Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — JP Morgan Brazil Commodities 2026
85 slides from Suzano's conference presentation, June 2026
Slide 1: JP Morgan Brazil Commodities 2026
JP Morgan Brazil Commodities 2026 June 2026
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: Company Overview, Business Strategy, Financial Management
COMPANY BUSINESS FINANCIAL OVERVIEW STRATEGY MANAGEMENT
Slide 4: Company Overview
COMPANY BUSINESS FINANCIAL OVERVIEW STRATEGY MANAGEMENT
Slide 5: Main figures LTM 1Q26 and robust governance
MAIN FIGURES – LTM 1Q26 ROBUST GOVERNANCE IN PLACE Board of Directors 9 Members Net Revenue: US$9.1 billion¹ 44% Independent members 22% of Women Adjusted EBITDA: US$3.9 billion¹ APPOINTMENT OF RISK EXPERT • Audit (Statutory) Adjusted EBITDA margin: 43% • People Supported by • Appointment and Compen
Slide 6: An irreplicable 1st class asset base
AN IRREPLICABLE 1ST CLASS ASSET BASE OUR PLANTATIONS PULP BUSINESS OUR LOGISTICS PAPER BUSINESS • 1.7 million hectares • 13.4 million tons of • All mills either close • 100% pulp integrated devoted to plantation market pulp to shore or railway and certified areas connected • Unique go-to-market • In
Slide 7: Business Strategy
COMPANY BUSINESS FINANCIAL OVERVIEW STRATEGY MANAGEMENT
Slide 8: Undisputable competitiveness in the pulp industry
UNDISPUTABLE COMPETITIVENESS IN THE PULP INDUSTRY Hardwood | CIF China | USD/ton Softwood | CIF China | USD/ton Top 101 and Production Capacity (Mt)¹ and Production Capacity (Mt) 800 Belgium/France 0.5 (1%) Japan Suzano 13.4 700 Japan 750 0.3 (1%) 650 0.7 (1%) 700 UPM 4.8 Other Asia 650 600 0.6 (1%)
Slide 9: Resilient business model mitigates current risks amid Middle East conflict
RESILIENT BUSINESS MODEL MITIGATES CURRENT RISKS AMID THE MIDDLE EAST CONFLICT Natural Gas and Ocean Freight Key Bunker oil Long term contracts and fully dedicated vessels attributes Hedging portfolio & Risk exposure mitigants Chemicals Diesel Inside the fence operations and well-structured contract
Slide 10: New competitive landscape highlights need for more focused goals
NEW COMPETITIVE LANDSCAPE HIGHLIGHTS THE NEED FOR MORE FOCUSED GOALS, TO DRIVE VALUE CREATION CURRENT LANDSCAPE VALUE CREATION strategy • PULP CAPACITY EXPANSIONS ENHANCING STRATEGIC IN LATAM AND ASIA COMPETITIVENESS LEVERS GROWTH WITH DISCIPLINE • ACCELERATION OF NEW NEXT 2-3 YEARS INTEGRATED CAPAC
Slide 11: A clear strategic roadmap for the next 2-3 years
A CLEAR STRATEGIC ROADMAP FOR THE NEXT 2-3 YEARS Strengthening Capture value Positioning for from capital leadership in a Competitive allocations In place changing landscape Edge
Slide 12: Sustainability embedded in business model through three pillars
SUSTAINABILITY SUSTAINABILITY IS EMBEDDED IN OUR BUSINESS MODEL THROUGH THREE INTERCONNECTED PILLARS NATURE STRATEGY: NATURE ACTIONS THAT STRENGTHEN THE BUSINESS AND RESTORE RESTORATION AND ECOSYSTEMS CONSERVATION INDUSTRIAL AND LOGISTICS LOCAL DEVELOPMENT: ECO-EFFICIENCY: SHARED VALUE TO EMISSIONS
Slide 13: Focus on topics that amplify positive socio-environmental impact
SUSTAINABILITY FOCUS ON TOPICS THAT AMPLIFY POSITIVE SOCIO-ENVIRONMENTAL IMPACT CARING FOR WATER CONSERVE REDUCE BY 15% THE WATER WITHDRAWN IN OUR INDUSTRIAL OPERATIONS BY 2030. BIODIVERSITY CONNECT 500,000 HECTARES OF PROGRESS: 100% NATURE CERRADO, ATLANTIC FOREST AND AMAZON FRAGMENTS BY 2030. INCR
Slide 14: Pulp Business
PULP WY suzano BUSINESS
Slide 15: Net demand growth in coming years potentially boosted by upside risks
PULP & PAPER MARKET MARKET BHKP DEMAND NET DEMAND GROWTH IN THE COMING YEARS POTENTIALLY BOOSTED BY ADDITIONAL UPSIDE RISKS Hardwood market pulp demand (Mt)1 Additional Fiber-to-Fiber Fossil-to-Fiber 48.9 3.0 4.4 44.5 41.4 4.5 2024 Organic F2F 2029e Net 2029e Verticalization Effect 1Integrated O.R.
