株探米国株
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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, 2025.
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and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.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.
Capturar.jpg
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
INDEX


i
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
Suzano S.A.
Capturar.jpg
Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
CONSOLIDATED BALANCE SHEET
Note 09/30/2025 12/31/2024
ASSETS
CURRENT
Cash and cash equivalents 5 15,838,866  9,018,818 
Marketable securities 6 7,734,686  12,971,547 
Trade accounts receivable 7 6,129,481  9,132,860 
Inventories 8 8,955,941  7,962,324 
Recoverable taxes 9 962,181  929,001 
Recoverable income taxes 9 525,979  180,618 
Derivative financial instruments 4.5 1,363,240  1,006,427 
Advances to suppliers 10 87,696  92,133 
Other assets 977,159  889,232 
Total current assets 42,575,229  42,182,960 
NON-CURRENT
Marketable securities 6 317,098  391,964 
Recoverable taxes 9 965,156  1,179,125 
Deferred taxes 12 1,479,244  7,984,015 
Derivative financial instruments 4.5 6,753,164  2,880,673 
Advances to suppliers 10 2,682,250  2,503,537 
Judicial deposits 576,227  487,993 
Other assets 191,775  156,880 
Biological assets 13 24,445,461  22,283,001 
Investments 14 1,422,565  1,816,923 
Property, plant and equipment 15 64,459,518  64,986,040 
Right of use 19.1 5,341,832  5,180,691 
Intangible 16 13,207,399  13,902,303 
Total non-current assets 121,841,689  123,753,145 
TOTAL ASSETS 164,416,918  165,936,105 








The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
1
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
Suzano S.A.
Capturar.jpg
Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
CONSOLIDATED BALANCE SHEET
Note 09/30/2025 12/31/2024
LIABILITIES
CURRENT
Trade accounts payable 17 5,428,821  6,033,285 
Loans, financing and debentures 18 3,790,079  10,501,387 
Lease liabilities 19 846,668  872,228 
Derivative financial instruments 4.5 1,188,743  2,760,273 
Taxes payable 184,302  245,353 
Income taxes payable 239,249  118,362 
Payroll and charges 1,062,163  1,232,971 
Liabilities for assets acquisitions and subsidiaries 23 18,588  21,166 
Dividends and interest on own capital payable 1,992  2,200,917 
Advances from customers 168,785  145,200 
Other liabilities 391,191  346,796 
Total current liabilities 13,320,581  24,477,938 
NON-CURRENT
Loans, financing and debentures 18 89,172,126  90,934,144 
Lease liabilities 19 5,999,074  6,100,687 
Derivative financial instruments 4.5 6,434,548  7,694,547 
Liabilities for assets acquisitions and subsidiaries 23 78,213  99,324 
Provision for judicial liabilities 20 2,818,263  2,926,750 
Employee benefit plans 21 742,593  721,560 
Deferred taxes 12   12,596 
Share-based compensation plans 22 368,732  361,974 
Provision for loss on investments in associates 5,188   
Advances from customers 74,715  74,715 
Other liabilities 144,460  116,295 
Total non-current liabilities 105,837,912  109,042,592 
TOTAL LIABILITIES 119,158,493  133,520,530 
SHAREHOLDERS’ EQUITY 24
Share capital 19,235,546  19,235,546 
Capital reserves 69,181  60,226 
Treasury shares (1,511,146) (1,339,197)
Profit reserves 12,978,898  12,978,898 
Other reserves 944,961  1,348,796 
Retained earnings 13,400,962 
Controlling shareholders' 45,118,402  32,284,269 
Non-controlling interest 140,023  131,306 
Total equity 45,258,425  32,415,575 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 164,416,918  165,936,105 







The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
2
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
Suzano S.A.
Capturar.jpg
Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Third quarter Nine months YTD
Note 09/30/2025 09/30/2024 09/30/2025 09/30/2024
NET SALES 27 12,153,145  12,273,546  37,001,961  33,226,284 
Cost of sales 29 (8,453,761) (6,847,701) (24,791,052) (18,640,810)
GROSS PROFIT 3,699,384  5,425,845  12,210,909  14,585,474 
OPERATING (EXPENSES) INCOME
Selling 29 (849,961) (728,319) (2,443,093) (2,081,787)
General and administrative 29 (664,953) (568,854) (1,985,970) (1,629,600)
Loss from associates and joint ventures 14 (79,268) (11,328) (268,350) (14,842)
Other operating (expenses) income, net 29 (135,667) (7,945) (409,782) 416,026 
OPERATING PROFIT BEFORE NET FINANCIAL INCOME (EXPENSES) 1,969,535  4,109,399  7,103,714  11,275,271 
NET FINANCIAL INCOME (EXPENSES) 26
Financial expenses (1,823,415) (1,567,007) (5,069,939) (3,850,300)
Financial income 462,095  420,938  1,284,207  1,302,043 
Derivative financial instruments, net 1,079,117  782,452  7,431,622  (3,742,426)
Monetary and exchange variations, net 1,333,984  1,231,379  9,527,069  (6,955,278)
NET INCOME (LOSS) BEFORE TAXES 3,021,316  4,977,161  20,276,673  (1,970,690)
Income and social contribution taxes
Current 12 (161,908) (570,435) (472,442) (1,040,639)
Deferred 12 (898,021) (1,169,375) (6,482,713) 2,703,195 
NET INCOME (LOSS) FOR THE PERIOD 1,961,387  3,237,351  13,321,518  (308,134)
Attributable to
Controlling shareholders’ 1,953,516  3,224,266  13,298,971  (330,540)
Non-controlling interest 7,871  13,085  22,547  22,406 
Earnings (loss) per share
Basic 25.1 1.58063  2.57597  10.75126  (0.25958)
Diluted 25.2 1.57671  2.56937  10.72459  (0.25958)








The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
3
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
Suzano S.A.
Capturar.jpg
Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
Suzano-Selo100anos-principal-en-cmyk.ai (4).jpg
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Third quarter Nine months YTD
09/30/2025 09/30/2024 09/30/2025 09/30/2024
Net income (loss) for the period 1,961,387  3,237,351  13,321,518  (308,134)
Other comprehensive income (loss)      
Fair value investments in equity measured at fair value through other comprehensive income (1)
 48,856  (144,407) (148,284) (141,758)
Tax effect on the fair value of investments 413  68  1,068  (833)
Items with no subsequent effect on income (loss) 49,269  (144,339) (147,216) (142,591)
   
Exchange rate variations on conversion of financial information of the subsidiaries abroad (33,755) (33,607) (139,559) (11,335)
Realization of exchange variation on investments abroad     (15,636)  
Items with subsequent effect on income (loss) (33,755) (33,607) (155,195) (11,335)
Total comprehensive income (loss) 1,976,901  3,059,405  13,019,107  (462,060)
Attributable to
Controlling shareholders’ 1,969,030  3,046,320  12,996,560  (484,466)
Non-controlling interest 7,871  13,085  22,547  22,406 
(1) Includes fair value measurement of Lenzing Aktiengesellschaft. In the quarter ended September 30, 2025, the fair value effect amounted to R$50,072. In the nine-month period ended September 30, 2025, the fair value effect amounted to R$(145,142).









The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
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Suzano S.A.
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Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Note Share
Capital		 Capital reserves Treasury shares Profit reserves Other reserves Retained earnings Total controlling shareholders' equity Non-controlling interest Total consolidated shareholders' equity
Balances at December 31, 2023 9,235,546  26,744  (1,484,014) 35,376,198  1,538,296    44,692,770  117,530  44,810,300 
Net income (loss) for the period           (330,540) (330,540) 22,406  (308,134)
Other comprehensive income         (153,926)   (153,926)   (153,926)
Stock options granted 22.2   69,212          69,212    69,212 
Stock options exercised 22.2   (47,794) 47,794             
Share repurchase 24.2     (2,806,764)       (2,806,764)   (2,806,764)
Unclaimed dividends forfeited 24.2     2,903,787  (2,903,787)        
Transactions with non-controlling interests             (8,930) (8,930)
Capital increase reserve 10,000,000  (10,000,000)
Realization of deemed cost, net of taxes         (61,883) 61,883       
Balances at September 30, 2024 19,235,546  48,162  (1,339,197) 22,472,411  1,322,487  (268,657) 41,470,752  131,006  41,601,758 
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 22.2 34,081  34,081  34,081 
Stock options exercised 22.2 (25,126) 19,969  (5,157) (5,157)
Share repurchase 24.2 (191,918) (191,918) (191,918)
Unclaimed dividends forfeited 567  567  567 
Additional dividends (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 





The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
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Suzano S.A.
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Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
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CONSOLIDATED STATEMENTS OF CASH FLOW

09/30/2025 09/30/2024
OPERATING ACTIVITIES
Net income (loss) for the period 13,321,518  (308,134)
Adjustment to
Depreciation, depletion and amortization 7,948,316  6,159,860 
Depreciation of right of use (Note 19.1) 277,901  254,186 
Interest expense on lease liabilities (Note 19.2) 347,320  335,223 
Result from sale and disposal of property, plant and equipment, intangible and biological assets, net (Note 29) 272,228  132,693 
Loss from associates and joint ventures 268,350  14,842 
Exchange rate and monetary variations, net (Note 26) (9,527,069) 6,955,278 
Interest expenses on financing, loans and debentures (Note 26) 4,399,815  3,943,303 
Capitalized loan costs (Note 26) (205,409) (883,401)
Amortization of transaction costs, premium and discounts (Note 26) 75,916  57,716 
Derivative (gains) loss, net (Note 26) (7,431,622) 3,742,426 
Premium expenses on early settlements (Note 26) 89,026 
Accrual of interest on marketable securities (769,940) (959,196)
Fair value adjustment of biological assets (Note 13) 73,248  (539,003)
Deferred income tax and social contribution (Note 12.2) 6,482,713  (2,703,195)
Interest on actuarial liabilities and cost of current service (Note 21.2) 59,466  56,888 
Provision (reversal) for judicial liabilities, net (Note 20.1) (41,620) 94,152 
Provision (reversal) for doubtful accounts, net (Note 7.3) 103,502  (875)
Provision for inventory losses, net (Note 8.1) 24,031  19,796 
Provision for loss of ICMS credits, net (Note 9.1) 151,669  47,809 
Other 65,633  17,260 
Decrease (increase) in assets
Trade accounts receivable 1,876,639  232,660 
Inventories (730,937) (1,037,125)
Recoverable taxes (334,268) (261,306)
Other assets (128,619) (16,100)
Increase (decrease) in liabilities
Trade accounts payable 101,422  1,083,029 
Taxes payable 287,155  428,622 
Payroll and charges (164,546) 126,439 
Other liabilities (201,628) (82,403)
Cash generated from operations 16,690,210  16,911,444 
Payment of interest on financing, loans and debentures (Note 18.3) (4,753,232) (4,397,301)
Capitalized loan costs paid 205,409  883,401 
Premium expenses on early settlements (89,026)
Interest received on marketable securities 969,141  1,267,991 
Payment of income taxes (229,980) (263,982)
Cash provided by operating activities 12,792,522  14,401,553 
The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
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Unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
(In thousands of R$, unless otherwise stated)
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09/30/2025 09/30/2024
INVESTING ACTIVITIES  
Additions to property, plant and equipment (Note 15) (3,424,570) (7,176,256)
Additions to intangible (Note 16) (59,574) (142,765)
Additions to biological assets (Note 13) (6,281,750) (5,357,563)
Proceeds from sales of property, plant and equipment and biological assets 114,236  112,928 
Capital increase in affiliates (Note 14.3) (21,979) (37,264)
Marketable securities, net 5,093,946  1,720,146 
Advances for acquisition of wood from operations with development and partnerships (224,669) (281,441)
Dividends received 8,835 
Asset acquisition (2,143,821)
Acquisition of other investments (9,392) (1,440,503)
Net cash from acquisition of subsidiaries 19,113 
Cash used in investing activities (4,804,917) (14,727,426)
   
