Suzano 2026 nine-month net income falls to R$8.2B

Arbex’s acquired business comprises 22 production facilities in 14 countries, with consumer-goods operations reported separately.

Available on EDGAR 11/05/2026 - 04:38 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:37 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Suzano S.A. reported nine-month net sales of R$39.074 billion for the period ended September 30, 2026, compared with R$37.002 billion in 2025. Net income was R$8.203 billion, versus R$13.322 billion, and cash provided by operating activities was R$11.394 billion, versus R$12.793 billion. Loans, financing and debentures totaled R$97.843 billion at September 30, 2026, compared with R$94.801 billion at December 31, 2025.

On July 1, 2026, Suzano completed the acquisition of a 51% interest in FamPro Tissue Holdings B.V. (Arbex). The stated transaction consideration was US$1,293 million, equivalent to R$6,717 million. The acquired business includes 22 production facilities in 14 countries and is now reported as a separate Consumer Goods segment. In the third quarter, Arbex contributed R$4.212 billion in consolidated net revenue and a net loss of R$67.246 million. Suzano also obtained a call option on the remaining 49% interest held by Kimberly-Clark, exercisable at Suzano’s sole discretion from the third anniversary of the agreement’s execution.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

How the balance works

Positive

• Moderate pointNine-month net sales reached R$39.074 billion, compared with R$37.002 billion in 2025.
• Minor pointThe Arbex acquisition covers 22 production facilities in 14 countries.

Negative

• Moderate pointNine-month net income: R$8.203 billion, down from R$13.322 billion.
• Moderate pointOperating cash flow: R$11.394 billion, compared with R$12.793 billion.

Filing Explained

Missing the GHG emissions-intensity target raised the 2031 bond rate to four percent, effective June sixteenth, 2026.

At September 30, 2026, Suzano reported cash and cash equivalents of R$13,406,218 thousand and marketable securities of R$8,151,855 thousand. Its loans, financing and debentures had undiscounted cash flows of R$133,508,868 thousand, including R$7,374,277 thousand due within one year and R$50,959,234 thousand due in more than five years.

The maturity schedule includes interest payments and exchange-rate variations, so its amounts may not match the balance-sheet figures.

The company reports that the non-achievement of its GHG emissions-intensity target led mainly to a 25-basis-point increase in the rate on its 2031 sustainability-linked bond, from 3.75% to 4.00%, effective June 16, 2026.

The water-withdrawal-intensity target was still being measured; verification was expected by the end of the 2026 fiscal year.

Key Figures

Nine-month net sales: R$39.074 billion Nine-month net income: R$8.203 billion Cash provided by operating activities: R$11.394 billion +5 more

8 metrics

Nine-month net sales R$39.074 billion Nine months ended September 30, 2026; R$37.002 billion in 2025

Nine-month net income R$8.203 billion Nine months ended September 30, 2026; R$13.322 billion in 2025

Cash provided by operating activities R$11.394 billion Nine months ended September 30, 2026; R$12.793 billion in 2025

Loans, financing and debentures R$97.843 billion As of September 30, 2026; R$94.801 billion as of December 31, 2025

Arbex interest acquired 51% Acquisition completed July 1, 2026

Arbex transaction consideration US$1,293 million Equivalent to R$6,717 million

Arbex third-quarter net revenue contribution R$4.212 billion Three months ended September 30, 2026

Arbex third-quarter net loss R$67.246 million Three months ended September 30, 2026

Key Terms

Adjusted EBITDA, call option, non-controlling interest, purchase price allocation

4 terms

Adjusted EBITDA financial

"performance based on Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

call option financial

"call option granting the Company the right, but not the obligation"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.

non-controlling interest financial

"The non-controlling interest was measured at fair value"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

purchase price allocation financial

"recognized in the purchase price allocation process"

Purchase price allocation is the accounting process that breaks down the total amount paid for an acquired business into specific pieces—like tangible assets, identifiable intangible assets (brands, patents, customer lists) and goodwill—based on their estimated fair values. Investors care because this breakdown affects future earnings, tax costs and reported asset values: higher allocations to amortizable intangibles or goodwill can change profit volatility, depreciation and potential impairment charges, similar to splitting a restaurant bill to see what you actually bought versus what you paid extra for goodwill.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did SUZ report for the first nine months of 2026?

Suzano reported net sales of R$39.074 billion for the nine months ended September 30, 2026, compared with R$37.002 billion in the same period of 2025.

How much was the consideration for SUZ’s Arbex acquisition?

Suzano completed its acquisition of a 51% interest in Arbex on July 1, 2026. The stated transaction consideration was US$1,293 million, equivalent to R$6,717 million.

When can SUZ exercise the Arbex call option?

The call option covers the remaining 49% interest held by Kimberly-Clark and is exercisable at Suzano’s sole discretion from the third anniversary of the agreement’s execution.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
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

For the month of November, 2026.

Commission File Number 001-38755

Suzano S.A.
(Exact name of registrant as specified in its charter)

SUZANO INC.
(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)

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 ☐

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): ☐

INCORPORATION BY REFERENCE

This report is incorporated by reference in our registration statements on Form F-3 filed with the U.S. Securities and Exchange Commission on April 30, 2025 (File No. 333-286881, 333-286881-01 and 333-286881-02), and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.

			Suzano S.A.

INDEX

CONSOLIDATED STATEMENTS OF INCOME (LOSS)			1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)			2
CONSOLIDATED BALANCE SHEET			3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY			5
CONSOLIDATED STATEMENTS OF CASH FLOW			6
1 COMPANY’S OPERATIONS			8
2 BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL INFORMATION			15
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES			16
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT			17
5 SEGMENT INFORMATION			27
6 NET SALES			30
7 INCOME (EXPENSES) BY NATURE			31
8 NET FINANCIAL RESULT			32
9 CASH AND CASH EQUIVALENTS			32
10 MARKETABLE SECURITIES			33
11 TRADE ACCOUNTS RECEIVABLE			33
12 INVENTORIES			35
13 RECOVERABLE TAXES			36
14 ADVANCES TO SUPPLIERS			36
15 RELATED PARTIES			37
16 INCOME AND SOCIAL CONTRIBUTION TAXES			39
17 BIOLOGICAL ASSETS			45
18 INVESTMENTS			46
19 PROPERTY, PLANT AND EQUIPMENT			48
20 INTANGIBLE			49
21 TRADE ACCOUNTS PAYABLE			50
22 LOANS, FINANCING AND DEBENTURES			52
23 LEASES			55
24 PROVISION FOR JUDICIAL LIABILITIES			56
25 EMPLOYEE BENEFIT PLANS			58
26 SHARE-BASED COMPENSATION PLAN			59
27 SHAREHOLDERS’ EQUITY			60
28 EARNINGS PER SHARE			61

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

									Third quarter												Nine months YTD
			Note						09/30/2026						09/30/2025						09/30/2026						09/30/2025
NET SALES			6						16,515,544						12,153,145						39,074,093						37,001,961
Cost of sales			7						(12,597,241)						(8,453,761)						(29,166,282)						(24,791,052)
GROSS PROFIT									3,918,303						3,699,384						9,907,811						12,210,909
OPERATING (EXPENSES) INCOME
Selling			7						(1,206,435)						(849,961)						(2,771,626)						(2,443,093)
General and administrative			7						(1,146,358)						(664,953)						(2,385,784)						(1,985,970)
Loss from associates and joint ventures			18						(7,976)						(79,268)						(33,572)						(268,350)
Other operating (expenses) income, net			7						45,861						(135,667)						1,450,333						(409,782)
OPERATING PROFIT BEFORE NET FINANCIAL INCOME									1,603,395						1,969,535						6,167,162						7,103,714
NET FINANCIAL INCOME (EXPENSES)			8
Financial expenses									(1,842,761)						(1,823,415)						(5,353,673)						(5,069,939)
Financial income									509,516						462,095						1,519,283						1,284,207
Derivative financial instruments, net									2,499,863						1,079,117						6,501,811						7,431,622
Monetary and exchange variations, net									(20,504)						1,333,984						3,084,709						9,527,069
NET INCOME BEFORE TAXES									2,749,509						3,021,316						11,919,292						20,276,673
Income and social contribution taxes
Current			16						(263,887)						(161,908)						(289,780)						(472,442)
Deferred			16						(401,667)						(898,021)						(3,426,100)						(6,482,713)
NET INCOME FOR THE PERIOD									2,083,955						1,961,387						8,203,412						13,321,518
Attributable to
Controlling shareholders’									2,103,937						1,953,516						8,209,902						13,298,971
Non-controlling interest									(19,982)						7,871						(6,490)						22,547
Earnings per share
Basic			28.1						1.70815						1.58063						6.65219						10.75126
Diluted			28.2						1.70416						1.57671						6.63691						10.72459

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

1

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

						Third quarter												Nine months YTD
						09/30/2026						09/30/2025						09/30/2026						09/30/2025
Net income for the period						2,083,955						1,961,387						8,203,412						13,321,518
Other comprehensive income (loss)
Fair value investments in equity measured at fair value through other comprehensive income (1)						(76,190)						48,856						(47,115)						(148,284)
Deferred tax relating to fair value of investments						(4)						413						819						1,068
Actuarial gain (loss) on post-employment plans of subsidiaries						6,778												6,778
Tax effect of the actuarial (gain) loss						(1,763)												(1,763)
Items with no subsequent effect on income (loss)						(71,179)						49,269						(41,281)						(147,216)
Exchange rate variations on conversion of financial information of the subsidiaries abroad (2)						(42,079)						(33,755)						(174,560)						(139,559)
Realization of exchange variation on investments abroad																								(15,636)
Cash flow hedge						12,882												12,882
Tax effect on cash flow hedge						(7,588)												(7,588)
Items with subsequent effect on income (loss)						(36,785)						(33,755)						(169,266)						(155,195)
Total comprehensive income						1,975,991						1,976,901						7,992,865						13,019,107
Attributable to
Controlling shareholders’						1,990,074						1,969,030						7,993,456						12,996,560
Non-controlling interest						(14,083)						7,871						(591)						22,547

(1) Includes the fair value arising from the measurement of Lenzing Aktiengesellschaft. For the three-month period ended September 30, 2026, the fair value effect amounted to R$(76,202) (R$50,072 for three-month period ended September 30, 2025). As of September 30, 2026 the fair value effect amounted to R$(44,706) (R$(145,142) as of September 30, 2025).

(2) Includes the amounts related to Suzano Packaging LLC, Lenzing Aktiengesellschaft, and Arbex.

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

2

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

			Note						09/30/2026						12/31/2025
ASSETS
CURRENT
Cash and cash equivalents			9						13,406,218						15,179,753
Marketable securities			10						7,781,720						9,932,774
Trade accounts receivable			11						8,469,460						6,560,607
Inventories			12						10,825,515						8,155,847
Recoverable taxes			13						832,163						887,085
Recoverable income taxes			13						1,172,183						659,202
Derivative financial instruments			4.5						4,108,590						1,556,978
Advances to suppliers			14						121,221						76,818
Other assets									1,492,531						858,005
Total current assets									48,209,601						43,867,069
NON-CURRENT
Marketable securities			10						370,135						319,680
Recoverable taxes			13						814,204						945,699
Deferred taxes			16						946,252						1,504,014
Derivative financial instruments			4.5						9,047,545						8,014,683
Advances to suppliers			14						3,294,943						2,788,262
Judicial deposits									414,426						418,301
Call option			4.1.2						803,040
Other assets									438,826						187,102
Biological assets			17						27,490,120						26,097,164
Investments			18						1,002,311						1,194,877
Property, plant and equipment			19						74,971,248						64,296,187
Right of use			23.1						5,588,855						5,331,789
Intangible			20						17,194,958						12,970,692
Total non-current assets									142,376,863						124,068,450
TOTAL ASSETS									190,586,464						167,935,519

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

3

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

			Note						09/30/2026						12/31/2025
LIABILITIES
CURRENT
Trade accounts payable			21						8,728,141						5,141,386
Loans, financing and debentures			22						4,639,876						3,004,905
Lease liabilities			23						971,565						857,810
Derivative financial instruments			4.5						1,192,092						1,205,029
Taxes payable									391,875						240,010
Income taxes payable									380,075						218,238
Payroll and charges									1,497,065						1,132,713
Dividends payable									7,351						1,393,121
Other liabilities									1,206,374						579,659
Total current liabilities									19,014,414						13,772,871
NON-CURRENT
Loans, financing and debentures			22						93,202,971						91,796,352
Lease liabilities			23						6,155,682						6,072,080
Derivative financial instruments			4.5						6,335,857						8,136,320
Taxes payable									49,365
Provision for judicial liabilities			24						2,753,748						2,801,738
Employee benefit plans			25						885,437						741,143
Deferred taxes			16						3,922,347
Share-based compensation plans			26						350,943						332,322
Advances from customers
Other liabilities									470,175						330,520
Total non-current liabilities									114,126,525						110,210,475
TOTAL LIABILITIES									133,140,939						123,983,346
SHAREHOLDERS’ EQUITY			27
Share capital									24,250,120						24,235,546
Capital reserves									81,660						80,742
Treasury shares									(1,690,481)						(1,511,146)
Profit reserves									20,103,660						20,118,234
Accumulated other comprehensive income									600,709						888,669
Retained earnings									8,282,185
Controlling shareholders'									51,627,853						43,812,045
Non-controlling interest									5,817,672						140,128
Total equity									57,445,525						43,952,173
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY									190,586,464						167,935,519

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

4

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

						Note						Share Capital						Capital reserves						Treasury shares						Profit reserves												Accumulated other comprehensive income						Retained earnings						Total controlling shareholders' equity						Non-controlling interest						Total consolidated shareholders' equity
Balances at December 31, 2024												19,235,546						60,226						(1,339,197)						12,978,898												1,348,796												32,284,269						131,306						32,415,575
Net income for the period																																																13,298,971						13,298,971						22,547						13,321,518
Other comprehensive loss																																										(302,411)												(302,411)												(302,411)
Stock options granted						26.2												34,081																																				34,081												34,081
Stock options exercised						26.2												(25,126)						19,969																														(5,157)												(5,157)
Share repurchase						27.2																		(191,918)																														(191,918)												(191,918)
Unclaimed dividends forfeited																																																567						567												567
Additional proposed dividend																																																												(9,800)						(9,800)
Transactions with non-controlling interests																																																												(4,030)						(4,030)
Realization of deemed cost, net of taxes																																										(101,424)						101,424
Balances at September 30, 2025												19,235,546						69,181						(1,511,146)						12,978,898												944,961						13,400,962						45,118,402						140,023						45,258,425
Balances at December 31, 2025												24,235,546						80,742						(1,511,146)						20,118,234												888,669												43,812,045						140,128						43,952,173
Net income for the period																																																8,209,902						8,209,902						(6,490)						8,203,412
Other comprehensive loss																																										(216,446)												(216,446)						5,899						(210,547)
Stock options granted						26.2												27,949																																				27,949												27,949
Stock options exercised						26.2												(27,031)						19,110																														(7,921)												(7,921)
Share repurchase						27.2																		(198,445)																														(198,445)												(198,445)
Unclaimed dividends forfeited																																																769						769												769
Capital increase						27.1						14,574																		(14,574)
Transactions with non-controlling interests						1.2.1																																																						5,678,135						5,678,135
Realization of deemed cost, net of taxes																																										(71,514)						71,514
Balances at September 30, 2026												24,250,120						81,660						(1,690,481)						20,103,660												600,709						8,282,185						51,627,853						5,817,672						57,445,525

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

5

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CASH FLOW

			09/30/2026						09/30/2025
OPERATING ACTIVITIES
Net income for the period			8,203,412						13,321,518
Adjustment to
Depreciation, depletion and amortization			9,383,570						7,948,316
Depreciation of right of use			291,280						277,901
Interest expense on lease liabilities (Note 8)			333,734						347,320
Result from sale and disposal of non-current assets, net (Note 7)			(146,036)						272,228
Loss from associates and joint ventures (Note 18.3)			33,572						268,350
Exchange rate and monetary variations, net (Note 8)			(3,084,709)						(9,527,069)
Interest expenses on financing, loans and debentures (Note 22.3)			4,414,775						4,399,815
Capitalized loan costs (Note 8)			(50,725)						(205,409)
Amortization of transaction costs, premium and discounts (Note 8)			117,573						75,916
Derivative (gains) loss, net (Note 8)			(6,501,811)						(7,431,622)
Premium expenses on early settlements (Note 8)			204,416						89,026
Accrual of interest on marketable securities			(929,622)						(769,940)
Fair value adjustment of biological assets (Note 17)			(1,157,728)						73,248
Deferred income tax and social contribution (Note 16.2)			3,426,100						6,482,713
Interest on actuarial liabilities and cost of current service (Note 25.2)			62,099						59,466
Provision for judicial liabilities, net of reversals (Note 24.1)			66,768						(41,620)
Provision (reversal) for doubtful accounts, net (Note 11.3)			(23,920)						103,502
Provision for inventory losses, net (Note 12.1)			72,469						24,031
Provision for loss of ICMS credits, net (Note 13.1)			29,757						151,669
Other			53,691						65,633
Decrease (increase) in assets
Trade accounts receivable			373,343						1,876,639
Inventories			(20,871)						(730,937)
Recoverable taxes			(362,928)						(334,268)
Other assets			161,063						(128,619)
Increase (decrease) in liabilities
Trade accounts payable			642,961						101,422
Taxes payable			(136,897)						287,155
Payroll and charges			4,427						(164,546)
Other liabilities			(92,181)						(201,628)
Cash generated from operations			15,367,582						16,690,210
Payment of interest on financing, loans and debentures (Note 22.3)			(4,447,630)						(4,753,232)
Capitalized loan costs paid			50,725						205,409
Premium expenses on early settlements			(204,416)						(89,026)
Interest received on marketable securities			825,142						969,141
Payment of income taxes			(197,089)						(229,980)
Cash provided by operating activities			11,394,314						12,792,522

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

6

			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

			09/30/2026						09/30/2025
INVESTING ACTIVITIES
Additions to property, plant and equipment (Note 19)			(2,239,468)						(3,424,570)
Additions to intangible (Note 20)			(452,371)						(59,574)
Additions to biological assets (Note 17)			(5,508,253)						(6,281,750)
Proceeds from sales of property, plant and equipment and biological assets			330,882						114,236
Capital increase (Note 18.3)			(2,500)						(21,979)
Marketable securities, net			2,214,873						5,093,946
Advances for acquisition of wood from operations with development and partnerships			(554,506)						(224,669)
Dividends received			3,854						8,835
Acquisition of other investments									(9,392)
Acquisition of subsidiary, net of acquired cash (Note 1.2.1)			(3,844,390)
Call option purchase (Note 1.2.1)			(805,514)
Cash used in investing activities			(10,857,393)						(4,804,917)
FINANCING ACTIVITIES
Proceeds from loans, financing and debentures (Note 22.3)			3,087,472						22,324,556
Proceeds from derivative transactions (Note 4.5.3)			1,134,652						370,789
Payment of loans, financing and debentures (Note 22.3)			(3,385,149)						(19,600,013)
Payment of leases (Note 23.2)			(1,080,282)						(1,059,908)
Payment of dividends			(1,385,007)						(2,208,158)
Liabilities for assets acquisitions and subsidiaries			(18,415)						(20,668)
Shares repurchased (Note 27.2)			(198,445)						(191,918)
Cash used by financing activities			(1,845,174)						(385,320)
Increase in cash and cash equivalents, net			(1,308,253)						7,602,285
At the beginning of the period			15,179,753						9,018,818
Exchange variation on cash and cash equivalents			(465,282)						(782,237)
At the end of the period			13,406,218						15,838,866
Increase in cash and cash equivalents, net			(1,308,253)						7,602,285

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

7

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

.