Slide 16: Organic growth: market BHKP continues positive trend in emerging markets
PULP & PAPER MARKET ORGANIC GROWTH: MARKET BHKP CONTINUES POSITIVE TREND DRIVEN BY SOLID DEVELOPMENT IN EMERGING MARKETS BHKP Organic Growth (Mt) Organic Growth (Mt) by Region 45.9 +2.1% 41.4 CAGR 2024-2029 (%) CAGR 2024-2029 (%) 44% +3.0% China 43% +4.5 Europe 23% 21% +0.2% 45.9 Others 18% 19% +2.9
Slide 17: F2F trend expands: BHKP continues to gain market share in BCP
PULP & PAPER MARKET F2F TREND EXPANDS: BHKP CONTINUES TO GAIN MARKET SHARE IN BCP BHKP Organic Growth (Mt) BHKP annual share gain over BSKP (p.p.) ~700 kt of F2F demand in 2025e 2022-2025e 1.8 p.p. average = 1.3 p.p. 64.6% 1.1 p.p. 1.1 p.p. 59.4% 62.5% 1.0 p.p. 56.8% 57.5% 54.6% 55.9% 63.6% 53.8% 0.
Slide 18: There is room for BHKP to advance in share for all segments
PULP & PAPER MARKET THERE IS ROOM TO BHKP ADVANCE IN SHARE FOR ALL SEGMENTS BCP End-Use Consumption (Mt) | 2024 BHKP consumption BSKP consumption 7 11 11 30 6 65 2 3 3 9 24 (34%) (29%) (31%) (30%) (36%) 6 8 7 21 (99.9%) 5 41 (66%) (71%) (69%) (70%) (64%) 0 (0.1%) Cartonboard P&W Specialties Tissue F
Slide 19: Vertical integration in Asia expected to keep growing
PULP & PAPER MARKET DESPITE UNCERTAINTIES REGARDING OPERATING RATES AND COST PRESSURES, VERTICAL INTEGRATION IN ASIA IS EXPECTED TO KEEP GROWING IN THE COMING YEARS CONFIRMED BHKP PROJECTS 2025 - 2029 NEW CONFIRMED BHKP INTEGRATED CAPACITY (Mt)¹ 6.0 Shandong China 3 projects 1.4 Mt Hubei 2025 - 2029
Slide 20: BHKP supply addition and demand over capacity
PULP & PAPER MARKET BHKP SUPPLY ADDITION AND DEMAND OVER CAPACITY INCOMING CAPACITIES PARTIALLY MITIGATED BY CONFIRMED CONVERSIONS. OPERATING RATES FORECAST CLEARLY UNSUSTAINABLE Estimated market BHKP supply addition¹: (Mt) Supply (Mt), Demand (Mt) and D/C (%) 91% 90% 4.0 50.5 46.5 87% 88% 86% 48 50
Slide 21: What should be expected to balance oversupply scenario?
