Slide 1: Earnings Conference Call 2Q26
Earnings Conference Call 2Q26
Slide 2: Disclaimer
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,” “
Slide 3: Highlights
HIGHLIGHTS EBITDA benefited by higher prices and stronger volumes, with Adjusted Free Cash Flow of R$3.3 billion Sales Operating Financial Strategy Volume Performance Management Growth with discipline Pulp: Adjusted EBITDA2: Liquidity: R$4.7 billion 2.9 million tons US$6.9 billion (vs. R$4.6 billion
Slide 4: Paper and Packaging Business
PAPER AND PACKAGING BUSINESS Higher volumes and pricing in Brazilian Operations, while US operations impacted by scheduled maintenance downtime and oil-related inputs Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1,432 6,057 5,607 5,683 5,699 Brazilian operations 348 340 303 US operations (R$/to
Slide 5: Pulp Business
PULP BUSINESS EBITDA growth q-o-q mostly driven by higher prices, with volume growth constrained by lower production output and inventory rebuild Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) US$ R$ R$ MM R$/ton Margin % 12,303 1,645 1,431 1,
Slide 6: Pulp Business: Cash Cost
PULP BUSINESS Conflict-driven input cost pressures q/q, partially offset by higher operating efficiency and FX Pulp Cash Cost – 2Q26 vs. 1Q26 (ex-downtimes – R$/ton) +5% 802 (3) 843 24 39 (13) (6) 326 350 Commodities price effect: 338 +R$34/ton 370 181 179 (43) (56) 1Q26 Δ Wood Δ Input Δ Fixed Cost
Slide 7: Financial Management: Commodity hedging
FINANCIAL MANAGEMENT Commodity hedging mitigate the impact of oil price volatility Main oil-related 2Q26 vs. 2Q25 Coverage of potential hedge2 – exposure – ZCC (%) Brent price as of June 30, 2026 – US$73/bbl operations (R$ million)1 72.9 74.3 73.6 74.8 68.3 68.3 Cash cost Call Inbound logistics, fue
Slide 8: Financial Management: Operational hedging portfolio
FINANCIAL MANAGEMENT Strong operational hedging portfolio protects free cash flow over the next 2 years Average Portfolio Strikes Expected Cash Adjustments – ZCC (R$ million) FX @ 5.18 ¹ Jun. 30, 2026 7.47 7.44 7.33 6.11 7.05 6.89 6.84 6.70 6.61 Cash Put Call 6.14 adjustments Call 6.28 6.34 6.42 FX
Slide 9: Financial Management: Net debt and leverage
FINANCIAL MANAGEMENT Strong cash generation reduces net debt, while lower LTM EBITDA weighted on leverage Adjusted EBITDA LTM and Net Debt (US$ billion) EBITDA 3.9 3.8 Ajustado UDM (13.0) (12.8) 0,9 (0,5) 0,1 (0,2) (0,0) (0,1) Net debt Adjusted Total Working Accrued Net Dividends/ Others² Net Debt M
Slide 10: Looking forward
Looking forward o Pulp business commercial strategy 2H26: stronger sales trend driven by favorable seasonality and higher production availability o 2026 cash cost guidance: on track for R$800/t excluding downtimes1 o Arbex: focused on integration and value creation o Standalone Consumer Goods segmen
Slide 11: Q&A, Investor Relations
Q&A 2Q26 Investor Relations ri.suzano.com.br ri@suzano.com.br