Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — Investor Day (December 2025)
63 slides from Suzano's investor day presentation, Dec 11, 2025
Slide 1: Investor Day 2025
9Y suzano INVESTOR DY 2025 B3LISTEDNM NYSE
Slide 2: Disclaimer
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,” “wo
Slide 3: Beto Abreu, CEO
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Slide 4: New competitive landscape highlights need for more focused goals
• PULP CAPACITY EXPANSION 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 New competitive landscape highlights the need for more focused goals, to drive va
Slide 5: Strategic levers: enhancing competitiveness and growth with discipline
• 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 S T R A T E G IC L E V E R S F O C U S T O T H E N E X T 2 -3 Y E A R S ENHANCIN
Slide 6: Strategic levers and focus for the next 2-3 years
S T R A T E G IC L E V E R S • 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 F O C U S T O T H E N E X T 2 -3 Y E A R S • DELEVE
Slide 7: Leonardo Grimaldi, Pulp Commercial and Logistics
LEONARDO GRIMALDI Executive Vice-President of Pulp Commercial and Logistics
Slide 8: Organic growth: market BHKP continues positive trend
Sources: Suzano BI, PPPC, Hawkins Wright. PULP & PAPER MARKET 2024 2029e 41.4 45.9 CAGR 2024-2029 (%) +2.1% # 0 0 C 8 5 A # 0 3 2 6 7 F # D 5 5 E 4 E # 4 B 2 D 3 2 # A E A B 9 E # E B E B E B # 1 9 3 2 C 8 # 9 1 7 1 4 B # B 4 4 B 5 A # 0 0 7 8 3 6 # C 8 9 1 0 F Organic growth: market BHKP continues
Slide 9: Organic growth by region and grade
Sources: Suzano BI, PPPC, Hawkins Wright. PULP & PAPER MARKET 2024 2029e 41.4 45.9 CAGR 2024-2029 (%) +2.1% # 0 0 C 8 5 A # 0 3 2 6 7 F # D 5 5 E 4 E # 4 B 2 D 3 2 # A E A B 9 E # E B E B E B # 1 9 3 2 C 8 # 9 1 7 1 4 B # B 4 4 B 5 A # 0 0 7 8 3 6 # C 8 9 1 0 F +4.5 BHKP Organic Growth (Mt) CAGR 202
Slide 10: F2F trend expands: BHKP gains market share in BCP
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 Share in World Bleached Chemical Pulp Demand (%) BHKP annual share gain over BSKP (p.p.) Total
Slide 11: New confirmed BHKP integrated capacity
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
Slide 12: Hardwood market pulp demand and additional upside
Hardwood market pulp demand (Mt)1 Additional Fiber-to-Fiber PULP & PAPER MARKET 41.4 48.9 44.54.4 2024 4.5 Organic 3.0 F2F 2029e Net Verticalization Effect 2029e 1 Integrated O.R. Asia assumption = 75% related to confirmed projects. Integrated O.R. RoW assumption = 90%. Closure estimate of 0.3 Mt/ye
Slide 13: BHKP supply addition and demand over capacity
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: PULP & PAPER MARKET 46.5 4.0 2024 Net Change 2029e 50.5 BHKP Supply addition and demand
Slide 14: What should be expected to balance oversupply scenario?
PULP & PAPER MARKET What should be expected to balance oversupply scenario? MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes PERMANENT CLOSURES COULD RETURN TO HISTORICAL LEVELS Sources: ¹Suzano BI | ²Afry
Slide 15: What should be expected to balance oversupply scenario?
PULP & PAPER MARKET What should be expected to balance oversupply scenario? MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes PERMANENT CLOSURES COULD RETURN TO HISTORICAL LEVELS BCP UNPLANNED DOWNTIMES¹ (Mt) HIGHER UNEXPECTED/
Slide 16: What should be expected to balance oversupply scenario?
PULP & PAPER MARKET What should be expected to balance oversupply scenario? MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes PERMANENT CLOSURES COULD RETURN TO HISTORICAL LEVELS BCP UNPLANNED DOWNTIMES¹ (Mt) HIGHER UNEXPECTED/
Slide 17: What should be expected to balance oversupply scenario?
