# EDGAR Filing Document

**Accession Number:** 0000909327
**File Stem:** 0000909327-26-000025
**Filing Date:** 2026-2
**Character Count:** 102089
**Document Hash:** 5aa575663ae416ff692fc22a8bcb7755
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000909327-26-000025.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0000909327-26-000025

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Suzano S.A.
- **CENTRAL INDEX KEY:** 0000909327
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPER MILLS [2621]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38755
- **FILM NUMBER:** 26616448

**BUSINESS ADDRESS:**
- **STREET 1:** AV. PROFESSOR MAGALHAES NETO, 1,752
- **STREET 2:** 10TH FLOOR, ROOMS 1010 AND 1011
- **CITY:** SALVADOR - BA
- **STATE:** D5
- **ZIP:** 41 810-012
- **BUSINESS PHONE:** 551121384588

**MAIL ADDRESS:**
- **STREET 1:** AV. BRIGADEIRO FARIA LIMA, 1,355
- **STREET 2:** 7TH FLOOR
- **CITY:** PINHEIROS, SAO PAULO - SP
- **STATE:** D5
- **ZIP:** 01 452-919

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Suzano Papel e Celulose S.A.
- **DATE OF NAME CHANGE:** 20180322

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPANHIA SUZANO DE PAPEL E CELULOSE                    /FI
- **DATE OF NAME CHANGE:** 19930719

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, DC 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br>PURSUANT TO RULE 13a-16 OR 15d-16<br>UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of February, 2026.**

**Commission File Number 001-38755**

**Suzano S.A.**<br> (Exact name of registrant as specified in its charter)

**SUZANO INC.** <br> (Translation of Registrant's Name into English)

**Av. Professor Magalhaes Neto, 1,752<br>10th Floor, Rooms 1010 and 1011<br>Salvador, Brazil 41 810-012**<br> (Address of principal executive office)

**Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.**<br>Form 20-F ☒&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

**Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):** ☐

**Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):** ☐

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**Enclosures:**

**Exhibit 99.1 –**<u>[Earnings Release for Fourth Quarter 2025](earningsrelease_4t25xen.htm)</u>

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Date: February 10, 2026**

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| | |
|:---|:---|
| | **SUZANO S.A.** |
| By: | /s/ Marcos Moreno Chagas Assumpção |
| Name: | Marcos Moreno Chagas Assumpção |
| Title: | Vice-President of Finance and Investor Relations |

---

## Exhibit 99.1

![](earningsrelease_4t25xen001.jpg)

Record sales volume and further reduction in cash cost. Leverage reaches 3.2x. São Paulo, February 10th, 2026. Suzano S.A. (B3: SUZB3 \| NYSE: SUZ), one of the world's largest integrated pulp and paper producers, announces today its consolidated results for the fourth quarter of 2025 (4Q25). HIGHLIGHTS • Pulp sales of 3,406 thousand tonnes (+4% vs. 4Q24). • Paper sales1 of 474 thousand tonnes (+10% vs. 4Q24). • Adjusted EBITDA2 and Operating cash generation3: R$5.6 billion and R$3.7 billion, respectively. • Adjusted EBITDA2/t from pulp of R$1,409/t (-19% vs. 4Q24). • Adjusted EBITDA2/t from paper of R$1,655/t (-5% vs. 4Q24). • Average net pulp price in export market: US$538/t (-8% vs. 4Q24). • Average net paper price1 of R$6,845/t (-1% vs. 4Q24). • Pulp cash cost ex-downtimes of R$778/t (-4% vs. 4Q24). • Leverage of 3.2 times in both US$ and R$. • Free Cash Flow Yield ("FCF Yield" - LTM) of 16.7% (+1,7 p.p. vs. 4Q24). • Return on Invested Capital ("ROIC" - LTM) of 11.5% (-1.8 p.p. vs. 4Q24). Financial Data (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Net Revenue 13,114 12,153 8% 14,177 -8% 50,116 47,403 6% Adjusted EBITDA2 5,583 5,200 7% 6,481 -14% 21,736 23,849 -9% Adjusted EBITDA Margin2 43% 43% — p.p. 46% -3 p.p. 43% 50% -7 p.p. Net Financial Result (3,411) 1,052 — (15,556) -78% 9,762 (28,802) — Net Income 116 1,961 -94% (6,737) — 13,438 (7,045) — Operating Cash Generation3 3,667 3,416 7% 4,843 -24% 13,856 16,239 -15% Net Debt/ Adjusted EBITDA2 (x) (R$) 3.2 x 3.1 x 0.1 x 3.3 x -0.1 x 3.2 x 3.3 x -0.1 x Net Debt/ Adjusted EBITDA2 (x) (US$) 3.2 x 3.3 x -0.1 x 2.9 x 0.3 x 3.2 x 2.9 x 0.3 x Operational Data ('000 t) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Sales 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Pulp 3,406 3,165 8% 3,284 4% 12,490 10,865 15% Paper1 474 436 9% 430 10% 1,712 1,436 19% (1) Includes the results from the Consumer Goods Unit (tissue) and the performance of the Suzano Packaging US Unit (Pine Bluff and Waynesville). (2) Excludes non-recurring items. (3) Considers Adjusted EBITDA less sustaining capex (cash basis). EARNINGS RELEASE 4Q25

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![](earningsrelease_4t25xen002.jpg)

The consolidated quarterly financial information was prepared in accordance with the standards set by the Securities and Exchange Commission of Brazil (CVM) and the Accounting Pronouncements Committee (CPC) and complies with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The operating and financial information is presented on a consolidated basis and in Brazilian real (R$). Note that figures may present discrepancies due to rounding. CONTENTS EXECUTIVE SUMMARY .............................................................................................................................................................. 3 PULP BUSINESS PERFORMANCE ............................................................................................................................................ 4 PULP SALES VOLUME AND REVENUE .............................................................................................................................. 4 PULP CASH COST ................................................................................................................................................................ 7 PULP SEGMENT EBITDA .................................................................................................................................................... 10 OPERATING CASH GENERATION FROM THE PULP SEGMENT ..................................................................................... 12 PAPER BUSINESS PERFORMANCE .......................................................................................................................................... 12 PAPER SALES VOLUME AND REVENUE ............................................................................................................................ 12 PAPER SEGMENT EBITDA .................................................................................................................................................. 16 OPERATING CASH GENERATION FROM THE PAPER SEGMENT ................................................................................... 17 FINANCIAL PERFORMANCE ..................................................................................................................................................... 18 NET REVENUE ...................................................................................................................................................................... 18 CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES .......................................................................................... 19 COST OF GOODS SOLD (COGS) ........................................................................................................................................ 19 SELLING EXPENSES ........................................................................................................................................................... 20 GENERAL AND ADMINISTRATIVE EXPENSES ................................................................................................................ 21 OTHER OPERATING INCOME (EXPENSES) ..................................................................................................................... 21 ADJUSTED EBITDA ............................................................................................................................................................ 22 FINANCIAL RESULT ........................................................................................................................................................... 23 DERIVATIVE OPERATIONS ............................................................................................................................................... 24 NET INCOME (LOSS) .......................................................................................................................................................... 27 DEBT ..................................................................................................................................................................................... 28 CAPITAL EXPENDITURE .................................................................................................................................................... 30 OPERATING CASH FLOW ................................................................................................................................................... 31 FREE CASH FLOW ............................................................................................................................................................... 33 ROIC ("RETURN ON INVESTED CAPITAL") ..................................................................................................................... 34 CHANGES IN NET DEBT ..................................................................................................................................................... 34 ESG ....................................................................................................................................................................................... 35 TOTAL OPERATIONAL EXPENDITURE - PULP ................................................................................................................ 35 CAPITAL MARKETS ..................................................................................................................................................................... 35 FIXED INCOME ........................................................................................................................................................................... 37 RATING ......................................................................................................................................................................................... 37 UPCOMING EVENTS ................................................................................................................................................................... 38 APPENDICES ................................................................................................................................................................................ 39 APPENDIX 1 – Operating Data ...................................................................................................................................... 39 APPENDIX 2 – Consolidated Income Statement and Goodwill Amortization .................................................. 41 APPENDIX 3 – Consolidated Balance Sheet ............................................................................................................... 42 APPENDIX 4 – Consolidated Statement of Cash Flow ............................................................................................ 43 APPENDIX 5 – EBITDA ..................................................................................................................................................... 44 APPENDIX 6 – Segmented Income Statement ......................................................................................................... 45 Forward-Looking Statements ....................................................................................................................................... 47 4Q25 EARNINGS RELEASE Page 2 of 47

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![](earningsrelease_4t25xen003.jpg)

EXECUTIVE SUMMARY The year 2025 was marked by the ongoing implementation of the Company's strategy, with a focus on strengthening its structural competitiveness, driving disciplined business growth, and further reinforcing its balance sheet. We advanced in competitiveness through key industrial projects, particularly the Ribas do Rio Pardo operation, which, after completing its learning curve in January 2025, has been contributing meaningfully to reducing the cash cost in the pulp segment. Regarding disciplined growth, we highlight the agreement to acquire 51% of the global joint venture with Kimberly-Clark, supporting the international expansion of the tissue business, with closing expected by mid-2026. The paperboard assets acquired in the U.S. at the end of 2024 also progressed as planned, reporting their first positive EBITDA in the second half of 2025. After a long period of uncertainty in international trade flows stemming from U.S. tariff policy, the last quarter of 2025 was marked by the continued recovery in hardwood pulp prices. This improvement reflected a strengthening in market sentiment, supported by seasonal factors and expectations of tighter short-term supply, as well as higher wood prices in China. In this context, the Company's pulp business delivered improved results in 4Q25, driven by higher sales volumes and an increased average net price, despite the depreciation of the US$ against the average R$. The cash production cost, excluding downtimes, continued its downward trend, reaching its lowest nominal value since 4Q21. This combination of factors led to an increase in adjusted EBITDA from pulp compared to the prior period. In the paper business unit, an increase in adjusted EBITDA was observed, mainly driven by higher sales volume, though this was substantially offset by lower prices in both domestic and international markets. As a result, consolidated adjusted EBITDA amounted to R$5.6 billion in 4Q25, up 7% from 3Q25 and down 14% from 4Q24. Operating cash generation reached R$3.7 billion in the quarter, representing a 7% increase versus 3Q25 and a 24% decrease year-on-year. In 2025, consolidated adjusted EBITDA reached R$21.7 billion, while Operating Cash Generation totaled R$13.9 billion. As for financial management in 4Q25, net debt in US$ stood at US$12.6 billion, a 3% reduction from the previous quarter, resulting in a decrease in US$ leverage to 3.2 times. The foreign exchange hedging policy continued to play its part, with average strikes of Zero Cost Collar operations contracted at 5.83 (put) and 6.73 (call) and notional value of US$6.2 billion. 4Q25 EARNINGS RELEASE Page 3 of 47

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![](earningsrelease_4t25xen004.jpg)

PULP BUSINESS PERFORMANCE PULP SALES VOLUME AND REVENUE The fourth quarter of 2025 was marked by the continued recovery in hardwood pulp prices, following a period of significant price deterioration that began in April with the Liberation Day announcement in the United States and extended through August. This upward price trend was supported by an improvement in market sentiment, driven mainly by higher paper production associated with Chinese seasonality, the increase in domestic wood prices in China, and the expected reduction in hardwood pulp supply as a result of the volume of scheduled maintenance downtimes over the coming months. In China, the quarter was characterized by a rise in domestic pulp production costs, resulting from higher local woodchip prices, which supported the successful implementation of price increases in the region. On the demand side, typical seasonal behavior ahead of the Chinese New Year was observed, reflected in port pulp inventories reaching their lowest levels since January 2025, according to SCI. In addition, paper production grew across all segments compared with the third quarter of 2025, with notable increases in paperboard (up 8.4%) and tissue (up 3.5%). On an annual basis, Chinese paper production rose 3.1% in 2025 versus 2024, again led by the paperboard segment, which grew 8.0%, and tissue, which expanded 6.1%. In Europe, according to Utipulp data, hardwood pulp consumption in 4Q25 increased 3.8% quarter-over-quarter and recorded a year-over-year change of -0.8%, while softwood consumption declined 2.0% compared to the previous quarter and by 9.9% year over year. Compared with the prior quarter's monthly average, data from CEPI (Confederation of European Paper Industries) show that European paper production grew on average in October and November, with packaging papers up 3.5% and printing & writing papers up 6.8%. In North America, the tissue market remained stable, continuing to serve as a relevant driver of pulp demand in the region. On the supply side, the quarter was marked by announcements of unplanned production curtailments for both hardwood and softwood pulp, primarily among European producers, in addition to the announcement of a new dissolving-pulp (swing) production campaign by a major industry player operating in Brazil. These developments contributed to reduced supply and supported announced price increases. Even so, by the end of 2025, a significant portion of global installed capacity continued to operate with inadequate margins due to the mismatch between prevailing production-cost levels— particularly in the Northern Hemisphere—and market prices. Quarterly average PIX/FOEX indices for hardwood pulp rose 6% in China and 4% in Europe compared with 3Q25. During the period, the average PIX price spread between softwood and hardwood pulp stood at US$136/t in China and US$422/t in Europe, continuing to support the substitution of softwood for hardwood. 4Q25 EARNINGS RELEASE Page 4 of 47

