Suzano S.A 6-K, filed Nov 5, 2026
Suzano S.A. (SUZ)
6-K
2026-11-05
For: 2026-09-30
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November 05, 2026
About this 6-K
Suzano S.A filed this 6-K on November 5, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2026.
Commission File Number 001-38755
Suzano S.A.
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
SUZANO INC.
(Translation of Registrant’s Name into English)
(Translation of Registrant’s Name into English)
Av. Professor Magalhaes Neto, 1,752
10th Floor, Rooms 1010 and 1011
Salvador, Brazil 41 810-012
(Address of principal executive office)
10th Floor, Rooms 1010 and 1011
Salvador, Brazil 41 810-012
(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.
Form 20-F ☒ Form 40-F ☐
Form 20-F ☒ 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): ☐
Enclosures:
Exhibit 99.1 –Earnings Release for Third Quarter 2026
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: November 05, 2026
SUZANO S.A. | ||||||||
| By: | /s/ Marcos Moreno Chagas Assumpção | |||||||
| Name: | Marcos Moreno Chagas Assumpção | |||||||
| Title: | Vice-President of Finance and Investor Relations | |||||||
Adjusted EBITDA of R$ 5.7 billion driven by higher sales volume, lower cash cost and contribution from Arbex. São Paulo, November 5th, 2026. Suzano S.A. (B3: SUZB3 | NYSE: SUZ), one of the world’s largest integrated pulp, paper and packaging producers, announces today its consolidated results for the 3rd quarter of 2026 (3Q26). Due to the materiality of the Consumer Goods segment in the Company’s results following the acquisition of Arbex (joint venture between Suzano and Kimberly-Clark) on July 1st, 2026, Suzano informs that the business performance is presented as a separately disclosed segment in its quarterly results releases. It should be noted that, due to Suzano's 51% equity interest in Arbex, the Company consolidates 100% of its financial statements, as disclosed in the Notice to the Market of October 21, 2026. HIGHLIGHTS • Pulp sales¹ of 3,190 thousand tonnes (-1% vs. 3Q25). • Consumer goods sales² of 299 thousand tonnes (+369% vs. 3Q25). • Paper and packaging sales³ of 374 thousand tonnes (stable vs. 3Q25). • Adjusted EBITDA⁴ and Operating cash generation5 : R$5.7 billion and R$3.8 billion, respectively. • Adjusted EBITDA from Arbex of R$694 million. • Adjusted EBITDA⁴/t from pulp of R$1,506/t (+6% vs. 3Q25). • Adjusted EBITDA⁴/t from consumer goods of R$2,687/t (+106% vs. 3Q25). • Adjusted EBITDA⁴/t from paper and packaging of R$740/t (-48% vs. 3Q25). • Average net pulp price in export market: US$591/t (+13% vs. 3Q25). • Average net consumer goods price of R$16,798/t (+49% vs. 3Q25). • Average net paper and packaging price of R$6,610/t (+3% vs. 3Q25). • Pulp production cash cost ex-downtimes of R$ 825/t (+3% vs. 3Q25). • Leverage of 3.7 times in US$ and 3.4 times in US$ pro forma⁶. • Free Cash Flow Yield ("FCF Yield" - LTM) of 18.3% (+0.2 p.p. vs. 3Q25). • Return on Invested Capital ("ROIC" - LTM) of 10.3% (-1.7 p.p. vs. 3Q25). Financial Data Consolidated (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Net Revenue 16,516 11,590 42% 12,153 36% 52,188 Adjusted EBITDA4 5,674 4,705 21% 5,200 9% 20,542 Adjusted EBITDA Margin4 34% 41% -6 p.p. 43% -8 p.p. 39% Net Financial Result 1,146 (10) —% 1,052 9% 2,341 Net Income 2,084 1,807 15% 1,961 6% 8,320 Operating Cash Generation5 3,836 2,885 33% 3,416 12% 12,908 Net Debt / Adjusted EBITDA⁴ (x) (US$) 3.7 x 3.4 x 0.3 x 3.3 x 0.4 x 3.7 x Net Debt/ Adj. EBITDA4 pro forma6 (x) (US$) 3.4 x — x —x — x —x 3.4 x Sales ('000 t) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Pulp¹ 3,190 2,958 8% 3,227 -1% 12,517 Consumer Goods² 299 66 351% 64 369% 499 Paper and Packaging³ 374 340 10% 372 —% 1,433 (1) Considers intersegment pulp sales. (2) Considers the results of Arbex and the tissue operation in Brazil. (3) Considers the results of the operation of the Suzano Packaging US Unit (Pine Bluff and Waynesville). (4) Excludes non-recurring items. (5) Considers Adjusted EBITDA less sustaining capex (cash basis). (6) Considers Arbex's pro forma Adjusted EBITDA for the last twelve months. (R$ 2.8 billion / US$ 531 million) EARNINGS RELEASE 3Q26
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 .................................................................................................................................................................. 6 PULP SEGMENT EBITDA ...................................................................................................................................................... 9 OPERATING CASH GENERATION FROM THE PULP SEGMENT ....................................................................................... 10 CONSUMER GOODS BUSINESS PERFORMANCE .................................................................................................................... 11 CONSUMER GOODS SALES VOLUME AND REVENUE ...................................................................................................... 11 CONSUMER GOODS SEGMENT EBITDA ............................................................................................................................ 13 CONSUMER GOODS SEGMENT OPERATING CASH GENERATION ................................................................................. 15 PAPER AND PACKAGING BUSINESS PERFORMANCE ........................................................................................................... 15 PAPER AND PACKAGING SALES VOLUME AND REVENUE .............................................................................................. 15 PAPER AND PACKAGING SEGMENT EBITDA .................................................................................................................... 18 OPERATING CASH GENERATION FROM THE PAPER AND PACKAGING SEGMENT ..................................................... 20 FINANCIAL PERFORMANCE ....................................................................................................................................................... 20 NET REVENUE ....................................................................................................................................................................... 20 CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES ........................................................................................... 22 COST OF GOODS SOLD (COGS) .......................................................................................................................................... 22 SELLING EXPENSES ............................................................................................................................................................. 23 GENERAL AND ADMINISTRATIVE EXPENSES .................................................................................................................. 23 OTHER OPERATING INCOME (EXPENSES) ....................................................................................................................... 23 ADJUSTED EBITDA .............................................................................................................................................................. 24 FINANCIAL RESULT ............................................................................................................................................................. 24 DERIVATIVE OPERATIONS ................................................................................................................................................. 26 NET INCOME (LOSS) ............................................................................................................................................................ 30 DEBT ....................................................................................................................................................................................... 30 CAPITAL EXPENDITURE ...................................................................................................................................................... 33 OPERATING CASH FLOW ..................................................................................................................................................... 33 FREE CASH FLOW ................................................................................................................................................................. 34 ROIC ("RETURN ON INVESTED CAPITAL") ....................................................................................................................... 35 CHANGES IN NET DEBT ....................................................................................................................................................... 36 ESG ......................................................................................................................................................................................... 36 DISCLOSED GUIDANCE TRACKING ................................................................................................................................... 36 CAPITAL MARKETS ...................................................................................................................................................................... 37 FIXED INCOME ............................................................................................................................................................................. 39 RATING ........................................................................................................................................................................................... 39 UPCOMING EVENTS ..................................................................................................................................................................... 40 APPENDICES .................................................................................................................................................................................. 41 APPENDIX 1 – Operating Data ........................................................................................................................................ 41 APPENDIX 2 – Consolidated Income Statement and Goodwill Amortization .................................................... 43 APPENDIX 3 – Consolidated Balance Sheet ................................................................................................................. 44 APPENDIX 4 – Consolidated Statement of Cash Flow .............................................................................................. 45 APPENDIX 5 – EBITDA ....................................................................................................................................................... 46 APPENDIX 6 – Segmented Income Statement ........................................................................................................... 47 APPENDIX 7 – Income Statement - Consumer Goods (Arbex + Brazil) ............................................................... 48 Forward-Looking Statements ......................................................................................................................................... 49 3Q26 EARNINGS RELEASE Page 2 of 49
EXECUTIVE SUMMARY The third quarter of 2026 was marked by the start of operations of Arbex, a joint venture between Suzano and Kimberly-Clark, a relevant step in the Company's strategic evolution. Given the greater materiality of the consumer goods business in the composition of its results, Suzano is now reporting the performance of this segment separately, increasing the transparency and quality of information provided to the market regarding the evolution of its pulp, paper & packaging, and consumer goods businesses. During the quarter, the Chinese hardwood pulp market experienced a gradual improvement, providing a more constructive market environment by the end of the period. The better result in the Company's pulp business compared to 2Q26 is explained by higher sales volume, lower production costs and the appreciation of the US$ against the R$ during the period, partially offset by higher SG&A and lower average net price. Compared to the same period of 2025, the increase in realized pulp price explains the positive variation, despite the negative FX effects and cost pressures. In the quarter, cash production cost ex-downtimes decreased compared to 2Q26, but increased versus 3Q25, largely due to the effects arising from the conflict in the Middle East and higher wood costs. This combination of factors resulted in an increase in Adjusted EBITDA from pulp compared to the previous period and the same period of 2025. In the paper and packaging business unit, Adjusted EBITDA declined vs. 2Q26, mainly driven by higher SG&A, partially offset by higher prices. Compared to 3Q25, the reduction in this indicator is primarily explained by higher production costs at Suzano Packaging US, despite the price increase. In the consumer goods business unit, the quarter was strongly marked by the consolidation of Arbex (JV with Kimberly-Clark), resulting in total Adjusted EBITDA from the segment of R$803 million. As a result, consolidated Adjusted EBITDA for the quarter totaled R$5.7 billion, up 21% and 9% from 2Q26 and 3Q25, respectively. Operating cash generation reached R$3.8 billion in the quarter, representing a 33% increase vs. 2Q26 and a 12% increase year-over-year. As for financial management in 3Q26, net debt measured in US$ totaled US$14.7 billion, a 15% increase compared to the previous quarter, due to the disbursement related to the acquisition of Arbex (JV with Kimberly-Clark) of US$1.3 billion and the JV's existing net debt of approximately US$0.9 billion. US$ leverage, in turn, stood at 3.7x due to the increase in net debt, despite the higher Adjusted EBITDA over the last twelve months. It should be noted that this indicator does not yet capture Arbex's Adjusted EBITDA for the last twelve months, but only for 3Q26, given that the company was acquired on July 1st, 2026. Considering Arbex's pro-forma Adjusted EBITDA for the last 12 months, leverage was 3.4x in US$. The cash flow hedge policy continued to fulfill its role, with a notional amount of US$4.9 billion and average strikes for Zero Cost Collar transactions set at 6.04 (put) and 6.95 (call). During the period, Suzano recorded R$294 million in positive cash adjustments from its cash flow hedge operations. Regarding hedging of oil-related inputs, Zero Cost Collar operations closed 3Q26 contracted at US$58.73/bbl (put) and US$72.36/bbl (call) with a notional amount of US$234 million, under which the Company records positive cash adjustments when Brent exceeds the call strike levels. During the quarter, Suzano recorded R$91 million in positive cash adjustments from its commodity hedge portfolio, mitigating, in cash flow terms, the energy cost pressures arising from the Middle East conflict. Considering the operational and financial effects of 3Q26, the Company's Adjusted Free Cash Flow reached R$2.6 billion during the period. 3Q26 EARNINGS RELEASE Page 3 of 49