5.2 6.0 Integrated BHKP Market BHKP PULP & PAPER MARKET What should be expected to balance oversupply scenario? MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes PERMANENT CLOSURES COULD RETURN TO HISTORICAL LEVELS BCP UNPLANNE
Slide 18: What should be expected to balance oversupply scenario?
PULP & PAPER MARKET What should be expected to balance oversupply scenario? MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) -2.3 2021 - 2023 -1.0 2024 2025e -0.6 New Capacities Closures Capacity Net Changes PERMANENT CLOSURES COULD RETURN TO HISTORICAL LEVELS BCP UNPLANNED DOWNTIMES¹ (Mt) HIGHER UNEXPECTED/
Slide 19: Vertical integration and new capacity will add pressure
PULP & PAPER MARKET Vertical integration and new market pulp capacity will add pressure in coming years CIF China - Cash Cost & Loss Making per player | BHKP CIF China - Cash Cost & Loss Making per player | BSKP Sources: Suzano BI. Hawkins Wright and Fisher | Loss making capacities (percentages and
Slide 20: Suzano as protagonist to increase addressable BHKP market with F2F
SUZANO AS PROTAGONIST TO INCREASE THE ADRESSABLE BHKP MARKET WITH F2F PULP & PAPER MARKET
Slide 21: Room for BHKP to advance share in all segments
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
Slide 22: Partners in the fiber transition
…with a comprehensive and distinctive service portfolio …. CUSTOMER’S MILL DIAGNOSIS TRAINING SESSIONS GUIDED VISIT TO SUZANO 100% EUCA FACILITIES INDUSTRIAL RUN WITH ON-SITE TECHNICAL SUPPORT PILOT TRIALS 2024 2025 Customers 25 >70 MILLS <50 >100 PULP & PAPER MARKET Partners in the fiber transition
Slide 23: Customer projects delivering measurable results
Average HW increase in a selected group of customers developing projects with Suzano (%) PULP & PAPER MARKET Before development project 83% 95% After development project Process enhancements that delivered refining energy savings of up to 35%. 12 p.p. Fiber furnish replacement that reached up to 5%
Slide 24: Eucastrong platform approaching softwood performance
1. Softwood fibers has different qualities (strength) 3. Eucastrong products are innovation products designed to reduce the distance between Euca fibers from the best SW in the market; 2. Suzano regular products already surpass a good portion of the SWs in the market; Messages: PULP & PAPER MARKET 8
Slide 25: Suzano as protagonist to increase addressable BHKP market with fluff
PULP & PAPER MARKET SUZANO AS PROTAGONIST TO INCREASE THE ADRESSABLE BHKP MARKET WITH FLUFF
Slide 26: Eucafluff expansion: on time, on budget
PULP & PAPER MARKET EXPANSION: ON TIME, ON BUDGET Physical progress: 98% Financial progress: 91% 4X MORE PRODUCTION CAPACITY: 340 KT/Y additional volume Project conclusion: Dec/2025 Eucafluff® 10 years of innovation, from pioneering to expansion 2026 Focus: Homologation process
Slide 27: Pulp & Paper Market
PULP & PAPER MARKET
Slide 28: Luis Bueno, Consumer Goods
LUIS BUENO Executive Vice-President of Consumer Goods
Slide 29: Brazil business: 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
Slide 30: Scaling competitive advantages in Brazil tissue
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 PA
Slide 31: Joint venture with K-C: business overview
GROWTH WITH DISCIPLINE TIMELINE AND BUSINESS MODEL ~9,000 FTEs 1.0 Mt Tissue Total Capacity ~US$0.5 bn Pro forma Adj. EBITDA2 ~US$3.3 bn Pro forma Net revenues2 JV NewCo B.V.³ 51% 49% 1Considers Suzano + K-C volume capacity. 2Pro forma net revenues and adjusted EBITDA 2024 consider non-recurring eff
Slide 32: Joint venture with K-C: value creation ambition
New Culture Incentive System Performance Management P&L Accountability by Region Key Enablers GROWTH WITH DISCIPLINE 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 su
Slide 33: Fabio Almeida, Paper and Packaging
FABIO ALMEIDA Executive Vice-President of Paper and Packaging
Slide 34: Paper and packaging business overview
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
Slide 35: The U.S. paperboard market is the best place to be
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 GROWTH WITH DISCIPLINE US MARKET OVERVIEW² ASIA SYMBOL ND PAPER APP BILLERUD MM GROUP STORA ENSO S. WESTROCK CMPC KLABIN CLEARWATER S.