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![](earningsrelease_4t25xen005.jpg)

Suzano's pulp sales increased by 8% compared to the previous quarter, primarily driven by higher volumes shipped to North America, Europe, and Asia. Compared to 4Q24, sales rose by 4%, with notable growth in Europe and North America. Pulp Sales Volume ('000 t) +4% +8% q +15% q 3,284 3,165 3,406 170 148 154 3,114 3,017 3,252 4Q24 3Q25 4Q25 10,865 12,490 697 597 10,168 11,894 2024 2025 Export Market Brazilian Market Average net price in US$ of pulp sold by Suzano was US$537/t, up 2% from 3Q25 and down 8% from 4Q24. In the export market, average net price charged by the Company was US$538/t representing a 3% increase compared to 3Q25 and an 8% decrease compared to 4Q24. The average net price in R$ was R$2,897/t in 4Q25, up 1% from 3Q25, driven by the increase in the average net price in US$, partially offset by a 1% depreciation of the average US$ against the average R$. Compared to 4Q24, the 15% reduction was driven by the decrease in the average price in US$ and the 8% depreciation of the average US$ against the average R$. 4Q25 EARNINGS RELEASE Page 5 of 47

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![](earningsrelease_4t25xen006.jpg)

Average Net Price (US$/t) -8% +2% q -16% q 584 525 537 4Q24 3Q25 4Q25 642 542 2024 2025 Net revenue from pulp sales increased by 9% compared to 3Q25, driven by higher sales volume (+8%) and a higher average net price in US$(+2%), partially offset by a 1% depreciation of the average US$ against the average R$. Compared to 4Q24, the 12% decline is mainly due to an 8% decrease in the average net price in US$ and an 8% depreciation of the average US$ against the average R$, partially offset by a 4% increase in sales volume. Pulp Net Revenue (R$ million) -12% +9% q +1% q 11,196 9,050 9,867 585 432 420 10,610 8,618 9,446 4Q24 3Q25 4Q25 37,593 37,816 2,295 1,787 35,298 36,029 2024 2025 Export Market Brazilian Market 4Q25 EARNINGS RELEASE Page 6 of 47

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![](earningsrelease_4t25xen007.jpg)

PULP CASH COST Consolidated Pulp Cash Cost ex-downtime (R$/t) -4% -3% q -1% q 807 801 778 4Q24 3Q25 4Q25 828 817 2024 2025 Pulp Cash Cost (R$/t) -8% 0% q -3% q 880 812 809 807 801 778 73 11 31 4Q24 3Q25 4Q25 875 853 828 817 7 40 37 2024 2025 Cash Cost ex-downtimes Start-up Ribas Downtimes Effect 4Q25 EARNINGS RELEASE Page 7 of 47

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![](earningsrelease_4t25xen008.jpg)

Cash cost excluding downtimes for 4Q25 was R$778/t, a 3% decrease compared to 3Q25, explained by: i) lower inputs cost due to greater operational stability, mainly due to reduced consumption of oil, lime, and chlorine dioxide, as well as lower prices for energy and chemicals (excluding FX effects), especially for natural gas and caustic soda; ii) reduction in fixed costs driven by lower labor expenses; iii) lower wood costs, mainly explained by a reduced average radius, and lower specific consumption (resulting from improved wood quality); iv) improved utilities performance mainly due to higher volumes of exported energy; and v) the 1% depreciation of the average US$ against the average R$, leading to lower prices in R$, especially for caustic soda and natural gas. Consolidated Pulp Cash Cost ex-downtime (R$/t)¹ (1) Excludes the impact of maintenance and administrative downtimes. Cash cost excluding downtimes for 4Q25 decreased by 4% compared to 4Q24, due to: i) lower input costs, explained by reduced consumption, mainly of fuel oil and caustic soda, as a result of the start-up of the Ribas unit and the project to convert lime kilns from fuel oil to natural gas at the Imperatriz and Ribas units. These effects were partially offset by increased natural gas consumption and higher prices (excluding FX effects) for caustic soda; ii) depreciation of the average US$ against the average R$, which particularly benefited input prices such as caustic soda, natural gas and chlorine dioxide. The positive effects on cash cost were partially offset by higher fixed costs, in turn due to higher maintenance expenses during the period and increased labor costs (collective bargaining agreements), in addition to the lower utility results due to the decline in energy spot prices, partially offset by higher export volumes. Wood costs remained stable during the period, as a result of lower diesel prices, a by a reduced average radius, and greater dilution of indirect costs due to higher production volumes at the Ribas unit, mainly offset by increased harvesting costs. 4Q25 EARNINGS RELEASE Page 8 of 47

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![](earningsrelease_4t25xen009.jpg)

Consolidated Pulp Cash Cost ex-downtime (R$/t)¹ (1) Excludes the impact of maintenance and administrative downtimes. The 2025 cash cost ex-downtime decreased 1% compared with 2024, driven by: i) lower input costs, explained by reduced consumption—mainly fuel oil and caustic soda—due to the startup of the Ribas unit and the conversion of lime kilns from fuel oil to natural gas at the Imperatriz and Ribas units, as well as lower natural gas consumption, partially offset by higher prices (excluding FX effects) for caustic soda and sulfuric acid; ii) higher utilities results due to the operational performance of the Ribas unit; iii) lower wood costs explained by average radius in the period; and iv) lower fixed costs, driven by greater dilution with the ramp-up of volumes at the Ribas unit, partially offset by higher maintenance expenses. Positive effects on cash cost were partially offset by the depreciation of the average US$ against the average R$(4%). Consolidated Pulp Cash Cost ex-downtime (R$/t)¹ (1) Excludes the impact of maintenance and administrative downtimes. 4Q25 EARNINGS RELEASE Page 9 of 47

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![](earningsrelease_4t25xen010.jpg)

Cash Cost 4Q25¹ Fixed costs 22% Wood 38% Chemicals 24% Energy 13% Other variables 3% Cash Cost 4Q24¹ Fixed costs 20% Wood 37% Chemicals 26% Energy 14% Other variables 3% (1) Based on cash cost excluding downtimes. Excludes energy sales. PULP SEGMENT EBITDA Pulp Segment 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA (R$ million)¹ 4,798 4,462 8% 5,730 -16% 18,892 20,866 -9% Sales volume (k t) 3,406 3,165 8% 3,284 4% 12,490 10,865 15% Pulp adjusted¹ EBITDA (R$/t) 1,409 1,410 0% 1,745 -19% 1,513 1,921 -21% (1) Excludes non-recurring items. Adjusted EBITDA from pulp was 8% higher than in 3Q25, mainly due to increased sales volume (+8%), a higher average net price in US$(+2%) and a lower pulp cash cost production excluding downtimes (-3%). These factors were partially offset by increased SG&A expenses, which were mainly driven by higher labor expenses related to variable compensation and restructuring activities related to the Competitiveness Acceleration Program, in addition to the greater impact from scheduled maintenance downtimes. Adjusted EBITDA per tonne remained practically steady due to the same factors, excluding sales volume. Compared to 4Q24, the 16% decrease in Adjusted EBITDA from pulp is attributable to: i) the 8% decline in net average price in US$; and ii) the 8% depreciation of the average US$ against the average R$. These factors were partially offset by a 4% increase in sales volume, lower cash COGS—driven by lower cash production costs and a reduced impact from scheduled maintenance downtimes—and lower SG&A expenses, primarily due to decreased labor expenses related to variable compensation. Adjusted EBITDA per tonne fell 19% due to the same factors, excluding sales volume. 4Q25 EARNINGS RELEASE Page 10 of 47

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![](earningsrelease_4t25xen011.jpg)

Adjusted EBITDA¹ (R$ million) and Adjusted EBITDA Margin (%) from Pulp 5,730 4,462 4,798 51% 49% 49% 4Q24 3Q25 4Q25 20,866 18,892 56% 50% 2024 2025 Adjusted EBITDA Margin EBITDA Pulp (1) Excludes non-recurring items. Pulp Adjusted EBITDA per tonne (R$/t) -19% 0% q -21% q 1,745 1,410 1,409 4Q24 3Q25 4Q25 1,921 1,513 2024 2025 4Q25 EARNINGS RELEASE Page 11 of 47

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![](earningsrelease_4t25xen012.jpg)

OPERATING CASH GENERATION FROM THE PULP SEGMENT Pulp Segment (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA1 4,798 4,462 8% 5,730 -16% 18,892 20,866 -9% Maintenance Capex2 (1,608) (1,534) 5% (1,462) 10% (6,932) (6,960) 0% Operating Cash Flow 3,190 2,928 9% 4,268 -25% 11,960 13,906 -14% (1) Excludes non-recurring items. (2) Cash basis. Operating cash generation per tonne in the pulp segment reached R$937/t in 4Q25, a 1% increase compared to 3Q25, due to a reduction in sustaining capex per tonne. Compared to 4Q24, the 28% decrease was driven by a decline in EBITDA per tonne and higher sustaining capex per tonne. Operating Cash Generation from Pulp per tonne (R$/t) -28% +1% q -25% q 1,300 925 937 4Q24 3Q25 4Q25 1,280 958 2024 2025 PAPER BUSINESS PERFORMANCE The following data and analyses incorporate the joint results of the paper and consumer goods (tissue) businesses. PAPER SALES VOLUME AND REVENUE According to data published by IBÁ (Brazilian Tree Industry), demand for Printing & Writing paper in Brazil, including imports, increased by 19% in the first two months of 4Q25 compared with the first two months of the previous quarter, and rose 1% year-over-year versus the same period in 4Q24. Compared with the previous quarter of 2025, the increase in demand reflects higher sales across all Printing & Writing paper categories, in line with the historical seasonality of the editorial and promotional segments. In the year-over-year comparison with 4Q24, demand remained broadly stable, supported by the stronger performance of uncoated papers, while coated papers saw a decline due to the absence of election-related demand in 2025. 4Q25 EARNINGS RELEASE Page 12 of 47

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![](earningsrelease_4t25xen013.jpg)

In the international markets served by the company, the structural decline in demand combined with excess supply continues to limit performance, particularly in more mature regions. In Europe, market conditions remain challenging due to the imbalance between supply and demand: as despite announced capacity reductions, the region continues to experience significant drops in consumption. In North America, market deterioration was observed during the quarter, reflecting macroeconomic pressures on consumer spending. In Latin America, demand for Printing & Writing papers remained relatively stable, although certain markets showed isolated negative pressures. In the Brazilian paperboard market, demand grew 2% in the first two months of 4Q25 compared with the same period of 3Q25, and also increased 2% year-over-year versus the first two months of 4Q24. The sequential increase reflects the typical seasonality of the segment, driven by retail preparation for year-end sales. The year-over-year growth stems from the gradual recovery of the consumer goods sector, robust expansion in the cosmetics industry, and inventory normalization along the supply chain after months of lower-than-expected volumes. Considering the consolidated addressable market segments (Suzano's accessible paper markets), total demand in Brazil grew 2% in the first two months of 4Q25 versus the same period of the previous year, according to IBÁ. Suzano's domestic sales remained nearly stable year-over-year. Exports from the Company's Brazilian operations increased 23% year over year, while Suzano Packaging's sales volume in the U.S. increased 40% over the same period, positively impacted by the higher contribution to results in 4Q25 (3 months) versus the 2-month effect recorded in 4Q24 following the acquisition of the new operation. The Paper and Packaging Business Unit continues to advance its strategic pillars, highlighted by the improvement in Suzano Packaging's operational performance, as well as investments in its innovation portfolio in Brazil. These initiatives leverage existing assets to support packaging applications and single-use plastic substitution. In traditional P&W markets, the company remains focused on enhancing its exclusive go-to-market model to expand its customer base and regional footprint, while strengthening cost competitiveness. With the acquisition of Kimberly-Clark's tissue business in Brazil, the consumer goods segment has represented a larger share of the paper business results since 3Q23. 4Q25 EARNINGS RELEASE Page 13 of 47