FINANCING ACTIVITIES  
Proceeds from loans, financing and debentures (Note 18.3) 22,324,556  12,113,151 
Proceeds (payments) from derivative transactions (Note 4.5.4) 370,789  (352,273)
Payment of loans, financing and debentures (Note 18.3) (19,600,013) (9,131,344)
Payment of leases (Note 19.2) (1,059,908) (946,205)
Payment of interest on own capital and dividends (2,208,158) (1,318,320)
Liabilities for assets acquisitions and subsidiaries (20,668) (58,467)
Shares repurchased (Note 24.2) (191,918) (2,806,764)
Cash used by financing activities (385,320) (2,500,222)
 
EXCHANGE VARIATION ON CASH AND CASH EQUIVALENTS (782,237) 298,255 
   
Increase (Decrease) in cash and cash equivalents, net 6,820,048  (2,527,840)
At the beginning of the period 9,018,818  8,345,871 
At the end of the period 15,838,866  5,818,031 
Increase (Decrease) in cash and cash equivalents, net 6,820,048  (2,527,840)
The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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.
1 COMPANY’S OPERATIONS
Suzano S.A. (“Suzano”) and its subsidiaries (collectively the “Company”) is a public company with its headquarters in Brazil, at Avenida Professor Magalhães Neto, No. 1,752 - 10th floor, rooms 1010 and 1011, Bairro Pituba, 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 16 industrial units, 14 located in Brazil in the cities of Cachoeiro de Itapemirim and Aracruz (Espírito Santo State), Belém (Pará State), Eunápolis and Mucuri (Bahia State), Maracanaú (Ceará State), Imperatriz (Maranhão State), Jacareí, Limeira, Mogi das Cruzes and two units in Suzano (São Paulo State) and Três Lagoas and Ribas do Rio Pardo (Mato Grosso do Sul State) and two units in United States located in the cities of Pine Bluff (Arkansas) and Waynesville (North Carolina).
These units produce hardwood pulp from eucalyptus, coated paper, paperboard, uncoated paper and cut size paper and packages of sanitary paper (consumer goods - tissue) to serve the domestic and foreign markets.
The Company also has six technology centers, four located in Brazil, one in China and one 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 four ports, strategically located for the distribution of its products. Abroad, the structure consists of approximately 73 terminals, distributed across Asia, Europe, the United States, Ecuador, and Argentina.
Pulp and paper are sold in foreign markets by Suzano, as well as through its wholly-owned subsidiaries and/or its sales offices in Argentina, Austria, China, Ecuador, United States of America and Singapore.
The Company's operations also include the commercial management of eucalyptus forest for its own use, operation of port terminals, and holding of interests, as a partner or shareholder, in other companies or enterprises, and commercialization of electricity generated from its pulp production process.
The Company is controlled by Suzano Holding S.A., through a voting agreement whereby it holds 49.28% of the common shares of its share capital.
These unaudited condensed consolidated interim financial information was authorized by the Board of Directors on November 5, 2025.








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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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1.1 Equity interests
The Company holds equity interests in the following entities:
% equity interest
Entity/Type of investment Main activity Country 09/30/2025 12/31/2024
Consolidated
F&E Tecnologia do Brasil S.A. (Direct) Biofuel production, except alcohol Brazil 100.00 % 100.00 %
Fibria Celulose (USA) Inc. (Direct) Business office United States of America 100.00 % 100.00 %
Fibria Terminal de Celulose de Santos SPE S.A. (Direct) Port operations Brazil 100.00 % 100.00 %
FuturaGene Ltda. Biotechnology research and development England 100.00 % 100.00 %
FuturaGene Delaware Inc. (Indirect) Biotechnology research and development United States of America 100.00 % 100.00 %
FuturaGene Israel Ltda. (Indirect) Biotechnology research and development Israel 100.00 % 100.00 %
FuturaGene Inc. (Indirect) Biotechnology research and development United States of America 100.00 % 100.00 %
Maxcel Empreendimentos e Participações S.A. (Direct) Holding Brazil 100.00 % 100.00 %
Itacel - Terminal de Celulose de Itaqui S.A. (Indirect) Port operations Brazil 100.00 % 100.00 %
Mucuri Energética S.A. (Direct) Power generation and distribution Brazil 100.00 % 100.00 %
Paineiras Logística e Transportes Ltda. (Direct) Road freight transport Brazil 100.00 % 100.00 %
Portocel - Terminal Espec. Barra do Riacho S.A. (Direct) Port operations Brazil 51.00 % 51.00 %
Projetos Especiais e Investimentos Ltda. (Direct) Commercialization of equipment and parts Brazil 100.00 % 100.00 %
SFBC Participações Ltda. (Direct) Packaging production Brazil 100.00 % 100.00 %
Stenfar S.A. Indl. Coml. Imp. Y. Exp. (Direct) Commercialization of paper and computer materials Argentina 100.00 % 100.00 %
Suzano Austria GmbH. (Direct) Business office Austria 100.00 % 100.00 %
Suzano Canada Inc. (Direct) Lignin research and development Canada 100.00 % 100.00 %
Suzano Ecuador S.A.S. (Direct) Business office Ecuador 100.00 % 100.00 %
Suzano Finland Oy (Direct) Industrialization and commercialization of cellulose, microfiber cellulose and paper Finland 100.00 % 100.00 %
Suzano International Finance B.V (Direct) Financial fundraising Netherlands 100.00 % 100.00 %
Suzano International Holding B.V. (Direct) Holding Netherlands 100.00 % 100.00 %
Suzano International Trade GmbH. (Direct) Business office Austria 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 100.00 % 100.00 %
Suzano Material Technology Development Ltd. (Direct) Biotechnology research and development China 100.00 % 100.00 %
Suzano Netherlands B.V. (Direct) Financial fundraising Netherlands 100.00 % 100.00 %
Suzano Operações Industriais e Florestais S.A. (Direct) Industrialization, commercialization and exporting of pulp Brazil 100.00 % 100.00 %
Suzano Pulp and Paper America Inc. (Direct) Business office United States of America 100.00 % 100.00 %
Suzano Pulp and Paper Europe S.A. (Direct) Business office Switzerland 100.00 % 100.00 %
Suzano Shanghai Ltda. (Direct) Business office China 100.00 % 100.00 %
Suzano Shanghai Trading Ltda. (Direct) Business office China 100.00 % 100.00 %
Suzano Singapura Pte. Ltda. (Direct) Business office Singapore 100.00 % 100.00 %
Suzano Trading International KFT(Direct) Business office Hungary 100.00 % 100.00 %
Suzano Ventures LLC (Direct) Corporate venture capital United States of America 100.00 % 100.00 %
Joint operation
Veracel Celulose S.A. (Direct) Industrialization, commercialization and exporting of pulp Brazil 50.00 % 50.00 %
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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% equity interest
Entity/Type of investment Main activity Country 09/30/2025 12/31/2024
Equity
Allotrope Energy Ltd (Indirect) (2)
 Research and development of battery technology based on carbon derived from lignin biomass England 20.00 %
Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct) Restoration, conservation and preservation of forests Brazil 16.66 % 16.66 %
Muçununga Serviços Ambientais, Restauração e Carbono Ltda. (Indirect) (1)
 Restoration, conservation and preservation of forests Brazil 8.33 %
Ensyn Corporation (Direct) Biofuel research and development United States of America 24.80 % 24.80 %
F&E Technologies LLC (Direct/Indirect) Biofuel production, except alcohol United States of America 50.00 % 50.00 %
Ibema Companhia Brasileira de Papel (Direct) Industrialization and commercialization of paperboard Brazil 49.90 % 49.90 %
Simplifyber, Inc. (Indirect) Production of consumer goods through the transformation of cellulose-based liquids United States of America 14.20 % 13.91 %
Spinnova Plc. (Direct) (“Spinnova”) Research of sustainable raw materials for the textile industry Finland 18.76 % 18.77 %
Woodspin Oy (Direct/Indirect) (“Woodspin”) Development and production of cellulose-based fibers, yarns and textile filaments Finland 50.00 % 50.00 %
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 5.82 % 5.82 %
Celluforce Inc. (Direct) Nanocrystalline pulp research and development Canada 8.28 % 8.28 %
Lenzing Aktiengesellschaft (Indirect) Production of wood-based cellulose fibers Austria 15.00 % 15.00 %
Nfinite Nanotechnology Inc. (Indirect)
Research and development of smart nanocoatings Canada 4.90 % 5.00 %
(1) On September 24, 2025, Biomas Serviços Ambientais, Restauração e Carbono S.A. reduced its ownership interest in Muçununga Serviços Ambientais, Restauração e Carbono Ltda. from 100% to 50%, which remains an indirect investee of Suzano S.A.
(2) On September 30, 2025, pursuant to the Advance Subscription Agreement (ASA) entered into in December 2022, the investment made through Suzano Ventures in Allotrope Energy Ltd, held indirectly by Suzano S.A., was converted into Series Seed preferred shares, corresponding to 20% of the investee's share capital.
1.2 Major events in the nine-month period ended September 30, 2025
1.2.1 Acquisition of an interest in a global tissue business
On June 5, 2025, the Company announced that its wholly owned subsidiary, Suzano International Holding B.V., incorporated in the Netherlands, entered into an Equity and Asset Purchase Agreement with Kimberly-Clark Corporation (“K-C”) for the acquisition of 51% equity interest (the “Transaction”) in a newly formed company in the Netherlands (“Target Company”).
The Transaction involves the acquisition of assets and businesses related to the manufacturing, marketing, distribution, and sale of tissue products in selected jurisdictions across the Americas, Europe, Asia, Africa, and Oceania. The Transaction includes 22 production facilities located in 14 countries. In addition, certain regional brands will be transferred to the Target Company, and certain global brands will be licensed by K-C to the Target Company in the relevant regions on a royalty-free, long-term basis.
K-C will retain the remaining 49% ownership interest in the Target Company. The Transaction also includes a call option granted to Suzano to acquire K-C’s remaining 49% stake, exercisable from the third anniversary of the closing date or, under certain conditions, earlier.
The agreed purchase price for the 51% interest is US$1,734 billion (equivalent to R$9,222 billions), to be paid in cash in full at closing, is subject to customary adjustments applicable to transactions of this nature. The closing of the transaction is subject to the satisfaction of customary precedent conditions, including regulatory approvals and local corporate reorganizations, and is expected to occur by mid-2026.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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In accordance with CPC 15 (R1) / IFRS 3 – Business Combinations, the Company will assess, on the closing date, the appropriate accounting treatment of the transaction, based on its final scope and the nature of the assets and operations transferred to the Target Company.
As of the issuance date of these financial statements, the Transaction has not had any accounting impacts on the Company’s consolidated interim financial information.
2 BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL INFORMATION
The Company’s unaudited condensed consolidated interim financial information, for the three and nine-month period ended September 30, 2025, are prepared in compliance with the international accounting standard IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and disclose all the applicable significant information related to the financial information, which is consistent with the information used by Management in the performance of its duties.
The Company’s unaudited condensed consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), 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 judgements, 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, 2024 (Note 3.2.34). For the nine-month period ended September 30, 2025, there were no changes in these judgments, estimates and assumptions compared to disclosed on December 31, 2024.
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 was prepared under the going concern assumption.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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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 subsidiaries Futuragene and Suzano Packaging and associates Biomas, Ensyn, 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, 2024, 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, which was disclosed in the annual financial statements of December 31, 2024.
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 Amendments to IAS 21: Lack of interchangeability (applicable for annual on/or after January 1, 2025)
The changes will create requirements for the entity to apply a consistent approach to assessing whether a currency is exchangeable for another currency and, when it is not, to determining the appropriate exchange rate to use and the disclosures to be made.
In this context, exchangeability is considered non-existent when, for a given purpose, the entity is unable to obtain more than an insignificant amount of foreign currency. To this end, the entity evaluates:
i.the timeliness of obtaining foreign currency;
ii.the practical ability (and not the intention) to obtain foreign currency; It is
iii.the available markets or exchange mechanisms that create enforceable rights and obligations.
The Company assessed the content of this pronouncement and did not identify any impacts.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT
4.1 Financial risks management
4.1.1 Overview
In the nine-month period ended September 30, 2025, 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, 2024 (Note 4).
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:
Note 09/30/2025 12/31/2024
Assets
Amortized cost
Cash and cash equivalents 5 15,838,866  9,018,818 
Trade accounts receivable 7 6,129,481  9,132,860 
Other assets (1)

