Apresentação | HSBC Non-Deal Roadshow

BUSINESS STRATEGY

COMPANY OVERVIEW

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

BUSINESS STRATEGY

COMPANY OVERVIEW

MAIN FIGURES - LTM 2Q26

ROBUST GOVERNANCE IN PLACE

Board of Directors

9

Members

44%

22%

Independent members of Women

Supported by

Committees

• Audit (Statutory)

• People

• Appointment and Compensation

• Sustainability

• Strategy and Innovation

• Management and Finance

APPOINTMENT OF RISK EXPERT

¹ Rounded and converted at the average exchange rate for the period (LTM 2Q26: FX 5.29).

Listed on "Novo Mercado", B3's highest corporate governance segment and NYSE ADR-level 2 program

AN IRREPLICABLE 1ST CLASS ASSET BASE

PULP BUSINESS

OUR LOGISTICS

PAPER BUSINESS

OUR PLANTATIONS

• 1.7 million hectares devoted to plantation 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 terminals

• 10 fully Dedicated Vessels

• 74 countries served

• 100% pulp integrated

• Unique go-to-market model

• Leading Brazilian brands

• 1.6 million tons of paper

• 40 thousand clients

• ~42% Brazilian market share²

• 340 thousand tons of consumer goods (tissue)

¹Includes Veracel (JV between Suzano (50%) and Stora Enso (50%)) ²Addressable market, considering domestic sales of paperboard and Printing & Writing paper.

FINANCIAL MANAGEMENT

BUSINESS STRATEGY

COMPANY OVERVIEW

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)

700

650

600

550

500

450

400

350

300

Indonesia

4.7 (10%)

250

200

150

100

50

0

800

Belgium/France

0.5 (1%)

Japan

0.7 (1%)

Other Asia

0.6 (1%)

Japan

0.3 (1%)

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

Top 101

Suzano UPM

Int. West Canada 2.4 (9%)

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

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%)

Coastal BC 1.2 (4%)

¹Source: Hawkins Wright, December 2025. Market pulp capacity including hardwood and softwood volumes.

RESILIENT BUSINESS MODEL MITIGATES CURRENT RISKS AMID THE MIDDLE EAST CONFLICT

Ocean Freight

Long term contracts and fully dedicated vessels

Natural Gas and Bunker oil

Hedging portfolio

Key attributes

&

Chemicals

Inside the fence operations and well-structured contracts

Risk exposure mitigants

Diesel

Petrobras-based pricing contracts

NEW COMPETITIVE LANDSCAPE HIGHLIGHTS THE NEED FOR MORE FOCUSED GOALS, TO DRIVE VALUE CREATION

CURRENT LANDSCAPE VALUE CREATION strategy

ENHANCING COMPETITIVENESS

GROWTH WITH DISCIPLINE

STRATEGIC

LEVERS

• PULP CAPACITY EXPANSIONS IN LATAM AND ASIA

  
  
  

  • ACCELERATION 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

SUSTAINABILITY

SUSTAINABILITY IS EMBEDDED IN OUR BUSINESS MODEL THROUGH THREE INTERCONNECTED PILLARS

INDUSTRIAL AND LOGISTICS

ECO-EFFICIENCY:

EMISSIONS REDUCTION

FORESTRY BASE: GENETIC INNOVATION AND MANAGEMENT ENHANCING CARBON CAPTURE

NATURE

RESTORATION AND CONSERVATION

VALUE CHAIN

CLIMATE

RESILIENCE AND MITIGATION

SOCIAL

DEVELOPMENT AND INCLUSION

NATURE STRATEGY: ACTIONS THAT STRENGTHEN THE BUSINESS AND RESTORE ECOSYSTEMS

FORESTS A-LIST

WATER A-CLIMATE B

BBB

LOW RISK

LOCAL DEVELOPMENT: SHARED VALUE TO STRENGTHEN THE RESILIENCE OF BOTH THE TERRITORIES AND THE BUSINESS

UPGRADE TO BBB (Mar/26)

SUPPLIER MANAGEMENT: PARTNERSHIPS FOR RISK MITIGATION AND SOCIO-ENVIRONMENTAL VALUE CREATION

TICKET TO PLAY:

CERTIFICATIONS REGULATIONS INTERNATIONAL ESG STANDARDS & RATINGS

SUSTAINABILITY

FOCUS ON TOPICS THAT AMPLIFY POSITIVE SOCIO-ENVIRONMENTAL IMPACT

CARING FOR WATER

REDUCE BY 15% THE WATER WITHDRAWN IN OUR INDUSTRIAL OPERATIONS BY 2030.

PROGRESS: 100%

NATURE

CONSERVE BIODIVERSITY

CONNECT 500,000 HECTARES OF CERRADO, ATLANTIC FOREST AND AMAZON FRAGMENTS BY 2030.

