Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 22

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 22
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| (1) | Solely for the convenience of the reader, amounts in reais have been translated for convenience only to                                 
 U.S. dollars at an exchange rate of R$5.4571 per US$ 1.00, which was the commercial selling rate for U.S. dollars in effect on June 30, 
 2025, as reported by the Central Bank of Brazil                                                                                         |

<div align='center'>S-16

Special Note Regarding Non-IFRS Financial Measure</div>

Our management uses certain
non-IFRS measures as an additional measure of operational performance of our business. A non-IFRS financial measure is any financial measure
that is presented other than in accordance with all relevant IFRS Accounting Standards. We disclose our EBITDA and Adjusted EBITDA in
this prospectus supplement, which are considered to be non-IFRS financial measures. EBITDA is calculated as Net income (loss) plus Net
financial result, Income and social contribution taxes, and Depreciation, amortization and depletion. Our Adjusted EBITDA is defined
as EBITDA as further adjusted to add or exclude the following items, as specifically indicated in the table further below:

(i) Exceptional adjustments,
such as penalties for termination of a specific barge contract with Norsul; and

(ii) Other non-cash adjustments
or specific adjustments that by their nature and scope, do not reflect our operational performance for the specific period, in our management’s
view. This includes (a) Fair Value Update - Biological Asset, (b) results from sale and disposal of property, plant and equipment
and biological assets, (c) Accrual (reversal) of losses on ICMS credits, and (d) other items indicated in the table below.

The non-IFRS financial measures
described in this prospectus supplement are not a substitute for the IFRS Accounting Standards measures of net income or other performance
measures. Our management believes that disclosure of our EBITDA and Adjusted EBITDA provide useful information to investors, financial
analysts and the public in their review of our operating performance and their comparison of our operating performance to the operating
performance of other companies in the same industry and other industries. For example, interest expense is dependent on the capital structure
and credit rating of a company. However, debt levels, credit ratings and, therefore, the impact of interest expense on earnings vary significantly
between companies