PULP BUSINESS PERFORMANCE PULP SALES VOLUME AND REVENUE The third quarter of 2026 was marked by a gradual shift in the hardwood pulp market, reflecting a more constructive scenario by the end of the period. In China, higher prices of imported wood during the period led to an increase in domestic fiber production costs, encouraging integrated producers to purchase market hardwood pulp. This dynamic, coupled with the announcement of a delay in the start- up of a relevant Asian hardwood project and successive declines in inventories at Chinese ports throughout the quarter, benefited the market environment by boosting sales volumes and enabling price increase announcements starting in late August. Also in China, according to SCI data, total paper production showed slight growth in 3Q26 compared to 3Q25. In the first nine months of 2026, the tissue and paperboard (ivory board) segments recorded expansions of 6% and 18%, respectively, compared to the same period of 2025. Meanwhile, printing and writing paper, despite the 10% contraction in 3Q26 versus 3Q25, maintained a positive balance for the year, accumulating a 5% growth in the period. Overall, the data continue to indicate resilient demand fundamentals across key paper segments, supporting the recent price increase announcements. In Europe, according to Utipulp, hardwood pulp consumption sustained the same demand level in 3Q26 compared to 3Q25, demonstrating resilience against softwood, which recorded a 9% decline in demand compared to the same period of the previous year. Additionally, according to EPIS, domestic production of bleached chemical pulp in 3Q26 declined by 7% compared to the same period of the previous year, following scheduled and unscheduled production downtimes in the region. In North America, the dissipation of uncertainties following the exclusion of tissue from tariff disputes between the United States and Canada in early September allowed the tissue segment to continue supporting regional demand for hardwood pulp in the quarter. Average PIX/FOEX indices for hardwood pulp in the quarter declined by 5% in the Chinese market (average of USD573/t) and remained practically stable in the European market (average of USD1,365/t) compared to 2Q26. The average price difference (spread) between softwood and hardwood pulp in the quarter stood at US$70/t in China and US$272/t in Europe. 3Q26 EARNINGS RELEASE Page 4 of 49
Suzano's pulp sales increased by 8% compared to the previous quarter, with particular emphasis to the increase in volumes to Asia, totaling 3,190 thousand tonnes. Compared to 3Q25, the 1% reduction was mainly driven by the reduction in volumes destined for Europe. Pulp Sales Volume ('000 t) -1% +8% q 3,227 2,958 3,190 210 220 223 3,017 2,737 2,967 3Q25 2Q26 3Q26 Export Market Brazilian Market The average net price in US$ for pulp sold by Suzano was US$588/t, representing a 2% decrease compared to 2Q26 and a 12% increase compared to 3Q25. In the export market, average net price realized by the Company was US$591/t, representing a 2% decrease compared to 2Q26 and a 13% increase compared to 3Q25. The average net price in R$ was R$3,022 in 3Q26, stable compared to 2Q26, driven by the 2% appreciation of the average US$ against the average R$, which offset the 2% decrease in the average price in US$. Compared to 3Q25, the 6% increase was driven by the 12% increase in the average price in US$, despite the 6% depreciation of the average US$ against the average R$. Average Net Price (US$/t) +12% -2% q 525 598 588 3Q25 2Q26 3Q26 3Q26 EARNINGS RELEASE Page 5 of 49
Net revenue from pulp sales increased by 8% compared to 2Q26, mainly driven by higher sales volume (+8%) and the 2% appreciation of the average US$ against the average R$, partially offset by the lower average net price in US$ (-2%). Compared to 3Q25, the 4% increase was driven by the higher average net price in US$ (+12%), partially offset by the 6% depreciation of the average US$ against the average R$. Pulp Net Revenue (R$ million) +4% +8% q 9,231 8,926 9,640 613 620 634 8,618 8,306 9,006 3Q25 2Q26 3Q26 Export Market Brazilian Market PULP CASH COST Consolidated Pulp Cash Cost ex-downtime (R$/t) +3% -2% q 801 843 825 3Q25 2Q26 3Q26 3Q26 EARNINGS RELEASE Page 6 of 49
Pulp Cash Cost (R$/t) +5% -12% q 812 972 855 801 843 825 11 129 29 3Q25 2Q26 3Q26 Cash Cost ex-downtimes Downtimes Effect Cash cost excluding downtimes was R$825/t in 3Q26, decreasing 2% compared with 2Q26, driven by: i) lower input consumption (excluding exchange rate effect), notably auxiliary materials (effect of substitutions that occurred in 2Q26 taking advantage of the scheduled downtimes in that quarter), caustic soda, chlorine dioxide and fuel oil (greater operational stability); ii) lower fixed costs, due to greater dilution resulting from higher production volume and lower maintenance expenses; iii) lower wood costs, as a result of lower specific consumption, mainly due to improved mill yield following the scheduled maintenance downtimes. These effects were partially offset by: i) higher input prices (excluding exchange rate effect), notably chlorine dioxide, sulfuric acid, oxygen and natural gas; and ii) the 2% appreciation of the average US$ against the average R$. Consolidated Pulp Cash Cost ex-downtime (R$/t)¹ (1) Excludes the impact of maintenance and administrative downtimes. 3Q26 EARNINGS RELEASE Page 7 of 49
Cash cost excluding downtimes was 3% higher in 3Q26 compared with 3Q25, driven by: i) higher input prices (excluding exchange rate effect), notably chlorine dioxide, natural gas and sulfuric acid (mainly reflecting the effects of the conflict in the Middle East on global commodities and energy markets); and ii) higher wood costs, mainly driven by higher harvesting costs (impacted mainly by labor and maintenance), the consumption mix, and higher logistics and diesel expenses. These effects were partially offset by: i) better utilities result, given the higher exported volume and better selling price (benefited by the energy auction as disclosed by the Company in the Notice to the Market dated May 27th, 2022); ii) lower fixed costs, as a result of the higher production volume and lower maintenance expenses; iii) the 6% depreciation of the average US$ against the average R$; and iv) lower input consumption mainly due to greater operational efficiency, with a reduction mainly in fuel oil and quicklime. Consolidated Pulp Cash Cost ex-downtime (R$/t) (1) Excludes the impact of maintenance and administrative downtimes. Cash Cost 3Q26¹ Fixed Costs 20% Wood 39% Chemicals 25% Energy 13% Other Variables 3% Cash Cost 3Q25¹ Fixed Costs 22% Wood 38% Chemicals 24% Energy 13% Other Variables 3% (1) Based on cash cost excluding downtimes. Excludes energy sales. 3Q26 EARNINGS RELEASE Page 8 of 49
PULP SEGMENT EBITDA Pulp Segment 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA (R$ million)¹ 4,805 4,293 12% 4,585 5% 18,172 Sales volume (k t) 3,190 2,958 8% 3,227 -1% 12,517 Pulp adjusted¹ EBITDA (R$/t) 1,506 1,451 4% 1,421 6% 1,452 (1) Excludes non-recurring items. Adjusted EBITDA from pulp segment was 12% higher compared with 2Q26, driven by: i) higher sales volume (+8%); ii) the reduction in Cash COGS, in turn as a result of the lower impact from scheduled maintenance downtimes and the 2% reduction in cash cost excluding downtimes, despite higher logistics costs (mill-to-port logistics); and iii) the 2% appreciation of the average US$ against the average R$. These effects were partially offset by: i) higher SG&A (notably higher personnel expenses related to variable compensation); and ii) the lower average net price in US$ (-2%). Adjusted EBITDA per ton increased by 4% due to the same factors, excluding sales volume. Compared to 3Q25, Adjusted EBITDA from pulp segment increased by 5% driven by the higher average net price in US$ (+12%). These effects were partially offset by: i) the 6% depreciation of the average US$ against the average R$; and ii) higher Cash COGS, in turn explained by the higher cash cost excluding downtimes (+3%) and greater impact from scheduled maintenance downtimes, in addition to the greater impact of logistics costs (impact from higher Brent prices and the modal mix in mill-to-port logistics). Adjusted EBITDA per ton increased by 6% due to the same factors. Adjusted EBITDA¹ (R$ million) and Adjusted EBITDA Margin (%) from Pulp 4,585 4,293 4,805 50% 48% 50% 3Q25 2Q26 3Q26 Adjusted EBITDA Margin EBITDA Pulp (1) Excludes non-recurring items. 3Q26 EARNINGS RELEASE Page 9 of 49
Pulp Adjusted EBITDA per tonne (R$/t) +6% +4% q 1,421 1,451 1,506 3Q25 2Q26 3Q26 OPERATING CASH GENERATION FROM THE PULP SEGMENT Pulp Segment (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA1 4,805 4,293 12% 4,585 5% 18,172 Maintenance Capex2 (1,529) (1,743) -12% (1,534) 0% (6,877) Operating Cash Flow 3,276 2,550 28% 3,051 7% 11,295 (1) Excludes non-recurring items. (2) Cash basis. Operating cash generation per tonne in the pulp segment was R$1,027/t in 3Q26, an increase of 19% compared to 2Q26, driven by lower maintenance capex per tonne and higher EBITDA per tonne. Compared with 3Q25, the 9% increase was driven by higher EBITDA per ton, while sustaining capex per ton remained practically stable. Operating Cash Generation from Pulp per tonne (R$/t) +9% +19% q 945 862 1,027 3Q25 2Q26 3Q26 3Q26 EARNINGS RELEASE Page 10 of 49
CONSUMER GOODS BUSINESS PERFORMANCE CONSUMER GOODS SALES VOLUME AND REVENUE In the main consumer goods (tissue) markets served by Arbex, NielsenIQ data indicate that value sales declined by approximately 2% in 3Q26 compared with 3Q25, reflecting a 2% decrease in average price/ mix, while volume remained stable. This performance compares with the trend for the 12 months ended September 2026, when volume grew by approximately 1% and value sales declined by 1%, according to NielsenIQ data. Latin America remained the best-performing region, with both value sales and volume growing by approximately 2% in 3Q26 compared with 3Q25. Europe continued to underperform, with value sales declining by approximately 3% and volume by approximately 2% in 3Q26 compared with 3Q25. The United Kingdom performed slightly better over the same period, with both value sales and volume declining by 1%. In Asia, value sales and volume both declined by approximately 5% over the same period, according to NielsenIQ data, reflecting the continued shift in consumer demand toward e- commerce channels not covered by the data. Additionally, BrandIQ data indicate that online value sales in Thailand grew by 5% year to date through August 2026. Regarding the consumer goods (tissue) categories, Toilet Paper is the largest category and recorded virtually stable volumes globally in 3Q26 compared to 3Q25, while pricing pressure led to a 2% decline in value sales. Over the same period, Facial Tissues also posted stable volumes, while value sales fell 3%, a decrease primarily driven by the French market, which dropped 6%. In turn, the Paper Towels category continued to outperform in 3Q26 compared to 3Q25, with 4% volume growth driven by Australia and Asia, while value sales declined 1%. Overall, global tissue demand remained stable in 3Q26 compared with 3Q25, with growth in Latin America and South Africa partially offsetting weaker conditions in Europe, the United Kingdom and parts of Asia. Although consumption trends remain relatively resilient, continued pressure on pricing and product mix impacted value sales performance. In the Brazilian consumer goods (tissue) market, according to NielsenIQ data for the Toilet Paper category in Brazil, which represents 87% of the at-home tissue market, demand increased by 3% in volume in the July-August 2026 two-month period, while value sales also increased by 3% compared with the previous two-month period. Compared with July-August 2025, volume declined by 3%, while value sales increased by 2%, with a 4% increase in the average price. Value sales performance was driven mainly by price implementation and the trade-up trend, with double-ply and triple-ply products increasing their share of market volume, while the share of single-ply products declined. In this context, Suzano maintained its value sales leadership in the Brazilian Toilet Paper market and continued to advance the consolidation and development of the category through branding, innovation, and higher value-added products. In the quarter, the share of triple-ply products in the Company's toilet paper sales volume increased, tracking the trade-up movement observed in the market. Consumer goods sales in international markets totaled 227 thousand tonnes, representing 76% of the business's total sales volume. The significant share of total sales volume was due to the consolidation of Arbex's consumer goods operation (JV with Kimberly-Clark). Suzano’s consumer goods sales in the Brazilian market totaled 71 thousand tonnes in 3Q26, corresponding to 24% of the business’s total volume, representing increases of 9% and 15% compared to 2Q26 and 3Q25, respectively, mainly explained by higher sales volumes of Towels and Toilet Paper in the sequential comparison, and by higher sales volumes of Reels in the annual comparison. 3Q26 EARNINGS RELEASE Page 11 of 49
