EX-99.1 2 tm2221524d2_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Tight markets and improved operating performance provide net debt stability within the investment cycle.

Historical record EBITDA/t.

São Paulo, July 27, 2022. Suzano S.A. (B3: SUZB3 | NYSE: SUZ), one of the world’s largest integrated pulp and paper producers, announces today its consolidated results for the second quarter of 2022 (2Q22).

HIGHLIGHTS

| · | Pulp sales of 2,663 thousand tons (+5% vs. 2Q21).

| · | Paper sales3 of 324 thousand tons (+10% vs. 2Q21).

| · | Adjusted EBITDA1 and Operating cash generation2: R$6.3 billion and R$5.1 billion, respectively.

| · | Adjusted EBITDA1/ton of pulp of R$2,103/ton (-3% vs. 2Q21).

| · | Adjusted EBITDA1/ton3 of paper of R$2,167/ton (+44% vs. 2Q21).

| · | Average net pulp price in export market: US$732/ton (+15% vs. 2Q21).

| · | Average net paper price3 of R$6,200/ton (+31% vs. 2Q21).

| · | Pulp cash cost ex-downtime of R$854/ton (+26% vs. 2Q21).

| · | Leverage ratio in USD declines to 2.3 times and stable net debt in USD, despite the investment cycle.

| · | Cerrado Project achieves 21% of physical progress and 15% of financial progress.

Financial Data (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Net Revenue |  |  | 11,520 |  |  |  | 9,743 |  |  |  | 18 | % |  |  | 9,844 |  |  |  | 17 | % |  |  | 43,494 |
Adjusted EBITDA1 |  |  | 6,303 |  |  |  | 5,121 |  |  |  | 23 | % |  |  | 5,942 |  |  |  | 6 | % |  |  | 24,089 |
Adjusted EBITDA Margin1 |  |  | 55 | % |  |  | 53 | % |  |  | 2 p.p. |  |  |  | 60 | % |  |  | -6 p.p. |  |  |  | 55 | %
Net Financial Result |  |  | (6,975 | ) |  |  | 12,935 |  |  |  | - |  |  |  | 9,743 |  |  |  | - |  |  |  | (4,462 | )
Net Income |  |  | 182 |  |  |  | 10,306 |  |  |  | -98 | % |  |  | 10,037 |  |  |  | -98 | % |  |  | 11,842 |
Operating Cash Generation2 |  |  | 5,055 |  |  |  | 3,890 |  |  |  | 30 | % |  |  | 4,940 |  |  |  | 2 | % |  |  | 18,959 |
Net Debt /Adjusted EBITDA1 (x) - R$ |  |  | 2.3 x |  |  |  | 2.1 x |  |  |  | 0.2 x |  |  |  | 3.1 x |  |  |  | -0.8 x |  |  |  | 2.3 x |
Net Debt /Adjusted EBITDA1 (x) - US$ |  |  | 2.3 x |  |  |  | 2.4 x |  |  |  | -0.1 x |  |  |  | 3.3 x |  |  |  | -1.0 x |  |  |  | 2.3 x |

Operational Data ('000 tons) |  |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  |  | LTM 2Q22 |
Sales |  |  | 2,987 |  |  |  | 2,694 |  |  |  | 11 | % |  |  | 2,833 |  |  |  | 5 | % |  |  | 11,783 |
Pulp |  |  | 2,663 |  |  |  | 2,382 |  |  |  | 12 | % |  |  | 2,537 |  |  |  | 5 | % |  |  | 10,439 |
Paper3 |  |  | 324 |  |  |  | 312 |  |  |  | 4 | % |  |  | 296 |  |  |  | 10 | % |  |  | 1,344 |

1Excludes non-recurring items. | 2Considers Adjusted EBITDA less sustaining capex (cash basis).| 3Considers the results of the Consumer Goods Unit.

The consolidated quarterly information has been prepared in accordance with the Securities and Exchange Commission (CVM) and Accounting Standards Committee (CPC) standards and is in compliance with International Accounting Standard (IFRS) issued by the International Accounting Standard Board (IASB). The data contained in this document was obtained from the financial information as made available to the CVM. The operating and financial information is presented based on consolidated numbers in Reais (R$). Summaries may diverge due to rounding

CONTENTS

EXECUTIVE SUMMARY |  | 3
PULP BUSINESS PERFORMANCE |  | 4
PULP SALES VOLUME AND REVENUE |  | 4
PULP CASH COST |  | 5
PULP SEGMENT EBITDA |  | 7
OPERATING CASH FLOW FROM THE PULP SEGMENT |  | 8
PAPER BUSINESS PERFORMANCE |  | 8
PAPER SALES VOLUME AND REVENUE |  | 9
PAPER SEGMENT EBITDA |  | 10
OPERATING CASH FLOW FROM THE PAPER SEGMENT |  | 11
FINANCIAL PERFORMANCE |  | 12
NET REVENUE |  | 12
CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES |  | 12
COST OF GOODS SOLD |  | 13
SELLING EXPENSES |  | 13
GENERAL AND ADMINISTRATIVE EXPENSES |  | 14
ADJUSTED EBITDA |  | 14
FINANCIAL RESULT |  | 15
DERIVATIVE OPERATIONS |  | 16
NET INCOME (LOSS) |  | 19
DEBT |  | 19
CAPITAL EXPENDITURES |  | 22
CERRADO PROJECT |  | 22
OPERATING CASH GENERATION |  | 22
FREE CASH FLOW |  | 23
EVOLUTION OF NET DEBT |  | 24
ESG |  | 24
TOTAL OPERATIONAL EXPENDITURE - PULP |  | 25
CAPITAL MARKETS |  | 25
FIXED INCOME |  | 27
RATING |  | 27
UPCOMING EVENTS |  | 28

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APPENDICES |  | 29
APPENDIX 1 – Operating Data |  | 29
APPENDIX 2 – Consolidated Statement of Income and Goodwill Amortization |  | 31
APPENDIX 3 – Consolidated Balance Sheet |  | 32
APPENDIX 4 – Consolidated Statement of Cash Flow |  | 33
APPENDIX 5 – EBITDA |  | 34
APPENDIX 6 – Segmented Income Statement |  | 35
APPENDIX 6 – Segmented Income Statement |  | 36
Forward-Looking Statements |  | 37

EXECUTIVE SUMMARY

The fundamentals of the pulp market remained favorable in the second quarter of 2022, marked by positive demand and several factors constraining pulp supply, sustaining a scenario of low availability in the chain and supporting continued implementation of price increases over the period. In this scenario, the Company delivered consistent operational performance with strong sales volume, due to the higher availability of production in a period less affected by scheduled maintenance downtimes. Pulp production cash cost remained pressured by commodity prices, which remained at high levels, but declined slightly in the quarter due to greater availability of industrial operations. In the paper segment, EBITDA set a new record, advancing 58% on the same period last year, driven by solid demand in in all market segments, which had a positive impact on the implementation of price increases. Consolidated adjusted EBITDA was a record for a second quarter (R$6.3 billion) and adjusted EBITDA/ton reached the highest level in the Company's history.

In liability management, net debt in USD remained stable despite the ongoing investment cycle, while leverage in USD, measured by net debt/Adjusted EBITDA in the last 12 months, fell to 2.3 times. The result of cash flow hedge operations once again attested to the long-term consistency of the financial policy in managing foreign exchange risk, with positive mark-to-market and cash adjustments in cash flow (ZCC).

On its ESG agenda, in 2Q22, Suzano published its Annual Sustainability Report and Sustainability Center related to 2021, which jointly address the Company’s material aspects, as well as indicators and performance in frameworks such as GRI and TCFD, among others. Moreover, maintaining the good practice started in 2021, on June 23, the Company performed its second ESG Call, a multi-stakeholder event, focusing in this edition on the material topics Climate Change, Social Development and Biodiversity Conservation.

During the quarter, Suzano continued advancing on its strategic avenues. In June, in the scope of the avenue of being Best-in-Class in the Total Pulp Cost vision, it has performed the transactions related to Parkia and to the operation of Caravelas, whose areas became strategic after the merger with Fibria, seeking efficiency gains in its cost of capital. Also in June, under the scope of the strategic avenue of Advancing in the Links of the Chain, the Company announced plans to build a tissue paper and kitchen towel conversion plant in the city of Aracruz, with production capacity of 60,000 tons per year. Suzano plants to fund the investment of around R$600 million using ICMS tax credits it has in the state of Espírito Santo, which will depend on presenting the specific project and authorization by the applicable public authorities. Furthermore, on the avenue Expand Boldly into New Markets, we announced in the period the creation of Suzano Ventures, the Company’s Corporate Venture Capital, which will have US$70 million in funds available for investment in startups. Through the initiative, Suzano plans to accelerate its open innovation process and become a global platform to foster entrepreneurship involving solutions for the bioeconomy based on planted forests.

Lastly, the Cerrado Project remained on its physical (21%) and financial (15%) schedule, maintaining the expectations in terms of capex and startup date previously disclosed to the market.

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PULP BUSINESS PERFORMANCE

PULP SALES VOLUME AND REVENUE

In the second quarter of the year, the market scenario continued to be marked by positive demand and a combination of various unexpected factors and logistics constraints that affected pulp supply and sustained higher hardwood pulp prices.

On the pulp demand side, the Tissue and Printing & Writing paper markets in the USA and Europe maintained solid levels supported by stronger internal demand and lower imported paper volumes. The Russia-Ukraine conflict continued to affect global input and energy prices; however, paper producers were able to pass through these increases to paper prices. In China, printing and writing paper were the segments most affected by the lockdown due to the zero-COVID policy, but solid demand for Tissue paper and paperboard was observed, the last one due to higher export volumes.

Constraints also were observed on the supply side in the quarter, with a concentration of scheduled downtimes in the northern hemisphere and several unscheduled downtimes in all regions. The market also continues to face difficulties in hiring workers in highway and rail infrastructure in Europe and North America, which add pressure on the domestic logistics chain, which, combined with the still persistent crisis in the maritime logistics chain, contribute to the imbalance in global supply and demand.

In this context, average PIX/FOEX prices in the quarter for hardwood pulp increased 25% in the Chinese market and by 8% in Europe compared to the previous quarter.

Moreover, the maintenance of the difference between softwood and hardwood pulp prices continued to incentivize an important trend in substitution between fibers. According to PIX/FOEX, the difference between softwood and hardwood pulp prices at the end of the quarter was US$134/t in Europe and US$181/t in China.

In this scenario, Suzano’s pulp sales amounted to 2,663 thousand tons, increasing 12% and 5% in relation to 1Q22 and 2Q21, respectively. Meanwhile, the average net price in USD of the pulp sold by Suzano was US$726/t, an increase of 13% from 1Q22. In the export market, the average net price realized by the Company was US$ 732/t, an increase of 15% on the same basis of comparison.

The net average price in BRL was R$3,517/ton in 2Q22, increasing 6% and 7% from 1Q22 and 2Q21, respectively, due to the higher net average price in USD, despite the appreciation in average BRL against USD (also of 6% and 7%, respectively).

Net revenue from pulp increased 19% and 13% from 1Q22 and 2Q21, respectively, due to the higher net average price in USD (+13% and +15%) and the higher sales volume (+12% and +5%), which were partially offset by the appreciation in average BRL against USD (6% and 7%).

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PULP CASH COST

Cash cost excluding downtime in 2Q22 stood at R$854/t, decreasing 2% in relation to 1Q22, due to: i) the higher dilution of fixed costs due to operating efficiency gains; ii) the appreciation in BRL against USD (6%); iii) the better result from utilities due to maintenance downtimes in 1Q22 and the improved operation of one of the turbogenerators, that reached full capacity in the period, resulting in a higher volume of energy sales; and , Wood cost increased mainly due to the impact from the longer average supply radius in the quarter and the increase in Brent price, which affects both operations of harvest and transportation. The increase in input costs was mainly due to higher chemical prices (especially caustic soda due to higher international prices – IHS, and the Brent price’s impact on energy sources (mainly natural gas).

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1Excludes the impact of maintenance and administrative downtimes.

Cash cost excluding downtime in 2Q22 was 26% higher than in 2Q21, due to: i) the higher input costs, explained by higher prices for chemicals (especially caustic soda due to higher international prices - IHS and chlorine dioxide prices) and for energy (mainly natural gas due to the rise in Brent); ii) the higher wood cost, mainly due to increase in diesel prices and price increases by suppliers, affecting harvest and transportation operations, which were partially offset by the shorter average supply radius and lower share of third-party wood in the period; and iii) higher fixed costs due to higher costs with labor and maintenance.

1Excludes the impact of maintenance and administrative downtimes.

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1Based on cash cost excluding downtimes. Excludes energy sales.

PULP SEGMENT EBITDA

Pulp Segment |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Adjusted EBITDA (R$ million)1 |  |  | 5,600 |  |  |  | 4,560 |  |  |  | 23 | % |  |  | 5,496 |  |  |  | 2 | % |  |  | 21,636 |
Sales volume (k ton) |  |  | 2,663 |  |  |  | 2,382 |  |  |  | 12 | % |  |  | 2,537 |  |  |  | 5 | % |  |  | 10,439 |
Pulp adjusted1 EBITDA (R$/ton) |  |  | 2,103 |  |  |  | 1,915 |  |  |  | 10 | % |  |  | 2,166 |  |  |  | -3 | % |  |  | 2,073 |

1Excludes non-recurring items.

Adjusted EBITDA from pulp increased 23% in relation to 1Q22 due to: i) the higher net average pulp price (+13%); and ii) the higher sales volume (+12%). These effects were partially offset by the appreciation in average BRL against USD (6%), higher cash COGS (effect of inventory turnover); and the increase in SG&A expenses (mainly as a result of higher volume and higher logistics expenses, associated with the increase in Brent). The growth in adjusted EBITDA per ton of 10% is explained by the higher prices in the quarter.

Compared to 2Q21, the 2% increase in Adjusted EBITDA from pulp mainly reflects the increase in net average price in USD (+15%) and the higher sales volume (+5%). The growth in Adjusted EBITDA was largely offset by higher production costs (due to strong pressure from commodity price), the appreciation in average BRL against USD (7%) and higher SG&A expenses (mainly higher logistical expenses associated with Brent). Adjusted EBITDA per ton decreased 3%, due to the cost factor, the exchange variation effect and higher SG&A expenses, as explained above, which were partially offset by the higher prices.

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1Excludes non-recurring items.

OPERATING CASH FLOW FROM THE PULP SEGMENT

Operating Cash Flow - Pulp (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Adjusted EBITDA1 |  |  | 5,600 |  |  |  | 4,560 |  |  |  | 23 | % |  |  | 5,496 |  |  |  | 2 | % |  |  | 21,636 |
Maintenance Capex2 |  |  | (1,149 | ) |  |  | (1,132 | ) |  |  | 2 | % |  |  | (935 | ) |  |  | 23 | % |  |  | (4,724 | )
Operating Cash Flow |  |  | 4,450 |  |  |  | 3,428 |  |  |  | 30 | % |  |  | 4,561 |  |  |  | -2 | % |  |  | 16,912 |

1Excludes non-recurring items.

2Cash basis.

Operating cash generation per ton in the pulp segment increased 16% compared to 1Q22, supported by the growth in adjusted EBITDA. Compared to 2Q21, the 7% decrease is due to higher maintenance capex and the lower adjusted EBITDA per ton.

PAPER BUSINESS PERFORMANCE

The following data and analyses incorporate the joint results of the consumer goods and paper businesses.

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PAPER SALES VOLUME AND REVENUE

According to data published by Brazil's Forestry Industry Association (IBÁ), demand for printing and writing in Brazil grew 4.6% in April and May 2022 compared to the same period last year. Based on estimates, the reduction is due not only to imports of Printing & Writing paper, which decreased 29% in April and May 2022 on the prior-year period, but also the significant reduction in Printing & Writing paper sales to the paperboard packaging industry.

It is estimated that demand for Printing & Writing, excluding such papers destined for the paperboard packaging market, expanded 7% in April and May 2022 (including imports) on the same period last year, driven by the more consistent recovery in on-site activities, such as the reopening of schools. For the rest of the year, the growth in domestic sales should continue, with period highlights including the elections.

Demand for paperboard in Brazil decreased 2.6% in April and May 2022 compared to the same period last year. The trend was already expected, since in the first half of 2021 paperboard demand grew above the historical average due to the restocking trend after the pandemic.

Consolidating both market segments (Suzano's accessible paper market), demand decreased 3.9%.

Suzano's paper sales (printing & writing, paperboard and tissue) in the domestic market amounted to 231 thousand tons in 2Q22, representing increases of 6% from 1Q22 and 11% from 2Q21.

Paper sales in international markets amounted to 93 thousand tons, in line with the prior quarter and 6% higher than in 2Q21 and corresponding to 29% of total sales volume in 2Q22.

1Includes the Consumer Goods Unit.

The net average price rose 10% from the previous quarter and 31% from 2Q21, reflecting the implementation of price increases in the domestic and export markets in all segments.

Net revenue from paper was R$2,012 million, advancing 15% from 1Q22 and 44% from 2Q21, in both comparisons due to the implementation of price increases in all segments and to the strong sales volume in the quarter.

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1Includes the Consumer Goods Unit.

PAPER SEGMENT EBITDA

Paper Segment |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Adjusted EBITDA (R$ million) |  |  | 703 |  |  |  | 561 |  |  |  | 25 | % |  |  | 445 |  |  |  | 58 | % |  |  | 2,453 |
Sales volume (k ton) |  |  | 324 |  |  |  | 312 |  |  |  | 4 | % |  |  | 296 |  |  |  | 10 | % |  |  | 1,344 |
Paper adjusted1 EBITDA (R$/ton) |  |  | 2,167 |  |  |  | 1,797 |  |  |  | 21 | % |  |  | 1,506 |  |  |  | 44 | % |  |  | 1,825 |

1Excludes non-recurring items.

Adjusted EBITDA from paper increased 25% from 1Q22, mainly due to the increase in net average price and growth in sales volume, which were partially offset by higher production cost and appreciation in average BRL against USD of 6%. Adjusted EBITDA per ton increased 21%, supported by the higher prices, which were partially offset mainly by the higher production cost.

Compared to 2Q21, the 58% increase was due to the price increases implemented in all product lines and the higher sales volume (+10%), despite the increase in costs resulting from the macroeconomic scenario and the appreciation in average BRL against USD (7%). Adjusted EBITDA per ton rose 44% due to the same factors explained above.

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OPERATING CASH FLOW FROM THE PAPER SEGMENT

Operating Cash Flow - Paper (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Adjusted EBITDA1 |  |  | 703 |  |  |  | 561 |  |  |  | 25 | % |  |  | 445 |  |  |  | 58 | % |  |  | 2,453 |
Maintenance Capex2 |  |  | (99 | ) |  |  | (99 | ) |  |  | 0 | % |  |  | (66 | ) |  |  | 47 | % |  |  | (406 | )
Operating Cash Flow |  |  | 604 |  |  |  | 462 |  |  |  | 31 | % |  |  | 379 |  |  |  | 60 | % |  |  | 2,047 |

1Excludes non-recurring items.

2Cash basis.

Operating cash generation per ton in the paper segment was R$1,863/t in 2Q22, up 26% from 1Q22, due to the increase in EBITDA/t. The same factors explain the 45% increase compared to 2Q21, despite the increase in sustaining capex per ton.

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FINANCIAL PERFORMANCE

NET REVENUE

Suzano’s net revenue in 2Q22 was R$11,520 million, 83% of which came from exports (vs. 81% in 1Q22 and 84% in 2Q21). Compared to 1Q22, the 18% growth in net revenue was due to higher sales volume (+11%) and the higher net average price, which were partially offset by the 6% appreciation in BRL versus USD. The 17% growth in consolidated net revenue compared to 2Q21 is mainly explained by the higher pulp net average price in USD (+15%) and the higher sales volume (+5%), which were partially offset by the 7% increase in average BRL vs. USD.

1Does not include Portocel service revenue.

CALENDAR OF SCHEDULED MAINTENANCE DOWNTIMES

1 Veracel is a joint operation between Suzano (50%) and Stora Enso (50%) with total annual capacity of 1,120 thousand tons.

2 Includes integrated capacities and fluff.

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COST OF GOODS SOLD

COGS (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
COGS (Income statement) |  |  | 6,123 |  |  |  | 5,433 |  |  |  | 13 | % |  |  | 4,778 |  |  |  | 28 | % |  |  | 22,549 |
(-) Depreciation, depletion and amortization |  |  | 1,625 |  |  |  | 1,463 |  |  |  | 11 | % |  |  | 1,434 |  |  |  | 13 | % |  |  | 6,138 |
Cash COGS |  |  | 4,498 |  |  |  | 3,970 |  |  |  | 13 | % |  |  | 3,344 |  |  |  | 35 | % |  |  | 16,411 |
Sales volume |  |  | 2,987 |  |  |  | 2,694 |  |  |  | 11 | % |  |  | 2,833 |  |  |  | 5 | % |  |  | 11,783 |
Cash COGS/ton (R$/ton) |  |  | 1,506 |  |  |  | 1,474 |  |  |  | 2 | % |  |  | 1,180 |  |  |  | 28 | % |  |  | 1,393 |

Cash COGS in 2Q22 amounted to R$4,498 million, or R$1,506/ton. Compared to 1Q22, cash COGS increased 13%, basically due to the higher sales volume and the effect from inventory turnover related to production cash cost and higher logistics costs (Brent price rise effect), which were partially offset by the lower impact of scheduled maintenance downtimes and by the 6% appreciation in average BRL against USD. COGS per ton increased 2% due to the effect from inventory turnover and higher logistics cost, which were partially offset by the the lower impact from maintenance downtimes and the effect from exchange variation.

Compared to 2Q21, cash COGS increased 35%, mainly due to the higher cash cost of production, the higher Brent price impacting logistics costs and the higher sales volume, which were partially offset by the appreciation in average BRL against USD (7%). In relation to the same period last year, cash COGS per ton increased 28% due to the factors mentioned above.

SELLING EXPENSES

Selling Expenses (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Selling expenses (Income Statement) |  |  | 626 |  |  |  | 572 |  |  |  | 9 | % |  |  | 497 |  |  |  | 26 | % |  |  | 2,411 |
(-) Depreciation, depletion and amortization1 |  |  | 236 |  |  |  | 238 |  |  |  | -1 | % |  |  | 235 |  |  |  | 0 | % |  |  | 948 |
Cash selling expenses |  |  | 389 |  |  |  | 334 |  |  |  | 16 | % |  |  | 262 |  |  |  | 49 | % |  |  | 1,464 |
Sales volume |  |  | 2,987 |  |  |  | 2,694 |  |  |  | 11 | % |  |  | 2,833 |  |  |  | 5 | % |  |  | 11,783 |
Cash selling expenses/ton (R$/ton) |  |  | 130 |  |  |  | 124 |  |  |  | 5 | % |  |  | 92 |  |  |  | 41 | % |  |  | 125 |

Cash selling expenses increased 16% from 1Q22, mainly due to higher international inland logistics expenses (higher Brent price, regions mix and mode of transport) and the growth in sales volume, which were partially offset by the 6% increase in average BRL against USD. Cash selling expenses per ton increased 5%, mainly due to the factors explained above.

Compared to 2Q21, the 49% increase in cash selling expenses is due to higher international inland logistics expenses (higher Brent price, regions mix and mode of transport) and sales volume growth (+5%), which were partially offset by the 7% increase in average BRL against USD. Cash selling expenses per ton increased 41% due to the higher expenses mentioned above, which were partially offset by the exchange variation effect.

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GENERAL AND ADMINISTRATIVE EXPENSES

General and Administrative Expenses (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
General and Administrative Expenses (Income Statament) |  |  | 365 |  |  |  | 336 |  |  |  | 8 | % |  |  | 353 |  |  |  | 3 | % |  |  | 1,544 |
Depreciation, depletion and amortization1 |  |  | 27 |  |  |  | 24 |  |  |  | 12 | % |  |  | 26 |  |  |  | 4 | % |  |  | 104 |
Cash general and administrative expenses |  |  | 338 |  |  |  | 312 |  |  |  | 8 | % |  |  | 327 |  |  |  | 3 | % |  |  | 1,440 |
Sales volume |  |  | 2,987 |  |  |  | 2,694 |  |  |  | 11 | % |  |  | 2,833 |  |  |  | 5 | % |  |  | 11,783 |
Cash general and administrative expenses/t (R$/ton) |  |  | 113 |  |  |  | 116 |  |  |  | -2 | % |  |  | 115 |  |  |  | -2 | % |  |  | 122 |

Compared to 1Q22, the 8% increase in cash general and administrative expenses is mainly due to higher expenses with third-party services. On a per-ton basis, these expenses decreased 2% due to the dilution of expenses resulting from sales volume growth.

Compared to 2Q21, cash general and administrative expenses increased 3%, mainly due to higher expenses with variable compensation, maintenance and corporate projects. On a per-ton basis, these expenses decreased 2% due to the dilution of expenses given the growth in sales volume.

Other operating income (expenses) amounted to income of R$162 million in 2Q22, compared to expenses of R$3 million in 1Q22 and income of R$910 million in 2Q21. The variation in relation to 1Q22 is mainly due to the updated fair value of biological assets (which happens in the second and fourth quarters of each year). Compared to 2Q21, the variation is mainly due to the lower result from updating the fair value of biological assets and the lack of any recognition of tax credits related to the right to exclude ICMS from the PIS and COFINS calculation base, which occurred in 2Q21.

ADJUSTED EBITDA

Consolidated |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Adjusted EBITDA (R$ million)1 |  |  | 6,303 |  |  |  | 5,121 |  |  |  | 23 | % |  |  | 5,942 |  |  |  | 6 | % |  |  | 24,089 |
Adjusted EBITDA1 Margin |  |  | 55 | % |  |  | 53 | % |  |  | 2 p.p. |  |  |  | 60 | % |  |  | -6 p.p. |  |  |  | 55 | %
Sales Volume (k ton) |  |  | 2,987 |  |  |  | 2,694 |  |  |  | 11 | % |  |  | 2,833 |  |  |  | 5 | % |  |  | 11,783 |
Adjusted EBITDA1/ton (R$/ton) |  |  | 2,110 |  |  |  | 1,901 |  |  |  | 11 | % |  |  | 2,097 |  |  |  | 1 | % |  |  | 2,044 |

1Excludes non-recurring items.

The 23% increase in Adjusted EBITDA in 2Q22 compared to 1Q22 is explained by: i) the increase in average net price of pulp in USD (+13%) and the higher paper price in BRL (+10%); and ii) the higher sales volume (+11%). Adjusted EBITDA was partially impacted by the appreciation in average BRL against USD (6%), the increase in cash COGS per ton and higher SG&A, as mentioned earlier. Adjusted EBITDA per ton increased 11% due to the price factor, which was partially offset by the exchange variation effect and the higher cash COGS and SG&A.

Compared to 2Q21, the 6% increase in Adjusted EBITDA was due to the higher net average price of pulp in USD (+15%) and the higher paper price (+31%), as well as sales volume growth (+5%), which were partially offset mainly by the increase in cash COGS per ton, the appreciation in average BRL vs. USD (7%) and higher selling expenses. Adjusted EBITDA per ton remained stable mainly due to the price factor, which was offset by the exchange variation effect, higher cash COGS per ton and higher selling expenses as explained earlier.

Page 14 of 37

FINANCIAL RESULT

Financial Result (R$ million) |  | 2Q22 |  |  | 1Q22 |  |  | Δ Q-o-Q |  |  | 2Q21 |  |  | Δ Y-o-Y |  |  | LTM 2Q22 |
Financial Expenses |  |  | (1,133 | ) |  |  | (1,050 | ) |  |  | 8 | % |  |  | (932 | ) |  |  | 22 | % |  |  | (4,482 | )
Interest on loans and financing (local currency) |  |  | (355 | ) |  |  | (301 | ) |  |  | 18 | % |  |  | (146 | ) |  |  | 144 | % |  |  | (1,077 | )
Interest on loans and financing (foreign currency) |  |  | (605 | ) |  |  | (591 | ) |  |  | 2 | % |  |  | (590 | ) |  |  | 3 | % |  |  | (2,488 | )
Capitalized interest1 |  |  | 66 |  |  |  | 43 |  |  |  | 56 | % |  |  | 1 |  |  |  | - |  |  |  | 127 |
Other financial expenses |  |  | (239 | ) |  |  | (201 | ) |  |  | 19 | % |  |  | (197 | ) |  |  | 21 | % |  |  | (1,043 | )
Financial Income |  |  | 194 |  |  |  | 158 |  |  |  | 23 | % |  |  | 46 |  |  |  | 320 | % |  |  | 555 |
Interest on financial investments |  |  | 168 |  |  |  | 136 |  |  |  | 24 | % |  |  | 29 |  |  |  | 472 | % |  |  | 460 |
Other financial income |  |  | 26 |  |  |  | 23 |  |  |  | 15 | % |  |  | 17 |  |  |  | 55 | % |  |  | 95 |
Monetary and Exchange Variations |  |  | (4,460 | ) |  |  | 7,631 |  |  |  | - |  |  |  | 6,896 |  |  |  | - |  |  |  | (2,319 | )
Foreign exchange variations (Debt) |  |  | (5,986 | ) |  |  | 9,799 |  |  |  | - |  |  |  | 7,663 |  |  |  | - |  |  |  | (3,100 | )
Other foreign exchange variations |  |  | 1,526 |  |  |  | (2,168 | ) |  |  | - |  |  |  | (768 | ) |  |  | - |  |  |  | 781 |
Derivative income (loss), net2 |  |  | (1,576 | ) |  |  | 6,196 |  |  |  | - |  |  |  | 3,733 |  |  |  | - |  |  |  | 1,784 |
Operating Cash flow hedge |  |  | (945 | ) |  |  | 2,322 |  |  |  | - |  |  |  | 1,748 |  |  |  | - |  |  |  | 189 |
Cash flow - Cerrado project hedge |  |  | (147 | ) |  |  | 385 |  |  |  | - |  |  |  | - |  |  |  | 100 | % |  |  | 265 |
Debt hedge |  |  | (549 | ) |  |  | 3,606 |  |  |  | - |  |  |  | 2,015 |  |  |  | - |  |  |  | 1,716 |
Others3 |  |  | 65 |  |  |  | (117 | ) |  |  | - |  |  |  | (30 | ) |  |  | - |  |  |  | (386 | )
Net Financial Result |  |  | (6,975 | ) |  |  | 12,935 |  |  |  | - |  |  |  | 9,743 |  |  |  | - |  |  |  | (4,462 | )

1Capitalized interest due to work in progress.

2Variation in mark-to-market adjustment (2Q22: -R$2,018 million | 1Q22: R$31 million), plus adjustments paid and received (2Q22 = R$473 million).

3Includes commodity hedge and embedded derivatives.

Financial expenses were 8% higher than in 1Q22, mainly due to the increase in interest expenses in local currency, whose main index, the CDI, changed from a cumulative rate of 2.42% in 1Q22 to 2.91% in 2Q22, and the 19% increase in other financial expenses due to the variation in adjustment to present value under IFRS 16/CPC 06 (non-cash impact). These impacts were partially offset by the increase in capitalized interest arising from the capitalization of resources invested in the completed phases of the Cerrado Project. Compared to 2Q21, the 22% increase is also explained by the increase in the basic interest rate (from 0.80% to 2.91%) on debt in local currency, as well by the variation in adjustment to present value under IFRS 16/CPC 06 (non-cash), that impacted Other Financial Expenses.

Financial income grew 23% in relation to 1Q22, also due to the higher CDI in the period, reflecting the Company’s cash position invested in local currency. Compared to 2Q21, the significant increase is explained both by the higher CDI in the period and the increase in cash position (R$20.3 billion), which practically doubled from the end of 2Q21 (R$11.3 billion).

Inflation adjustment and exchange variation had a negative impact of R$4,460 million on the Company’s financial result due to the 11% depreciation in the end-of-period BRL against USD which impacted on the foreign-denominated portion of debt (US$11.8 billion by the end of 2Q22). This effect was partially offset by the positive result from local-currency depreciation on the foreign-denominated portion of the Company’s cash position (76% by the end of 2Q22, in line with debt dollarization policy). Note that the accounting impact from exchange variation on foreign-denominated liabilities and cash position has a cash impact only upon the respective maturities.

Page 15 of 37

Derivative operations resulted in a loss of R$1,576 million in 2Q22, mainly due to the effect of the weaker BRL on debt hedge and cash flow transactions, despite the positive impact from the variations in the Libor rate curve on swap operations and fixed, coupon and rate curves on all hedge transactions. The mark-to-market adjustment of derivative instruments on June 30, 2022 was negative R$2,018 million, compared to a positive adjustment of R$31 million on March 31, 2022, representing a negative variation of R$2,049 million. Note that the impact of BRL depreciation on the derivatives portfolio generates a cash impact only upon the respective maturities. The net effect on cash, which refers to the maturity of derivative operations in the second quarter, was a positive R$473 million (R$74 million gain from debt hedge and R$399 million gain from operating hedge).

As a result of the above factors, the net financial result in 2Q22, considering all financial expense and income lines, was an expense of R$6,975 million, compared to income of R$12,935 million in 1Q22 and income of R$9,743 million in 2Q21.

DERIVATIVE OPERATIONS

Suzano carries out derivative operations exclusively for hedging purposes. The following table reflects the position of derivative hedging instruments on June 30, 2022:

|  | Notional (US$ million) |  |  | Fair Value (R$ million) |
Hedge1 |  | Jun/22 |  |  | Mar/22 |  |  | Jun/22 |  |  | Mar/22 |
Debt |  |  | 5,898 |  |  |  | 5,915 |  |  |  | (2,829 | ) |  |  | (2,206 | )
Cash Flow - Operating |  |  | 4,025 |  |  |  | 3,655 |  |  |  | 569 |  |  |  | 1,913 |
Cash Flow - Cerrado project2 |  |  | 675 |  |  |  | 595 |  |  |  | 266 |  |  |  | 413 |
Others3 |  |  | 121 |  |  |  | 579 |  |  |  | (24 | ) |  |  | (89 | )
Total |  |  | 10,719 |  |  |  | 10,744 |  |  |  | (2,018 | ) |  |  | 31 |

1See note 4 of the 2Q22 Quarterly Financial Statements (ITR) for further details and fair value sensitivity analysis.

2Hedge program related to capex in BRL of the Cerrado Project.

3Considers the hedge of embedded derivative.

The Company’s foreign exchange exposure policy seeks to minimize the volatility of its cash generation and to ensure greater flexibility in cash flow management. Currently, the policy stipulates that surplus dollars may be partially hedged (at least 40% and up to 75% of exchange variation exposure over the next 18 months) using plain vanilla instruments such as Zero Cost Collars (ZCC) and Non-Deliverable Forwards (NDF). In 2Q22, coverage stood at 59% of currency exposure.

Considering the foreign exchange exposure related to Capex in the Cerrado Project, since approximately 67% of Capex is pegged to local currency, the Board of Directors approved on October 28, 2021, a program for contracting additional specifically hedge operations to protect from such exposure. The program approved is established in the Derivatives Management Policy available on the Investor Relations website, initially involving a maximum amount (notional) of up to US$1 billion and a term of operations of up to 36 months. On July 27, the Board of Directors approved the expansion of the program, increasing the maximum amount (notional) to US$ 1.5 billion, maintaining the previously established term. In order to provide transparency on the Cerrado Project hedging program, since 4Q21 the Company has been disclosing the respective contracted operations in a prominent manner.

ZCC transactions establish minimum and maximum limits for the exchange rate that minimize adverse effects in the event of significant appreciation of the BRL. As such, if the exchange rate is within such limits, the Company neither pays nor receives any financial adjustments. This characteristic allows for capturing greater benefits from export revenue in a potential scenario of BRL appreciation versus USD within the range contracted. In cases of extreme BRL appreciation, the Company is protected by the minimum limits, which are considered appropriate for the operation. However, this protection instrument also limits, temporarily and partially, potential gains in scenarios of extreme BRL depreciation when exchange rates exceed the maximum limits contracted.

Page 16 of 37

On June 30, 2022, the outstanding notional value of operations involving forward USD sales through ZCCs related to Cash Flows (including those related to the Cerrado Project) was US$4,700 million, and the ZCC were dealt with an average forward rate ranging from R$5.60 to R$6.68 and maturities distributed between July 2022 and August 2024. In 2Q22, cash flow and Cerrado Project hedge operations resulted in a loss of R$1,092 million. The mark-to-market adjustment (“MtM” or “fair value”) of the hedge transactions was a gain of R$835 million.

The following table presents a sensitivity analysis of the cash impact that the Company could have on its cash flow hedge portfolios (ZCC) if the exchange rate remains the same as at the end of 2Q22 (R$/US$ = 5.24) in the coming quarters, as well as the projected cash impact for R$0.10 variations below/above the strike of put/call options, respectively, defined in each quarter. Note that the figures presented in the table are the Company’s projections based on the end-of-period curves and could vary depending on market conditions.

|  |  |  |  |  |  |  | Cash Adjustment (R$ million) |
Maturity (up to) |  | Strike Range |  |  | Notional (US$ million) |  |  | Actual |  |  | R$ / US$ = 5.24 (2Q22) |  |  | Sensitivity at R$ 0.10 / US$ variation (+/-)1 |
Zero Cost Collars
2Q22 |  | - |  |  |  | - |  |  |  | 398 |  |  |  | - |  |  |  | - |
3Q22 |  | 5.34 - 6.07 |  |  |  | 528 |  |  |  | - |  |  |  | 66 |  |  |  | 53 |
4Q22 |  | 5.40 - 6.36 |  |  |  | 448 |  |  |  | - |  |  |  | 82 |  |  |  | 45 |
1Q23 |  | 5.63 - 7.12 |  |  |  | 672 |  |  |  | - |  |  |  | 260 |  |  |  | 67 |
2Q23 |  | 5.79 - 6.97 |  |  |  | 896 |  |  |  | - |  |  |  | 494 |  |  |  | 90 |
3Q23 |  | 5.37 - 6.16 |  |  |  | 566 |  |  |  | - |  |  |  | 100 |  |  |  | 57 |
4Q23 |  | 5.46 - 6.23 |  |  |  | 665 |  |  |  | - |  |  |  | 145 |  |  |  | 67 |
Total |  | 5.53 - 6.55 |  |  |  | 3,775 |  |  |  | 398 |  |  |  | 1,147 |  |  |  | 378 |
NDF
2Q22 |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |
3Q23 |  | 5.53 |  |  |  | 217 |  |  |  |  |  |  |  | 62 |  |  |  | 21 |
4Q23 |  | 5.64 |  |  |  | 34 |  |  |  |  |  |  |  | 13 |  |  |  | 3 |
Total |  | 5.54 |  |  |  | 250 |  |  |  | 1 |  |  |  | 75 |  |  |  | 25 |
Zero Cost Collars Cerrado
2Q23 |  | 5.84 - 7.19 |  |  |  | 167 |  |  |  | - |  |  |  | 100 |  |  |  | 17 |
3Q23 |  | 6.00 - 7.60 |  |  |  | 205 |  |  |  | - |  |  |  | 157 |  |  |  | 21 |
4Q23 |  | 5.98 - 7.38 |  |  |  | 194 |  |  |  | - |  |  |  | 144 |  |  |  | 19 |
1Q24 |  | 6.00 - 7.23 |  |  |  | 66 |  |  |  | - |  |  |  | 50 |  |  |  | 7 |
2Q24 |  | 6.37 - 8.05 |  |  |  | 34 |  |  |  | - |  |  |  | 39 |  |  |  | 3 |
3Q24 |  | 6.35 - 8.34 |  |  |  | 9 |  |  |  | - |  |  |  | 10 |  |  |  | 1 |
Total |  | 5.98 - 7.43 |  |  |  | 675 |  |  |  | - |  |  |  | 500 |  |  |  | 68 |

1Note: sensitivity of adjustments for exchange rates above the strike.

To mitigate the effects of exchange and interest rate variations on its debt and its cash flows, the Company also uses currency and interest rate swaps. Swap contracts are entered into considering different interest rates and inflation indices in order to mitigate the mismatch between financial assets and liabilities.

On June 30, 2022, the Company had an outstanding amount (notional value) of US$5,898 million in swap contracts as shown in the table below. In 2Q22, the result of debt hedge transactions was a loss of R$549 million, mainly due to the depreciation in end-of-period BRL versus USD in the period. The mark-to-market adjustment (fair value) of these operations was a loss of R$2,829 million.

