CITI'S 2026 3RDANNUAL COMMODITIES CONFERENCE
JANUARY 2026
COMPANY OVERVIEW
BUSINESS STRATEGY
FINANCIAL MANAGEMENT
COMPANY OVERVIEW
BUSINESS STRATEGY
FINANCIAL MANAGEMENT
ROBUST GOVERNANCE IN PLACE
Board of Directors
9
44%
22%
Members
Independent members of Women
APPOINTMENT OF RISK EXPERT
Supported by
Committees
Audit (Statutory)
People
Appointment and Compensation
Sustainability
Strategy and Innovation
Management and Finance
Listed on "Novo Mercado", B3's highest corporate governance segment and NYSE ADR-level 2 program
ESG:
10%of management's corporate short-term variable compensation since 2021
AN IRREPLICABLE 1STCLASS ASSET BASE
OUR PLANTATIONS
PULP BUSINESS
OUR LOGISTICS
1.7 million hectares of planted and certified areas
Geographically Diversified areas
150 km structural
average radius
Unmatched eucalyptus genetic base
Unique harvesting and
inbound logistics
13.4 million tons of market pulp
Integrated supply chain
~195 MWm average Surplus (equivalent to ~2
million people town)
9 pulp mills strategically located¹
All mills either close to shore or railway connected
4 export pulp ports
10 fully Dedicated
Vessels
74 countries served
¹Includes Veracel (JV between Suzano (50%) and Stora Enso (50%)) ²Addressable market
PAPER BUSINESS
100% pulp integrated
Unique go-to-market model
Leading Brazilian brands
1.7 million tons of paper
40 thousand clients
~41% Brazilian market share²
340 thousand tons of consumer goods (tissue)
COMPANY OVERVIEW
BUSINESS STRATEGY
FINANCIAL MANAGEMENT
UNDISPUTABLE COMPETITIVENESS IN THE PULP INDUSTRY
Hardwood | CIF China | USD/ton and Production Capacity (Mt)¹
Softwood | CIF China | USD/ton and Production Capacity (Mt)
Top 101
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
Brazil
23.2 (50%)
Japan
0.7 (1%)
Other Asia
Chile/Uruguay
8.2 (18%)
China 3.0 (6%)
Eastern Europe 1.3 (3%)
Iberia 2.5 (5%)
East Canada 1.3 (5%)
Other Euro 1.6 (6%)
Sweden
3.9 (14%)
Finland 5.0 (18%)
Int. West Canada 2.4 (9%)
Coastal BC 1.2 (4%)
0.6 (1%)
Belgium/France
0.5 (1%)
800
750
700
650
600
550
500
450
Other World 1.8 (7%)
400
East Europe 2.0 (7%)
Chile 1.8 (6%)
350
300
250
200
150
100
50
0
Japan
0.3 (1%)
US
Indonesia
4.7 (10%)
6.6 (24%)
Suzano
UPM
Arauco APRIL + Symbol + Bracell
CMPC
Metsä
APP
Domtar (PE)
IP
Ilim Pulp
4.8
4.6
4.4
4.4
4.0
3.0
3.5
2.5
2.5
13.4
¹Source: Hawkins Wright, December 2025. Market pulp capacity including hardwood and softwood volumes.
NEW COMPETITIVE LANDSCAPE HIGHLIGHTS THE NEED FOR MORE FOCUSED GOALS, TO DRIVE VALUE CREATION
CURRENT LANDSCAPE VALUE CREATION strategy
PULP CAPACITY EXPANSIONS IN LATAM AND ASIA
ENHANCING COMPETITIVENESS
GROWTH WITH DISCIPLINEACCELERATION OF NEW
INTEGRATED CAPACITY IN CHINA
FOCUS TO THE NEXT 2-3 YEARS
TOD¹ REDUCTION
EXTRACT VALUE FROM PREVIOUS CAPITAL ALLOCATION DECISIONS
ACCELERATE FIBER-TO-FIBER
STRATEGY
WOOD COST PRESSURE IN CERTAIN REGIONS AND LOW EBITDA MARGIN OVER A LONG PERIOD PUT A SIGNIFICANT PULP CAPACITY UNDERWATER
DELEVERAGING TOWARDS < 2.5X2
¹Total Operational Disbursement. 2Net Debt/Adjusted EBITDA
A CLEAR STRATEGIC ROADMAP FOR THE NEXT 2-3 YEARS
STReNGTHeNING
COMPeTITIVe
EdGe
CaPTURe VaLUe
FRoM capITaL aLLocaTIoNS IN pLace
POSITIONING FOR
LeadeRShIP IN a cHaNGING LaNdScape
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