637,949  628,275 

22,606,296  18,779,953 
Fair value through other comprehensive income

Investments 14.1 962,341  1,138,066 

962,341  1,138,066 
Fair value through profit or loss

Derivative financial instruments 4.5.1 8,116,404  3,887,100 
Marketable securities 6 8,051,784  13,363,511 

16,168,188  17,250,611 

39,736,825  37,168,630 
Liabilities

Amortized cost

Trade accounts payable 17 5,428,821  6,033,285 
Loans, financing and debentures 18.1 92,962,205  101,435,531 
Lease liabilities 19.2 6,845,742  6,972,915 
Liabilities for assets acquisitions and subsidiaries 23 96,801  120,490 
Dividends and interests on own capital payable

1,992  2,200,917 
Other liabilities (1)

90,670  143,330 

105,426,231  116,906,468 
Fair value through profit or loss

Derivative financial instruments 4.6 7,623,291  10,454,820 

7,623,291  10,454,820 

113,049,522  127,361,288 

73,312,697  90,192,658 
(1)Includes only items classified as financial instruments.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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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 09/30/2025 12/31/2024
Quoted in the secondary market
In foreign currency

Bonds Secondary Market 42,756,587  48,734,909 
Estimated present value
In foreign currency
Export credits (“Prepayment”) SOFR 19,409,883  22,740,891 
Assets Financing SOFR 300,405  422,115 
IFC - International Finance Corporation SOFR 5,437,090  6,261,715 
ECA - Export Credit Agency SOFR 1,975,509  864,202 
Panda Bonds - CNY Fixed 908,265  951,125 
In local currency
BNDES – TJLP DI 1 113,687  171,109 
BNDES – TLP DI 1 3,841,771  3,275,012 
BNDES – TR DI 1 45,234  33,466 
BNDES – Selic (“Special Settlement and Custody System”) DI 1 582,277  645,139 
BNDES – UMBNDES DI 2 249,135  106,966 
Assets Financing DI 1 53,062  60,566 
Debentures DI 1/IPCA 11,072,428  12,002,992 
NCE (“Export Credit Notes”) DI 1 106,315  108,308 
NCR (“Rural Credit Notes”) DI 1 5,294,223  2,424,457 
CPR ("Rural Product Note") DI 1 1,404,472 
ECO INVEST – Agroindustrial Credit DI 1 346,764   
93,897,107  98,802,972 
The book values of loans and financing are disclosed in Note 18.1.
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
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.
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, 2025, 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.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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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.
09/30/2025
Book value Undiscounted cash flow Up to 1 year 1 - 2 years 2 - 5 years More than 5 years
Liabilities
Trade accounts payables 5,428,821  5,428,821  5,428,821 
Loans, financing and debentures 92,962,205  134,723,594  7,630,901  15,055,057  44,536,979  67,500,657 
Lease liabilities 6,845,742  12,839,183  2,327,478  1,201,940  3,104,433  6,205,332 
Liabilities for asset acquisitions and subsidiaries 96,801  112,326  19,239  18,359  74,728   
Derivative financial instruments 7,623,291  12,250,436  1,086,093  809,876  2,883,123  7,471,344 
Dividends and interests on own capital payable 1,992  1,992  1,992 
Other liabilities 90,670  90,670  45,995  44,675 
113,049,522  165,447,022  16,540,519  17,129,907  50,599,263  81,177,333 
12/31/2024
Book
value		 Undiscounted cash flow Up to 1 year 1 - 2 years 2 - 5 years More than 5 years
Liabilities
Trade accounts payables 6,033,285  6,033,285  6,033,285 
Loans, financing and debentures 101,435,531  142,028,543  13,599,011  14,235,170  50,858,667  63,335,695 
Lease liabilities 6,972,915  12,099,294  1,302,590  1,176,832  3,094,493  6,525,379 
Liabilities for asset acquisitions and subsidiaries 120,490  146,082  23,425  22,400  100,257 
Derivative financial instruments 10,454,820  13,878,150  1,676,180  957,540  1,489,357  9,755,073 
Dividends and interests on own capital payable 2,200,917  2,200,917  2,200,917 
Other liabilities 143,330  143,330  60,892  82,438 
127,361,288  176,529,601  24,896,300  16,474,380  55,542,774  79,616,147 
4.3 Credit risk management
In the nine-month period ended September 30, 2025, 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, 2024 (Note 4).
4.4 Market risk management
In the nine-month period ended September 30, 2025, 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, 2024 (Note 4).
4.4.1 Exchange rate risk management
As disclosed in the financial statements for the year ended December 31, 2024 (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 24-months’ time horizon and therefore, are matched to the availability of currency for sale in the short term.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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The assets and liabilities that are exposed to foreign currency, substantially in US$, are set forth below:
09/30/2025 12/31/2024
Assets
Cash and cash equivalents 14,607,009  6,496,039 
Marketable securities 807,263  70,255 
Trade accounts receivable 4,497,967  7,090,160 
Derivative financial instruments 4,987,686  3,887,100 
24,899,925  17,543,554 
Liabilities
Trade accounts payable (1,067,725) (1,350,763)
Loans and financing (69,042,086) (83,004,915)
Liabilities for asset acquisitions and subsidiaries (68,670) (93,308)
Derivative financial instruments (3,857,874) (10,448,379)
(74,036,355) (94,897,365)
(49,136,430) (77,353,811)
4.4.1.1 Sensitivity analysis – foreign exchange rate exposure – except for derivative financial instruments
For market risk analysis, the Company uses scenarios to evaluate both its asset and liability positions in foreign currency, and the possible effects on its results. The probable scenario represents the amounts recognized, as they reflect the conversion into Brazilian Reais on the balance sheet date (R$ to US$ = R$5.3186).
This analysis assumes that all other variables, particularly interest rates, remain constant. The other scenarios considered the variation of the Brazilian Real against the US$ at the rates of 25% and 50% before taxes.
The following table set forth the potential impacts at their absolute amounts:
09/30/2025
Effect on profit or loss
Probable (base value) Possible (25%) Remote (50%)
Cash and cash equivalents 14,607,009  3,651,752  7,303,505 
Marketable securities 807,263  201,816  403,632 
Trade accounts receivable 4,497,967  1,124,492  2,248,984 
Trade accounts payable (1,067,725) (266,931) (533,863)
Loans and financing (69,042,086) (17,260,522) (34,521,043)
Liabilities for asset acquisitions and subsidiaries (68,670) (17,168) (34,335)
4.4.1.2 Sensitivity analysis – foreign exchange rate exposure – derivative financial instruments
The Company has sales operations in US$ in the futures markets, including strategies using options, to ensure attractive levels of operating margins for a portion of its revenue. These operations are limited to a percentage of the total exposure to US$ over a 24-month horizon, and are therefore pegged to the availability of ready-to-sell foreign exchange in the short term.
In addition to the transaction described above, the Company also taken out derivative instruments linked to the US$ and subject to exchange fluctuations, seeking to adjust the debt's currency indexation to the cash generation currency, as provided for in its financial policies.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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For the calculation of the mark-to-market (“MtM”) price, the exchange rate of the last business day of the period is used. These market movements caused a positive impact on the mark-to-market position entered into by the Company.
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, 2025.
The following table set out the possible impacts assuming these scenarios:
09/30/2025
Effect on profit or loss
Probable (base value) Possible 25% Remote 50%
Dollar/Real
Derivative financial instruments
Derivative options 1,075,688  (5,104,632) (12,077,754)
Derivative swaps (710,040) (3,218,272) (6,517,850)
Derivative Non-Deliverable Forward (‘NDF’) Contracts 28,442  (116,280) (232,553)
Embedded derivatives 99,383  (174,998) (349,995)
Commodity Derivatives (352) (187) (296)
Dollar/CNY
Derivative financial instruments
NDF parity derivatives (7) (2) (4)
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.
4.4.2.1 Sensitivity analysis – exposure to interest rates – except for derivative financial instruments
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”) and SOFR, 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 a variation of 25% and 50% in market interest rates.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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The following table set forth the possible impacts assuming these scenarios in absolute amounts:
09/30/2025
Effect on profit or loss
Probable Possible (25%) Remote (50%)
CDI/SELIC
Cash and cash equivalents 1,121,685  41,783  83,566 
Marketable securities 5,374,880  200,214  400,428 
Loans and financing 8,982,744  334,607  669,214 
TJLP
Loans and financing 122,763  2,750  5,500 
SOFR
Loans and financing 25,368,450  268,906  537,811 
4.4.2.2 Sensitivity analysis – exposure to interest rates – derivative financial instruments
This analysis assumes that all other variables remain constant. The other scenarios considered a variation of 25% and 50% in market interest rates.
The following table sets out the possible impacts of these assumed scenarios:
09/30/2025
Effect on profit or loss
Probable Probable 25% Remote 50%
CDI
Derivative financial instruments
Liabilities
Derivative options 1,075,688  (505,856) (951,432)
Derivative swaps (710,040) (644,348) (1,182,728)
SOFR
Derivative financial instruments
Liabilities
Derivative swaps (710,040) (119,894) (233,105)
4.4.2.3 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, 2025. The probable scenario was extrapolated considering a 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:
09/30/2025
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 99,383  (24,312) (51,222)
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.4.3 Pulp and commodity price risk management
The Company is exposed to the selling price of pulp and commodity prices 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.
Through a specialized team, the Company monitors hardwood pulp prices and analyses future trends, adjusting the forecasts aimed at assisting with preventive measures to calculate the different scenarios. There is no sufficiently liquid financial market to mitigate the risk of a material portion of the Company’s operations. Hardwood pulp price protection instruments available on the market have low liquidity and low volume, and high levels of distortion in price formation.
The Company is also exposed to international oil prices, reflected in logistical costs for selling in the export market, and indirectly in the costs of other supply, logistics and service contracts. In such cases, the Company evaluates whether to contract derivative financial instruments to mitigate the risk of price variations in its results.
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, 2024 (Note 4).
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.5.1 Outstanding derivatives by contract type, including embedded derivatives
The positions of outstanding derivatives are set forth below:
Notional value, net in U.S.$ Fair value in R$
09/30/2025 12/31/2024 09/30/2025 12/31/2024
Instruments as part of cash flow protection strategy
Cash flow hedge
Zero Cost Collar 5,962,800  6,852,200  1,075,688  (4,328,970)
NDF (R$ x US$) 90,000  581,000  28,442  (331,876)
NDF (CNY x US$) 1,500  (7)
Debt hedges
Swap SOFR x Fixed (US$) 2,015,371  1,973,705  132,462  394,129 
Swap IPCA x CDI (notional in Brazilian Reais) 10,137,136  8,128,395  (788,468) (825,899)
Swap CNY x Fixed (US$) 165,815  165,815  (2,687) (6,440)
Swap CDI x Fixed (US$) 1,607,213  909,612  (25,130) (776,261)
Pre-fixed Swap to CDI (notional in Brazilian Reais) 2,400,000  26,605 
Swap CDI x SOFR (US$) 660,171  610,171  (52,823) (590,764)
Swap SOFR x SOFR (US$)   150,961    (37,850)
Commodity Hedge
Swap US$ e US-CPI (1)
 153,273  138,439  99,383  (80,759)
Zero Cost Collar (Brent) 252,089  163,941  1,285  6,097 
Swap VLSFO/Brent 5,888  39,706  (1,637) 10,873 
493,113  (6,567,720)
Current assets 1,363,240  1,006,427 
Non-current assets 6,753,164  2,880,673 
Current liabilities (1,188,743) (2,760,273)
Non-current liabilities (6,434,548) (7,694,547)
493,113  (6,567,720)
(1)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.
The variation in the fair values of derivatives on September 30, 2025 compared to the fair values measured on December 31, 2024 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, 2025 are over-the-counter market operations, without any type of collateral margin or forced early settlement clause due to variations from market marking.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.5.2 Fair Value Maturity Schedule (net amounts)
09/30/2025 12/31/2024
2025 176,214  (1,753,846)
2026 448,898  (1,699,768)
2027 741,124  (36,905)
2028 onwards (873,123) (3,077,201)
493,113  (6,567,720)
4.5.3 Outstanding assets and liabilities derivatives positions
The outstanding derivatives positions are set forth below:
Notional value Fair value in R$
Currency 09/30/2025 12/31/2024 09/30/2025 12/31/2024
Debt hedges
Assets
Swap CDI to Fixed R$ 8,579,548  4,748,394  2,213,625  1,482,759 
Swap SOFR to Fixed US$ 2,015,371  1,973,705  291,321  424,824 
Swap IPCA to CDI R$ 10,657,886  8,382,699  1,382,291  927,586 
Pre-fixed Swap to CDI R$ 2,400,000    1,518,808   
Swap CDI to SOFR R$ 3,399,600  3,117,625  981,679  754,173 
Swap CNY to Fixed CNY 1,200,000  1,200,000  28,453   
Swap SOFR to SOFR US$   150,961    4,949 
6,416,177  3,594,291 
Liabilities
Swap CDI to Fixed US$ 1,607,213  909,612  (2,238,755) (2,259,020)
Swap SOFR to Fixed US$ 2,015,371  1,973,705  (158,858) (30,695)
Swap IPCA to CDI R$ 10,137,136  8,128,395  (2,170,759) (1,753,485)
Pre-fixed Swap to CDI R$ 2,400,000    (1,492,203)  
Swap CDI to SOFR US$ 660,171  610,171  (1,034,502) (1,344,937)
Swap CNY to Fixed US$ 165,815  165,815  (31,140) (6,440)
Swap SOFR to SOFR US$   150,961    (42,799)
(7,126,217) (5,437,376)
(710,040) (1,843,085)
Cash flow hedge
Zero Cost Collar (US$ x R$) US$ 5,962,800  6,852,200  1,075,688  (4,328,970)
NDF (R$ x US$) US$ 90,000  581,000  28,442  (331,876)
NDF (CNY x US$) US$ 1,500    (7)  
1,104,123  (4,660,846)
 Commodity hedge
Swap US-CPI (standing wood) (1) US$ 153,273  138,439  99,383  (80,759)
Zero Cost Collar (Brent) US$ 252,089  163,941  1,285  6,097 
Swap VLSFO/Brent US$ 5,888  39,706  (1,638) 10,873 
99,030  (63,789)
493,113  (6,567,720)
(1)The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.5.4 Fair value settled amounts
The settled derivatives positions are set forth below:
09/30/2025 12/31/2024
Cash flow hedge
Zero Cost Collar (R$ x US$) 6,513  645,759 
NDF (R$ x US$) (15,388) (68,695)
NDF (€ x US$) (26) 73,781 

