Suzano (SUZB3) Investor presentation summary

Key financial highlights

• Net revenue reached US$9.1 billion in LTM 1Q26, with adjusted EBITDA of US$3.9 billion and a 43% margin.

• Net debt stands at US$13.0 billion, with a net leverage ratio of 3.3x.

• Revenues are predominantly from international markets, with 75% from pulp and 64% from tissue.

• Conservative financial policy includes commodity hedging and diversified global funding sources.

• All 2025 debt issuances were below the bond curve, achieving the lowest G-spread for the 2036 bond.

Strategic and operational initiatives

• Focused on enhancing competitiveness through forestry productivity, logistics optimization, and cost reduction.

• Ribas do Rio Pardo mill exceeded nominal capacity, with no additional capex required for further efficiency.

• Competitiveness Acceleration Program identified 77 initiatives across the value chain, targeting significant operational disbursement reductions.

• Eucafluff® expansion is on track, with 98% physical and 91% financial progress, adding 340kt/year capacity.

• Strategic wood swap with Eldorado delivers an 18% net gain in standing volume and long-term operational benefits.

Market and growth outlook

• Global market pulp demand continues to grow, driven by China and tissue segments.

• BHKP (bleached hardwood kraft pulp) is gaining market share, with organic growth led by emerging markets.

• New integrated BHKP capacity in Asia and Latin America is expected to reshape market dynamics.

• Downstream integration and a joint venture with Kimberly-Clark diversify the portfolio and reduce cash flow volatility.

• U.S. paperboard market entry and modernization drive cost competitiveness and growth opportunities.