SUZANO DAY

2022
AVENUES 2022

Play a leading Expand boldly Advance in the Maintain Be “Best-in-

role in into New links of the chain, relevance in Class” in the
sustainability Markets always with Pulp, through Total Pulp
competitive good projects Cost vision
advantage

2
Play a
leading role in
sustainability

3
Towards a regenerative
business for a regenerative
society Save the date
2nd ESG Call

June 23rd, 2022

Some of the main topics:

Climate Social
Biodiversity
Change Development

4
Continuous improvement on
sustainability governance
Variable compensation Transparency and accountability
(C-level1)
Annual
Since 2020 Sustainability
– Targets linked to D&I Report

Since 2021
– Targets also linked to other Sustainability
material themes Center

50%

25% 25%
17% Some of 2021 highlights:
2021 2022 – Supply chain management
– Innovative practices on forestry
Climate Change Social Development
management
1C-level includes Statutory and Non-statutory officers
5
Expand boldly
into New Markets

6
 Important progress in our bio-businesses agenda

Identification Selection of Commercial

Routes of Potential technology
Pilot Commercial
Investments
Addressable
Project agreements market1
Partners partners Monetization

2021 2022

Textiles US$ 70 bn

2021 2022

MFC US$ 5 bn

2021 2022

Biofuels US$ 20 bn

2021 2022

Carbon US$ 20 bn

US$115 bn
¹Analysis of Suzano's Strategy and New Business Team based on reports from Spinnova, Ensyn, Task Force for Voluntary Carbon Markets and various market consultancies
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 In textiles,
Spinnova/
Woodspin is
becoming a reality
MFC
Staple Fiber

19%

€ 462M¹
Commercial plant of 1k ton/yr
81% Start of production: Dec. 22
¹Market cap on Mar 15 2022 8
Our planted wood-based fiber with leading brands

The North
Face
develops
new eco-
sustainable
fabrics

"The H&M Group’s ambition is

to become fully circular. We see
Spinnova as having great
potential to address several of
the sustainability challenges
we face today,” comments
Mattias Bodin, H&M Group’s
Circular Innovation Lab Lead.

Spinnova and adidas introduce the

all-new hoodie, the first adidas
product made with the sustainable
SPINNOVA

9
 Our carbon business is
about to be launched
Potential Pipeline

Continuous GHG project identification: >30Mt CO2

– Planted forests projects
– Restoration and conservation of native forests
– Energy efficiency, renewable energy and fuel
conversion

Identified projects, potential 22.5Mt CO2

under exploration

First project submitted 7.5Mt CO2

– Robust additionality criteria
– In validation phase with Verra¹

Carbon Credits
1 Voluntary Carbon Standard ID#2790
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 Increasing global pressures
for sustainable consumption
Single-use-plastic ban BUSINESS STATEMENT FOR A LEGALLY BINDING UN TREATY
ON PLASTIC POLLUTION

Announced as of 2020 Feb 18 (Reuters) – United Nations member states are set to meet this month in Nairobi
to draft the blueprint for a global plastics treaty, a deal that could see countries agree
Australia for the first time to reduce the amount of single-use plastics They produce and use.
World
Brazil
44% consumption It´s being touted as the most important environmental pact since the 2015 Paris
Agreement on climate change
of single-use
Canada plastics¹

Chile

USA 7%
EU
New announcements
+ 1 dozen other countries (2021 and 2022)
India

Mexico

United Kingdom

Taiwan

Source: Smithers, Fastmarket Risi, public sources. Reuters. 1 % of world consumption of single-use plastics in
countries that have implemented restrictive measures (Smithers, internal analysis) 11
 New products in
convergence with
consumption
megatrends
60
KTon

2018 2019 2020 2021 2022e

Illustrative images: the volumes are composed of the totality of products developed in the last 36 months, in addition to those represented by images.
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Advance in the links
of the chain, always
with competitive
advantage

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Paper Fluff Packaging Tissue

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Tissue
15
 Competitive environment confirms ongoing trends

Tissue Market - Brazil Tissue Market – At Home Value Market Share - Brazil3
(2009 – 20201) (20182)

Kg per capita per year Value Market Share % MS-R$

27

100%
14
9 90% Player 1 25 24 24 24 23
6
80%

70%
16 15 15
Player 2 15 16
60%

50% 12 12 11.2
11
Player 3 12 11
% Categories At Home 2020: 40%
Player 4 12 12
9 10 10
30%
6.7
7 8.3 9
7% 4.9
5
20%