Consumer Goods Sales Volume (thousand tonnes)¹ +369% +351% q 64 66 299 62 65 71 1 1 227 3Q25 2Q26 3Q26 Export Market Domestic Market (1) Includes the results from Arbex and the consumer goods operations in Brazil. The average net price was R$ 16,798/t in 3Q26, up 51% compared to 2Q26 and 49% compared to 3Q25, mainly due to the consolidation of Arbex's operations (JV with Kimberly-Clark). In export markets, the average net price was R$ 18,567/t, primarily reflecting the consolidation of Arbex. In the domestic market, the average net price was R$ 11,159/t, remaining virtually stable compared to 2Q26, as the higher average price of Toilet Paper was mainly offset by the higher share of reels in the sales mix, which carry a lower average price. Compared to 3Q25, the 2% decrease was mainly due to the higher share of reels in the sales mix, partially offset by the higher average price of Toilet Paper. Average Net Price of Consumer Goods (R$/t)¹ 6,138 6,387 18,567 11,377 11,194 11,159 3Q25 2Q26 3Q26 Export Market Domestic Market (1) Includes the results from Arbex and the consumer goods operations in Brazil. In 3Q25 and 2Q26, the export market corresponds only to consumer goods exports from Brazil, whose volume is not material (as disclosed in the previous chart). 3Q26 EARNINGS RELEASE Page 12 of 49
Consumer goods net revenue was R$ 5,018 million, an increase of 580% compared to 2Q26 and 600% compared to 3Q25. In both cases, the significant increase was mainly due to the consolidation of Arbex's consumer goods operation (JV with Kimberly-Clark). Consumer Goods Revenue (R$ million)¹ +600% +580% q 717 737 5,018 708 732 796 9 6 4,222 3Q25 2Q26 3Q26 Export Market Domestic Market (1) Includes the results from Arbex and the consumer goods operations in Brazil. CONSUMER GOODS SEGMENT EBITDA Consumer Goods Segment 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Arbex Adjusted EBITDA (R$ million)1 694 — —% — —% 694 Consumer Goods Brazil Ops. Adjusted EBITDA (R$ million)1 109 92 18% 83 31% 411 Adjusted EBITDA (R$ million)1 803 92 773% 83 867% 1,105 Sales volume (k t) 299 66 351% 64 369% 499 Consumer Goods adjusted1 EBITDA (R$/t) 2,687 1,387 94% 1,304 106% 2,216 (1) Excludes non-recurring items. Consumer Goods Adjusted EBITDA increased 773% compared to 2Q26, and the increase in Adjusted EBITDA was mainly due to the consolidation of Arbex's consumer goods operation (JV with Kimberly- Clark). Adjusted EBITDA was also positively impacted by an 18% increase in operations in Brazil, driven by higher sales volume and lower cash COGS per ton, partially offset by higher SG&A. In the analysis of Adjusted EBITDA per ton, the 94% increase was due to the same factors, excluding volumes. Compared to 3Q25, the 867% increase was due to the consolidation of Arbex's consumer goods operation (JV with Kimberly-Clark). In the analysis of Adjusted EBITDA per ton, the 106% increase is explained by the same reason. Regarding Adjusted EBITDA from operations in Brazil, the 31% increase was driven by higher sales volume and lower cash COGS per ton, partially offset by higher SG&A and a lower average net price. 3Q26 EARNINGS RELEASE Page 13 of 49
Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) of Consumer Goods 83 92 803 12% 12% 16% 3Q25 2Q26 3Q26 Adjusted EBITDA Margin Consumer Goods EBITDA Consumer Goods Adjusted EBITDA (R$/tonne) +106% +94% q 1,304 1,387 2,687 3Q25 2Q26 3Q26 3Q26 EARNINGS RELEASE Page 14 of 49
CONSUMER GOODS SEGMENT OPERATING CASH GENERATION Op. Cash Generation - Consumer Goods (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA1 803 92 773% 83 867% 1,105 Maintenance Capex2 (194) (14) —% (15) —% (248) Operating Cash Flow 609 78 678% 68 792% 857 (1) Excluding non-recurring items. (2) On a cash basis. Consumer goods operating cash flow per ton was R$ 2,038/t in 3Q26, up 73% compared to 2Q26. Compared to the same period of the previous year, there was an increase of 90%. In both cases, the increase reflects higher Adjusted EBITDA, partially offset by higher capex. Both variations were due to the consolidation of Arbex's consumer goods operation (JV with Kimberly-Clark). Consumer Goods Operating Cash Generation per tonne (R$/t) +90% +73% q 1,071 1,180 2,038 3Q25 2Q26 3Q26 PAPER AND PACKAGING BUSINESS PERFORMANCE PAPER AND PACKAGING SALES VOLUME AND REVENUE According to data published by IBÁ (Brazilian Tree Industry), Printing & Writing demand in Brazil, including imports, grew 5% in the first two months of 3Q26 compared to the first two months of the previous quarter, also accumulating a 2% increase compared to the same period of 3Q25. Compared to the previous quarter, this growth was driven by historical seasonality across the segment's product lines, in addition to additional demand in coated paper grades for the election cycle. Compared to 3Q25, there was also the positive effect of additional demand for coated paper. In the international markets served by the Company, P&W paper demand has been impacted by the effects of geopolitical tensions and their impacts on the supply chain: in North America, local supply constraints have encouraged inventory restocking, reducing the accumulated demand decline in the first 8 months of 2026 to -2%. In Europe, this inventory restocking movement has also softened the accumulated decline for the period to -4%, compared to the sharper structural trend in both regions. In Latin America, demand maintained its structural trend, with an accumulated decline of -2% in the first eight months of 2026, according to PPPC data. 3Q26 EARNINGS RELEASE Page 15 of 49
In the Brazilian paperboard market, according to data published by IBÁ, demand, including imports, recorded a 9% decrease compared to the first two months of 2Q26, and contracted 5% compared to the same period of 2025, reflecting the slowdown in consumption in the Brazilian economy. Imports of Printing & Writing paper increased by 76% in the cumulative period from January to August 2026, while paperboard imports rose 18% in the same period. This growth was driven by greater paper oversupply in international markets, as well as the depreciation of the average US$ against the average R$ in the period (-9%). Consolidating the market segments mentioned above (Suzano’s addressable paper market), total demand in Brazil recorded a 1% decline in the first two months of 3Q26, both compared to the same period of 2Q26 and against the same period of 2025. Suzano's paper sales (printing & writing and paperboard) in the Brazilian market totaled 187 thousand tonnes in 3Q26, an increase of 3% compared to the previous quarter, mainly driven by the performance of the Printing & Writing (coated) segment, partially offset by the decline in paperboard volume. Compared to 3Q25, sales increased 1% due to growth in the coated paper segment, partially offset by lower sales of uncoated paper and paperboard. Paper and packaging sales in international markets totaled 187 thousand tonnes, representing 50% of total sales volume in 3Q26. The 18% increase compared to 2Q26 was driven by higher sales at Suzano Packaging US operations. Compared to 3Q25, volume remained stable, as higher paperboard volumes from Suzano Packaging US were offset by lower exports of paper produced in Brazil due to specific operational constraints (a SAP system upgrade carried out during the period and container export logistics). It is worth clarifying that the reported volumes for Suzano Packaging US cover the period from June to September, thereby eliminating the 1-month lag previously existing in the disclosure of its results. Paper and Packaging Sales Volume ('000 t)¹ 0% +10% q 372 340 374 186 158 187 186 182 187 3Q25 2Q26 3Q26 Brazilian Market Export Market 3Q26 EARNINGS RELEASE Page 16 of 49
The average net price increased 7% compared to the previous quarter, reflecting the 15% increase in the average net price in the export market, in turn explained by the price increase in US$ across all segments, with particular emphasis to paperboard (+7%), in addition to the 2% appreciation of the average US$ against the average R$. In the domestic market, the average net price remained stable. Compared to 3Q25, the 3% increase was driven by the price increase in the export market (+7%), reflecting higher US$ prices in the paperboard (+8%) and uncoated paper (+2%) segments. These effects were partially offset by the 6% depreciation of the average US$ against the average R$, the decrease in the US$ price in the coated paper segment (-3%), and the 1% reduction in the average net price in the domestic market. Average Net Paper and Packaging Price (R$/t)¹ +3% +7% q 6,410 6,165 6,610 3Q25 2Q26 3Q26 (1) Includes the operations of Suzano Packaging US. Net revenue from paper and packaging sales totaled R$2,470 million, an increase of 18% compared to 2Q26, mainly driven by higher sales volume (+10%), especially in the export market (+18%), in addition to the domestic market (+3%), and the higher average net price (+7%), reflecting the increase in US$ prices and the 2% appreciation of the average US$ against the average R$. Compared to 3Q25, there was a 4% increase mainly driven by the higher average net price (+3%), explained by the 9% increase in the US$ price, partially offset by the 6% depreciation of the average US$ against the average R$, with stable sales volume. 3Q26 EARNINGS RELEASE Page 17 of 49
Paper and Packaging Revenue (R$ million)¹ +4% +18% q 2,386 2,097 2,470 1,153 1,119 1,147 1,233 977 1,323 3Q25 2Q26 3Q26 Export Market Brazilian Market (1) Includes the operations of Suzano Packaging US Unit. PAPER AND PACKAGING SEGMENT EBITDA Paper and Packaging Segment 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA (R$ million)1 277 320 -14% 532 -48% 1,475 Sales volume (k t) 374 340 10% 372 0% 1,433 Paper and Packaging adjusted1 EBITDA (R$/t) 740 941 -21% 1,430 -48% 1,029 (1) Excludes non-recurring items. Adjusted EBITDA from paper and packaging declined 14% compared to 2Q26, mainly due to: i) higher SG&A expenses (primarily driven by a higher provision for variable compensation); ii) higher logistics expenses (due to the rise in Brent/diesel prices, mainly in the US); and iii) higher cash cost at Brazil operations. These effects were partially offset by the increase in the average net price (+7%). In the analysis of Adjusted EBITDA per ton, the 21% decrease was primarily driven by higher SG&A. Compared to 3Q25, the 48% decrease was mainly due to: i) higher cash COGS, particularly driven by operational difficulties at the Suzano Packaging US mill (Pine Bluff); ii) in SG&A, higher logistics expenses, for the same reasons mentioned above; and iii) the depreciation of the average US$ against the average R$ (-6%). These effects were partially offset by the increase in the average net price, mainly at Suzano Packaging US operations. In the analysis of Adjusted EBITDA per ton, the 48% decrease is explained by the same factors. 3Q26 EARNINGS RELEASE Page 18 of 49
Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) from Paper and Packaging 532 320 277 22% 15% 11% 3Q25 2Q26 3Q26 Adjusted EBITDA Margin EBITDA Paper and Packaging Paper and Packaging Adjusted EBITDA (R$/t) -48% -21% q 1,430 941 740 3Q25 2Q26 3Q26 3Q26 EARNINGS RELEASE Page 19 of 49