1 COMPANY’S OPERATIONS

Suzano S.A. (“Suzano”) and its subsidiaries (collectively the “Company”) is a public company with its headquarters in Brazil, at Professor Magalhães Neto Avenue, No. 1,752 - 10th floor, rooms 1010 and 1011, Pituba District, in the city of Salvador, State of Bahia, and its main business office in the city of São Paulo.

Suzano’s shares are traded on B3 S.A. (“Brasil, Bolsa, Balcão - “B3”), listed in the New Market under the ticker SUZB3, and its American Depositary Receipts (“ADRs”) in a ratio of 1 (one) per common share, Level II, are traded in the New York Stock Exchange (“NYSE”) under the ticker SUZ.

The Company has 37 industrial units, of which 13 are located in Brazil and 24 abroad, operating with a strategic presence in North America, Latin America, Europe, South Africa, Asia, and Oceania.

These units produce hardwood pulp from eucalyptus, coated paper, paperboard, uncoated paper and cut size paper, paper rolls and packages of sanitary paper (consumer goods - tissue) to serve the domestic and foreign markets.

The Company also has 06 technology centers, 04 located in Brazil, 01 in China and 01 in Israel focused on product development and industrial process improvement.

In addition, it has a global logistics structure that supports its commercial and export operations. In Brazil, the Company has 29 distribution centers and 04 ports, strategically located for the distribution of its products. Abroad, the structure consists of approximately 161 distribution centers and terminals, distributed across North America, Central America, South America, Europe, South Africa, Asia and Oceania.

The sale of pulp, paper, and consumer goods products in the international markets is carried out through sales by Suzano, and, primarily, through its subsidiaries and/or representation offices operating on a global scale.

The Company's corporate purpose also includes the cultivation of eucalyptus forests for its own use, operation of port terminals, and holding of interests, as a partner or shareholder, in other companies or enterprises, and the generation and commercialization of electricity produced in the pulp manufacturing process.

The Company is controlled by Suzano Holding S.A., through a voting agreement whereby it holds 48.85% of the common shares of its share capital (48.84% as of December 31, 2025).

This unaudited condensed consolidated interim financial information was authorized by the Board of Directors on November 5, 2026.

8

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

1.1 Equity interests

The Company holds equity interests in the following entities:

																								% equity interest
Entity/Type of investment						Main activity						Country						Functional Currency						09/30/2026						12/31/2025
Consolidated
F&E Tecnologia do Brasil S.A. (Direct)						Biofuel production, except alcohol						Brazil						BRL						100.00		%				100.00		%
Fibria Celulose (USA) Inc. (Direct)						Business office						United States of America						BRL						100.00		%				100.00		%
Fibria Terminal de Celulose de Santos SPE S.A. (Direct)						Port operations						Brazil						BRL						100.00		%				100.00		%
FuturaGene Ltda. (Direct)						Biotechnology research and development						England						BRL						100.00		%				100.00		%
FuturaGene Delaware Inc. (Indirect)						Biotechnology research and development						United States of America						BRL						100.00		%				100.00		%
FuturaGene Israel Ltda. (Indirect)						Biotechnology research and development						Israel						BRL						100.00		%				100.00		%
FuturaGene Inc. (Indirect)						Biotechnology research and development						United States of America						BRL						100.00		%				100.00		%
Maxcel Empreendimentos e Participações S.A. (Direct)						Holding						Brazil						BRL						100.00		%				100.00		%
Itacel - Terminal de Celulose de Itaqui S.A. (Indirect)						Port operations						Brazil						BRL						100.00		%				100.00		%
Mucuri Energética S.A. (Direct)						Power generation and distribution						Brazil						BRL						100.00		%				100.00		%
Paineiras Logística e Transportes Ltda. (Direct)						Road freight transport						Brazil						BRL						100.00		%				100.00		%
Portocel - Terminal Espec. Barra do Riacho S.A. (Direct)						Port operations						Brazil						BRL						51.00		%				51.00		%
Projetos Especiais e Investimentos Ltda. (Direct)						Commercialization of equipment and parts						Brazil						BRL						100.00		%				100.00		%
SFBC Participações Ltda. (Direct)						Packaging production						Brazil						BRL						100.00		%				100.00		%
Suzano Argentina S.A.U (Direct)						Commercialization of paper and computer materials						Argentina						BRL						100.00		%				100.00		%
Suzano Austria GmbH. (Direct)						Business office						Austria						BRL						100.00		%				100.00		%
Suzano Canada Inc. (Direct)						Lignin research and development						Canada						BRL						100.00		%				100.00		%
Suzano Ecuador S.A.S. (Direct)						Business office						Ecuador						BRL						100.00		%				100.00		%
Suzano International Finance B.V. (Direct)						Financial fundraising						Netherlands						BRL						100.00		%				100.00		%
Suzano International Holding B.V. (Direct) (1)						Holding						Netherlands						EUR						100.00		%				100.00		%
FamPro Tissue Holdings B.V. (Arbex) (Indirect) (1)						Holding						Netherlands						EUR						51.00		%
Kimberly-Clark Limited (Indirect) (1)						Industrialization and commercialization of tissue products						United Kingdom						GBP						51.00		%
Kimberly-Clark Europe Limited (Indirect) (1)						Holding, industrialization and comercialization of tissue products						United Kingdom						EUR						51.00		%
FamPro Tissue Finance Co Limited (Indirect) (1)						Financial fundraising						United Kingdom						EUR						51.00		%
FamPro Tissue Argentina S.R.L. (Indirect) (1)						Commercialization of tissue						Argentina						ARS						51.00		%
3-102-947126 S.R.L. (Indirect) (1)						Commercialization of tissue						Costa Rica						CRC						51.00		%
3-102-946801 S.R.L. (Indirect) (1)						Commercialization of tissue products, business office						Costa Rica						CRC						51.00		%
FamPro Tissue El Salvador Ltda. de C.V. (Indirect) (1)						Industrialization and commercialization of tissue products						El Salvador						USD						51.00		%
IFP Guatemala, Comm of Prod Ltda. (Indirect) (1)						Commercialization of tissue products						Guatemala						GTQ						51.00		%
FamPro Tissue Panama S. de R.L. (Indirect) (1)						Commercialization of tissue products						Panama						USD						51.00		%
FamPro Tissue Peru S.R.L. (Indirect) (1)						Industrialization and commercialization of tissue products						Peru						PEN						51.00		%
FamPro Tissue Chile SpA (Indirect) (1)						Commercialization of tissue products						Chile						CLP						51.00		%
Colpapel Tissue S.A.S. (Indirect) (1)						Industrialization and commercialization of tissue products						Colombia						COP						51.00		%
FamPro Tissue Ecuador CIA. LTDA. (Indirect) (1)						Commercialization of tissue products						Ecuador						USD						51.00		%
FamPro Tissue Honduras S.deR.L.de C.V. (Indirect) (1)						Commercialization of tissue products						Honduras						HNL						51.00		%
FamPro Tissue Austria GmbH (Indirect) (1)						Commercialization of tissue products						Austria						EUR						51.00		%
FamPro Tissue Belgium B.V. (Indirect) (1)						Commercialization of tissue products						Belgium						EUR						51.00		%
FamPro Tissue Czech Republic s.r.o. (Indirect) (1)						Commercialization of tissue products						Czechia						EUR						51.00		%
Kimberly-Clark SAS (Indirect) (1)						Industrialization and commercialization of tissue products						France						EUR						51.00		%
FamPro Tissue Germany GmbH (Indirect) (1)						Industrialization and commercialization of tissue products						Germany						EUR						51.00		%
FamPro Tissue Israel (Indirect) (1)						Industrialization and commercialization of tissue products						Israel						ILS						51.00		%
Kimberly-Clark S.R.L. (Indirect) (1)						Industrialization and commercialization of tissue products						Italy						EUR						51.00		%
FamPro Tissue Netherlands B.V. (Indirect) (1)						Commercialization of tissue products						Netherlands						EUR						51.00		%
FamPro Tissue Poland sp. z.o.o. (Indirect) (1)						Commercialization of tissue products, business office						Poland						PLN						51.00		%

9

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

% equity interest

Entity/Type of investment

Main activity

Country

Functional Currency

09/30/2026

12/31/2025

FamPro Tissue Portugal, Unipessoal Lda. (Indirect) (1)

Commercialization of tissue products

Portugal

EUR

51.00

%

FamPro Tissue South Africa (Pty) Ltd. (Indirect) (1)

Industrialization and commercialization of tissue products

South Africa

ZAR

51.00

%

FamPro Tissue Spain, S.L.U. (Indirect) (1)

Industrialization and commercialization of tissue products

Spain

EUR

51.00

%

FamPro Tissue Switzerland GmbH (Indirect) (1)

Commercialization of tissue products

Switzerland

CHF

51.00

%

Kimberly-Clark IFP ANZ Pty. Limited (Indirect) (1)

Industrialization and commercialization of tissue products

Australia

AUD

51.00

%

SK IFP Singapore Pte. Ltd. (Indirect) (1)

Commercialization of tissue products

Singapore

SGD

51.00

%

SK IFP (Hong Kong) Limited (Indirect) (1)

Commercialization of tissue products

Hong Kong

HKD

51.00

%

FamPro Tissue Malaysia Sdn. Bhd. (Indirect) (1)

Industrialization and commercialization of tissue products

Malaysia

MYR

51.00

%

JV FamPro Tissue Malaysia Sdn. Bhd. (Indirect) (1)

Commercialization of tissue products, business office

Malaysia

MYR

51.00

%

SK (Shanghai) Paper Technology Co., Ltd. (Indirect) (1)

Commercialization of tissue products

China

CNY

51.00

%

SK Corporation (Indirect) (1)

Industrialization and commercialization of tissue products

Taiwan

TWD

51.00

%

KC Europe Ltd (Taiwan Branch) (Indirect) (1)

Commercialization of tissue products

Taiwan

TWD

51.00

%

Taiwan Scott Paper Company (Indirect) (1)

Industrialization and commercialization of tissue products

Taiwan

TWD

51.00

%

KC Hygiene Prod. Private Ltd. (Indirect) (1)

Commercialization of tissue products

India

INR

51.00

%

P.T. Kimberly-Clark Indonesia (Indirect) (1)

Commercialization of tissue products

Indonesia

IDR

51.00

%

FamPro Tissue Philippines Inc. (Indirect) (1)

Commercialization of tissue products

Philippines

PHP

51.00

%

Kimberly – Clark Thailand Limited (Indirect) (1)

Industrialization and commercialization of tissue products

Thailand

THB

51.00

%

KC Manufacturing (Thailand) Limited (Indirect) (1)

Industrialization and commercialization of tissue products

Thailand

THB

51.00

%

SK (Shanghai) Paper Technology Co., Ltd. (Beijing Branch) (Indirect) (1)

Commercialization of tissue products

China

CNY

51.00

%

SK (Shanghai) Paper Technology Co., Ltd. (Guangzhou Branch) (Indirect) (1)

Commercialization of tissue products

China

CNY

51.00

%

SK (Shanghai) Paper Technology Co., Ltd. (Chengdu Branch) (Indirect) (1)

Commercialization of tissue products

China

CNY

51.00

%

KC IFP ANZ Pty Ltd (New Zealand Branch) (Indirect) (1)

Commercialization of tissue products

New Zealand

NZD

51.00

%

KC Europe Ltd (Puerto Rico Branch) (Indirect) (1)

Commercialization of tissue products

Puerto Rico

USD

51.00

%

KC Europe Ltd (Dominican Republic branch) (Indirect) (1)

Commercialization of tissue products

Dominican Republic

DOP

51.00

%

Arbex Brasil Ltda. (Indirect) (1)

Business office

Brazil

BRL

51.00

%

Suzano International Trade GmbH. (Direct)

Business office

Austria

BRL

100.00

%

100.00

%

Suzano Packaging LLC (Indirect)

Production of coated and uncoated paperboard, used in the production of Liquid Packaging Board and Cupstock

United States of America

USD

100.00

%

100.00

%

Suzano Material Technology Development Ltd. (Direct)

Biotechnology research and development

China

BRL

100.00

%

100.00

%

Suzano Netherlands B.V. (Direct)

Financial fundraising

Netherlands

BRL

100.00

%

100.00

%

Suzano Operações Industriais e Florestais S.A. (Direct)

Industrialization, commercialization and exporting of pulp

Brazil

BRL

100.00

%

100.00

%

Suzano Pulp and Paper America Inc. (Direct)

Business office

United States of America

BRL

100.00

%

100.00

%

Suzano Pulp and Paper Europe S.A. (Direct)

Business office

Switzerland

BRL

100.00

%

100.00

%

Suzano Shanghai Ltda. (Direct)

Business office

China

BRL

100.00

%

100.00

%

Suzano Shanghai Trading Ltda. (Direct) (2)

Business office

China

BRL

100.00

%

Suzano Singapura Pte. Ltda. (Direct)

Business office

Singapore

BRL

100.00

%

100.00

%

Suzano Trading International KFT(Direct)

Business office

Hungary

BRL

100.00

%

100.00

%

Suzano Ventures LLC (Direct)

Corporate venture capital

United States of America

BRL

100.00

%

100.00

%

Joint operation

Veracel Celulose S.A. (Direct)

Industrialization, commercialization and exporting of pulp

Brazil

BRL

50.00

%

50.00

%

Equity

Allotrope Energy Ltd (Indirect)

Research and development of battery technology based on carbon derived from lignin biomass

England

USD

19.72

%

20.00

%

Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct)

Restoration, conservation and preservation of forests

Brazil

BRL

16.66

%

16.66

%

Muçununga Serviços Ambientais, Restauração e Carbono Ltda. (Indirect)

Restoration, conservation and preservation of forests

Brazil

BRL

8.33

%

8.33

%

Ibema Companhia Brasileira de Papel (Direct)

Industrialization and commercialization of paperboard

Brazil

BRL

49.90

%

49.90

%

10

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

																								% equity interest
Entity/Type of investment						Main activity						Country						Functional Currency						09/30/2026						12/31/2025
Simplifyber, Inc. (Indirect)						Production of consumer goods through the transformation of cellulose-based liquids						United States of America						USD						15.52		%				14.20		%
Spinnova Plc. (Direct) (“Spinnova”)						Research of sustainable raw materials for the textile industry						Finland						EUR						18.75		%				18.76		%
Woodspin Oy (Direct/Indirect) (“Woodspin”) (3)						Development and production of cellulose-based fibers, yarns and textile filaments						Finland						EUR						18.75		%				18.76		%
Spinnova Refining Oy (Indirect) (3)						Industrialization and commercialization of cellulose, microfiber cellulose and paper						Finland						EUR						18.75		%				18.76		%
Fair value through other comprehensive income
Bem Agro Integração e Desenvolvimento S.A. (Indirect)						Software solutions based on artificial intelligence and computer vision for agribusiness						Brazil						BRL						4.58		%				5.82		%
Celluforce Inc. (Direct)						Nanocrystalline pulp research and development						Canada						CAD						8.28		%				8.28		%
Lenzing Aktiengesellschaft (Indirect)						Production of wood-based cellulose fibers						Austria						EUR						15.00		%				15.00		%
Nfinite Nanotechnology Inc. (Indirect)						Research and development of smart nanocoatings						Canada						USD						5.40		%				4.90		%

(1)On July 1, 2026, the Company completed the acquisition of Arbex, as further detailed in Note 1.2.1. The other indirect entities listed subsequently, which came to present a 51% ownership interest in the quarter ended September 30, 2026, refer to the subsidiaries consolidated as a result of this transaction.

(2)On June 29, 2026, the Company completed the liquidation of Suzano Shanghai Trading Ltd.

(3)On October 3, 2025, the transaction with Spinnova Plc was completed, involving the transfer of the Company’s interest in Woodspin Oy and Suzano Finland Oy. Following the transaction, Suzano Finland Oy was renamed Spinnova Refining Oy, and Spinnova became the sole owner (100%) of both entities. The Company, in turn, retained an indirect interest in these companies.

1.2 Major events in the period

1.2.1 Acquisition of an interest in a global Consumer Goods (tissue) business

On July 1, 2026, following the satisfaction of the applicable conditions precedent and the receipt of the required approvals, the Company, through its wholly owned subsidiary Suzano International Holding B.V., completed the acquisition of 51% of the share capital of FamPro Tissue Holdings B.V. ("Arbex"), thereby obtaining exclusive control of the entity as of that date. The Company also acquired a call option (“Call Option”) over the remaining 49% interest held by Kimberly-Clark ("K-C"), which is exercisable at Suzano’s sole discretion from the third anniversary of the execution date of the agreement. The transaction is aligned with the Company’s strategy to expand its operations in the consumer goods segment and strengthen its presence in the global tissue market through the incorporation of complementary operations, brands, production capabilities and distribution channels.

The acquisition comprises K-C’s global consumer goods business related to the manufacturing, marketing, distribution and sale of tissue products in certain jurisdictions across the Americas, Europe, Asia, South Africa and Oceania, excluding North America. The transaction includes 22 production facilities located in 14 countries, as well as the transfer of certain regional brands and the royalty-free licensing of K-C’s global brands to Arbex in the regions covered by the transaction.

As a result of the acquisition, the Consumer Goods business became relevant in the context of the Company’s consolidated operations and has operating and economic characteristics that are distinct from those of the Company’s other businesses. Accordingly, considering its increased significance, the business began to be presented separately as a reportable operating segment. Additional information on the criteria used to identify, measure and reconcile the operating segments is presented in Note 5.

The total consideration paid in the transaction amounted to US$1,293 million (equivalent to R$6,717 million) as of the acquisition date.

11

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

Acquisition-related costs incurred in connection with the business combination totaled R$378,293 (R$295,867 in 2026 and R$82,426 in 2025) and were recognized as expenses in profit or loss for the respective periods under general and administrative expenses.

Arbex has been consolidated prospectively from July 1, 2026. During the three-month period ended September 30, 2026 , Arbex contributed R$4,212,359 to consolidated net revenue and a net loss of R$67,246, of which R$238,623 was attributable to the acquiree's net income for the quarter and R$(305,870) related to the amortization of the net fair value adjustments recognized in the purchase price allocation.

If the acquisition had occurred on January 1, 2026, the acquiree's pro forma contribution to the Company's consolidated results would have amounted to pro forma net revenue of R$12,676,116 and pro forma net income of R$160,754 for the nine-month period ended September 30, 2026. This unaudited pro forma financial information was derived from the simple aggregation of the acquiree's results and does not necessarily represent the results that would have been achieved had the acquisition occurred on January 1, 2026. For purposes of preparing this pro forma information, the amortization of the fair value adjustments arising from the business combination was considered only from July 1, 2026 onward.

The preliminary allocation of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date, recognized in the purchase price allocation process and incorporated into Suzano's consolidated financial statements from the acquisition date, is presented below.

12

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

																		Acquisition-date fair value
Assets
Current
Cash and cash equivalents																		2,068
Inventories																		2,432
Trade accounts receivable																		3,465
Total current assets																		7,965
Non-current
Deferred taxes																		852
Property, plant and equipment																		12,411
Right of use																		384
Intangible																		2,852
Other assets																		218
Goodwill																		1,730
Total non-current assets																		18,447
TOTAL ASSETS																		26,412
Liabilities
Current
Trade accounts payable																		3,564
Lease liabilities																		104
Tax liabilities																		114
Accrued employee compensation																		360
Other liabilities																		1,235
Total current liabilities																		5,377
Non-current
Loans, financing and debentures																		6,904
Lease liabilities																		281
Employee-related obligations																		125
Net deferred tax liabilities																		1,886
Other liabilities																		249
Total non-current liabilities																		9,445
TOTAL LIABILITIES																		14,822
SHAREHOLDERS’ EQUITY																		11,590
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY																		26,412

13

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The acquisition was accounted for as a business combination in accordance with IFRS 3. The preliminary allocation of the consideration transferred to the identifiable assets acquired and liabilities assumed is presented below:

												(amounts expressed in millions of Brazilian reais)
Carrying amount of net assets												5,143
Fair value adjustments
Inventories (1)												286
Property, plant and equipment (2)												5,465
Trademarks and patents (3)												634
Deferred taxes, net (4)												(1,668)
Goodwill (5)												1,730
Fair value of net identifiable assets												11,590
Acquired interest (51%)												5,912
Non-controlling interest (49%)												5,678
Consideration transferred												6,717
Acquisition cost of the call option (6)												(805)
Total consideration transferred in the business combination												5,912

(1)Calculated considering the balance of finished goods based on selling price, net of selling expenses.

(2)Measured based on the analysis of market data from comparable transactions and on cost quantification, derived from the estimated replacement or reproduction cost of the assets.

(3)Other assets include trademark licensing, measured based on projected revenues from products under the valued brands, in accordance with the Relief from Royalty methodology.

(4)Represents the net deferred income tax and social contribution effect recognized on the temporary differences arising from the fair value adjustments to inventories, property, plant and equipment, and trademarks and patents identified in the acquisition.

(5)Goodwill arising from the acquisition is primarily attributable to the expected synergies from the business combination, Arbex's future profitability potential, and other economic benefits that do not individually meet the criteria for separate recognition as identifiable intangible assets. The non-controlling interest was measured at fair value as of the acquisition date. As a result of this accounting policy election, the goodwill recognized reflects the amount attributable to both the controlling and non-controlling shareholders of the acquiree.

(6)The Share Purchase Agreement includes a call option granting the Company the right, but not the obligation, to acquire the entire remaining 49% equity interest in Arbex held by Kimberly-Clark, subject to the contractual terms and conditions. The fair value of the option was estimated using a Monte Carlo simulation model, which considered prospective scenarios for the investee's value and projected EBITDA through the exercise date, as well as assumptions related to volatility, the risk-free rate and contractual adjustments applicable to the determination of the exercise price. The resulting amount was recognized as a separate component of the consideration transferred in the transaction.

The amounts assigned are preliminary and may be adjusted during the measurement period prescribed by the applicable standard, as the Company completes additional valuation procedures and obtains new information about facts and circumstances that existed as of the acquisition date.

1.2.2 Middle East Crisis

The Company continuously monitors the scenario of geopolitical instability in the Middle East and assesses its potential impacts on the macroeconomic environment, the markets in which it operates, and its operations.

14

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The Company has employees and facilities in Israel and has been closely monitoring the local situation, adopting security measures and operational protocols in line with the guidance of the competent authorities.

As of the date these consolidated interim financial information were prepared, no material impacts have been identified on the supply of raw materials, logistics, or customer service. The main effects observed relate to increased volatility in energy and commodity costs, which have been managed through the Company’s customary risk mitigation mechanisms.

Based on the analyses conducted to date, Management considers that there is no evidence of material operational or financial impacts on the Company as of September 30, 2026; however, this assessment may be revised as the situation evolves.

2 BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL INFORMATION

The Company’s unaudited condensed consolidated interim financial information, for the three and nine-month period ended September 30, 2026, are prepared in compliance with the international accounting standard IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and disclose all the applicable significant information related to the financial information, which is consistent with the information used by Management in the performance of its duties.

The Company’s unaudited condensed consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), as well as the amounts of other currencies, when applicable, were also expressed in thousands, unless otherwise stated.

The preparation of unaudited condensed consolidated interim financial information requires Management to make judgments, use estimates and adopt policies in the process of applying accounting practices that affect the disclosed amounts of revenues, expenses, assets and liabilities, including the disclosure of contingent liabilities assumed. However, the uncertainty inherent to these judgments, assumptions and estimates could result in material adjustments to the carrying amount of certain assets and liabilities in future periods.

The Company reviews its judgments, estimates and assumptions continually as disclosed in the annual financial statements for the year ended December 31, 2025 (Note 3.2.19). For the nine-month period ended September 30, 2026, there were no changes in these judgments, estimates and assumptions compared to disclosed on December 31, 2025.

The unaudited condensed consolidated interim financial information was prepared on historical cost basis, except for the following material items recognized:

(i)Derivative and non-derivative financial instruments measured at fair value;

(ii)Share-based payments and employee benefits measured at fair value; and

(iii)Biological assets measured at fair value;

The unaudited condensed consolidated interim financial information has been prepared under the assumption that no material uncertainties exist with respect to events or conditions that may cast significant doubt regarding the Company's capacity to continue operating as going concern.

15

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

3 SUMMARY OF MATERIAL ACCOUNTING POLICIES

The unaudited condensed consolidated interim financial information was prepared based on the information of Suzano and its subsidiaries on the same base date, except for associates Biomas, Simplifyber and Spinnova, as well as in accordance with consistent accounting policies and practices.

The unaudited condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2025, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those disclosed in the consolidated financial statements. Therefore, unaudited condensed consolidated interim financial information focus on new activities, events and circumstances and do not duplicate the information previously disclosed, except when Management judges that the maintenance of the information is relevant.

The accounting policies have been consistently applied to all consolidated companies.

There were no changes on such policies and estimates calculation methodologies, except for the new accounting policies presented in Note 3.1, adopted as of January 1, 2026 which were disclosed in the annual financial statements of December 31, 2025, and for the accounting policy updates presented in Note 3.2, adopted as of July 1, 2026, as a result of the acquisition of Arbex.

3.1 New accounting policies and changes in accounting policies adopted

The new standards and interpretations issued, until the issuance of the Company’s unaudited condensed consolidated interim financial information, are described below.

3.1.1 Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (applicable for annual on/or after January 1, 2026)

On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:

•clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

•clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

•add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

•update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

The Company assessed the content of this pronouncement and did not identify any impacts.

3.2 Accounting policies updated in 2026 as a result of the Arbex acquisition

As a result of the acquisition of Arbex and the incorporation of new operations into Suzano's consolidated operations, the Company introduced or updated certain accounting policies in 2026. The changes relate to:

(i) Translation of financial statements into the functional and presentation currency: the inclusion of Arbex among the foreign subsidiaries whose functional currency is not the Brazilian Real. Arbex’s functional currency is the Euro.

16

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

Additionally, Arbex's investees have different functional currencies, determined based on the primary economic environment in each jurisdiction in which they operate. For consolidation purposes, their financial statements are translated into the Suzano consolidated financial statements' presentation currency in accordance with the applicable accounting standards.

(ii) Segment information: as a result of the acquisition of Arbex's operations, the Consumer Goods segment became significant for segment reporting purposes and is now reported in addition to the Pulp and Paper and Packaging segments previously disclosed (Note 5).

(iii) Financial instruments: the Company supplemented its financial instruments policy to include the criteria applicable to the recognition, measurement and disclosure of financial instruments designated in hedge accounting relationships, in line with the risk management strategies adopted by Suzano. This addition reflects the need to appropriately account for certain hedging transactions entered into by Arbex and does not represent a change in the Company’s financial risk management objectives (Note 4.5.4).

(iv) Material accounting judgments, estimates and assumptions: business combinations have become a matter subject to critical judgments and estimates. The measurement of the fair value of acquired assets and assumed liabilities, as well as the determination of goodwill, involves significant assumptions and the use of information available at the acquisition date. Changes in these assumptions or new information obtained during the measurement period may result in adjustments to the amounts initially recognized (Note 1.2.1).

All other accounting policies remain consistent with those disclosed in the financial statements as of December 31, 2025.

4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

4.1 Financial risks management

4.1.1 Overview

In the nine-month period ended September 30, 2026, there were no transfers of financial instruments between Levels 1, 2 and 3 of the fair value hierarchy and there were no significant changes in the financial risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2025 (Note 4), except for those mentioned in Note 3.2.

The Company maintained its conservative approach and strong cash and marketable securities position, as well as its hedging policy.

4.1.2 Classification

All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:

17

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

			Note						09/30/2026						12/31/2025
Assets
Amortized cost
Cash and cash equivalents			9						13,406,218						15,179,753
Trade accounts receivable			11						8,469,460						6,560,607
Other assets (1)									1,079,301						595,069
									22,954,979						22,335,429
Fair value through other comprehensive income
Investments (2)			18.1						743,848						901,181
									743,848						901,181
Fair value through profit or loss
Derivative financial instruments (3)			4.5.1						13,156,135						9,571,661
Marketable securities (4)			10						8,151,855						10,252,454
Call option (5)			1.2.1						803,040
									22,111,030						19,824,115
									45,809,857						43,060,725
Liabilities
Amortized cost
Trade accounts payable			21						8,728,141						5,141,386
Loans, financing and debentures			22.1						97,842,847						94,801,257
Lease liabilities			23.2						7,127,247						6,929,890
Dividends payable									7,351						1,393,121
Other liabilities (1)									393,944						236,724
									114,099,530						108,502,378
Fair value through other comprehensive income
Derivative financial instruments (3)			4.5.1						15,244
									15,244
Fair value through profit or loss
Derivative financial instruments (3)			4.5.1						7,512,705						9,341,349
									7,512,705						9,341,349
									121,627,479						117,843,727
									75,817,622						74,783,002

(1)Includes only items classified as financial instruments.

(2)Investments in publicly traded companies are classified as Level 1 in the fair value hierarchy and total R$711,601 as of September 30, 2026 (R$865,986 as of December 31, 2025). Investments in privately held companies are classified as Level 3 and total R$32,247 as of September 30, 2026 (R$35,195 as of December 31, 2025).

(3)Financial instruments classified as Level 2 in the fair value hierarchy.

(4)Government securities are financial instruments classified as Level 1 in the fair value hierarchy and total R$ 1,344,419 as of September 30, 2026 (R$1,274,439 as of December 31, 2025). Private securities, investment funds, and other financial investments are classified as Level 2 in the fair value hierarchy and total R$ 6,807,436 as of September 30, 2026 (R$8,978,015 as of December 31, 2025).

(5)Refers to the call option over the remaining equity interest held by non-controlling shareholders, associated with the transaction described in Note 1.2.1 and classified within Level 3 of the fair value hierarchy. The fair value of the option was estimated using a Monte Carlo simulation model, which considered prospective scenarios for the value of the investee, taking into account assumptions related to projected EBITDA, volatility, the risk-free rate, and the contractual adjustments contemplated in determining the exercise price. The measurement is sensitive, among other factors, to the discount rate applied in the valuation model, which may be affected by changes in macroeconomic conditions, perceptions of business risk, and the cost of capital required by market participants. Considering an isolated 1 percentage point change in this rate, with all other assumptions held constant, the fair value of the option would be impacted by R$77,141.

18

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

4.1.3 Fair value of loans and financing

The estimated fair values of loans and financing are set forth below:

			Yield used to discount/methodology						09/30/2026						12/31/2025
Quoted in the secondary market
In foreign currency
Bonds (1)			Secondary Market						37,233,909						42,223,976
Estimated present value
In foreign currency
Export credits (“Prepayment”)			SOFR						16,571,351						18,404,795
Assets Financing			SOFR						193,395						277,172
IFC - International Finance Corporation			SOFR						5,372,365						5,442,675
ECA - Export Credit Agency			SOFR						1,864,955						1,979,202
Panda Bonds - CNY			Fixed						1,976,248						1,964,329
Term Loan Syndicated Facility			EURIBOR						6,818,702
In local currency
BNDES – TJLP			DI 1						32,489						95,167
BNDES – TLP			DI 1						4,211,994						4,193,766
BNDES – Fixed			DI 1						61,115
BNDES – TR			DI 1						85,261						90,356
BNDES – Selic (“Special Settlement and Custody System”)			DI 1						69,750						547,000
BNDES – UMBNDES			DI 1						34,580						253,500
Assets Financing			DI 1						39,066						49,911
Debentures			DI 1/IPCA						11,397,761						10,873,596
NCE (“Export Credit Notes”)			DI 1						107,926						105,865
NCR (“Rural Credit Notes”)			DI 1						5,580,245						5,520,478
CPR ("Rural Product Notes")			DI 1						3,035,723						1,472,697
ECO INVEST – Agroindustrial Credit			DI 1						451,266						334,422
									95,138,101						93,828,907

(1) The fair value presented in the Financial Statements as of December 31, 2025 did not include one of the 2029 Bond series, in the amount of R$ 5,568,313. Considering the inclusion of this amount, the fair value previously reported as of December 31,2025, in the amount of R$ 36,655,663, was revised to R$ 42,223,976.

The book values of loans and financing are disclosed in Note 22.1.

Management considers that, for its other financial assets and liabilities measured at amortized cost, their book values approximate their fair values, and therefore the fair value information is not being presented.

4.2 Liquidity risk management

As disclosed in the financial statements for the year ended December 31, 2025 (Note 4), the Company’s purpose is to maintain a strong cash and marketable securities position to meet its financial and operating commitments. The amount held in cash is intended to cover the expected outflows in the normal course of its operations, while the cash surplus is generally invested in highly liquid financial investments according to the Cash Management Policy.

19

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The cash position is monitored by the Company’s Management, by means of management reports and participation in performance meetings with determined frequencies. During the nine-month period ended September 30, 2026, the variations in cash and marketable securities were as expected, and the cash generated from operations was mostly used for investments and debt service.

All derivative financial instruments were traded over the counter and do not require deposit guarantee margins.

The remaining contractual maturities of financial liabilities are presented as of the balance sheet date. The amounts as set forth below consist of undiscounted cash flow, and include interest payments and exchange rate variations, and therefore may not reconcile with the amounts disclosed in the balance sheet.

