Results Presentation 2Q25

08.07.2025

Headlines

Pro-forma Adjusted & Recurring EBITDA R$1,313 million in 1H25, including the 49% of EBITDA from LD Celulose

• Another quarter of steady results in the Wood Division, driven by strong demand for

  panels and forestry trading;

• LD Celulose operating at full capacity during the semester, with efficiency gains and a solid contribution to results;

• Positive results from the Finishes Division in 2Q25, despite the challenging sector scenario, which remained highly competitive with cost pressures;

• Adjusted and Recurring EBITDA of R$443 million in 2Q25, with a margin of 20.9%, and of R$788 million for the half, with a margin of 19.6%, excluding the equivalence effects of LD Celulose.

  Rec. Net Revenue and Gross Margin

  Adjusted and Recurring EBITDA

  and Margin

  Recurring Net Income

  R$ million

  R$ million / %

  +6%

  1,995 2,122

  37.0%

  +2%

  3,931 4,024

  R$ million / %

  +18%

  702

  561

  259

  184

  443

  1,115

  297

  20.8%

  +18%

  1,313

  525

  19.6%

  105

  126

  -72%

  30

  94

  101

  153

  +12%

  114

  219

  24.6%

  32.9% 24.6%

  376

  18.9%

  20.9%

  818

  788

  -21

  -64

  -52

  -105

  2Q24 2Q25

  1H24 1H25

  2Q24 2Q25

  1H24 1H25

  2Q24 2Q25

  1H24 1H25

  Net Revenue Pro-Forma Gross Margin %

  Adjusted & Recurring EBITDA- LD

  Celulose

  Adjusted & Recurring EBITDA

  EBITDA

  Margin %

  Adjusted & Recurring Net Income- Dexco

  Adjusted & Recurring Net Income - LD Celulose

  3

  
  
  

  Headlines

  2Q25

• Improved price and mix dynamics offset the impact of cost increases in the period, disregarding the effect of Biological Asset Fair Value Variation, which influenced the year-over-year comparison base.

  4

  4

  Consolidated Gross Margin

  approximate figures

  Operational gains ~+4 p.p.

  +7 p.p.

  -5 p.p.

  37.0%

  +2 p.p

  -14 p.p.

  -3 p.p.

  23.2%

  (Ex FV

  Bio Asset.)

  24.6%

  Gross Margin 2Q24

  Forestry Trading

  Price/Mix

  COGS

  Chge Biological Assets

  Depr./Amort.

  /Exaus.

  Gross Margin 2Q25

  
  
  

  Cash Flow

  2Q25 | 1H25

  Free Cash Flow YTD

  R$ million / %

• Greater need for working capital in the half arising from the balancing of inventory levels, linked to the improvements in service levels and factory restructuring;

• Increase in interest rates impacting financing expenses;

• Reduction of 42% in the Projects line, as we reach the end of the 2021-2025 investment cycle, for which R$89 million was allocated during the half.

  Worfiing Capital/Net Revenue

  818

  788

  1S24 1S25

  12% 10%

  15%

  1

  12% 11%

  16%1

  16%

  (200) (192)(228)

  (309)

  (426)(367)

  (82) (68)

  (80)

  (233) (267)

  								Maintenance	57	66	101	107
  Recurring	Working	Financial	Sustaining	Taxes	Sustaining	Projects2	Total	Sustaining CAPEX3	266	205	426	367
  EBITDA	Capital	flow	CAPEX		FCF		FCF	Projects	139	106	274	267

  (464) (544)(500)

  2020 2021 2022 2023 2024 1Q25 2Q25

  1T25

  2T25

  Investment 2Q24 2Q25 1H24 1H25

  CAPEX R$ million / %

  Forestry OPEX 209 140 325 259

  1 - Discounting one-off items | 2 - 2Q24: Investment Cycle: R$109.2 million; other projects and LD Celulose R$ 134.2 million; 2Q25: Investment Cycle: R$

  89.0 million; other projects R$ 17.2million | 3 - Maintenance, factory modernization and sustaining the business. 5

  
  
  

  Corporate Debt

  2Q25 | 1H25

• High cost of debt impacted by the macroeconomic scenario;

• Reduction in leverage to 3.4x, reflecting the increase in EBITDA, despite cash flow generation being impacted by the increase in working capital.