PULP & PAPER MARKET WHAT SHOULD BE EXPECTED TO BALANCE OVERSUPPLY SCENARIO? Permanent closures could return to historical levels Higher unexpected/commercial downtimes level should be seen MARKET BSKP CAPACITY NET CHANGE¹,² (Mt) BCP UNPLANNED DOWNTIMES¹ (Mt) New Capacities BCP - Unplanned Closures 3
Slide 22: Technical age and scale drive production planning
PULP & PAPER MARKET TECHNICAL AGE AND SCALE DRIVE PRODUCTION PLANNING Hardwood (BHKP) Market Pulp Softwood (BSKP) Market Pulp PM capacity, 1000 t/a PM capacity, 1000 t/a STRONG STRONG 4.000 3.500 3.500 3.000 Tres Lagoas 3.000 2.500 2.500 Ribas do Rio Pardo 2.000 Aracruz 2.000 Mucuri 1.500 Imperatriz
Slide 23: Capacity investment pipeline
PULP & PAPER MARKET CAPACITY INVESTMENT PIPELINE 1,600 4 Europe - BHKP China - BHKP Sucuriú 1,400 3.5 China - BHKP (CPI Ajusted) Pulp Prices - CIF Europe/China (US$/ton)(2) Capacity Additions (‘000 ton)(2) 1,200 3 Horizonte2 Cerrado 1,000 2.5 Eldorado UPM Rizhao APP South Uruguay Três Maranhão Lagoa
Slide 24: Fluff
PULP & PAPER MARKET SUZANO AS PROTAGONIST TO INCREASE THE ADRESSABLE BHKP MARKET WITH FLUFF
Slide 25: Eucafluff: years of innovation, from pioneering to expansion
PULP & PAPER MARKET EUCAFLUFF® 10 YEARS OF INNOVATION, FROM PIONEERING TO EXPANSION EXPANSION: ON TIME, ON BUDGET Physical progress: 98% Financial progress: 91% 4X MORE PRODUCTION CAPACITY: 340 KT/Y additional volume Project conclusion: Dec/2025 2026 FOCUS: HOMOLOGATION PROCESS ¹Eucastrong SP1 and S
Slide 26: Enhancing Competitiveness
ENHANCING ZW SUZONO COMPETITIVENESS
Slide 27: First pillar: unique forestry capability
ENHANCING COMPETITIVENESS FIRST PILLAR: UNIQUE FORESTRY CAPABILITY NEW TECHNOLOGIES AND APPROACHES TO ENHANCE EUCAWOOD PER HECTARE EUCAWOOD PER HECTARE1 (BASE 100) 107 to 100 102 113 Silviculture Operations Genetic Improvement 2023 2025e Ambition 20% 30% 50% 2034 MATO GROSSO DO SUL CASE STUDY Higher
Slide 28: Second pillar: discipline in execution
ENHANCING COMPETITIVENESS SECOND PILLAR: DISCIPLINE IN EXECUTION HIGHER SELF-SUFFICIENCY AND LOWER AVERAGE DISTANCE FOCUSED ON OPTIMIZING TOD¹ -14 km = AVERAGE 165 ~R$170 DISTANCE FROM 164 million/year EUCAFARM TO MILL (KM) 151 151 150 6% Spot market 17% 18% 17% 12% 25% 6% WOOD SOURCE Partnership BR
Slide 29: Third pillar: identifying and unlocking strategic opportunities
ENHANCING COMPETITIVENESS THIRD PILLAR: IDENTIFYING AND UNLOCKING STRATEGIC OPPORTUNITIES EUCAWOOD SWAP TRANSACTION WITH ELDORADO DELIVERS ATTRACTIVE RETURN 18 MILLION M³ OF ELDORADO’S FORESTS WILL BE HARVESTED BY SUZANO FROM 2025 TO 2027 ELDORADO WILL HARVEST THE SAME EUCAWOOD VOLUME FROM SUZANO’S
Slide 30: Ribas do Rio Pardo mill: operational performance
ENHANCING COMPETITIVENESS RIBAS DO RIO PARDO MILL: OPERATIONAL PERFORMANCE HIGHER THAN EXPECTED EFFICIENCY AND POTENTIAL FOR MORE HIGH PERFORMANCE ENABLERS PRODUCTION CAPACITY UPDATE (KT) ABOVE NOMINAL ~ 2,700 CAPACITY OF 2,550 EXPERIENCE TRAINING EXECUTION • TEAM OF EXPERTS • 15-MONTH PROGRAM • EFF
Slide 31: Competitiveness acceleration program