OPERATING CASH GENERATION FROM THE PAPER AND PACKAGING SEGMENT Op. Cash Generation - Paper and Packaging (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA1 277 320 -14% 532 -48% 1,475 Maintenance Capex2 (115) (63) 82% (236) -51% (508) Operating Cash Flow 161 257 -37% 296 -46% 967 (1) Excludes non-recurring items. (2) Cash basis. In 1Q26, the allocation methodology for maintenance capex between the Pulp and Paper business units was updated. Operating cash generation per tonne in paper and packaging was R$ 432/t in 3Q26, a 43% decline compared to 2Q26, as a result of lower Adjusted EBITDA per tonne (-21%) and higher maintenance capex per tonne (+66%). Compared to the same period of the previous year, the indicator decreased 46%, primarily due to lower Adjusted EBITDA per tonne (-48%), partially offset by lower maintenance capex per tonne (-51%), following the update to the allocation criteria between the Pulp and Paper Business Units, as disclosed in the 1Q26 earnings release. Paper and Packaging Operating Cash Generation per tonne (R$/t) -46% -43% q 796 755 432 3Q25 2Q26 3Q26 FINANCIAL PERFORMANCE NET REVENUE Suzano's net revenue in 3Q26 was R$16,516 million, with 85% generated in the export market (vs. 80% in 2Q26 and 81% in 3Q25). Compared to 2Q26, the 42% increase was mainly driven by the consolidation of the consumer goods operations of Arbex (JV with Kimberly-Clark), in addition to higher sales volume for pulp and paper and packaging (+8% and +10%, respectively) and the appreciation of the average US$ against the average R$ (+2%). These effects were partially offset by the lower average net pulp price in US$ (-2%). The 36% increase in consolidated net revenue compared to 3Q25 was mainly driven by the consolidation of the consumer goods operations of Arbex (JV with Kimberly-Clark) and the higher average net pulp price in US$ (+12%). These effects were partially offset by the depreciation of the average US$ against the average R$ (-6%). 3Q26 EARNINGS RELEASE Page 20 of 49
Net Revenue¹ (R$ million) +36% +42% q 12,153 11,590 16,516 2,293 2,301 2,388 9,860 9,289 14,127 3Q25 2Q26 3Q26 Export Market Brazilian Market (1) Does not include Portocel service revenue Net Revenue Breakdown (3Q26) Consumer Goods 30% Paperboard 8% Printing & Writing 7% Pulp 55% 3Q26 EARNINGS RELEASE Page 21 of 49
CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES (1) Includes integrated pulp (paper-grade and fluff) and paper capacities. (2) Veracel is a joint operation between Suzano (50%) and Stora Enso (50%), with a total annual capacity of 1,120 thousand tonnes. (3) Capacity allocated to tissue production. COST OF GOODS SOLD (COGS) COGS (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 COGS 12,597 8,761 44% 8,454 49% 38,265 (-) Depreciation, depletion and amortization (3,452) (2,858) 21% (2,616) 32% (11,658) Cash COGS 9,145 5,903 55% 5,838 57% 26,607 Cash COGS in 3Q26 totaled R$9,145 million. Compared to 2Q26, it increased by 55%, primarily due to the higher volume resulting from the consolidation of Arbex's consumer goods (tissue) operations (JV with Kimberly-Clark). Albeit to a much lesser extent, it is also worth mentioning the higher logistics cost resulting from the higher sales volume and an increase in mill-to-port logistics. These effects were partially offset by the better performance of the pulp segment, reflecting the lower impact of scheduled maintenance downtimes and lower cash cost of production (excluding downtimes). Compared to 3Q25, cash COGS increased by 57%, also due to the additional volume from the consolidation of Arbex's consumer goods (tissue) operations (JV with Kimberly-Clark). Additionally, it is worth highlighting: i) higher production cost in the paper and packaging segment (especially the increase observed at Suzano Packaging US) and the increase in the cash cost of production in the pulp segment (excluding downtimes); ii) the higher impact of scheduled maintenance downtimes in the pulp segment (vs. absence of downtimes in 3Q25); and iii) higher logistics cost, in turn due to the bunker impact from higher Brent prices and higher mill-to-port cost due to the modal mix. 3Q26 EARNINGS RELEASE Page 22 of 49
SELLING EXPENSES Selling Expenses (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Selling expenses 1,206 813 48% 850 42% 3,641 (-) Depreciation, depletion and amortization (250) (244) 2% (243) 3% (982) Cash selling expenses 957 569 68% 607 58% 2,659 Cash selling expenses increased by 68% compared with 2Q26, mainly driven by: i) higher sales volume resulting from the consolidation of the consumer goods (tissue) operations of Arbex (JV with Kimberly-Clark); ii) higher sales volumes in the paper and packaging (particularly Suzano Packaging) and pulp segments; and iii) higher logistics expenses (higher inland freight). Compared to 3Q25, cash selling expenses increased by 58%, mainly driven by: i) higher sales volume resulting from the consolidation of the consumer goods (tissue) operations of Arbex (JV with Kimberly-Clark); and ii) higher logistics expenses (reflecting the increase in fuel prices, mainly in North America). These effects were partially offset mainly by the reversal of estimated losses on doubtful accounts - PECLD and by the 6% depreciation of the average US$ against the average R$. GENERAL AND ADMINISTRATIVE EXPENSES General and Administrative Expenses (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 General and Administrative Expenses 1,146 557 106% 665 72% 3,190 (-) Depreciation, depletion and amortization (66) (35) 87% (33) 103% (169) Cash general and administrative expenses 1,080 521 107% 632 71% 3,021 Compared to 2Q26, the 107% increase in cash general and administrative expenses was mainly driven by the incorporation of expenses as a result of the consolidation of the Arbex (JV with Kimberly-Clark) consumer goods (tissue) operation and by higher expenses related to variable compensation. Compared to 3Q25, cash general and administrative expenses were 71% higher, also mainly driven by the effect of the Arbex incorporation. Excluding this factor, the line item remained stable, with positive and negative variations of low materiality. OTHER OPERATING INCOME (EXPENSES) Other Operating Income (Expenses) (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Other operating income (expenses) 46 1,335 -97% -136 —% 2,795 (-) Depreciation, depletion and amortization 33 5 585% 3 —% 64 (-) Result on fair value adjustment of biological assets — 1,158 —% — —% 2,747 Cash other operating income (expenses) 13 172 -90% -138 -110% (16) Other operating income (expenses) was an income of R$13 million in 3Q26, compared to an income of R$172 million in 2Q26 and an expense of R$138 million in 3Q25. The negative variation compared to 2Q26 was mainly driven by the negative result from non-current asset disposals and write-offs (vs. the profit recorded in the previous quarter). Compared to 3Q25, the positive variation was driven by the lower negative result from non-current asset disposals and write-offs. 3Q26 EARNINGS RELEASE Page 23 of 49
ADJUSTED EBITDA Consolidated 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA (R$ million)¹ 5,674 4,705 21% 5,200 9% 20,542 Adjusted EBITDA Margin 34% 41% -6 p.p 43% -8 p.p 39% (1) Excludes non-recurring items. The 21% increase in adjusted EBITDA in 3Q26 compared to 2Q26 is mainly explained by the following factors: i) additional EBITDA resulting from the consolidation of the consumer goods operations of Arbex (JV with Kimberly-Clark); ii) lower Cash COGS per tonne in the pulp segment (see the Cost of Goods Sold section for more details); iii) higher pulp sales volume (+8%); and iv) the 2% appreciation of the average US$ against the average R$. These effects were partially offset by: i) the increase in SG&A (see the Selling, General and Administrative Expenses section for more details); and ii) the lower average net pulp price (-2%). It is important to clarify that the negative impact on EBITDA, evidenced in Appendix 6, is temporary and refers to unrealized pulp sales resulting from the consolidation of Arbex (JV with Kimberly-Clark) in 3Q26. These volumes were no longer sold to third parties (directed to Kimberly-Clark up to 2Q26) and became intercompany transactions (via Arbex, eliminated upon consolidation), shifting the realization of revenue and margin to the moment of final sale by Arbex. This effect is non-recurring. Compared to 3Q25, the 9% increase in Adjusted EBITDA was due to: i) the higher average net pulp price in US$ (+12%); and ii) EBITDA growth resulting from the consolidation of the Arbex (JV with Kimberly-Clark) consumer goods operation. These effects were partially offset mainly by: i) higher Cash COGS, in turn due to higher production costs in the paper and packaging segment, higher cash cost excluding downtimes in the pulp segment, and the greater impact from scheduled maintenance downtimes (vs. absence of downtimes in 3Q25) in the pulp segment; ii) the 6% depreciation of the average US$ against the average R$; and iii) higher Selling Expenses (see specific section for more details). FINANCIAL RESULT Financial Result (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Financial Expenses (1,843) (1,706) 8% (1,823) 1% (7,167) Interest on loans and financing (local currency) (659) (643) 3% (609) 8% (2,500) Interest on loans and financing (foreign currency) (880) (807) 9% (931) -6% (3,469) Capitalized interest¹ 6 19 -67% 79 -92% 120 Other financial expenses (310) (276) 13% (362) -14% (1,319) Financial Income 510 524 -3% 462 10% 2,002 Interest on financial investments 411 507 -19% 442 -7% 1,822 Other financial income 99 17 496% 21 382% 180 Monetary and Exchange Variations (21) 196 -% 1,334 -% 1,108 Foreign exchange variations (Debt) (27) 197 -% 1,774 -% 1,059 Other foreign exchange variations 7 (1) -% (440) -% 50 Derivative income (loss), net2 2,500 976 156% 1,079 132% 6,399 Operating Cash flow hedge 682 681 —% 817 -16% 2,746 Debt hedge 1,288 265 386% 244 428% 2,746 Others³ 529 31 1610% 19 2687% 907 Net Financial Result 1,146 (10) -% 1,052 9% 2,341 (1) Capitalization of interest on construction in progress. (2) Mark-to-market variation (3Q26: R$ 5,628 million | 2Q26: R$ 3,466 million), excluding positive R$ 15 million from the mark-to-market of derivatives acquired with Arbex on July 1, 2026, plus adjustments paid and received (3Q26: R$ 368 million) and excluding the effects recognized in equity of R$ 16 million, concerning Other Comprehensive Income and balance sheet exchange translation adjustments from Arbex. (3) Includes commodity hedges, embedded derivatives, foreign exchange forward contracts (ex-BRL forwards) and virtual power purchase agreements (VPPAs). 3Q26 EARNINGS RELEASE Page 24 of 49
Financial expenses increased by 8% compared to 2Q26, mainly reflecting the increase in the foreign currency interest line, resulting from the higher gross debt balance due to the consolidation of Arbex (3Q26: US$18.9 billion | 2Q26: US$17.9 billion), combined with the increase in other financial expenses, as a result of the premium on the early settlement of certain financing agreements with BNDES. Compared to 3Q25, financial expenses increased 1%, reflecting lower interest capitalization due to the lower balance of construction in progress and the increase in the local currency interest line, resulting from the higher debt balance in Reais (3Q26: R$26.9 billion | 3Q25: R$23.9 billion). This effect was partially offset by the reduction in other financial expenses, which had been impacted in 3Q25 by the premiums paid on the repurchase of bonds (2026 and 2027) and debentures (8th issue) as part of the liability management exercises, in addition to the decrease in foreign currency interest, resulting from the lower average SOFR in the period (3Q26: 3.68% p.a. | 3Q25: 4.35% p.a.). Financial income decreased by 3% compared to 2Q26, due to the reduction in the interest on financial investments line, resulting from the lower average offshore cash balance with the acquisition of 51% of Arbex at the beginning of the quarter. This effect was partially offset by the increase in other financial income, mainly resulting from the monetary restatement of tax credits. Compared to 3Q25, financial income increased by 10%, driven by the increase in the other financial income line, partially offset by lower interest on financial investments, reflecting the lower average cash balance and the reduction in the average SOFR in the period (3Q26: 3.68% p.a. | 3Q25: 4.35% p.a.). Inflation adjustment and exchange variation reduced the Company's financial result by R$ 21 million due to the 0.1% appreciation of the US$ against the R$ in the period compared to the close of 2Q26, impacting the foreign currency debt portion (US$ 13,693 million at the end of 3Q26). Note that the accounting impact of exchange variation on foreign currency debt has a cash impact only on the respective maturities. Derivative operations was positive with R$ 2,500 million in 3Q26, mainly reflecting the widening of the foreign exchange coupon curve and the SOFR curve in debt derivatives, the interest rate differential in cash flow derivatives, the increase in Brent prices in commodity derivatives and the increase in energy prices in derivatives linked to Arbex. The consolidated mark-to-market of derivative financial instruments on September 30, 2026, was a positive R$5,628 million, compared to a positive mark-to- market of R$3,466 million on June 30, 2026, and a positive mark-to-market of R$15 million from derivatives acquired with Arbex on July 1, 2026, totaling a positive variation of R$2,147 million. From this variation, the effects recognized directly in equity were excluded, amounting to R$16 million in Other Comprehensive Income (OCI), resulting from the adoption of Hedge Accounting by Arbex and the exchange translation of its balance sheet. It is important to highlight that the impact of the US$ depreciation on the derivative portfolio will only have a cash effect upon their respective maturities. The net cash effect regarding the maturity of derivative operations in the third quarter was a positive R$368 million (comprising a negative R$24 million related to debt hedges, a positive R$294 million related to cash flow hedges, a positive R$91 million related to commodities, and a positive R$8 million related to other currency derivatives from Arbex). As a result of the factors listed above, considering all financial expense and income lines, the net financial result was a positive R$ 1,146 million in 3Q26, compared to a negative result of R$ 10 million in 2Q26 and a positive result of R$ 1,052 million in 3Q25. 3Q26 EARNINGS RELEASE Page 25 of 49
