Slide 1: Earnings Conference Call 3Q25
Earnings Conference Call 3Q25
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: Operational efficiency drives further cash cost reduction
HIGHLIGHTS Operational efficiency drives further cash cost reduction Sales Operating Financial Volume Performance Management Pulp: Adjusted EBITDA: Liquidity3 : 3.2 million tons R$5.2 billion US$6.5 billion (vs. 3.3 million tons 2Q25 and (vs. R$6.1 billion 2Q25 and (vs. US$5.9 billion 2Q25 and 2.6 m
Slide 4: Paper and packaging EBITDA growth driven by higher sales volumes
PAPER AND PACKAGING BUSINESS EBITDA growth driven by higher sales volumes in all markets and first recorded positive performance from US operations since acquisition Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1,417 348 372 301 US operations 6,017 5,985 6,057 5,856 Brazilian operations 295 81
Slide 5: Pulp business: production volumes fully sold in the quarter
PULP BUSINESS Production volumes fully sold in the quarter, reflecting a sales strategy aligned with prevailing market conditions Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) US$ R$ R$ MM R$/ton Margin % 12,368 2,162 3,718 1,645 1,410 1,603
Slide 6: Cash production cost continues to decline
PULP BUSINESS Cash production cost continues to decline, underscoring the strong competitiveness of Ribas mill and improved overall operational stability Pulp Cash Cost – 3Q25 vs. 2Q25 (ex-downtimes – R$/ton) -4% 832 801 (17) (9) 2 1 (8) 336 319 356 340 179 180 (39) (38) Wood 2Q25 Δ Wood Δ Input Δ F
Slide 7: Leverage uptick due to lower LTM EBITDA; liability management
FINANCIAL MANAGEMENT Leverage uptick due to lower LTM EBITDA. Liability Management extended average term without cost increase Leverage (Net debt/Adjusted EBITDA LTM) Adjusted EBITDA LTM and Net Debt (US$ billion) Adjusted 4.2 4.0 EBITDA LTM 3.2 3.1 3.3 In US$ 3.1 3.0 3.1 In R$ (12.9) (13.0) 4.2 (2.
Slide 8: Cash flow hedging mitigates FX appreciation risk on EBITDA
FINANCIAL MANAGEMENT Cash flow hedging mitigates FX appreciation risk on EBITDA Expected Cash Adjustments – ZCC (R$ million) Average Portfolio Strikes FX @ 5.32 ¹ Sep. 30th, 2025 7.39 7.45 7.18 5.64 6.54 6.32 6.38 Put Call 6.23 6.05 5.90 Call 5.08 5.26 FX Gap Coverage 1,369 Put Sep. 30th, 2025 707 3
Slide 9: Suzano reinforces its capex guidance for 2025
CAPEX Suzano reinforces its capex guidance for 2025 9M25 (R$ billion) 4Q25e (R$ billion) 2025e (R$ billion) 0.1 0.8 0.9 0.4 1.2 1.6 R$10.4 Bn 0.5 R$2.9 Bn R$13.3 Bn 5.9 7.8 2.5 3.0 1.9 Sustaining Land and Forests Expansion, Modernization and other Cerrado Project 9
Slide 10: Looking Ahead
LOOKING AHEAD… Focus on deleveraging, enhancing competitiveness and extracting value from capital allocation decisions already taken o Further drop in cash production cost for 4Q25 Investor Day 2025 o Suzano Packaging US continues to gradually improve performance SP Dec. 11th,2025 o New tissue mill
Slide 11: Q&A 3Q25 Investor Relations
Q&A 3Q25 Investor Relations ir.suzano.com.br ri@suzano.com.br