Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — Citi's 2026 3rd Annual Commodities Conference
81 slides from Suzano's conference presentation, January 2026
Slide 1: Citi's 2026 3rd Annual Commodities Conference
CITI’S 2026 3RD ANNUAL COMMODITIES CONFERENCE JANUARY 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: ESG: Robust Governance in Place
ROBUST GOVERNANCE IN PLACE Listed on “Novo Mercado”, B3’s highest corporate governance segment and NYSE ADR-level 2 program Board of Directors 9 Members 44% Independent members 22% of Women APPOINTMENT OF RISK EXPERT • Audit (Statutory) • People ESG: of management’s corporate short-term variable 10%
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 of • 13.4 million tons of • All mills either close • 100% pulp integrated planted and certified market pulp to shore or railway areas connected • Unique go-to-market • Integrated su
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: 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 10: 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 11: 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 12: 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: 73% NATURE CERRADO, ATLANTIC FOREST AND AMAZON FRAGMENTS BY 2030. INCRE
Slide 13: Pulp Business
PULP WY suzano BUSINESS
Slide 14: Market BHKP Demand
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 15: Organic Growth: Market BHKP Continues Positive Trend
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 16: F2F Trend Expands: BHKP Gains 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 17: 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 18: 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 19: 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 20: 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 21: Technical Age and Scale
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 22: 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 23: Fluff: Suzano as Protagonist
PULP & PAPER MARKET SUZANO AS PROTAGONIST TO INCREASE THE ADRESSABLE BHKP MARKET WITH FLUFF
Slide 24: 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 25: Enhancing Competitiveness
ENHANCING ZW SUZONO COMPETITIVENESS
Slide 26: 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 27: 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 165 165 ~R$170 DISTANCE FROM million/year EUCAFARM TO MILL (KM) 151 151 150 6% Spot market 17% 18% 17% 12% 27% 6% WOOD SOURCE Partnership BR
Slide 28: Third Pillar: Identifying and Unlocking Strategic Opportunities
ENHANCING COMPETITIVENESS THIRD PILLAR: IDENTIFYING AND UNLOCKING STRATEGIC OPPORTUNITIES EUCAWOOD SWAP TRANSACTION WITH ELDORADO DELIVERS ATTRACTIVE RETURN 18 MILLION M³ OF ELDORADO’S FORESTS WILL BE HARVESTED BY SUZANO FROM 2025 TO 2027 ELDORADO WILL HARVEST THE SAME EUCAWOOD VOLUME FROM SUZANO’S
Slide 29: Ribas do Rio Pardo Mill: Operational Performance
ENHANCING COMPETITIVENESS RIBAS DO RIO PARDO MILL: OPERATIONAL PERFORMANCE HIGHER THAN EXPECTED EFFICIENCY AND POTENTIAL FOR MORE HIGH PERFORMANCE ENABLERS PRODUCTION CAPACITY UPDATE (KT) ABOVE NOMINAL ~ 2,700 CAPACITY OF 2,550 EXPERIENCE TRAINING EXECUTION • TEAM OF EXPERTS • 15-MONTH PROGRAM • EFF
Slide 30: Competitiveness Acceleration Program
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM AMBITION: ACCELERATE AND EXPAND SUZANO'S STRUCTURAL COMPETITIVENESS IDENTIFIED PRIORITIZED INITIATIVES INITIATIVES Short-term 37% Initiatives per period 2026 Number of Medium-term 33% 77 40 2027 Long-term 30% 2028+ DIVIDED INTO 8 VALUE J
Slide 31: Competitiveness Acceleration Program: Prioritized Initiatives
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM EXAMPLES OF PRIORITIZED INITIATIVES WITH SIGNIFICANT TOD¹ CAPTURE AND IMPLEMENTATION TIMELINE Strategy, planning and Offshore logistics Corporate expenditures Nursery operation operating model for road operations enhancement optimization
Slide 32: Competitiveness Acceleration Program: TOD Evolution