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![](earningsrelease_4t25xen014.jpg)

Suzano's paper sales (printing & writing, paperboard and tissue) in the Brazilian market totaled 297 thousand tonnes in 4Q25, up 19% from the previous quarter, driven by higher sales of printing & writing (uncoated and coated paper) and tissue. Compared to 4Q24, paper sales increased 1%, mainly driven by the increase in coated and tissue products, partially offset by the slight decline in uncoated. International paper sales totaled 178 thousand tonnes, accounting for 37% of total sales volume in 4Q25. The 5% reduction compared to 3Q25 is explained by the reduction in exports in the uncoated segment from operations in Brazil as a result of the allocation strategy across markets and segments, driven by stronger domestic demand. In addition, there was a decline in volumes sold by Suzano Packaging US and in paperboard exports. The 29% increase over 4Q24 is attributable to the full-quarter consolidation of US operations' sales, whereas in 4Q24, only two months of sales were recognized due to the acquisition schedule, and by the increase in exports in the uncoated segment, offsetting the decrease in Brazilian export volumes (also resulted from the market and segment allocation strategy). Paper Sales Volume ('000 t) +10% +9% q +19% q 430 436 474 293 248 297 137 188 178 4Q24 3Q25 4Q25 1,436 1,712 1,003 1,001 432 711 2024 2025 Export Market Brazilian Market (1) Includes the consumer goods unit and the Suzano Packaging US Unit. The average net price decreased by 4% compared to the previous quarter, reflecting the reduction of 5% in the domestic market, mainly in the printing & writing and consumer goods segments, and 4% decrease in the international market, also explained primarily by the printing & writing segment. Compared to 4Q24, the 1% reduction was due to the decreases occurred in these same segments, with a particular impact from international market prices in the printing & writing segment, partly explained by the 8% depreciation of the average US$ against the average R$. These effects were partially offset by the increase in the net average price of Suzano Packaging US operations (+12%). 4Q25 EARNINGS RELEASE Page 14 of 47

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Average Net Paper Price (R$/t)¹ -1% -4% q +5% q 6,926 7,118 6,845 4Q24 3Q25 4Q25 6,832 7,186 2024 2025 (1) Includes the consumer goods unit and the Suzano Packaging US Unit. Net revenue from paper sales amounted to R$3,247 million, up 5% from 3Q25, mainly due to higher sales volume in the domestic market, partially offset by a lower average net price in the domestic and international markets. Compared to 4Q24, net revenue increased 9% due to: i) from the higher contribution of the Suzano Packaging US operations, given that in 4Q24—based on the acquisition schedule—only 2 months of sales were accounted for, compared with the three months recorded in 4Q25, which explains the increase in sales volume (+10%); and ii) from the increase in the net average price of the Suzano Packaging US operations (+12%) due to the renegotiation of commercial contracts. These factors were partially offset by the depreciation of the average US$ vs. the average R$(–8%). Paper Revenue (R$ million)¹ +9% +5% q +25% q 2,981 3,103 3,247 2,069 1,861 2,114 912 1,242 1,133 4Q24 3Q25 4Q25 9,810 12,300 7,279 7,463 2,531 4,837 2024 2025 Export Market Brazilian Market (1) Includes the consumer goods unit and the Suzano Packaging US Unit. 4Q25 EARNINGS RELEASE Page 15 of 47

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PAPER SEGMENT EBITDA Paper Segment 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA (R$ million)1 785 739 6% 751 4% 2,845 2,983 -5% Sales volume (k t) 474 436 9% 430 10% 1,712 1,436 19% Paper adjusted1 EBITDA (R$/t) 1,655 1,694 -2% 1,746 -5% 1,662 2,078 -20% (1) Excludes non-recurring items. Adjusted EBITDA from paper increased 6% from 3Q25, mainly due to higher sales volume (+9%), partially offset by lower average net price. Adjusted EBITDA per tonne declined 2% mainly due to lower net prices. Compared to 4Q24, the 4% increase was primarily driven by: i) lower SG&A expenses (mainly due to the lower provision for variable compensation); ii) higher sales volume (10%); and iii) an incremental price effect due to the Suzano Packaging operation (+12%), as mentioned earlier, resulting from the renegotiation of commercial contracts. These effects were partially offset by higher cash COGS (largely explained by the impact of scheduled maintenance downtimes) and the 8% depreciation of the average US$ against the average R$. Adjusted EBITDA per tonne decreased 5% mainly due to the higher cash COGS (+20%) and the 8% depreciation of the average US$ against the average R$, effects partially offset by the higher prices observed in the Suzano Packaging US operation. Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) from Paper 751 739 785 25% 24% 24% 4Q24 3Q25 4Q25 2,983 2,845 30% 23% 2024 2025 Adjusted EBITDA Margin EBITDA Paper 4Q25 EARNINGS RELEASE Page 16 of 47

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Paper Adjusted EBITDA (R$/t) -5% -2% q -20% q 1,746 1,694 1,655 4Q24 3Q25 4Q25 2,078 1,662 2024 2025 OPERATING CASH GENERATION FROM THE PAPER SEGMENT Op. Cash Generation - Paper (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA1 785 739 6% 751 4% 2,845 2,983 -5% Maintenance Capex2 (308) (251) 23% (176) 75% (948) (650) 46% Operating Cash Flow 477 488 -2% 575 -17% 1,897 2,334 -19% (1) Excludes non-recurring items. (2) Cash basis. Operating cash generation per tonne in the paper segment was R$1,005/t in 4Q25, decreasing 10% and 25% from 3Q25 and 4T24, respectively, due to an increase in sustaining capex per tonne (+13%) and (+59%) and a reduction in EBITDA per tonne of 2% and 5% compared to 3Q25 and 4Q24, respectively. Paper Operating Cash Generation per tonne (R$/t) -25% -10% q -32% q 1,336 1,119 1,005 4Q24 3Q25 4Q25 1,625 1,108 2024 2025 4Q25 EARNINGS RELEASE Page 17 of 47

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FINANCIAL PERFORMANCE NET REVENUE Suzano's net revenue in 4Q25 was R$13,114 million, 81% of which came from exports (vs. 81% in 3Q25 and 4Q24). Compared to 3Q25, the 8% increase is primarily explained by higher sales volumes of pulp and paper (+8% and +9%, respectively), as well as a higher average net price of pulp in US$(+2%). These effects were partially offset by the lower average net paper price (-4%) and the 1% depreciation of the average US$ against the average R$. The 8% decrease in consolidated net revenue in 4Q25 compared to 4Q24 is attributed to an 8% depreciation of the average US$ against the average R$ and an 8% decline in the average net pulp price in US$. These effects were partially offset by the higher pulp and paper sales volume (+4% and +10%, respectively). Net Revenue¹ (R$ million) -8% +8% q +6% q 14,177 12,153 13,114 2,654 2,293 2,534 11,523 9,860 10,580 4Q24 3Q25 4Q25 47,403 50,116 9,574 9,250 37,829 40,866 2024 2025 Export Market Brazilian Market (1) Does not include Portocel service revenue 4Q25 EARNINGS RELEASE Page 18 of 47

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Revenue Breakdown (4Q25) Other Paper 6% Paperboard 7% Printing & Writing 12% Pulp 75% CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES (1) Includes integrated capacities and fluff. (2) Veracel is a joint operation between Suzano (50%) and Stora Enso (50%) with total annual capacity of 1,120 thousand tonnes. COST OF GOODS SOLD (COGS) COGS (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y COGS 9,098 8,454 8% 8,761 4% 33,890 27,402 24% (-) Depreciation, depletion and amortization (2,800) (2,616) 7% (2,542) 10% (10,210) (8,135) 26% Cash COGS 6,299 5,838 8% 6,218 1% 23,679 19,267 23% Sales volume (000' t) 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Cash COGS/ton (R$/t) 1,623 1,621 0% 1,674 -3% 1,667 1,566 6% 4Q25 EARNINGS RELEASE Page 19 of 47

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Cash COGS in 4Q25 totaled R$6,299 million or R$1,623/t. Compared to 3Q25, cash COGS increased by 8%, primarily due to: i) higher sales volumes of pulp and paper; and ii) the greater impact of scheduled maintenance downtimes. These effects were partially offset by: i) reduction in pulp cash cost production; ii) lower logistics costs (mainly due to the absence of the impact from the 10% U.S. tariffs on pulp, which had partially affected 3Q25); and iii) a 1% depreciation of the average US$ against the average R$ on items exposed to foreign currency. On a per-tonne basis, cash COGS remained practically stable due to the same factors, excluding sales volumes. Compared to 4Q24, cash COGS increased by 1% primarily due to: i) higher sales volumes of pulp and paper; ii) from one additional month of results from Suzano Packaging US (as 4Q24 included only two months of the unit's performance); and iii) from the higher production cash cost in the paper segment in Brazil (driven by the impact of the concentration of scheduled maintenance downtimes, which affected inputs, fixed costs, and wood). These effects were partially offset by: i) the 8% depreciation of the average US$ against the average R$ on items exposed to foreign currency; ii) the reduction in pulp cash cost; iii) the lower impact of scheduled maintenance downtimes; and iv) the decrease in logistics costs (mainly as a result of the optimization of ocean freight costs and the lower domestic logistics costs in the paper segment). On a per-tonne basis, cash COGS was 3% lower than in the same period last year, primarily due to the depreciation of the average US$ against the average R$, as mentioned previously. SELLING EXPENSES Selling Expenses (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Selling expenses 870 850 2% 857 2% 3,313 2,939 13% (-) Depreciation, depletion and amortization (244) (243) 0% (237) 3% (972) (955) 2% Cash selling expenses 625 607 3% 619 1% 2,341 1,983 18% Sales volume (000' t) 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Cash selling expenses/ton (R$/t) 161 168 -4% 167 -3% 165 161 2% Cash selling expenses increased 3% compared to 3Q25, mainly driven by higher logistics expenses (regional mix — greater volume shipped to North America and Europe) and by the higher sales volumes (pulp and paper). These effects were partially offset primarily by the adjustment of the allowance for doubtful accounts (reversal of the expected credit loss). On a per-tonne basis, cash-based selling expenses decreased by 4% due to the factors mentioned above, excluding the impact of higher sales volumes. Compared to 4Q24, cash selling expenses were 1%, higher, primarily as a result of: i) from higher logistics expenses, in turn explained by the additional cost impact resulting from one extra month of Suzano Packaging US operations being consolidated; and ii) from the higher sales volume (pulp and paper). These effects were partially offset by the 8% appreciation of the average R$ vs. US$ and by lower miscellaneous fixed expenses. On a per-tonne basis, cash-based selling expenses decreased by 3%, driven by the same factors mentioned above, excluding volume effects. 4Q25 EARNINGS RELEASE Page 20 of 47

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GENERAL AND ADMINISTRATIVE EXPENSES General and Administrative Expenses (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y General and Administrative Expenses 804 665 21% 990 -19% 2,790 2,620 7% (-) Depreciation, depletion and amortization (34) (33) 4% (38) -11% (129) (144) -10% Cash general and administrative expenses 770 632 22% 952 -19% 2,661 2,476 7% Sales volume (000' t) 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Cash general and administrative expenses/t (R$/t) 199 176 13% 256 -23% 187 201 -7% Compared to 3Q25, the 22% increase in cash general and administrative expenses is primarily explained by higher variable compensation, increased third-party service costs (notably consulting and audit fees), and greater labor expenses, largely due to restructuring-related costs, as part of the scope of the Competitiveness Acceleration Program. On a per-ton basis, these expenses increased 13% due to the same factors. Compared to 4Q24, cash general and administrative expenses were 19%, lower, mainly due to reduced labor expenses related to variable compensation. This reduction was partially offset by higher expenses related to third-party services (consulting and auditing) and increased labor costs (also explained by the restructuring process, related to the Competitiveness Acceleration Program, as mentioned previously). On a per-tonne basis, the reduction was 23% due to the same factors. OTHER OPERATING INCOME (EXPENSES) Other Operating Income (Expenses) (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Other operating income (expenses) 1,345 (136) —% 846 59% 935 1,262 -26% (-) Depreciation, depletion and amortization 7 3 166% 8 -15% 14 10 44% Cash other operating income (expenses) 1,338 (138) —% 837 60% 921 1,252 -26% Sales volume (000' t) 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Other operating income (expenses)/t (R$/t) 345 (38) —% 225 53% 65 102 -36% Other operating income (expenses) was an income of R$1,345 million in 4Q25, compared to an expense of R$136 million in 3Q25 and an income of R$846 million in 4Q24. The positive variation in relation to 3Q25 is mainly due to the updated fair value of biological assets (which happens in the second and fourth quarters of each year). Compared to 4Q24, the increase in income was mainly due to higher adjustment from the updated fair value of biological assets, with the appreciation in wood price being the main factor (see Note 13 to the Financial Statements). In relation to the equity method line item, the Company fully divested its interest in Ensyn Corporation, dissolved F&E Technologies LLC, and recorded impairment charges on its investments in F&E Tecnologia do Brasil S.A., both associated with the same technology developed by Ensyn (as detailed in Note 14 of the Financial Statements). As a result, accounting impacts were recognized that affected this line item in 4Q25, representing the main negative effect of R$141 million observed during the quarter. 4Q25 EARNINGS RELEASE Page 21 of 47