INCREASE WATER AVAILABILITY THROUGH FORESTRY MANAGEMENT ACTIONS ACROSS ALL CRITICAL WATERSHEDS IN OUR OPERATING AREAS IN BRAZIL BY 2030.

SOCIAL

PROGRESS:

43%

PROGRESS:

25%

PROMOTE PRODUCTIVE

COMBAT THE CLIMATE CRISIS

CLIMATE

INCLUSION

CONTRIBUTE TO LIFTING 200,000 PEOPLE OUT OF POVERTY IN OUR AREAS OF OPERATION BY 2030.

APPROVED TARGETS IN JUNE/2025¹

REDUCE BY 50.4% THE SCOPES 1 AND 2

EMISSIONS BY 2032.²

HAVE 80% OF OUR SUPPLIERS AND CUSTOMERS COMMITTED TO SCIENCE-BASED CLIMATE TARGETS BY 2028.

PROGRESS:

71%

Note: Progress based on 2025 | 1Please refer to Suzano's 2025 Sustainability Report for further information on the progress of the approved targets announced in June 2025. 2SBTi target replaced previous commitment to reduce scope 1 and 2 GHG emissions intensity by 15% per ton of production by 2030.

PULP & PAPER MARKET

MARKET BHKP DEMAND

3.0

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

41.4

4.5

4.4

44.5

2024

Organic

F2F

2029e

Net

Verticalization Effect

2029e

1Integrated O.R. Asia assumption = 75% related to confirmed projects. Integrated O.R. RoW assumption = 90%. Closure estimate of 0.3 Mt/year based on 2018-2023 average.

PULP & PAPER MARKET

ORGANIC GROWTH: MARKET BHKP CONTINUES POSITIVE TREND DRIVEN BY SOLID DEVELOPMENT IN EMERGING MARKETS

BHKP Organic Growth (Mt)

+2.1%

Organic Growth (Mt) by Region

45.9

41.4

CAGR 2024-2029 (%)

CAGR 2024-2029 (%)

China

43%

44%

+3.0%

+4.5

41.4

45.9

Europe Others

North America

LatAm

23%

18%

7%

9%

2024

21%

19%

8%

7%

2029e

+0.2%

+2.9%

+0.4%

+2.3%

Organic Growth (Mt) by Grade

45.9

41.4

Tissue

+2.7%

2024 2029e

Specialties

P&W Cartonboard

18%

19%

11%

2024

19%

16%

12%

2029e

+2.8%

-1.4%

+3.4%

Sources: Suzano BI, PPPC, Hawkins Wright.

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.)

1.1 p.p.

1.1 p.p.

1.0 p.p.

0.6 p.p.

2022-2025e

average = 1.3 p.p.

1.8 p.p.

53.8%

53.1% 53.8%

54.6%

55.4%

55.9%

56.2%

56.8%

57.9%

57.5%

59.3%

59.4%

60.6%

62.5%

63.6%

64.6%

2013-2021

Average

2022 2023 2024 2025e

BHKP and BSKP Change in Demand - past 5 years (Mt)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e

BSKP BHKP

BHKP BSKP

37.9

26.0

41.4

23.7

CAGR

+2.2%

CAGR

-2.3%

2020 2024

Sources: PPPC. Suzano BI.

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

21

(70%)

5

(66%)

7

(69%)

8

(71%)

BHKP gain for every 1 p.p share increase in 5 years (Mt)

Sources: Suzano BI. Hawkins Wright.

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

China

Shandong

3 projects

1.4 Mt

Hubei

Chongqing 1 project

1 project

0.8 Mt 0.6 Mt

Jiangxi

1 project

0.7 Mt

Guanxi

2 projects

1.1 Mt

Indonesia

1 project

1.4 Mt

Indonesia

6.0

2025 - 2029

CONSIDERATIONS TO MARKET PULP FUNDAMENTALS

THE NEGATIVE

• New integrated capacity competing with non-integrated players should consequently reduce market pulp demand

THE UNCERTAIN

• Start-up dates, production learning curves

• Operating Rate levels lower than western standards

• Depending on market conditions, integrated players also become market pulp buyers

• Woodchip price could pressure Chinese cash cost

Source: Suzano BI. ¹Nominal capacity increase, not including ramp-up and/or operating rate assumptions.

PULP & PAPER MARKET

BHKP SUPPLY ADDITION AND DEMAND OVER CAPACITY

87%

88%

86%

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 (%)

4.0

50.5

91% 90%

46.5

48

44

47

47

50

50

42

41

43

45

2024 Net Change 2029e

Main announced

projects:

• APP OKI II

• Arauco Sucuriú

Main

conversions:

• Bracell to dissolving pulp

• Suzano Limeira to fluff pulp

• Altri Biotek to dissolving pulp

2025 2026 2027 2028 2029

Demand Capacity D/C (%)

Source: Suzano BI. ¹Includes ramp-up assumptions.