ENHANCING COMPETITIVENESS COMPETITIVENESS ACCELERATION PROGRAM (R$/t) 2,183 2,110 66 1,983 Sustaining (46) Capex 618 534 (147) 520 Cash SG&A 690 704 + Freight 677 Cash Cost (including 875 871 787 downtimes) TOD 2024 TOD Inflation FX Competitiveness TOD 2027 LTM 3Q25 2026² Initiatives FX 5.39 FX 5.70
Slide 33: Paper and Packaging
PAPER AND WY suzano PACKAGING
Slide 34: 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 35: 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 36: 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 37: US Operations Are 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 38: Consumer Goods
CONSUMER VW SUZONO GOODS
Slide 39: 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 40: 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 41: 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 42: 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 43: Joint Venture with K-C: Business Overview
GROWTH WITH DISCIPLINE JOINT VENTURE WITH K-C: BUSINESS OVERVIEW THE 8TH LARGEST GLOBAL TISSUE PLAYER¹ JV STRUCTURE BUSINESS OVERVIEW 1.0 Mt ~US$3.3 bn Pro forma Tissue Total Capacity Net revenues2 51% 49% ~US$0.5 bn Pro forma ~9,000 JV NewCo B.V.³ FTEs Adj. EBITDA2 TIMELINE AND BUSINESS MODEL Antit
Slide 44: Joint Venture with K-C: Value Creation Ambition
GROWTH WITH DISCIPLINE JOINT VENTURE WITH K-C: VALUE CREATION AMBITION PRE-SIGNING ESTIMATE UNDER REFINEMENT AND TO BE LED BY INDUSTRIAL AND PROCUREMENT LEVERS KEY RISKS COMMONLY SEEN IN M&A DEALS POTENTIAL OPERATIONAL GAINS1 TO BE CAPTURED IN 3 YEARS (Forbes 500 CFO Survey) EFFICIENCY² TOP 5 PITFAL
Slide 45: Synergies from KC's Acquired Assets in Brazil Fully Captured
GROWTH WITH DISCIPLINE SYNERGIES FROM KC’S ACQUIRED ASSETS IN BRAZIL FULLY CAPTURED STRENGTHENING OF KEY COMPETITIVE ADVANTAGES SYNERGIES BREAKDOWN: Value Market Market Share Consolidated Share Brazil evolution Leadership¹ Jan’Feb’25 South and G&A Southeast vs. 43% Toilet Paper 24% Pre-Acquisition2
Slide 46: Financial Management
COMPANY BUSINESS FINANCIAL OVERVIEW STRATEGY MANAGEMENT
Slide 47: Revenues Mostly from International Markets
FINANCIAL MANAGEMENT REVENUES MOSTLY FROM INTERNATIONAL MARKETS Net revenues (US$ billion) 8% 6% Paperboard Other Paper 11% 9.6 P&W 8.8 9.0 Net 17% Revenues 7.9 18% 20% 75% 20% 22% Pulp 21% 23% 21% 26% 8% 26% 22% Others 23% 15% 62% Specialties Tissue 37% 37% 34% 33% Pulp End Use 15% P&W 2022 2023 20
Slide 48: 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 57% 50% 35 46% 22.6 44% 30 28.2 23.8 22.6 16.2 15.0 25 18.3 11
Slide 49: Pulp Business
FINANCIAL MANAGEMENT PULP BUSINESS Sales Volume (‘000 ton) Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) Inventories: Flattish vs. 2Q25 2,162 1,645 1,603 3,718 1,410 3,146 3,164 12,368 2,856 5,697 21,059 3,269 3,165 5,378 4,462 670 2,635 555 555 524 58% 52% 49% 51%
Slide 50: Paper and Packaging Business
FINANCIAL MANAGEMENT PAPER AND PACKAGING BUSINESS Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1,417 Brazilian 5,985 6,057 6,017 operations 348 372 301 5,856 US operations (R$/ton) 295 76 81 Brazilian 366 95 105 operations US operations 99 (exports) 1,459 (US$/ton) Brazilian 1,505 1,543 200 173
Slide 51: 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 52: Adopting a More Conservative Approach Towards Net Debt Target
FINANCIAL MANAGEMENT ADOPTING A MORE CONSERVATIVE APPROACH TOWARDS NET DEBT TARGET 3.5x DELEVERAGING PLAN 3.2x 3.3x 3.1x 3.0x 3.1x 2.9x TARGET < 2.5X TOD REDUCTION WORKING CAPITAL OPTIMIZATION PREVIOUS NET 13.0 13.0 DEBT TARGET 12.9 12.8 12.9 CURRENT NET 12.0 12.0 DEBT TARGET 11.9 11.0 NON-CORE ASSE
Slide 53: Global and Diversified Funding Sources
FINANCIAL MANAGEMENT GLOBAL AND DIVERSIFIED FUNDING SOURCES 24% Local 47% International Capital Markets Funding Counterpart 76% International Funding Sources Green Bond 3% Sustainability 22% Linked Trade Finance Related Bank 40% 37% ESG1 19% 12% Non-Trade Finance Traditional Local Capital Markets Re
Slide 54: 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 55: Securing Competitive Funding Costs in High Interest-Rate Scenario
