Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 22

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 22
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 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. Similarly, the tax positions of individual companies can vary because of their differing abilities to
take advantage of tax benefits and the differing jurisdictions in which they transact business. Finally, companies differ in the age
and method of acquisition of productive assets, and thus the relative costs of those assets, as well as in the depreciation method (straight-line,
accelerated or units of production), which can result in considerable variation in depreciation and amortization expenses between companies.
Therefore, for comparison purposes, our management believes that our EBITDA and Adjusted EBITDA are useful measures of operating profitability
because they exclude these elements of earnings that do not provide information about the current operations of existing assets.

Other companies may calculate
EBITDA and Adjusted EBITDA differently, and therefore our presentation of EBITDA and Adjusted EBITDA may not be comparable to other similarly
titled measures used by other companies. Each of these non-IFRS financial measures are important measures to assess our financial and
operating performance. We believe that the disclosure of EBITDA and Adjusted EBITDA provides useful supplemental information to investors
and financial analysts in their review of our operating performance and in the comparison of such operating performance to the operating
performance of other companies in the same industry or in other industries that have different capital structures, debt levels and/or
income tax rates. The presentation of non-IFRS financial information is not meant to be considered in isolation or as a substitute for
the directly comparable financial measures prepared in accordance with IFRS Accounting Standards.

<div align='center'>S-17</div>

See below for a reconciliation
of Suzano’s net income (loss) to EBITDA and Adjusted EBITDA.

| Adjusted EBITDA                                                                                 |     | For the                   
 six months ended June 30, 
 2025                      |          |   |     | 2025           |           |   |     | 2024 |