 9 8 8 8 9 9 9 9 94 4 5 5 5 5 5 510 10 11 11 11 12 12 12 2021 2022 2023 2024 2025 2026e 2027e 2028e 40 41 42 43 44 45 46 47 China Latin AmericaNorth America EuropeRest of the World MARKET DYNAMICS SUPPORTED BY CHINA AND TISSUE
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Source: PPPC – SRN (Mar/2026) Global Market Pulp Demand In million tons 50.0 57.0 66.3 69.6 2010 2015 2020 +1.4/y +1.8/y +0.6/y Softwood 22.2 24.3 25.9 23.7 2010 2015 2020 2025 +0.4/y +0.3/y -0.4/y Hardwood 25.1 30.8 37.9 41.4 2010 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 46 59 210 33 2024 83 47 60 214 33 2025e 81 48 61 218 34 2026e 79 49 62 221 34 2027e 77 50 63 225 35 2028e 75 51 65 229 35 2029e 73 52 66 233 36 2030e 71 53 67 237 36 2031e 70 54 69 241 37 2032e 68 56 70 246 37 2033e 66 57 71 250 85 2034e 65 58 73 254 38 2035e 432 437 38 446 450 455 460 465 471 476 482 488 441
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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 annually Goodwill² (tax base reduction) R$7.9 bn ~R$0.8 bn annually Total TAX SYNERGY: DEAL WITH FIBRIA¹ ~R$0.6 bn of tax benefit/year 1On 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 Description and Amount Maturity (-)Deductible accounting expense Annual deduction: R$1.2 bn (based on 10yr average) According to assets maturity (a) EBT As stated in the income statement (-)(b) Goodwill (Fibria acquisition) Annual deduction: R$790 MN (based on 10yr average) Tax benefit: ~R$270 MN 2029(1) (+/-)(c) Exchange variation (cash) ---------- ---------- (+/-)(d) Other ---------- ---------- Tax base before compensations (a) + (b) + (c) + (d) (e) (-) Tax loss carryforward - Up to 30% of tax base before compensations - Balance up to Jun/26: R$4.8 billion (base) Undefined (f) Tax base Tax base before compensations – tax loss carryforward (e) ---------- (g) Income tax Tax base (f) * 34% ---------- (h) (-) SUDENE/SUDAM 75% reduction of the annual payable Income Tax² 2030 – Portocel 2031 – Aracruz 2032 – Mucuri and Imperatriz 2033 – Itacel (Terminal Itaqui) 2033 – Veracel 2034 – Belém (i) (-) Federal tax credits Balance Jun/2026: - Withholding tax (IR and CSLL): R$905 million - Reintegra: R$74 million Undefined Cash Tax Income Tax (g) – SUDENE/SUDAM (h) - Tax Credits (i) 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% USD 11% USD 26% USD 79% USDRevenue Cash COGS Cash SG&A Sustaining Capex Sensitivity¹ ~ R$670 million EBITDA ~ R$580 million Operational Cash Generation 100% of hedging contracts with no margin calls FX RISK MANAGEMENT Hedging Policy Operating Hedge Target: 40% to 75% of the following 24 months Current: 57% of net exposure2 Debt Hedge Target: Net debt 90%-110% denominated in USD
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ESG
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1.7 M ha devoted to plantation eucalyptus 1.2 M ha devoted to conservation purpose only + 100% Constantly Monitored ALL SUZANO INDUSTRIAL UNITS ARE CERTIFIED: • Forest Stewardship Council® (FSC®)¹ and/or CERFLOR® / PEFC • 85% of Certified Areas using mosaic technique and landscape management COMMITTED 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 CENTER A total of 133 towers among all sites REAL TIME MONITORING Satellite coverage on 100% of the area PREDICTION MODELS Forecast of fire direction to better allocate fire brigade fleet 0.61 0.38 2019-2023 (avg) 2024 Average response time: 30 minutes (from detection to fighting) CHALLENGE: CLIMATE UNCERTAINTIES & IMPACTS EFFECTIVE 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 MANAGEMENT Illegally harvested wood Wood harvested in violation of traditional and human rights Wood harvested in forests where high conservation values are threatened by management activities 1 2 3 4 5 Wood harvested in forests being converted to plantations or non-forest use Wood 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 yield and forest protection. • FuturaGene undertakes extensive biosafety evaluation of new varieties, including human and animal safety and environmental impact, under normative determined by the National Biosafety Technical Commission (CTNBio). • Environmental impact assessment protocol of CTNBio includes studies to evaluate if the GM variety impacts the environment differently from conventional varieties. • Policy of open dialogue with multiple stakeholders with 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 EFFLUENT 80% PULP AND PAPER PRODUCTION EVAPORATION PULP AND PAPER FINAL PRODUCT RECIRCULATION OF AROUND 5 TIMES 20% • 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 MILLION PEOPLE These municipalities have a total population of 3.3 MILLION PEOPLE Of these, there are below the poverty line 2030 GOAL: 200K PEOPLE lifted out of poverty of the total poor population of our high- priority municipalities 20% 1,600+ COMMUNITIES Around our operations: TRADITIONAL COMMUNITIES:131 Indigenous people, quilombolas, among others SOCIAL INVESTMENT Strategic instrument to generate and share value The 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 Scoring 75% 25% FINANCIAL PARAMETERS Net present value Payback Cost of carbon emissions is incorporated into financial analysis, to assess risks of future public policies that may increase costs for the company. Shadow price Viability assessment, to determine under which carbon market scenario the project under analysis becomes accretive. Enabling price Impacts on Commitments to Renewing Life Qualitative & quantitative parameters CAPITAL ALLOCATION ESG CRITERIA IN DECISION MAKING PROCESS
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