DERIVATIVE OPERATIONS Suzano carries out derivative operations exclusively for hedging purposes. The following table reflects the position of derivative instruments on September 30ᵗʰ, 2026: Hedge1 Notional (US$ million) Fair Value (R$ million) Sep/26 Jun/26 Sep/26 Jun/26 Debt 8,615 8,670 1,856 544 Cash Flow – Operating (ZCC + NDF) 4,869 4,843 3,022 2,634 Commodities 234 282 329 131 Others2 608 149 421 158 Total 14,325 13,944 5,628 3,466 (1) See Note 4 to the ITR for further details and fair value sensitivity analyses. (2) Includes embedded derivatives, foreign exchange forward contracts (ex-BRL forwards) and virtual power purchase agreements (VPPAs). The Company's foreign exchange exposure policy aims to minimize the volatility of Suzano's cash generation and ensure greater flexibility in cash flow management. Currently, the policy stipulates that the US$ surplus may be partially hedged (minimum of 40% and up to 75% of foreign exchange exposure for the next 24 months) through plain vanilla instruments, such as Zero Cost Collars (ZCC) and Non-Deliverable Forwards (NDF). At the end of 3Q26, the cash flow hedge portfolio coverage was 65% of the foreign exchange exposure. ZCC operations establish lower and upper exchange rate limits with the objective of minimizing negative impacts in the event of a significant appreciation of the R$. Thus, when the exchange rate remains between the established limits, the Company neither pays nor receives financial adjustments. This characteristic allows it to capture a greater benefit in export revenue in a potential scenario of R$ depreciation against the US$, within the contracted range. In extreme scenarios of R$ appreciation, the Company is protected by the lower limits, which are considered adequate for the operation. At the same time, this hedging instrument temporarily and partially limits potential gains in extreme scenarios of R$ depreciation, in which exchange rates exceed the contracted upper limits. On September 30, 2026, the outstanding value (notional) of future US$ sales through ZCCs related to Cash Flow was US$ 4,764 million, contracted at an average range of R$ 6.04 to R$ 6.95, with maturities distributed between October 2026 and August 2028. On this same date, the outstanding value (notional) of future US$ sales through NDFs was US$ 105 million, with maturities distributed between October 2026 and January 2027 and an average contracted rate of R$ 5.31. The result from operational Cash Flow hedge operations in 3Q26 was a positive R$ 682 million. The mark-to-market (“MtM” or “fair value”) of these operations was a positive R$ 3,022 million. The table below presents a sensitivity analysis regarding the cash impact the Company could experience in its Cash Flow hedge portfolios (ZCC and NDF) if the exchange rate remains the same as the closing rate of 3Q26 (R$/US$ = 5.18) in the coming quarters; as well as what the cash impact would be for variations of R$ 0.10 below/above the put/call strike levels, respectively, defined for each quarter. It is important to emphasize that the figures presented in the table reflect the Company's estimates considering the closing levels of the period and are subject to variations depending on market conditions. 3Q26 EARNINGS RELEASE Page 26 of 49
Cash Adjustment (R$ million) Maturity (up to) Strike Range Notional (US$ million) Actual Exchange Rate 3Q26 (R$5.18) Sensitivity at R$0.10 / US$ variation (+/-) Zero Cost Collars 3Q26 267 4Q26 5.98 - 6.89 661 542 66 1Q27 6.16 - 7.18 718 705 72 2Q27 6.42 - 7.43 675 836 68 3Q27 6.02 - 6.89 835 699 84 4Q27 6.01 - 6.84 975 805 98 1Q28 5.81 - 6.70 515 326 52 2Q28 5.71 - 6.58 290 153 29 3Q28 5.68 - 6.56 95 47 10 Total 6.04 - 6.95 4,764 267 4,113 476 NDF 3Q26 27 4Q26 5.31 65 9 7 1Q27 5.31 40 5 4 Total 5.31 105 27 14 11 In order to minimize the effects of exchange and interest rate variations on debt and cash flow, currency and interest rate swap contracts are also entered into. Swap contracts are entered into considering different interest rates and adjustment indexes as a way to mitigate the mismatch between different financial assets and liabilities. On September 30, 2026, the Company had an outstanding (notional) amount of US$ 8,615 million in swap contracts, distributed as shown in the table below. The result from debt hedge operations in 3Q26 was a positive R$1,288 million, reflecting the widening of the foreign exchange coupon curve and the SOFR curve in the period. The mark-to-market (fair value) of these operations was a positive R$ 1,856 million. Notional (US$ million) Fair Value (R$ million) Debt Hedge Maturity (up to) Currency Sep/26 Jun/26 Sep/26 Jun/26 Swap (CDI x US$) 2036 US$ 2,345 2,346 1,052 617 Swap (RMB x US$) 2030 US$ 363 363 153 119 Swap (SOFR x US$) 2031 US$ 2,331 2,397 488 249 Swap (CDI x SOFR) 2034 US$ 660 660 120 112 Swap (Pre x CDI)¹ 2031 R$ 414 386 465 223 Swap (IPCA x CDI)¹ 2044 R$ 2,502 2,518 (422) (775) Total 8,615 8,670 1,856 545 (1) Translated at the quarterly closing exchange rate (R$5.18). The table below presents a sensitivity analysis¹ regarding the cash impact the Company could experience in its debt hedge portfolio (swaps) if the exchange rate remains the same as the closing rate of 3Q26 (R$/US$ = 5.18) in the coming quarters; as well as what the variation in the cash impact would be for variations of R$ 0.10 on the same reference exchange rate (3Q26). It is important to emphasize that the figures presented in the table reflect the Company's estimates considering the closing curves for the period and are subject to variations depending on market conditions. 3Q26 EARNINGS RELEASE Page 27 of 49
Cash Adjustment (R$ million) Maturity (up to) Notional (US$ million) Actual R$ / US$ = 5.18 (3Q26) Sensitivity at R$ 0.10 / US$ variation (+/-)1 3Q26 (24) 4Q26 792 124 68 2027 334 83 27 2028 435 202 29 2029 732 157 10 >=2030 6,323 8,759 240 Total 8,615 (24) 9,325 374 (1) Sensitivity analysis considers variation only in the exchange rate (R$/US$), while other variables are presumed constant. The Company's other derivative transactions refer to embedded derivatives related to a forestry partnership, commodity hedges, foreign exchange forward contracts in currencies other than the Real, and virtual power purchase agreements (VPPAs), as shown in the table below. The foreign exchange forward contracts in other currencies, as well as the virtual power purchase agreements (VPPAs), refer to Arbex operations, as detailed further below. Notional (US$ million) Fair Value (R$ million) Cash Adjustment (R$ million) Other hedges Maturity (up to) Index Sep/26 Jun/26 Sep/26 Jun/26 Sep/26 Jun/26 Embedded derivative 2039 Fixed | Dollar US-CPI 149 149 210 158 — — Commodities 2027 Brent/VLSFO/ Others 234 282 329 131 91 147 Foreign exchange forward contracts ex-BRL 2029 Various Currencies 304 — 25 — 8 — Virtual power purchase agreements (VPPAs) 2033 UK Energy Price 155 — 186 — — — Total 841 431 750 289 98 147 Part of the signed forestry partnership and standing timber supply agreements have their prices denominated in US$ per m³ of standing timber, adjusted according to US inflation measured by the CPI (Consumer Price Index), which is not considered to be related to the economic environment where the areas are located, thus characterizing an embedded derivative. Such instrument presented in the table above consists of swap contracts for the sale of US-CPI and US$ variations over the terms of the contracts - see Note 4 to the 3Q26 Financial Statements for further details and fair value sensitivity analysis regarding a possible sharp variation in the US-CPI and the US$. On September 30, 2026, the outstanding value (notional) related to the operation was US$ 149 million. The result from this swap in 3Q26 was a positive R$ 53 million. The mark-to-market (fair value) of such operations was a positive R$ 210 million at the end of the quarter. The Company is also exposed to the price of certain commodities and, therefore, continuously evaluates entering into derivative financial instruments to mitigate such risks. On September 30, 2026, the outstanding value (notional) related to such operations was US$ 234 million. The result from these hedges in 3Q26 was a positive R$ 289 million. The mark-to-market (fair value) of such operations was a positive R$ 329 million at the end of the quarter. The table below presents a sensitivity analysis¹ regarding the cash impact the Company could experience in its commodity hedge portfolio if the Brent price per barrel remains the same as the closing price of 3Q26 (US$/barrel = 98.03) in the coming quarters; as well as what the variation in the cash impact would be for variations of US$ 10.00 per barrel on the same reference price (3Q26). It is important to emphasize that the figures presented in the table reflect the Company's estimates considering the closing levels for the period and are subject to variations depending on market conditions. 3Q26 EARNINGS RELEASE Page 28 of 49
Cash Adjustment (R$ millions) Maturity (up to) Strike Range Notional (US$ millions) Actual Brent at 3Q26 closing (US$/bbl = 98.03) Sensitivity to US$ 10 / bbl variation (+/– )1 Zero Cost Collars 3Q26² 58.98 - 69.99 5 91 13 4Q26 57.90 - 68.26 54 133 45 1Q27 58.78 - 72.85 55 111 44 2Q27 59.19 - 74.29 45 84 35 3Q27 58.43 - 73.63 41 79 32 4Q27 59.80 - 74.79 32 59 25 Total 58.73 - 72.36 234 91 477 181 (1) The sensitivity analysis assumes variation only in Brent oil prices (US$/barrel), keeping all other variables constant. (2) Part of the hedged exposure for 3Q26 is effectively transferred only in the first days of the subsequent quarter. Through the Arbex joint venture, the Company began consolidating foreign exchange derivatives (forward contracts) aimed at mitigating the volatility of results and cash generation arising from exposure to multiple currencies other than the Real. Arbex's hedging strategy adopts horizons of up to 36 months and coverage of up to 85% (for the next 12 months). Operations intended for cash flow hedging qualify under the Hedge Accounting framework, while instruments contracted to mitigate balance sheet exposures are accounted for outside of this structure. On September 30, 2026, the outstanding value (notional) related to such operations was US$ 304 million. The mark-to-market (fair value) of such operations was a positive R$ 25 million at the end of the quarter. Furthermore, to mitigate the volatility of energy costs, Arbex also uses virtual power purchase agreements (VPPAs). As these operations are not designated for hedge accounting, the mark-to- market variation of these contracts is recognized in the result, generating impacts on the Company's balance sheet at the end of each reporting period. On September 30, 2026, the outstanding value (notional) related to such operations was US$ 155 million. The mark-to-market (fair value) of such operations was a positive R$ 186 million at the end of the quarter. Results - Hedge Operations (R$ million) 1,288682 241 Total 2,500 Derivatives Notional (US$ million) 8,615 4,869 234 608 Total 14,325 Derivatives Fair Value (R$ million) 1,856 3,022 329 421 Total 5,628 Debt Hedge Cash flow Hedge Commodity Hedge Others¹ (1) Includes embedded derivatives, foreign exchange forward contracts (forwards ex-BRL), and virtual power purchase agreements (VPPAs). 3Q26 EARNINGS RELEASE Page 29 of 49 289
NET INCOME (LOSS) In 3Q26, the Company posted net income of R$2,084 million, compared to the net income of R$1,807 million in 2Q26 and R$1,961 million in 3Q25. The increase observed compared to 2Q26 was mainly due to the higher net revenue (as previously explained) and the positive variation in the financial result, in turn driven by the better result from derivatives (especially debt hedges). These effects were partially offset mainly by: i) higher COGS (as explained above); ii) the reduction in the other operating income/ expenses line (due to the absence of the fair value update of biological assets); and iii) higher SG&A (as previously explained). The increase compared to 3Q25 is explained by higher net revenue and positive variations in the IR/ CSLL and financial result lines. These effects were partially offset by the increase in COGS and SG&A, as previously discussed. DEBT Debt (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y Local Currency 26,903 27,654 -3% 23,920 12% Short Term 792 812 -2% 1,022 -23% Long Term 26,111 26,842 -3% 22,898 14% Foreign Currency 70,940 65,052 9% 69,042 3% Short Term 3,848 3,516 9% 2,768 39% Long Term 67,092 61,537 9% 66,274 1% Gross Debt 97,843 92,706 6% 92,962 5% (-) Cash 21,558 26,618 -19% 23,891 -10% Net Debt 76,285 66,089 15% 69,072 10% Net Debt/Adjusted EBITDA¹ (x) - R$ 3.7x 3.3x 0.4x 3.1x 0.6x Net Debt/Adjusted EBITDA¹ (x) – US$ 3.7x 3.4x 0.3x 3.3x 0.4x Net Debt/ Adj. EBITDA¹ pro forma² (x) (US$) 3.4 x — x — x — x —x (1) Excludes non-recurring items. (2) Includes Arbex's pro forma Adjusted EBITDA for the last twelve months of R$ 2.8 billion / US$ 531 million. On September 30, 2026, total gross debt was R$ 97.8 billion, with 95% of maturities concentrated in the long term and 5% in the short term. At the end of the quarter, foreign currency debt represented 73% of the Company's total debt. The percentage of gross debt in foreign currency considering the effect of debt hedges was 87%. Compared to 2Q26, gross debt increased by 6%, mainly due to the consolidation of existing debt at Arbex in the amount of R$ 6.9 billion (€ 1.2 billion). Suzano ended 3Q26 with 34% of its total debt linked to ESG instruments. Suzano contracts foreign currency debt as a natural hedge strategy, given that its net operating cash generation is mostly denominated in foreign currency (US$) due to its predominantly exporting profile. This structural exposure enables the Company to match US$ loan and financing payments with the cash inflow from sales. 3Q26 EARNINGS RELEASE Page 30 of 49
Changes in Gross Debt (R$ million) (1) Corresponds to the existing debt at Arbex on July 1, 2026 (closing date). (2) Corresponding mainly to transaction costs (issue, funding, goodwill, discount and loss on business combinations, etc.). On September 30, 2026, the total average cost of debt in US$ was 5.3% p.a. (considering the debt in R$ adjusted by the market swap curve). On June 30, 2026, this cost was 5.1% p.a. The average term of consolidated debt at the end of the quarter was 73 months vs. 76 months at the end of 2Q26. Exposure by Instrument Export Financing 16% Others 8% IFC 5% NCR 6% BNDES 6% ECA 2% Debenture 10% CPR 5% Bond 42% Exposure by Index¹ Fixed (US$) 63% Euribor 7% CDI 13% SOFR 17% Exposure by Currency² US$ 80% € 7% 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$) – 42%, SOFR – 23%, IPCA - 15%, CDI – 8% , Other (Euribor, Fixed R$, TJLP) – 12%. (2) Considers the portion of debt with currency swaps. The original debt structure comprised 73% in foreign currency and 27% in local currency. Cash and cash equivalents and financial investments on September 30, 2026 amounted to R$ 21.6 billion, of which 50% was in foreign currency held in interest-bearing accounts or invested in short- term fixed-income investments abroad. The remaining 50% was invested in local currency in fixed- income securities (mainly in CDBs, but also in government bonds and others), with yields primarily indexed to the CDI rate. On September 30th, 2026, the Company also had a stand-by credit facility in the total amount of R$9.2 billion (US$1,775 million), available until February 2031, as per the Notice to the Market disclosed on February 5th, 2026. Additionally, the Arbex (JV with Kimberly-Clark) had a stand-by credit facility in the total amount of R$1.5 billion (€260 million), available until June 2031. The availability of these resources contributes to strengthening the Company's liquidity conditions and may be used in times of uncertainty. Thus, the cash and cash equivalents position of R$21.6 billion added to the stand-by credit facilities totaled, on September 30th, 2026, a readily available liquidity position of R$32.3 billion. 3Q26 EARNINGS RELEASE Page 31 of 49
Debt (in R$ and US$ million) 69,072 69,369 68,056 66,089 76,285 12,987 12,607 13,039 12,767 14,724 R$ US$ 3Q25 4Q25 1Q26 2Q26 3Q26 Net Debt / Adjusted EBITDA in R$ and US$ (x) 3.1 3.2 3.2 3.3 3.73.3 3.2 3.3 3.4 3.7 3.4 R$ US$ Pro forma 3Q25 4Q25 1Q26 2Q26 3Q26 On September 30th, 2026, net debt stood at R$76.3 billion (US$14.7 billion) versus R$66.1 billion (US$12.8 billion) observed on June 30th, 2026. For further details, see the "Changes in Net Debt" section. The financial leverage ratio, measured as net debt divided by Adjusted EBITDA, stood at 3.7x in R$ as of September 30, 2026 (3.3 times on June 30th, 2026). This same indicator, calculated in US$ (measure established in Suzano's financial policy), increased to 3.7 times on September 30th, 2026 (3.4 times on June 30th, 2026). The pro forma leverage ratio, calculated based on Arbex's pro forma EBITDA for the last twelve months, stood at 3.4x at the end of the quarter. Amortization Schedule (R$ million) 32,282 1,711 4,714 6,256 12,075 13,368 20,546 39,172 21,558 10,724 Cash on hand Stand-by Facilities Debt Liquidity 3M26 2027 2028 2029 2030 2031 2032 onwards The breakdown of total gross debt between trade and non-trade finance on September 30th, 2026 is shown below: 2026 2027 2028 2029 2030 2031 onwards Total Trade Finance¹ 52% 70% 39% 29% 38% 1% 18% Non-Trade Finance² 48% 30% 61% 71% 62% 99% 82% (1) ECC, ECN, EPP (2) Bonds, BNDES, CPR, Debentures, RCN, among others. 3Q26 EARNINGS RELEASE Page 32 of 49
CAPITAL EXPENDITURE In 3Q26, capital expenditure (cash basis) totaled R$2,915 million. The 15% increase compared to 2Q26 reflects mainly higher disbursements in the Land and Forestry line, driven by higher expenditures on standing wood purchases and silviculture, in addition to higher disbursements in the industrial maintenance line, largely due to the consolidation of Arbex's consumer goods operation (JV with Kimberly-Clark). These factors were partially offset by lower disbursements in the forest maintenance line, in turn due to the lower volume of standing timber purchases during the period, and by lower investments related to the Cerrado Project, in line with its disbursement schedule. Compared to 3Q25, the 20% reduction was mainly due to: i) lower investments in the Land and Forestry line, given that the first installment in the amount of R$878 million related to the agreement with Eldorado Brasil Celulose S.A. was disbursed in 3Q25; ii) lower investments in expansion and modernization, especially related to the disbursement schedule of the Company's strategic projects (new tissue mill in Aracruz and fluff capacity expansion in Limeira); iii) lower disbursements in the forestry maintenance line (lower standing wood purchase volumes); and iv) lower investments related to the Cerrado Project, in line with its disbursement schedule. Investments (R$ million)¹ 3Q26² 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26² Guidance 2026³ Maintenance 1,838 1,820 1% 1,785 3% 7,633 7,255 Industrial maintenance 717 533 34% 434 65% 2,262 2,084 Forestry maintenance 1,063 1,266 -16% 1,287 -17% 5,202 4,895 Others 58 21 181% 64 -9% 170 276 Expansion and modernization 129 107 21% 366 -65% 737 836 Land and forestry 920 450 104% 1,392 -34% 2,637 2,614 Cerrado Project 29 162 -82% 116 -75% 537 242 Total 2,915 2,539 15% 3,659 -20% 11,544 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 Arbex and of non-controlling interest in Lenzing and the investments related to the acquisition of Pactiv's assets (Suzano Packaging US). Does not include the disbursement for the Transaction with KC in the amount of R$6,717 million (US$1,293 million). (2) Includes Arbex's capex in the amount of R$216 million, of which R$178 million refers to maintenance and R$37 million to expansion and modernization. (3) The Capex estimate for fiscal year 2026, in the 2026 Guidance column above, in the total amount of R$ 10.9 billion disclosed to the market on December 9, 2025, does not include capex related to Arbex. OPERATING CASH FLOW Operating Cash Flow (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA¹ 5,674 4,705 21% 5,200 9% 20,542 Maintenance Capex² (1,838) (1,820) 1% (1,785) 3% (7,633) Operating Cash Flow 3,836 2,885 33% 3,416 12% 12,908 (1) Excludes non-recurring items. (2) Cash basis. Operating cash generation, measured by Adjusted EBITDA less sustaining capex (cash basis), was R$3,836 million in 3Q26. The 33% and 12% increase in operating cash generation compared to 2Q26 and 3Q25, respectively, was driven by higher Adjusted EBITDA, partially offset by a slight increase in sustaining capex, as previously explained. 3Q26 EARNINGS RELEASE Page 33 of 49
Operating Cash Generation (R$) +12% +33% q 3,416 2,885 3,836 3Q25 2Q26 3Q26 FREE CASH FLOW Free Cash Flow (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y LTM 3Q26 Adjusted EBITDA 5,674 4,705 21% 5,200 9% 20,542 (-) Total Capex¹ (7,344) (2,504) 193% (3,492) 110% (15,659) (-) Leases contracts – IFRS 16 (371) (345) 8% (346) 7% (1,468) (+/-) △ Working capital² 211 483 -56% 463 -54% 1,293 (-) Net interest³ (1,431) (670) 114% (1,569) -9% (4,668) (-) Income taxes (70) (59) 19% (47) 49% (257) (-) Dividend and interest on own capital payment/Share Buyback Program (65) (139) -53% — —% (1,583) (+/-) Derivative cash adjustment 352 824 -57% 92 283% 1,278 Free cash flow (3,027) 2,296 —% 300 —% (522) (+) Total Capex ex-maintenance 5,594 882 534% 1,804 210% 8,884 (+) Dividend and interest on own capital payment/Share Buyback Program 65 139 -53% 0 —% 1,583 Free cash flow – Adjusted4 2,632 3,317 -21% 2,104 25% 9,945 Free Cash Flow Yield ("FCF Yield") - LTM5 18.3% 19.2% -1% 18.1% 0.2p.p 22.0% (1) On an accrual basis. Includes land lease expenses, which are neutralized in the Working Capital line (3Q26: R$185 million | 2Q26: R$195 million | 3Q25: R$190 million), given that the "Lease contracts – IFRS 16" line includes total leases (land, machinery and equipment, real estate, ships and vessels, and vehicles). Reflects the net cash impact of the Arbex acquisition, considering the amount paid of R$6,717 million less the cash position of R$2,068 million (for further details, refer to Note 1.2.1 to the ITR.).. (2) Considers capitalized borrowing costs paid (3Q26: R$6 million | 2Q26: R$19 million | 3Q25: R$79 million), with no impact on FCF given that it is included with an opposite sign in the Total Capex line. (3) Considers interest paid on debt, interest income on financial investments and early debt settlement premium. (4) Free cash flow before the payment of dividends, Interest on Equity (IoE), share repurchases and capex excluding sustaining (on an accrual basis). (5) Adjusted LTM adjusted free cash flow per share (excluding treasury shares) divided by the closing share price in the quarter (3Q26: R$44.20 | 2Q26: R$39.75/share | 3Q25: R$49.90/share). 3Q26 EARNINGS RELEASE Page 34 of 49
Adjusted Free Cash Flow was R$2,632 million in 3Q26, compared to R$3,317 million in 2Q26 and R$2,104 million in 3Q25. Compared to the previous period, the indicator declined, mainly driven by: i) a higher concentration of interest payments in the period due to the frequency of bond payments; ii) lower positive cash settlements from derivatives; iii) lower release of working capital (especially in the suppliers line); and iv) higher sustaining capex on an accrual basis. These effects were partially offset mainly by higher Adjusted EBITDA. Compared to 3Q25, the indicator was 25% higher, mainly due to: i) higher Adjusted EBITDA; ii) a higher positive cash adjustment from derivatives; and iii) lower interest payments. These effects were partially offset by lower working capital release, which in turn was driven by a lower positive impact in Accounts Receivable (a smaller price drop and a negative volume effect, compared to the positive price and volume effects observed in that period). ROIC ("RETURN ON INVESTED CAPITAL") ROIC (%) - LTM (R$ million) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y (+) Adjusted EBITDA 20,542 20,068 2% 22,634 -9% (-) Total Capex (15,659) (11,808) 33% (14,084) 11% (-) Lease contracts – IFRS 16 (1,468) (1,443) 2% (1,439) 2% (+/-) Δ Working Capital 1,293 1,533 -16% 1,550 -17% (-) Income Tax and CSLL (cash) (257) (234) 10% (332) -23% (+) Capex ex-maintenance 8,884 5,095 74% 7,117 25% (+/-) Cash hedge from the cash flow adjustment 829 546 52% (135) —% Adjusted Cash Flow 14,164 13,756 3% 15,311 -7% (+) Total Assets (-) Liabilities (excluding debt) 143,880 139,614 3% 134,137 7% (+/-) MtM debt hedge¹ (630) (279) 126% 720 -188% (-) Work in Progress (2,309) (2,830) -18% (3,887) -41% Invested Capital 140,981 136,506 3% 130,970 8% (+/-) Accounting Adjustments - CPC 06, 27, and 292 (3,787) (3,544) 7% (3,221) 18% Adjusted Invested Capital 137,194 132,962 3% 127,750 7% ROIC - LTM3 10.3% 10.3% — p.p. 12.0% -1.7 p.p. (1) Refers to the LTM average MtM of the foreign exchange swaps (Swap (CDI x US$), Swap (CDI x SOFR) and Swap (RMB x US$)). (2) Accounting Adjustments: 1) CPC 06 - Right-of-Use/Leases Payable: effect corresponding to Right-of-Use depreciation (+) Amortization of the Present Value Adjustment and its respective deferred IR. 2) CPC 27 - Property, Plant and Equipment (Deemed Cost): elimination of the accounting effect (and its respective deferred IR) arising from the market value update of the Company's assets upon adoption of Law No. 11,638. 3) CPC 29 - Biological Assets: elimination of the effect arising from the fair value update 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. 3Q26 EARNINGS RELEASE Page 35 of 49