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM AMBITION: ACCELERATE AND EXPAND SUZANO'S STRUCTURAL COMPETITIVENESS IDENTIFIED PRIORITIZED INITIATIVES INITIATIVES Short-term 37% Initiatives per period 2026 Number of Medium-term 33% 77 40 2027 Long-term 30% 2028+ DIVIDED INTO 8 VALUE J
Slide 32: Competitiveness acceleration program: prioritized initiatives
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM EXAMPLES OF PRIORITIZED INITIATIVES WITH SIGNIFICANT TOD¹ CAPTURE AND IMPLEMENTATION TIMELINE Strategy, planning and Offshore logistics Corporate expenditures Nursery operation operating model for road operations enhancement optimization
Slide 33: Competitiveness acceleration program: TOD evolution
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM (R$/t) 2,183 74 2,062 1,983 Sustaining (31) Capex 618 531 (121) 520 Cash SG&A 690 678 + Freight 677 Cash Cost (including 875 853 787 downtimes) TOD 2024 TOD 2025 Inflation FX Competitiveness TOD 2027 2026² Initiatives FX 5.39 FX 5.59 FX
Slide 34: Paper and Packaging
PAPER AND WY suzano PACKAGING
Slide 35: Cost reduction initiatives
ENHANCING COMPETITIVENESS COST REDUCTION INITIATIVES DRIVING COMPETITIVENESS THROUGH TWO KEY FRONTS: LEVERAGING ARTIFICIAL INTELLIGENCE AND OPTIMIZING PROCESSES TO REDUCE COSTS Optimizing the logistics network DIGESTERS Driving freight efficiency Optimize digester and logistics optimization performa
Slide 36: Paper and packaging business overview
GROWTH WITH DISCIPLINE PAPER AND PACKAGING BUSINESS OVERVIEW UNIQUE GO-TO-MARKET MODEL AND CASH COST COMPETITIVENESS LEADING TRANSITION TO PACKAGING CASH COST UNIQUE COMPETITIVENESS LPB FRESH REFERENCE BUSINESS MODEL IN P&W MARKET LEADER IN THE US USA BOTH COUNTRIES LONG TERM CLIENTS STRONG CASH MIL
Slide 37: The U.S. paperboard market is the best place to be
GROWTH WITH DISCIPLINE THE U.S. PAPERBOARD MARKET IS THE BEST PLACE TO BE CONSOLIDATED MARKET, HIGHER PRICES AND STRONG BARRIER ENTRY CAPACITY CONCENTRATION BY REGION¹ - Mt Other PLAYERS TOP 3 PLAYERS 216 Nº OF MKT. PLAYERS US MARKET OVERVIEW² 154 35 14 13 Consumption Profile Imports 1% Imports IMPO
Slide 38: 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 HIGHER OPERATIONAL EFFICIENCY: INDUSTRIAL CASH COST INDEX (BASE 100) Improved performan
Slide 39: Consumer Goods
CONSUMER VW SUZONO GOODS
Slide 40: Brazil business
GROWTH WITH DISCIPLINE BRAZIL BUSINESS DESPITE NEW CAPACITIES IN THE MARKET IN 2025, SUZANO IS RETAINING ITS LEADERSHIP POSITION IN MARKET SHARE AND PRICING Market Share Suzano2 Price/Roll Value (R$) | BRAZIL1 (R$/roll) | BRAZIL1 YoY 1.49 1.51 1.45 1.45 1.46 1.44 +4% 23.3% 23.4% VOLUME (t) REVENUE (
Slide 41: Brazil business: scaling up competitive advantages
GROWTH WITH DISCIPLINE BRAZIL BUSINESS SCALING UP COMPETITIVE ADVANTAGES, ANCHORED IN OPERATIONAL EFFICIENCY AND KEY PROFITABILITY DRIVERS 1 ENHANCE BRAND STRENGTH 2 BOOST INNOVATION 3 PORTFOLIO TRADE-UP BRAND POWER¹ 2a) NEW TECHNOLOGIES ELEVATING Value Mix (%)³ Price Index³ PERFORMANCE AND VALUE PE
Slide 42: Joint venture NewCo: business overview