Slide 36: US operations set for medium and long-term strategy
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 Improved performance (2024 – 2025) Medium-term plan (2026 - 2029) Without CAPEX • Effic
Slide 37: Cost reduction initiatives in paper and packaging
2026 R$80M to R$115M in total cost reduction¹ ENHANCING COMPETITIVENESS Cost reduction initiatives Driving competitiveness through two key fronts: leveraging artificial intelligence and optimizing processes to reduce costs Reducing costs through operational efficiency, including energy savings LIMEI
Slide 38: Douglas Lazaretti, Forestry
DOUGLAS LAZARETTI Executive Vice-President of Forestry
Slide 39: Climate change: risk of lower Eucawood per hectare
ENHANCING COMPETITIVENESS 1Binkley, D. et al. (2017). “The interactions of climate, spacing and genetics on clonal Eucalyptus plantations across Brazil and Uruguay”. For.Ecol.Manag.Vol.1,271-283. ANNUAL RAINFALL – SUZANO’S FORESTRY REGIONS (mm - base 100) 100% 97% 93% 91% 76% 78% Historical average
Slide 40: First pillar: unique forestry capability
ENHANCING COMPETITIVENESS 1Consolidated forestry base productivity, adjusted to eliminate the effect of uneven expansion of planted area by region and ensure historical comparability. 44% 42% 47% 66% 80% 56% 58% 53% 34% 20% 2021 2022 2023 2024 2025e PLANTING YEAR MOST PLANTED MARKET CLONE (AEC0144)
Slide 41: Second pillar: discipline in execution
ENHANCING COMPETITIVENESS AVERAGE DISTANCE FROM EUCAFARM TO MILL (KM) 165 165 151 151 150 73% 83% 82% 83% 88% 27% 17% 12%17% 18% THIRD PARTY2 OWN3 2025e 2026 2027 2028-2029 2030-2032 6% Spot market 6% PartnershipWOOD SOURCE BREAKDOWN (%) 1Total Operational Disbursement. 2Third party wood: forestry p
Slide 42: Third pillar: Eucawood swap with Eldorado
ENHANCING COMPETITIVENESS Third Pillar: Identifying and unlocking strategic opportunities Eucawood swap transaction with Eldorado delivers attractive return 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 ANNUA
Slide 43: Aires Galhardo, Pulp Operations
AIRES GALHARDO Executive Vice-President of Pulp Operations
Slide 44: Ribas do Rio Pardo mill: operational performance
Ribas do Rio Pardo mill: operational performance Higher than expected efficiency and potential for more - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Daily production Expected +16% FIRST 12 MONTHS OF
Slide 45: Ribas do Rio Pardo mill: operational performance
Ribas do Rio Pardo mill: operational performance Higher than expected efficiency and potential for more - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Daily production Expected +16% FIRST 12 MONTHS OF
Slide 46: Competitiveness acceleration program
ENHANCING COMPETITIVENESS Competitiveness acceleration program Ambition: accelerate and expand Suzano's structural competitiveness PRIORITIZED INITIATIVES 40 IDENTIFIED INITIATIVES 77 DIVIDED INTO 8 VALUE JOURNEYS ACROSS THE CHAIN Genetics and planting strategy 1 Operational transformation of silvic
Slide 47: Examples of prioritized initiatives with TOD capture
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 mo
Slide 48: Total Operational Disbursement (TOD) outlook