																																	09/30/2026
			Book value						Undiscounted cash flow						Up to 1 year						1 - 2 years						2 - 5 years						More than 5 years
Liabilities
Trade accounts payables			8,728,141						8,728,141						8,728,141
Loans, financing and debentures			97,842,847						133,508,868						7,374,277						10,114,333						65,061,024						50,959,234
Lease liabilities			7,127,247						12,004,117						1,638,904						1,347,389						3,323,841						5,693,983
Derivative financial instruments			7,527,949						13,270,486						1,268,117						1,042,840						3,959,783						6,999,746
Dividends payable			7,351						7,351						7,351
Other liabilities			393,944						427,242						172,650						238,424						16,168
			121,627,479						167,946,205						19,189,440						12,742,986						72,360,816						63,652,963

																																	12/31/2025
			Book value						Undiscounted cash flow						Up to 1 year						1 - 2 years						2 - 5 years						More than 5 years
Liabilities
Trade accounts payables			5,141,386						5,141,386						5,141,386
Loans, financing and debentures			94,801,257						136,586,565						5,690,098						16,894,643						46,428,491						67,573,333
Lease liabilities			6,929,890						13,281,230						2,761,632						1,235,951						3,161,325						6,122,322
Derivative financial instruments			9,341,349						13,741,567						1,139,273						849,920						3,815,705						7,936,669
Dividends payable			1,393,121						1,393,121						1,393,121
Other liabilities			236,724						256,992						69,458						111,323						76,211
			117,843,727						170,400,861						16,194,968						19,091,837						53,481,732						81,632,324

4.3 Credit risk management

In the nine-month period ended September 30, 2026, there were no significant changes in the credit risk management policies compared to those disclosed in the annual financial statements for the year ended of December 31, 2025 (Note 4).

4.4 Market risk management

In the nine-month period ended September 30, 2026, there were no significant changes in the market risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2025 (Note 4).

20

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

4.4.1 Exchange rate risk management

As disclosed in the financial statements for the year ended December 31, 2025 (Note 4), the Company enters into US$ selling transactions in the futures markets, including strategies involving options, to ensure attractive levels of operating margins for a portion of revenue. Such transactions are limited to a percentage of the net surplus foreign currency over a 36-month time horizon and therefore, are matched to the availability of currency for sale in the short term.

Additionally, the Company enters into derivative financial instruments linked to other currencies in order to align the foreign exchange index of its debt with the currency in which it generates cash flows, in accordance with its financial risk management policies. The assets and liabilities exposed to foreign currency risk, are presented below:

						Sensitivity analysis Exchange rate risk (Effect on profit or loss)
						Base value Probable 09/30/2026						Possible (25%)						Remote (50%)
Cash and cash equivalents						8,575,216						(2,143,804)						(4,287,608)
Marketable securities						271,405						(67,851)						(135,703)
Trade accounts receivable						6,650,540						(1,662,635)						(3,325,270)
Trade accounts payable						(4,465,489)						(1,116,372)						(2,232,745)
Loans and financing						(70,939,688)						(17,734,922)						(35,469,844)
Other liabilities						(46,252)						(11,563)						(23,126)
Derivative financial instruments
Derivative options						3,013,886						(4,321,580)						(8,588,587)
Derivative swaps						1,855,586						(3,741,488)						(7,441,409)
Derivative Non-Deliverable Forward (‘NDF’) Contracts						8,423						(146,150)						(293,534)
Embedded derivatives						210,360						(152,255)						(304,509)
Commodity derivatives						328,911						(82,259)						(164,493)
Forward contracts						24,893						(120,439)						(240,878)

For market risk analysis, the Company uses scenarios to evaluate both its asset and liability positions in foreign currency, and the possible effects on its results. The probable scenario represents the amounts recognized, as they reflect the conversion into Brazilian Reais on the balance sheet date. For the calculation of the mark-to-market (“MtM”) price, the exchange rate of the last business day of the period is used.

This analysis below assumes that all other variables, particularly the interest rates, remain constant. The other scenarios considered the variation of the Brazilian Real against the US$ by 25% and 50%, before taxes, based on the base scenario on September 30, 2026.

4.4.2 Interest rate risk management

Fluctuations in interest rates could increase or reduce the costs of new loans and existing contracted operations.

The Company is constantly looking for alternatives for the use of financial instruments in order to avoid negative impacts on its cash flow due to fluctuations in interest rates in Brazil or abroad.

21

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

						Sensitivity analysis Interest rate risk (Effect on profit or loss)
						Base value Probable 09/30/2026						Possible (25%)						Remote (50%)
CDI/SELIC
Cash and cash equivalents						2,829,959						(96,572)						(193,145)
Marketable securities						5,489,681						(187,335)						(374,671)
Loans and financing						8,182,406						(279,225)						(558,449)
Derivative financial instruments
Derivative options						3,013,886						(495,011)						(949,434)
Derivative swaps						1,855,585						(512,489)						(924,836)
TJLP
Loans and financing						34,960						(799)						(1,598)
IPCA
Marketable securities						1,344,419						(15,394)						(30,787)
Loans and financing						14,926,206						(170,905)						(341,810)
SOFR
Loans and financing						22,631,659						(220,659)						(441,317)
Derivative swaps						1,812,582						(154,070)						(301,271)
EURIBOR
Loans and financing						6,831,051						(44,692)						(89,384)

For its market risk analysis, the Company uses scenarios to evaluate the sensitivity of changes in operations impacted by the following rates: Interbank Deposit Rate (“CDI”), Long Term Interest Rate (“TJLP”), Long Term Rate ("TLP"), Special System for Settlement and Custody (“SELIC”), SOFR and EURIBOR, which could impact the results. The probable scenario represents the amounts already booked, as they reflect Management’s best estimates.

This analysis assumes that all other variables, particularly exchange rates, will remain constant. The other scenarios considered an exposure of 25% and 50% in market interest rates before taxes.

4.4.2.1 Sensitivity analysis to changes in the consumer price indices of the US economy

For the measurement of the probable scenario, the United States Consumer Price Index (“US-CPI”) was considered on September 30, 2026. The probable scenario was extrapolated considering an appreciation of 25% and 50% in the US-CPI to define the possible and remote scenarios, respectively.

The following table sets out the possible impacts, assuming these scenarios in absolute amounts:

09/30/2026

Effect on profit or loss

Probable (base value)

Possible (25%)

Remote (50%)

Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement

210,360

(31,615)

(68,057)

22

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

4.4.3 Pulp and commodity price risk management

The Company is primarily exposed to the selling prices of pulp and other commodities in the international market. The dynamics of rising and falling production capacities in the global market and macroeconomic conditions may impact the Company´s operating results.

To manage these exposures, the Company continuously monitors hardwood pulp prices and analyses future trends, updating its projections to support the adoption of preventive measures under a range of market scenarios. There is no sufficiently liquid financial market capable of adequately mitigating the risk associated with a significant portion of the Company’s operations. Hardwood pulp price protection instruments available on the market have low volume and high levels of distortion in price formation.

Another significant exposure relates to international oil prices, reflected in export logistical costs, and indirectly in costs of supplies and services. In such cases, the Company evaluates whether to contract derivative financial instruments to mitigate the risk of price variations in its results, in accordance with the Company's hedging policy.

The Company is also exposed to the risk of fluctuations in electricity market prices as a result of a Virtual Power Purchase Agreement (VPPA). The financial settlement of this agreement is determined based on the difference between the contractually agreed price and the prevailing market price of electricity, reflecting movements in market prices. This exposure is monitored in accordance with the Company's risk management guidelines.

4.5 Derivative financial instruments

The Company determines the fair value of derivative contracts, which differ from the amounts realized in the event of early settlement due to bank spreads and market factors at the time of quotation. The amounts presented by the Company are based on an estimate using market factors and use data provided by third parties, measured internally and compared to calculations performed by external consultants and by counterparties.

Details of derivative financial instruments and their respective calculation methodologies are disclosed in the annual financial statements for the year ended December 31, 2025 (Note 4).

23

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

4.5.1 Outstanding derivatives by contract type, including embedded derivatives

The positions of outstanding derivatives are set forth below:

												Notional value (1)												Fair value in R$
						Currency						09/30/2026						12/31/2025						09/30/2026						12/31/2025
Debt hedges
Assets
Swap CDI to Fixed						BRL						12,461,384						8,788,534						2,775,687						2,525,172
Swap SOFR to Fixed						USD						2,330,816						2,400,260						948,548						492,458
Swap IPCA to CDI						BRL						13,945,882						11,059,169						2,069,121						1,549,779
Pre-fixed Swap to CDI						BRL						2,145,863						2,400,000						1,686,589						1,562,789
Swap CDI to SOFR						BRL						3,399,600						3,399,600						808,112						915,431
Swap RMB to Fixed						RMB						2,600,000						2,600,000						597,172						509,116
																								8,885,229						7,554,745
Liabilities
Swap CDI to Fixed						USD						2,345,159						1,635,783						(1,724,042)						(2,686,614)
Swap SOFR to Fixed						USD						2,330,816						2,400,260						(460,741)						(400,210)
Swap IPCA to CDI						BRL						12,964,215						10,466,620						(2,491,014)						(2,210,556)
Pre-fixed Swap to CDI						BRL						2,145,863						2,400,000						(1,221,693)						(1,554,427)
Swap CDI to SOFR						USD						660,171						660,171						(688,371)						(1,080,537)
Swap RMB to Fixed						USD						362,736						362,736						(443,782)						(473,828)
																								(7,029,643)						(8,406,172)
																								1,855,586						(851,427)
Cash flow hedge
Zero Cost Collar (US$ x R$)						USD						4,763,750						6,156,400						3,013,886						979,705
NDF (R$ x US$)						USD						105,000						90,000						8,423						24,355
Forward Contracts						USD						304,000												24,893
																								3,047,202						1,004,060
Commodity Hedge and other
Swap US-CPI (standing wood) (2)						USD						148,782						153,342						210,360						112,058
Zero Cost Collar (Brent)						USD						233,655						359,677						328,911						(33,279)
Power purchase agreement (VPPAs) (3)						USD						154,913												186,127
Swap VLSFO/Brent						USD												1,217												(1,100)
																								725,398						77,679
																								5,628,186						230,312

Current assets																		4,108,590						1,556,978
Non-current assets																		9,047,545						8,014,683
Current liabilities																		(1,192,092)						(1,205,029)
Non-current liabilities																		(6,335,857)						(8,136,320)
																		5,628,186						230,312

(1)The notional amounts reflect exclusively the remaining months of the hedge and do not include the financial settlements that remain outstanding for the subsequent period.

(2)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.

(3)Refers to a virtual power purchase agreement (VPPA), under which financial settlement is determined based on the difference between the contractually agreed price and the market price of electricity.

24

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The variation in the fair values of derivatives on September 30, 2026 compared to the fair values measured on December 31, 2025 are explained substantially by the appreciation of the Brazilian Real against the US$ and by settlements during the period. There were also impacts caused by the variations in the Pre Fixed, Foreign Exchange Coupon and SOFR curves in the operations.

It is important to highlight that the outstanding agreements on September 30, 2026 are over-the-counter market operations, without any type of collateral margin or forced early settlement clause due to variations from market marking.

4.5.2 Fair Value Maturity Schedule (net amounts)

			09/30/2026						12/31/2025
2026			848,821						351,949
2027			2,871,637						674,290
2028			595,737						96,273
2029 onwards			1,311,991						(892,200)
			5,628,186						230,312

4.5.3 Fair value settled amounts

The settled derivatives positions are set forth below:

			09/30/2026						12/31/2025
Cash flow hedge
Zero Cost Collar (US$)			722,045						9,922
NDF (US$)			102,940						(15,388)
NDF (€ x US$)									(26)
Forward Contracts			7,637
			832,622						(5,492)
Commodity Hedge and other
Zero Cost Collar (Brent)			285,428						(712)
			285,428						(712)
Debt hedges
Swap CDI to Fixed (US$)			628,520						408,373
Swap IPCA to CDI (Brazilian Reais)			(434,890)						(321,139)
Swap Pre-Fixed to CDI			(509,820)
Swap RMB to fixed US$									(16,455)
Swap SOFR to SOFR (US$)									1,504
Swap CDI to SOFR (US$)			265,758						212,326
Swap SOFR to Fixed (US$)			67,034						252,250
			16,602						536,859
			1,134,652						530,655

25

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

4.6 Cybersecurity

Suzano has a Public Information Security Policy, which aims to establish guidelines regarding cyber security management and controls at Suzano, seeking to mitigate vulnerabilities, preserve and protect assets, mainly information and personal data, in accordance with current laws, regulations and contractual obligations, covering the confidentiality, integrity, availability, authenticity and legality of information. The Policy establishes responsibilities to avoid damages, which may represent financial impacts, image and reputation, exposure of information, interruption of operations, among other damages due to cyber-attacks.

For the nine-month period ended September 30, 2026, no material incidents associated with cybersecurity were identified that could affect the confidentiality, integrity and/or availability of the systems used by the Company.

4.7 Climate change

In the annual financial statements for the year ended December 31, 2025, the Company disclosed information on the risks and opportunities related to climate change and its sustainability strategy. In the nine-month period ended September 30, 2026, there were no significant changes in these risks. The update, during the period, to the status of sustainability targets linked to financial instruments—reflecting the achievement of the target for women in leadership positions and the non‑achievement of the GHG emissions intensity target—resulted mainly in the application of a 25‑basis‑point step‑up in the interest rate of the 2031 SLB, from 3.75% to 4.00%, effective June 16, 2026. The water withdrawal intensity target remains under measurement, with verification expected by the end of the 2026 fiscal year.

4.8 Capital management

The main objective is to strengthen the Company’s capital structure, aiming to maintain an appropriate level of financial leverage while mitigating risks that could affect the availability of capital for business development.

The Company continuously monitors significant indicators, such as consolidated financial leverage, which is the ratio of total net debt to adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”).

26

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

5 SEGMENT INFORMATION

5.1 Criteria for identifying operating segments

The Company’s chief operating decision maker ("CODM"), comprising the Board of Directors and the Board of Statutory Executive Officers, evaluates the performance of the Company’s operating segments based on Adjusted EBITDA.

Until June 30, 2026, the Company reported two operating segments: (i) Pulp; and (ii) Paper and Packaging. As a result of the acquisition described in Note 1.2.1, the Consumer Goods business increased in significance and began to meet the quantitative thresholds for separate disclosure set forth in IFRS 8. Accordingly, beginning on July 1, 2026, Consumer Goods, which had previously been aggregated within the Paper and Packaging segment, has been presented separately as a reportable segment.

The Company’s reportable segments are as follows:

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

ii)Paper and Packaging: comprises the production and sale of paper and packaging products for domestic and foreign markets.

iii)Consumer Goods (Tissue): comprises the production and sale of personal care and consumer tissue products for domestic and foreign markets.

The information attributed to the Company’s segments are measured consistently with the practices historically adopted by the Company. For purposes of evaluating segment performance, the results of the Pulp segment and the Paper and Packaging segment consider the cost of pulp. In turn, the tail price methodology (market reference price) is used specifically for transactions involving the transfer of pulp to the Consumer Goods (Tissue) segment.

As this methodology reflects the manner in which the Company's chief operating decision maker ("CODM") assesses business performance, certain amounts of net sales and cost of sales for the Pulp and Consumer Goods (Tissue) segments differ from those previously presented due to the elimination of intersegment transactions. This change, however, had no impact on the previously reported consolidated amounts.

5.2 Information of operating segments

																											09/30/2026
			Pulp (1)						Paper and Packaging (1)						Consumer Goods (1)						Intersegment eliminations (1) (2)						Total
Net sales			27,075,152						6,515,817						6,429,653						(946,529)						39,074,093
Cost of sales			(19,663,237)						(5,143,043)						(5,179,127)						819,125						(29,166,282)
Adjusted EBITDA			13,257,622						950,031						961,675						(210,391)						14,958,937
Adjustments to EBITDA (*)																											883,075
Depreciation, depletion and amortization																											(9,674,850)
Financial result																											5,752,130
Net income before taxes																											11,919,292

27

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

																											09/30/2025
			Pulp (1)						Paper and Packaging (1)						Consumer Goods (1)						Intersegment eliminations (1) (2)						Total
Net sales			28,522,725						6,937,020						2,115,443						(573,227)						37,001,961
Cost of sales			(18,827,677)						(5,053,379)						(1,483,223)						573,227						(24,791,052)
Adjusted EBITDA			14,492,827						1,400,803						259,858												16,153,488
Adjustments to EBITDA (*)																											(823,557)
Depreciation, depletion and amortization																											(8,226,217)
Financial result																											13,172,959
Net income before taxes																											20,276,673

(1)As described in Note 1.2.1, following the acquisition of Arbex and the resulting increase in the financial significance of the Consumer Goods operating segment, the segment became reportable under IFRS 8, Operating Segments. Accordingly, the Consumer Goods segment is now presented separately in the Company’s segment disclosures. The information disclosed for this segment reflects the Tail Price methodology applied to the measurement of transactions involving pulp used in the manufacture of tissue products, based on a market reference price. The comparative segment information has been recast to reflect the separate presentation of this reportable segment and the application of the Tail Price methodology, ensuring consistency and comparability with the presentation adopted in the current period (as originally presented at September 30, 2025: Pulp – net sales – R$27,949,498 | Pulp – cost of sales – R$(18,535,613) | Pulp – adjusted EBITDA – R$14,093,769 | Paper – net sales – R$9,052,463 | Paper – cost of sales – (R$6,255,439) | Paper – adjusted EBITDA – R$2,059,719).

(2)Intersegment eliminations do not represent an operating segment. For the nine-month period ended September 30, 2026, the amounts presented in this column comprise: (i) the elimination of intersegment revenue and corresponding costs; (ii) the elimination of unrealized profits on intersegment transactions; and (iii) reconciliation adjustments arising from the tail-price mechanism. These adjustments impact the allocation of net sales, cost of sales and Adjusted EBITDA across the operating segments and are fully eliminated upon consolidation, with no effect on consolidated results.

						09/30/2026						09/30/2025
(*) Adjustments to EBITDA
Fair Value - Biological Asset						1,157,728						(73,248)
Loss from associates and joint ventures						(33,572)						(268,350)
Impairment of subsidiaries (1)												(88,871)
Income (loss) on disposal and write-off of non-current assets						146,036						(183,356)
(Provision)/Reversals for losses on ICMS credits (note 13.1)						(29,756)						(151,669)
Expenses on Asset Acquisition and Business Combinations (2)						(295,867)						(41,423)
Restructuring expenses (3)						(64,219)						(106)
Others (4)						2,725						(16,534)
						883,075						(823,557)

(1)Refers to the impairment of the investment in the subsidiary Suzano Finland Oy and the joint venture Woodspin 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.

28

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

5.2.1 Net Sales by geographic region

															09/30/2026
			Pulp						Paper and Packaging						Consumer Goods
Geographic Region (1)
Domestic market (Brazil)			1,823,420						3,267,655						2,192,426
Asia and Oceania			12,213,307						26,363						1,124,468
Europe			7,539,584						276,934						2,084,954
North America			4,989,032						2,262,555
South America and Central America			393,414						650,790						875,455
South Africa			116,395						31,520						152,350
Total geographic information			27,075,152						6,515,817						6,429,653

															09/30/2025
			Pulp						Paper and Packaging						Consumer Goods
Geographic Region (1)
Domestic market (Brazil)			1,939,868						3,251,247						2,097,729
Asia and Oceania			13,312,386						30,749
Europe			7,931,962						263,754
North America			4,864,271						2,564,390
South America and Central America			466,587						795,350						17,714
South Africa			7,651						31,530
Total geographic information			28,522,725						6,937,020						2,115,443

(1)Geographic information is presented on the same measurement basis as the segment information regularly reviewed by the Company’s chief operating decision maker (“CODM”). This measurement basis includes intersegment transactions, which are eliminated upon consolidation. Additionally, the comparative information for September 30, 2025, has been recast to incorporate the tail price methodology and the new reportable segment.

5.2.2 Net sales by product

						09/30/2026						09/30/2025
Products
Market pulp (1)						27,075,152						28,522,725
Printing and writing paper						3,844,689						3,870,255
Paperboard						2,646,317						3,036,987
Consumer Goods						6,429,653						2,115,443
Other						24,811						29,778
Intersegment eliminations (2)						(946,529)						(573,227)
						39,074,093						37,001,961

(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 September 30, 2025).

(2)Intersegment eliminations do not represent an operating segment. For the nine-month period ended September 30, 2026, the amounts presented in this column comprise: (i) the elimination of intersegment revenue and corresponding costs; (ii) the elimination of unrealized profits on intersegment transactions; and (iii) reconciliation adjustments arising from the tail price methodology. These adjustments impact the allocation of net sales, cost of sales and Adjusted EBITDA across the operating segments and are fully eliminated upon consolidation, with no effect on consolidated results. Additionally, the comparative information for September 30, 2025, has been recast to incorporate the tail price methodology and the new reportable segment.

29

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

5.3 Main customers

On September 30, 2026, the Company had 1 (one) customer responsible for 10.80% (11.06% on September 30, 2025) of the net sales of Pulp segment and 1 (one) customer responsible for 16.40% (10.70% on September 30, 2025) of the net sales of the Paper and Packaging segment. In the Consumer Goods (Tissue) segment, no customer represented 10.00% or more of net sales revenue on September 30, 2026 and 2025.

5.4 Goodwill based on expected future profitability

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:

						09/30/2026						12/31/2025
Pulp						7,897,051						7,897,051
Consumer Goods						2,020,667						290,191
						9,917,718						8,187,242

6 NET SALES

						09/30/2026						09/30/2025
Gross sales						49,865,656						44,717,590
Sales deductions
Returns and cancellations						(162,670)						(102,022)
Discounts and rebates						(8,975,411)						(5,930,234)
						40,727,575						38,685,334
Taxes on sales						(1,653,482)						(1,683,373)
Net sales						39,074,093						37,001,961

30

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

7 INCOME (EXPENSES) BY NATURE

						09/30/2026						09/30/2025
Cost of sales (1)
Personnel expenses						(1,749,978)						(1,655,870)
Costs of raw materials, materials and services						(12,245,087)						(10,193,836)
Logistics cost						(4,773,756)						(4,583,146)
Depreciation, depletion and amortization						(8,858,204)						(7,410,834)
Other						(1,539,257)						(947,366)
						(29,166,282)						(24,791,052)
Selling expenses
Personnel expenses						(264,317)						(281,771)
Services						(195,055)						(184,625)
Logistics cost						(1,225,448)						(1,077,476)
Depreciation and amortization						(737,935)						(727,420)
Other (2)						(348,871)						(171,801)
						(2,771,626)						(2,443,093)
General and administrative expenses
Personnel expenses						(1,463,647)						(1,217,486)
Services						(583,700)						(406,502)
Depreciation and amortization						(135,443)						(95,173)
Other (3)						(202,994)						(266,809)
						(2,385,784)						(1,985,970)
Other operating (expenses) income, net
Results from sales of other products, net						129,171						85,309
Net result on disposal and write-off of non-current assets						146,036						(272,228)
Result on fair value adjustment of biological assets						1,157,728						(73,248)
Depreciation, amortization and other PPA realizations (4)						56,732						7,210
Provision for judicial liabilities						(110,489)						(155,276)
Other operating income, net (5)						71,155						(1,549)
						1,450,333						(409,782)

(1)Includes R$935,616 related to maintenance downtime costing (R$485,199 as at September 30, 2025).

(2)Includes expected credit losses, insurance, materials for use and consumption, travel, accommodation, trade fairs and events.

(3)Includes, substantially corporate expenses, insurance, materials for use and consumption, social programs and donations, travel and accommodation.

(4)Refers, substantially, to the write-off of contingent liabilities assumed in Fibria's PPA as disclosed in note 24.1.

(5)In 2026, this amount primarily relates to the recognition of tax credits pertaining to prior periods.

31

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

8 NET FINANCIAL RESULT

						09/30/2026						09/30/2025
Financial expenses
Interest on loans, financing and debentures (1)						(4,364,050)						(4,194,406)
Premium expenses on early settlements (2)						(204,416)						(89,026)
Amortization of transaction costs						(117,573)						(75,916)
Interest expenses on lease liabilities (3)						(333,734)						(347,320)
Other						(333,900)						(363,271)
						(5,353,673)						(5,069,939)
Financial income
Cash and cash equivalents and marketable securities						1,382,280						1,144,245
Other						137,003						139,962
						1,519,283						1,284,207
Results from derivative financial instruments
Income						9,798,516						9,008,280
Expenses						(3,296,705)						(1,576,658)
						6,501,811						7,431,622
Monetary and exchange rate variations, net
Exchange rate variations on loans, financing and debentures						3,588,489						10,914,087
Leases						144,326						381,893
Other assets and liabilities (4)						(648,106)						(1,768,911)
						3,084,709						9,527,069
Net financial result						5,752,130						13,172,959

(1)Excludes R$50,725 arising from capitalized loan costs (R$205,409 as at September 30, 2025).

(2)R$121,752 related to the costs of early termination of the pre‑approved and undrawn credit facility with Finnvera.

(3)Includes R$201,609 eliminated resulting from the reclassification to the biological assets item for inclusion in the cost of formation (R$200,177 in the Consolidated as of September 30, 2025).

(4)Includes effects of exchange rate variations of trade accounts receivable, trade accounts payable, cash and cash equivalents, marketable securities and others.

9 CASH AND CASH EQUIVALENTS

			Average yield p.a. %						09/30/2026						12/31/2025
Cash and banks (1)			3.71		%				9,481,241						9,881,326
Cash equivalents
Local currency
Fixed-term deposits			101.39		% of CDI				2,829,959						3,204,403
Foreign currency
Fixed-term deposits (2)			2.58%						1,095,018						2,094,024
									13,406,218						15,179,753

(1)Refers mainly to investments in foreign currency under the Sweep Account program, which is a remunerated account the balance of which is invested and made available automatically each day.

(2)Refers to Time Deposit investments, with maturities of up to 90 days, which are remunerated bank deposit with a specific maturity period and are subject to an insignificant risk of changes in value.

32

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

10 MARKETABLE SECURITIES

			Average yield p.a. %						09/30/2026						12/31/2025
In local currency
Private funds			97.75% of CDI						541,111						526,526
Private Securities ("CDBs")			101.32% of CDI						4,599,861						7,045,434
Public Securities			IPCA + 6.15		%				1,344,419						1,274,439
CDBs - Escrow Account (1)			99.55% of CDI						348,709						319,680
Public Securities - Instituto de Crédito Oficial (ICO)			12.06%						1,031,026						633,428
Other			TR + 6.00%						15,324						25,618
									7,880,450						9,825,125
Foreign currency
Time deposits (2)			4.41%						259,551						421,291
Other									11,854						6,038
									271,405						427,329
									8,151,855						10,252,454
Current									7,781,720						9,932,774
Non-Current									370,135						319,680

(1)Refers to escrow accounts, which will be released only after obtaining the applicable governmental approvals, and pending compliance by the Company with the conditions precedent in transactions involving the sale of rural properties.

(2)Refers to Time Deposit investments, with maturities over 90 days, which are remunerated bank deposits with specific maturity periods.

11 TRADE ACCOUNTS RECEIVABLE

11.1 Breakdown of balances

			09/30/2026						12/31/2025
Domestic customers
Third parties			1,863,668						1,918,437
Related parties (Note 15.1) (1)			55,442						68,209
Foreign customers
Third parties			6,650,540						4,705,509
Expected credit losses (ECL)			(100,190)						(131,548)
			8,469,460						6,560,607

(1)The balance refers to transactions with Ibema Companhia Brasileira de Papel.

33

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The Company carries out factoring transactions for certain customer receivables where it transfers the control of all risks and rewards related to these receivables to the counterparty, so these receivables are derecognized from accounts receivable in the balance sheet. This transaction refers to an additional cash generation opportunity which can be discontinued at any time without significant impacts on the Company's operation and is therefore classified as a financial asset measured at amortized cost. The decision to assign the receivables is continuously reassessed based on market conditions and the Company's cash flow strategy, meaning that the volume of discounts may vary over time. The impact of these factoring transactions on the accounts receivable as of September 30, 2026, was R$6,672,134 (R$6,616,450 as of December 31, 2025).

11.2 Breakdown of trade accounts receivable by maturity

			09/30/2026						12/31/2025
Current			7,291,657						5,794,713
Overdue
Up to 30 days			599,405						465,967
From 31 to 60 days			286,324						89,398
From 61 to 90 days			37,659						44,305
From 91 to 120 days			45,841						21,225
From 121 to 180 days			88,177						45,072
From 181 days			120,397						99,927
			8,469,460						6,560,607

11.3 Roll-forward of expected credit losses

			09/30/2026						12/31/2025
Opening balance			(131,548)						(30,300)
(Provisions)/Reversals, net			23,920						(119,417)
Write-offs			13,028						16,937
Acquisition of subsidiaries (Note 1.2.1)			(11,783)
Exchange rate variations			6,193						1,232
Closing balance			(100,190)						(131,548)

The Company maintains guarantees for overdue receivables as part of its commercial operations, through credit insurance policies, letters of credit and other guarantees. These guarantees avoid the need to recognize expected credit losses, in accordance with the Company's credit policy.

34

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

12 INVENTORIES

			09/30/2026						12/31/2025
Finished goods
Pulp
Domestic			952,428						644,881
Foreign			2,076,329						1,713,394
Paper and Packaging
Domestic			561,076						423,823
Foreign			327,626						507,836
Consumer Goods
Domestic			224,400						163,393
Foreign			1,145,268						163
Work in process			424,991						113,212
Raw materials
Wood			2,233,951						2,267,720
Operating supplies and packaging			1,009,460						1,037,696
Spare parts and other			2,147,469						1,491,820
Estimated losses			(277,483)						(208,091)
			10,825,515						8,155,847

12.1 Roll-forward of estimated losses

			09/30/2026						12/31/2025
Opening balance			(208,091)						(97,934)
(Provisions)/Reversals, net			(72,469)						(141,635)
Write-offs			37,978						31,478
Acquisition of subsidiaries (Note 1.2.1)			(38,481)
Exchange rate variations			3,580
Closing balance			(277,483)						(208,091)

On September 30, 2026 and 2025, there were no inventory items pledged as collateral.

35

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

13 RECOVERABLE TAXES

			09/30/2026						12/31/2025
Income taxes			1,224,415						706,048
PIS/COFINS – operations and property, plant and equipment acquisitions (1)			592,078						696,503
PIS/COFINS – exclusions from ICMS (2)			266,835						324,819
ICMS – on acquisitions of property, plant and equipment (3)			400,503						472,382
ICMS – operations (4)			1,987,637						1,889,151
Reintegra program (5)			82,736						58,790
Other taxes and contributions			69,216						119,406
Provision for loss on ICMS credits (6)			(1,804,870)						(1,775,113)
			2,818,550						2,491,986
Current			2,004,346						1,546,287
Non-current			814,204						945,699

(1)Social Integration Program (“PIS”) and Social Security Funding Contribution (“COFINS”): Credits whose realization is based on the years of depreciation of the corresponding asset.

(2)The Company and its subsidiaries filed lawsuits over the years seeking the exclusion of ICMS from the PIS and COFINS contribution tax basis, in relation to certain transactions during various periods from March 1992.

(3)Tax on Sales and Services (“ICMS”): Credits from the acquisition of property, plant and equipment are recovered on a straight-line basis over a four-year period, from the acquisition date, in accordance with the relevant regulation, the ICMS Control on Property, Plant and Equipment (“CIAP”).

(4)ICMS credits accrued due to the volume of exports and credit generated from product import transactions: Credits are concentrated in the States of Espírito Santo, Maranhão, Mato Grosso do Sul e São Paulo, where the Company realizes the credits through the sale of credits to third parties, after approval from the State Ministry of Finance of each State. Credits are also being realized through the consumption of paper and consumer goods transactions in the domestic market.

(5)Special Regime of Tax Refunds for Export Companies ("Reintegra"): Reintegra is a program that aims to refund the residual costs of taxes paid throughout the export chain to taxpayers, to make them more competitive in foreign markets.

(6)Related to provisions for ICMS credit balances that are not probable to be recovered.

13.1 Provision for loss on ICMS credits

												ICMS
						09/30/2026						12/31/2025
Opening balance						(1,775,113)						(1,581,961)
Addition						(164,110)						(374,166)
Reversal (1)						134,353						181,014
Closing balance						(1,804,870)						(1,775,113)

(1)Refers mainly to the reversal of the provision for loss resulting from the recovery of ICMS credits through sale to third parties.

14 ADVANCES TO SUPPLIERS

						09/30/2026						12/31/2025
Advances and forestry programs						3,294,943						2,788,262
Advances to suppliers - others						121,221						76,818
						3,416,164						2,865,080
Current						121,221						76,818
Non-current						3,294,943						2,788,262

In the annual financial statements for the year ended December 31, 2025, the characteristics of the advances were disclosed, which did not change during the nine-month period ended September 30, 2026.

36

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

15 RELATED PARTIES

The Company's commercial and financial transactions with the controlling shareholder and Companies owned by the controlling shareholder Suzano Holding S.A. ("Suzano Group") were carried out in accordance with the corporate governance practices adopted by the Company, as well as those recommended and/or required by the applicable legislation.

The transactions refer mainly to:

Assets: (i) accounts receivable from the sale of Pulp, Paper and Packaging, Consumer Goods and other products; (ii) dividends receivable; (iii) reimbursement for expenses; and (iv) social services;

Liabilities: (i) loan agreements;(ii) reimbursement for expenses; (iii) social services; (iv) real estate consulting; and (v) dividends payable.

Amounts in the statements of income: (i) sale of Pulp, Paper and Packaging, Consumer Goods and other products; (ii) loan charges and exchange variation; (iii) social services and (vi) real estate consulting.

For the nine-month period ended September 30, 2026, there were no material changes in the terms of the agreements, deals and transactions entered into, nor were there any new contracts, agreements or transactions of any different nature entered into between the Company and its related parties, as disclosed in the financial statements for the year ended December 31, 2025.

37

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

15.1 Balances recognized in assets and liabilities and amounts of transactions during the year

						Assets												Liabilities												Sales (purchases), net
						09/30/2026						12/31/2025						09/30/2026						12/31/2025						09/30/2026						09/30/2025
Transactions with majority shareholders
Suzano Holding S.A.						64												(1,718)						(412,146)						(48)						(336)
Controller																		(893)						(219,817)
Related persons																		(146)						(36,053)
Alden Fundo de Investimento em Ações																		(124)						(30,444)
						64												(2,881)						(698,460)						(48)						(336)
Transactions with associates and joint operations
Management						576						914																		1,775						375
Bexma Participações Ltda.						23						6						(15)												19						11
Naman Capital Ltda.						35												(2)												52						5
Civelec Participações Ltda.						1,930						2,895
Fundação Arymax						22						5						(4)												18						8
Ibema Companhia Brasileira de Papel (1)						55,442						68,209						(2,039)						(658)						106,996						146,503
Instituto Ecofuturo - Futuro para o Desenvolvimento Sustentável						4						2																		(2,474)						(3,730)
IPLF Holding S.A.						2												(2)												3						4
Mabex Representações e Participações Ltda.																		(953)						(16)						(3,170)						(1,022)
Nemonorte Imóveis e Participações Ltda.																								(7)						(88)						(134)
Woodspin Oy																														(321)						625
						58,034						72,031						(3,015)						(681)						102,810						142,645
						58,098						72,031						(5,896)						(699,141)						102,762						142,309
Assets
Trade accounts receivable (Note 11)						55,442						68,209
Other assets						2,656						3,822
Liabilities
Trade accounts payable (Note 21)																		(3,015)						(681)
Dividends payable																		(2,837)						(698,460)
Other liabilities																		(44)
						58,098						72,031						(5,896)						(699,141)

(1)Refers mainly to the sale of pulp.

38

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

15.2 Management compensation

The amounts presented correspond to expenses related to the compensation of key management personnel, including the Board of Directors, the Fiscal Council, and the Statutory Executive Board, recognized in profit or loss on an accrual basis, encompassing the recognition and reversal of related provisions and, therefore, not necessarily reflecting the cash disbursements made during the period.

						09/30/2026						09/30/2025
Short-term benefits
Salary or compensation						27,795						32,767
Direct and indirect benefits						1,119						836
Bonus						11,082						20,149
						39,996						53,752
Long-term benefits
Share-based compensation plan						14,458						45,658
						14,458						45,658
Payroll charges
Payroll charges						12,548						32,429
						12,548						32,429
						67,002						131,839

Short-term benefits include fixed compensation (salaries and fees, vacation pay, mandatory bonus and “13th month’s salary” bonus), payroll charges (Company’s share of contributions to social security – “INSS”) and variable compensation such as profit sharing, bonuses and benefits (health plan, meal voucher, market voucher, life insurance and private pension plan).

Long-term benefits include Phantom Share plans (PS), Performance Shares, and Share Appreciation Rights (SARs) granted to executives and key members of Management, in accordance with the respective plan regulations, as disclosed in Note 26.

(i) The variations are primarily attributable to a reduction in the number of executives, resulting in the recognition of termination benefits and the reversal of previously accrued short-term and long-term employee benefits.

16 INCOME AND SOCIAL CONTRIBUTION TAXES

The Company management believes in the validity of the provisions of international treaties entered by Brazil to avoid double taxation. In order to ensure its right to non-double taxation, the Company filed a lawsuit in April 2019, which aims to exempt the double taxation in Brazil, of profits earned by its subsidiary located in Austria, according to Law No. 12,973/14. Due to the preliminary injunction granted in favor of the Company in the aforementioned lawsuit, the Company decided not to add the profit from Suzano International Trade GmbH, located in Austria, when determining its taxable income and social contribution basis of the net profit of the Company for the nine-month period ended September 30, 2026. There is no provision for tax related to the non-double taxation profits of such subsidiary in 2026.

39

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

16.1 Deferred taxes

16.1.1 Deferred income and social contribution taxes

						09/30/2026						12/31/2025
Tax loss						1,293,293						982,480
Negative tax basis						426,281						381,600
Assets - temporary differences
Provision for judicial liabilities						299,828						269,757
Operating provisions						593,374						559,288
Provisions for other losses						665,947						619,567
Employee benefit plans						327,414						251,990
Exchange rate variations						1,875,215						3,443,822
Business Combination - Goodwill and Fair Value Adjustments						802,887						620,973
Unrealized profit on inventories						304,730						237,740
Leases (2)						519,046						541,431
Tax step-up and other temporary differences in assets (1)						1,034,907
Other Temporary Differences						226,712
						8,369,634						7,908,648
Liabilities - temporary differences
Business Combination - Goodwill and Fair Value Adjustments (1)						3,954,117						2,191,583
Deemed cost, accelerated depreciation, and other assets						3,457,578						2,592,333
Fair value of biological assets						1,544,900						1,425,535
Tax credits						95,775						115,003
Derivatives gains (2)						1,822,724						66,308
Provision of deferred taxes on results of subsidiaries abroad						201,077
Other temporary differences						269,558						13,872
						11,345,729						6,404,634
Non-current assets						946,252						1,504,014
Non-current liabilities						3,922,347

(1)It primarily relates to deferred tax effects arising from the acquisition of Arbex (Note 1.2.1), including the balances incorporated from the acquiree's opening balance sheet at the acquisition date and the deferred taxes recognized as part of the purchase price allocation (PPA) process.

(2)The Company presents a net balance of derivatives and leases, as gains and losses from deferred taxes are offset simultaneously. For the derivatives line, the taxable temporary difference was R$4,473,086 and deductible temporary difference of R$2,650,362 (taxable temporary difference was R$3,065,768 and deductible temporary difference of R$3,001,133 as of December 31, 2025). For the lease line, the taxable temporary difference was R$1,900,211 and deductible temporary difference was R$2,516,524 (taxable temporary difference was R$1,767,605 and deductible temporary difference was R$2,309,036 as of December 31, 2025).

16.1.2 Breakdown of accumulated tax losses and social contribution tax losses carried forward

						09/30/2026						12/31/2025
Tax loss carried forward						5,283,173						3,929,920
Negative tax basis of social contribution carried forward						4,736,456						4,240,000

40

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

16.1.3 Roll-forward of deferred tax

						09/30/2026						12/31/2025
Opening balance						1,504,014						7,971,419
Tax loss						310,813						185,649
Negative tax basis						44,681						74,457
Provision for judicial liabilities						30,071						(55,116)
Operating provisions						(465,987)						12,331
Provisions for other losses						(9,022)						72,325
Employee benefit plans						59,970						657
Exchange rate variation (1)						(1,568,607)						(3,941,212)
Derivative (gains) losses (“MtM”) (1)						(1,756,416)						(2,297,143)
Business Combination - Goodwill and Fair Value Adjustments						(546,815)						(264,327)
Acquisition of subsidiaries (Note 1.2.1)						(1,033,805)
Unrealized profit on inventories						66,990						(301,417)
Provision for Inventory Losses						(47,205)						37,179
Leases						(22,386)						(65,513)
Deemed cost, accelerated depreciation, and other assets						(135,794)						155,673
Fair value of biological assets						(119,365)						(108,440)
Business Combination - Goodwill and Fair Value Adjustments						872,119
Provision of deferred taxes on results of subsidiaries abroad						(201,077)
Tax credits						19,228						22,925
Other temporary differences						22,498						4,567
Closing balance						(2,976,095)						1,504,014

(1) Refers substantially to the effects of the appreciation of the Brazilian real against the U.S. dollar during the period, impacting the measurement of foreign currency-denominated assets and liabilities, as well as derivative instruments contracted to manage foreign exchange exposure.

41

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

16.2 Reconciliation of the effects of income tax and social contribution on profit or loss

						09/30/2026						09/30/2025
Net income (loss) before taxes						11,919,292						20,276,673
Income tax and social contribution benefit (expense) at statutory nominal rate of 34%						(4,052,559)						(6,894,069)
Tax effect on permanent differences
Impact of the taxation difference on profit of associates in Brazil and abroad (1)						34,062						(330,497)
Equity method						(10,429)						(41,185)
Credit related to Reintegra Program						8,219						8,645
Director bonuses						(1,308)						(26,950)
Tax incentives (Note 16.3)						161,194						263,762
Other permanent exclusions						144,941						65,139
						(3,715,880)						(6,955,155)
Income tax
Current						(182,605)						(368,239)
Deferred						(2,495,345)						(4,753,737)
						(2,677,950)						(5,121,976)
Social Contribution
Current						(107,175)						(104,203)
Deferred						(930,755)						(1,728,976)
						(1,037,930)						(1,833,179)
Income tax and social contribution result for the period						(3,715,880)						(6,955,155)

(1)The difference in the taxation of subsidiaries is substantially due to the differences between the nominal tax rates in Brazil and those of subsidiaries located abroad.

16.3 Tax incentives

The Company benefits from a tax incentive for partial reduction of the income tax obtained from operations carried out in areas under the jurisdiction of the Northeast Development Superintendence (“SUDENE”) and the Superintendence of Amazon Development (“SUDAM”). The IRPJ reduction incentive is calculated based on the activity profits (exploitation profits) and considers the allocation of the operating profit based on the incentive production levels for each product.

42

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

Area/Regions

Company

Maturity

Northeast Development Superintendence (“SUDENE”)

Aracruz (ES)

Portocel

2030

Aracruz (ES)

Suzano

2031

Imperatriz (MA)

Suzano

2032

Mucuri (BA)

Suzano

2032

São Luís (MA)

Itacel

2033

Eunápolis (BA)

Veracel

2033

Superintendence of Amazon Development (“SUDAM”)

Belém (PA)

Suzano

2034

16.4 OECD PILLAR TWO MODEL RULES

In December 2021, the Organisation for Economic Co-operation and Development (“OECD”) announced the guidelines for the Pillar Two model, aiming for a reform in international corporate taxation to ensure that multinational economic groups, covered by such regulations, contribute an effective minimum tax at a rate of 15% on profits. Each country's effective profit tax rate, as calculated by this model, is called the GloBE (Global Anti-Base Erosion Rules) effective tax rate. In the context of Suzano, compliance with OECD guidelines on international taxation is a strategic priority.

Based on the calculations performed under the GloBE Simplifying Transition Rules (RSGT), there is no impact on the unaudited condensed consolidated interim financial information in relation to this matter.

The Company reaffirms its commitment to tax compliance and will continue to carry out the necessary actions to ensure the proper implementation of the new rule in the jurisdictions where it operates, in line with global best practices and current legislation.

16.5 Uncertainty over income tax treatments

The Company is involved in ongoing administrative and judicial proceedings concerning certain tax treatments adopted in the calculation of income taxes.

The Company assesses the likelihood that such tax treatments will be accepted by the relevant tax authorities, taking into account the applicable legislation, case law, available administrative and judicial precedents, and, when applicable, the opinions of external legal counsel. The measurement of uncertain tax positions reflects Management's best estimate of the expected outcome of these matters.

As of September 30, 2026, the total amount of uncertainties related to income taxes for which the Company considers acceptance of the adopted tax treatment by the tax authorities to be not probable amounted to R$1,858 (R$1,749 as of December 31, 2025). This amount has been fully provisioned and is presented within income tax and social contribution payable.

Additionally, as of September 30, 2026, the total amount of uncertainties related to income taxes for which the Company considers acceptance of the adopted tax treatment to be probable amounted to R$10,338,403 (R$4,559,801 as of December 31, 2025).

The main uncertainties related to income tax treatments for which acceptance is considered probable are described below:

43

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

i.Tax Assessment Notice - Foreign Earnings - Brazil-Austria Tax Treaty (2021): This matter relates to a tax assessment issued by the Brazilian Federal Revenue Service ("RFB"), received in April 2026, seeking the collection of IRPJ and CSLL in the initial amount of R$5,106,344, including interest, based on the alleged failure to tax profits earned by its subsidiary Suzano International Trade GmbH (Austria). The assessment was issued without the imposition of penalties, pursuant to a preliminary injunction granted in a writ of mandamus concerning the application of the Brazil-Austria Tax Treaty. The Company filed an administrative challenge, which is currently awaiting judgment. The estimated exposure as of September 30, 2026 amounted to R$5,255,629.

ii.Tax Assessment Notice - Exchange of Industrial and Forestry Assets (2007): This judicial action seeks to annul an administrative tax proceeding initiated by the RFB for the collection of IRPJ and CSLL based on the alleged realization of an untaxed capital gain arising from the exchange of assets with International Paper ("IP") in February 2007. In December 2012, the Company was assessed by the RFB and, in January 2016, the Administrative Council of Tax Appeals ("CARF"), by the casting vote of its President, ruled against the Company. Following notification of the decision in May 2016 and the exhaustion of administrative remedies, the Company elected to continue disputing the matter in court. The exposure is fully secured by guarantees. The court ruled in favor of the Company, and the matter is currently awaiting judgment of the appeal filed by the National Treasury. In December 2023, pursuant to Article 2 of Law No. 14,689/23, related to Article 25, Paragraph 9-A of Decree No. 70,235/72, the debt certificates were amended to definitively cancel the penalties and related charges. The estimated exposure as of September 30, 2026 amounted to R$2,039,056 (December 31, 2025: R$1,861,899), excluding the canceled penalties.

iii.Tax Assessment Notice - Non-deductible Expenses, Operating Expense Deductions, Foreign Subsidiary Earnings, Goodwill Amortization, Directors' Bonuses and Tax Loss Carryforwards (2019): This administrative proceeding was initiated in October 2023 following tax assessment notices issued against Suzano S.A. concerning fiscal year 2019. The alleged infractions relate to: (i) non-deductible expenses; (ii) improper deduction of operating expenses; (iii) profits earned abroad by a subsidiary; (iv) goodwill amortization; (v) failure to add directors' bonuses to the CSLL tax base; and (vi) tax loss carryforwards and negative CSLL basis. The Company's administrative defense was partially upheld. Subsequently, the Company filed a voluntary appeal, which was partially granted. The Company is currently awaiting formal notification of the decision. The estimated exposure as of September 30, 2026 amounted to R$1,072,144 (December 31, 2025: R$1,008,823).

iv.Tax Assessment Notice - Disallowance of Depreciation, Amortization and Depletion Expenses (2010): In December 2015, the Company was assessed for IRPJ and CSLL based on the alleged non-deductibility of depreciation, amortization and depletion expenses claimed in fiscal year 2010. The Company filed an administrative defense, which was partially upheld. The decision was appealed by the Company in November 2017. The case was converted into an evidentiary proceeding and is currently awaiting completion of the procedures ordered by CARF. The estimated exposure as of September 30, 2026 amounted to R$975,628 (December 31, 2025: R$931,979).

v.Tax Assessment Notice - Recalculation of Foreign Subsidiary Profits (2014-2016): On October 5, 2020, the Company was notified of a tax assessment issued by the RFB seeking IRPJ and CSLL arising from the recalculation of profits earned by its subsidiary Suzano Trading Ltd. during fiscal years 2014, 2015 and 2016. The Company filed an administrative challenge, which was converted into an evidentiary proceeding. Following completion of such procedures, the challenge was partially upheld. The Company subsequently appealed the unfavorable portion of the decision and is awaiting judgment. The estimated exposure as of September 30, 2026 amounted to R$704,007 (December 31, 2025: R$663,188).

44

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

17 BIOLOGICAL ASSETS

The roll-forward of biological assets is as set forth below:

						09/30/2026						12/31/2025
Opening balance						26,097,164						22,283,001
Additions						5,508,253						7,913,483
Depletions						(5,165,606)						(5,352,271)
Transfers												15,233
Gain on fair value adjustments (Note 7)						1,157,728						1,516,458
Disposals						(48,697)						(107,815)
Write-offs						(58,722)						(170,925)
Closing balance						27,490,120						26,097,164

The Company reevaluates, on a semi-annual basis in June and December, the main assumptions used in measuring the fair value of biological assets, which are disclosed in Note 13 of the annual financial statements for the year ended December 31, 2025.

Biological assets are measured at fair value and classified as Level 3 within the fair value hierarchy, due to the use of significant unobservable market assumptions.

The Company manages the financial and climate risks related to its agricultural activities in a preventive manner. To reduce the risks arising from edaphoclimatic factors, the weather is monitored through meteorological stations and, in the event of pests and diseases, our Department of Forestry Research and Development, an area specialized in physiological and phytosanitary aspects, has procedures to diagnose and act rapidly against any occurrences and losses (Note 4.7).

The Company has no biological assets pledged as collateral on September 30, 2026 and December 31, 2025.

45

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

18 INVESTMENTS

18.1 Investments breakdown

						09/30/2026						12/31/2025
Investments in associates and joint ventures						229,074						264,312
Goodwill						29,389						29,384
Other investments evaluated at fair value through other comprehensive income (1)						743,848						901,181
						1,002,311						1,194,877
Investments						1,002,311						1,194,877
						1,002,311						1,194,877

(1) It includes the fair value measurement of Lenzing Aktiengesellschaft. As of September 30, 2026, the carrying amount of the investment was R$711,601 (R$865,986 as of December 31, 2025).

46

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

18.2 Investments in associates and joint ventures

Information of investees as at																					Company Participation
															09/30/2026						Carrying amount												In the income (expenses) for the period
			Equity						Income (expenses) of the period						Participation equity (%)						09/30/2026						12/31/2025						09/30/2026						09/30/2025
Associate
Foreign
Ensyn Corporation (1)																																							(20,213)
Spinnova Plc (2)			139,642						(129,984)						18.75		%				26,183						54,391						(24,372)						(40,714)
Simplifyber, Inc.			38,076						(11,406)						15.52		%				4,786						7,973						(2,903)						(1,407)
Allotrope Energy Ltd			2,619												19.72		%				516						556
																					31,485						62,920						(27,275)						(62,334)
Joint ventures
Domestic (Brazil)
Biomas - Serviços Ambientais, Restauração e Carbono Ltda.			15,047						(23,631)						16.66		%				2,507						3,945						(3,937)						(4,618)
Ibema Companhia Brasileira de Papel			390,946						(4,729)						49.90		%				195,082						197,442						(2,360)						13,410
Foreign
Woodspin Oy (3)																																							(122,495)
																					197,589						201,387						(6,297)						(113,703)
Other investments evaluated at fair value through other comprehensive income
Bem Agro Integração e Desenvolvimento S.A.															4.58		%				3,371						3,581
Celluforce Inc.															8.28		%				23,566						25,975
Nfinite Nanotechnology Inc.															5.40		%				5,310						5,639
Lenzing Aktiengesellschaft															15.00		%				711,601						865,986
																					743,848						901,181
Goodwill (1)(3)																					29,389						29,389												(63,634)
																					29,389						29,389												(63,634)
																					1,002,311						1,194,877						(33,572)						(239,671)

(1)In November 2025, the Company sold its entire equity interest in Ensyn Corporation, liquidated F&E Technologies LLC, and recognized impairment of the investment in F&E Tecnologia do Brasil S.A., both related to the same technology developed by Ensyn. As of December 31, 2025, as a result of this transaction, the following accounting effects were recognized, which impacted the equity pickup line: (i) R$ (160,462) related to the write-off of Ensyn goodwill; R$ 371 related to the recognition of the provision for losses on investments; and R$9,896 related to the reclassification of other comprehensive income.

