Suzano S A : First Quarter 2026 Financial Statements

EARNINGS RELEASE

1Q26

Docusign Envelope ID: FA688B30-60FA-42D7-908E-52F5C8B68887

Solid operating performance and higher pulp prices.

EBITDA impacted by a stronger BRL.

São Paulo, April 29th, 2026. Suzano S.A. (B3: SUZB3 | NYSE: SUZ), one of the world's largest integrated pulp and paper producers, announces today its consolidated results for the first quarter of 2026 (1Q26).

HIGHLIGHTS

• Pulp sales of 2,835 thousand tonnes (+7% vs. 1Q25).

• Paper sales1 of 378 thousand tonnes (-3% vs. 1Q25).

• Adjusted EBITDA2 and Operating cash generation3: R$4.6 billion and R$2.5 billion, respectively.

• Adjusted EBITDA2/t from pulp of R$1,431/t (-11% vs. 1Q25).

• Adjusted EBITDA2/t from paper of R$1,385/t (-12% vs. 1Q25).

• Average net pulp price in export market: US$562/t (+1% vs. 1Q25).

• Average net paper price1 of R$6,933/t (-8% vs. 1Q25).

• Pulp production cash cost ex-downtimes of R$802/t (-7% vs. 1Q25).

• Leverage of 3.3 times in US$ and 3.2 times in R$.

• Free Cash Flow Yield ("FCF Yield" - LTM) of 13.6% (-4,9 p.p. vs. 1Q25).

• Return on Invested Capital ("ROIC" - LTM) of 10.1% (-3.7 p.p. vs. 1Q25).

Financial Data (R$ million)	1Q26	4Q25	Δ Q-o-Q	1Q25	Δ Y-o-Y	LTM 1Q26
Net Revenue	10,968	13,114	-16%	11,553	-5%	49,531
Adjusted EBITDA2	4,580	5,583	-18%	4,866	-6%	21,451
Adjusted EBITDA Margin2	42%	43%	-1 p.p.	42%	- p.p.	43%
Net Financial Result	4,616	(3,411)	-%	7,696	-40%	6,682
Net Income	4,312	116	-%	6,348	-32%	11,402
Operating Cash Generation3	2,521	3,667	-31%	2,625	-4%	13,753
Net Debt/ Adjusted EBITDA2 (x) (R$)	3.2 x	3.2 x	0.0 x	3.1 x	0.1 x	3.2 x
Net Debt/ Adjusted EBITDA2 (x) (US$)	3.3 x	3.2 x	0.1 x	3.0 x	0.3 x	3.3 x

Operational Data ('000 t)	1Q26	4Q25	Δ Q-o-Q	1Q25	Δ Y-o-Y	LTM 1Q26
Sales	3,214	3,880	-17%	3,041	6%	14,375
Pulp	2,835	3,406	-17%	2,651	7%	12,675
Paper1	378	474	-20%	390	-3%	1,700

1. Includes the results from the Consumer Goods Unit (tissue) and the performance of the Suzano Packaging US Unit (Pine Bluff and Waynesville).

2. Excludes non-recurring items.

3. Considers Adjusted EBITDA less sustaining capex (cash basis).

The consolidated quarterly financial information was prepared in accordance with the standards set by the Securities and Exchange Commission of Brazil (CVM) and the Accounting Pronouncements Committee (CPC) and complies with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The operating and financial information is presented on a consolidated basis and in Brazilian real (R$). Note that figures may present discrepancies due to rounding.

CONTENTS

EXECUTIVE SUMMARY 3

PULP BUSINESS PERFORMANCE 4

PULP SALES VOLUME AND REVENUE 4

PULP CASH COST 7

PULP SEGMENT EBITDA 9

OPERATING CASH GENERATION FROM THE PULP SEGMENT 11

PAPER BUSINESS PERFORMANCE 11

PAPER SALES VOLUME AND REVENUE 11

PAPER SEGMENT EBITDA 14

OPERATING CASH GENERATION FROM THE PAPER SEGMENT 16

FINANCIAL PERFORMANCE 17

NET REVENUE 17

CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES 18

COST OF GOODS SOLD (COGS) 18

SELLING EXPENSES 19

GENERAL AND ADMINISTRATIVE EXPENSES 19

OTHER OPERATING INCOME (EXPENSES) 20

ADJUSTED EBITDA 20

FINANCIAL RESULT 21

DERIVATIVE OPERATIONS 22

NET INCOME (LOSS) 26

DEBT 26

CAPITAL EXPENDITURE 29

OPERATING CASH FLOW 29

FREE CASH FLOW 30

ROIC ("RETURN ON INVESTED CAPITAL") 31

CHANGES IN NET DEBT 32

ESG 32

TOTAL OPERATIONAL EXPENDITURE - PULP 32

CAPITAL MARKETS 32

FIXED INCOME 34

RATING 34

UPCOMING EVENTS 35

APPENDICES 36

APPENDIX 1 - Operating Data 36

APPENDIX 2 - Consolidated Income Statement and Goodwill Amortization 38

APPENDIX 3 - Consolidated Balance Sheet 39

APPENDIX 4 - Consolidated Statement of Cash Flow 40

APPENDIX 5 - EBITDA 41

APPENDIX 6 - Segmented Income Statement 42

Page 2 of 47

Forward-Looking Statements 43

‌EXECUTIVE SUMMARY

The pulp market experienced positive performance in the first quarter, with successive price increases driven by stronger paper demand, despite seasonality and geopolitical uncertainties.

