Suzano S.A. · BMFBOVESPA:SUZB3
Suzano — Q3 2026 Earnings Presentation
11 slides from Suzano's earnings presentation, Nov 6, 2026
Slide 1: Earnings Conference Call 3Q26
Earnings Conference Call 3Q26
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: Solid EBITDA performance driven by higher volumes and Arbex
HIGHLIGHTS Solid EBITDA performance driven by higher sales volumes, improved cost competitiveness and initial Arbex contribution Sales Volumes Operating Performance Financial Management Pulp1: Adjusted EBITDA: Liquidity: 3.2 million tons R$5.7 billion US$6.3 billion (vs. 3.0 million tons in 2Q26 and
Slide 4: Paper and Packaging Business
PAPER AND PACKAGING BUSINESS Higher volumes and prices offset by weak results of Suzano Packaging US and one-off supply chain constraints on Brazilian exports Sales Volume (‘000 ton) Average Net Price ($/ton) 1,433 1,661 1,563 1,587 US operations 372 374 331 US operations 1,543 (US$/ton) 340 81 110
Slide 5: Pulp Business: Stronger volumes, improved cost performance drive EBITDA growth
PULP BUSINESS Stronger volumes, improved cost performance and USD appreciation drive EBITDA growth Sales Volume1 (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA1 and EBITDA Margin1 (%) US$ R$ R$ MM R$/ton Margin % 12,517 1,506 2,856 3,034 3,035 2,980 1,451 1,452 1,421 3,227 3,19
Slide 6: Pulp Business: Operational gains drive pulp cash cost decline
PULP BUSINESS Operational gains drive pulp cash cost decline, despite cost pressure on oil- linked inputs and chemicals from Middle East conflict Pulp Cash Cost – 3Q26 vs. 2Q26 (ex-downtimes – R$/ton) -2% 843 825 (5) (8) (7) (0) 3 350 345 Commodities price effect: 370 +R$14/ton 365 179 172 (56) (56)
Slide 7: Consumer Goods: Arbex drives step-up in EBITDA
CONSUMER GOODS Arbex drives a R$694 million step-up in EBITDA in 3Q26, with also solid results in Brazilian Operations Sales Volume (‘000 ton) Average Net Price ($/ton) 1,176 3,666 3,671 3,631 3,654 Pro forma (Arbex) 290 285 299 Pro forma (Arbex) 903 International International operations 226 219 22
Slide 8: Financial Management: Net debt and pro forma leverage
FINANCIAL MANAGEMENT Net debt declined excluding Arbex. Pro forma leverage of 3.4x, stable vs. 2Q26 Adjusted EBITDA LTM and Net Debt (US$ billion) LTM Adjusted 3.8 3.9 EBITDA (12,767) (12,460) (14,724) 1,105 (524) 41 (245) (70) (1,293) (931) (40) Net Debt Adjusted Total Capex Working Accrued Net Oth
Slide 9: Strong hedging portfolio enhances FCF amid new FX environment
FINANCIAL MANAGEMENT Strong hedging portfolio enhances FCF amid new FX environment Average Portfolio Strikes Expected Cash Adjustments – ZCC (R$ million) FX @ 5.18 ¹ Sep. 30, 2026 7.43 Cash 6.04 6.95 6.89 7.18 6.89 6.84 6.70 adjustments Put Call Call 6.58 6.56 6.42 Put 6.16 FX Gap Coverage 3Q26: Sep
Slide 10: Sharper oil rally reinforces conservative hedging strategy
FINANCIAL MANAGEMENT Sharper oil rally in the quarter-end reinforces conservative hedging strategy, mitigating pressure on operating results Hedging Portfolio Scope: Coverage of potential hedge2 – exposure – ZCC (%) Brent price as of September 30, 2026 – US$98/bbl Natural gas Bunker fuel 74.3 73.6 7
Slide 11: Looking forward
Looking forward o 4Q26: positive trend on price, sales volume and FX, leading to the strongest quarter of the year Investor Day 2027 o Focus on deleveraging and net debt reduction while strengthening TOD competitiveness mar. 4th, 2027 o Arbex efficiency gains roadmap on track kicking-off in 4Q26 • C