Suzano S.A.

Ladies and gentlemen, thank you for holding and welcome to Suzana's conference call to discuss the results for the first quarter of 2026. We would like to inform that all participants will be in a 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-looking statements are based on the beliefs and assumptions of Susano's management and on information currently available to the company. They involve risk 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 Suzano and could cause results to differ materially 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. Thank you, everyone, for attending our first quarter 2026 results. Let me kick off our call highlighting that Suzano business model has distinct attributes that set it apart in the paper industry and provide greater resiliency in the current global environment. Our consistent long-term focus and conservative financial management reduce the company exposure to risk associated with the current job political landscape. For example, in international logistics, Suzano operates under long-term contracts with dedicated vessels. We have more than 50 vessels and 10 of them fully dedicated to our operations, which protects the company against increases in freight rates and ensures reliable services to customers worldwide. Additionally, the company has inside defense production of critical inputs for its manufacturing process, mitigating supply risk and also cost pressures. Finally, to reduce the impact of energy cost pressure linked to higher international oil price, Suzano maintains a hedge portfolio that mitigates its exposure to grant-related volatility. During our presentation, Marcos Assunção will give you further details about that. Turning to our results, let me start with the EBITDA of the first quarter. In our view, the numbers reflect a solid performance. With volumes above, first quarter 2025 gives an historical seasonality compared with fourth quarter 2025. supported by higher pricing and G&A expenses that fully offset year-over-year inflation. These results are starting to show the management's clear focus on strengthening the company's structural competitiveness. As a highlight, I also would like to share with you that we are currently running our operation with 10% less headcount when compared with a year ago. So, besides that cash production cost delivering in the first quarter of 2026 was 100% aligned with our operational plan and also aligned with what we mentioned in the previous call. So despite cost pressures arising from the current geopolitical environment, and based on the visibility we have today, we continue to expect our average cash cost in 2026 to be below 2025 levels. Let me move for free cash flow. And the free cash flow in the first quarter of 2026 reflects specifically cash flow items in the quarter. As we know, dividends payments, also the timing of interest payments under our debit schedule, and also a one-off capex related to the wood swap with El Dorado last year. Therefore, our capital allocation priority remains focused on further strengthening Susana's capital structure with a clear emphasis on reducing net debit. And before handing the call to Fabio Almeida, I also would like to note that we are encouraged by the efficiency gains already meted in our JV with Kimberly Clark, which reinforce our expectation of value creation going forward and confirm the quality of the capital allocation decision underlying this partnership. Having said that, let me hand over to Fabio that will cover paper and packaging business.

Thanks, Beto. Good morning, everyone. Looking at our markets in Brazil, print and write demand, according to IBA, increased by 3% in the first two months of the first quarter. compared to the same period of last year, led by stronger coated paper demand and higher volumes of imported uncoated wood free. International markets continue to face a challenging environment with a weaker demand and excess capacity for papers. According to PPTC, demand in mature markets declined by approximately 7%. In contrast, Latin America posed demand growth of 5% year-over-year. However, prices remained under pressure, giving very low prices from Asian producers across major markets. In paperboard, Brazilian demand grew 6% in the first two months of the first quarter, when compared to the same period of last year, supported by improved economic activity. In the U.S., ASP&A data shows that SPS shipments and production were broadly stable year over year, albeit at a lower operating rate, around 82%. Production of liquid packaging board grades dropped 20% year-over-year, reflecting softer and consumer demand and even lower reduction by packaging converters during the quarter. In this context, during the first quarter, we experienced different dynamics across our Brazilian and U.S. operations. While all Brazilian operations delivered stable volumes compared to first quarter 2025, We have seen lower volumes from Suzano packaging as a result of lower demand and LPB inventory reduction at the converter's end. Turning to price performance in Q1 2026, continue to see sequential improvements at Suzano packaging on a dollar basis, while our prices in our Brazilian operations suffered from lower export prices and FX impacts. Our export prices were further affected by reduced shipping which used to be one of our strongest combinations of prices and volumes abroad, prior to the imposition of tariffs. At EBITDA level, the 8% year-over-year decline was mainly driven by low export prices from Brazil, together with FX appreciation. Meanwhile, Suzano packaged in EBITDA delivered a strong EBITDA increase of 167% year-over-year, reflecting our turnaround effects. I would like to highlight the cost improvements achieved in our Brazilian operations, which delivered 8% lower COGS per ton on a year-on-year basis and a 6% reduction on quarter-over-quarter. These gains were driven by lower cash costs across all meals and lower logistics costs, supported by our continuous focus on operation excellence. As Suzano packaged, costs in first quarter were impacted by higher natural gas consumption and prices during the severe winter storm in major parts of the United States at the end of January. Total weather-related costs were estimated around $5 million. Looking ahead to the performance of Suzano's paper and packaging business, sales volumes and prices for now Brazilian and U.S. operations will improve in Q2. all in the usual seasonality and with the implementation of price increases and the pass-through of cost indexes in our U.S. contracts. Marked conditions are expected to lead paper producers to increase prices. Since higher raw materials, energy and logistics costs are expected to hit paper producers hard as a result of the ongoing conflict in the Middle East. We expect our industrial cash costs in our Brazilian operations to be stable in Q2 versus Q1. Our logistics costs should trend slightly higher with increased diesel prices and container rates. At Suzano Packaging, our annual maintenance is scheduled for early May, which will temporarily impact production costs in the quarter, in line with our business plan. We don't expect any sales impact from the annual maintenance shutdown. And we are fully committed in delivering full-year results for seasonal packaging better than what we did last year. Now I'll hand it over to Leo, who will present our pull business result.