GROWTH WITH DISCIPLINE JOINT VENTURE NEWCO: BUSINESS OVERVIEW Main figures Operations Footprint Mills locations Revenues by region2 1.0 Mt Tissue Total Italy, France, United Capacity 22 mills EMEA Kingdom, Germany, 11% in 14 countries (Europe, the Middle East and Africa) Spain, Israel and South Afri
Slide 43: Creation of a joint venture in which Suzano will have control
GROWTH WITH DISCIPLINE CREATION OF A JOINT VENTURE, IN WHICH SUZANO WILL HAVE CONTROL RATIONALE FOR SUZANO & K-C PARTNERSHIP Combination of industrial and operational excellence + commercial and branding expertise 51% 49% JV NewCo B.V.1 JV Structure grants operational continuity and aligns to captur
Slide 44: Downstream integration reduces cash flow volatility and diversifies portfolio
GROWTH WITH DISCIPLINE DOWNSTREAM INTEGRATION REDUCES SUZANO’S CASH FLOW VOLATILITY AND DIVERSIFIES PORTFOLIO Net revenue by segment1 EBITDA by segment2 Net revenue by segment1 FY 2024, % FY 2024, % FY 2024, % 4% 6% 9% 14% 15% 31% 8% 11% 87% 79% 78% 58% Suzano As-Is Suzano+ JV (100%) Suzano As-Is Su
Slide 45: Joint venture with K-C: value creation ambition
GROWTH WITH DISCIPLINE JOINT VENTURE WITH K-C: VALUE CREATION AMBITION PRE-SIGNING ESTIMATE UNDER REFINEMENT AND TO BE LED BY INDUSTRIAL AND PROCUREMENT LEVERS KEY RISKS COMMONLY SEEN IN M&A DEALS POTENTIAL OPERATIONAL GAINS1 TO BE CAPTURED IN 3 YEARS (Forbes 500 CFO Survey) EFFICIENCY² TOP 5 PITFAL
Slide 46: Synergies from K-C's acquired assets in Brazil fully captured
GROWTH WITH DISCIPLINE SYNERGIES FROM K-C’S ACQUIRED ASSETS IN BRAZIL FULLY CAPTURED STRENGTHENING OF KEY COMPETITIVE ADVANTAGES SYNERGIES BREAKDOWN: Value Market Market Share Consolidated Share Brazil evolution Leadership¹ Jan’Feb’25 South and G&A Southeast vs. 43% Toilet Paper 24% Pre-Acquisition2
Slide 47: Financial Management
COMPANY BUSINESS FINANCIAL OVERVIEW STRATEGY MANAGEMENT
Slide 48: Revenues mostly from international markets
FINANCIAL MANAGEMENT REVENUES MOSTLY FROM INTERNATIONAL MARKETS Net revenues (US$ billion) 8% 6% Paperboard Other Paper 9.0 9.1 8.8 11% 7.9 18% 19% P&W 20% Net 22% Revenues 24% 23% 75% 21% Pulp 21% 22% 22% 26% 23% 8% Others 14% 64% Specialties Tissue 33% 36% 36% 34% Pulp End Use 14% P&W 2023 2024 20
Slide 49: Adjusted EBITDA and operational cash generation
FINANCIAL MANAGEMENT ADJUSTED EBITDA AND OPERATIONAL CASH GENERATION R$ billion R$ billion Adjusted EBITDA and Margin Operational Cash Generation¹ US$ billion US$ billion R$ and US$ billion and (%) R$ and US$ billion Margin % Margin % 40 35 50% 30 43% 43% 25 23.8 21.7 21.5 16.2 20 13.9 13.8 15 10 4.
Slide 50: Pulp business
FINANCIAL MANAGEMENT PULP BUSINESS Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%)
Slide 51: Paper and packaging business
FINANCIAL MANAGEMENT PAPER AND PACKAGING BUSINESS Paper Sales¹ (‘000 ton) Average Net Price ($/ton) Paper Adjusted EBITDA and EBITDA Margin² 1 Excluding Consumer Goods. ² Excluding impact of Mgmt. LTI; 1Q25: -R$44/ton; 4Q25: -R$24/ton; 1Q26: -R$63/ton; LTM 1Q26: -R$33/ton.