(8,901) 650,845 

Commodity Hedge 6,303  89,327 
Swap VLSFO/other 6,303  89,327 

Debt hedges
Swap CDI to Fixed (US$) 265,568  (1,635,058)
Swap IPCA to CDI (Brazilian Reais) (200,007) (59,243)
Swap Pre-Fixed to US$   (221,462)
Swap SOFR to SOFR (US$) 1,504  2,199 
Swap CDI to SOFR (US$) 120,515  19,074 
Swap SOFR to Fixed (US$) 185,807  603,737 

373,387  (1,290,753)

370,789  (550,581)
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.6 Fair value hierarchy
Financial instruments are measured at fair value, which considers the fair value as the price that would be received from selling an asset or paid to transfer a liability in an unforced transaction between market participants at the measurement date.
For the nine-month period ended September 30, 2025, there were no changes between the 3 (three) levels of hierarchy and no transfers between levels 1, 2 and 3.
09/30/2025
Level 1 Level 2 Level 3 Total
Assets
At fair value through profit or loss
Derivative financial instruments 8,116,404  8,116,404 
Marketable securities 1,255,594  6,796,190  8,051,784 
1,255,594  14,912,594    16,168,188 
At fair value through other comprehensive income



Other investments (note 14.1) 928,747  33,594  962,341 
928,747    33,594  962,341 






Biological assets 24,445,461  24,445,461 
    24,445,461  24,445,461 
Total assets 2,184,341  14,912,594  24,479,055  41,575,990 
Liabilities






At fair value through profit or loss





Derivative financial instruments 7,623,291  7,623,291 
  7,623,291    7,623,291 
  7,623,291    7,623,291 
12/31/2024
Level 1 Level 2 Level 3 Total
Assets
At fair value through profit or loss
Derivative financial instruments 3,887,100  3,887,100 
Marketable securities 1,203,776  12,159,735  13,363,511 
1,203,776  16,046,835    17,250,611 
At fair value through other comprehensive income



Other investments - (note 14.1) 38,196  1,138,066 
1,099,870    38,196  1,138,066 
Biological assets 22,283,001  22,283,001 
    22,283,001  22,283,001 
Total assets 2,303,646  16,046,835  22,321,197  40,671,678 
Liabilities
At fair value through profit or loss
Derivative financial instruments 10,454,820  10,454,820 
  10,454,820    10,454,820 
Total liabilities   10,454,820    10,454,820 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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4.7 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, 2025, no material incidents associated with cybersecurity were identified that could affect the confidentiality, integrity and/or availability of the systems used by the Company.
4.8 Climate change
In the annual financial statements for the year ended December 31, 2024, the risks and opportunities information linked to climate change and the sustainability strategy were disclosed, which did not change significant during the nine-month period ended September 30, 2025.

4.9 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”).
5 CASH AND CASH EQUIVALENTS
Average yield p.a. % 09/30/2025 12/31/2024
Cash and banks (1)
 4.43% 12,304,105  6,596,510 
 
Cash equivalents  
Local currency  
Fixed-term deposits (compromised) 101.80 % of CDI 1,121,685  2,422,308 
Foreign currency
Fixed-term deposits (2)
 4.99% 2,413,076   
15,838,866  9,018,818 
(1)Refers mainly to investments in foreign currency under the Sweep Account modality, which is a remunerated account the balance of which is invested and made available automatically each day.
(2)Refers to Time Deposit applications, with maturity up to 90 days, which is a remunerated bank deposit with a specific maturity period and is subject to an insignificant risk of changes in value.

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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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6 MARKETABLE SECURITIES
Average yield p.a. % 09/30/2025 12/31/2024
In local currency
Private funds 99.50% of CDI 430,023  552,635 
Private Securities ("CDBs") 101.80% of CDI 4,603,030  11,144,881 
Public Securities (1)
 IPCA + 6.10% 1,255,594  1,203,776 
CDBs - Escrow Account (2)
 102.30% of CDI 317,098  391,964 
Public Securities - Instituto de Crédito Oficial (ICO) 12.64% 614,047 
Other 99.94% of CDI 24,729   

7,244,521  13,293,256 
Foreign currency

Time deposits (3)
 4.97% 802,906   
Other

4,357  70,255 

807,263  70,255 
8,051,784  13,363,511 
Current 7,734,686  12,971,547 
Non-Current 317,098  391,964 
(1)Acquisition of Brazil National Treasury Notes indexed to IPCA (NTN-B).
(2)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.
(3)Refers to Time Deposit investments, with maturities over 90 days, which are remunerated bank deposits with specific maturity periods.

7 TRADE ACCOUNTS RECEIVABLE
7.1 Breakdown of balances
09/30/2025 12/31/2024
Domestic customers
Third parties 1,655,553  1,989,455 
Related parties (Note 11.1) (1)
 97,477  83,343 
Foreign customers
Third parties 4,497,967  7,090,160 
Related parties (Note 11.1)   202 
(-) Expected credit losses (121,516) (30,300)
6,129,481  9,132,860 
(1)The balance refers to transactions with Ibema Companhia Brasileira de Papel.
25
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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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, 2025, was R$6,132,451 (R$6,821,539 as of December 31, 2024).
7.2 Breakdown of trade accounts receivable by maturity
09/30/2025 12/31/2024
Current 5,376,849  8,216,570 
Overdue
Up to 30 days 434,549  682,142 
From 31 to 60 days 89,738  134,674 
From 61 to 90 days 61,194  38,187 
From 91 to 120 days 45,916  17,701 
From 121 to 180 days 25,966  12,402 
From 181 days 95,269  31,184 
6,129,481  9,132,860 
7.3 Roll-forward of expected credit losses
09/30/2025 12/31/2024
 Opening balance (30,300) (31,962)
(Provisions)/Reversals, net (103,502) (2,585)
Write-offs 8,145  5,790 
Exchange rate variations 4,141  (1,543)
 Closing balance (121,516) (30,300)
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.
7.4 Main customers
On September 30, 2025, the Company has 1 (one) customer responsible for 11.06% of the net sales of pulp operating segment and 1 (one) customer responsible for 10.70% of the net sales of the paper operating segment. On December 31, 2024 the Company did not have any customer responsible for more than 10.00% of the net sales of pulp operating segment or paper operating segment.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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8 INVENTORIES
09/30/2025 12/31/2024
Finished goods
Pulp
Domestic 802,892  801,623 
Foreign 2,049,974  1,510,985 
Paper
Domestic 707,612  561,409 
Foreign 478,441  362,027 
Work in process 147,446  135,380 
Raw materials
Wood 2,297,789  2,287,406 
Operating supplies and packaging 1,100,597  1,098,894 
Spare parts and other 1,475,399  1,302,534 
(-) Expected losses (104,209) (97,934)

8,955,941  7,962,324 
8.1 Roll-forward of expected losses
09/30/2025 12/31/2024
Opening balance (97,934) (95,053)
Additions (30,683) (83,705)
Reversals 6,652  6,352 
Write-offs 17,756  74,472 
Closing balance (104,209) (97,934)
On September 30, 2025 and 2024, there were no inventory items pledged as collateral.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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9 RECOVERABLE TAXES
09/30/2025 12/31/2024
IRPJ/CSLL – prepayments and withheld taxes 572,825  227,464 
PIS/COFINS – on acquisitions of property, plant and equipment (1)
 76,007  187,126 
PIS/COFINS – operations 707,848  789,667 
PIS/COFINS – exclusions from ICMS (2)
 343,981  405,407 
ICMS – on acquisitions of property, plant and equipment (3)
 469,771  471,825 
ICMS – operations (4)
 1,807,873  1,654,162 
Reintegra program (5)
 75,234  70,610 
Other taxes and contributions 133,407  64,444 
Provision for loss on ICMS credits (6)
 (1,733,630) (1,581,961)
2,453,316  2,288,744 
Current 1,488,160  1,109,619 
Non-current 965,156  1,179,125 
(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 (tissue) 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.
9.1 Provision for loss on ICMS credits
ICMS
09/30/2025 12/31/2024
Opening balance (1,581,961) (1,452,435)
Addition (302,420) (316,741)
Reversal (1)
 150,751  186,014 
Write-off   1,201 
Closing balance (1,733,630) (1,581,961)
(1)Refers mainly to the reversal of the provision for loss resulting from the recovery of ICMS credits from the State of Espírito Santo through sale to third parties.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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10 ADVANCES TO SUPPLIERS
09/30/2025 12/31/2024
Forestry development program 2,682,250  2,503,537 
Advance to suppliers - others 87,696  92,133 
2,769,946  2,595,670 
Current 87,696  92,133 
Non-current 2,682,250  2,503,537 
In the annual financial statements for the year ended December 31, 2024, the characteristics of the advances were disclosed, which did not change during the nine-month period ended September 30, 2025.
11 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 refers mainly to:
Assets: (i) accounts receivable from the sale of pulp, paper, tissue 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, tissue and other products; (ii) loan charges and exchange variation; (iii) social services and (viii) real estate consulting.
For the nine-month period ended September 30, 2025, 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.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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11.1 Balances recognized in assets and liabilities and amounts of transactions during the period
Assets Liabilities Sales (purchases), net
09/30/2025 12/31/2024 09/30/2025 12/31/2024 09/30/2025 09/30/2024
Transactions with majority shareholders
Suzano Holding S.A. 7  4    (630,387) (336) 43 
Controller       (336,205)    
Management and related persons       (55,627)    
Alden Fundo de Investimento em Ações       (52,764)    
7  4    (1,074,983) (336) 43 
Transactions with companies of the Suzano Group and other related parties
Management 119  61      375  417 
Bexma Participações Ltda. 3        11  5 
Naman Capital Ltda.         5  6 
Civelec Participações Ltda. 2,895  3,860         
Fundação Arymax 4        8  3 
Ibema Companhia Brasileira de Papel (1)
 97,477  83,343  (4,472) (1,413) 146,503  163,480 
Instituto Ecofuturo - Futuro para o Desenvolvimento Sustentável 1  21      (3,730) (4,122)
IPLF Holding S.A.   1      4  5 
Mabex Representações e Participações Ltda.     (16) (23) (1,022) (892)
Nemonorte Imóveis e Participações Ltda.     (15)   (134) (134)
Woodspin Oy   203  625  621 
100,499  87,489  (4,503) (1,436) 142,645  159,389 
100,506  87,493  (4,503) (1,076,419) 142,309  159,432 
Assets
Trade accounts receivable (Note 7) 97,477  83,545   
Other assets 3,029  3,948   
Liabilities
Trade accounts payable (Note 17)   (4,503) (1,457)
Interest on own capital payable (1,074,962)
100,506  87,493  (4,503) (1,076,419)

