Suzano S.A.

Ladies and gentlemen, thank you for holding and welcome to Suzano's conference call to discuss the results for the fourth quarter of 2025. We would like to inform that all participants will be in listen-only mode during the presentation that will be addressed by the CEO, Mr. Beto Abreu, and other executive officers. This call will be presented in English with simultaneous translation to Portuguese. To change the audio, you can press the globe icon on the lower right side of your Zoom screen, and then choose to enter the Portuguese room. After that, you can select Mute Original Audio. Before proceeding, please be aware that any forward look statements are based on the beliefs and assumptions of Suzano's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. You should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of CSUNO and could cause results to differ maturely from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Beto Abreu. Please, you may begin your presentation.

Thank you and welcome everyone for our fourth quarter result call. I would like to cover mainly three highlights related to our results in the fourth quarter and also our results for 2025. Let me start highlighting the strong shipment in poop during the fourth quarter. This is record volumes for Suzano and it's absolutely related to our supply chain team on the operational excellence side. So, flawless execution in our process So the team here is very glad of what the supply chain team was able to deliver. On the paper business unit, we also had a strong volume. But the point that I would like to highlight here is the continuous improvement of the Pine Bluff operation in the US. We have been doing a great job over there, learning a lot and showing how our measurement skills and competence can add value from assets also outside Brazil. We are learning a lot of things that for sure will be used during our KC operation in the future. On the side of cost, Cash costs came absolutely in line with the plan. On the other side, I would like to ask you to pay attention to the DTO. Sorry, the TDO of Suzano. I would consider 2025 as an inflection point. So what we can expect for 2026 and for the coming years is a new trend. in terms of TDO, and this is absolutely in line with our agenda of increasing and improving our level of competitiveness. We also saw a strong operational cash flow in the first quarter, and also free cash flow. Even on the lower price, I'll say, cycle, And for me, the message here is the level of resilience of our business. Resilience and competitiveness. So this is a business that's going to be even stronger in the future in terms of competitiveness to face any kind of business environment. So that's the summary for me for the first quarter. Volume, cost. and the capacity of the business to generate cash in any kind of business scenario. Having said that, I would like to hand over to Fabio that will cover the paper and packaging business.

Thanks, Beto, and good morning, everyone. Please, let's turn to the next page on the presentation. During the fourth quarter of 2025, our paper and packaging business unit delivers strong volumes from its operations in Brazil and also in the U.S., paper bowl seasonality helped to lift volumes in the quarter, while we continue to see paper prices declining in export markets. In the US, Susano packaging continued to be a positive highlight with stable prices quarter over quarter and a solid 21% increase year over year. During the quarter, we also had our annual maintenance downtimes for both Susano and Mena. Despite the outage in Limeira, during the outage in Limeira, we finalized important upgrades at the mill, which will improve cash cost competitiveness, as explained in our last seasonal data. Looking at our market in Brazil, print and write demand, according to Ibarra, increased by 1% in the first two months of the fourth quarter, compared to the same period of last year, led by uncoated paper demand due to seasonality. Demand for cut-sized and coated paper remained relatively stable year over year. International markets remained weak, with declining demand and oversupply. Latin America demand has been more resilient when compared to the US and Europe, but the region has seen an income of inflows of Asian papers at very low prices. Now looking at paper board, demand in Brazil grew 2% in the first two months of the Q4, compared to the same period of last year, also showing the same improvement versus last quarter. In the US market, according to FP&A data, SPS shipments on the fourth quarter were stable quarter-over-quarter and year-over-year, but production was up 2% with the ramp-up of new capacity. New capacity has put pressure in operating rates, mainly in folding box and food service market segments, while liquid packaging board remains more insulated. Looking now at EBITDA performance, the 10% increase over Q4 was driven by the ongoing turnaround of Suzano packaging, which we believe improved EBITDA quarter-over-quarter in a year-over-year. Our EBITDA for our Brazilian operations took a hit from lower prices and FX, despite higher volumes in the quarter on a year-over-year and quarter-over-quarter basis. The maintenance downtimes performed at Suzano limited meals were on time and on budget, but also had an impact on our costs. Looking ahead to Suzano's paper in package business performance, sales volumes from our Brazil and US operations will be lower in Q1 compared to last quarter, following the normal seasonality of the period. We also expect prices to improve with the phased implementation of the pricing increases we have announced in Brazil and export markets. Price for Suzano package should remain stable in dollars, since the majority of our volumes are under contract with pre-agreed prices. On the cost performance, since there are no planned downtimes in Q1, we expected improvement in our cash costs in our Brazilian operations. For Suzano Packaging, we continued to work to reduce our cash costs, but we could see some pressure in Q1 due to winter conditions in the region and much higher natural gas prices than expected. As a final note, I would like to share that in January we made the decision to cease our paper operations at our Rio Verde mill. This small site was our only non-integrated mill and was producing around 50,000 tons of paper annually. This mill had the highest cash force in our asset portfolio, and with its closure, we expect a positive impact to our 2026 results by relocating its products to the more competitive Suzano and Limeira mills and adjusting our commercial strategy. Now, I'll hand it over to Leo, who will present our Pope business results.