Slide 52: Cash production cost
FINANCIAL MANAGEMENT CASH PRODUCTION COST Pulp Cash Cost – 1Q26 vs. 4Q25 (ex-downtimes – R$/ton) Wood Input Fixed Cost Pulp Cash Cost – 1Q26 vs. 1Q25 (ex-downtimes – R$/ton) Energy FX
Slide 53: Conservative financial policy with commodity hedging
FINANCIAL MANAGEMENT CONSERVATIVE FINANCIAL POLICY WITH COMMODITY HEDGING MITIGATES OIL-RELATED PRICE PRESSURES Average Portfolio Strikes Expected Cash Adjustments – ZCC (R$ million) FX @ 5.22 ¹ Mar. 31st, 2026 5.97 6.90 7.41 7.47 7.44 7.08 6.89 6.84 6.70 Put Call 6.33 6.34 6.42 6.17 6.18 6.02 6.01
Slide 54: Commodity hedging mitigates oil-related price pressures
FINANCIAL MANAGEMENT CONSERVATIVE FINANCIAL POLICY WITH COMMODITY HEDGING MITIGATES OIL- RELATED PRICE PRESSURES Main oil-related 12-month EBITDA 12 month-net cash impact Coverage of the total hedgeable exposure3 – ZCC (%) sensitivity US$1.0/bbl @current scenario Brent price - As of Mar 31st 26 – US
Slide 55: Conservative financial policy
FINANCIAL MANAGEMENT CONSERVATIVE FINANCIAL POLICY AIMING FOR RATING IMPROVEMENT Strong business profile Robust financial position • Global leader in market pulp Market Cash Flow • Proven capacity to generate free cash flow • Increased earnings from Position ex-pulp businesses & Leverage throughout
Slide 56: More conservative approach towards net debt target
FINANCIAL MANAGEMENT ADOPTING A MORE CONSERVATIVE APPROACH TOWARDS NET DEBT TARGET DELEVERAGING PLAN 3.2x 3.3x 3.2x 3.3x 3.1x 3.0x 3.1x 2.9x TOD REDUCTION TARGET < 2.5X WORKING CAPITAL OPTIMIZATION PREVIOUS NET 13.0 13.0 13.0 DEBT TARGET 12.9 12.8 12.9 12.6 CURRENT NET 12.0 12.0 DEBT TARGET 11.0 NON
Slide 57: Global and diversified funding sources
FINANCIAL MANAGEMENT GLOBAL AND DIVERSIFIED FUNDING SOURCES 27% Local 46% International Capital Markets Funding Counterpart 73% International Funding Sources Green Bond 1% Sustainability Linked 21% 38% Trade Finance 40% Related Bank ESG1 20% 13% Non-Trade Finance Traditional Local Capital Markets Re
Slide 58: Reinforcing funding cost as a competitive advantage
FINANCIAL MANAGEMENT REINFORCING FUNDING COST AS A COMPETITIVE ADVANTAGE ALL DEBT ISSUED IN 2025 BELOW OUR BOND CURVE - THE 2036 BOND ACHIEVED THE COMPANY’S LOWEST G-SPREAD EVER MAIN ISSUANCES – 2025 (US$ M) 10 2036 Bond 1,000 BPS VERSUS US$ BOND CURVE AT DATE OF ISSUANCE (BPS) 0 Bi-lateral loan -10
Slide 59: Securing competitive funding costs
FINANCIAL MANAGEMENT SECURING COMPETITIVE FUNDING COSTS, EVEN IN A HIGH INTEREST-RATE AND VOLATILE SCENARIO FINANCIAL MANAGEMENT GUIDELINES 1 YEAR AGO CURRENT COST OF DEBT 5.0% 5.0% 5.0% 4.7% AVERAGE TENOR >70 4.4% (MONTHS) 76 75 4.1% 4.4% 3.98% 3.7% % OF DEBT MATURING IN <30% LESS THAN 36 MONTHS ~2
Slide 60: Protecting cash flow exposure against FX risk
FINANCIAL MANAGEMENT PROTECTING CASH FLOW EXPOSURE AGAINST FX RISK, WITH A CONSISTENT HEDGING POLICY CASH BALANCE CASH FLOW OF CASH FLOW HEDGING (ZCC + NDF) HEDGING RESULT SENSITIVITY TO FX (ZCC + NDF) R$ bn R$ bn +0.9 US$/R$ 2026 2027 3.2 4.80 1.7 4.2 1.9 5.00 1.4 3.6 1.1 0.7 0.7 5.20 1.2 3.0 (0.0)