Page 17 of 37

|  |  |  |  |  |  | Notional (US$ million) |  |  | Fair Value (R$ million) |
Debt Hedge |  | Maturity (up to) |  |  | Currency |  | Jun/22 |  |  | Mar/22 |  |  | Jun/22 |  |  | Mar/22 |
Swap (PRÉ x USD) |  |  | 2024 |  |  | USD |  |  | 350 |  |  |  | 350 |  |  |  | (597 | ) |  |  | (420 | )
Swap (CDI x USD) |  |  | 2026 |  |  | USD |  |  | 2,065 |  |  |  | 2,065 |  |  |  | (3,101 | ) |  |  | (2,413 | )
Swap (IPCA x USD) |  |  | 2023 |  |  | USD |  |  | 121 |  |  |  | 121 |  |  |  | (38 | ) |  |  | (1 | )
Swap (LIBOR x USD) |  |  | 2027 |  |  | USD |  |  | 3,200 |  |  |  | 3,200 |  |  |  | 617 |  |  |  | 347 |
Swap (IPCA x CDI) |  |  | 2023 |  |  | BRL |  |  | 161 | 1 |  |  | 178 |  |  |  | 290 |  |  |  | 281 |
Total |  |  |  |  |  |  |  |  | 5,898 |  |  |  | 5,915 |  |  |  | (2,829 | ) |  |  | (2,206 | )

1Translated at the closing exchange rate (5.24).

The following table presents a sensitivity analysis1 of the cash impact that the Company could have on its debt hedge portfolio (swaps) if the exchange rate remains the same as at the end of 2Q22 (R$/US$ = 5.24) in the coming quarters, as well as the projected variation in cash impact for each R$0.10 variation on the same reference exchange rate (2Q22). Note that the figures presented in the table are the Company’s projections based on the end-of-period curves and could vary depending on market conditions.

|  |  |  |  | Cash Adjustment (R$ million) |
Maturity (up to) |  | Notional (US$ million) |  |  | Actual |  |  | R$ / US$ = 5.24 (2Q22) |  |  | Sensitivity at R$ 0.10 / US$ variation (+/-)1 |
2Q22 |  |  |  |  |  |  | 74 |  |  |  | - |  |  |  | - |
3Q22 |  |  | 285 |  |  |  | - |  |  |  | (263 | ) |  |  | 23 |
4Q22 |  |  | 83 |  |  |  | - |  |  |  | 158 |  |  |  | 4 |
2023 |  |  | 1,859 |  |  |  | - |  |  |  | 656 |  |  |  | 40 |
2024 |  |  | 1,437 |  |  |  | - |  |  |  | (30 | ) |  |  | 41 |
2025 |  |  | 1,342 |  |  |  | - |  |  |  | (888 | ) |  |  | 89 |
>2026 |  |  | 892 |  |  |  | - |  |  |  | (1,076 | ) |  |  | 85 |
Total |  |  | 5,898 |  |  |  | 74 |  |  |  | (1,443 | ) |  |  | 282 |

1Sensitivity analysis considers variation only in the exchange rate (R$/US$), while other variables are presumed constant.

Other transactions involving the Company’s derivatives are related to the embedded derivative resulting from forestry partnerships and commodity hedges, as shown in the table.

|  |  |  |  |  |  | Notional (US$ million) |  |  | Fair Value (R$ million) |  |  | Cash Adjustment (R$ million) |
Other hedges |  | Maturity (up to) |  |  | Index |  | Jun/22 |  |  | Mar/22 |  |  | Jun/22 |  |  | Mar/22 |  |  | Jun/22 |  |  | Mar/22 |
Embedded derivative |  |  | 2038 |  |  | Fixed USD | USD US-CPI |  |  | 121 |  |  |  | 579 |  |  |  | (24 | ) |  |  | (89 | ) |  |  | - |  |  |  | - |
Total |  |  |  |  |  |  |  |  | 121 |  |  |  | 579 |  |  |  | (24 | ) |  |  | (89 | ) |  |  | - |  |  |  | - |

Part of forestry partnership agreements and standing timber supply agreements are denominated in USD per cubic meter of standing timber, adjusted by U.S. inflation measured by the Consumer Price Index (CPI), which is not related to inflation in the economic environment where the forests are located and, hence, constitutes an embedded derivative. This instrument, presented in the table above, consists of a sale swap contract of the variations in the US-CPI during the period of the contracts. See note 4 of the 2Q22 Financial Statements for more details and for a sensitivity analysis of the fair value in case of a sharp rise in the US-CPI and USD. On June 30, 2022, the outstanding (notional) value of the operation was US$121 million. The result from this swap in 2Q22 was a gain of R$65 million. The mark-to-market (fair value) of such operations was negative R$24 million at the end of the quarter.

The Company is also exposed to the price of some commodities and, therefore, continually assesses the contracting of derivative financial instruments to mitigate such risks.

Page 18 of 37

On June 30, 2022, the Company did not have any outstanding commodity hedge transactions.

NET INCOME (LOSS)

In 2Q22, the Company posted net income of R$182 million, compared to net income of R$10,306 million in 1Q22 and R$10,037 million in 2Q21. The reduction in relation to 1Q22 and 2Q21 is explained by the negative financial result which in turn was caused by the negative effect from exchange variation on debt and the mark-to-market adjustment of derivative operations in the comparison period.

DEBT

Debt (R$ million) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | Δ Q-o-Q |  |  |  | 2Q21 |  |  |  | Δ Y-o-Y |
Local Currency |  |  | 13,224 |  |  |  | 13,221 |  |  |  | 0 | % |  |  | 13,275 |  |  |  | 0 | %
Short Term |  |  | 1,754 |  |  |  | 1,171 |  |  |  | 50 | % |  |  | 1,003 |  |  |  | 75 | %
Long Term |  |  | 11,470 |  |  |  | 12,050 |  |  |  | -5 | % |  |  | 12,272 |  |  |  | -7 | %
Foreign Currency |  |  | 61,982 |  |  |  | 55,545 |  |  |  | 12 | % |  |  | 55,202 |  |  |  | 12 | %
Short Term |  |  | 1,718 |  |  |  | 1,045 |  |  |  | 64 | % |  |  | 917 |  |  |  | 87 | %
Long Term |  |  | 60,264 |  |  |  | 54,500 |  |  |  | 11 | % |  |  | 54,285 |  |  |  | 11 | %
Gross Debt |  |  | 75,206 |  |  |  | 68,766 |  |  |  | 9 | % |  |  | 68,477 |  |  |  | 10 | %
(-) Cash |  |  | 20,307 |  |  |  | 19,097 |  |  |  | 6 | % |  |  | 11,271 |  |  |  | 80 | %
Net debt |  |  | 54,899 |  |  |  | 49,669 |  |  |  | 11 | % |  |  | 57,206 |  |  |  | -4 | %
Net debt/Adjusted EBITDA1(x) - R$ |  |  | 2.3 | x |  |  | 2.1 | x |  |  | -0.3 | x |  |  | 3.1 | x |  |  | -1.8 | x
Net debt/Adjusted EBITDA1(x) - US$ |  |  | 2.3 | x |  |  | 2.4 | x |  |  | -0.3 | x |  |  | 3.3 | x |  |  | -1.9 | x

1Excludes non-recurring items.

On June 30, 2022, gross debt totaled R$75.2 billion and was composed of 95% long-term maturities and 5% short-term maturities. Foreign currency debt corresponded to 82% of the Company's total debt at the end of the quarter. The percentage of gross debt denominated in foreign currency, considering the effect of debt hedge, was 96%. Gross debt increased 9% (R$6.4 billion) in relation to 1Q22, due to the depreciation in end-of-period BRL against USD.

Suzano contracts debt in foreign currency as a natural hedge, since net operating cash generation is mostly denominated in foreign currency (USD) due to its predominant status as an exporter. This structural exposure allows the Company to match loans and financing payments in USD with receivable flows from sales.

Page 19 of 37

*Corresponding mainly to transaction costs (issue, funding goodwill, discount and loss on business combinations, etc.).

On June 30, 2022, the total average cost of debt in USD was 4.5% p.a. (considering the debt in BRL adjusted by the market swap curve), compared to 4.4% p.a. on March 31, 2022. The average term of consolidated debt at the end of the quarter was 84 months, compared to 87 months at the end of March 2022.

1Considers the portion of debt with currency swaps. The original debt was 82% denominated in USD and 18% in BRL.

2Considers the portion of debt with currency swaps. The exposure of the original debt was: Fixed (US$) – 60%, Libor – 23%, CDI – 10%, Other (Fixed R$, IPCA, TJLP, others) – 7%.

Cash and cash equivalents and financial investments on June 30, 2022 amounted to R$20.3 billion, 76% of which was in foreign currency, allocated in remunerated accounts or in short-term fixed-income investments. The remaining 24% was invested in local currency fixed-income bonds (mainly CDBs, but also in government bonds and others), remunerated at the CDI rate.

On June 30, 2022, the Company also had two stand-by credit facilities totaling R$6.7 billion (US$1.3 billion in foreign currency) available through February 2024 (US$100 million) and February 2027 (US$1.2 billion). These facilities strengthen the company's liquidity position and can be withdrawn during times of uncertainty. As a result, the cash and equivalents of R$20.3 billion plus the stand-by credit facilities amounted to a readily available cash position of R$27.0 billion on June 30, 2022.

Page 20 of 37

On June 30, 2022, net debt stood at R$54.9 billion (US$10.5 billion), compared to R$49.7 billion (US$10.5 billion) on March 31, 2022. The increase in net debt in local currency is explained by exchange variation in the period.

Financial leverage, measured as the ratio of net debt to Adjusted EBITDA in BRL, stood at 2.3 times on June 30, 2022 (2.1 times in 1Q22). The same ratio in USD, the measure established in Suzano’s financial policy, fell to 2.3 times on June 30, 2022 (2.4 times in 1Q22).

The breakdown of total gross debt between trade and non-trade finance on June 30, 2022 is shown below:

|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 onwards |  |  | Total |
Trade Finance1 |  |  | 32 | % |  |  | 1 | % |  |  | 96 | % |  |  | 58 | % |  |  | 51 | % |  |  | 9 | % |  |  | 27 | %
Non Trade Finance2 |  |  | 68 | % |  |  | 99 | % |  |  | 4 | % |  |  | 42 | % |  |  | 49 | % |  |  | 91 | % |  |  | 73 | %

1ECN, EPP

2Bonds, BNDES, CRA, Debentures, among others.

Page 21 of 37

CAPITAL EXPENDITURES

In 2Q22, capital expenditures (cash basis) amounted to R$4,439 million, up 65% from 1Q22, mainly due to the higher disbursements related to the Parkia acquisition, as disclosed by the Company in the Material Fact of June 29, 2022. Compared to 2Q21, the increase is also due to the higher disbursements for the Parkia acquisition and the higher expenditures with modernization projects.

In July 27, 2022 the Capex estimate was revised to R$16.1 billion (from R$13.6 billion), due to: (i) the corporate acquisitions of Parkia (concluded) and Caravelas (in approval process), disclosed to the market through Material Fact notices dated April 28, 2022 and June 22, 2022, and Notice to the Market disclosed on June 29, 2022; and (ii) higher investments in sustaining capex, mainly related to the advances of payments to capture higher financial efficiency.

Investments (R$ million) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | LTM 2Q22 |  |  |  | Guidance 2022 Previous |  |  |  | Guidance 2022 Actual |
Maintenance |  |  | 1,248 |  |  |  | 1,231 |  |  |  | 1 | % |  |  | 1,001 |  |  |  | 25 | % |  |  | 5,130 |  |  |  | 5,036 |  |  |  | 5,471 |
Industrial maintenance |  |  | 247 |  |  |  | 184 |  |  |  | 34 | % |  |  | 141 |  |  |  | 75 | % |  |  | 919 |  |  |  | 1,265 |  |  |  | 1,050 |
Forestry maintenance |  |  | 987 |  |  |  | 1,037 |  |  |  | -5 | % |  |  | 849 |  |  |  | 16 | % |  |  | 4,107 |  |  |  | 3,753 |  |  |  | 4,392 |
Others |  |  | 14 |  |  |  | 10 |  |  |  | 43 | % |  |  | 11 |  |  |  | 26 | % |  |  | 104 |  |  |  | 101 |  |  |  | 30 |
Expansion and modernization |  |  | 114 |  |  |  | 84 |  |  |  | 35 | % |  |  | 29 |  |  |  | - |  |  |  | 361 |  |  |  | 489 |  |  |  | 534 |
Land and forestry |  |  | 1,769 |  |  |  | 90 |  |  |  | - |  |  |  | 49 |  |  |  | - |  |  |  | 2,070 |  |  |  | 604 |  |  |  | 2,647 |
Port terminals |  |  | 34 |  |  |  | 45 |  |  |  | -25 | % |  |  | 11 |  |  |  | - |  |  |  | 254 |  |  |  | 119 |  |  |  | 119 |
Others |  |  | 4 |  |  |  | 1 |  |  |  | - |  |  |  | 0 |  |  |  | - |  |  |  | 15 |  |  |  | 92 |  |  |  | 92 |
Cerrado Project |  |  | 1,270 |  |  |  | 1,232 |  |  |  | 3 | % |  |  | 174 |  |  |  | - |  |  |  | 3,047 |  |  |  | 7,276 |  |  |  | 7,276 |
Total |  |  | 4,439 |  |  |  | 2,683 |  |  |  | 65 | % |  |  | 1,264 |  |  |  | - |  |  |  | 10,877 |  |  |  | 13,616 |  |  |  | 16,139 |

CERRADO PROJECT

The Cerrado Project is progressing on schedule, closing the second quarter of 2022 with the “inside the fence” execution (which corresponds to industrial and infrastructure investments) reaching accumulated physical progress of 21%, and 15% of financial progress.