(1)Refers mainly to the sale of pulp.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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11.2 Management compensation
Expenses related to the compensation of key management personnel, which include the Board of Directors, Fiscal Council and Board of Statutory Executive Officers, recognized in the statement of income for the period, are set out below:
09/30/2025 09/30/2024
Short-term benefits
Salary or compensation 32,767  36,356 
Direct and indirect benefits 836  1,533 
Bonus 20,149  11,012 
53,752  48,901 
Long-term benefits
Share-based compensation plan 78,087  50,599 
78,087  50,599 
131,839  99,500 
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 (company car, health plan, meal voucher, market voucher, life insurance and private pension plan).
Long-term benefits include the stock option plan and phantom shares for executives and key members of Management, in accordance with the specific regulations disclosed in Note 22.1.
12 INCOME AND SOCIAL CONTRIBUTION TAXES
The Company calculates income tax and social contribution taxes, current and deferred, based on the following rates: (i) 15% plus an additional 10% on taxable income in excess of R$240 for IRPJ; and (ii) 9% for CSLL, on the net income. Balances are recognized in the Company's income on an accrual basis.
Subsidiaries domiciled in Brazil have their taxes calculated and provisioned in accordance with the current legislation and their specific tax regime, including, in some cases, the presumed profit method. Subsidiaries domiciled abroad are subject to taxation in their respective jurisdictions, according to local regulations.
Deferred income and social contribution taxes are recognized at the net amounts in non-current assets or liabilities.
In Brazil, Law nº. 12,973/14 revoked article 74 of Provisional Measure nº. 2,158/01 and determines that the parcel of the adjustment of the value of the investment in subsidiaries, direct and indirect, domiciled abroad, equivalent to the profit earned by them before income tax, except for exchange rate variation, must be added in the determination of taxable income and the social contribution calculation basis of the controlling entity domiciled in Brazil, at each year ended.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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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 Trading 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, 2025. There is no provision for tax related to the non-double taxation profits of such subsidiary in 2025. Disclosures about uncertain tax positions for income tax and social contribution (IFRIC 23) are presented in Note 20.2.
12.1 Deferred taxes
12.1.1 Deferred income and social contribution taxes
09/30/2025 12/31/2024
Tax loss carried forward 957,193  796,831 
Negative tax basis of social contribution carried forward 366,676  307,143 
Assets - temporary differences
Provision for judicial liabilities 269,675  324,873 
Operating provisions 548,502  515,779 
Provisions for other losses 604,274  547,242 
Employee benefit plans 252,482  245,331 
Exchange rate variations 3,292,458  7,385,034 
Derivatives losses (“MtM”)(1)
   2,230,835 
Amortization of fair value adjustments arising from business combinations 621,887  625,745 
Unrealized profit on inventories 193,958  539,157 
Leases (1)
 509,775  606,944 
7,616,880  14,124,914 
 Liabilities - temporary differences
Goodwill - tax benefit on unamortized goodwill 1,806,061  1,589,887 
Property, plant and equipment - deemed cost 1,001,100  1,066,883 
Depreciation for tax-incentive reason (2)
 684,771  733,640 
Capitalized loan costs 942,023  947,482 
Fair value of biological assets 1,005,141  1,317,095 
Deferred taxes, net of fair value adjustments 320,477  342,141 
Tax credits - gains from tax lawsuit (exclusion of ICMS from the PIS and COFINS basis) 121,518  137,928 
Derivatives gains (“MtM”) (1)
 166,879   
Provision of deferred taxes on results of subsidiaries abroad 76,753   
Other temporary differences 12,913  18,439 
6,137,636  6,153,495 
Non-current assets 1,479,244  7,984,015 
Non-current liabilities   12,596 
(1)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 passive temporary difference was R$2,731,725 and asset temporary difference of R$2,564,845 (passive temporary difference was R$1,321,614 and asset temporary difference of R$3,552,449 as of December 31, 2024). For the lease line, the passive temporary difference was R$1,771,769 and asset temporary difference was R$2,281,544 (passive temporary difference was R$1,763,847 and asset temporary difference was R$2,370,791 as of December 31, 2024).
(2)Tax depreciation is taken as a benefit only in the income tax calculation bases.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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12.1.2 Breakdown of accumulated tax losses and social contribution tax losses carried forward
  09/30/2025 12/31/2024
Tax loss carried forward 3,828,772  3,187,324 
Negative tax basis of social contribution carried forward 4,074,178  3,412,700 
12.1.3 Roll-forward of deferred tax assets
09/30/2025 12/31/2024
Opening balance 7,971,419  533,836 
Tax loss carried forward 160,362  (413,137)
Negative tax basis of social contribution carried forward 59,533  (149,887)
Provision for judicial liabilities (55,198) 715 
Operating provisions and other losses 96,906  93,545 
Exchange rate variation (4,092,576) 5,000,881 
Derivative (gains) losses (“MtM”) (2,397,714) 2,908,925 
Amortization of fair value adjustments arising from business combinations 17,806  193 
Unrealized profit on inventories (345,199) 387,579 
Leases (97,169) 250,834 
Goodwill - tax benefit on unamortized goodwill (216,174) (288,233)
Property, plant and equipment - deemed cost 65,783  70,600 
Depreciation accelerated for tax-incentive reason 48,869  66,217 
Capitalized loan costs 5,459  (307,419)
Fair value of biological assets 311,954  (201,663)
Deferred taxes on the results of subsidiaries abroad (76,753)  
Credits on exclusion of ICMS from the PIS/COFINS tax base 16,410  12,763 
Other temporary differences 5,526  5,670 
Closing balance 1,479,244  7,971,419 
33
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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12.2 Reconciliation of the effects of income tax and social contribution on profit or loss
09/30/2025 09/30/2024
Net income (loss) before taxes 20,276,673 (1,970,690)
Income tax and social contribution benefit (expense) at statutory nominal rate of 34% (6,894,069) 670,035
Tax effect on permanent differences
Impact of the taxation difference on profit of associates in Brazil and abroad (1)
 (330,497) 790,091
Equity method (41,185) (5,046)
Credit related to Reintegra Program 8,645 8,203
Director bonuses (26,950) (9,347)
Tax incentives (Note 12.3) 263,762 287,409
Other (additions)/exclusions permanent 65,139 (78,789)
(6,955,155) 1,662,556
Income tax
Current (368,239) (742,824)
Deferred (4,753,737) 1,996,752
(5,121,976) 1,253,928
Social Contribution
Current (104,203) (297,815)
Deferred (1,728,976) 706,443
(1,833,179) 408,628
Income and social contribution benefits (expenses) on the period (6,955,155) 1,662,556
(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.

















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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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12.3 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.
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 2025
12.4 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. These rules await approval in the local legislation of each country. In the context of Suzano, compliance with OECD guidelines on international taxation is a strategic priority.
Many countries have already released legislation or plans on the adoption of Pillar Two rules and the calculation of GloBE revenue, considering the global minimum rate of 15% for multinationals with consolidated revenue above EUR750 million.
Since 2024, the Company has been subject to these new rules in certain European jurisdictions where it operates, with Austria standing out as a relevant operation.
As of 2025, the Company is subject to the Additional Social Contribution on Net Income (CSLL), which is the Brazilian legislation's response to the GloBE rules and affects business groups with an IRPJ and CSLL tax burden of less than 15% in Brazil.
Based on the calculations performed under the GloBE Simplifying Transition Rules (RSGT), no impact on the financial statements is anticipated 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.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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13 BIOLOGICAL ASSETS
The roll-forward of biological assets is as set forth below:
09/30/2025 12/31/2024
Opening balance 22,283,001  18,278,582 
Additions 6,281,750  7,180,450 
Additions of merged companies   366,785 
Depletions (3,936,128) (4,831,916)
Transfers 15,233  102,790 
Gain (loss) on fair value adjustments (73,248) 1,431,530 
Disposals (23,383) (130,922)
Write-offs (101,764) (114,298)
Closing balance 24,445,461  22,283,001 
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, 2024.
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 4.8).
The Company has no biological assets pledged as collateral on September 30, 2025 and December 31, 2024.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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14 INVESTMENTS
14.1 Investments breakdown
09/30/2025 12/31/2024
Investments in associates and joint ventures 265,190  453,371 
Goodwill 189,846  225,486 
Other investments evaluated at fair value through other comprehensive income 962,341  1,138,066 
1,417,377  1,816,923 
Investments 1,422,565  1,816,923 
Provision for loss on investments in subsidiaries (5,188)  
1,417,377  1,816,923 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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14.2 Investments in associates and joint ventures
Information of investees as at
 Company Participation
09/30/2025 Carrying amount In the income (expenses) for the period
Equity Income (expenses) of the period Participation equity (%) 09/30/2025 12/31/2024 09/30/2025 09/30/2024
Associate
Foreign
Ensyn Corporation (20,917) (76,085) 24.80  % (5,187) 2  (20,213) (2,289)
Spinnova Plc. (1)
 279,740  (217,242) 18.76  % 52,479  95,254  (40,714) (19,576)
Simplifyber, Inc. 54,672  (10,115) 13.91  % 7,605  30,060  (1,407)
Allotrope Energy Ltd 20.00  % 537 
55,434  125,316  (62,334) (21,865)
Joint ventures
Domestic (Brazil)
Biomas - Serviços Ambientais, Restauração e Carbono Ltda. 34,828  (29,371) 16.66  % 5,802  2,923  (4,618) (3,431)
Ibema Companhia Brasileira de Papel 397,748  26,873  49.90  % 198,476  193,901  13,410  27,904 
Foreign
F&E Technologies LLC 10,956    50.00  % 5,478  6,378     
Woodspin Oy (2) (3)
 234,894  (26,427) 50.00  %   124,853  (122,495) (17,450)
209,756  328,055  (113,703) 7,023 
Other investments evaluated at fair value through other comprehensive income
Bem Agro Integração e Desenvolvimento S.A. 5.82  % 3,461  4,026   
Celluforce Inc. 8.28  % 24,681  27,823 
Nfinite Nanotechnology Inc. 4.90  % 5,452  6,347   
Lenzing Aktiengesellschaft 15.00  % 928,747  1,099,870   
962,341  1,138,066     
Goodwill (2)
 189,846  225,486  (63,634)
189,846  225,486  (63,634)
1,417,377  1,816,923  (239,671) (14,842)
(1)The average share price quoted on the Nasdaq First North Growth Market (NFNGM) was EUR0.61 on September 30, 2025 and EUR0.95 in December 31, 2024.
(2)In June 2025, the Company and Spinnova Plc entered into a non-binding term sheet with the objective of terminating the corporate partnership in the joint venture Woodspin Oy. This will result in the Company disposing of its entire interest in both Woodspin Oy and Suzano Finland Oy to Spinnova Plc, for the amount of one euro each. As a result of this transaction, which is still subject to definitive formalization, the following accounting effects were recognized: (i) R$(117,848) related to the impairment of the investment and R$(15,636) related to the realization of other comprehensive income from the joint venture Woodspin Oy and (ii) R$(63,634) related to the write-off of goodwill from the associate Spinnova Plc. These impacts were recognized in the income (loss) from associates and joint ventures line item
(3)In August 2025, as part of the ongoing process of divesting its investment in Spinnova Plc, the Company entered into a Share Purchase Agreement (“SPA”) and recognized an accounting effect in the amount of R$(28,679), related to the obligation to make an additional capital contribution, as stipulated in the closing conditions of the transaction..
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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15 PROPERTY, PLANT AND EQUIPMENT    
Land Buildings Machinery,
equipment and facilities		 Work in progress
Other (1)
 Total
Average rate %   3.28  7.46    20.69   
Accumulated cost 14,859,189  10,032,317  48,456,537  17,485,109  1,491,663  92,324,815 
Accumulated depreciation   (4,125,823) (27,918,585)   (991,338) (33,035,746)
Balances at December 31, 2023 14,859,189  5,906,494  20,537,952  17,485,109  500,325  59,289,069 
Additions 697  558  415,147  7,490,762  28,904  7,936,068 
Acquisition of subsidiaries 1,699,588  775  413    1,992  1,702,768 
Write-offs (10,724) (7,455) (118,499)   (9,324) (146,002)
Depreciation   (366,398) (3,214,550)   (222,993) (3,803,941)
Transfers and other 226,598  3,988,619  16,660,035  (21,465,336) 598,162  8,078 
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  17  463,423  2,943,256  14,794  3,424,570 
Write-offs (64,222) (52,614) (107,658)   (95,082) (319,576)
Depreciation   (322,289) (3,094,921)   (217,829) (3,635,039)
Transfers and other 4,170  511,808  1,388,764  (2,028,511) 127,292  3,523 
Accumulated cost 16,718,376  14,212,469  64,436,865  4,425,280  1,806,439  101,599,429 
Accumulated depreciation   (4,552,954) (31,506,759)   (1,080,198) (37,139,911)
Balances at September 30, 2025 16,718,376  9,659,515  32,930,106  4,425,280  726,241  64,459,518 
(1)Includes vehicles, furniture and utensils and computer equipment.

