Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — Q1 2026 Earnings Presentation
12 slides from Suzano's earnings presentation, Apr 30, 2026
Slide 1: Earnings Conference Call 1Q26
Earnings Conference Call 1Q26
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: Business Resilience
BUSINESS RESILIENCE 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
Slide 4: Solid operational performance and higher pulp prices offset by stronger BRL
HIGHLIGHTS Solid operational performance and higher pulp prices offset by stronger BRL Sales Operating Financial Volume Performance Management Pulp: Adjusted EBITDA: Liquidity3 : 2.8 million tons R$4.6 billion US$6.1 billion (vs. 3.4 million tons in 4Q25 and (vs. R$5.6 billion in 4Q25 and R$4.9 (vs.
Slide 5: Paper and Packaging Business
PAPER AND PACKAGING BUSINESS Stable volumes y-o-y and cost improvements in Brazilian operations mitigate FX and export price headwinds. U.S. operations face slower demand. Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1,440 6,215 404 5,641 5,607 5,789 Brazilian operations 305 US operations 329 7
Slide 6: Pulp Business
PULP BUSINESS Production volume fully sold, with higher volumes y-o-y and pulp price increase Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) US$ R$ R$ MM R$/ton Margin % 12,675 1,605 1,475 1,409 1,431 3,253 3,406 2,905 2,955 2,966 18,694 4,798
Slide 7: Pulp Business
PULP BUSINESS Maintenance calendar triggered short-term uptick in cost components, as expected. No conflict related cost pressure in 1Q26. Pulp Cash Cost – 1Q26 vs. 4Q25 (ex-downtimes – R$/ton) +3% 778 802 12 14 5 (3) (4) 314 326 Commodity price effect: 328 -R$5/ton 338 176 181 Wood (40) (43) Input
Slide 8: Financial Management
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$1.0/bbl @current scenario Brent price - As of Mar 31st 26 – US
Slide 9: Financial Management
FINANCIAL MANAGEMENT Strong cash flow hedging portfolio partially offsets BRL appreciation risk Average Portfolio Strikes Expected Cash Adjustments – ZCC (R$ million) Mar. 31st, 2026 FX @ 5.22 ¹ 5.97 7.47 6.90 7.41 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 Call 5.81 5.36 F
Slide 10: Financial Management
FINANCIAL MANAGEMENT Higher net debt in USD driven by dividends and capex payouts, along with concentration of bond-related interest payments Adjusted EBITDA LTM and Net Debt (US$ billion) Adjusted 3.9 3.9 EBITDA LTM (12.6) -12.4989 (13.0) 0.9 (0.6) (0.0) (0.2) (0.3) (0.2) Net Debt Adjusted Total Wo
Slide 11: Looking ahead
Looking ahead… o Business resilience strengthen by FX and Brent hedging portfolio o Paper & Packaging business to benefit from higher prices and volumes within Brazilian operations o JV with K-C: closing estimated for 3Q26, as planned o Management focused on strengthening balance sheet and competiti
Slide 12: Q&A 1Q26 Investor Relations
Q&A 1Q26 Investor Relations ir.suzano.com.br ri@suzano.com.br