(2)The average share price quoted on the Nasdaq First North Growth Market (NFNGM) was EUR0.44 on September 30, 2026 and EUR0.46 on December 31, 2025.

(3)In August 2025, the Company completed the sale of its entire equity interest in Woodspin Oy and Suzano Finland Oy to Spinnova Plc for the symbolic amount of 1 euro each. For the year ended December 31, 2025, as a result of this transaction, the following accounting effects were recognized, which significantly impacted the equity pickup line: R$ (117,447) related to the impairment of the investment, R$ (28,679) related to the obligation to make an additional capital contribution, and R$15,636 related to the realization of other comprehensive income of the joint venture Woodspin Oy; R$ (63,634) related to the write-off of goodwill of the associate Spinnova Plc; and R$ (88,871) related to the impairment of the investment in the subsidiary Suzano Finland Oy.

47

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

19 PROPERTY, PLANT AND EQUIPMENT    

			Land						Buildings						Machinery, equipment and facilities						Work in progress						Other (1)						Total
Average rate %									3.44						7.20												19.81
Accumulated cost			16,775,348						13,816,631						62,822,096						3,510,535						1,806,592						98,731,202
Accumulated depreciation									(4,294,038)						(28,541,598)												(909,526)						(33,745,162)
Balances at December 31, 2024			16,775,348						9,522,593						34,280,498						3,510,535						897,066						64,986,040
Additions			3,080						262						649,533						3,880,270						45,681						4,578,826
Write-offs			(64,222)						(54,566)						(152,457)												(154,907)						(426,152)
Depreciation									(434,875)						(4,123,031)												(287,270)						(4,845,176)
Transfers and other			5,980						896,470						3,524,210						(4,626,006)						201,995						2,649
Accumulated cost			16,720,186						14,589,194						66,353,229						2,764,799						1,830,011						102,257,419
Accumulated depreciation									(4,659,310)						(32,174,476)												(1,127,446)						(37,961,232)
Balances at December 31, 2025			16,720,186						9,929,884						34,178,753						2,764,799						702,565						64,296,187
Additions									8,268						248,027						1,981,221						1,952						2,239,468
Acquisition of subsidiaries (Note 1.2.1)			2,060,602						3,294,009						6,533,683						532,717						(10,496)						12,410,515
Write-offs			(60,812)						(3,153)						(21,808)												(2,656)						(88,429)
Depreciation									(388,998)						(3,248,830)												(207,189)						(3,845,017)
Exchange rate variation, net			(5,910)						(10,367)						(27,614)						(3,092)						70						(46,913)
Transfers and other			(1,430)						161,832						2,618,547						(2,933,862)						160,350						5,437
Accumulated cost			18,712,636						20,028,360						85,124,376						2,341,783						1,887,002						128,094,157
Accumulated depreciation									(7,036,885)						(44,843,618)												(1,242,406)						(53,122,909)
Balances at September 30, 2026			18,712,636						12,991,475						40,280,758						2,341,783						644,596						74,971,248

(1)Includes vehicles, furniture and utensils and computer equipment.

On September 30, 2026, the Company evaluated the business, market and climate impacts, and did not identify any material event that indicated the need to perform an impairment test and to record any impairment provision for property, plant and equipment.

19.1 Items pledged as collateral

On September 30, 2026, property, plant and equipment items pledged as collateral, consisting mainly of the units of Ribas do Rio Pardo, Três Lagoas and Imperatriz are set forth below:

			Type of collateral						9/30/2026						12/31/2025
Land			Financial/Legal						25,184						25,562
Buildings			Financial						1,682,093						1,719,004
Machinery, equipment and facilities (1)			Financial						8,222,799						19,437,703
Work in progress			Financial						389,072						339,063
Other			Financial						56,733						48,475
									10,375,881						21,569,807

(1)The Company formalized, on January 30, 2026, the release of the fiduciary collateral over machinery and equipment associated with the Ribas do Rio Pardo pulp mill, previously pledged in favor of HSBC Corporate Trustee Company (UK) Limited, as Security Agent, and Finnish Export Credit Ltd. (FEC), in connection with the financing agreement entered into by the Company with Finnvera, totaling R$10,686,019. Following the termination of the financing agreement, the related assets were fully released from the collateral and any associated encumbrances.

48

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

19.2 Capitalized expenses

For the period ended September 30, 2026, the Company capitalized loan costs in the amount of R$50,725 (R$274,731 as of December 31, 2025). The weighted average interest rate, adjusted by the equalization of the exchange rate effects, utilized to determine the capitalized amount was 12.84% p.a. (13.35% p.a. as of December 31, 2025).

19.3 Asset Retirement Obligation (ARO)

On September 30, 2026, the Company has provisioned the amount of R$68,888 (R$68,681 as of December 31, 2025) arising asset retirement obligation of industrial landfills The corresponding liability is recorded under “Other liabilities,” segregated between current and non-current, according to the expected settlement date.

20 INTANGIBLE

20.1 Goodwill and intangible assets with indefinite useful lives

						09/30/2026						12/31/2025
Goodwill - Arbex (Global Consumer Goods (tissue) Business) (1)						1,730,476
Goodwill - Facepa (Tissue plant in Belém/PA)						119,332						119,332
Goodwill - Fibria (Pulp Mills)						7,897,051						7,897,051
Goodwill - MMC Brasil (Tissue plant in Mogi das Cruzes/SP)						170,859						170,859
Other (2)						5,100						5,097
						9,922,818						8,192,339

(1)Refers to the goodwill recognized upon the acquisition of an interest in FamPro Tissue Holdings B.V. ("Arbex") (Note 1.2.1).

(2)Refers to other intangible assets with indefinite useful lives such as servitude of passage and electricity.

The goodwill is based on expected future profitability supported by valuation reports, after the purchase price allocation.

Goodwill is allocated to cash-generating units as presented in Note 5.4.

For the nine-month period ended September 30, 2026, the Company did not identify any event that indicated the need to perform the impairment test and to record any impairment provision for intangible assets.

49

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

20.2 Intangible assets with limited useful lives

												09/30/2026						12/31/2025
Opening balance												4,778,353						5,709,964
Additions												452,371						82,492
Acquisition of subsidiaries (Note 1.2.1)												2,851,947
Write-offs												(36)						(3,015)
Amortization												(801,843)						(1,011,088)
Exchange rate variation, net												(8,652)
Transfers and others
Closing balance												7,272,140						4,778,353
Represented by						Average annual rate %
Port concessions						3.94						595,936						621,842
Supplier agreements																		11,111
Port service contracts						4.26						469,076						491,094
Trademarks and patents (1)						4.55						2,957,501						154,846
Customer portfolio						9.10						2,668,209						3,283,919
Software (2)						25.45						573,224						206,635
Other						10.00						8,194						8,906
												7,272,140						4,778,353
Cost												15,453,001						12,617,166
Amortization												(8,180,861)						(7,838,813)
Closing balance												7,272,140						4,778,353

(1) Variation mainly related to assets identified in the acquisition of K-C and recognized in the preliminary purchase price allocation (PPA), as described in Note 1.2.1.

(2) Variation mainly related to expenditures capitalized in connection with the implementation of SAP S/4HANA.

For the nine-month period ended September 30, 2026, the Company assessed business, market, and climate-related impacts and did not identify any material events that would indicate the need to perform an impairment test or recognize any provision related to the recoverable amount of intangible assets with definite useful lives.

21 TRADE ACCOUNTS PAYABLE

						09/30/2026						12/31/2025
In local currency
Third party (1)						4,259,637						4,065,115
Related party (Note 15.1) (2)						3,015						681
In foreign currency
Third party (3)						4,465,489						1,075,590
						8,728,141						5,141,386

(1)Within the balance of suppliers, there are values under supplier finance arrangement that were subject to anticipation with financial institutions at the exclusive option of certain suppliers, without changing the originally defined purchase conditions (payment terms and negotiated prices). The balance related to such operations on September 30, 2026 was R$418,444 (R$438,830 at December 31, 2025).

(2)The balance refers mainly to transactions with Ibema Companhia Brasileira de Papel.

(3)Refers primarily to Arbex supplier balances, acquired on July 1, 2026, which added approximately R$3.5 billion to the consolidated supplier balance. Additional information is presented in Note 1.2.1.

50

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

21.1 Long-term commitments

21.1.1 Long-term commitments - Take or Pay arrangements

During the nine-month period ended September 30, 2026, no material changes were identified in the Company’s long-term contracts with a minimum supply clause compared to the information disclosed in the financial statements for the year ended December 31, 2025 (Note 17.1.1).

21.1.2 Exchange and acquisition of biological assets

In line with the Company’s strategy for forest expansion and optimization of wood supply for its operations in the State of Mato Grosso do Sul, the Company entered into exchange and purchase agreements for biological assets in August 2025. Under the terms of these agreements, the Company receives specified volumes of biological assets between 2025 and 2027. In return, under the exchange agreement, the Company is expected to deliver equivalent volumes between 2028 and 2031.

On September 15, 2025, January 2, 2026 and July 2, 2026 payments were made in the amounts of R$878,049, R$464,156 and R$380,946 respectively. As of September 30, 2026, the remaining amount payable total R$1,142,584, due in 2028, in accordance with the contractual schedule.

51

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

22 LOANS, FINANCING AND DEBENTURES

22.1 Breakdown by type

																								Current												Non-current																		Total
Type						Currency						Interest rate						Average annual interest rate - %						09/30/2026						12/31/2025						09/30/2026						12/31/2025						09/30/2026						12/31/2025
In foreign currency
Bonds						USD						Fixed						5.0		%				297,710						815,478						39,065,143						42,405,964						39,362,853						43,221,442
Panda Bonds						CNY						Fixed						2.7		%				47,232						6,785						2,007,306						2,039,941						2,054,538						2,046,726
Export credits (“export prepayments”)						USD						SOFR/Fixed						6.3		%				3,383,422						923,820						12,559,478						16,901,305						15,942,900						17,825,125
Assets financing						USD						SOFR						4.2		%				102,989						107,159						91,667						178,526						194,656						285,685
ECA - Export Credit Agency						USD						SOFR						7.1		%				15,230						17,426						1,675,670						1,778,184						1,690,900						1,795,610
IFC - International Finance Corporation (1)						USD						SOFR						6.7		%				(3,819)						(5,485)						4,862,747						5,182,737						4,858,928						5,177,252
Term bank loans						EUR						EURIBOR						3.6		%				1,434												6,829,617												6,831,051
Others																								3,862						5,516																		3,862						5,516
																								3,848,060						1,870,699						67,091,628						68,486,657						70,939,688						70,357,356
In local currency
BNDES						BRL						UMBNDES						6.4		%				1,440						5,794						54,718						468,025						56,158						473,819
BNDES						BRL						TJLP						8.4		%				25,664						89,150						9,209						11,802						34,873						100,952
BNDES						BRL						TLP						12.3		%				238,102						178,549						5,665,706						5,562,188						5,903,808						5,740,737
BNDES						BRL						Fixed						4.7		%				1,666												105,459												107,125
BNDES						BRL						SELIC						17.0		%				70,453						282,017												514,605						70,453						796,622
BNDES						BRL						TR						4.3		%				10,927						9,933						145,533						153,762						156,460						163,695
Assets financing						BRL						CDI						16.1		%				19,146						18,799						23,914						38,214						43,060						57,013
NCE (“Export credit notes”)						BRL						CDI						16.6		%				28,860						4,157						75,000						100,000						103,860						104,157
NCR (“Rural producer certificates”)						BRL						CDI						13.7		%				44,443						369,572						5,563,791						5,000,000						5,608,234						5,369,572
ECO INVEST - Agro-industrial credit						BRL						CDI						11.2		%				35,532						7,094						456,320						327,263						491,852						334,357
Rural Product Note ("CPR")						BRL						CDI/IPCA						12.8		%				915						41,894						4,500,304						1,954,437						4,501,219						1,996,331
Debentures						BRL						CDI/IPCA						13.5		%				314,668						127,247						9,511,389						9,179,399						9,826,057						9,306,646
																								791,816						1,134,206						26,111,343						23,309,695						26,903,159						24,443,901
																								4,639,876						3,004,905						93,202,971						91,796,352						97,842,847						94,801,257
Interest on financing																								1,513,287						1,525,436						563,791												2,077,078						1,525,436
Non-current funding																								3,126,589						1,479,469						92,639,180						91,796,352						95,765,769						93,275,821
																								4,639,876						3,004,905						93,202,971						91,796,352						97,842,847						94,801,257

(1) The balances shown as negative include fundraising costs

52

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

22.2 Breakdown by maturity - non-current

												2027						2028						2029						2030						2031						2032 onwards						Total
In foreign currency
Bonds																		2,544,910						8,308,717						5,123,237						6,359,585						16,728,694						39,065,143
Panda Bonds												927,240						1,002,792												77,274																		2,007,306
Export credits (“export prepayments”)												776,904						2,403,938						3,474,846						5,068,718						835,072												12,559,478
Assets financing												23,462						62,361						5,844																								91,667
ECA - Export Credit Agency																																				645,012						1,030,658						1,675,670
IFC - International Finance Corporation (1)																																				1,208,877						3,653,870						4,862,747
Term bank loans																																				6,829,617												6,829,617
												1,727,606						6,014,001						11,789,407						10,269,229						15,878,163						21,413,222						67,091,628
In local currency
BNDES – TJLP												953						3,811						3,811						634																		9,209
BNDES – TLP												40,618						159,638						145,472						389,106						491,754						4,439,118						5,665,706
BNDES – Fixed												781						3,124						6,528						6,837						6,837						81,352						105,459
BNDES – TR												2,758						11,033						11,033						11,033						11,033						98,643						145,533
BNDES - UMBNDES												371						3,215						3,215						3,215						3,215						41,487						54,718
ECO INVEST - Agro-industrial credit												8,577						17,153						90,771						90,771						90,771						158,277						456,320
Assets financing												4,814						19,033						67																								23,914
NCE (“Export credit notes”)																		25,000						25,000						25,000																		75,000
Rural Product Note ("CPR")																																										4,500,304						4,500,304
NCR (“Rural producer certificates”)																														2,000,000						3,563,791												5,563,791
Debentures																														572,611						500,000						8,438,778						9,511,389
												58,872						242,007						285,897						3,099,207						4,667,401						17,757,959						26,111,343
												1,786,478						6,256,008						12,075,304						13,368,436						20,545,564						39,171,181						93,202,971

(1) Amendment to the payment schedule as a result of a contractual amendment executed in June 2026, extending the maturity date and reducing the interest rate.

22.3 Roll-forward of loans, financing and debentures

						09/30/2026						12/31/2025
Opening balance						94,801,257						101,435,531
Fundraising, net of issuance costs						3,087,472						23,871,760
Additions of merged companies						6,904,000
Interest accrued						4,414,775						5,953,778
Monetary and exchange rate variation, net						(3,606,818)						(8,384,101)
Settlement of principal						(3,385,149)						(22,353,325)
Settlement of interest						(4,447,630)						(5,817,907)
Amortization of fundraising costs						74,940						101,803
Others												(6,282)
Closing balance						97,842,847						94,801,257

53

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

22.4 Fundraising costs

The fundraising costs are amortized based on the terms of agreements and the effective interest rate.

																		Balance to be amortized
Type						Cost						Amortization						09/30/2026						12/31/2025
Bonds						411,818						294,543						117,275						142,598
Panda Bonds						6,183						2,261						3,922						5,617
Rural Product Note ("CPR")						144,391						8,760						135,631						63,819
Export credits (“export prepayments”)						180,466						130,099						50,367						71,612
Debentures						157,139						54,965						102,174						110,409
BNDES						80,363						54,262						26,101						41,023
ECA - Export Credit Agency						13,615						3,627						9,988						12,072
IFC - International Finance Corporation						106,968						37,475						69,493						57,186
Term bank loans						45,172						2,093						43,079
Others						4,797						570						4,227						4,641
						1,150,912						588,655						562,257						508,977

22.5 Guarantees

Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment is offered as collateral by the Company, as disclosed in Note 19.1.

The Company is subject to financial covenants in connection with the Term Bank Loans disclosed in Note 22.1, which had an outstanding balance of R$6,831,051 as of September 30, 2026. These covenants require the Company to maintain a Net Debt-to-EBITDA ratio not exceeding 4.0x, as defined in the respective financing agreement. Compliance with such covenant is monitored on a quarterly basis by Management and was fully achieved as of September 30, 2026.

22.6 Relevant transactions entered into during the period

22.6.1 New Revolving Credit Facility (RCF)

On February 5, 2026, the Company entered into a new Revolving Credit Facility through its subsidiary Suzano International Finance B.V., replacing the facility in place since February 2022. The new facility increased the total available revolving credit lines from US$1,275,000 to US$1,775,000 (equivalent to R$9,196,097). The purpose of this new facility is to further strengthen the Company’s already robust liquidity position, providing greater cash flexibility over the coming years.

The total committed amount of US$1,775,000 has an availability period through February 2031. The commitment fee, if the facility remains undrawn, is 0.27% per annum; if drawn, the cost will be SOFR + 0.90% per annum.