CHANGES IN NET DEBT Following were the changes in net debt in 3Q26: Changes in Net Debt (R$ million) (1) Accrual basis. Reflects the net cash impact of the Arbex acquisition, considering the paid amount of R$ 6,717 million minus the cash position of R$ 2,068 million (for further details, see Note 1.2.1 to the Interim Financial Statements). (2) Net of exchange variations on cash and financial investments. (3) Considers cash amounts related to derivative adjustments, lease agreements, and other items. ESG During the period, Suzano advanced strategic initiatives focused on transparency, nature and sustainable finance. Among the main highlights, the Company published its first report aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), an important milestone in the evolution of its nature and biodiversity-related disclosures. The report expands transparency on nature-related risks, opportunities, dependencies and impacts, and reinforces the Company's nature strategy. To access the report, click here. Additionally, the Company carried out its first blended finance transaction through the Eco Invest program, which stands out for its social environmental additionality — driving the recovery of degraded areas, job creation and carbon sequestration —, while also reinforcing the country's export potential. Finally, Suzano actively participated in the São Paulo Climate Week and the New York Climate Week, two important global forums on climate and sustainable development. DISCLOSED GUIDANCE TRACKING TOTAL OPERATING DISBURSEMENT (TOD) - 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. 3Q26 EARNINGS RELEASE Page 36 of 49
PULP CASH COST As disclosed in the Material Fact notice of November 5, 2026, the Company informed that, due to the revision of the assumptions regarding the average exchange rate (USD/BRL), the Brent price and their effects on input costs impacted by the conflict scenario in the Middle East, its estimated average pulp cash production cost for 2026, excluding the effects of scheduled maintenance downtimes, was updated from R$800 per tonne to approximately R$825 per tonne. The new estimate is based on the following assumptions: i) an average exchange rate (USD/BRL) of R$5.20 for the year (compared to R$5.07 in the previous estimate); and ii) a Brent price (ICE Brent Crude) of US$94 per barrel (compared to US$84 per barrel in the previous estimate). NET DEBT AND LEVERAGE As disclosed in the Material Fact notice of May 11, 2026, the Company’s net debt and leverage targets in U.S. dollars, which do not include the effects arising from the acquisition of Arbex on July 1, 2026, are, respectively: (a) US$11.0 billion and (b) below 2.5x, expected to be reached over fiscal years 2027 and 2028. The leverage ratio is measured as net debt divided by Adjusted EBITDA recorded over the twelve (12) months prior to the measurement period. These estimates are based on average exchange rate assumptions (USD/BRL) of R$5.17 for 2026, R$5.25 for 2027 and R$5.28 for 2028, on a nominal basis (in accordance with projections of average exchange rates based on the Central Bank of Brazil’s Market Expectations System). Further to the Material Fact notice disclosed on May 11, 2026, and as disclosed in the Material Fact notice of November 5, 2026, the Company estimates that its net debt will close fiscal year 2026 below US$14.0 billion, based on an assumed year-end 2026 exchange rate (USD/BRL) of R$5.40. Net debt in US$ amounted to US$14.7 billion in 3Q26, representing a 15% increase compared with the previous quarter due to the acquisition of Arbex. US$ leverage increased to 3.7x as of September 30, 2026 (3.3x as of September 30, 2025). The pro forma indicator, which considers Arbex's pro forma EBITDA for the last twelve months, stood at 3.4x at the end of the quarter. CAPITAL MARKETS On September 30, 2026, Suzano’s stock was quoted at R$44.20/share (SUZB3) and US$8.57/share (SUZ). The Company’s stock is listed on the Novo Mercado, the listing segment of the São Paulo Stock Exchange (B3 – Brasil, Bolsa e Balcão) with the highest corporate governance standards, and on the New York Stock Exchange (NYSE) - Level II. Stock Performance SUZB3 IBOV SUZ US S&P 500 oct-25 nov-25 dec-25 jan-26 feb-26 mar-26 apr-26 may-26 jun-26 jul-26 aug-26 sep-26 60 80 100 120 140 3Q26 EARNINGS RELEASE Page 37 of 49 SUZB3 -11% IBOV 28% S&P 500 14% SUZ US -9%
Source: Bloomberg Liquidity - SUZB3 228 306 348 328 267 14,274 18,986 20,280 19,799 13,412 Avg. Number of Trades (Daily) Avg. Daily Volume (R$ million) 3Q25 4Q25 1Q26 2Q26 3Q26 Source: Bloomberg. Under the 6th share repurchase program announced and currently open, "February/2026 Program", by the end of September 2026, the Company had traded 4,704,800 shares, at an average acquisition cost of R$42.18, representing R$198 million in market value, in accordance with the monthly reports disclosed by the Company under CVM Instruction 44. On September 30th, 2026, the Company's capital stock was represented by 1,264,117,615 common shares, with 32,556,893 common shares held in Treasury. Suzano's market capitalization (excluding treasury shares) on the same date was R$54.4 billion. The free float in 3Q26 was 48% of total shares. Free Float distribution on 09/30/2026 (B3 + NYSE) Ownership structure on 09/30/2026 76% 24% Foreign Local 7% 93% Individual Investors Institutional Investors 48% 3% 3% 46% Other Shareholders Related Parties and Management Treasury Controlling Shareholders 3Q26 EARNINGS RELEASE Page 38 of 49
FIXED INCOME Unit Sep/26 Jun/26 Sep/25 Δ Q-o-Q Δ Y-o-Y Suzano 2028 – Price US$/k 94.40 94.90 94.28 -1% 0% Suzano 2028 – Yield % 5.57 4.97 4.48 12% 24% Suzano 2029 – Price US$/k 100.47 101.70 103.67 -1% -3% Suzano 2029 – Yield % 5.75 5.28 4.78 9% 20% Suzano 2030 – Price US$/k 97.01 98.60 100.87 -2% -4% Suzano 2030 – Yield % 5.99 5.42 4.77 11% 26% Suzano 2031 – Price US$/k 91.80 93.90 94.68 -2% -3% Suzano 2031 – Yield % 6.19 5.52 4.90 12% 26% Suzano 2032 – Price US$/k 86.08 88.70 89.65 -3% -4% Suzano 2032 – Yield % 6.24 5.52 5.07 13% 23% Suzano 2036 – Price US$/k 92.86 97.40 100.06 -5% -7 Suzano 2036 – Yield % 6.52 5.86 5.49 11% 19 Suzano 2047 – Price US$/k 100.21 107.40 111.67 -7% -10% Suzano 2047 – Yield % 6.95 6.35 6.02 9% 15% Treasury 10 years % 5.28 4.47 4.15 18% 27% Note: Senior Notes issued with face value of 100 US$/k. RATING Agency National Scale Global Scale Outlook Fitch Ratings AAA BBB- Positive Standard & Poor’s br.AAA BBB- Positive Moody’s Aaa Baa3 Positive 3Q26 EARNINGS RELEASE Page 39 of 49
UPCOMING EVENTS Earnings Conference Call (3Q26) Date: November 6th, 2026 (Friday) Portuguese (simultaneous translation) English 10h00 (Brasília) 10:00 a.m. (Brasília) 08h00 (New York) 08:00 a.m. (New York) 13h00 (London) 01:00 p.m. (London) The conference call will be held in English and feature a presentation, with simultaneous webcast. The access links will be available on the Company’s Investor Relations website (https://ir.suzano.com.br). If you are unable to participate, the webcast link will be available for future consultation on the Investor Relations website of Suzano. Suzano Day 2027 Date: March 4th, 2027 Further details to follow IR CONTACTS Marcos Assumpção Camila Nogueira Roberto Costa Mariana Spinola Victor Valladares Chayrerison Bezerra Gabriela Bonassi Tel.: +55 (11) 3503-9330 ri@suzano.com.br www.suzano.com.br/ri 3Q26 EARNINGS RELEASE Page 40 of 49
APPENDICES APPENDIX 1 – Operating Data Revenue Breakdown (R$ '000) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Exports 14,127,366 9,289,036 52% 9,860,185 43% 32,313,071 30,286,344 7% Pulp 9,005,973 8,305,710 8% 8,618,256 4% 25,251,732 26,582,857 -5% Paper and Packaging 1,323,225 977,396 35% 1,233,142 7% 3,248,162 3,685,773 -12% Consumer Goods 4,222,218 5,930 —% 8,787 —% 4,237,227 17,714 —% Intersegment Eliminations (424,050) — —% — —% (424,050) — —% Domestic Market 2,388,178 2,301,097 4% 2,292,959 4% 6,761,022 6,715,617 1% Pulp 634,397 619,804 2% 612,970 3% 1,823,420 1,939,868 -6% Paper and Packaging 1,146,897 1,119,436 2% 1,152,964 -1% 3,267,655 3,251,247 1% Consumer Goods 796,182 731,512 9% 708,259 12% 2,192,426 2,097,729 5% Intersegment Eliminations (189,298) (169,655) 12% (181,234) 4% (522,479) (573,227) -9% Total Net Revenue 16,515,544 11,590,133 42% 12,153,144 36% 39,074,093 37,001,961 6% Pulp 9,640,370 8,925,514 8% 9,231,226 4% 27,075,152 28,522,725 -5% Paper and Packaging 2,470,122 2,096,832 18% 2,386,106 4% 6,515,817 6,937,020 -6% Consumer Goods 5,018,400 737,442 581% 717,046 600% 6,429,653 2,115,443 204% Intersegment Eliminations (613,348) (169,655) 262% (181,234) 238% (946,529) (573,227) 65% Sales volume (‘000) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Exports Pulp 2,967,496 2,737,399 8% 3,017,102 -2% 8,391,659 8,642,064 -3% Paper and Packaging 186,671 158,244 18% 186,232 0% 495,490 530,332 -7% Paperboard 115,932 80,499 44% 88,598 31% 273,641 268,298 2% Printing & Writing 70,631 77,701 -9% 97,578 -28% 221,647 261,892 -15% Other paper¹ 108 44 145% 56 93% 202 142 42% Consumer Goods 227,401 928 —% 1,432 —% 230,374 2,743 —% Domestic Market Pulp 222,650 220,403 1% 210,188 6% 652,791 627,190 4% Paper and Packaging 187,046 181,882 3% 186,038 1% 532,967 519,348 3% Paperboard 36,580 42,284 -13% 41,984 -13% 111,866 113,345 -1% Printing & Writing 149,873 138,978 8% 143,168 5% 419,226 403,463 4% Other paper¹ 593 620 -4% 886 -33% 1,875 2,540 -26% Consumer Goods 71,350 65,348 9% 62,253 15% 198,346 184,832 7% Total Sales Volume Pulp 3,190,146 2,957,802 8% 3,227,290 -1% 9,044,450 9,269,254 -2% Paper and Packaging 373,717 340,126 10% 372,270 0% 1,028,457 1,049,680 -2% Paperboard 152,512 122,783 24% 130,582 17% 385,507 381,643 1% Printing & Writing 220,504 216,679 2% 240,746 -8% 640,873 665,355 -4% Other paper¹ 701 664 6% 942 -26% 2,077 2,682 -23% Consumer Goods 298,751 66,276 351% 63,685 369% 428,720 187,575 129% (1) Paper produced by other manufacturers and sold by Suzano. 3Q26 EARNINGS RELEASE Page 41 of 49
Average net price (R$/t) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Exports Pulp 3,035 3,034 0% 2,856 6% 3,009 3,076 -2% Paper and Packaging 7,089 6,176 15% 6,622 7% 6,555 6,950 -6% Consumer Goods 18,567 6,387 191% 6,138 202% 18,393 6,458 185% Domestic Market Pulp 2,849 2,812 1% 2,916 -2% 2,793 3,093 -10% Paper and Packaging 6,132 6,155 0% 6,197 -1% 6,131 6,260 -2% Consumer Goods 11,159 11,194 0% 11,377 -2% 11,054 11,349 -3% Total Pulp 3,022 3,018 0% 2,860 6% 2,994 3,077 -3% Paper and Packaging 6,610 6,165 7% 6,410 3% 6,336 6,609 -4% Consumer Goods 16,798 11,127 51% 11,259 49% 14,997 11,278 33% Average net price (US$/t) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Exports Pulp 591 601 -2% 524 13% 584 544 7% Paper and Packaging 1,379 1,223 13% 1,215 13% 1,273 1,230 4% Consumer Goods 3,612 1,265 186% 1,126 221% 3,573 1,143 213% Domestic Market Pulp 555 557 0% 535 4% 543 547 -1% Paper and Packaging 1,193 1,219 -2% 1,137 5% 1,191 1,108 7% Consumer Goods 2,171 2,217 -2% 2,088 4% 2,147 2,009 7% Total Pulp 588 598 -2% 525 12% 582 545 7% Paper and Packaging 1,286 1,221 5% 1,176 9% 1,231 1,170 5% Consumer Goods 3,268 2,203 48% 2,066 58% 2,913 1,996 46% FX Rate R$/US$ 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Closing 5.18 5.18 0% 5.32 -3% 5.18 5.32 -3% Average 5.14 5.05 2% 5.45 -6% 5.15 5.65 -9% 3Q26 EARNINGS RELEASE Page 42 of 49
APPENDIX 2 – Consolidated Income Statement and Goodwill Amortization Income Statement (R$ ‘000) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y 9M26 9M25 Δ Y-o-Y Net Revenue 16,515,544 11,590,133 42% 12,153,145 36% 39,074,093 37,001,961 6% Cost of Goods Sold (12,597,241) (8,761,465) 44% (8,453,761) 49% (29,166,282) (24,791,052) 18% Gross Profit 3,918,303 2,828,668 39% 3,699,384 6% 9,907,811 12,210,909 -19% Gross Margin 24% 24% -0.7 p.p. 30% -7 p.p. 25% 33% -8 p.p. Operating Expense/Income (2,314,908) (40,037) 5682% (1,729,849) 34% (3,740,649) (5,107,195) -27% Selling Expenses (1,206,435) (813,147) 48% (849,961) 42% (2,771,626) (2,443,093) 13% General and Administrative Expenses (1,146,358) (556,623) 106% (664,953) 72% (2,385,784) (1,985,970) 20% Other Operating Income (Expenses) 45,861 1,334,957 -97% (135,667) —% 1,450,333 (409,782) —% Equity Equivalence (7,976) (5,224) 53% (79,268) -90% (33,572) (268,350) -87% EBIT 1,603,395 2,788,631 -43% 1,969,535 -19% 6,167,162 7,103,714 -13% Depreciation, Amortization & Depletion 3,735,596 3,132,602 19% 2,889,531 29% 9,674,850 8,226,217 18% EBITDA 5,338,991 5,921,233 -10% 4,859,066 10% 15,842,012 15,329,931 3% EBITDA Margin 32% 51% -19 p.p. 40% -8 p.p. 41% 41% -1 p.p. Adjusted EBITDA¹ 5,674,186 4,704,606 21% 5,200,296 9% 14,958,937 16,153,488 -7% Adjusted EBITDA Margin¹ 34% 41% -6 p.p. 43% -8 p.p. 38% 44% -5 p.p. Net Financial Result 1,146,114 (10,420) —% 1,051,781 9% 5,752,130 13,172,959 -56% Financial Revenues 509,516 523,754 -3% 462,095 10% 1,519,283 1,284,207 18% Financial Expenses (1,842,761) (1,705,981) 8% (1,823,415) 1% (5,353,673) (5,069,939) 6% Net Proceeds Generated by Derivatives 2,499,863 976,349 156% 1,079,117 132% 6,501,811 7,431,622 -13% Exchange Rate Variation (20,504) 195,458 —% 1,333,984 —% 3,084,709 9,527,069 -68% Earnings Before Taxes 2,749,509 2,778,211 -1% 3,021,316 -9% 11,919,292 20,276,673 -41% Income and Social Contribution Taxes (665,554) (970,745) -31% (1,059,929) -37% (3,715,880) (6,955,155) -47% Net Income (Loss) 2,083,955 1,807,466 15% 1,961,387 6% 8,203,412 13,321,518 -38% Net Margin 13% 16% -3 p.p. 16% -4 p.p. 21% 36% -15 p.p. (1) Excluding non-recurring items and PPA effects. Goodwill amortization - PPA (R$ ‘000) 3Q26 2Q26 Δ Q-o-Q 3Q25 Δ Y-o-Y COGS (494,861) (97,059) 410% (119,676) 314% Selling Expenses (209,533) (210,066) 0% (210,282) 0% General and administrative expenses (1,068) (1,156) -8% (1,215) -12% Other operational revenues (expenses) 32,786 10,413 215% 7,785 321% (1) The total PPA amount regarding the business combination with Arbex was R$303 million in 3Q26. 3Q26 EARNINGS RELEASE Page 43 of 49