On September 30, 2025, the Company evaluated the business, market and climate impacts, and did not identify any event that indicated the need to perform an impairment test and to record any impairment provision for property, plant and equipment.
15.1 Items pledged as collateral
On September 30, 2025, 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 9/30/2025 12/31/2024
Land Financial/Legal 24,427  24,427 
Buildings Financial 1,722,119  1,755,082 
Machinery, equipment and facilities Financial 19,450,456  20,442,189 
Work in progress Financial 500,305  427,998 
Other Financial 51,538  43,487 
21,748,845  22,693,183 
15.2 Capitalized expenses
For the nine-month period ended September 30, 2025, the Company capitalized loan costs in the amount of R$205,409 (R$959,967 as of December 31, 2024). The weighted average interest rate, adjusted by the equalization of the exchange rate effects, utilized to determine the capitalized amount was 13.14% p.a. (11.17% p.a. as of December 31, 2024).
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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15.3 Asset Retirement Obligation (ARO)
On September 30, 2025, the Company has provisioned the amount of R$68,597 (R$65,327 as of December 31, 2024) 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.
16 INTANGIBLE
16.1 Goodwill and intangible assets with indefinite useful lives
09/30/2025 12/31/2024
Goodwill - Facepa 119,332  119,332 
Goodwill - Fibria 7,897,051  7,897,051 
Goodwill - MMC Brasil 170,859  170,859 
Other (1)
 5,097  5,097 
8,192,339  8,192,339 
(1)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 28.4.
For the nine-month period ended September 30, 2025, 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.
16.2 Intangible assets with limited useful lives
09/30/2025 12/31/2024
Opening balance 5,709,964  6,557,009 
Additions 59,574  161,779 
Amortization (754,478) (1,008,824)
Closing balance 5,015,060  5,709,964 
Represented by Average annual rate %
Non-competition agreements 5.00  4,275  4,508 
Port concessions 3.94  629,206  632,253 
Supplier agreements 12.66  14,814  25,925 
Port service contracts 4.23  498,436  520,459 
Cultivars 14.28  5,097  20,391 
Trademarks and patents 8.35  158,719  170,306 
Customer portfolio 9.09  3,489,164  4,104,900 
Software 20.80  201,680  201,476 
Other 10.00  13,669  29,746 
5,015,060  5,709,964 
Cost 12,598,915  12,540,497 
Amortization (7,583,855) (6,830,533)
Closing balance 5,015,060  5,709,964 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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17 TRADE ACCOUNTS PAYABLE
09/30/2025 12/31/2024
In local currency
Third party (1)

4,356,593  4,681,065 
Related party (Note 11.1) (2)

4,503  1,457 
In foreign currency
Third party

1,067,725  1,350,763 
5,428,821  6,033,285 
(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, 2025 was R$463,343 (R$555,063 at December 31, 2024).
(2)The balance refers mainly to transactions with Ibema Companhia Brasileira de Papel.
17.1 Long-term commitments - 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 will receive 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, a payment of R$878,049 was made related to the exchange agreement. The remaining amounts payable total R$1,962,554, with R$819,970 due in 2026 and R$1,142,584 due in 2028, in accordance with the contractual schedule.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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18 LOANS, FINANCING AND DEBENTURES
18.1 Breakdown by type
Current Non-current Total
Type Currency Interest rate Average annual interest rate - % 09/30/2025 12/31/2024 09/30/2025 12/31/2024 09/30/2025 12/31/2024
In foreign currency
Bonds USD Fixed 5.0 % 1,791,638  3,229,641  41,076,515  49,166,804  42,868,153  52,396,445 
Panda Bonds CNY Fixed 2.8 % 21,805  4,224  895,871  1,016,331  917,676  1,020,555 
Export credits (“export prepayments”) USD SOFR/Fixed 5.1 % 834,064  6,236,806  17,378,400  16,283,736  18,212,464  22,520,542 
Assets financing USD SOFR 3.0 % 102,469  137,300  198,566  298,252  301,035  435,552 
ECA - Export Credit Agency USD SOFR 5.6 % 17,862  7,297  1,718,297  769,702  1,736,159  776,999 
IFC - International Finance Corporation (1)
 USD SOFR 5.3 % (5,708) (12,051) 5,006,476  5,858,208  5,000,768  5,846,157 
Others 5,831  4,210    4,455  5,831  8,665 
2,767,961  9,607,427  66,274,125  73,397,488  69,042,086  83,004,915 
In local currency
BNDES BRL UMBNDES 6.6 % 3,179  157  456,915  157,555  460,094  157,712 
BNDES BRL TJLP 8.6 % 88,569  100,556  33,754  101,587  122,323  202,143 
BNDES BRL TLP 12.9 % 105,593  94,903  5,208,002  4,607,102  5,313,595  4,702,005 
BNDES BRL SELIC 16.2 % 270,231  243,223  569,258  704,825  839,489  948,048 
BNDES BRL TR 4.3 % 3,899  84  80,725  70,015  84,624  70,099 
Assets financing BRL CDI 15.5 % 18,693  18,427  42,935  56,956  61,628  75,383 
NCE (“Export credit notes”) BRL CDI 16.2 % 4,122  3,027  100,000  100,000  104,122  103,027 
NCR (“Rural producer certificates”) BRL CDI 13.6 % 187,281  312,652  5,000,000  2,000,000  5,187,281  2,312,652 
Ecoinvest BRL CDI 13.5 % 12,238  327,022  339,260 
Rural Product Note ("CPR") BRL CDI/IPCA 13.8 % 5,349  1,934,824  1,940,173 
Debentures BRL CDI/IPCA 13.7 % 322,964  120,931  9,144,566  9,738,616  9,467,530  9,859,547 
1,022,118  893,960  22,898,001  17,536,656  23,920,119  18,430,616 
3,790,079  10,501,387  89,172,126  90,934,144  92,962,205  101,435,531 
Interest on financing 1,058,621  1,541,312  1,058,621  1,541,312 
Non-current funding 2,731,458  8,960,075  89,172,126  90,934,144  91,903,584  99,894,219 
3,790,079  10,501,387  89,172,126  90,934,144  92,962,205  101,435,531 
(1) The balances shown as negative include fundraising costs
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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18.2 Breakdown by maturity - non-current
2026 2027 2028 2029 2030 2031 onwards Total
In foreign currency
Bonds     2,645,309  9,261,965  5,248,456  23,920,785  41,076,515 
Panda Bonds   895,871          895,871 
Export credits (“export prepayments”) 904,858  3,329,057  3,318,701  3,773,879  5,202,918  848,987  17,378,400 
Assets financing 25,955  103,353  63,328  5,930      198,566 
ECA - Export Credit Agency           1,718,297  1,718,297 
IFC - International Finance Corporation 268,885  1,368,062  2,226,337  1,143,192  5,006,476 
930,813  4,597,166  7,395,400  15,268,111  11,594,566  26,488,069  66,274,125 
In local currency
BNDES – TJLP 22,038  3,700  3,700  3,700  616    33,754 
BNDES – TLP 40,873  163,491  160,656  146,481  378,465  4,318,036  5,208,002 
BNDES – Fixed 2,443  9,771  9,771  9,771  9,771  415,388  456,915 
BNDES – SELIC 70,987  38,162  38,162  38,162  38,162  345,623  569,258 
BNDES – TR 1,378  5,734  5,734  5,734  5,734  56,411  80,725 
Ecoinvest       73,617  73,617  179,788  327,022 
Assets financing 4,722  19,113  19,033  67      42,935 
NCE (“Export credit notes”)   25,000  25,000  25,000  25,000    100,000 
Rural Product Note ("CPR")           1,934,824  1,934,824 
NCR (“Rural producer certificates”)         2,000,000  3,000,000  5,000,000 
Debentures         549,408  8,595,158  9,144,566 
142,441  264,971  262,056  302,532  3,080,773  18,845,228  22,898,001 
1,073,254  4,862,137  7,657,456  15,570,643  14,675,339  45,333,297  89,172,126 