22.6.2 Issuance of Rural Product Notes (Cédulas de Produto Rural – CPRs)

On April 1, 2026, the Company completed the fundraising of its 2nd issuance of Financial Settlement Rural Product Notes (CPR-Fs), issued in two tranches totaling R$2,500,000, of which R$1,500,000 relate to the first tranche and R$1,000,000 to the second tranche.

The CPR-Fs were issued on March 15, 2026, with maturities of 10 years for the first tranche, due on March 15, 2036, and 12 years for the second tranche, due on March 15, 2038. The CPR-Fs bear interest of 7.0464% per annum for the first tranche and 6.8338% per annum for the second tranche, accruing on the updated nominal unit value, which is adjusted by the accumulated variation of the IPCA inflation index.

54

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

22.7 Significant transactions settled during the period

The Company did not enter into any material settlements during the nine-month period ended September 30, 2026.

23 LEASES

23.1 Right of use

The balances rolled-forward are set out below:

						Lands						Machinery and equipment						Buildings						Ships and boats						Vehicles						Total
Balances at December 31, 2024						3,475,569						175,043						114,392						1,373,338						42,349						5,180,691
Additions/updates						618,637						212,173						135,659						10,765												977,234
Depreciation (1)						(441,499)						(200,883)						(58,630)						(122,833)						(1,622)						(825,467)
Write-offs (2)						(327)						(277)						(65)																		(669)
Balances at December 31, 2025						3,652,380						186,056						191,356						1,261,270						40,727						5,331,789
Additions/updates						201,916						118,361						170,606						299						10,989						502,171
Acquisition of subsidiaries (Note 1.2.1)												52,876						270,683												60,830						384,389
Depreciation (1)						(334,901)						(115,788)						(76,507)						(90,635)						(8,350)						(626,181)
Exchange rate variation, net												913						(2,489)												(1,737)						(3,313)
Balances at September 30, 2026						3,519,395						242,418						553,649						1,170,934						102,459						5,588,855

(1)The amount of depreciation related to land is substantially reclassified to biological assets to make up the formation costs.

(2)Write-off due to cancellation of contracts.

On September 30, 2026, the Company does not have commitments to lease agreements not yet in force.

23.2 Lease liabilities

The balance of lease payables on September 30, 2026, measured at present value and discounted at the respective discount rates are set forth below:

Nature of agreement						Average rate - % p.a. (1)						Maturity (2)						Present value of liabilities
Lands and farms						12.77		%				September/2053						4,108,603
Machinery and equipment						11.60		%				April/2035						357,594
Buildings						8.23		%				February/2035						570,231
Ships and boats						12.20		%				February/2039						2,015,751
Vehicles						4.51		%				November/2028						75,068
																		7,127,247

(1)For the determination of the discount rates, the market CDI rate obtained from the yield curve on B3’s official website was used, considering the term equivalent to the final maturity and the nature of the contracts.

(2)Refers to the original maturities of the agreements and, therefore, does not consider eventual renewal clauses.

55

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The balances rolled-forward are set out below:

						09/30/2026						12/31/2025
Opening balance						6,929,890						6,972,915
Additions/updates						502,171						977,234
Acquisition of subsidiaries (Note 1.2.1)						384,402
Write-offs												(669)
Payments						(1,080,282)						(1,447,973)
Accrual of financial charges (1)						535,392						733,342
Exchange rate variations						(144,326)						(304,959)
Closing balance						7,127,247						6,929,890
Current						971,565						857,810
Non-current						6,155,682						6,072,080

(1)On September 30, 2026, the amount of R$201,609 related to interest expenses on leased lands was capitalized to biological assets to represent the formation cost (R$265,463 as of December 31, 2025).

The maturity schedule for future payments not discounted to present value related to lease liabilities is disclosed in Note 4.2.

23.2.1 Amounts recognized in the statement of income for the period

The amounts presented relate to contracts that qualify for the exemptions established in the Company's accounting policy for short-term and low-value contracts. In these cases, the related assets and liabilities are not recognized, and the associated expenses are recognized directly in statement of income as incurred.

Expenses recognized in statement of income amounted to R$1,965 (R$2,476 as of September 30, 2025).

24 PROVISION FOR JUDICIAL LIABILITIES

The Company is involved in certain legal proceedings arising in the normal course of its business, which include tax, social security, labor, civil, environment and real estate.

The Company classifies the risk of unfavorable decisions in legal proceedings, based on legal advice, which reflects the estimated probable losses.

The Company’s Management believes that, based on the available information as of the date of these unaudited condensed consolidated interim financial information, its provisions for tax, social security, labor, civil, environment and real estate risks, accounted for according to IAS 37 are sufficient to cover estimated losses related to its legal proceedings, as set forth below:

56

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

24.1 Roll-forward and changes in the provisions for probable losses based on the nature of the proceedings, net of judicial deposits

																														09/30/2026
						Tax and social security						Labor						Civil, environment and real estate						Contingent liabilities assumed (1) (2)						Total
Provision balance at the beginning of the period						339,763						296,358						185,411						2,095,357						2,916,889
Payments						(4,002)						(32,390)						(18,942)												(55,334)
Provisions/(Reversals), net						(5,818)						39,726						32,860						(70,331)						(3,563)
Monetary and exchange rate variation, net						18,792						16,228						17,795												52,815
Provision balance						348,735						319,922						217,124						2,025,026						2,910,807
Judicial deposits (3)						(32,912)						(60,622)						(63,525)												(157,059)
Provision balance at the end of the period						315,823						259,300						153,599						2,025,026						2,753,748

(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$1,898,989 and civil lawsuits in the amount of R$126,037, measured and recorded at the estimated fair value resulting from the business combination with Fibria.

(2)Reversal due to a change in likelihood, cancellation and/or due to settlement.

(3)The amounts presented refer exclusively to judicial deposits for which there is a legally enforceable right of offset.

																														12/31/2025
						Tax and social security						Labor						Civil, environment and real estate						Contingent liabilities assumed (1) (2)						Total
Provision balance at the beginning of the period						407,964						353,926						215,553						2,127,725						3,105,168
Payments						(71,692)						(113,840)						(9,176)												(194,708)
Provisions/(Reversals), net						(36,578)						28,281						(41,457)						(32,368)						(82,122)
Monetary and exchange rate variation, net						40,069						27,991						20,491												88,551
Provision balance						339,763						296,358						185,411						2,095,357						2,916,889
Judicial deposits (3)						(31,579)						(62,334)						(21,238)												(115,151)
Provision balance at the end of the period						308,184						234,024						164,173						2,095,357						2,801,738

(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$1,962,549 and civil lawsuits in the amount of R$132,808, measured and recorded at the estimated fair value resulting from the business combination with Fibria.

(2)Reversal due to a change in likelihood, cancellation and/or due to settlement.

(3)The amounts presented refer exclusively to judicial deposits that have a legal right of offset.

24.1.1 Tax and social security

On September 30, 2026, the Company has 47 (56 as of December 31, 2025) administrative and judicial proceedings of a tax or social security nature in which the disputed matters are related to IRPJ, CSLL, PIS, COFINS, ICMS among others, whose amounts are provisioned when the likelihood of loss is deemed probable by the Company’s external legal counsel and by Management.

From these, 1 proceeding, amounting to a total of R$1,858 (R$1,749 as of December 31, 2025), relate to matters involving income taxes and, in accordance with IFRIC 23 – Uncertainty over Income Tax Treatments, are recognized under income tax and social contribution payable (Note 16.5).

24.1.2 Labor

On September 30, 2026, the Company has 1,147 (1,152 as of December 31, 2025) labor lawsuits.

In general, the provisioned labor proceedings are related primarily to matters frequently contested by employees of agribusiness companies, such as wages and/or severance payments, in addition to suits filed by outsourced employees of the Company.

57

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

24.1.3 Civil, environment and real estate

On September 30, 2026, the Company has 96 (73 as at December 31, 2025) civil, environmental and real estate proceedings.

The provisioned Civil, environment and real estate proceedings are related primarily to the payment of damages, including those arising from contractual obligations, traffic-related injuries, possessory actions, environmental restoration obligations, claims and others.

24.2 Contingencies with possible losses

The Company is involved in tax, civil and labor lawsuits, whose losses have been assessed as possible by Management, supported by legal counsel, and therefore no provision was recorded:

						09/30/2026						12/31/2025
Taxes and social security (1) - Income taxes (2)(3)						10,338,403						4,559,801
Taxes and social security (1) - Other taxes and contributions (4)						7,257,343						5,857,933
Labor						220,448						189,506
Civil and environmental (1)						1,143,009						1,023,689
						18,959,203						11,630,929

(1)The amounts above do not include the fair value adjustments allocated to possible loss risk contingencies representing R$2,009,759 (R$2,076,296 as of December 31, 2025), which were recorded at fair value resulting from business combinations with Fibria, as presented in Note 24.1.1 above.

(2)In April 2026, the Company received a Notice of Assessment related to the taxation of profits earned by its subsidiary in Austria, with an estimated exposure of R$5,255,629 as of September 30, 2026. In the Company's opinion, supported by the opinions of its external legal advisors, the likelihood of loss is assessed as possible.

(3)The Company is involved in administrative and judicial disputes with the tax authorities related to tax positions adopted in the determination of corporate income tax and social contribution on net income (IRPJ/CSLL). Based on the current assessment, these positions are expected to be upheld in final rulings by higher courts. A summary of these matters under dispute and their potential effects is presented in Note 16.5.

(4)Based on the assessment of Company's legal advisors and considering the procedural developments, the loss prognosis of certain administrative proceedings related to PIS and COFINS tax credits, in the approximate amount of R$1,124,383, which were reclassified as possible loss, with no final decision regarding the merits of the disputes.

In the nine-month period ended September 30, 2026, there were no significant changes in the main natures of these contingencies compared to those disclosed in the annual financial statements for the year ended December 31, 2025 (Note 24.1), except for the IRPJ and CSLL Tax Assessment Notice received in April 2026, which is described in Item 16.5 (i) of these financial statements.

25 EMPLOYEE BENEFIT PLANS

The Company provides supplementary pension plan and defined benefit plan, such as medical assistance and life insurance. The characteristics of such benefits were disclosed in the annual financial statements for the year ended December 31, 2025 (Note 25), and no significant changes occurred during the nine-month period ended September 30, 2026.

25.1 Pension plan

Contributions made by the Company, for Suzano Prev pension plan managed by Brasilprev Seguros e Previdência S.A., for the nine-month period ended September 30, 2026 amounted R$17,938 (R$18,077 as of September 30, 2025) recognized under the cost of sales, selling and general and administrative expenses.

25.2 Defined benefits plan

The Company offers the medical assistance and life insurance in addition to the pension plans, which are measured based on actuarial calculations and recognized in the unaudited condensed consolidated interim financial information.

58

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

The roll-forward of actuarial liabilities prepared based on actuarial report is set forth below:

						09/30/2026						12/31/2025
Opening balance						741,143						721,560
Interest on actuarial liabilities						58,958						77,348
Current service cost						3,141						1,939
Actuarial gain – experience (1)												(13,340)
Actuarial loss – financial assumptions (1)												6,026
Benefits paid directly by entity						(41,076)						(52,390)
Acquisition of subsidiaries (Note 1.2.1)						124,391
Exchange rate variation, net						(1,120)
Closing balance						885,437						741,143

(1)Actuarial gains and losses are determined annually based on an independent actuarial valuation, reflecting changes in actuarial assumptions and experience adjustments arising from the measurement of defined benefit obligations.

26 SHARE-BASED COMPENSATION PLAN

The Company has long-term share-based remuneration plans: (i) Phantom stock option plan (“PS”), settled in cash; and (ii) Performance Share Plan, settled in shares.

The characteristics and measurement method of each plan were disclosed in the annual financial statements for the year ended December 31, 2025 (Note 22), which did not change during the nine-month period ended September 30, 2026.

26.1 Phantom shares plan

The roll-forward arrangements are set out below:

												Number of shares
Year of grant						Fair value on grant date						31/12/2025						Shares granted						Cancelled						Exercised (1)						30/09/2026						Available for completion						Year of vesting
																																																2026						2027						2028						2029
2021						R$64.12						7,735						168												(7,903)
2022						R$54.20						480,184						10,447						(221)						(353,216)						137,194						65,308						47,391						24,495
2023						R$48.81						2,695,561						58,994						(55,204)						(814,060)						1,885,291												1,652,646						232,645
2024						R$56.58						2,459,390						53,332						(197,838)						(37,859)						2,277,025																		2,121,150						155,875
2025						R$59.65						3,410,537						148,358						(258,559)						(43,895)						3,256,441																								3,256,441
2026						R$51.58												2,700,208						(93,640)						(10,038)						2,596,530																														2,596,530
Number of stock options												9,053,407						2,971,507						(605,462)						(1,266,971)						10,152,481						65,308						1,700,037						2,378,290						3,412,316						2,596,530
Book value												332,322						89,210						(5,134)						(65,455)						350,943
Book value of the previous year												361,974						209,842						(17,843)						(221,651)						332,322

(1)The average price of the share options exercised and exercised due to termination of employment from July 1 to September 30, 2026 was R$50.35.

59

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

26.2 Restricted shares plan

The position is set forth below:

												Number of stock options
Year of grant						Fair value on grant date						31/12/2025						Shares granted						Exercised/Cancelled						30/09/2026									Year of vesting
																																										2027						2028						2029						2030						2031
2023						R$50.51						277,249						6,033						(283,282)
2024						R$56.09						2,331,602						50,731						(443,635)						1,938,698												440,715												1,497,983
2025						R$60.47						467,265						10,166												477,431																		235,794												241,637
2026						R$51.09												465,844												465,844																								273,277												192,567
Number of stock options												3,076,116						532,774						(726,917)						2,881,973												440,715						235,794						1,771,260						241,637						192,567
Book value												80,742						27,949						(27,031)						81,660
Book value of the previous year												60,226						45,642						(25,126)						80,742

27 SHAREHOLDERS’ EQUITY

27.1 Share capital

On September 30, 2026, Suzano recorded a capital increase of R$14,574, bringing its share capital to R$24,283,855 divided into 1,264,117,615 common shares, all nominative, book-entry shares without par value. Expenses related to the public offering were R$33,735, totaling a net share capital of R$24,250,120. The breakdown of the share capital is as set out below:

						09/30/2026												12/31/2025
						Quantity						(%)						Quantity						(%)
Controlling Shareholders
Suzano Holding S.A.						358,840,106						28.39						367,612,329						29.08
Controller						197,107,606						15.59						196,065,636						15.51
Related persons						34,377,592						2.72						26,568,442						2.10
Alden Fundo de Investimento em Ações						27,154,744						2.15						27,154,744						2.15
						617,480,048						48.85						617,401,151						48.84
Treasury (Note 27.2)						32,556,893						2.58						28,208,827						2.23
Other shareholders						614,080,674						48.57						618,507,637						48.93
						1,264,117,615						100.00						1,264,117,615						100.00

On September 30, 2026, SUZB3 common shares ended the period quoted at R$44.20 and R$51.45 on December 31, 2025.

27.2 Treasury shares

On September 30, 2026, the Company had 32,556,893 (28,208,827 as of December 31, 2025) of its own common shares held in treasury, with an average cost of R$51.92 per share, with a historical value of R$1,690,481 (R$1,511,146 as at December 31, 2025) and the market corresponding to R$1,439,015 (R$1,451,344 as at December 31, 2025).

60

			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Nine-month period ended September 30, 2026
			(In thousands of R$, unless otherwise stated)

For the nine-month period ended September 30, 2026, the Company granted 356,734 common shares at an average cost of R$53.57 per share, with a historical value of R$19,110, to comply with the restricted shares plan (Note 26.2).

						Quantity						Average cost per share						Historical value						Market value
Balances at December 31, 2024						24,875,787						53.84						1,339,197						1,536,826
Exercised						(372,160)						53.66						(19,969)						(20,251)
Repurchase						3,705,200						51.80						191,918						191,918
Balances at December 31, 2025						28,208,827						53.57						1,511,146						1,451,344
Exercised						(356,734)						53.57						(19,110)						(18,383)
Repurchase						4,704,800						42.18						198,445						198,445
Balances at September 30, 2026						32,556,893						51.92						1,690,481						1,439,015

28 EARNINGS PER SHARE

28.1 Basic

The basic earnings per share is measured by dividing the profit attributable to the Company’s shareholders by the weighted average number of common shares issued during the period, excluding the common shares acquired by the Company and held as treasury shares.

						09/30/2026						09/30/2025
Net income for the period attributed to Controlling shareholders'						8,209,902						13,298,971
Weighted average number of shares in the period – in thousands						1,264,118						1,264,118
Weighted average treasury shares – in thousands						(29,953)						(27,149)
Weighted average number of outstanding shares – in thousands						1,234,165						1,236,969
Basic earnings per common share – R$						6.65219						10.75126

28.2 Diluted

The diluted earnings per share is measured by adjusting the weighted average of outstanding common shares, assuming the conversion of all common shares with dilutive effects.

						09/30/2026						09/30/2025
Net income for the period attributed to Controlling shareholders'						8,209,902						13,298,971
Weighted average number of outstanding shares – in thousands						1,234,165						1,236,969
Average number of potential shares (stock options) - in thousands						2,841						3,076
Weighted average number of shares (diluted) – in thousands						1,237,006						1,240,045
Diluted earnings per common share – R$						6.63691						10.72459

61

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 5, 2026

						SUZANO S.A.
			By:			/s/ Marcos Moreno Chagas Assumpção
			Name:			Marcos Moreno Chagas Assumpção
			Title:			Chief Financial and Investor Relations Officer

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