Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 114

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 114
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 intangibles, calculated based on the most recent
balance sheet for which internal financial statements are available, all calculated in accordance with Reporting GAAP and calculated
on a pro forma basis to give effect to any acquisition or disposition of companies, divisions, lines of businesses or operations by Suzano
and its Subsidiaries subsequent to such date and on or prior to the date of determination.

“”

means, with respect to any Person, determined
without duplication:

| (1) | all indebtedness of             
 such Person for borrowed money; |

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| (2) | all obligations of such Person for the deferred purchase price of                              
 Property or services, excluding trade payables arising in the ordinary course of such Person’s 
 business, but only if and for so long as such trade payables remain payable on customary       
 trade terms;                                                                                   |

| (3) | all obligations of such                                                    
 Person evidenced by bonds, debentures, notes or other similar instruments; |

| (4) | all obligations, contingent or otherwise, of such Person in connection 
 with any securitization of any receivables of such Person;             |

| (5) | all obligations of such Person created or arising under any conditional                    
 sale or other title retention agreement with respect to Property acquired by such Person   
 (even though the rights and remedies of the borrower or the lender under such agreement in 
 an event of default are limited to repossession or sale of such Property);                 |

| (6) | all Capital Lease Obligations                                
 and all obligations under “synthetic leases” of such Person; |

| (7) | all obligations, contingent or otherwise, of such Person in respect                       
 of acceptances, letters of credit, financial guaranty insurance policies or other similar 
 instruments, excluding obligations in respect of trade letters of credit or bankers’      
 acceptances issued in respect of trade accounts payables to the extent not drawn upon or  
 presented, or, if drawn upon or presented, to the extent the resulting obligation of the  
 Person is paid within 10 Business Days;                                                   |

| (8) | all obligations of such Person to redeem, retire, defease or otherwise 
 make any payment in respect of any Capital Stock of such Person;       |

| (9) | all net obligations of such Person in respect of any Hedging Agreements 
 (but without regard to any notional principal amount relating thereto); |

| (10) | all obligations of