18.3 Roll-forward of loans, financing and debentures
09/30/2025 12/31/2024
Opening balance 101,435,531  77,172,692 
Fundraising, net of issuance costs 22,324,556  15,692,905 
Interest accrued 4,399,815  5,413,707 
Monetary and exchange rate variation, net (10,914,087) 17,728,324 
Settlement of principal (19,600,013) (9,410,807)
Settlement of interest (4,753,232) (5,241,389)
Amortization of fundraising costs 75,916  80,099 
Others (6,281)
Closing balance 92,962,205  101,435,531 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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18.4 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 09/30/2025 12/31/2024
Bonds 422,881  278,737  144,144  168,450 
Rural Product Note ("CPR") 65,177    65,177 
Export credits (“export prepayments”) 274,830  199,711  75,119  63,080 
Debentures 159,675  40,385  119,290  125,663 
BNDES 94,116  58,129  35,987  25,777 
IFC - International Finance Corporation 81,956  23,528  58,428  78,719 
Others 19,857  1,956  17,901  6,799 
1,118,492  602,446  516,046  468,488 
18.5 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 15.1.
The Company does not have contracts with restrictive financial clauses (financial covenants) which must be complied with.
18.6 Relevant transactions entered into during the period
18.6.1 Export Prepayment
On March 10, 2025, the Company raised, with several banks (a syndicated operation), an export prepayment ("PPE"), in the amount of US$1,200,000 (equivalent to R$6,951,600), at a floating rate based on the 3-month SOFR Term + 1.45% p.a, maturing in March 2031.
On April 24, 2025, the Company entered into a PPE with JP Morgan in the amount of US$250,000 (equivalent to R$1,418,488), at floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030.
On April 24, 2025, the Company also entered into a PPE with JP Morgan as a debt maturity renewal strategy, with an amount of US$151,000 (equivalent to R$856,552), with a floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030.
On July 3, 2025, the Company raised, with MUFG Bank, an export prepayment (“PPE”) in the amount of US$100,000 (equivalent to R$542,080), at a floating rate of 3-month Term SOFR + 1.5% p.a., maturing in July 2031.
18.6.2 Rural Credit Note ("NCR")
On May 23, 2025, the Company entered into a Rural Credit Note (“NCR”) agreement with Itaú Unibanco in the amount of R$3,000,000, indexed at a fixed rate of 13.54% p.a., maturity on January 31, 2031.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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18.6.3 Eco Invest (“Ecoinvest”)
On June 27, 2025, the Company, through its joint operation Veracel, entered into an agro-industrial credit agreement under the Eco Invest Brasil program with Banco do Brasil, in the amount of R$331,278, bearing interest at 101% of the CDI rate, maturity on April 5, 2030.
18.6.4 Export Development Canada (“EDC”)
On July 21, 2025, the Company raised a loan with EDC in the amount of US$200,000 (equivalent to R$1,112,500), at a floating rate of Daily SOFR + 1.75% p.a., maturing in July 2032.
18.6.5 Rural Product Note ("CPR")
On September 15, 2025, the Company issued a Rural Product Note (“CPR”) with financial settlement totaling R$2,000,000. The CPR is composed of three parts: (i) an amount of R$293,255 at a cost of 96.50% of the CDI rate, with a total term of eight years and full amortization in September 2033; (ii) an amount of R$956,745 at a cost of IPCA + 7.0753% p.a., with a total term of ten years and full amortization in September 2035; and (iii) an amount of R$750,000 at a cost of IPCA + 7.0968% p.a., with a total term of twelve years and full amortization in September 2037.
18.6.6 Bonds 2036
On September 10, 2025, the Company, through its wholly owned subsidiary Suzano Netherlands B.V., issued a bond in the amount of US$1,000,000 (equivalent to R$5,412,300), at a fixed rate of 5.5% p.a., maturing in January 2036.

18.7 Significant transactions settled during the period
On January 14, 2025, the Company settled, as due, a bond with a 4.00% p.a cost, a market-based operation, in the amount of US$346,445 (equivalent to R$2,101,917, including principal and interest).
On March 10, 2025, the Company made an early partial settlement of an export prepayment with various banks (syndicated operation), totaling US$1,486,064 (equivalent to R$8,608,769, including principal and interest). The residual amount of the operation maintained its original maturity in March 2027 with a floating rate of SOFR + 1.4% p.a.
On March 24, 2025, the Company settled a Rural Producer Note (CPR) with Banco Safra, in the amount of R$221,942 (including principal and interest). The maturity of the CPR was in March 2025, with an interest rate of 100.00% of the CDI p.a.
On April 24, 2025, the Company early settled a PPE with JP Morgan, at a cost of 3-month Term SOFR + 1.93%, in the total amount of US$153,869 (equivalent to R$873,023 including principal and interest).
On May 17, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$106,585 (equivalent to R$605,819 including principal and interest).
On May 21, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$37,123 (equivalent to R$210,942 including principal and interest).
On June 9, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$15,988 (equivalent to R$89,170 including principal and interest).

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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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On September 11, 2025, through a Tender Offer, the Company early settled part of the outstanding balance of one of its bonds in the total amount of US$401,545 (equivalent to R$2,162,639 — principal and interest) as part of its debt rollover strategy. The bond’s remaining balance was settled on September 19, 2025, through a make-whole operation, in the amount of US$304,737 (equivalent to R$1,623,519 — principal and interest). The bond’s original maturity was in January 2027, with a fixed rate of 5.5% p.a.
On September 11, 2025, through a Tender Offer, the Company early settled part of the outstanding balance of another of its bonds in the total amount of US$233,807 (equivalent to R$1,259,239 — principal and interest) as part of its debt rollover strategy. The bond’s original maturity was in January 2026, with a fixed rate of 5.75% p.a.
On September 26, 2025, the Company carried out a full extraordinary amortization of the outstanding nominal value of the debentures from the 8th issuance, through the payment of a total amount of R$811,766 (principal and interest).
19 LEASES
19.1 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, 2023 3,380,298  184,813  127,432  1,498,228  5,860  5,196,631 
Additions/updates 506,373  157,542  41,235    39,076  744,226 
Depreciation (1)
(408,000) (167,312) (54,275) (124,890) (2,587) (757,064)
Write-offs (2)
 (3,102)   (3,102)
Balances at December 31, 2024 3,475,569  175,043  114,392  1,373,338  42,349  5,180,691 
Additions/updates 515,349  118,229  123,393  10,765  767,736 
Depreciation (1)
(328,089) (141,713) (36,463) (92,639) (7,086) (605,990)
Write-offs (2)
 (326) (214) (65) (605)
Balances at September 30, 2025 3,662,503  151,345  201,257  1,291,464  35,263  5,341,832 
(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, 2025, the Company does not have commitments to lease agreements not yet in force.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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19.2 Lease liabilities
The balance of lease payables on September 30, 2025, 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

12.62 % September/2053 4,186,456 
Machinery and equipment

11.65 % April/2035 260,099 
Buildings

11.27 % February/2031 193,858 
Ships and boats

11.25 % February/2039 2,184,265 
Vehicles

11.10 % November/2028 21,064 
6,845,742 
(1)To determine the discount rates, quotes were obtained from financial institutions for agreements with characteristics and average terms similar to the lease agreements.
(2)Refers to the original maturities of the agreements and, therefore, does not consider eventual renewal clauses.
The balances rolled-forward are set out below:
09/30/2025 12/31/2024
Opening balance 6,972,915  6,243,782 
Additions 767,736  744,226 
Write-offs (2)
 (605) (3,102)
Payments (1,059,908) (1,325,398)
Accrual of financial charges (1)
 547,497  700,283 
Exchange rate variations (381,893) 613,124 
Closing balance 6,845,742  6,972,915 
Current 846,668  872,228 
Non-current 5,999,074  6,100,687 
(1)On September 30, 2025, the amount of R$200,177 related to interest expenses on leased lands was capitalized to biological assets to represent the formation cost (R$223,055 as of December 31, 2024).
(2)Write-off due to cancellation of contracts.
The maturity schedule for future payments not discounted to present value related to lease liabilities is disclosed in Note 4.2.
19.2.1 Amounts recognized in the statement of income for the period
The amounts recognized are set out below:
09/30/2025 09/30/2024
Expenses relating to short-term assets 2,429  4,932 
Expenses relating to low-value assets 47  3,115 
2,476  8,047 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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20 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:
20.1 Roll-forward and changes in the provisions for probable losses based on the nature of the proceedings, net of judicial deposits
09/30/2025
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 (71,660) (85,489) (7,847) (164,996)
Reversal (53,512) (57,176) (54,442) (20,078) (185,208)
Additions 5,498  104,951  13,061  123,510 
Monetary adjustment 15,926  20,887  16,253  53,066 
Provision balance 304,216  337,099  182,578  2,107,647  2,931,540 
Judicial deposits (3,653) (91,177) (18,447) (113,277)
Provision balance at the end of the period 300,563  245,922  164,131  2,107,647  2,818,263 
(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$1,974,839 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.
12/31/2024
Tax and
social security		 Labor Civil, environment and real estate
Contingent liabilities assumed (1) (2)
 Total
Provision balance at the beginning of the year 468,839  349,058  139,435  2,155,545  3,112,877 
Payments (60,081) (89,221) (6,795)   (156,097)
Reversal (9,540) (89,941) (1,951) (27,820) (129,252)
Additions 4,689  162,456  72,605    239,750 
Monetary adjustment 4,057  21,574  12,259    37,890 
Provision balance 407,964  353,926  215,553  2,127,725  3,105,168 
Judicial deposits (66,746) (91,596) (20,076) (178,418)
Provision balance at the end of the year 341,218  262,330  195,477  2,127,725  2,926,750 
(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$2,448,564 and civil lawsuits in the amount of R$197,141, 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.
20.1.1 Tax and social security
On September 30, 2025, the Company has 56 (58 as of December 31, 2024) 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.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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20.1.2 Labor
On September 30, 2025, the Company has 1,172 (1,178 as of December 31, 2024) 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.
20.1.3 Civil, environment and real estate
On September 30, 2025, the Company has 71 (97 as at December 31, 2024) 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.
20.2 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:
09/30/2025 12/31/2024
Taxes and social security (1)
 10,329,685  9,837,082 
Labor 186,654  171,480 
Civil and environmental (1) (2)
 1,029,103  5,065,714 
11,545,442  15,074,276 
(1)The amounts above do not include the fair value adjustments allocated to possible loss risk contingencies representing R$2,088,587 (R$2,108,635 as of December 31, 2024), which were recorded at fair value resulting from business combinations with Fibria, as presented in Note 20.1.1 above.
(2)As disclosed in the annual financial statements, note 20.2.3(i), the Company is a defendant in a Public Civil Action (“ACP”) regarding compensation for damages caused to federal highways due to the transportation of timber exceeding the permitted weight. Based on a recent decision by the Superior Court of Justice (“STJ”), which established the thesis of civil liability without clear and objective liquidation criteria, as well as the change of the monetary correction index from IGPM/FGV to SELIC, the Company reassessed the exposure amount of this action to approximately R$ 340 million. This estimate made by management and supported by its external legal advisors, is based on scenarios with similarity to infraction notices suffered by other companies and assessed according to the quantification criteria applied by the Federal Public Ministry (“MPF”). Given the absence of clear and objective criteria for measuring such claims from the MPF in similar cases, management’s current estimate may vary to a higher or lower amount, subject to the final decision by the MPF/TRF1 regarding the Company's case.

In the nine-month period ended September 30, 2025, there were no significant changes in the main nature of these contingencies compared to those disclosed in the annual financial statements for the year ended December 31, 2024 (Note 20.1).
21 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, 2024 (Note 21), which did not change during the nine-month period ended September 30, 2025.
21.1 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, 2025 amounted R$18,077 (R$16,197 as of September 30, 2024) recognized under the cost of sales, selling and general and administrative expenses.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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21.2 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.
The roll-forward of actuarial liabilities prepared based on actuarial report is set forth below:
09/30/2025 12/31/2024
Opening balance 721,560  833,683 
Interest on actuarial liabilities 58,011  73,853 
Current service cost 1,455  1,997 
Actuarial loss – experience   (125)
Actuarial gain – financial assumptions   (137,649)
Benefits paid directly by entity (38,433) (50,199)
Closing balance 742,593  721,560 
22 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, 2024 (Note 22), which did not change during the nine-month period ended September 30, 2025.
22.1 Phantom shares plan (“PS”)
The roll-forward arrangements are set out below:
Number of shares
Year of grant Fair value on grant date 31/12/2024 Shares granted Cancelled
Exercised (1)
 30/09/2025 Available for completion Year of vesting
2025 2026 2027 2028
2020 R$38.50  33,384  1,083  (34,467)    
2021 R$62.25  874,480  28,375  (13,046) (852,348) 37,461  37,461   
2022 R$57.48  3,461,437  112,251  (108,565) (1,585,577) 1,879,546  1,496,369  46,382  312,822  23,973 
2023 R$48.84  3,052,179  98,965  (199,865) (127,307) 2,823,972    2,549,090  274,882 
2024 R$56.53  2,675,017  86,771  (157,910) (63,904) 2,539,974  2,987  2,351,966  185,021 
2025 R$60.53  3,666,632  (93,371) (47,698) 3,525,563  3,525,563 
10,096,497  3,994,077  (572,757) (2,711,301) 10,806,516  1,533,830  46,382  2,864,899  2,650,821  3,710,584 
Book value 361,974  165,213  (13,822) (144,633) 368,732 
Book value of the previous year 268,489  196,956  (23,470) (80,001) 361,974 
(1)The average price of the share options exercised and exercised due to termination of employment on September 30, 2025 was R$51.93.