OPERATING CASH GENERATION

Operating Cash Flow - Consolidated (R$ million) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | Δ Q-o-Q |  |  |  | 2Q21 |  |  |  | Δ Y-o-Y |  |  |  | LTM 2Q22 |
Adjusted EBITDA1 |  |  | 6,303 |  |  |  | 5,121 |  |  |  | 23 | % |  |  | 5,942 |  |  |  | 6 | % |  |  | 24,089 |
Maintenance Capex2 |  |  | (1,248 | ) |  |  | (1,231 | ) |  |  | 1 | % |  |  | (1,001 | ) |  |  | 25 | % |  |  | (5,129 | )
Operating Cash Flow |  |  | 5,055 |  |  |  | 3,890 |  |  |  | 30 | % |  |  | 4,940 |  |  |  | 2 | % |  |  | 18,959 |
Operating Cash Flow (R$/ton) |  |  | 1,692 |  |  |  | 1,444 |  |  |  | 17 | % |  |  | 1,744 |  |  |  | -3 | % |  |  | 1,609 |

1Excludes non-recurring items.

2Cash basis.

Operating cash generation, measured by adjusted EBITDA less sustaining capex (cash basis), amounted to R$5.1 billion in 2Q22. The 17% increase in operating cash generation per ton in relation to 1Q22 is due to the higher adjusted EBITDA per ton. The 3% decrease in relation to 2Q21 is due to the increase in maintenance capex, partially offset by the higher adjusted EBITDA in the period.

Page 22 of 37

FREE CASH FLOW

Free Cash Flow (R$ million) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | Δ Q-o-Q |  |  |  | 2Q21 |  |  |  | Δ Y-o-Y |  |  |  | LTM 2Q22 |
Adjusted EBITDA |  |  | 6,303 |  |  |  | 5,121 |  |  |  | 23 | % |  |  | 5,942 |  |  |  | 6 | % |  |  | 24,089 |
(-) Total Capex1 |  |  | (4,568 | ) |  |  | (2,734 | ) |  |  | 67 | % |  |  | (1,332 | ) |  |  | 243 | % |  |  | (11,246 | )
(-) Leases contracts |  |  | (244 | ) |  |  | (255 | ) |  |  | -4 | % |  |  | (226 | ) |  |  | 8 | % |  |  | (1,036 | )
(+/-) D Working capital |  |  | (349 | ) |  |  | 920 |  |  |  | - |  |  |  | (573 | ) |  |  | -39 | % |  |  | (714 | )
(-) Net interest |  |  | (378 | ) |  |  | (1,312 | ) |  |  | -71 | % |  |  | (280 | ) |  |  | 35 | % |  |  | (3,103 | )
(-) Income taxes |  |  | (25 | ) |  |  | (70 | ) |  |  | -64 | % |  |  | (36 | ) |  |  | -30 | % |  |  | (130 | )
(-) Dividend payment/Share Buyback Program |  |  | (1,304 | ) |  |  | (1,000 | ) |  |  | 30 | % |  |  | (2 | ) |  |  | - |  |  |  | (2,311 | )
(+/-) Derivative cash adjustment |  |  | 473 |  |  |  | (287 | ) |  |  | - |  |  |  | (722 | ) |  |  | - |  |  |  | (301 | )
Free cash flow |  |  | (92 | ) |  |  | 383 |  |  |  | - |  |  |  | 2,770 |  |  |  | - |  |  |  | 5,248 |
(+) Capex ex-maintenance |  |  | 3,276 |  |  |  | 1,564 |  |  |  | 109 | % |  |  | 241 |  |  |  | - |  |  |  | 6,029 |
(+) Dividend payment/Share Buyback Program |  |  | 1,304 |  |  |  | 1,000 |  |  |  | 30 | % |  |  | 2 |  |  |  | - |  |  |  | 2,311 |
Free cash flow - Adjusted |  |  | 4,488 |  |  |  | 2,947 |  |  |  | 52 | % |  |  | 3,013 |  |  |  | 49 | % |  |  | 13,588 |

1Accrual basis, except for Parkia deal (cash effect of R$1.7 billion, according to Cash Flow Statement).

2Considers interest paid on debt, interest received on financial investments and premiums paid resulting from liability management operations.

3Free cash flow prior to dividend payments and capex ex-maintenance (accrual basis).

Adjusted free cash flow stood at R$4,488 million in 2Q22, compared to R$2,947 million in 1Q22 and R$3,013 million in 2Q21. Compared to the prior quarter, free cash flow increased 52% supported by the growth in adjusted EBITDA, the lower concentration of interest payments and the gain from derivatives (vs. the loss in the previous quarter). These effects were partially offset in large part by the variation in working capital, mainly the negative variation in the line accounts receivable, due to the increase in pulp price and increase in sales volume, in contrast with the benefit observed in 1Q22 related to the increase in the volume of receivables discounting operations.

Compared to 2Q21, the 49% increase was mainly due to the gain from derivatives (vs. R$722 million loss in 2Q21), the higher adjusted EBITDA and positive variation in working capital.

Page 23 of 37

EVOLUTION OF NET DEBT

The changes in net debt in 2Q22 were:

1Accrual basis, except for Parkia deal (cash effect of R$1.7 billion, according to Cash Flow Statement).

2Net of exchange variations on cash and financial investments.

3Considers amounts related to derivative adjustments, lease agreements and other items.

ESG

The Company made important progress on multiple ESG fronts in the second quarter of the year. On the environmental front, in May, Suzano launched the Caring for Water program, in partnership with CDP. The program encourages suppliers to adopt better water management through monitoring and analysis of risks and opportunities. In this initial phase, Suzano selected 100 strategic suppliers, based on the socioenvironmental risk matrix. These partners will complete the CDP Water questionnaire, set targets and assess their progress after a three-year cycle.

In biodiversity, the Ecofuturo Institute, an organization founded and supported by Suzano, undertook to protect and manage 7,000 hectares of Atlantic Forest and more than 1,000 species of fauna and flora living in the area.

Through the social commitment of promoting partnerships that help reduce poverty aligned with forest conservation, Suzano established a partnership of R$1 million with the Brazilian Fund for Biodiversity (FUNBIO) to operate in the Amazon region. The partnership will develop a sustainable extractivism production chain with 12 local organizations.

In line with Suzano’s strategy to protect children, adolescents and women against domestic and family violence in the Cerrado Project region, the Company forged partnerships with state and federal governments to implement the Agents of Good program. The program currently supports over 3,000 own and third-party employees in the region through lectures, communication campaigns and training.

On the transparency and accountability front, which is essential for Suzano and for any sustainability journey, the Company launched its Annual Sustainability Report and Sustainability Center 2021. Together, they bring Suzano’s material aspects, as well as indicators and performance in accordance with frameworks such as GRI, TCFD, etc. Moreover, maintain the good practice started in 2021, on June 23, Suzano live streamed its second ESG Call, an multi-stakeholder event dedicated to deal comprehensively and in depth with relevant environmental, social and governance aspects about the Company and the interests of its related parties. This year, the event addressed the most recent advances in the ESG agenda, the improvements in governance and transparency, and promoted an open dialogue with Joel Makower, CEO and co-founder of Greenbiz Group, a company dedicated to the connection of business, technology and sustainability. In addition, the Company focused on three material topics: Climate Change, Social Development and Biodiversity Conservation.

Page 24 of 37

Finally, in July, Suzano received the Gold Seal from the EcoVadis Rating, an ESG assessment platform widely used by our customers. This result, achieved in its first year of participation, is an important recognition of Suzano's sustainability practices in all business units, in four evaluation pillars: Environmental, Labor and Human Rights, Ethics and Value Chain.

TOTAL OPERATIONAL EXPENDITURE - PULP

As disclosed through a Material Fact notice on March 30, 2022, the estimated total operating expenditure for 2027 remains approximately R$1,500/t and the evolution of the indicator continues as planned, considering the foreign exchange and monetary assumptions adopted.

CAPITAL MARKETS

On June 30, 2022, Suzano’s stock was quoted at R$49.69/share (SUZB3) and US$9.48/ share (SUZ). The Company’s stock is listed on the Novo Mercado, the listing segment of the São Paulo Stock Exchange (B3 – Brasil, Bolsa e Balcão) with the highest corporate governance standards, and on the New York Stock Exchange (NYSE) - Level II. The stock’s performance considers the adjustment due to the payment of dividends from January 19, 2022 (“ex” date for dividends paid on January 27, 2022) and from May 5, 2022 (“ex” date for dividends paid on May 13, 2022).

Source: Bloomberg.

Page 25 of 37

Source: Bloomberg.

On June 30, 2022, the capital stock of the Company was represented by 1,361,263,584 common shares, of which 24,316,669 were held in treasury. Suzano’s Board of Directors, as previously mentioned in the Material Fact notice, approved on May 4, 2022 the opening of a share repurchase program of up to 20 million of common shares issued by the Company, with the aim of maximizing value creation for its shareholders and to signal management’s confidence in the Company’s performance.

On July 27, given the significant advance of the current program effective on May 4, 2022, the Board of Directors approved a new share buyback program in which the Company may acquire up to 20 of common shares of its own issuance, within the limits set forth in the applicable regulations, without reducing the capital stock, to remain in treasury and subsequent disposal and/or cancellation. The total number of treasury stock of the Company may not exceed the maximum limit of 10% of the free float stock in the market. The maximum period for carrying out purchases under the new buyback program is 18 months from the date of its approval by the Board of Directors, so referred period will expire on January 27, 2024 (inclusive). Until June 2022, the Company had traded and settled 10,396,400 shares, the equivalent to R$502 million. Considering the volume traded up to the end of June, including the portion settled in early July, the total was 12,405,100 shares, at an average cost of R$48.49, representing R$602 million in market value.

Suzano’s market capitalization on June 30, 2022 (ex-treasury shares) stood at R$66.4 billion. The free-float in 2Q22 corresponded to 52% of total capital.

Page 26 of 37

FIXED INCOME

|  | Unit |  | Jun/22 |  |  | Mar/22 |  |  | Jun/21 |  |  | Δ Q-o-Q |  |  | Δ Y-o-Y |
Fibria 2025 - Price |  | USD/k |  |  | 99.32 |  |  |  | 101.67 |  |  |  | 108.04 |  |  |  | -2.3 | % |  |  | -8.1 | %
Fibria 2025 - Yield |  | % |  |  | 4.29 |  |  |  | 3.36 |  |  |  | 1.65 |  |  |  | 27.5 | % |  |  | 160.0 | %
Suzano 2026 - Price |  | USD/k |  |  | 102.23 |  |  |  | 107.18 |  |  |  | 117.76 |  |  |  | -4.6 | % |  |  | -13.2 | %
Suzano 2026 - Yield |  | % |  |  | 5.13 |  |  |  | 3.91 |  |  |  | 2.02 |  |  |  | 31.2 | % |  |  | 153.7 | %
Fibria 2027 - Price |  | USD/k |  |  | 99.31 |  |  |  | 106.03 |  |  |  | 116.45 |  |  |  | -6.3 | % |  |  | -14.7 | %
Fibria 2027 - Yield |  | % |  |  | 5.67 |  |  |  | 4.10 |  |  |  | 2.32 |  |  |  | 38.5 | % |  |  | 144.7 | %
Suzano 2028 - Price |  | USD/k |  |  | 81.57 |  |  |  | 90.26 |  |  |  | - |  |  |  | -9.6 | % |  |  | - |
Suzano 2028 - Yield |  | % |  |  | 6.12 |  |  |  | 4.24 |  |  |  | - |  |  |  | 44.2 | % |  |  | - |
Suzano 2029 - Price |  | USD/k |  |  | 99.24 |  |  |  | 107.85 |  |  |  | 119.41 |  |  |  | -8.0 | % |  |  | -16.9 | %
Suzano 2029 - Yield |  | % |  |  | 6.14 |  |  |  | 4.64 |  |  |  | 3.09 |  |  |  | 32.5 | % |  |  | 98.6 | %
Suzano 2030 - Price |  | USD/k |  |  | 92.01 |  |  |  | 102.29 |  |  |  | 113.45 |  |  |  | -10.1 | % |  |  | -18.9 | %
Suzano 2030 - Yield |  | % |  |  | 6.35 |  |  |  | 4.65 |  |  |  | 3.19 |  |  |  | 36.7 | % |  |  | 99.3 | %
Suzano 2031 - Price |  | USD/k |  |  | 81.33 |  |  |  | 94.06 |  |  |  | 104.79 |  |  |  | -13.5 | % |  |  | -22.4 | %
Suzano 2031 - Yield |  | % |  |  | 6.66 |  |  |  | 4.58 |  |  |  | 3.16 |  |  |  | 45.3 | % |  |  | 110.3 | %
Suzano 2032 - Price |  | USD/k |  |  | 75.66 |  |  |  | 88.98 |  |  |  | - |  |  |  | -15.0 | % |  |  | - |
Suzano 2032 - Yield |  | % |  |  | 6.61 |  |  |  | 4.53 |  |  |  | - |  |  |  | 45.9 | % |  |  | - |
Suzano 2047 - Price |  | USD/k |  |  | 95.44 |  |  |  | 112.78 |  |  |  | 134.97 |  |  |  | -15.4 | % |  |  | -29.3 | %
Suzano 2047 - Yield |  | % |  |  | 7.40 |  |  |  | 6.01 |  |  |  | 4.65 |  |  |  | 23.3 | % |  |  | 59.1 | %
Treasury 10 years |  | % |  |  | 3.01 |  |  |  | 2.34 |  |  |  | 1.47 |  |  |  | 28.9 | % |  |  | 105.2 | %

Note: Senior Notes issued with face value of 100 USD/k.

RATING

Agency |  | National Scale |  | Global Scale |  | Outlook
Fitch Ratings |  | AAA |  | BBB- |  | Stable
Standard & Poor’s |  | br.AAA |  | BBB- |  | Stable
Moody’s |  | Aaa.br |  | Baa3 |  | Stable

Page 27 of 37

UPCOMING EVENTS

Earnings Conference Call (2Q22)

Date: July 28, 2022 (Thursday)

Portuguese (simultaneous translation) | English
10:00 a.m. (Brasília) | 10:00 a.m. (Brasília)
9:00 a.m. (New York time) | 9:00 a.m. (New York)
2:00 p.m. (London) | 2:00 p.m. (London)
Tel.: +55 (11) 4090-1621 | Tel.: +1 844 204 8942

Please connect 10 minutes before the conference call is scheduled to begin.

