The Board of Directors and Board of Statutory Executive Officers evaluate the performance of the Company’s business segments through the Adjusted EBITDA.

i)Pulp: comprised of the production and sale of hardwood eucalyptus pulp and fluff pulp, mainly to supply the foreign market.

ii)Paper: comprises the production and sale of paper to meet the demands of both the domestic and foreign markets. Consumer goods (tissue) sales are classified under this segment due to their immateriality.

Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s management, which makes investment decisions and determines the allocation of resources on a consolidated basis.

In addition, with respect to geographical information related to non-current assets, the Company does not disclose such information, as all property, plant and equipment, biological and intangible assets are substantially in Brazil.


	06/30/2026
	Pulp	Paper	Total
Net sales	17,101,601	5,456,948	22,558,549
Domestic market (Brazil)	855,842	3,517,002	4,372,844
Foreign market	16,245,759	1,939,946	18,185,705
Cost of sales	(12,568,020)	(4,001,021)	(16,569,041)









Adjusted EBITDA	8,240,312	1,044,439	9,284,751

Adjustments to EBITDA (*)			1,218,270
Depreciation, depletion and amortization			(5,939,254)
Financial result			4,606,016
Net income before taxes			9,169,783


	06/30/2025
	Pulp	Paper	Total
Net sales	18,899,505	5,949,311	24,848,816
Domestic market (Brazil)	934,903	3,487,753	4,422,656
Foreign market	17,964,602	2,461,558	20,426,160
Cost of sales	(12,240,678)	(4,096,613)	(16,337,291)









Adjusted EBITDA	9,632,109	1,321,083	10,953,192

Adjustments to EBITDA (*)			(482,327)
Depreciation, depletion and amortization			(5,336,686)
Financial result			12,121,178
Net income before taxes			17,255,357


	06/30/2026	06/30/2025
(*) Adjustments to EBITDA
Fair Value - Biological Asset	1,157,728	(73,248)
Loss from associates and joint ventures	(25,596)	(189,082)

Impairment of subsidiaries (1)		(76,066)
Income (loss) on disposal and write-off of non-current assets	188,297	(48,033)
(Provision)/Reversals for losses on ICMS credits (note 13.1)	3,856	(83,940)
Expenses on Asset Acquisition and Business Combinations (2)	(59,211)	(9,197)

Restructuring expenses (3)	(44,441)	(50)
Others (4)	(2,363)	(2,711)
	1,218,270	(482,327)

(1)Refers to the impairment of the investment in the subsidiary Suzano Finland Oy, as detailed in Note 18.3.

(2)Acquisition-related costs associated with business combinations, including fees paid to external advisors and professional service providers, such as legal, accounting, valuation and other consulting services, administrative expenses related to acquisition processes, and other costs directly attributable to the execution of such transactions.

(3)Costs incurred directly in connection with restructuring initiatives, including changes to the management, administrative, and organizational structure, and costs associated with the discontinuation of operations.

(4)It includes items with specific, non-cash and exceptional adjustments, such as: i) effective loss of the development contract advance program; (ii) write-off of stacked wood inventory; and (iii) extemporaneous tax credits.


	06/30/2026	06/30/2025
Products
Market pulp (1)	17,101,601	18,899,505
Printing and writing paper (2)	3,691,432	3,912,113
Paperboard	1,748,983	2,017,848
Other	16,533	19,350
	22,558,549	24,848,816

(1)Net sales of fluff pulp represent 0.6% of total net sales, and therefore were included in market pulp net sales. (0.7% as at June 30, 2025).

(2)Net sales of tissue represent 6.3% of total net sales, and therefore were included in printing and writing paper net sales. (5.6% as at June 30, 2025).

As of June 30, 2026, the Company has 1 (one) customer responsible for 12.25% of the net sales of pulp operating segment and 1 (one) customer responsible for 12.36% of the net sales of the paper operating segment. As of December 31, 2025 the Company had 1 (one) customer responsible for 11.05% of the net sales of pulp operating segment and 1 (one) customer responsible for 12.45% of the net sales of the paper operating segment.

The goodwill based on expected future profitability arising from the business combination was allocated to the disclosable segments, which correspond to the Company's cash-generating units (“CGUs”), considering the economic benefits generated by such intangible assets. The allocation of goodwill is set out below: