Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 23

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 23
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 The impact of the termination 
 of this specific agreement were accounted for in 2023 and 2022.                                    |

| (5) | Specific                                                                                       
 adjustment for the total PIS and COFINS tax credits to be recovered recognized by the Company, 
 following a decision by the Federal Supreme Court (STF) regarding the exclusion of ICMS of     
 the PIS and COFINS calculation base. These amounts refer to tax credits for amounts paid       
 in prior fiscal years.                                                                         |

| (6) | Specific                                                                                        
 adjustment for losses or gains on realization (write-off of sale, scrap, loss, decommissioning, 
 dismantling or property, plant and equipment inventory adjustment) of fixed, intangible and     
 biological assets whose economic benefits may no longer be obtained or that do not relate       
 to the core business of the Company.                                                            |

| (7) | Exceptional: Refers to the             
 termination of a packaging subsidiary. |

| (8) | 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-18

CAPITALIZATION</div>

The following table sets
forth information regarding our consolidated capitalization derived from our unaudited condensed consolidated interim financial information
as of and for the six-month period ended June 30, 2025:

| · | on               
 an actual basis; |

| · | as                                                                                             
 adjusted to reflect the net proceeds from certain bilateral financial loans obtained by Suzano 
 since June 30, 2025, in the ordinary course of business, in the aggregate amount of            
 R$2,415.3 million. See “Summary-Recent Developments”;                                          |

| · | as                                                                                                              
 further adjusted to reflect (i) the receipt of the net proceeds from the issuance                               
 of the Notes in this offering estimated at approximately US$981.2 million, after deducting                      
 underwriting discounts and offering expenses that are payable by us; (ii) and the                               
 use of proceeds therefrom to purchase US$1,216.6 million principal amount of 2026 Notes and 2027 Notes pursuant 
 to the Tender Offers and the subsequent make-whole redemption.