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ADJUSTED EBITDA Consolidated 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA (R$ million)¹ 5,583 5,200 7% 6,481 -14% 21,736 23,849 -9% Adjusted EBITDA Margin 43% 43% 0 p.p 46% -3 p.p 43% 50% -7 p.p Sales Volume (k t) 3,880 3,601 8% 3,714 4% 14,202 12,300 15% Adjusted EBITDA¹/ton (R$/t) 1,439 1,444 0% 1,745 -18% 1,531 1,939 -21% (1) Excludes non-recurring items. The 7% increase in Adjusted EBITDA in 4Q25 compared to 3Q25 is primarily explained by: i) the higher sales volume of pulp (+8%) and paper (+9%); and ii) the higher average net pulp price in US$(+2%). These effects were partially offset by: i) higher cash COGS (see the "Cost of Goods Sold (COGS)" section for further details); and ii) an increase in SG&A expenses, as explained in the previous section. Adjusted EBITDA per ton remained stable due to the same factors, excluding sales volume. Compared to 4Q24, Adjusted EBITDA decreased by 14%, primarily due to: i) a lower average net pulp price in US$(-8%); and ii) an 8% depreciation of the average US$ against the average R$. These effects were partially offset primarily by: i) higher sales volumes of pulp and paper (+4% and +10%, respectively); ii) lower SG&A expenses (see the "Selling Expenses" and "General and Administrative Expenses" sections for further details); and iii) lower cash COGS per tonne (see the "Cost of Goods Sold (COGS)" section for further details). Adjusted EBITDA per tonne decreased by 18% due to the lower average net pulp price in US$ and the depreciation of the average US$ against the average R$. 4Q25 EARNINGS RELEASE Page 22 of 47

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FINANCIAL RESULT Financial Result (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Financial Expenses (1,814) (1,823) -1% (1,692) 7% (6,884) (5,542) 24% Interest on loans and financing (local currency) (609) (609) 0% (393) 55% (2,125) (1,470) 45% Interest on loans and financing (foreign currency) (945) (931) 1% (1,077) -12% (3,828) (3,944) -3% Capitalized interest¹ 69 79 -13% 77 -9% 275 960 -71% Other financial expenses (329) (362) -9% (298) 11% (1,205) (1,088) 11% Financial Income 482 462 4% 435 11% 1,767 1,737 2% Interest on financial investments 440 442 0% 386 14% 1,584 1,598 -1% Other financial income 43 21 108% 50 -14% 183 139 31% Monetary and Exchange Variations (1,976) 1,334 — (8,930) -78% 7,551 (15,885) — Foreign exchange variations (Debt) (2,530) 1,774 — (9,703) -74% 8,384 (17,716) — Other foreign exchange variations 553 (440) — 773 -28% (833) 1,831 — Derivative income (loss), net2 (103) 1,079 — (5,370) -98% 7,329 (9,113) — Operating Cash flow hedge (97) 817 — (3,920) -98% 5,660 (6,146) — Cash flow - Cerrado project hedge — — — — — — (96) — Debt hedge 22 244 -91% (1,319) — 1,529 (2,647) — Others³ (28) 19 — (132) -79% 142 (224) — Net Financial Result (3,411) 1,052 — (15,556) -78% 9,762 (28,802) — (1) Capitalized interest due to construction in progress. (2) Mark-to-market variation (4Q25: R$230 million \| 3Q25: R$493 million), plus adjustments paid and received (4Q25: R$160 million). (3) Includes commodity hedging and embedded derivatives. Financial expenses decreased by 1% compared to 3Q25, mainly reflecting the reduction in other financial expenses due to the early-settlement premiums recognized in 3Q25, partially offset by higher foreign-currency interest expenses, driven by the appreciation of the closing US$ during the period and by lower capitalized interest. Compared with 4Q24, financial expenses increased by 7%, primarily due to higher local-currency interest expenses stemming from funding transactions executed throughout the period, which increased the R$-denominated debt balance (4Q25: R$24.4 billion \| 4Q24: R$18.4 billion), combined with the higher accumulated CDI rate for the quarter (4Q24: 2.68% \| 4Q25: 3.59%). These effects were partially offset by lower foreign-currency interest expenses, resulting from liability-management exercises that reduced the international-currency debt balance (4Q25: R$70.3 billion \| 4Q24: R$83.0 billion) and from the decline in the average SOFR rate (4Q24: 4.99% \| 4Q25: 3.99%). Financial income increased by 4% compared with 3Q25, reflecting higher other financial income. Despite the higher average cash balance, the U.S. interest rate cuts during the quarter offset the positive impact on interest income from financial investments. Compared with 4Q24, the 11% increase is explained by higher interest income from financial investments, driven by a larger average cash balance—mainly held in accounts abroad—partially offset by the lower accumulated SOFR for the period. Inflation adjustment and exchange variation reduced the Company's financial result by R$1,976 million due to the 3% appreciation of the US$ against the R$ during the period compared with the 3Q25 closing rate, impacting the portion of debt denominated in foreign currency (US$12,787 million at the end of 4Q25). This effect was partially offset by the positive foreign-exchange impact on other balance sheet items denominated in foreign currency. 4Q25 EARNINGS RELEASE Page 23 of 47

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Note that the accounting impact of exchange variation on foreign currency debt has a cash impact only on the respective maturities. Derivative operations resulted in a loss of R$103 million in 4Q25, driven by the adverse effect of the R$ appreciation against the US$(-3%). The mark-to-market adjustment of derivative instruments on December 31, 2025 was positive at R$230 million, compared to an income of R$493 million on September 30, 2025, representing a negative variation of R$263 million. Note that the impact of US$ appreciation on the derivatives portfolio generates a cash impact only upon the respective maturities. The net effect on cash, which refers to the maturity of derivative operations in the fourth quarter, was a positive R$160 million (R$163 million gain on debt hedge, R$3 million gain on cash flow hedge and R$7 million loss from commodities). As a result of the above factors, net financial result in 4Q25, considering all financial expense and income lines, was an expense of R$3,411 million, compared to an income of R$1,052 million in 3Q25 and an expense of R$15,556 million in 4Q24. DERIVATIVE OPERATIONS Suzano carries out derivative operations exclusively for hedging purposes. The following table reflects the position of derivative hedging instruments on December 31st, 2025: Hedge1 Notional (US$ million) Fair Value (R$ million) Dec/25 Sep/25 Dec/25 Sep/25 Debt 7,397 6,806 (851) (710) Cash Flow – Operating (ZCC + NDF) 6,246 6,053 1,004 1,104 Others2 514 413 78 99 Total 14,158 13,271 230 493 (1) See note 4 of the Quarterly Financial Statements (ITR) for further details and the fair value sensitivity analysis. (2) Includes commodity hedging and embedded derivatives. The Company's foreign exchange exposure policy seeks to minimize the volatility of its cash generation and ensure greater flexibility in cash flow management. Currently, the policy stipulates that surplus US$ may be partially hedged (at least 40% and up to 75% of exchange variation exposure over the next 24 months) using plain vanilla instruments such as Zero Cost Collars (ZCC) and Non-Deliverable Forwards (NDF). Based on the policy, in April 2025, seeking to increase currency hedge in a scenario of a devalued R$ and high interest rates, the Board of Directors authorized a new extraordinary cash flow hedge program totaling US$600 million for a period of 25-30 months. The extraordinary hedge volume was partially executed up to the fourth quarter and is reflected in the table below, currently within the 24-month period. At the end of 4Q25, 72% of the exchange variation exposure from the cash flow hedge portfolio was covered. ZCC transactions establish minimum and maximum limits for the exchange rate that minimize adverse effects in the event of significant appreciation of the R$. As such, if the exchange rate is within such limits, the Company neither pays nor receives any financial adjustments. This characteristic allows for capturing greater benefits from export revenue in a potential scenario of R$ depreciation vs. US$ within the range contracted. In cases of extreme R$ appreciation, the Company is protected by the minimum limits, which are considered appropriate for the operation. However, this protection instrument also limits, temporarily and partially, potential gains in scenarios of extreme R$ depreciation when exchange rates exceed the maximum limits contracted. 4Q25 EARNINGS RELEASE Page 24 of 47

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On December 31st, 2025, the outstanding notional value of operations involving forward US$ sales through ZCCs related to Cash Flows was US$6,156 million, with an average forward rate ranging from R$5.83 to R$6.73 and maturities between January 2026 and December 2027. On the same date, the outstanding notional value of operations involving forward US$ sales through NDFs was US$90 million, whose maturities are distributed between February 2026 and June 2026 and with an average rate of R$5.92. Cash flow hedge operations in 4Q25 resulted in a loss of R$97 million. The mark-to-market adjustment ("MtM" or "fair value") of these operations was a positive result of R$1,004 million. The following table presents a sensitivity analysis of the cash impact that the Company could have on its cash flow hedge portfolios (ZCC and NDF) if the exchange rate remains the same as at the end of 4Q25 (R$/US$ = 5.50) in the coming quarters, as well as the projected cash impact for R$0.10 variations below / above the strike of put/call options, respectively, defined in each quarter. Note that the figures presented in the table are the Company's projections based on the end-of-period curves and could vary depending on market conditions. Cash Adjustment (R$ million) Maturity (up to) Strike Range Notional (US$ million) Actual Exchange Rate 4Q25 (R$5.50) Sensitivity at R$0.10 / US$ variation (+/-) Zero Cost Collars 4Q25 3 1Q26 5.14 - 5.91 1,127 6 113 2Q26 5.36 - 6.17 1,257 46 126 3Q26 6.18 - 7.08 45 31 5 4Q26 6.33 - 7.41 660 547 66 1Q27 6.34 - 7.47 608 509 61 2Q27 6.42 - 7.44 680 624 68 3Q27 6.02 - 6.90 810 422 81 4Q27 6.01 - 6.84 970 490 97 Total 5.83 - 6.73 6,156 3 2,674 616 NDF 4Q25 0 1Q26 5.85 27 9 3 2Q26 5.95 63 28 6 Total 5.92 90 0 37 9 To mitigate the effects of exchange and interest rate variations on its debt and its cash flows, the Company also uses currency and interest rate swaps. Swap contracts are entered into considering different interest rates and inflation indices in order to mitigate the mismatch between financial assets and liabilities. On December 31st, 2025, the Company had an outstanding notional amount of US$7,397 million in swap contracts as shown in the table below. Debt hedge transactions in 4Q25 were positive at R$22 million, mainly due to fluctuations in the SOFR curve. The mark-to-market adjustment (fair value) of these operations was a loss of R$851 million. 4Q25 EARNINGS RELEASE Page 25 of 47

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Notional (US$ million) Fair Value (R$ million) Debt Hedge Maturity (up to) Currency Dec/25 Sep/25 Dec/25 Sep/25 Swap (CDI x US$) 2036 US$1,636 1,607 (161) (25) Swap (CNH x US$) 2030 US$363 166 35 (3) Swap (SOFR x US$) 2031 US$2,400 2,015 92 132 Swap (CDI x SOFR) 2034 US$660 660 (165) (53) Swap (Pré x CDI) 2031 R$436¹ 451¹ 8 27 Swap (IPCA x CDI) 2044 R$1.902¹ 1.906¹ (661) (788) Total 7,397 6,806 (851) (710) (1) Translated at the quarterly closing exchange rate (R$5.50). The following table presents a sensitivity analysis¹ of the cash impact that the Company could have on its debt hedge portfolio (swaps) if the exchange rate remains the same as at the end of 4Q25 (R$/US$ = 5.50) in the coming quarters, as well as the projected variation in cash impact for each R$0.10 variation on the same reference exchange rate (4Q25). Note that the figures presented in the table are the Company's projections based on the end-of-period curves and could vary depending on market conditions. Cash Adjustment (R$ million) Maturity (up to) Notional (US$ million) Actual R$ / US$ = 5.50 (4Q25) Sensitivity at R$0.10 / US$ variation (+/-)1 4Q25 163 2026 344 (126) 10 2027 530 (28) 11 2028 428 64 12 >=2029 6,095 6,648 259 Total 7,397 163 6,559 292 (1) Sensitivity analysis considers variation only in the exchange rate (R$/US$), while other variables are presumed constant. Other transactions involving the Company's derivatives are related to the embedded derivative resulting from forestry partnerships and commodity hedges, as shown in the table. Notional (US$ million) Fair Value (R$ million) Cash Adjustment (R$ million) Other hedges Maturity (up to) Index Dec/25 Sep/25 Dec/25 Sep/25 Dec/25 Sep/25 Embedded derivative 2039 Fixed \| USD US- CPI 153 153 112 99 — — NDF CNY 2025 CNY \| US$ — 2 — 0 0 — Commodities 2027 Brent/VLSFO/ Others 361 258 (34) 0 (7) (3) Total 514 413 78 99 (7) (3) 4Q25 EARNINGS RELEASE Page 26 of 47

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A portion of the forestry partnership agreements and standing timber supply agreements is denominated in US$ per cubic meter of standing timber, adjusted by U.S. inflation measured by the Consumer Price Index (CPI), which is not related to inflation in the economic environment where the forests are located and, hence, constitutes an embedded derivative. This instrument, presented in the table above, consists of a sale swap contract of the variations in the US-CPI during the period of the contracts. Refer to note 4 of the 4Q25 Financial Statements for further details and for a sensitivity analysis of the fair value in case of a sharp rise in the US-CPI and US$. On December 31st, 2025, the outstanding notional value of the operation was US$153 million. The result from this swap in 4Q25 was a gain of R$13 million. The mark-to-market adjustment (fair value) of these operations generated a gain of R$112 million at the end of the quarter. The Company is also exposed to the price of some commodities and, therefore, constantly assesses the contracting of derivative financial instruments to mitigate such risks. On December 31st, 2025 the outstanding notional value of these operations was US$361 million. The result of these hedges in 4Q25 was a loss of R$41 million. The mark-to-market (fair value) of these operations was negative R$34 million at the end of the quarter. Results - Hedge Operations (R$ million) 22 (97) (41) 13 Total (103) Derivatives Notional (US$ million) 7, 3976,246 361 153 Total 14,158 Derivatives Fair Value (R$ million) (851) 1,004 (34) 112 Total 230 Debt Hedge Cash flow Hedge Commodity Hedge + NDF CNY Embedded Derivatives NET INCOME (LOSS) In 4Q25, the Company posted net income of R$116 million, compared to net income of R$1,961 million in 3Q25 and net loss of R$6,737 million in 4Q24. The decrease compared to 3Q25 was due to the negative change in financial results, driven by the appreciation of the closing US$ against the R$ by 3% versus the 3% depreciation of the US$ observed in 3Q25, as well as an increase in COGS and SG&A expenses, as previously explained. These effects were partially offset mainly by: i) the positive change in the line item of other operating income/expenses, in turn due to the positive revaluation of biological assets; ii) the lower income tax and social contribution expense, largely explained by the negative foreign-exchange impact on the debt and the negative mark-to-market variation of derivatives; and iii) the higher net revenue. The increase compared to 4Q24 is explained by: i) the smaller negative impact in the financial result (due to the 3% appreciation of the closing US$ in relation to the R$ compared to the 14% higher appreciation of the US$ in 4Q24); ii) the increase in other operating income/expenses, in turn due to the positive variation of the revaluation of biological assets; and iii) the reduction in general and administrative expenses. The aforementioned factors were partially offset by the expense in income tax and social contribution in 4Q25, in contrast with the income recorded in 4Q24 (explained by the smaller negative foreign-exchange impact on the debt and the smaller negative mark-to-market variation of derivatives), by the reduction in net revenue, and by the increase in COGS. 4Q25 EARNINGS RELEASE Page 27 of 47

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DEBT Debt (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y Local Currency 24,444 23,920 2% 18,431 33% Short Term 1,134 1,022 11% 894 27% Long Term 23,310 22,898 2% 17,537 33% Foreign Currency 70,357 69,042 2% 83,005 -15% Short Term 1,871 2,768 -32% 9,607 -81% Long Term 68,487 66,274 3% 73,397 -7% Gross Debt 94,801 92,962 2% 101,436 -7% (-) Cash 25,432 23,891 6% 22,382 14% Net debt 69,369 69,072 0% 79,053 -12% Net debt/Adjusted EBITDA¹ (x) - R$3.2 x 3.1 x 0.1 x 3.3 x -0.1 x Net debt/Adjusted EBITDA¹ (x) – US$3.2 x 3.3 x -0.1 x 2.9 x 0.3 x (1) Excludes non-recurring items. On December 31st, 2025, gross debt totaled R$94.8 billion and was composed of 97% long-term maturities and 3% short-term maturities. Foreign currency debt corresponded to 74% of the Company's total debt at the end of the quarter. The percentage of gross debt in foreign currency, considering the effect of debt hedge, was 87%. Compared to 3Q25, gross debt increased 2%, mainly due to the 3% appreciation of the US$ against the R$ during the period. Suzano ended 4Q25 with 38% of total debt linked to ESG instruments. Suzano contracts debt in foreign currency as a natural hedge, since net operating cash generation is mostly denominated in foreign currency (US$) due to its predominant status as an exporter. This structural exposure allows the Company to match loans and financing payments in US$ with receivable flows from sales. Changes in Gross Debt (R$ million) (1) Corresponding mainly to transaction costs (issue, funding, goodwill, discount and loss on business combinations, etc.). On December 31st, 2025, the total average cost of debt in US$ was 5.0% p.a. (debt in R$ adjusted by the market swap curve). On September 30th, 2025, this cost was also 5.0% p.a. The average term of consolidated debt at the end of the quarter was 78 months, compared to 80 months at the end of 3Q25. 4Q25 EARNINGS RELEASE Page 28 of 47

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Exposure by Instrument Bond 48% Export Financing 19% Others 1% IFC 5% NCR 6% BNDES 8% ECA 2% Debenture 10% CPR 2% Exposure by Index¹ Fixed (US$) 69% CDI/SELIC 13% SOFR 18% Exposure by Currency² US$87% R$13% (1) Considers the portion of debt with swap for fixed rate in foreign currency. The exposure of the original debt was: Fixed (US$) – 48%, SOFR – 27%, CDI – 9%, Other (Fixed R$, IPCA, Long-term interest rate) – 16%. (2) Considers the portion of debt with currency swaps. The original debt was 74% in US$ and 26% in R$. Cash and cash equivalents and financial investments on December 31st, 2025 amounted to R$25.4 billion, 49% of which were in foreign currency, allocated to remunerated account or in short-term fixed-income investments abroad. The remaining 51% was invested in local currency fixed-income bonds (mainly CDBs, but also in government bonds and others), remunerated at the CDI rate. On December 31st, 2025, the Company also had a stand-by credit facility totaling R$7.0 billion (US$1.275 billion) available through February 2027. This facility strengthens the Company's liquidity position and can be withdrawn during times of uncertainty. As a result, the cash and equivalents of R$25.4 billion plus the stand-by credit facilities amounted to a readily available cash position of R$32.4 billion on December 31st, 2025. Moreover, the Company had an undrawn financing agreement with Finnvera (US$736 million) related to the Ribas do Rio Pardo unit, valid through January 12th, 2026 and undrawn. Debt (in R$ and US$ million) 79,053 74,209 70,840 69,072 69,369 12,766 12,923 12,981 12,987 12,607 R$ US$4Q24 1Q25 2Q25 3Q25 4Q25 Net Debt / Adjusted EBITDA in R$ and US$(x) 3.3 3.1 3.0 3.1 3.2 2.9 3.0 3.1 3.3 3.2 R$ US$4Q24 1Q25 2Q25 3Q25 4Q25 On December 31st, 2025, net debt stood at R$69.4 billion (US$12.6 billion), compared to R$69.1 billion (US$13.0 billion) on September 30th, 2025. For more details, refer to the "Changes in Net Debt" section. Financial leverage, measured as the ratio of net debt to Adjusted EBITDA in R$, stood at 3.2 times on December 31st, 2025 (3.1 times on September 30th, 2025). The same ratio in US$(the measure established in Suzano's financial policy) rose to 3.2 times on December 31st, 2025 (3.3 times on September 30th, 2025). 4Q25 EARNINGS RELEASE Page 29 of 47

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Amortization Schedule (R$ million) 32,448 3,005 4,895 8,937 16,006 15,169 46,788 25,432 7,016 Cash on hand Stand-by Facilities Debt Liquidity 2026 2027 2028 2029 2030 2031 onwards The breakdown of total gross debt between trade and non-trade finance on December 31st, 2025 is shown below: 2026 2027 2028 2029 2030 2031 onwards Total Trade Finance¹ 31% 68% 39% 25% 36% 2% 33% Non-Trade Finance² 69% 32% 61% 75% 64% 98% 67% (1) ECC, ECN, EPP (2) Bonds, BNDES, CPR, Debentures, RCN, among others. CAPITAL EXPENDITURE In 4Q25, capital expenditure (cash basis) totaled R$2,906 million. The 21% decrease compared to 3Q25 primarily reflects lower disbursements in the Land and Forests line, as the first installment of R$878 million related to the contract with Eldorado Brasil Celulose S.A. was paid in the previous quarter. As disclosed in a Material Fact notice dated August 6, 2025, the transaction involves the exchange of a biological asset equivalent to 18 million cubic meters of standing timber located in Mato Grosso do Sul. In 4Q25, there were no disbursements related to this transaction, and the second installment, amounting to R$439 million, is scheduled for 2026. This factor was partially offset by: (i) higher disbursements in the maintenance line item, particularly for industrial maintenance, due to a greater concentration of projects executed during the period; and (ii) increased disbursement related to the Cerrado Project, in line with its disbursement schedule and performance bonuses for exceeding the new mill's performance parameters, as stipulated in commercial agreements with suppliers. Compared to 4Q24, the 11% reduction is primarily attributable to: (i) lower disbursements related to the Cerrado Project, in line with the disbursement schedule; (ii) lower expenditures on Land and Forests; and (iii) lower investments in the Expansion and Modernization line, driven by the new tissue plant in Aracruz, despite higher expenditures related to the competitiveness project at the Limeira mill. These factors were partially offset by additional disbursements in the maintenance line item, especially forest maintenance, driven by the increased standing timber purchases. The total capital expenditure in 2025 was executed in line with the revised guidance disclosed by the Company. For more details, read the Material Fact notice disclosed to the market on December 9th, 2025 and available on the Suzano Investor Relations website (ri.suzano.com.br). For 2026, Management approved a capital budget of R$10.9 billion, with R$7.3 billion allocated to industrial and forestry maintenance, among other investments detailed in the table below. 4Q25 EARNINGS RELEASE Page 30 of 47

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Investments (R$ million)¹ 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Guidance 2026 Maintenance 1,916 1,785 7% 1,638 17% 7,880 7,610 4% 7,255 Industrial maintenance 546 434 26% 460 19% 2,054 1,285 60% 2,084 Forestry maintenance 1,298 1,287 1% 1,107 17% 5,649 6,168 -8% 4,895 Others 72 64 13% 71 1% 178 156 14% 276 Expansion and modernization 354 366 -3% 482 -27% 1,553 972 60% 836 Land and forestry 390 1,392 -72% 637 -39% 2,859 4,043 -29% 2,614 Others — — 0% — 0% 1 2 -64% — Cerrado Project 245 116 112% 523 -53% 1,006 4,493 -78% 242 Total 2,906 3,659 -21% 3,281 -11% 13,299 17,120 -22% 10,947 (1) The amounts shown in the table do not reflect the impact of monetizing ICMS credits in the state of Espírito Santo. They do not consider the acquisition of non-controlling interest in Lenzing and the investments related to the acquisition of Pactiv's assets (Suzano Packaging US). OPERATING CASH FLOW Operating Cash Flow (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA¹ 5,583 5,200 7% 6,481 -14% 21,736 23,849 -9% Maintenance Capex² (1,916) (1,785) 7% (1,638) 17% (7,880) (7,610) 4% Operating Cash Flow 3,667 3,416 7% 4,843 -24% 13,856 16,240 -15% Operating Cash Flow (R$/ t) 945 948 0% 1,304 -28% 976 1,320 -26% (1) Excludes non-recurring items. (2) Cash basis. Operating cash generation, measured by adjusted EBITDA less sustaining capex (cash basis), amounted to R$3,667 million in 4Q25, practically stable to 3Q25 and 28% vs. the same period last year, driven by lower EBITDA per tonne and higher sustaining capex per tonne. 4Q25 EARNINGS RELEASE Page 31 of 47