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 5.1% 4.9% 5.0% 4.7% AVERAGE TENOR >70 4.3% (MONTHS) 77 80 4.2% 3.9% 4.0% 3.2% % OF DEBT MATURING IN <30% LESS THAN 36 MONTHS ~28
Slide 56: 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 5.00 1.6 2.2 1.7 5.20 1.1 1.9 0.9 0.7 0.7 5.32 0.9 1.7 0.0 (
Slide 57: Capex Update
FINANCIAL MANAGEMENT CAPEX UPDATE 9M25 (R$ billion) 2025e (R$ billion) 2026e (R$ billion) R$10.4 Bn R$13.3 Bn R$10.9 Bn 0.2 0.8 0.9 0.8 1.2 1.5 2.6 5.9 3.1 7.8 2.5 7.3 Sustaining Land and Forests Expansion, Modernization and others Cerrado Project
Slide 58: 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 59: Backups
LY SUZGNO BACKUPS
Slide 60: Maintenance Schedule
MAINTENANCE VW SUZONO SCHEDULE
Slide 61: Maintenance Downtimes Schedule
MAINTENANCE DOWNTIMES SCHEDULE 2024 2025 2026 Mill – Pulp Capacity 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Aracruz – Mill A (ES) – 590 kt No downtime Aracruz – Mill B (ES) – 830 kt No downtime Aracruz – Mill C (ES) – 920 kt No downtime Imperatriz – (MA)1 – 1,650 kt No downtime Ja
Slide 62: Pulp Market
PULP WP suzano MARKET
Slide 63: Paper & Board Production and Fiber Furnish
PAPER & BOARD PRODUCTION AND FIBER FURNISH 420 387 175 73 66 Non Wood 6 UKP 3 Other - 36 Mechanical 4 Newsprint - 10 Tissue - 44 BSKP Integrated 25 Recycled 101 P&W - 75 206 BCP 66 Packaging 256 BHKP 41 Virgin Market 175 73 Total Paper Fiber Virgin Pulp Market Pulp Bleached Production Consumption Ch
Slide 64: Chinese Growth
CHINESE GROWTH China’s Share of Market Pulp Eucalyptus Hardwood Total % China vs. Global Market Pulp 45.00% 30,000 39% 39% 40.00% 34% 35% 35.00% 33% 25,000 27% 29% 30.00% 20,000 25.00% 21% 15,000 20.00% 15.00% 10,000 10.00% 5,000 5.00% 0.00% 0 2010 2012 2014 2016 2018 2020 2022 2024 China’s demand o
Slide 65: Market Dynamics Supported by China and Tissue
MARKET DYNAMICS SUPPORTED BY CHINA AND TISSUE Chinese Market Pulp Demand By Grade In million tons In million tons 23.3 15.3 14.8 1.1 9.3 7.0 6.9 p/y 26.4 1.3 North America Western Europe Japan China LATAM Eastern Europe Other Tissue Demand By Main Regions In million tons 44 45 46 47 40 41 42 43 10.5
Slide 66: Consistent Growth on Global Pulp Demand
CONSISTENT GROWTH ON GLOBAL PULP DEMAND Global Market Pulp Demand Softwood In million tons +0.2/y -0.2/y +0.4/y +1.0/y 24.3 24.8 23.7 +1.4/y 67.6 22.2 +1.4/y 61.2 57.0 50.0 2010 2015 2018 2024 Hardwood +1.2/y +1.1/y 41.4 +1.1/y 34.1 30.8 25.1 2010 2015 2018 2024 2010 2015 2018 2024 Source: PPPC – SR
Slide 67: Global End Use Consumption Growth
GLOBAL END USE CONSUMPTION GROWTH Demand Growth 2024-2032 in million tons +53 (+6.6/y) 471 477 483 451 458 464 430 439 445 74 73 72 77 76 82 81 79 84 54 55 52 53 50 51 47 48 46 230 235 239 244 211 215 220 225 205 59 62 64 65 67 69 71 72 74 36 37 37 37 38 38 38 39 39 2024 2025e 2026e 2027e 2028e 2029
Slide 68: Pulp: Lower Volatility Compared to Other Commodities
PULP: LOWER VOLATILITY WHEN COMPARED TO OTHER COMMODITIES Historical Volatility (US$) 38% 39% 29% 22% 19% 20% 18% 14% BHKP LME Metais Cattle Soy Copper Sugar Nickel Crude Oil Source: Bloomberg. September 2025
Slide 69: Finance
@Y suzano FINANCE
Slide 70: 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 71: 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 72: 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 64% of net exposure2 Sensitivity¹ ~ R$670 million 100% of hedg
Slide 73: ESG
WY suzano ESG
Slide 74: Sustainable Forestry Model
SUSTAINABLE FORESTRY MODEL 1.7 M ha of planted 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 COMMITTED TO ZERO
Slide 75: 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 76: 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 77: 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 78: 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 79: 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 80: 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 81: Thank You
9Y suzano THANK YOU ir.sUzano.com.br
Suzano — Citi's 2026 3rd Annual Commodities Conference on 6ix