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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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22.2 Restricted shares plan (“Performance Shares”)
The position is set forth below:
Number of stock options
Year of grant Fair value on grant date 31/12/2024 Shares granted Exercised 30/09/2025 Year of vesting
2026 2027 2028 2029 2030
2022 R$53.81  115,800  3,758  (119,558)  
2023 R$51.41  383,568  12,448  396,016  277,249  118,767 
2024 R$55.77  2,480,743  80,509  (348,417) 2,212,835  227,697  312,564  1,672,574 
2025 R$61.39  467,265  467,265  230,773  236,492 
Number of stock options 2,980,111  563,980  (467,975) 3,076,116  504,946  431,331  230,773  1,672,574  236,492 
Book value 60,226  34,081  (25,126) 69,181 
Book value of the previous year 26,744  81,276  (47,794) 60,226 

23 LIABILITIES FOR ASSETS ACQUISITIONS AND SUBSIDIARIES
09/30/2025 12/31/2024
Business combinations
Facepa (1)
 28,131  27,182 
Vale Florestar Fundo de Investimento em Participações ("VFFIP") (2)
 68,670  93,308 
96,801  120,490 
Current 18,588  21,166 
Non-current 78,213  99,324 
(1)Acquired in March 2018, for the amount of R$307,876, upon the payment of R$267,876, with the remainder updated at the IPCA, adjusted for possible losses incurred up to the payment date, with maturity in March 2028.
(2)On August 2014, the Company acquired Vale Florestar S.A. through VFFIP, with maturity up to August 2029. The annual settlements, carried out in the month of August, are subject to interest and updated by the variations of the US$ exchange rate, and partially updated by the IPCA.
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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24 SHAREHOLDERS’ EQUITY
24.1 Share capital
On September 30, 2025, Suzano’s share capital was R$19,269,281 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$19,235,546. The breakdown of the share capital is as set out below:
09/30/2025 12/31/2024
Quantity (%) Quantity (%)
Controlling Shareholders
Suzano Holding S.A. 367,612,329  29.08  367,612,329 29.08 
Controller 196,065,636  15.51  196,065,636 15.51 
Managements and related persons 32,155,608  2.54  32,784,440 2.59 
Alden Fundo de Investimento em Ações 27,154,744  2.15  26,154,744 2.07 
622,988,317  49.28  622,617,149 49.25 
Treasury (Note 24.2) 28,208,827  2.23  24,875,787 1.97 
Other shareholders 612,920,471  48.49  616,624,679 48.78 
1,264,117,615  100.00  1,264,117,615 100.00 
On September 30, 2025, SUZB3 common shares ended the period quoted at R$49.90 and R$61.78 on December 31, 2024.

24.2 Treasury shares
On September 30, 2025, the Company had 28,208,827 (24,875,787 as of December 31, 2024) of its own common shares held in treasury, with an average cost of R$53.57 per share, with a historical value of R$1,511,146 (R$1,339,197 as at December 31, 2024) and the market corresponding to R$1,407,620 (R$1,536,826 as at December 31, 2024).
For the nine-month period ended September 30, 2025, the Company granted 372,160 common shares at an average cost of R$53.66 per share, with a historical value of R$19,969, to comply with the restricted shares plan (Note 22.2).
Quantity Average cost
per share 		Historical
value 		Market
value
Balances at December 31, 2023 34,765,600  42.69  1,484,014  1,934,010 
Exercised (1,005,113) 47.55  (47,794) (54,213)
Repurchase

51,115,300  54.91  2,806,764  2,806,764 
Canceled

(60,000,000) 48.40  (2,903,787) (3,238,200)
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 September 30, 2025 28,208,827  53.57  1,511,146  1,407,620 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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25 EARNINGS PER SHARE
25.1 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.
09/30/2025 09/30/2024
Net income (loss) for the period attributed to Controlling shareholders' 13,298,971  (330,540)
Weighted average number of shares in the period – in thousands 1,264,118  1,298,205 
Weighted average treasury shares – in thousands (27,149) (24,823)
Weighted average number of outstanding shares – in thousands 1,236,969  1,273,382 
Basic earnings per common share – R$ 10.75126  (0.25958)
25.2 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.
09/30/2025 09/30/2024
Net income (loss) for the period attributed to Controlling shareholders' 13,298,971  (330,540)
Weighted average number of shares during the period (except treasury shares) – in thousands 1,236,969  1,273,382 
Average number of potential shares (stock options) - in thousands 3,076 
Weighted average number of shares (diluted) – in thousands 1,240,045  1,273,382 
Diluted earnings per common share – R$ 10.72459  (0.25958)

Due to the loss as of September 30, 2024, the Company did not consider the dilution effect in the measurement.



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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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26 NET FINANCIAL RESULT
09/30/2025 09/30/2024
Financial expenses
Interest on loans, financing and debentures (1)

(4,194,406) (3,059,902)
Premium expenses on early settlements (89,026)
Amortization of transaction costs

(75,916) (57,716)
Interest expenses on lease liabilities (2)

(347,320) (335,223)
Other

(363,271) (397,459)
(5,069,939) (3,850,300)
Financial income

Cash and cash equivalents and marketable securities

1,144,245  1,212,405 
Other 139,962  89,638 
1,284,207  1,302,043 
Results from derivative financial instruments

Income

9,008,280  2,401,971 
Expenses (1,576,658) (6,144,397)
7,431,622  (3,742,426)
Monetary and exchange rate variations, net

Exchange rate variations on loans, financing and debentures

10,914,087  (8,012,235)
Leases 381,893  (280,673)
Other assets and liabilities (3)
 (1,768,911) 1,337,630 
9,527,069  (6,955,278)
Net financial result 13,172,959  (13,245,961)
(1)Excludes R$205,409 arising from capitalized loan costs, substantially related to property, plant and equipment in progress of the Cerrado Project for the nine-month period ended September 30, 2025 (R$833,401 as at September 30, 2024).
(2)Includes R$200,177 referring to the reclassification to the biological assets item for the composition of the formation cost (R$184,776 as of September 30, 2024).
(3)Includes effects of exchange rate variations of trade accounts receivable, trade accounts payable, cash and cash equivalents, marketable securities and others.
27 NET SALES
09/30/2025 09/30/2024
Gross sales 44,717,590  40,448,987 
Sales deductions
Returns and cancellations (102,022) (156,958)
Discounts and rebates (5,930,234) (5,288,203)
38,685,334  35,003,826 
Taxes on sales (1,683,373) (1,777,542)
Net sales 37,001,961  33,226,284 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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28 SEGMENT INFORMATION
28.1 Criteria for identifying operating segments
The Board of Directors and Board of Statutory Executive Officers evaluate the performance of the Company’s business segments through the Adjusted EBITDA. The Company has revised the segment note to present Adjusted EBITDA as its performance measure.
The operating segments defined by the Company’s management are set forth below:
i)Pulp: comprised of the production and sale of hardwood eucalyptus pulp and fluff pulp, mainly to supply the foreign market.
ii)Paper: comprises the production and sale of paper to meet the demands of both the domestic and foreign markets. Consumer goods (tissue) sales are classified under this segment due to their immateriality.
Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s management, which makes investment decisions and determines the allocation of resources on a consolidated basis.
In addition, with respect to geographical information related to non-current assets, the Company does not disclose such information, as all property, plant and equipment, biological and intangible assets are substantially in Brazil.
28.2 Information of operating segments

09/30/2025
Pulp Paper Total
Net sales 27,949,498  9,052,463  37,001,961 
Domestic market (Brazil) 1,366,641  5,348,976  6,715,617 
Foreign market 26,582,857  3,703,487  30,286,344 
Cost of sales (18,535,613) (6,255,439) (24,791,052)
Adjusted EBITDA 14,093,769  2,059,719  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 
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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09/30/2024
Pulp Paper Total
Net sales 26,397,840  6,828,444  33,226,284 
Domestic market (Brazil) 1,709,910  5,209,587  6,919,497 
Foreign market 24,687,930  1,618,857  26,306,787 
Cost of sales (14,424,832) (4,215,978) (18,640,810)
Adjusted EBITDA 15,136,653  2,231,628  17,368,281 
Adjustments to EBITDA (*) 321,036 
Depreciation, depletion and amortization (6,414,046)
Financial result (13,245,961)
Net loss before taxes (1,970,690)

09/30/2025 09/30/2024
(*) Adjustments to EBITDA
Fair Value - Biological Asset (73,248) 539,003 
Loss from associates and joint ventures (2)
 (268,350) (14,842)
Impairment of subsidiaries (3)
 (88,871)
Income from disposal and write-off of property, plant and equipment and biological assets (183,356) (132,012)
Provision/(reversals) for losses on ICMS credits (151,669) (47,807)
Expenses on Asset Acquisition and Business Combinations (41,423) (22,076)
Others (1)
 (16,640) (1,230)
(823,557) 321,036 

(1) It includes items with specific, non-cash and exceptional adjustments, such as: i) effective loss of the development contract advance program; and ii) extinction of the packaging business line.
(2) Refers to the transaction with the affiliate Spinnova Plc involving the joint venture Woodspin Oy and the subsidiary Suzano Finland Oy (note 14.3).
(3) Related to the impairment of the balances of subsidiary Suzano Finland Oy, which impacted the other operating expenses line item.
28.3 Net sales by product
09/30/2025 09/30/2024
Products
Market pulp (1)
 27,949,498  26,397,840 
Printing and writing paper (2)
 5,985,698  5,846,679 
Paperboard 3,036,987  933,513 
Other 29,778  48,252 
37,001,961  33,226,284 
(1)Net sales of fluff pulp represent 0.7% of total net sales, and therefore were included in market pulp net sales. (0.7% as at September 30, 2024).
(2)Net sales of tissue represent 5.7% of total net sales, and therefore were included in printing and writing paper net sales. (6.1% as at September 30, 2024).
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Notes to the unaudited condensed consolidated interim financial information
Nine-month period ended September 30, 2025
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28.4 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:
09/30/2025 12/31/2024
Pulp 7,897,051  7,897,051 
Paper 290,191  290,191 
8,187,242  8,187,242 
29 INCOME (EXPENSES) BY NATURE
09/30/2025 09/30/2024
Cost of sales (1)
Personnel expenses (1,655,870) (1,158,918)
Costs of raw materials, materials and services (10,193,836) (7,942,922)
Logistics cost (4,583,146) (3,511,014)
Depreciation, depletion and amortization (7,410,834) (5,592,701)
Other (947,366) (435,255)
(24,791,052) (18,640,810)
Selling expenses
Personnel expenses (281,771) (236,663)
Services (184,625) (165,567)
Logistics cost (1,077,476) (890,229)
Depreciation and amortization (727,420) (717,720)
Other (2)
 (171,801) (71,608)
(2,443,093) (2,081,787)
General and administrative expenses
Personnel expenses (1,217,486) (986,136)
Services (406,502) (341,444)
Depreciation and amortization (95,173) (105,344)
Other (3)
 (266,809) (196,676)
(1,985,970) (1,629,600)
Other operating (expenses) income, net
Results from sales of other products, net 85,309  70,764 
Results from sales and disposals of property, plant and equipment, intangible and biological assets, net (272,228) (132,693)
Result on fair value adjustment of biological assets (73,248) 539,003 
Depreciation, amortization and other PPA realizations (4)
 7,210  1,719 
Provision for judicial liabilities (155,276) (113,173)
Other operating income (expenses), net (1,549) 50,406 
(409,782) 416,026 
(1)Includes R$485,199 related to maintenance downtime costing (R$320,212 as at September 30, 2024).
(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 20.1.
57
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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, 2025
SUZANO S.A.
By: /s/ Marcos Moreno Chagas Assumpção
Name: Marcos Moreno Chagas Assumpção
Title: Chief Financial and Investor Relations Officer