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Operating Cash Generation per tonne (R$/t) -28% 0% q -26% q 1,304 948 945 4Q24 3Q25 4Q25 1,320 976 2024 2025 4Q25 EARNINGS RELEASE Page 32 of 47

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FREE CASH FLOW Free Cash Flow (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Adjusted EBITDA 5,583 5,200 7% 6,481 -14% 21,736 23,849 -9% (-) Total Capex¹ (2,809) (3,492) -20% (4,309) -35% (12,584) (20,570) -39% (-) Leases contracts – IFRS 16 (388) (346) 12% (379) 2% (1,448) (1,325) 9% (+/-) △ Working capital² 661 463 43% 639 3% 1,572 1,996 -21% (-) Net interest³ (841) (1,569) -46% (612) 37% (4,714) (3,741) 26% (-) Income taxes (60) (47) —% (102) -41% (290) (366) -21% (-) Dividend and interest on own capital payment/Share Buyback Program — — —% (306) -100% (2,400) (4,431) -46% (+/-) Derivative cash adjustment 160 92 74% (198) —% 531 (550) — Free cash flow 2,306 300 —% 1,214 90% 2,403 (5,138) — (+) Total Capex ex- maintenance 1,109 1,804 -39% 2,382 -53% 5,844 12,154 -52% (+) Dividend and interest on own capital payment/Share Buyback Program — — —% 306 -100% 2,400 4,431 -46% Free cash flow – Adjusted4 3,415 2,104 62% 3,902 -12% 10,647 11,447 -7% Free Cash Flow Yield ("FCF Yield") - LTM5 16.7% 18.1% -1,4 p.p. 15.0% 1,7 p.p. 16.7% 15.0% 1,7 p.p. (1) On an accrual basis, except for the investment related to the Cerrado Project starting from 2Q23. It also considers acquiring land and forest assets, taking an ownership interest in Lenzing (3Q24), and acquiring Pactiv Evergreen's assets (Suzano Packaging US - 4Q24). Including expenses with land lease, which are neutralized in the Working Capital line (4Q25: R$233 million \| 3Q25: R$179 million \| 4Q24: R$220 million), considering that the item "Lease contracts – IFRS 16" includes the total leases (land, machinery and equipment, real estate, ships and vessels, and vehicles). (2) Considers costs of capitalized loans paid (4Q25: R$69 million \| 3Q25: R$79 million \| 4Q24: R$77 million), with no impact on free cash flow, which is included in the Total Capex item with the opposite sign. (3) Considers interest paid on debt, interest received on financial investments, and interest paid as a premium for early debt settlement. (4) Free cash flow prior to dividend and interest on equity payments, share buyback program and capex ex-maintenance (accrual basis). (5) Adjusted LTM free cash flow per share (excluding treasury shares) divided by the closing share price for the quarter (4Q25: R$51.45/share \| 3Q25: R$49.90/share \| 4Q24: R$61.78/share). Adjusted Free Cash Flow in 4Q25 was R$3,415 million, compared to R$2,104 million in 3Q25 and R$3,902 million in 4Q24. Compared to the previous period, the Adjusted Free Cash Flow increased by 62%, primarily due to: i) a lower concentration of interest payments in the period due to the bonds' payment schedule and the premium paid on the early debt redemption as part of liability management initiatives; ii) higher Adjusted EBITDA; and iii) greater working capital release (mainly due to the reduction in Inventories driven by the increase in pulp and paper sales volumes, partially offset by the increase in Accounts Receivable, also resulting from higher pulp and paper sales volumes, as well as higher pulp prices). Compared to 4Q24, Adjusted Free Cash Flow decreased by 12% mainly due to: i) lower Adjusted EBITDA; and ii) higher interest payments due to the increase in the share of local-currency debt combined with the rise in the accumulated CDI. These effects were partially offset by: i) a positive cash adjustment from derivatives compared to a negative adjustment in the same period of the previous year; and ii) lower sustaining capex on an accrual basis. 4Q25 EARNINGS RELEASE Page 33 of 47

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ROIC ("RETURN ON INVESTED CAPITAL") ROIC (%) - LTM (R$ million) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y (+) Adjusted EBITDA 21,736 22,634 -4% 23,849 -9% (-) Total Capex (12,584) (14,084) -11% (20,570) -39% (-) Lease contracts – IFRS 16 (1,448) (1,439) 1% (1,325) 9% (+/-) Δ Working Capital 1,572 1,550 1% 1,996 -21% (-) Income Tax and CSLL (cash) (290) (332) -13% (366) -21% (+) Capex ex-maintenance 5,844 7,117 -18% 11,194 -48% (+/-) Cash hedge from the cash flow adjustment (36) (135) -73% 474 —% Adjusted Cash Flow 14,795 15,311 -3% 15,252 -3% (+) Total Assets (-) Liabilities (excluding debt) 135,364 134,137 1% 129,034 5% (+) MtM debt hedge¹ 449 720 -38% 904 -50% (-) Work in Progress (3,700) (3,887) -5% (11,978) -69% Invested Capital 132,113 130,970 1% 117,959 12% (+/-) Accounting Adjustments - CPC 06, 27, and 292 (3,266) (3,221) 1% (3,394) -4% Adjusted Invested Capital 128,847 127,750 1% 114,566 12% ROIC - LTM3 11.5% 12.0% -0.5 p.p. 13.3% -1.8 p.p. (1) Refers to the LTM average MtM of the foreign exchange swaps (Swap (CDI x US$), Swap (CDI x SOFR) and Swap (CNH x US$)). (2) Accounting Adjustments: 1) CPC 06 – Right-of-Use/Lease Liabilities: Effect corresponding to the depreciation of the Right-of-Use asset (+) Amortization of the Present Value Adjustment and its related Deferred Income Tax. 2) CPC 27 – Property, Plant and Equipment (Deemed Cost): Exclusion of the accounting effect (and related Deferred Income Tax) arising from the market value adjustment of the Company's assets upon adoption of Law 11,638. 3) CPC 29 – Biological Assets: Exclusion of the effect from the appreciation of Biological Assets and the related Deferred Income Tax. (3) For profit and loss accounts (numerator), the total for the last four quarters (last 12 months) is considered. For balance sheet accounts (denominator), the average of the most recent four quarters (last 12 months) is considered. CHANGES IN NET DEBT Following were the changes in net debt in 4Q25: (1) Accrual basis, except for the capex related to Cerrado Project (cash basis), as per the Cash Flow Statement. (2) Net of exchange variations on cash and financial investments. (3) Considers cash amounts related to derivative adjustments, lease agreements, premiums on early debt settlement for liability management, and other items. 4Q25 EARNINGS RELEASE Page 34 of 47

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ESG In October 2025, Suzano entered into a R$250 million financing agreement with BNDES through the Climate Fund, aimed at supporting the implementation of its Environmental Restoration projects. The capital will be allocated to restore around 24 thousand hectares of degraded areas across six Brazilian states. This operation, representing the largest restoration project ever backed by the bank, aligns with the Company's long-term strategy to enhance its contribution to the climate agendas and biodiversity. The initiative strengthens Suzano's commitment to nature-based solutions and the preservation of priority biomes. In the fourth quarter of 2025, Suzano also disclosed its annual results in several of the main ESG indices and ratings, with the company receiving the following assessments: an 'A' score in Forests, 'A-' in Water, and 'B' in Climate from CDP, in addition to maintaining a 'Low Risk' profile in Sustainalytics' rating. TOTAL OPERATIONAL EXPENDITURE - PULP As disclosed in the Material Fact notice of December 11th, 2025, the total operational expenditure forecast for 2027 is approximately R$1,983 per tonne. The indicator has been evolving according to plan, considering the exchange rate and monetary assumptions used. Said estimate refers to the currency in real terms of 2026. The Company also reports that the total operational expenditure for 2025 was R$2,062/t, consisting of cash cost of production (including downtimes) of R$853/t, sustaining capex of R$531/t and freight plus SG&A of R$678/t. CAPITAL MARKETS On December 31st, 2025, Suzano's stock was quoted at R$51.45/share (SUZB3) and US$9.34/share (SUZ). The Company's stock is listed on the Novo Mercado, the listing segment of the São Paulo Stock Exchange (B3 – Brasil, Bolsa e Balcão) with the highest corporate governance standards, and on the New York Stock Exchange (NYSE) - Level II. Stock Performance SUZB3 IBOV SUZ US INDU jan-25 feb-25 mar-25 abr-25 may-25 jul-25 aug-25 sep-25 oct-25 nov-25 — — — — — Source: Bloomberg. 4Q25 EARNINGS RELEASE Page 35 of 47 SUZB3 -17% IBOV 34% INDU 13% SUZ US -8%

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Liquidity - SUZB3 416 313 333 228 306 24,985 22,993 21,323 14,274 18,986 Avg. Number of Trades (Daily) Avg. Daily Volume (R$ million) 4Q24 1Q25 2Q25 3Q25 4Q25 Source: Bloomberg. As part of the 5th share buyback program announced ("August/2024 Program"), until the end of December 2025, the Company had traded 14,820,500 shares at an average cost of acquisition of R$54.33 each, representing R$805 million in market value, according to the monthly reports released by the Company under CVM Instruction 44. On February 10, 2026, the company announced its sixth share buyback program, the 'February/2026 Program', covering 40,000,000 shares, not yet executed and effective until August 10, 2027. On December 31st, 2025, the Company's capital stock consisted of 1,264,117,615 common shares, of which 28,208,827 common shares were held in treasury. Suzano's market capitalization on the same date (ex-treasury shares) stood at R$63.6 billion. Free float in 4Q25 corresponded to 49% of the total capital. Free Float distribution on 12/31/2025 (B3 + NYSE) Ownership structure on 12/31/2025 74% 26% Foreign Local 6% 94% Individual Investors Institutional Investors 49% 2% 49% Other Shareholders Treasury Controlling Shareholders 4Q25 EARNINGS RELEASE Page 36 of 47

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FIXED INCOME Unit Dec/25 Sep/25 Dec/24 Δ Q-o-Q Δ Y-o-Y Suzano 2028 – Price US$/k 94.72 94.58 89.49 0% 6% Suzano 2028 – Yield % 4.60 4.48 5.69 3% -19% Suzano 2029 – Price US$/k 102.96 103.67 100.20 -1% 3% Suzano 2029 – Yield % 4.94 4.78 5.94 3% -17% Suzano 2030 – Price US$/k 100.19 100.87 96.08 -1% 4% Suzano 2030 – Yield % 4.95 4.77 5.91 4% -16% Suzano 2031 – Price US$/k 94.38 94.68 88.43 0% 7% Suzano 2031 – Yield % 5.03 4.90 6.07 3% -17% Suzano 2032 – Price US$/k 89.43 89.65 83.01 0% 8% Suzano 2032 - Yield % 5.19 5.07 6.14 2% -15% Suzano 2036 - Preço US$/k 99.15 100.06 — 0% — Suzano 2036 - Yield % 5.61 5.49 — 0% — Suzano 2047 – Price US$/k 109.71 111.64 104.72 -2% 5% Suzano 2047 – Yield % 6.17 6.03 6.59 2% -6% Treasury 10 years % 4.17 4.15 4.57 0% -9% Note: Senior Notes issued with face value of 100 US$/k. RATING Agency National Scale Global Scale Outlook Fitch Ratings AAA BBB- Positive Standard & Poor's br.AAA BBB- Positive Moody's Aaa Baa3 Positive 4Q25 EARNINGS RELEASE Page 37 of 47

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UPCOMING EVENTS Earnings Conference Call (4Q25) Date: February 11th, 2026 (Wednesday) Portuguese (simultaneous translation) English 10h00 (Brasília) 10:00 a.m. (Brasília) 08h00 (New York) 08:00 a.m. (New York) 13h00 (London) 01:00 p.m. (London) The conference call will be held in English and feature a presentation, with simultaneous webcast. The access links will be available on the Company's Investor Relations website (https://ir.suzano.com.br). If you are unable to participate, the webcast link will be available for future consultation on the Investor Relations website of Suzano. IR CONTACTS Marcos Assumpção Camila Nogueira Roberto Costa Mariana Spinola André Azambuja Victor Valladares Gabriela Bonassi Tel.: +55 (11) 3503-9330 ri@suzano.com.br www.suzano.com.br/ri 4Q25 EARNINGS RELEASE Page 38 of 47