In this context, despite the price recovery during the period, the Company's pulp business results compared to 4Q25 were impacted by lower sales volumes due to seasonality and by the depreciation of the US$ against the average R$. When compared to the same period of 2025, the Company recorded higher sales volumes and increased pulp prices, which were offset by the strong currency appreciation. Cash production costs, excluding downtimes, performed in line with expectations, with a slight increase versus the previous quarter and no impact from the Middle East conflict. On a year-over-year basis, cash production costs declined. This combination of factors resulted in a reduction in Pulp Adjusted EBITDA both quarter-over-quarter and year-over-year. In the paper business unit, sales volumes declined primarily due to seasonality versus 4Q25, while lower prices-also impacted by the stronger average R$-affected results versus 1Q25, leading to a reduction in Adjusted EBITDA in both comparisons. As a result, consolidated Adjusted EBITDA for the quarter totaled R$4.6 billion, down 18% compared to 4Q25 and 6% versus the same period of 2025. Operating cash flow generation reached R$2.5 billion in the quarter, representing a 31% decrease versus 4Q25 and a 4% decline year-over-year.

As for financial management in 1Q26, net debt measured in US$ totaled US$13.0 billion, a 3% increase compared to the previous quarter, resulting in a slight increase in US$ leverage to 3.3x (4Q25: 3.2x). The FX hedging policy continued to fulfill its role, with average strikes for Zero Cost Collar transactions set at 5.97 (put) and 6.90 (call), with a notional amount of US$5.6 billion. Regarding hedging of oil related inputs, Zero Cost Collar operations closed 1Q26 contracted at US$56.89/bbl (put) and US$68.67/bbl (call), with a notional amount of US$336 million, under which the Company records positive cash adjustments when Brent exceeds the call strike levels. During the quarter, Suzano recorded R$48 million in positive cash adjustments from its hedge portfolio, mitigating, in cash flow terms, the energy cost pressures arising from the Middle East conflict.

Page 3 of 43

In line with its long-term strategy and continued focus on environmental, social and governance (ESG) matters, Suzano continues to make consistent progress in its sustainability strategy, aligned with its business model. During the period, MSCI announced an upgrade of Suzano's ESG rating to BBB, reflecting the evaluator's recognition of the Company's progress in management practices in line with international best practices.

‌PULP BUSINESS PERFORMANCE

‌PULP SALES VOLUME AND REVENUE

The first quarter of 2026 was marked by the ongoing implementation of announced pulp price increases, amid heightened geopolitical uncertainty. The escalation of the conflict between Iran and the United States has led to pressure in production and logistics costs for the pulp and paper industry.

In China, the hardwood pulp market was supported by both supply and demand. On the supply side, notable factors included the postponement announcement of a major market pulp project and production constraints due to limited wood availability in Indonesia. On the demand side, total paper production grew by 14.7% compared to 1Q25, according to SCI, influenced by geopolitical uncertainties. Port inventories closed the quarter at approximately 2.7 million tonnes, according to SCI, above the level observed in the same period of the prior year, but largely composed of softwood, based on market indications.

In Europe, according to Utipulp, consumption of hardwood pulp in the first two months of the year grew by 1.7% year-over-year, while softwood pulp recorded a decline of 8.5%, maintaining a commonly observed demand dynamic between fiber types. The region was specially affected by rising energy and chemicals costs, which put additional pressure on local producers of pulp and paper. In North America, the sanitary paper market remained stable, supporting pulp demand in the region.

On the supply side, the quarter was marked by continued announcements of unscheduled downtimes mainly for hardwood pulp and a concentration of maintenance scheduled downtimes in Latin America, including Suzano's operations. Furthermore, logistical challenges resulting from the geopolitical scenario impacted the supply environment at the start of 2026.

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The average PIX/FOEX indices for hardwood pulp in China increased by 9.4% compared to 4Q25. In Europe, they increased 11.9% compared to 4Q25. The difference between softwood and hardwood pulp prices in the quarter was US$103/t in China and US$381/t in Europe based on gross prices.

Suzano's pulp sales decreased by 17% when compared to the previous quarter due to the seasonality of the period, with a notable reduction in volumes to Asia and North America, totaling 2,835 thousand tonnes. Compared to 1Q25, the increase was 7%, mainly driven by the increases observed in Asia and North America.

Pulp Sales Volume ('000 t)

+7%

-17%

▼

2,651 3,406

2,506

144

2,687

149

3,252

154

2,835 1Q25 4Q25 1Q26 Export Market Brazilian Market

Average net price in US) of pulp sold by Suzano was US$560/t, increasing 4% from 4Q25 and 1% from 1Q25. In the export market, average net price charged by the Company was US$562/t representing a 4% increase compared to 4Q25 and an 1% increase compared to 1Q25. The average net price in R) was R$2,943/t in 1Q26, up 2% from 4Q25, driven by the increase in the average net price in US$, partially offset by a 3% depreciation of the average US$ against the average R$. Compared to 1Q25, the 9% decrease was due to the 10% depreciation of the average US$ against the average R$, despite the 1% increase in the average price in US$.

Average Net Price (US$/t)

+1%

+4%

▼

555

536

560

Page 5 of 43

1Q25 4Q25 1Q26