Slide 61: Capex update
FINANCIAL MANAGEMENT CAPEX UPDATE 2024 (R$ billion) 2025 (R$ billion) 2026e (R$ billion) R$17.1 Bn R$13.3 Bn R$10.9 Bn 0.2 1.0 0.8 4.5 1.5 7.6 2.6 1.0 2.9 7.9 7.3 4.0 Sustaining Land and Forests Expansion, Modernization and others Cerrado Project Source: Suzano’s financial team, as of December 31, 2
Slide 62: Capital allocation – decision tree
FINANCIAL MANAGEMENT CAPITAL ALLOCATION – DECISION TREE GROWTH WITH DISCIPLINE Is the investment compliant with Suzano´s financial and sustainability policies? No Yes Does it offer adequate profitability and financial return? Yes No Yes Is it investment Yes Does it create or with scale and No streng
Slide 63: Backups
LY SUZGNO BACKUPS
Slide 64: Maintenance Schedule
MAINTENANCE VW SUZONO SCHEDULE
Slide 65: Maintenance downtimes schedule
MAINTENANCE DOWNTIMES SCHEDULE 2025 2026 2027 Mill – Pulp Capacity 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 No downtime Aracruz – Mill C (ES) – 920 kt Imperatriz – (MA)1 – 1,650 kt No downtime Jacareí (SP) –
Slide 66: Pulp Market
PULP WP suzano MARKET
Slide 67: Paper & board production and fiber furnish
PAPER & BOARD PRODUCTION AND FIBER FURNISH MMton Required Fiber Amount 432 Other 403 38 10 Newsprint 7 Non-Wood 46 Tissue 75 P&W 216 Recycled 180 264 Packaging 107 180 Virgin Integrated 73 UKP 67 4 3 Mechanical BSKP 24 73 Market 67 BCP 44 BHKP Paper Production¹ Fiber Consumption² Virgin Pulp³ Market
Slide 68: Chinese growth
CHINESE GROWTH China’s Share of Market Pulp Eucalyptus Hardwood Total % China vs. Global Market Pulp 45.00% 41% 30,000 40.00% 37% 35% 35.00% 33% 25,000 30.00% 28% 20,000 25.00% 21% 15,000 20.00% 15.00% 10,000 10.00% 5,000 5.00% 0.00% 0 2010 2013 2016 2019 2022 2025 China’s demand of BHKP by Country
Slide 69: Market dynamics supported by China and tissue
MARKET DYNAMICS SUPPORTED BY CHINA AND TISSUE Chinese Market Pulp Demand Tissue Consumption per Capita 2025e1 In million tons In kgs per year 23.6 17.6 15.5 15.4 15.0 10.0 8.8 8.4 6.5 1.3 28.4 p/y Tissue Demand By Main Regions In million tons 44 45 46 47 40 41 42 43 10.5 11 11 12 12 12 10 10 11 5 5
Slide 70: Consistent growth on global pulp demand
CONSISTENT GROWTH ON GLOBAL PULP DEMAND Global Market Pulp Demand Softwood In million tons +0.3/y -0.4/y +0.4/y +0.6/y 24.3 25.9 23.7 22.2 +1.8/y 66.3 69.6 +1.4/y 57.0 50.0 2010 2015 2020 2025 Hardwood +0.7/y +1.4/y 41.4 +1.1/y 37.9 30.8 25.1 2025 2010 2015 2020 2025 2010 2015 2020 Source: PPPC – SR
Slide 71: Global end use consumption growth
GLOBAL END USE CONSUMPTION GROWTH Demand Growth 2024-2035e in million tons 476 482 488 460 465 471 446 450 455 432 437 441 66 65 70 68 73 71 79 77 75 85 83 81 58 56 57 53 54 51 52 49 50 47 48 73 46 70 71 66 67 69 62 63 65 59 60 61 237 241 246 250 254 218 221 225 229 233 210 214 33 33 34 34 35 35 36
Slide 72: Pulp: lower volatility compared to other commodities