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APPENDICES APPENDIX 1 – Operating Data Revenue Breakdown (R$ '000) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Exports 10,579,547 9,860,184 7% 11,522,651 -8% 40,865,891 37,829,438 8% Pulp 9,446,300 8,618,255 10% 10,610,274 -11% 36,029,157 35,298,204 2% Paper 1,133,247 1,241,929 -9% 912,377 24% 4,836,734 2,531,234 91% Domestic Market 2,534,171 2,292,961 11% 2,654,347 -5% 9,249,788 9,573,844 -3% Pulp 420,343 431,738 -3% 585,348 -28% 1,786,984 2,295,258 -22% Paper 2,113,828 1,861,223 14% 2,068,999 2% 7,462,804 7,278,586 3% Total Net Revenue 13,113,718 12,153,145 8% 14,176,998 -8% 50,115,679 47,403,282 6% Pulp 9,866,643 9,049,993 9% 11,195,622 -12% 37,816,141 37,593,461 1% Paper 3,247,075 3,103,152 5% 2,981,376 9% 12,299,538 9,809,821 25% Sales volume ('000) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Exports 3,429,292 3,204,767 7% 3,251,298 5% 12,604,433 10,600,114 19% Pulp 3,251,563 3,017,102 8% 3,113,900 4% 11,893,627 10,167,658 17% Paper 177,729 187,665 -5% 137,398 29% 710,806 432,456 64% Paperboard 82,192 88,598 -7% 60,920 35% 350,490 87,218 —% Printing & Writing 92,078 97,579 -6% 75,627 22% 353,971 340,318 4% Other paper¹ 3,459 1,488 —% 851 —% 6,344 4,920 29% Domestic Market 450,711 396,505 14% 463,036 -3% 1,597,419 1,700,318 -6% Pulp 154,084 148,214 4% 169,992 -9% 596,613 696,972 -14% Paper 296,627 248,291 19% 293,044 1% 1,000,806 1,003,346 0% Paperboard 42,130 41,984 0% 42,524 -1% 155,474 153,412 1% Printing & Writing 187,128 143,168 31% 186,763 0% 590,591 600,807 -2% Other paper¹ 67,369 63,139 7% 63,757 6% 254,741 249,127 2% Total Sales Volume 3,880,003 3,601,272 8% 3,714,334 4% 14,201,852 12,300,432 15% Pulp 3,405,647 3,165,316 8% 3,283,892 4% 12,490,240 10,864,630 15% Paper 474,356 435,956 9% 430,442 10% 1,711,612 1,435,802 19% Paperboard 124,322 130,582 -5% 103,444 20% 505,964 240,630 —% Printing & Writing 279,206 240,747 16% 262,390 6% 944,562 941,125 0% Other paper¹ 70,828 64,627 10% 64,608 10% 261,085 254,047 3% (1) Paper of other manufacturers sold by Suzano and tissue paper. Average net price (R$/t) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Exports 3,085 3,077 0% 3,544 -13% 3,242 3,569 -9% Pulp 2,905 2,856 2% 3,407 -15% 3,029 3,472 -13% Paper 6,376 6,618 -4% 6,640 -4% 6,805 5,853 16% Domestic Market 5,623 5,783 -3% 5,732 -2% 5,790 5,631 3% Pulp 2,728 2,913 -6% 3,443 -21% 2,995 3,293 -9% Paper 7,126 7,496 -5% 7,060 1% 7,457 7,254 3% Total 3,380 3,375 0% 3,817 -11% 3,529 3,854 -8% Pulp 2,897 2,859 1% 3,409 -15% 3,028 3,460 -12% Paper 6,845 7,118 -4% 6,926 -1% 7,186 6,832 5% 4Q25 EARNINGS RELEASE Page 39 of 47

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Average net price (US$/t) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Exports 571 565 1% 607 -6% 580 662 -12% Pulp 538 524 3% 583 -8% 542 644 -16% Paper 1,181 1,215 -3% 1,137 4% 1,218 1,086 12% Domestic Market 1,041 1,061 -2% 982 6% 1,037 1,045 -1% Pulp 505 535 -6% 590 -14% 536 611 -12% Paper 1,320 1,376 -4% 1,209 9% 1,335 1,346 -1% Total Net Revenue 626 619 1% 654 -4% 632 715 -12% Pulp 536 525 2% 584 -8% 542 642 -16% Paper 1,268 1,306 -3% 1,186 7% 1,287 1,268 1% FX Rate R$/US$4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Closing 5.50 5.32 3% 6.19 -11% 5.50 6.19 -11% Average 5.40 5.45 -1% 5.84 -8% 5.59 5.39 4% 4Q25 EARNINGS RELEASE Page 40 of 47

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APPENDIX 2 – Consolidated Income Statement and Goodwill Amortization Income Statement (R$ '000) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y 2025 2024 Δ Y-o-Y Net Revenue 13,113,718 12,153,145 8% 14,176,998 -8% 50,115,679 47,403,282 6% Cost of Goods Sold (9,098,452) (8,453,761) 8% (8,760,717) 4% (33,889,504) (27,401,527) 24% Gross Debt 4,015,266 3,699,384 9% 5,416,281 -26% 16,226,175 20,001,755 -19% Gross Margin 31% 30% 0.2 p.p. 38% -8 p.p. 32% 42% -10 p.p. Operating Expense/Income (469,971) (1,729,849) -73% (1,000,460) -53% (5,577,166) (4,310,663) 29% Selling Expenses (869,647) (849,961) 2% (856,759) 2% (3,312,740) (2,938,547) 13% General and Administrative Expenses (804,184) (664,953) 21% (990,245) -19% (2,790,154) (2,619,844) 7% Other Operating Income (Expenses) 1,344,722 (135,667) — 845,547 59% 934,940 1,261,573 -26 Equity Equivalence (140,862) (79,268) 78 997 — (409,212) (13,845) — EBIT 3,545,295 1,969,535 80% 4,415,821 -20% 10,649,009 15,691,092 -32% Depreciation, Amortization & Depletion 3,071,041 2,889,531 6% 2,809,949 9% 11,297,258 9,223,995 22% EBITDA 6,616,336 4,859,066 36% 7,225,770 -8% 21,946,267 24,915,087 -12% EBITDA Margin 50% 40% 10 p.p. 51% -1 p.p. 44% 53% -9 p.p. Adjusted EBITDA¹ 5,582,832 5,200,296 7% 6,480,919 -14% 21,736,320 23,849,200 -9% Adjusted EBITDA Margin¹ 43% 43% — p.p. 46% -3 p.p. 43% 50% -7 p.p. Net Financial Result (3,410,794) 1,051,781 — (15,556,184) -78% 9,762,165 (28,802,145) — Financial Expenses 482,419 462,095 4% 435,391 11% 1,766,626 1,737,434 2% Financial Revenues (1,813,816) (1,823,415) -1% (1,691,603) 7% (6,883,755) (5,541,903) 24% Exchange Rate Variation (102,938) 1,079,117 — (5,370,257) -98% 7,328,684 (9,112,683) — Net Proceeds Generated by Derivatives (1,976,459) 1,333,984 — (8,929,715) -78% 7,550,610 (15,884,993) — Earnings Before Taxes 134,501 3,021,316 -96% (11,140,363) — 20,411,174 (13,111,053) — Income and Social Contribution Taxes (18,332) (1,059,929) -98% 4,403,791 — (6,973,487) 6,066,347 — Net Income (Loss) 116,169 1,961,387 -94% (6,736,572) — 13,437,687 (7,044,706) — Net Margin 1% 16% -15 p.p. -48% 48 p.p. 27% -15% 42 p.p. (1) Excluding non-recurring items and PPA effects. Goodwill amortization - PPA (R$ '000) 4Q25 3Q25 Δ Q-o-Q 4Q24 Δ Y-o-Y COGS (117,461) (119,676) -2% (114,953) 2% Selling Expenses (210,279) (210,282) 0% (206,637) 2% General and administrative expenses (1,215) (1,215) 0% (7,978) -85% Other operational revenues (expenses) 13,092 7,785 68% 12,365 6% 4Q25 EARNINGS RELEASE Page 41 of 47

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APPENDIX 3 – Consolidated Balance Sheet Assets (R$ '000) 12/31/2025 09/30/2025 12/31/2024 Current Assets Cash and cash equivalents 15,179,753 15,838,866 9,018,818 Financial investments 9,932,774 7,734,686 12,971,547 Trade accounts receivable 6,560,607 6,129,481 9,132,860 Inventories 8,155,847 8,955,941 7,962,324 Recoverable taxes 887,085 962,181 929,001 Recoverable income taxes 659,202 525,979 180,618 Derivative financial instruments 1,556,978 1,363,240 1,006,427 Advance to suppliers 76,818 87,696 92,133 Other assets 858,005 977,159 889,232 Total Current Assets 43,867,069 42,575,229 42,182,960 Non-Current Assets Financial investments 319,680 317,098 391,964 Recoverable taxes 945,699 965,156 1,179,125 Deferred taxes 1,504,014 1,479,244 7,984,015 Derivative financial instruments 8,014,683 6,753,164 2,880,673 Advance to suppliers 2,788,262 2,682,250 2,503,537 Judicial deposits 418,301 576,227 487,993 Other assets 187,102 191,775 156,880 Biological assets 26,097,164 24,445,461 22,283,001 Investments 1,194,877 1,422,565 1,816,923 Property, plant and equipment 64,296,187 64,459,518 64,986,040 Right of use on lease agreements 5,331,789 5,341,832 5,180,691 Intangible 12,970,692 13,207,399 13,902,303 Total Non-Current Assets 124,068,450 121,841,689 123,753,145 Total Assets 167,935,519 164,416,918 165,936,105 Liabilities and Equity (R$ '000) 12/31/2025 09/30/2025 12/31/2024 Current Liabilities Trade accounts payable 5,141,386 5,428,821 6,033,285 Loans, financing and debentures 3,004,905 3,790,079 10,501,387 Accounts payable for lease operations 857,810 846,668 872,228 Derivative financial instruments 1,205,029 1,188,743 2,760,273 Taxes payable 240,010 184,302 245,353 Income taxes payable 218,238 239,249 118,362 Payroll and charges 1,132,713 1,062,163 1,232,971 Liabilities for assets acquisitions and subsidiaries 17,719 18,588 21,166 Dividends and interest on own capital payable 1,393,121 1,992 2,200,917 Advance from customers 132,408 168,785 145,200 Other liabilities 429,532 391,191 346,796 Total Current Liabilities 13,772,871 13,320,581 24,477,938 Non-Current Liabilities Loans, financing and debentures 91,796,352 89,172,126 90,934,144 Accounts payable for lease operations 6,072,080 5,999,074 6,100,687 Derivative financial instruments 8,136,320 6,434,548 7,694,547 Liabilities for assets acquisitions and subsidiaries 77,121 78,213 99,324 Provision for judicial liabilities 2,801,738 2,818,263 2,926,750 Actuarial liabilities 741,143 742,593 721,560 Deferred taxes — — 12,596 Share-based compensation plans 332,322 368,732 361,974 Provision for loss on investments in subsidiaries — 5,188 — Advance from customers 74,715 74,715 74,715 Other liabilities 178,684 144,460 116,295 Total Non-Current Liabilities 110,210,475 105,837,912 109,042,592 Total Liabilities 123,983,346 119,158,493 133,520,530 Shareholders' Equity Share capital 24,235,546 19,235,546 19,235,546 Capital reserves 80,742 69,181 60,226 Treasury shares (1,511,146) (1,511,146) (1,339,197) Retained earnings reserves 20,118,234 12,978,898 12,978,898 Other reserves 888,669 944,961 1,348,796 Retained earnings — 13,400,962 — Controlling shareholders' 43,812,045 45,118,402 32,284,269 Non-controlling interest 140,128 140,023 131,306 Total Equity 43,952,173 45,258,425 32,415,575 Total Liabilities and Equity 167,935,519 164,416,918 165,936,105 4Q25 EARNINGS RELEASE Page 42 of 47