APPENDIX 3 – Consolidated Balance Sheet Assets (R$ ’000) 09/30/2026 06/30/2026 09/30/2025 Current Assets Cash and cash equivalents 13,406,218 16,645,571 15,838,866 Financial investments 7,781,720 9,623,714 7,734,686 Trade accounts receivable 8,469,460 6,214,486 6,129,481 Inventories 10,825,515 8,659,835 8,955,941 Recoverable taxes 832,163 860,433 962,181 Recoverable income taxes 1,172,183 858,585 525,979 Derivative financial instruments 4,108,590 3,109,949 1,363,240 Advance to suppliers 121,221 104,050 87,696 Other assets 1,492,531 783,477 977,159 Total Current Assets 48,209,601 46,860,100 42,575,229 Non-Current Assets Financial investments 370,135 348,297 317,098 Recoverable taxes 814,204 924,429 965,156 Deferred taxes 946,252 122,709 1,479,244 Derivative financial instruments 9,047,545 8,794,443 6,753,164 Advance to suppliers 3,294,943 3,179,413 2,682,250 Judicial deposits 414,426 417,696 576,227 Call option 803,040 — — Other assets 438,826 193,814 191,775 Biological assets 27,490,120 27,631,695 24,445,461 Investments 1,002,311 1,128,854 1,422,565 Property, plant and equipment 74,971,248 63,694,980 64,459,518 Right of use on lease agreements 5,588,855 5,215,078 5,341,832 Intangible 17,194,958 12,534,267 13,207,399 Total Non-Current Assets 142,376,863 124,185,675 121,841,689 Total Assets 190,586,464 171,045,775 164,416,918 Liabilities and Equity (R$ ’000) 09/30/2026 06/30/2026 09/30/2025 Current Liabilities Trade accounts payable 8,728,141 5,585,058 5,428,821 Loans, financing and debentures 4,639,876 4,327,219 3,790,079 Accounts payable for lease operations 971,565 876,526 846,668 Derivative financial instruments 1,192,092 1,164,069 1,188,743 Taxes payable 391,875 173,124 184,302 Income taxes payable 380,075 70,181 239,249 Payroll and charges 1,497,065 864,329 1,062,163 Dividends payable 7,351 7,352 1,992 Advance from customers — 120,269 168,785 Other liabilities 1,206,374 683,783 409,779 Total Current Liabilities 19,014,414 13,871,910 13,320,581 Non-Current Liabilities Loans, financing and debentures 93,202,971 88,378,903 89,172,126 Accounts payable for lease operations 6,155,682 5,830,892 5,999,074 Derivative financial instruments 6,335,857 7,274,267 6,434,548 Provision for judicial liabilities 2,753,748 2,755,699 2,818,263 Taxes payable 49,365 — — Actuarial liabilities 885,437 753,384 742,593 Deferred taxes 3,922,347 1,642,469 — Share-based compensation plans 350,943 304,921 368,732 Provision for loss on investments in subsidiaries — — 5,188 Other liabilities 470,175 381,817 297,388 Total Non-Current Liabilities 114,126,525 107,322,352 105,837,912 Total Liabilities 133,140,939 121,194,262 119,158,493 Shareholders’ Equity Share capital 24,250,120 24,250,120 19,235,546 Capital reserves 81,660 76,870 69,181 Treasury shares (1,690,481) (1,625,577) (1,511,146) Retained earnings reserves 20,103,660 20,103,660 12,978,898 Other reserves 600,709 763,531 944,961 Retained earnings 8,282,185 6,129,289 13,400,962 Controlling shareholders’ 51,627,853 49,697,893 45,118,402 Non-controlling interest 5,817,672 153,620 140,023 Total Equity 57,445,525 49,851,513 45,258,425 Total Liabilities and Equity 190,586,464 171,045,775 164,416,918 3Q26 EARNINGS RELEASE Page 44 of 49
APPENDIX 4 – Consolidated Statement of Cash Flow OPERATING ACTIVITIES Net income (loss) for the period 2,083,955 1,961,387 8,203,412 13,321,518 Depreciation, depletion and amortization 3,612,171 2,779,280 9,383,570 7,948,316 Depreciation of right of use 123,425 110,251 291,280 277,901 Interest expense on lease liabilities 100,802 117,012 333,734 347,320 Result from the sale and write-off of non‑current assets 42,261 148,129 (146,036) 272,228 Income (expense) from associates and joint ventures 7,976 79,268 33,572 268,350 Exchange rate and monetary variations, net 20,504 (1,333,984) (3,084,709) (9,527,069) Interest expenses on financing, loans and debentures 1,538,228 1,540,427 4,414,775 4,399,815 Capitalized loan costs (6,436) (79,290) (50,725) (205,409) Accrual of interest on marketable securities (281,517) (253,344) (929,622) (769,940) Amortization of transaction costs, premium and discounts 32,982 27,742 117,573 75,916 Derivative (gains) loss, net (2,499,863) (1,079,117) (6,501,811) (7,431,622) Fair value adjustment of biological assets — — (1,157,728) 73,248 Deferred income tax and social contribution 401,667 898,021 3,426,100 6,482,713 Interest on actuarial liabilities 21,676 19,822 62,099 59,466 Provision (reversal) for judicial liabilities, net 38,434 (4,979) 66,768 (41,620) Provision (reversal) for doubtful accounts, net 4,614 57,961 (23,920) 103,502 Provision for inventory losses, net 56,276 10,237 72,469 24,031 Provision for loss of ICMS credits, net 33,613 67,729 29,757 151,669 Premium expenses on early settlements 74,575 89,026 204,416 89,026 Other 9,639 31,779 53,691 65,633 Decrease (increase) in assets 325,708 499,755 150,607 682,815 Trade accounts receivable 157,791 980,505 373,343 1,876,639 Inventories 341,438 (328,578) (20,871) (730,937) Recoverable taxes (208,617) (117,618) (362,928) (334,268) Other assets 35,096 (34,554) 161,063 (128,619) Increase (decrease) in liabilities (121,290) (116,231) 418,310 22,403 Trade accounts payable (158,338) (303,813) 642,961 101,422 Taxes payable (43,857) (26,758) (136,897) 287,155 Payroll and charges 269,720 205,790 4,427 (164,546) Other liabilities (188,815) 8,550 (92,181) (201,628) Cash generated from operations 5,619,400 5,570,881 15,367,582 16,690,210 Payment of interest on financing, loans and debentures (1,818,563) (1,865,892) (4,447,630) (4,753,232) Capitalized loan costs paid 6,436 79,290 50,725 205,409 Premium expenses on early settlements (74,575) (89,026) (204,416) (89,026) Interest received on marketable securities 461,964 386,315 825,142 969,141 Payment of income tax and social contribution (69,691) (47,311) (197,089) (229,980) Cash provided by operating activities 4,124,971 4,034,257 11,394,314 12,792,522 INVESTING ACTIVITIES Additions to property, plant and equipment (421,860) (806,171) (2,239,468) (3,424,570) Additions to intangible (380,986) (37,495) (452,371) (59,574) Additions to biological assets (1,890,978) (2,639,320) (5,508,253) (6,281,750) Proceeds from sales of property, plant and equipment and biological assets 80,170 35,778 330,882 114,236 Capital increase in affiliates — (14,640) (2,500) (21,979) Marketable securities, net 1,683,315 299,101 2,214,873 5,093,946 Advances for acquisition (receipt) of wood from operations with development and partnerships (121,251) (100,029) (554,506) (224,669) Acquisition of other investments — (9,392) — (9,392) Dividends received — — 3,854 8,835 Net cash from acquisition of subsidiaries (3,844,390) — (3,844,390) — Acquisition of purchase rights (805,514) — (805,514) — Cash used in investing activities (5,701,494) (3,272,168) (10,857,393) (4,804,917) FINANCING ACTIVITIES Proceeds from loans, financing and debentures 190,540 9,663,363 3,087,472 22,324,556 Proceeds (payment) of derivative transactions 368,449 91,508 1,134,652 370,789 Payment of loans, financing and debentures (1,716,019) (6,261,906) (3,385,149) (19,600,013) Payment of leases (371,354) (346,129) (1,080,282) (1,059,908) Payment for the acquisition of assets and subsidiaries. (18,415) (20,668) (18,415) (20,668) Shares repurchased (64,904) — (198,445) (191,918) Cash provided (used) by financing activities (1,611,703) 3,126,164 (1,845,174) (385,320) Increase (decrease) in cash and cash equivalents, net (3,188,226) 3,888,253 (1,308,253) 7,602,285 At the beginning of the period 16,645,571 12,283,589 15,179,753 9,018,818 Exchange variation on cash and cash equivalents (51,127) (332,976) (465,282) (782,237) At the end of the period 13,406,218 15,838,866 13,406,218 15,838,866 Increase (decrease) in cash and cash equivalents, net (3,188,226) 3,888,253 (1,308,253) 7,602,285 Cash Flow (R$ ’000) 3Q26 3Q25 9M26 9M25 3Q26 EARNINGS RELEASE Page 45 of 49
APPENDIX 5 – EBITDA (R$ '000, except where otherwise indicated) 3Q26 3Q25 9M26 9M25 Net income 2,083,955 1,961,387 8,203,412 13,321,518 Net Financial Result (1,146,114) (1,051,781) (5,752,130) (13,172,959) Income and Social Contribution Taxes 665,554 1,059,929 3,715,880 6,955,155 EBIT 1,603,395 1,969,535 6,167,162 7,103,714 Depreciation, Amortization and Depletion 3,735,596 2,889,531 9,674,850 8,226,217 EBITDA¹ 5,338,991 4,859,066 15,842,012 15,329,931 EBITDA Margin 32% 40% 41% 41% Fair Value Update - Biological Asset — — (1,157,728) 73,248 Write-off of stacked wood inventory (5,087) 13,823 20,929 16,353 Equity method 7,976 79,268 33,572 268,350 Extinction of packaging business line — 56 60 106 Expenses on Asset Acquisition and Business Combinations 236,656 32,226 295,867 41,423 Effective loss of the development contract advance program — — 277 181 Restructuring Expenses 19,778 — 64,159 — Extemporaneous tax credits — — (23,930) — Impairment of subsidiaries — 12,805 — 88,871 Provision for loss of ICMS credits, net 33,612 67,729 29,756 151,669 Income from disposal and write-off of non-current assets 42,261 135,323 (146,036) 183,356 Adjusted EBITDA 5,674,186 5,200,296 14,958,937 16,153,488 Adjusted EBITDA Margin 34% 43% 38% 44% (1) The Company's EBITDA is calculated in accordance with CVM Instruction 527 of October 4, 2012. 3Q26 EARNINGS RELEASE Page 46 of 49
APPENDIX 6 – Segmented Income Statement Segmented Income Statement (R$ '000) 3Q26 3Q25 Pulp Paper and Packaging Consumer Goods Intersegment Adjustments Non Segmented Total Consolidated Pulp Paper and Packaging Consumer Goods Intersegment Adjustments Non Segmented Total Consolidated Net Revenue 9,640,370 2,470,122 5,018,400 (613,348) — 16,515,544 9,231,227 2,386,106 717,046 (181,234) — 12,153,145 Cost of Goods Sold (6,885,296) (2,008,744) (4,189,145) 485,944 — (12,597,241) (6,392,777) (1,736,229) (505,989) 181,234 — (8,453,761) Gross Profit 2,755,074 461,378 829,255 (127,404) — 3,918,303 2,838,450 649,877 211,057 — — 3,699,384 Gross Margin 29% 19% 17% —% —% 24% 31% 27% 29% —% —% 30% Operating Expense/Income (980,737) (383,640) (950,531) — — (2,314,908) (1,170,568) (363,192) (196,089) — — (1,729,849) Selling Expenses (520,286) (194,666) (491,483) — — (1,206,435) (536,057) (167,637) (146,267) — — (849,961) General and Administrative Expenses (454,418) (184,719) (507,221) — — (1,146,358) (444,002) (169,893) (51,058) — — (664,953) Other Operating Income (Expenses) 4,162 (6,474) 48,173 — — 45,861 (106,979) (29,924) 1,236 — — (135,667) Equity Equivalence (10,195) 2,219 — — — (7,976) (83,530) 4,262 — — — (79,268) EBIT 1,774,337 77,738 (121,276) (127,404) — 1,603,395 1,667,882 286,685 14,968 — — 1,969,535 Depreciation, Amortization & Depletion 2,945,062 187,336 686,185 (82,987) — 3,735,596 2,587,612 226,377 75,542 — — 2,889,531 EBITDA 4,719,399 265,074 564,909 (210,391) — 5,338,991 4,255,494 513,062 90,510 — — 4,859,066 EBITDA Margin 49% 11% 11% 34% —% 32% 46% 22% 13% —% —% 40% Adjusted EBITDA¹ 4,805,244 276,541 802,792 (210,391) — 5,674,186 4,461,660 532,447 206,189 — — 5,200,296 Adjusted EBITDA Margin¹ 50% 11% 16% 34% —% 34% 48% 22% 29% —% —% 43% Net Financial Result — — — — 1,146,114 1,146,114 — — — 1,051,781 — 1,051,781 Earnings Before Taxes 1,774,337 77,738 (121,276) (127,404) 1,146,114 2,749,509 1,667,882 286,685 14,968 1,051,781 — 3,021,316 Income and Social Contribution Taxes — — — — (665,554) (665,554) — — — (1,059,929) — (1,059,929) Net Income (Loss) 1,774,337 77,738 (121,276) (127,404) 480,560 2,083,955 1,667,882 286,685 14,968 (8,148) — 1,961,387 Net Margin 18% 3% -2% 21% —% 13% 18% 12% 2% 4% —% 16% (1) Excluding non-recurring items and PPA effects. Page 47 of 49
APPENDIX 7 – Income Statement - Consumer Goods (Arbex + Brazil) Segmented Income Statement (R$ '000) Consumer Goods 3Q26 2Q26 pro forma (3) Δ Q-o-Q 3Q25 pro forma (3) Δ Y-o-Y Net Revenue 5,018,399 4,788,212 5% 5,229,799 -4% Cost of Goods Sold (4,189,144) (3,531,213) 19% (3,862,063) 8% Gross Profit 829,255 1,257,000 -34% 1,367,736 -39% Gross Margin 17% 26% -9.8 p.p. 26% -9.7 p.p. Operating Expense/Income (950,528) (785,363) 21% (843,307) 13% Selling Expenses (491,481) (489,411) —% (494,544) -1% General and Administrative Expenses (507,220) (298,062) 70% (348,631) 45% Other Operating Income (Expenses) 48,174 2,110 —% (132) —% Equity Equivalence — — —% — —% EBIT (121,273) 471,637 —% 524,429 —% Depreciation, Amortization & Depletion¹ 686,185 199,178 245% 190,341 261% EBITDA² 564,912 670,815 -16% 714,770 -21% EBITDA Margin² 11% 14% -2.7 p.p. 14% -2.4 p.p. Adjusted EBITDA² 802,790 713,867 12% 747,055 7% Adjusted EBITDA Margin² 16% 15% 1.0 p.p. 14% 2.0 p.p. (1) Includes PPA effects/amortization. (2) Excludes non-recurring items and PPA effects. (3) Arbex was consolidated as of July 1, 2026, and therefore the transaction affected the Company's financial position as of September 30, 2026. Nevertheless, to provide better comparability of the Consumer Goods segment's performance in 3Q26 with the comparative periods of 2Q26 and 3Q25, the information in the table includes the pro forma view of Arbex's economic performance in these periods. Unaudited information. Further details are available in the Notice to the Market of October 21, 2026. Page 48 of 49
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. 3Q26 EARNINGS RELEASE Page 49 of 49