875 871 787 690 704 66 (46) (147) 677 618 534 520 2,183 2,110 1,983 TOD 2024 TOD LTM 3Q25 Inflation 2026² FX Competitiveness Initiatives TOD 2027 Cash Cost (including downtimes) Cash SG&A + Freight Sustaining Capex US$405/t FX 5.70 Brent US$72/bbl Caustic soda US$431/t Forestry radius 165 km Third-p
Slide 49: Total Operational Disbursement (TOD): previous vs current 2027
Total Operational Disbursement (TOD1) (R$/t) ENHANCING COMPETITIVENESS ¹Total operational disbursement, including integrated pulp volumes. Considers expected production volume increased capacity from Ribas mill (+150kt). Does not include Suzano mill; 2Deviation from inflation forecast for 2025 + inf
Slide 50: Maria Luiza Paiva, Sustainability, Communication and Brand
MARIA LUIZA PAIVA Executive Vice-President of Sustainability, Communication and Brand
Slide 51: Sustainability embedded in business model through three pillars
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 O
Slide 52: Sustainability targets: nature, climate, social
NATURE CLIMATE SOCIAL Certificações Regulações Padrões Internacionais ESG Note: Progress based on 2024. 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
Slide 53: Marcos Assumpção, Finance and Investor Relations
MARCOS ASSUMPÇÃO Executive Vice-President of Finance and Investor Relations
Slide 54: Guaranteeing value creation for every tonnage produced
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. 4In
Slide 55: Adopting a more conservative approach towards net debt target
FINANCIAL MANAGEMENT 3.5x 3.2x 3.1x 2.9x 3.0x 3.1x 3.3x 11.9 12.0 12.9 12.8 12.9 13.0 13.0 12.0 11.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 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
Slide 56: Reinforcing funding cost as a competitive advantage
FINANCIAL MANAGEMENT MAIN ISSUANCES – 2025 (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 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 0.0 2.0 4.0 6.0 8.0 10.0 B P S V E R S U S U S
Slide 57: Securing competitive funding costs
FINANCIAL MANAGEMENT 4.3% 4.7% 5.1% 4.9% 5.0% 1.1% 3.2% 4.2% 3.9% 4.0% 3Q21 3Q22 3Q23 3Q24 3Q25 Average cost of debt (% p.a.) Average Treasury 7yr. in quarter (% p.a.) 93.8% 100.0% 95.3% 81.6% 87.0% 3Q21 3Q22 3Q23 3Q24 3Q25 FINANCIAL MANAGEMENT GUIDELINES 1 YEAR AGO CURRENT AVERAGE TENOR (MONTHS) %
Slide 58: Protecting cash flow exposure against FX risk
FINANCIAL MANAGEMENT CASH BALANCE OF CASH FLOW HEDGING (ZCC + NDF) R$ bn CASH FLOW HEDGING RESULT SENSITIVITY TO FX (ZCC + NDF) R$ bn (0.0) (2.4) (1.3) 0.7 3.2 0.7 (0.0) 0.0 0.9 1.7 2019 2020 2021 2022 2023 2024 9M25 4Q25 2026 2027 Actual Forecast with FX@5.32¹ +0.9 Note: ZCC = Zero-cost collar NDF
Slide 59: Beto Abreu, CEO
LY SUZGNO BETO ABREU INVESTOR DGY 2025 ceo suzB. Ss BSLISTEDNM NYSE
Slide 60: A clear strategic roadmap
A Clear Strategic Roadmap Strengthening Competitive Edge Capture value from capital allocations In place Positioning for leadership in a changing landscape Mudar o already done
Slide 61: Suzano
sSUZaNO
Slide 62: Q&A
Q&A BETO ABREU CEO LEONARDO GRIMALDI Executive VP of Pulp Commercial and Logistics MARIA LUIZA PAIVA Executive VP of Sustainability, Communication and Brand LUIS BUENO Executive VP of Consumer Goods FABIO ALMEIDA Executive VP of Paper and Packaging DOUGLAS LAZARETTI Executive VP of Forestry MARCOS A
Slide 63: Investor Day 2025
9Y suzano INVESTOR DAY 2025 suz SUZB B3LISTEDNM NYSE