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APPENDIX 4 – Consolidated Statement of Cash Flow OPERATING ACTIVITIES Net income (loss) for the period 116,169 (6,736,572) 13,437,687 (7,044,706) Depreciation, depletion and amortization 2,964,974 2,715,071 10,913,290 8,874,931 Depreciation of right of use 106,067 94,878 383,968 349,064 Interest expense on lease liabilities 120,559 115,925 467,879 451,148 Result from the sale and write-off of non-current assets 203,039 30,340 475,267 163,033 Income (expense) from associates and joint ventures 140,862 (997) 409,212 13,845 Exchange rate and monetary variations, net 1,976,459 8,929,715 (7,550,610) 15,884,993 Interest expenses on financing, loans and debentures 1,553,963 1,470,404 5,953,778 5,413,707 Capitalized loan costs (69,322) (76,567) (274,731) (959,968) Accrual of interest on marketable securities (259,937) (295,228) (1,029,877) (1,254,424) Amortization of transaction costs, premium and discounts 26,010 22,383 101,926 80,099 Derivative (gains) loss, net 102,938 5,370,257 (7,328,684) 9,112,683 Fair value adjustment of biological assets (1,589,706) (892,527) (1,516,458) (1,431,530) Deferred income tax and social contribution (27,605) (4,728,751) 6,455,108 (7,431,946) Interest on actuarial liabilities 19,821 18,962 79,287 75,850 Provision (reversal) for judicial liabilities, net (8,134) 44,166 (49,754) 138,318 Provision (reversal) for doubtful accounts, net 15,915 3,460 119,417 2,585 Provision for inventory losses, net 117,604 57,557 141,635 77,353 Provision for loss of ICMS credits, net 41,483 82,918 193,152 130,727 Premium expenses on early settlements 21,034 — 110,060 — Other 26,989 52,275 92,622 69,535 Decrease (increase) in assets 533,724 (679,788) 1,216,539 (1,761,659) Trade accounts receivable (290,026) (1,041,445) 1,586,613 (808,785) Inventories 514,580 173,477 (216,357) (863,648) Recoverable taxes (79,154) 165,895 (413,422) (95,411) Other assets 388,324 22,285 259,705 6,185 Increase (decrease) in liabilities 58,054 1,242,425 80,457 2,798,112 Trade accounts payable (94,792) 1,081,803 6,630 2,164,832 Taxes payable 97,072 (132,453) 384,227 296,169 Payroll and charges 73,047 238,378 (91,499) 364,817 Other liabilities (17,273) 54,697 (218,901) (27,706) Cash generated from operations 6,190,960 6,840,306 22,881,170 23,751,750 Payment of interest on financing, loans and debentures (1,064,675) (844,088) (5,817,907) (5,241,389) Capitalized loan costs paid 69,322 76,567 274,731 959,968 Prêmio sobre liquidações antecipadas (21,034) — (110,060) — Interest received on marketable securities 244,648 232,446 1,213,789 1,500,437 Payment of income tax and social contribution (59,568) (102,357) (289,548) (366,339) Cash provided by operating activities 5,359,653 6,202,874 18,152,175 20,604,427 INVESTING ACTIVITIES Additions to property, plant and equipment (1,154,256) (2,014,333) (4,578,826) (9,190,589) Additions to intangible (22,918) (19,277) (82,492) (162,042) Additions to biological assets (1,631,733) (1,822,887) (7,913,483) (7,180,450) Proceeds from sales of property, plant and equipment and biological assets 8,493 55,055 122,729 167,983 Capital increase in affiliates — (4,017) (21,979) (41,281) Marketable securities, net (2,152,025) (1,514,192) 2,941,921 205,954 Advances for acquisition (receipt) of wood from operations with development and partnerships (75,371) (13,511) (300,040) (294,952) Aquisição de outros investimentos — — (9,392) (1,440,503) Aquisição de ativos — (452,153) — (2,595,974) Dividends received — — 8,835 — Caixa líquido de aquisição de controladas — — — 19,113 Cash used in investing activities (5,027,810) (5,785,315) (9,832,727) (20,512,741) FINANCING ACTIVITIES Proceeds from loans, financing and debentures 1,547,204 3,579,754 23,871,760 15,692,905 Proceeds (payment) of derivative transactions 159,866 (198,308) 530,655 (550,581) Payment of loans, financing and debentures (2,753,312) (279,463) (22,353,325) (9,410,807) Payment of leases (388,065) (379,193) (1,447,973) (1,325,398) Payment of interest on own capital and dividends — (306,333) (2,208,158) (1,624,653) Pagamento de aquisição de ativos e controladas — — (20,668) (58,467) Shares repurchased — — (191,918) (2,806,764) Cash provided (used) by financing activities (1,434,307) 2,416,457 (1,819,627) (83,765) Increase (decrease) in cash and cash equivalents, net (1,102,464) 2,834,016 6,499,821 7,921 At the beginning of the period 15,838,866 5,818,031 9,018,818 8,345,871 Exchange variation on cash and cash equivalents 443,351 366,771 (338,886) 665,026 At the end of the period 15,179,753 9,018,818 15,179,753 9,018,818 Acréscimo (decréscimo) líquido no caixa e equivalentes de caixa (1,102,464) 2,834,016 6,499,821 7,921 Cash Flow (R$ '000) 4Q25 4Q24 2025 2024 4Q25 EARNINGS RELEASE Page 43 of 47

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APPENDIX 5 – EBITDA (R$ '000, except where otherwise indicated) 4Q25 4Q24 2025 2024 Net income 116,169 (6,736,572) 13,437,687 (7,044,706) Net Financial Result 3,410,794 15,556,184 (9,762,165) 28,802,145 Income and Social Contribution Taxes 18,332 (4,403,791) 6,973,487 (6,066,347) EBIT 3,545,295 4,415,821 10,649,009 15,691,092 Depreciation, Amortization and Depletion 3,071,041 2,809,949 11,297,258 9,223,995 EBITDA¹ 6,616,336 7,225,770 21,946,267 24,915,087 EBITDA Margin 50% 51% 44% 53% Fair Value Update - Biological Asset (1,589,706) (892,527) (1,516,458) (1,431,530) Write-off of stacked wood inventory 61,850 11,930 78,203 11,930 Tax credits - Exclusion of ICMS in the PIS and COFINS calculation base — — — (265) Donations for catastrophes and pandemics — 139 — 414 Equity method 140,862 (997) 409,212 13,845 Extinction of packaging business line (61) (15) 45 1,205 Penalties for termination with contracts 8,253 — 8,253 — Expenses on Asset Acquisition and Business Combinations 41,003 11,993 82,426 34,069 Effective loss of the development contract advance program 92 4,435 273 4,435 Restructuring Expenses 59,680 — 59,680 — Impairment of subsidiaries — — 88,871 — Provision for loss of ICMS credits, net 41,483 82,919 193,152 130,726 Income from disposal and write-off of non-current assets 203,040 37,272 386,396 169,284 Adjusted EBITDA 5,582,832 6,480,919 21,736,320 23,849,200 Adjusted EBITDA Margin 43% 46% 43% 50% (1) The Company's EBITDA is calculated in accordance with CVM Instruction 527 of October 4, 2012. 4Q25 EARNINGS RELEASE Page 44 of 47

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APPENDIX 6 – Segmented Income Statement Segmented Financial Statement (R$ '000) 4Q25 4Q24 Pulp Paper Non Segmented Total Consolidated Pulp Paper Non Segmented Total Consolidated Net Revenue 9,866,643 3,247,075 – 13,113,718 11,195,623 2,981,375 – 14,176,998 Cost of Goods Sold (6,785,554) (2,312,898) – (9,098,452) (6,836,873) (1,923,844) – (8,760,717) Gross Profit 3,081,089 934,177 – 4,015,266 4,358,750 1,057,531 – 5,416,281 Gross Margin 31% 29% – 31% 39% 35% – 38% Operating Expense/Income 116 (470,087) – (469,971) (509,026) (491,434) – (1,000,460) Selling Expenses (547,583) (322,064) – (869,647) (554,266) (302,493) – (856,759) General and Administrative Expenses (547,953) (256,231) – (804,184) (678,631) (311,614) – (990,245) Other Operating Income (Expenses) 1,239,334 105,388 – 1,344,722 732,168 113,379 – 845,547 Equity Equivalence (143,682) 2,820 – (140,862) (8,297) 9,294 – 997 EBIT 3,081,205 464,090 – 3,545,295 3,849,724 566,097 – 4,415,821 Depreciation, Amortization & Depletion 2,720,755 350,286 – 3,071,041 2,497,196 312,753 – 2,809,949 EBITDA 5,801,960 814,376 – 6,616,336 6,346,920 878,850 – 7,225,770 EBITDA Margin 59% 25% – 50% 57% 29% – 51% Adjusted EBITDA¹ 4,797,877 784,955 – 5,582,832 5,729,507 751,412 – 6,480,919 Adjusted EBITDA Margin¹ 49% 24% – 43% 51% 25% – 46% Net Financial Result – – (3,410,794) (3,410,794) – – (15,556,184) (15,556,184) Earnings Before Taxes 3,081,205 464,090 (3,410,794) 134,501 3,849,724 566,097 (15,556,184) (11,140,363) Income and Social Contribution Taxes – – (18,332) (18,332) – – 4,403,791 4,403,791 Net Income (Loss) 3,081,205 464,090 (3,429,126) 116,169 3,849,724 566,097 (11,152,393) (6,736,572) Net Margin 31% 14% – 1% 34% 19% – -48% (1) Excluding non-recurring items and PPA effects. 4Q25 EARNINGS RELEASE Page 45 of 47

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Segmented Financial Statement (R$ '000) 2025 2024 Pulp Paper Non Segmented Total Consolidated Pulp Paper Non Segmented Total Consolidated Net Revenue 37,816,141 12,299,538 – 50,115,679 37,593,462 9,809,820 – 47,403,282 Cost of Goods Sold (25,321,167) (8,568,337) – (33,889,504) (21,261,705) (6,139,822) – (27,401,527) Gross Profit 12,494,974 3,731,201 – 16,226,175 16,331,757 3,669,998 – 20,001,755 Gross Margin 33% 30% – 32% 43% 37% – 42% Operating Expense/Income (3,587,233) (1,989,933) – (5,577,166) (2,815,877) (1,494,786) – (4,310,663) Selling Expenses (2,090,944) (1,221,796) – (3,312,740) (1,946,573) (991,974) – (2,938,547) General and Administrative Expenses (1,860,688) (929,466) – (2,790,154) (1,861,148) (758,696) – (2,619,844) Other Operating Income (Expenses) 789,839 145,101 – 934,940 1,042,887 218,686 – 1,261,573 Equity Equivalence (425,440) 16,228 – (409,212) (51,043) 37,198 – (13,845) EBIT 8,907,741 1,741,268 – 10,649,009 13,515,880 2,175,212 – 15,691,092 Depreciation, Amortization & Depletion 10,105,220 1,192,038 – 11,297,258 8,137,857 1,086,138 – 9,223,995 EBITDA 19,012,959 2,933,308 – 21,946,267 21,653,735 3,261,352 – 24,915,087 EBITDA Margin 50% 24% – 44% 58% 33% – 53% Adjusted EBITDA¹ 18,891,646 2,844,674 – 21,736,320 20,866,160 2,983,040 – 23,849,200 Adjusted EBITDA Margin¹ 50% 23% – 43% 56% 30% – 50% Net Financial Result – – 9,762,165 9,762,165 – – (28,802,145) (28,802,145) Earnings Before Taxes 8,907,741 1,741,268 9,762,165 20,411,174 13,515,880 2,175,212 (28,802,145) (13,111,053) Income and Social Contribution Taxes – – (6,973,487) (6,973,487) – – 6,066,347 6,066,347 Net Income (Loss) 8,907,741 1,741,268 2,788,678 13,437,687 13,515,880 2,175,212 (22,735,798) (7,044,706) Net Margin 24% 14% – 27% 36% 22% – -15% 4Q25 EARNINGS RELEASE Page 46 of 47

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Forward-Looking Statements This release may contain forward-looking statements. Such statements are subject to known and unknown risks and uncertainties due to which such expectations may not happen at all or may substantially differ from what was expected. These risks include, among others, changes in future demand for the Company's products, changes in factors affecting domestic and international product prices, changes in the cost structure, changes in the seasonal patterns of markets, changes in prices charged by competitors, foreign exchange variations, changes in the political or economic situation of Brazil, as well as emerging and international markets. The forward-looking statements were not reviewed by our independent auditors. 4Q25 EARNINGS RELEASE Page 47 of 47

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