The conference call will be held in English and feature a presentation, with simultaneous webcast. The access links will be available on the Company’s Investor Relations website (www.suzano.com.br/ri).

If you are unable to participate, the webcast link will be available for future consultation on the Investor Relations website of Suzano S.A.

IR CONTACTS

Marcelo Bacci

Camila Nogueira

Larissa Barbosa

Luísa Puccini

Mariana Dutra

Roberto Costa

Tel: +55 (11) 3503-9330

ri@suzano.com.br

www.suzano.com.br/ri

Page 28 of 37

APPENDICES

APPENDIX 1 – Operating Data

Revenue Breakdown (R$ '000) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | 6M22 |  |  |  | 6M21 |  |  |  | ΔY-o-Y |
Exports |  |  | 9,518,474 |  |  |  | 7,907,380 |  |  |  | 20 | % |  |  | 8,292,725 |  |  |  | 15 | % |  |  | 17,425,854 |  |  |  | 15,833,416 |  |  |  | 10 | %
Pulp |  |  | 8,906,683 |  |  |  | 7,342,773 |  |  |  | 21 | % |  |  | 7,885,580 |  |  |  | 13 | % |  |  | 16,249,456 |  |  |  | 15,024,809 |  |  |  | 8 | %
Paper |  |  | 611,791 |  |  |  | 564,607 |  |  |  | 8 | % |  |  | 407,145 |  |  |  | 50 | % |  |  | 1,176,398 |  |  |  | 808,607 |  |  |  | 45 | %
Domestic Market |  |  | 2,001,181 |  |  |  | 1,835,455 |  |  |  | 9 | % |  |  | 1,551,714 |  |  |  | 29 | % |  |  | 3,836,636 |  |  |  | 2,900,189 |  |  |  | 32 | %
Pulp |  |  | 601,432 |  |  |  | 645,533 |  |  |  | -7 | % |  |  | 559,797 |  |  |  | 7 | % |  |  | 1,246,965 |  |  |  | 1,014,148 |  |  |  | 23 | %
Paper |  |  | 1,399,749 |  |  |  | 1,189,922 |  |  |  | 18 | % |  |  | 991,917 |  |  |  | 41 | % |  |  | 2,589,671 |  |  |  | 1,886,041 |  |  |  | 37 | %
Total Net Revenue |  |  | 11,519,655 |  |  |  | 9,742,835 |  |  |  | 18 | % |  |  | 9,844,439 |  |  |  | 17 | % |  |  | 21,262,490 |  |  |  | 18,733,605 |  |  |  | 13 | %
Pulp |  |  | 9,508,115 |  |  |  | 7,988,306 |  |  |  | 19 | % |  |  | 8,445,377 |  |  |  | 13 | % |  |  | 17,496,421 |  |  |  | 16,038,957 |  |  |  | 9 | %
Paper |  |  | 2,011,540 |  |  |  | 1,754,529 |  |  |  | 15 | % |  |  | 1,399,062 |  |  |  | 44 | % |  |  | 3,766,069 |  |  |  | 2,694,648 |  |  |  | 40 | %

Sales volume (‘000) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | 6M22 |  |  |  | 6M21 |  |  |  | ΔY-o-Y |
Exports |  |  | 2,565,397 |  |  |  | 2,288,468 |  |  |  | 12 | % |  |  | 2,427,453 |  |  |  | 6 | % |  |  | 4,853,865 |  |  |  | 4,968,405 |  |  |  | -2 | %
Pulp |  |  | 2,472,402 |  |  |  | 2,194,853 |  |  |  | 13 | % |  |  | 2,339,906 |  |  |  | 6 | % |  |  | 4,667,255 |  |  |  | 4,790,560 |  |  |  | -3 | %
Paper |  |  | 92,995 |  |  |  | 93,615 |  |  |  | -1 | % |  |  | 87,547 |  |  |  | 6 | % |  |  | 186,610 |  |  |  | 177,845 |  |  |  | 5 | %
Paperboard |  |  | 8,571 |  |  |  | 8,684 |  |  |  | -1 | % |  |  | 8,647 |  |  |  | -1 | % |  |  | 17,255 |  |  |  | 18,601 |  |  |  | -7 | %
Printing & Writing |  |  | 83,971 |  |  |  | 84,332 |  |  |  | 0 | % |  |  | 75,732 |  |  |  | 11 | % |  |  | 168,303 |  |  |  | 153,940 |  |  |  | 9 | %
Other paper1 |  |  | 453 |  |  |  | 599 |  |  |  | -24 | % |  |  | 3,168 |  |  |  | -86 | % |  |  | 1,052 |  |  |  | 5,304 |  |  |  | -80 | %
Domestic Market |  |  | 421,573 |  |  |  | 405,287 |  |  |  | 4 | % |  |  | 405,371 |  |  |  | 4 | % |  |  | 826,860 |  |  |  | 808,994 |  |  |  | 2 | %
Pulp |  |  | 190,104 |  |  |  | 186,647 |  |  |  | 2 | % |  |  | 197,193 |  |  |  | -4 | % |  |  | 376,751 |  |  |  | 399,841 |  |  |  | -6 | %
Paper |  |  | 231,469 |  |  |  | 218,640 |  |  |  | 6 | % |  |  | 208,178 |  |  |  | 11 | % |  |  | 450,109 |  |  |  | 409,153 |  |  |  | 10 | %
Paperboard |  |  | 40,767 |  |  |  | 38,480 |  |  |  | 6 | % |  |  | 41,501 |  |  |  | -2 | % |  |  | 79,247 |  |  |  | 81,188 |  |  |  | -2 | %
Printing & Writing |  |  | 155,911 |  |  |  | 147,164 |  |  |  | 6 | % |  |  | 138,448 |  |  |  | 13 | % |  |  | 303,075 |  |  |  | 273,136 |  |  |  | 11 | %
Other paper1 |  |  | 34,791 |  |  |  | 32,996 |  |  |  | 5 | % |  |  | 28,229 |  |  |  | 23 | % |  |  | 67,787 |  |  |  | 54,829 |  |  |  | 24 | %
Total Sales Volume |  |  | 2,986,970 |  |  |  | 2,693,755 |  |  |  | 11 | % |  |  | 2,832,824 |  |  |  | 5 | % |  |  | 5,680,725 |  |  |  | 5,777,399 |  |  |  | -2 | %
Pulp |  |  | 2,662,506 |  |  |  | 2,381,500 |  |  |  | 12 | % |  |  | 2,537,099 |  |  |  | 5 | % |  |  | 5,044,006 |  |  |  | 5,190,401 |  |  |  | -3 | %
Paper |  |  | 324,464 |  |  |  | 312,255 |  |  |  | 4 | % |  |  | 295,725 |  |  |  | 10 | % |  |  | 636,719 |  |  |  | 586,998 |  |  |  | 8 | %
Paperboard |  |  | 49,338 |  |  |  | 47,164 |  |  |  | 5 | % |  |  | 50,148 |  |  |  | -2 | % |  |  | 96,502 |  |  |  | 99,789 |  |  |  | -3 | %
Printing & Writing |  |  | 239,882 |  |  |  | 231,496 |  |  |  | 4 | % |  |  | 214,180 |  |  |  | 12 | % |  |  | 471,378 |  |  |  | 427,076 |  |  |  | 10 | %
Other paper1 |  |  | 35,244 |  |  |  | 33,595 |  |  |  | 5 | % |  |  | 31,397 |  |  |  | 12 | % |  |  | 68,839 |  |  |  | 60,133 |  |  |  | 14 | %

Page 29 of 37

Average net price (R$/ton) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | 6M22 |  |  |  | 6M21 |  |  |  | ΔY-o-Y |
Exports |  |  | 3,710 |  |  |  | 3,455 |  |  |  | 7 | % |  |  | 3,416 |  |  |  | 9 | % |  |  | 3,590 |  |  |  | 3,187 |  |  |  | 13 | %
Pulp |  |  | 3,602 |  |  |  | 3,345 |  |  |  | 8 | % |  |  | 3,370 |  |  |  | 7 | % |  |  | 3,482 |  |  |  | 3,136 |  |  |  | 11 | %
Paper |  |  | 6,579 |  |  |  | 6,031 |  |  |  | 9 | % |  |  | 4,651 |  |  |  | 41 | % |  |  | 6,304 |  |  |  | 4,547 |  |  |  | 39 | %
Domestic Market |  |  | 4,747 |  |  |  | 4,529 |  |  |  | 5 | % |  |  | 3,828 |  |  |  | 24 | % |  |  | 4,640 |  |  |  | 3,585 |  |  |  | 29 | %
Pulp |  |  | 3,164 |  |  |  | 3,459 |  |  |  | -9 | % |  |  | 2,839 |  |  |  | 11 | % |  |  | 3,310 |  |  |  | 2,536 |  |  |  | 31 | %
Paper |  |  | 6,047 |  |  |  | 5,442 |  |  |  | 11 | % |  |  | 4,765 |  |  |  | 27 | % |  |  | 5,753 |  |  |  | 4,610 |  |  |  | 25 | %
Total |  |  | 3,857 |  |  |  | 3,617 |  |  |  | 7 | % |  |  | 3,475 |  |  |  | 11 | % |  |  | 3,743 |  |  |  | 3,243 |  |  |  | 15 | %
Pulp |  |  | 3,571 |  |  |  | 3,354 |  |  |  | 6 | % |  |  | 3,329 |  |  |  | 7 | % |  |  | 3,469 |  |  |  | 3,090 |  |  |  | 12 | %
Paper |  |  | 6,200 |  |  |  | 5,619 |  |  |  | 10 | % |  |  | 4,731 |  |  |  | 31 | % |  |  | 5,915 |  |  |  | 4,591 |  |  |  | 29 | %

Average net price (US$/ton) |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | 6M22 |  |  |  | 6M21 |  |  |  | ΔY-o-Y |
Exports |  |  | 754 |  |  |  | 661 |  |  |  | 14 | % |  |  | 645 |  |  |  | 17 | % |  |  | 707 |  |  |  | 592 |  |  |  | 19 | %
Pulp |  |  | 732 |  |  |  | 640 |  |  |  | 14 | % |  |  | 636 |  |  |  | 15 | % |  |  | 686 |  |  |  | 582 |  |  |  | 18 | %
Paper |  |  | 1,337 |  |  |  | 1,153 |  |  |  | 16 | % |  |  | 878 |  |  |  | 52 | % |  |  | 1,241 |  |  |  | 844 |  |  |  | 47 | %
Domestic Market |  |  | 965 |  |  |  | 866 |  |  |  | 11 | % |  |  | 722 |  |  |  | 34 | % |  |  | 914 |  |  |  | 666 |  |  |  | 37 | %
Pulp |  |  | 643 |  |  |  | 661 |  |  |  | -3 | % |  |  | 536 |  |  |  | 20 | % |  |  | 652 |  |  |  | 471 |  |  |  | 38 | %
Paper |  |  | 1,229 |  |  |  | 1,041 |  |  |  | 18 | % |  |  | 899 |  |  |  | 36 | % |  |  | 1,133 |  |  |  | 856 |  |  |  | 32 | %
Total |  |  | 784 |  |  |  | 692 |  |  |  | 13 | % |  |  | 656 |  |  |  | 19 | % |  |  | 737 |  |  |  | 602 |  |  |  | 22 | %
Pulp |  |  | 726 |  |  |  | 641 |  |  |  | 13 | % |  |  | 629 |  |  |  | 15 | % |  |  | 683 |  |  |  | 574 |  |  |  | 19 | %
Paper |  |  | 1,260 |  |  |  | 1,074 |  |  |  | 17 | % |  |  | 893 |  |  |  | 41 | % |  |  | 1,165 |  |  |  | 852 |  |  |  | 37 | %

1Paper of other manufacturers sold by Suzano and tissue paper.

