Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — Q4 2025 Earnings Presentation
12 slides from Suzano's earnings presentation, Feb 11, 2026
Slide 1: Earnings Conference Call 4Q25
Earnings Conference Call 4Q25
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: Record sales volume and the lowest cash production cost level since 2021
HIGHLIGHTS Record sales volume and the lowest cash production cost level since 2021 Sales Operating Financial Volume Performance Management Pulp: Adjusted EBITDA: Liquidity3 : 12.5 million tons R$21.7 billion US$6.6 billion (vs. 10.9 million tons in 2024) (vs. R$23.8 billion in 2024) (vs. US$5.7 bil
Slide 4: 4Q25 volumes boosted by seasonality and EBITDA impacted by lower prices, FX and maintenance
PAPER AND PACKAGING BUSINESS 4Q25 volumes boosted by seasonality and EBITDA impacted by lower prices, FX and maintenance downtimes in Brazilian operations Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1,453 404 1,188 5,980 5,856 5,884 5,918 367 372 55 322 US operations 5,641 Brazilian operations
Slide 5: Commercial strategy fully implemented in the quarter and pulp prices starting to reflect a healthier market
PULP BUSINESS Commercial strategy fully implemented in the quarter and pulp prices starting to reflect a healthier market environment Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) US$ R$ R$ MM R$/ton Margin % 12,490 1,921 10,865 3,472 3,029 1
Slide 6: 4Q25 marked a new level of cash production cost driven by higher operational performance
PULP BUSINESS 4Q25 marked a new level of cash production cost driven by higher operational performance and input prices Pulp Cash Cost – 4Q25 vs. 3Q25 (ex-downtimes – R$/ton) -3% 801 778 Wood (4) (10) (5) (2) (2) 319 314 Input Fixed Cost 340 328 Energy 181 FX 176 (38) (40) 3Q25 Δ Wood Δ Input Δ Fixe
Slide 7: 2025 performance sets the declining trend toward 2027 guidance
Total Operational Disbursement (TOD) – Pulp Business 2025 performance sets the declining trend toward 2027 guidance TOD Performance (R$/t) 2,183 2,062 1,983 TOD Composition Sustaining Capex Cash SG&A + Freight TOD 2024 TOD 2025 TOD 2027¹ (Actual) (Actual) (Guidance) Cash Cost (including downtimes) F
Slide 8: Positive free cash flow and FX strengthened financial robustness, reducing net debt and leverage
FINANCIAL MANAGEMENT Positive free cash flow and FX strengthened financial robustness, reducing net debt and leverage Adjusted EBITDA LTM and Net Debt (US$ billion) Adjusted 4.0 3.9 EBITDA LTM 13.0 12.6 1.0 0.5 0.1 0.2 0.1 Net Debt Adjusted Total Working Accrued Others² Net Debt Sep. 2025 EBITDA Cap
Slide 9: Financial discipline reinforced by capex execution in line with guidance and an effective FX hedging portfolio
FINANCIAL MANAGEMENT Financial discipline reinforced by capex execution in line with guidance and by an effective FX hedging portfolio Capex Hedging Portfolio 2025 2026e Sep. 30th, 2025 Dec. 31st, 2025 Guidance Actual Guidance Average Portfolio Strikes: R$13.3 Bn R$13.3 Bn R$10.9 Bn 5.64 6.54 5.83 6
Slide 10: 2025 Shareholder remuneration
FINANCIAL MANAGEMENT 2025 Shareholder remuneration 5th SHARE BUYBACK 6th SHARE BUYBACK DIVIDEND PROGRAM PROGRAM ANNOUNCED R$1.4 billion Actual Volume: Authorized Volume: 15 million shares Up to 40 million shares Disbursement¹: Feb. 4th, 2026 (R$805 million) Tenor: Up to 18 months Payment per share:
Slide 11: Looking ahead…
Looking ahead… o Favorable short-term dynamics in the pulp market o Cash production cost improvement vs. 2025 average o Focus on TOD and net debt reduction o JV with K-C progressing as planned for closing in mid-2026 11
Slide 12: Q&A 4Q25 Investor Relations
Q&A 4Q25 Investor Relations ir.suzano.com.br ri@suzano.com.br