10%
22% OTHERS 36
World 55% 8% 89% 32 32 31 32

16%
SUZANO 0
1 - 5 Players 6 - 10 Players Others 2017 2018 2019 2020 2021
Toilet Paper Paper Towels
Facial Tissues Paper Tableware

Source: 1RISI. 2Euromonitor. 3Nielsen Retail INA. Based on market share of players prior to 2021.
16
 Market presence will lead to higher profitability

Best improvement among peers In 4 years, Mimmo is the brand with Production and sales volume
in distribution channel¹ the 4th highest recall² in NE and ES reach maximum capacity

Weighted Distribution % Brand Awareness % Jumbo Rolls Production Capacity

(Total Brazil)
150 Kt Maximum Nominal Capacity

90 91 91
89 89
Player 2 73
72
Player 1
75 75
59 59 1Q21
Player 4 55 57 56 4Q21
Player 3 55 +10 p.p
57 44
52

SUZANO

1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021

2017 2018 2019 2020 2021 Brand 1 Brand 2 Brand 3 Brand 4 Brand 5 Brand 6 Brand 7

Source: 1Nielsen (weighted distribution is the % of Suzano's presence in stores that account for the highest share in terms of value in the category); 2Mindminers.
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Opportunity for growth, organically
or via M&A
2020 2022
Production and sales
Production and sales reach reach 100% installed
100% installed capacity capacity

Suzano acquires Expansion of conversion

FACEPA capacity with plant in
Cachoeiro/ES
2018 2021

Market Trends
 Lower competitiveness of regional players' assets
 Trend of consolidation by large players
 Growing demand for two-ply and three-ply products

Growth Opportunities

ORGANIC INORGANIC (REGIONAL)

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Maintain relevance
in Pulp, through good
projects

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 BHKP organic demand growth by
4.7 Mt in the next five years
+4.7Mt Tissue Packaging Specialties P&W

China
41.1
36.4 Europe

N. America

World
Global
+0.9 Mt/y consumption 40 234 42 99
2021 | Mt
Share of global
paper market 10% 56% 10% 24%
Share of global
market BHKP 50% 8% 20% 21%
demand

20211 2026e
Over +1.5% +0.5% to 1.5% -0.5% to +0.5% Below -0.5% (p.a.)

Additional demand drivers: Fiber to Fiber and Fossil to Fiber

Source: 1PPPC G100 Report (Dec.2021). | Estimates according to Suzano BI | Scenario does not include possible impact from Russia/Ukraine conflict.
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 Global tissue industry still provides significant
room for increasing BHKP furnish
Fibers Share in World Tissue Production (%) Trends to favor BHKP
55 – More flexible paper machines
50
47 49 – Fiber improvements through R&D - softness
+17 p.p. 45 and tensile
last 40 – Limited new BSKP supply
10 35
– Limited RCP/SOP availability
years 30
– Cost competitiveness vs. BSKP
25
20
15
Fiber to Fiber opportunity:
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

+1.0 Mt BHKP until

BSKP Share at Tissue BHKP Share at Tissue RCP Mainly¹
2026 in the world

Source: Suzano BI, Fastmarkets RISI, Hawkins Wright, Brian McClay. ¹Includes a small proportion of nonwood in China and integrated pulp. | Scenario does not include possible impact from Russia/Ukraine conflict.

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Packaging industry in China to boost BHKP demand

Cartonboard Production
in China Cartonboard - Trends to favor BHKP
Ivory Board:
~35% market BHKP – Lower availability of RCP
12.2Mt Production in
China in 2021 – Fiber’s tensile improvements through
45%
R&D
61% ~65% Two layers of bleached
chemical pulp
– Packaging premiumization to promote
branding strategy

– Cost competitiveness vs. BSKP

Duplex Board:
55% ~3% market BHKP
7.8Mt Production in Fiber to Fiber opportunity:
39% ~35% China in 2021

+1.0 Mt BHKP in the

Mainly recycled pulp next five years¹
2017 2021 2026e
Ivory Board Duplex Board

Source: Suzano BI, Fastmarkets RISI, Hawkins Wright, Brian McClay. | ¹Expected 900kt (China) and 100kt (Rest of the World). | Scenario does not include possible impact from Russia/Ukraine conflict.
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 BHKP demand expected to grow
at least 6.7 Mt until 2026

Global BHKP Demand

+6.7Mt
Unleashed
Potential2
Additional²
2.0 • RCP
substitution
4.7
• Wood
availability
+0.4 Mt/y for
integrated
+0.9 Mt/y 43.1 pulp
41.1 production
36.4

2021 Organic 2026e Fiber to 2026e Additional Fossil to

Growth Fiber 1 Fiber to Fiber
Fiber
Source: Suzano BI | 1Higher participation of BHKP in Cartonboard and Tissue | 2Only illustrative. | Scenario does not include possible impact from
Russia/Ukraine conflict. 23
 Supply expected to grow 6.9Mt in BHKP in the next
five years
Global BHKP Supply risks
Net Capacity Growth Historical unplanned BCP supply disruptions| Mt

+6.9 Mt
47.5
40.6
+0.8 Mt
in 2 Years!

+1.3 Mt/y

2.0
1.2
0.7
2021 2026e Historical 2017 - 2019 2020 - 2021
Average¹ average average

Source: Suzano BI, Fastmarkets RISI, Hawkins Wright, Brian McClay| Main projects considered: Bracell Star 2.8Mt (includes production between Sep-Dec/21), Arauco MAPA 1.5Mt in 2Q22, UPM Pasos de los Toros 2.1Mt in 1Q23, Suzano Cerrado
2.55Mt in 2H24.
Source: SuzanoClosures
BI | RISI. |and conversion
²Hawkins Wright accounts for -1.3Mt
| Scenario doesn’t until
include 2026impact
possible such as Arauco
from -290kt/yconflict.
Russia/Ukraine and Resolute Calhoun
¹ Historical Mill2013-2016.
Average: -190kt/y. 1 2013-2016 - Scenario does not include possible impact from Russia/Ukraine conflict
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 Five years ahead:
organic demand growth and fiber
substitution provides healthy operating
rate

Demand Capacity O.R.

Mt Mt

91%
47.5
90%
43.1
40.6

36.4

2021 2026e

Source: Suzano BI | Scenario does not include possible impact from Russia/Ukraine conflict. 25
Inflationary pressures on producers cost setting a
new threshold for pulp prices

BHKP marginal cost of production vs BHKP price (avg. per quarter)

900

800
US$ per ton - CIF China

700

600

US$ 568/t
500 US$ 545/t 1Q23
1Q22

400

300
1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23

Marginal cost BHKP price

Source: Hawkins Wright, March 2022. Nominal terms and assuming fixed FX rates | Scenario does not include possible impact from Russia/Ukraine conflict.
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Cerrado Project:
A well defined path to start-up
Physical progress (%) 100
Inside-the-fence
82

43

3
Dec 2021 Dec 2022 Dec 2023 2H24

Total Capex Timeline:

R$ 19.3 Bn
38%
2022 Targets
37%
– Completion of infrastructure
works
21%
7.3 7.1 – Arrival of first equipments
4% 4.1 – Start of electromechanical
0.8 assembly of industrial plant
2021 2022 2023 2024
27
 Cerrado Project
Greater efficiency in
energy surplus
generation
(MWh/ton)
+64%

0.63

0.23
0.14
Suzano Cerrado Suzano
As is Project To be

Note: Total capacity includes integrated pulp volume

28
Be “Best-in-Class”
in the Total Pulp
Cost vision

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 Enhancing structural competitiveness
Suzano Day 2022

Suzano Day 2021

30
 Total Operational Disbursement

TOD 20271 with Cerrado vs. 2021 (R$/ton)

347 -262 1,669 USD

1,584 -14 82 -150
1,500 Exposure
-87
401
418 320 11%
SUSTAINING CAPEX

460 557
560 69%
SG&A + FREIGHT
~R$ 2.3 bn of savings / year

706 CASH COST 711 620 15%

TOD 2019 FX & TOD TOD 2021 FX Inflation TOD Cerrado TOD 2027
Inflation Performance 2022 Performance Project w/
Cerrado²
FX 3.95 FX 5.40 FX 5.25
Brent US$64/bbl Brent US$70/bbl Brent US$70/bbl
Forestry radius 228 km Forestry radius 220 km Forestry radius 164 km
Third-party wood 37% Third-party wood 43% Third-party wood 22%

1Total Operational Disbursement at full capacity, including integrated pulp volumes. | 2In real terms @ 2022 currency (Suzano’s assumption) – 4.00%. 31
Low execution risk
Strong track record
Executed BHKP Projects¹ - LatAm
Cenibra Mucuri 2 Três Montes Três
Aracruz C Jacareí Veracel Santa Fé Fray Bentos Lagoas 1 Vanguarda Imperatriz Del Plata Guaíba 2 Puma 1 Lagoas 2 Star

2002 2004 2005 2006 2007 2009 2012 2013 2014 2015 2016 2017 2021

LatAm projects in the last 20 years Additional capacity in the last 20 years²
Três Lagoas 2 recognized³
for its performance on:

40% Delivery time

47%
Others 53%
Others 60% Learning curve

Cash cost

Average execution period – last 10 years4:

Suzano’s projects Peers
~30 months ~40 months

¹Does not include projects under current execution. Considers capacity at start-up and Suzano’s projects include capacities of former capacities. | 2Considers 50% of the joint operation with Stora Enso at Veracel.
³https://www.pmi.org/about/awards/winners/past-award/project-of-the-year/horizonte-2 | 4Based on public data only and mills in operation. 32
 Low leverage risk
Cash generation supports investment cycle
Rating Agencies’ Opinion²
Klabin
6,0 (Puma I)

Suzano
(Imperatriz)
“We expect that the company will be able to 5,0
maintain debt to EBITDA below 3.5x and
positive free operating cash flow in the next Suzano
three years, even in a strong investment cycle Arauco/
Stora Enso CMPC (Três Lagoas II)
for the construction of the new pulp mill” 4,0 (Montes del Plata) (Guaíba II)

Suzano
(Cerrado)1
3,0
“…net leverage to remain below 3.0x during a
period of higher investments in the Cerrado
Project”. 2,0

1,0
New net debt target with Cerrado:
“For 2022 and 2023, leverage
is likely to remain below 3.0x, even after US$800/t  ~US$12 billion
incorporating the higher capital spending.” Size of sphere = EBITDA (US$)

2009 2010 2012 2014 2016 2018 2020 2022 2024

Note: Not including projects under current execution | ¹ 2024 Sell-side estimates: Goldman Sachs (Mar/22), HSBC (Fev/22), Itaú BBA
(Fev/22), Morgan Stanley (Fev/22) and Scotiabank (Jan/22).
²S&P - Report Dec-21 | Fitch – Sector Report Jan-22 | Moody’s – Nov-21. 33
 Low leverage risk
Unique financial condition
Capex inside-the-fence/EBITDA LTM¹ Capex inside-the-fence/Liquidity2
(US$) (US$)

3.9 4.0

3.0 2.8
2.6 2.7 2.5
1.9 2.1 2.0

0.7 0.7

Montes del Imperatriz Guaíba II Puma I Três Lagoas Cerrado Montes del Imperatriz Guaíba II Puma I Três Lagoas Cerrado
Plata II Plata II

¹Last twelve months (according to earnings release just before announcement) | ²Cash on hand and RCF 34
 Lower price risk
Higher cost competitiveness
Even more competitive BHKP Total Operational Cost
(US$/t)1
Marginal cost of production:
US$553/t²

280
531 527 503 503 498 494 60 Maintenance Capex
450 448 411 389 349 105
310 300 SG&A+Freight
116
Cash cost
Japan US Finland China Sweden Bel / France Canada Iberia East Europe Other Asia Chile / Indonesia Brazil Suzano w/
Uruguay Cerrado
2027

¹Source: Hawkins Wright, December 2021 - FX considered by the consultant of R$/US$ 5.35. | ²Hawkins Wright estimates for 4Q22. 35
 Interest rate increase scenario
Solid balance sheet

Amortization Schedule – Fixed vs. Floating rate

(USD million)

Average Cost (in US$) Average Term

4.3% p.a. 89 months

Fixed Net debt in US$ (%) 8.5

~90% ~100% 1.0 Floating

5.1
Stand by
facilities1 1 1.3
100% fixed 7.5 Fixed

Cash on
2.0 2.1
hand 3.8 0.4 0.5
0.7 0.3 0.6 1.7 1.6

Liquidity 2022 2023 2024 2025 2026 2027

4Q21 onwards

¹Stand by facilities partially contracted in February 2022, according to 4Q21 earnings presentation. 36
 Interest rate increase scenario
Hedging overview
Dollar futures curve
Mar/2022 vs Jan/2021

Current portfolio (US$ 4.5 billion)¹

Average strikes (R$/US$):
+15%
Put @5.49
5.53 Mar/2022
Call @6.47
+2%
+1% Jan/2021
5.35 5.47
5.31
5.25 +4%
5.31
+10%
5.21
+8%

4.81
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Months

¹ZCC: US$3,969 million. | ZCC Cerrado: US$525 million. | NDF: US$30 million. 37
 Ambidexterity between
short and long term
Addressable market
OUTLOOK expansion
ESG Protagonism
Solid track record on
capital allocation

38
Thank you!