FX Rate R$/US$ |  |  | 2Q22 |  |  |  | 1Q22 |  |  |  | ΔQ-o-Q |  |  |  | 2Q21 |  |  |  | ΔY-o-Y |  |  |  | 6M22 |  |  |  | 6M21 |  |  |  | ΔY-o-Y |
Closing |  |  | 5.24 |  |  |  | 4.74 |  |  |  | 11 | % |  |  | 5.00 |  |  |  | 5 | % |  |  | 5.24 |  |  |  | 5.00 |  |  |  | 5 | %
Average |  |  | 4.92 |  |  |  | 5.23 |  |  |  | -6 | % |  |  | 5.30 |  |  |  | -7 | % |  |  | 5.08 |  |  |  | 5.39 |  |  |  | -6 | %

Page 30 of 37

APPENDIX 2 – Consolidated Statement of Income and Goodwill Amortization

Income Statement (R$ ‘000) |  | 2Q22 |  |  | 1Q22 |  |  | ΔQ-o-Q |  |  | 2Q21 |  |  | ΔY-o-Y |  |  | 6M22 |  |  | 6M21 |  |  | ΔY-o-Y |
Net Revenue |  |  | 11,519,655 |  |  |  | 9,742,835 |  |  |  | 18 | % |  |  | 9,844,439 |  |  |  | 17 | % |  |  | 21,262,490 |  |  |  | 18,733,605 |  |  |  | 13 | %
Cost of Goods Sold |  |  | (6,122,925 | ) |  |  | (5,432,840 | ) |  |  | 13 | % |  |  | (4,777,655 | ) |  |  | 28 | % |  |  | (11,555,765 | ) |  |  | (9,622,689 | ) |  |  | 20 | %
Gross Debt |  |  | 5,396,730 |  |  |  | 4,309,995 |  |  |  | 25 | % |  |  | 5,066,784 |  |  |  | 7 | % |  |  | 9,706,725 |  |  |  | 9,110,916 |  |  |  | 7 | %
Gross Margin |  |  | 46.8 | % |  |  | 44.3 | % |  |  | 3 p.p. |  |  |  | 51.5 | % |  |  | -5 p.p. |  |  |  | 45.7 | % |  |  | 48.6 | % |  |  | -3 p.p. |
Operating Expense/Income |  |  | (809,293 | ) |  |  | (920,914 | ) |  |  | -12 | % |  |  | 139,703 |  |  |  | -679 | % |  |  | (1,730,207 | ) |  |  | (297,498 | ) |  |  | 482 | %
Selling Expenses |  |  | (625,567 | ) |  |  | (572,141 | ) |  |  | 9 | % |  |  | (496,934 | ) |  |  | 26 | % |  |  | (1,197,708 | ) |  |  | (1,078,700 | ) |  |  | 11 | %
General and Administrative Expenses |  |  | (364,768 | ) |  |  | (336,464 | ) |  |  | 8 | % |  |  | (353,004 | ) |  |  | 3 | % |  |  | (701,232 | ) |  |  | (735,558 | ) |  |  | -5 | %
Other Operating Income (Expenses) |  |  | 161,993 |  |  |  | (2,567 | ) |  |  | -6411 | % |  |  | 909,543 |  |  |  | -82 | % |  |  | 159,426 |  |  |  | 1,426,396 |  |  |  | -89 | %
Equity Equivalence |  |  | 19,049 |  |  |  | (9,742 | ) |  |  | -296 | % |  |  | 80,098 |  |  |  | -76 | % |  |  | 9,307 |  |  |  | 90,364 |  |  |  | -90 | %
EBIT |  |  | 4,587,437 |  |  |  | 3,389,081 |  |  |  | 35 | % |  |  | 5,206,487 |  |  |  | -12 | % |  |  | 7,976,518 |  |  |  | 8,813,418 |  |  |  | -9 | %
Depreciation, Amortization & Depletion |  |  | 1,870,609 |  |  |  | 1,724,354 |  |  |  | 8 | % |  |  | 1,696,755 |  |  |  | 10 | % |  |  | 3,594,963 |  |  |  | 3,463,236 |  |  |  | 4 | %
EBITDA |  |  | 6,458,046 |  |  |  | 5,113,435 |  |  |  | 26 | % |  |  | 6,903,242 |  |  |  | -6 | % |  |  | 11,571,481 |  |  |  | 12,276,654 |  |  |  | -6 | %
EBITDA Margin (%) |  |  | 56.1 | % |  |  | 52.5 | % |  |  | 4 p.p. |  |  |  | 70.1 | % |  |  | -14 p.p. |  |  |  | 54.4 | % |  |  | 65.5 | % |  |  | -11 p.p. |
Adjusted EBITDA1 |  |  | 6,302,719 |  |  |  | 5,121,098 |  |  |  | 23 | % |  |  | 5,941,750 |  |  |  | 6 | % |  |  | 11,423,817 |  |  |  | 10,806,048 |  |  |  | 6 | %
Adjusted EBITDA Margin1 |  |  | 54.7 | % |  |  | 52.6 | % |  |  | 2 p.p. |  |  |  | 60.4 | % |  |  | -6 p.p. |  |  |  | 53.7 | % |  |  | 57.7 | % |  |  | -4 p.p. |
Net Financial Result |  |  | (6,974,660 | ) |  |  | 12,935,279 |  |  |  | -154 | % |  |  | 9,742,584 |  |  |  | -172 | % |  |  | 5,960,619 |  |  |  | 1,075,463 |  |  |  | 454 | %
Financial Expenses |  |  | 194,283 |  |  |  | 158,284 |  |  |  | 23 | % |  |  | 46,263 |  |  |  | 320 | % |  |  | 352,567 |  |  |  | 70,490 |  |  |  | 400 | %
Financial Revenues |  |  | (1,133,402 | ) |  |  | (1,050,121 | ) |  |  | 8 | % |  |  | (932,159 | ) |  |  | 22 | % |  |  | (2,183,523 | ) |  |  | (1,923,092 | ) |  |  | 14 | %
Exchange Rate Variation |  |  | (4,459,984 | ) |  |  | 7,630,673 |  |  |  | -158 | % |  |  | 6,895,657 |  |  |  | -165 | % |  |  | 3,170,689 |  |  |  | 1,689,192 |  |  |  | 88 | %
Net Proceeds Generated by Derivatives |  |  | (1,575,557 | ) |  |  | 6,196,443 |  |  |  | -125 | % |  |  | 3,732,823 |  |  |  | -142 | % |  |  | 4,620,886 |  |  |  | 1,238,873 |  |  |  | 273 | %
Earnings Before Taxes |  |  | (2,387,223 | ) |  |  | 16,324,360 |  |  |  | -115 | % |  |  | 14,949,071 |  |  |  | -116 | % |  |  | 13,937,137 |  |  |  | 9,888,881 |  |  |  | 41 | %
Income and Social Contribution Taxes |  |  | 2,569,012 |  |  |  | (6,018,250 | ) |  |  | -143 | % |  |  | (4,912,372 | ) |  |  | -152 | % |  |  | (3,449,238 | ) |  |  | (2,607,441 | ) |  |  | 32 | %
Net Income (Loss) |  |  | 181,789 |  |  |  | 10,306,110 |  |  |  | -98 | % |  |  | 10,036,699 |  |  |  | -98 | % |  |  | 10,487,899 |  |  |  | 7,281,440 |  |  |  | 44 | %
Net Margin |  |  | 1.6 | % |  |  | 105.8 | % |  |  | -104 p.p. |  |  |  | 102.0 | % |  |  | -100 p.p. |  |  |  | 49.3 | % |  |  | 38.9 | % |  |  | 10.5 p.p. |

1Excluding non-recurring items and PPA effects.

Goodwill amortization - PPA (R$ ‘000) |  | 2Q22 |  |  | 1Q22 |  |  | ΔQ-o-Q |  |  | 2Q21 |  |  | ΔY-o-Y |
COGS |  |  | (138,908 | ) |  |  | (122,883 | ) |  |  | 13 | % |  |  | (149,751 | ) |  |  | -7 | %
Selling Expenses |  |  | (207,157 | ) |  |  | (207,757 | ) |  |  | 0 | % |  |  | (207,763 | ) |  |  | 0 | %
General and administrative expenses |  |  | (2,625 | ) |  |  | (1,090 | ) |  |  | 141 | % |  |  | (2,668 | ) |  |  | -2 | %
Other operational revenues (expenses) |  |  | (1,053 | ) |  |  | (1,085 | ) |  |  | -3 | % |  |  | (6,008 | ) |  |  | -82 | %
Financial results |  |  | (4,419 | ) |  |  | (4,722 | ) |  |  | -6 | % |  |  | (3,054 | ) |  |  | 45 | %

Page 31 of 37

APPENDIX 3 – Consolidated Balance Sheet

Assets (R$ ’000) |  | 06/30/2022 |  |  | 03/31/2022 |  |  | 06/30/2021 |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 7,712,081 |  |  |  | 9,797,437 |  |  |  | 8,585,570 |
Financial investments |  |  | 12,337,762 |  |  |  | 9,047,064 |  |  |  | 2,448,267 |
Trade accounts receivable |  |  | 5,865,962 |  |  |  | 4,515,673 |  |  |  | 3,979,086 |
Inventories |  |  | 5,548,095 |  |  |  | 5,133,522 |  |  |  | 4,404,865 |
Recoverable taxes |  |  | 422,129 |  |  |  | 447,468 |  |  |  | 382,415 |
Derivative financial instruments |  |  | 1,710,964 |  |  |  | 1,870,977 |  |  |  | 1,204,841 |
Advance to suppliers |  |  | 64,115 |  |  |  | 50,332 |  |  |  | 35,821 |
Dividend’s receivable |  |  | - |  |  |  | 6,604 |  |  |  | - |
Other assets |  |  | 914,823 |  |  |  | 878,827 |  |  |  | 758,427 |
Total Current Assets |  |  | 34,575,931 |  |  |  | 31,747,904 |  |  |  | 21,799,292 |
Non-Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial investments |  |  | 257,292 |  |  |  | 252,227 |  |  |  | 237,345 |
Recoverable taxes |  |  | 1,336,891 |  |  |  | 1,258,690 |  |  |  | 1,156,151 |
Deferred taxes |  |  | 5,404,862 |  |  |  | 2,772,622 |  |  |  | 6,224,616 |
Derivative financial instruments |  |  | 1,562,932 |  |  |  | 2,242,272 |  |  |  | 764,156 |
Advance to suppliers |  |  | 1,441,853 |  |  |  | 1,373,504 |  |  |  | 1,249,628 |
Judicial deposits |  |  | 335,736 |  |  |  | 307,143 |  |  |  | 298,049 |
Other assets |  |  | 273,608 |  |  |  | 267,249 |  |  |  | 222,695 |
Biological assets |  |  | 12,664,046 |  |  |  | 12,321,547 |  |  |  | 11,720,857 |
Investments |  |  | 551,290 |  |  |  | 502,559 |  |  |  | 497,083 |
Property, plant and equipment |  |  | 43,617,187 |  |  |  | 39,137,734 |  |  |  | 38,190,785 |
Right of use on lease agreements |  |  | 4,996,460 |  |  |  | 4,908,555 |  |  |  | 4,571,713 |
Intangible |  |  | 15,624,401 |  |  |  | 15,843,938 |  |  |  | 16,375,218 |
Total Non-Current Assets |  |  | 88,066,558 |  |  |  | 81,188,040 |  |  |  | 81,508,296 |
Total Assets |  |  | 122,642,489 |  |  |  | 112,935,944 |  |  |  | 103,307,588 |
Liabilities and Equity (R$ ´000) |  | 06/30/2022 |  |  | 03/31/2022 |  |  | 06/30/2021 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts payable |  |  | 4,036,414 |  |  |  | 3,241,621 |  |  |  | 2,575,168 |
Loans, financing and debentures |  |  | 3,471,739 |  |  |  | 2,216,304 |  |  |  | 1,920,072 |
Accounts payable for lease operations |  |  | 625,680 |  |  |  | 580,282 |  |  |  | 593,691 |
Derivative financial instruments |  |  | 686,498 |  |  |  | 429,723 |  |  |  | 1,010,897 |
Taxes payable |  |  | 354,890 |  |  |  | 398,852 |  |  |  | 233,277 |
Payroll and charges |  |  | 523,732 |  |  |  | 389,344 |  |  |  | 444,938 |
Liabilities for assets acquisitions and subsidiaries |  |  | 1,870,699 |  |  |  | 93,571 |  |  |  | 112,446 |
Dividends payable |  |  | 4,055 |  |  |  | 6,059 |  |  |  | 11,185 |
Advance from customers |  |  | 88,785 |  |  |  | 84,874 |  |  |  | 115,260 |
Other liabilities |  |  | 398,090 |  |  |  | 266,733 |  |  |  | 361,197 |
Total Current Liabilities |  |  | 12,060,582 |  |  |  | 7,707,363 |  |  |  | 7,378,131 |
Non-Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Loans, financing and debentures |  |  | 71,734,198 |  |  |  | 66,549,620 |  |  |  | 66,556,926 |
Accounts payable for lease operations |  |  | 5,370,465 |  |  |  | 5,034,988 |  |  |  | 4,773,303 |
Derivative financial instruments |  |  | 4,605,212 |  |  |  | 3,652,449 |  |  |  | 5,060,920 |
Liabilities for assets acquisitions and subsidiaries |  |  | 299,568 |  |  |  | 277,687 |  |  |  | 396,923 |
Provision for judicial liabilities |  |  | 3,284,999 |  |  |  | 3,222,375 |  |  |  | 3,271,679 |
Actuarial liabilities |  |  | 675,513 |  |  |  | 675,612 |  |  |  | 792,387 |
Deferred taxes |  |  | 1,118 |  |  |  | 1,118 |  |  |  | - |
Share-based compensation plans |  |  | 144,267 |  |  |  | 147,058 |  |  |  | 212,500 |
Advance from customers |  |  | 149,540 |  |  |  | 149,540 |  |  |  | 165,439 |
Other liabilities |  |  | 150,339 |  |  |  | 136,028 |  |  |  | 111,888 |
Total Non-Current Liabilities |  |  | 86,415,219 |  |  |  | 79,846,475 |  |  |  | 81,341,965 |
Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Share capital |  |  | 9,235,546 |  |  |  | 9,235,546 |  |  |  | 9,235,546 |
Capital reserves |  |  | 15,758 |  |  |  | 14,424 |  |  |  | 13,033 |
Treasury shares |  |  | (817,451 | ) |  |  | (215,900 | ) |  |  | (218,265 | )
Retained earnings reserves |  |  | 3,040,935 |  |  |  | 3,840,935 |  |  |  | - |
Other reserves |  |  | 2,048,838 |  |  |  | 2,071,992 |  |  |  | 2,028,382 |
Retained earnings |  |  | 10,538,381 |  |  |  | 10,335,249 |  |  |  | 3,429,696 |
Controlling shareholders’ |  |  | 24,062,007 |  |  |  | 25,282,246 |  |  |  | 14,488,392 |
Non-controlling interest |  |  | 104,681 |  |  |  | 99,860 |  |  |  | 99,100 |
Total Equity |  |  | 24,166,688 |  |  |  | 25,382,106 |  |  |  | 14,587,492 |
Total Liabilities and Equity |  |  | 122,642,489 |  |  |  | 112,935,944 |  |  |  | 103,307,588 |