  Amortization Timeline

  R$ million

  27%

  Short

  Financial Leverage

  R$ million

  Avge Term¹

  Avge Cost

  Term

  73%

  Net Debt Net Debt/Recurring EBITDA (UDM)

  4.3 years

  107.1% of CDI

  Long

  3.46x

  3.10x 3.01x

  3.45x 3.39x

  Revolving

  Credit

  Cash

  1,462

2,212

764

1,335

1,267

744

190

2,660

5,224 5,215 4,973 5,364 5,499

Availability (R$)

2025 2026 2027 2028 2029 2030

and beyond

2Q24 3Q24 4Q24 1Q25 2Q25

1 - Average weighted debt term

6

WOOD

7

Sector Environment

Wood Panels

IBÁ Data1

• Cost pressures and high capacity utilization enabled price adjustments in the sector;

• Instability of the foreign market affected export results, on the back of currency volatility and tariff pressures.

  MDF Domestic Marfiet MDP Domestic Marfiet

  Volume 000m3 Volume 000m3

  +3%

  1,280 1,319

  2Q24 2Q25

  +4%

  2,432 2,511

  1S24 1S25

  +3%

  732 752

  2Q24 2Q25

  +4%

  1,426 1,488

  1H24 1H25

  1 - At the end of 2024, the IBÁ revised its volume estimates for non-associated companies, impacting historical data

  8

  vs 2024

  Domestic

  2Q25

  1H25

  +3%

  +4%

  External

  -3%

  -7%

  Panels Total

  Volume 000m3

  +2%

  +2%

  4,548

  4,643

  2,366

  2,414

  2Q24

  2Q25

  1H24

  1H25

  
  
  

  Results

  Wood

  • Volumes held steady, particularly with respect to the high levels of demand for MDP for the furniture sector, which contributed to another quarter of solid results;

  • Price increases and forestry trades in 2Q25 offset costs

    Capacity Utilization

    2Q25

    %

    arising from maintenance shutdowns during the

    semester, boosting Recurring Net Revenue;

  • Adjusted and Recurring EBITDA of R$428 million for the quarter, with an increase in the EBITDA margin reflecting greater profitability in wood panels.

Total

92%

MDF

87%

MDP

97%

Volume

000m3

Rec. Net Revenue e Gross Margin

R$ million / %

Adjusted and Recurring EBITDA1 and Margin

R$ million / %

0.4%

750 753

-2%

1,509 1,472

1,234

+16

1,432

+6%

2,566 2,719

319

+34%

428

+3%

758 778

29.5%

2Q24 2Q25

1H24 1H25

44.8% 25.2%

2Q24 2Q25

38.7% 25.9%

1H24 1H25

25.8% 29.9%

2Q24 2Q25

28.6%

1H24 1H25

Net Revenue Gross Margin %

Adjusted & Recurring

EBITDA

EBITDA Margin %

1 - The Adjusted & Recurring EBITDA is net of the effects of changes to biological assets.

9

Results

LD Celulose

Volume Shipped

thousand tons

+11%

+12%

276

305

141

158

2Q24

2Q25

1H24

1H25

• Very positive operating performance boosted Volumes and Net Revenue in the quarter;

• Adjusted and Recurring EBITDA of R$529 million, with a margin of 60.5%, reflecting efficiency gains and steady levels of productivity;

• Increase in Net Income reflects the base comparison being impacted by accounting effects related to exchange rate fluctuations and deferred taxes, as well as an improved operating performance;

  R E S U L T S R E L A T E T O 1 0 0 % O F T H E O P E

Recurring Net Revenue

R$ million

+35%

Adjusted and Recurring EBITDA and Margin R$ million / %

+76%

+41%

1,071

529

Net Income

R$ million

443

+30%

1,718

191

1,269

673

875

376

55.9%

60.5%

607

47.9%

62.3%

2Q24

2Q25

1H24

1H25

2Q24

2Q25

1H24

1H25

(43)

2Q24

2Q25

(105)

1H24

1H25

Adjusted & Recurring EBITDA

EBITDA Margin %

10

FINISHES

11

Sector Environment Metals & San Ware

ASFAMAS combined data1

10,303

+2%2

8,419

Rec. Net Revenue e Gross Margin

R$ million / %

+2%2

466

25.5%

535 474

+7%2

929 890

Adjusted and Recurring EBITDA and Margin

R$ million / %

-83% -67%

1.503

4,486

474

22.8%

890

832

22.7%

21.4%

52

9.7%

9

1.8%

50

5.4%

17

1.9%

2Q24 2Q25

1H24 1H25

2Q24 2Q25

1H24 1H25

2Q24

2Q25

1H24 1H25

Volume of Electric

Volume Metals &

Net Revenue from

Net Revenue. Metals Gross Margin %

Adjusted & Recurring

EBITDA

showers and faucets

San Ware

Electric Showers and & San Ware faucets

EBITDA

Margin %

1 - Capacity includes San Ware operation in João Pessoa (PB), whose closure was announced effective July/2025 | 2 - Does not include contribution from electric showers and faucets business.

13

Sector Environment

Tiles

ANFACER data

Capacity Utilization1 2Q25

%

2Q25

82%

Volume

000m2

-1%

+0,3%

8,260 8,289

Rec. Net Revenue

e Pro-Forma Gross Margin

R$ million / %

-5%

-5%

Adjusted and Recurring EBITDA and Margin

R$ million / %

+2%

4,274 4,232

2Q24 2Q25

1H24 1H25

21.4% 24.2%

226 215

2Q24 2Q25

20.4% 21.3%

415 437

1H24 1H25

2.6% 2.9%

6 6

2Q24 2Q25

2.3% -1.5%

10

(6)

1H24 1H25

Net Revenue Pro-Forma Gross Margin %

Adjusted & Recurring EBITDA

EBITDA Margin %

1 - Capacity includes adjustments disclosed under the Market Communication of 07/02/2025.

15

PROSPECTS

16

Market Contextualization

Participation

In recent years, less than 1% of the Company's Consolidated Net Revenue came from products exported to the

United States

Total Net Revenue from the U.S.2 R$ millions

1.2%

85%

0.6%

48%

0.7%

75%

15%

52% 25%

2022 2023 2024

Wood Panels Ceramic Tiles

1 - Internal analysis based on public information and market references | 2 - There are No Deca/Hydra products contribute to revenue from the U.S.

17

Prospects

Expected price increases and continued elevated demand in the panels market, with robust results sustaining the performance of the Wood Division;

Ramp-up of the unit at Botucatu should contribute to the upturn in manufacturing utilization and the dilution of costs in the Tiles Division during the semester;

Metals and Sanitary Ware Division should benefit from factory reorganization, with the potential to show

incremental improvements in efficiency and fixed cost dilution;

The LD Celulose operation has continued to perform well; with a scheduled maintenance shutdown and the more challenging external environment demanding attention, especially given the drop off in the price of dissolving wood pulp.

The macroeconomic environment continues to be challenging, with an increase in political and financial uncertainty. The Company has redoubled its focus on the external scenario and on the internal consumer dynamic;

Focus on restructuring projects related to deleveraging and efficiency, reinforcing the commitment to the

ongoing financial health of the business.

18

18

RELATIONS

Francisco Semeraro

Administration & Finance Director

Guilherme Setubal

IR, Corporate Relations & ESG Director

Alana Santos

IR and ESG Coordinator

Maria Luísa Guitarrari

IR Analyst

2Q25

ri.dex.co

investidores@dex.co

Av. Paulista 1.938 - CEP 01310-200

Consolação - São Paulo - SP