PULP: LOWER VOLATILITY WHEN COMPARED TO OTHER COMMODITIES Historical Volatility (US$) 40% 36% 28% 25% 19% 20% 18% 14% BHKP LME Metais Cattle Soy Copper Sugar Nickel Crude Oil Source: Bloomberg. June 2026
Slide 73: Finance
@Y suzano FINANCE
Slide 74: Tax synergy: deal with Fibria
TAX SYNERGY: DEAL WITH FIBRIA¹ 3 2020 onwards : Adjusted Balance Sheet to fair value² (EBT reduction) R$18.0 bn ~R$1.2 bn annually Goodwill² (tax base reduction) R$7.9 bn ~R$0.8 bn annually Total R$25.9 bn ~R$2.0 bn annually ~R$0.6 bn of tax benefit/year 1On top of the operational synergies. 2Based
Slide 75: Suzano's tax structure
SUZANO’S TAX STRUCTURE Description and Amount Maturity (-)Deductible accounting Annual deduction: R$1.2 bn (based on 10yr average) According to assets maturity expense (a) EBT As stated in the income statement (-)(b) Goodwill Annual deduction: R$790 MN (based on 10yr average) 2029(1) (Fibria acquisi
Slide 76: FX risk management
FX RISK MANAGEMENT Hedging Policy Revenue 79% USD Operating Hedge Debt Hedge Cash COGS 27% USD Target: Target: 40% to 75% of the Net debt 90%-110% Cash SG&A 26% USD following 24 months denominated in USD Current: Sustaining Capex 11% USD 61% of net exposure2 Sensitivity¹ ~ R$670 million 100% of hedg
Slide 77: ESG
WY suzano ESG
Slide 78: Sustainable forestry model
SUSTAINABLE FORESTRY MODEL 1.7 M ha devoted to plantation eucalyptus 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 1.2 M ha devoted to conservation purpose only COMMIT
Slide 79: Challenge: climate uncertainties & impacts
CHALLENGE: CLIMATE UNCERTAINTIES & IMPACTS EFFECTIVE FIRE PROTECTION SYSTEM 0.61 MONITORING TOWER CENTER A total of 133 towers among all sites 0.38 REAL TIME MONITORING Satellite coverage on 100% of the area Average response time: 30 minutes (from detection to fighting) PREDICTION MODELS Forecast of
Slide 80: Wood purchase policy
WOOD PURCHASE POLICY • 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
Slide 81: GMO
GMO • 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, und
Slide 82: Water: water body (rivers)
WATER: WATER BODY (RIVERS) EVAPORATION PULP AND PAPER 20% PRODUCTION PULP AND PAPER FINAL PRODUCT RECIRCULATION 80% OF AROUND 5 TIMES RETURNS AS TREATED EFFLUENT • SUZANO RETURNS ABOUT 80% OF THE WATER WITHDRAWN FROM THE RIVER AS TREATED EFFLUENT. • HIGH EFFICIENCY IN THE USE OF WATER – WITHDRAW IS
Slide 83: Suzano's context
SUZANO’S CONTEXT Presence in Brazil 200+ municipalities (counties) These municipalities have Of these, there are 2030 GOAL: a total population of 3.3 MILLION 200K PEOPLE 12.5 MILLION lifted out of poverty PEOPLE PEOPLE below the poverty line 20% of the total poor population of our high- priority mun
Slide 84: Capital allocation: ESG criteria in decision making process
CAPITAL ALLOCATION ESG CRITERIA IN DECISION MAKING PROCESS Modernization CAPEX Scoring 75% 25% FINANCIAL PARAMETERS Net present value Payback Impacts on Commitments Shadow price Enabling price to Renewing Life Cost of carbon emissions is Viability assessment, to determine incorporated into financial
Slide 85: Thank you
9Y suzano THANK YOU ir.sUzano.com.br