Page 32 of 37

APPENDIX 4 – Consolidated Statement of Cash Flow

Cash Flow (R$ ’000) |  | 2Q22 |  |  | 2Q21 |  |  | 6M22 |  |  | 6M21 |
Cash flow from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income/(loss) for the period |  |  | 181,789 |  |  |  | 10,036,699 |  |  |  | 10,487,899 |  |  |  | 7,281,440 |
Depreciation, depletion and amortization |  |  | 1,824,939 |  |  |  | 1,655,769 |  |  |  | 3,505,869 |  |  |  | 3,389,903 |
Depreciation of right of use |  |  | 53,762 |  |  |  | 53,355 |  |  |  | 109,860 |  |  |  | 100,176 |
Sublease of ships |  |  | (3,362 | ) |  |  | (9,315 | ) |  |  | (11,314 | ) |  |  | (20,735 | )
Interest expense on lease liabilities |  |  | 102,492 |  |  |  | 103,500 |  |  |  | 210,597 |  |  |  | 212,540 |
Result from sale and disposal of property, plant and equipment and biological assets, net |  |  | 9,383 |  |  |  | (24,329 | ) |  |  | (8,041 | ) |  |  | (521,173 | )
Income (expense) from associates and joint ventures |  |  | (19,049 | ) |  |  | (80,098 | ) |  |  | (9,307 | ) |  |  | (90,364 | )
Exchange rate and monetary variations, net |  |  | 4,459,984 |  |  |  | (6,895,657 | ) |  |  | (3,170,689 | ) |  |  | (1,689,192 | )
Interest expenses with financing, loans and debentures, net |  |  | 960,344 |  |  |  | 735,399 |  |  |  | 1,851,948 |  |  |  | 1,493,570 |
Premium expenses with early settlements |  |  | - |  |  |  | 786 |  |  |  | - |  |  |  | 33,719 |
Capitalized loan costs |  |  | (66,437 | ) |  |  | (647 | ) |  |  | (108,972 | ) |  |  | (1,049 | )
Accrual of interest on marketable securities |  |  | (149,352 | ) |  |  | (23,496 | ) |  |  | (279,092 | ) |  |  | (38,607 | )
Amortization of transaction costs |  |  | 15,840 |  |  |  | 15,482 |  |  |  | 36,838 |  |  |  | 56,502 |
Result from derivative, net |  |  | 1,575,557 |  |  |  | (3,732,823 | ) |  |  | (4,620,886 | ) |  |  | (1,238,873 | )
Fair value adjustment of biological assets |  |  | (171,618 | ) |  |  | (564,533 | ) |  |  | (171,618 | ) |  |  | (564,533 | )
Deferred income tax and social contribution |  |  | (2,632,715 | ) |  |  | 4,820,858 |  |  |  | 3,326,601 |  |  |  | 2,451,778 |
Interest on actuarial liabilities |  |  | 14,801 |  |  |  | 13,961 |  |  |  | 29,616 |  |  |  | 27,925 |
Provision for judicial liabilities, net |  |  | 41,237 |  |  |  | 29,214 |  |  |  | 63,001 |  |  |  | 33,525 |
Provision for allowance for doubtful accounts, net |  |  | 1,488 |  |  |  | 2,394 |  |  |  | 2,088 |  |  |  | 4,156 |
Provision (reversal) for inventory losses, net |  |  | 4,208 |  |  |  | 5,205 |  |  |  | (9,519 | ) |  |  | 10,667 |
Provision for loss of ICMS credits, net |  |  | 16,005 |  |  |  | 15,937 |  |  |  | 34,676 |  |  |  | 23,395 |
Tax credits |  |  | 1,324 |  |  |  | (315,431 | ) |  |  | 1,324 |  |  |  | (315,431 | )
Other |  |  | 1,838 |  |  |  | 10,451 |  |  |  | 6,177 |  |  |  | 11,002 |
Decrease (increase) in assets |  |  | (1,250,123 | ) |  |  | (1,008,411 | ) |  |  | (270,002 | ) |  |  | (1,543,889 | )
Trade accounts receivables |  |  | (810,160 | ) |  |  | (707,774 | ) |  |  | 464,246 |  |  |  | (1,222,390 | )
Inventories |  |  | (384,824 | ) |  |  | (396,394 | ) |  |  | (744,261 | ) |  |  | (452,852 | )
Recoverable taxes |  |  | (64,936 | ) |  |  | 14,575 |  |  |  | (168,111 | ) |  |  | 12,185 |
Other assets |  |  | 9,797 |  |  |  | 81,182 |  |  |  | 178,124 |  |  |  | 119,168 |
Increase (decrease) in liabilities |  |  | 901,378 |  |  |  | 435,200 |  |  |  | 840,887 |  |  |  | 452,997 |
Trade accounts payables |  |  | 841,798 |  |  |  | 363,463 |  |  |  | 997,290 |  |  |  | 451,708 |
Taxes payable |  |  | (66,786 | ) |  |  | 30,303 |  |  |  | 90,938 |  |  |  | 132,906 |
Payroll and charges |  |  | 134,134 |  |  |  | 95,675 |  |  |  | (67,050 | ) |  |  | (47,799 | )
Other liabilities |  |  | (7,768 | ) |  |  | (54,241 | ) |  |  | (180,291 | ) |  |  | (83,818 | )
Cash provided by operations, net |  |  | 5,873,713 |  |  |  | 5,279,470 |  |  |  | 11,847,941 |  |  |  | 9,559,449 |
Payment of interest with financing, loans and debentures |  |  | (494,377 | ) |  |  | (304,437 | ) |  |  | (1,919,402 | ) |  |  | (1,479,825 | )
Premium on early settlements |  |  | - |  |  |  | (786 | ) |  |  | - |  |  |  | (33,719 | )
Interest received from marketable securities |  |  | 116,662 |  |  |  | 24,018 |  |  |  | 229,925 |  |  |  | 38,067 |
Payment of income taxes |  |  | (24,772 | ) |  |  | (35,585 | ) |  |  | (94,393 | ) |  |  | (70,729 | )
Cash provided by operating activities |  |  | 5,471,226 |  |  |  | 4,962,680 |  |  |  | 10,064,071 |  |  |  | 8,013,243 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions to property, plant and equipment |  |  | (1,734,480 | ) |  |  | (406,609 | ) |  |  | (3,397,882 | ) |  |  | (670,588 | )
Additions to intangible assets |  |  | (19,423 | ) |  |  | (17,409 | ) |  |  | (69,100 | ) |  |  | (18,143 | )
Additions to biological assets |  |  | (1,114,605 | ) |  |  | (907,844 | ) |  |  | (2,135,997 | ) |  |  | (1,611,674 | )
Proceeds from sale of property, plant and equipment |  |  | 40,950 |  |  |  | 96,080 |  |  |  | 98,328 |  |  |  | 1,261,008 |
Increase of capital in subsidiaries and associates |  |  | (24,943 | ) |  |  | (44,490 | ) |  |  | (26,863 | ) |  |  | (50,818 | )
Marketable securities, net |  |  | (2,616,237 | ) |  |  | 1,578,249 |  |  |  | (4,691,843 | ) |  |  | (288,215 | )
Advance for acquisition of wood from operations with development |  |  | (70,922 | ) |  |  | (64,981 | ) |  |  | (174,490 | ) |  |  | (232,157 | )
Dividends received |  |  | 6,604 |  |  |  | 6,453 |  |  |  | 6,604 |  |  |  | 6,453 |
Acquisition of subsidiaries, net of cash |  |  | (1,699,869 | ) |  |  | - |  |  |  | (1,699,869 | ) |  |  | - |
Acquisition of minority interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,482 | )
Cash used in investing activities, net |  |  | (7,232,925 | ) |  |  | 239,449 |  |  |  | (12,091,112 | ) |  |  | (1,610,616 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from loans, financing and debentures |  |  | 23,020 |  |  |  | 337,093 |  |  |  | 265,090 |  |  |  | 9,306,614 |
Payment of derivative transactions |  |  | 473,335 |  |  |  | (721,741 | ) |  |  | 186,312 |  |  |  | (1,434,288 | )
Payment of loans, financing and debentures |  |  | (55,760 | ) |  |  | (555,432 | ) |  |  | (853,625 | ) |  |  | (11,732,552 | )
Payment of leases |  |  | (244,307 | ) |  |  | (226,355 | ) |  |  | (499,372 | ) |  |  | (475,483 | )
Payment of dividends |  |  | (801,809 | ) |  |  | (2,322 | ) |  |  | (1,801,562 | ) |  |  | (2,322 | )
Liabilities for assets acquisitions and associates |  |  | - |  |  |  | (1,520 | ) |  |  | (109 | ) |  |  | (1,520 | )
Share repurchase |  |  | (502,065 | ) |  |  | - |  |  |  | (502,065 | ) |  |  | - |
Cash provided (used) by financing activities, net |  |  | (1,107,586 | ) |  |  | (1,170,277 | ) |  |  | (3,205,331 | ) |  |  | (4,339,551 | )
Exchange variation on cash and cash equivalents |  |  | 783,929 |  |  |  | (780,790 | ) |  |  | (646,323 | ) |  |  | (312,563 | )
Increase (reduction) in cash and cash equivalents, net |  |  | (2,085,356 | ) |  |  | 3,251,062 |  |  |  | (5,878,695 | ) |  |  | 1,750,513 |
Cash and cash equivalents at the beginning for the period |  |  | 9,797,437 |  |  |  | 5,334,508 |  |  |  | 13,590,776 |  |  |  | 6,835,057 |
Cash and cash equivalents at the end for the period |  |  | 7,712,081 |  |  |  | 8,585,570 |  |  |  | 7,712,081 |  |  |  | 8,585,570 |
Increase (reduction) in cash and cash equivalents, net |  |  | (2,085,356 | ) |  |  | 3,251,062 |  |  |  | (5,878,695 | ) |  |  | 1,750,513 |

Page 33 of 37

APPENDIX 5 – EBITDA

(R$ '000, except where otherwise indicated) |  | 2Q22 |  |  | 2Q21 |  |  | 6M22 |  |  | 6M21 |
Net income |  |  | 181,789 |  |  |  | 10,036,699 |  |  |  | 10,487,899 |  |  |  | 7,281,440 |
Net Financial Result |  |  | 6,974,660 |  |  |  | (9,742,584 | ) |  |  | (5,960,619 | ) |  |  | (1,075,463 | )
Income and Social Contribution Taxes |  |  | (2,569,012 | ) |  |  | 4,912,372 |  |  |  | 3,449,238 |  |  |  | 2,607,441 |
EBIT |  |  | 4,587,437 |  |  |  | 5,206,487 |  |  |  | 7,976,518 |  |  |  | 8,813,418 |
Depreciation, Amortization and Depletion |  |  | 1,870,609 |  |  |  | 1,696,755 |  |  |  | 3,594,963 |  |  |  | 3,463,236 |
EBITDA1 |  |  | 6,458,046 |  |  |  | 6,903,242 |  |  |  | 11,571,481 |  |  |  | 12,276,654 |
EBITDA Margin |  |  | 56.1 | % |  |  | 70.1 | % |  |  | 54.4 | % |  |  | 65.5 | %
COVID-19 - Expenses related to social actions to combat the virus |  |  | 1 |  |  |  | 19,141 |  |  |  | 177 |  |  |  | 23,696 |
Fair Value Update - Biological Asset |  |  | (171,618 | ) |  |  | (564,533 | ) |  |  | (171,618 | ) |  |  | (564,533 | )
Ibema's goodwill write-off |  |  | - |  |  |  | 125 |  |  |  | - |  |  |  | 125 |
Tax Credits |  |  | - |  |  |  | (315,431 | ) |  |  | 1,324 |  |  |  | (315,431 | )
Equity method |  |  | (19,049 | ) |  |  | (80,098 | ) |  |  | (9,307 | ) |  |  | (90,364 | )
Accruals for losses on ICMS credits |  |  | 28,980 |  |  |  | 16,156 |  |  |  | 47,650 |  |  |  | 23,134 |
Provision - Regularization of development contract |  |  | - |  |  |  | 114 |  |  |  | - |  |  |  | 114 |
Adjustments - Losango Project |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,138 | )
Sales of fixed assets and biological assets |  |  | 6,359 |  |  |  | (36,966 | ) |  |  | (15,890 | ) |  |  | (538,209 | )
Adjusted EBITDA |  |  | 6,302,719 |  |  |  | 5,941,750 |  |  |  | 11,423,817 |  |  |  | 10,806,048 |
Adjusted EBITDA Margin |  |  | 54.7 | % |  |  | 60.4 | % |  |  | 53.7 | % |  |  | 57.7 | %

1The Company's EBITDA is calculated in accordance with CVM Instruction 527 of October 4, 2012.

Page 34 of 37

APPENDIX 6 – Segmented Income Statement

|  | 2Q22 |  |  | 2Q21 |
Segmented Financial Statement (R$ '000) |  | Pulp |  |  | Paper |  |  | Non Segmented |  |  | Total Consolidated |  |  | Pulp |  |  | Paper |  |  | Non Segmented |  |  | Total Consolidated |
Net Revenue |  |  | 9,508,115 |  |  |  | 2,011,540 |  |  |  | - |  |  |  | 11,519,655 |  |  |  | 8,445,377 |  |  |  | 1,399,062 |  |  |  | - |  |  |  | 9,844,439 |
Cost of Goods Sold |  |  | (4,906,544 | ) |  |  | (1,216,381 | ) |  |  | - |  |  |  | (6,122,925 | ) |  |  | (3,890,070 | ) |  |  | (887,585 | ) |  |  | - |  |  |  | (4,777,655 | )
Gross Profit |  |  | 4,601,571 |  |  |  | 795,159 |  |  |  | - |  |  |  | 5,396,730 |  |  |  | 4,555,307 |  |  |  | 511,477 |  |  |  | - |  |  |  | 5,066,784 |
Gross Margin |  |  | 48.4 | % |  |  | 39.5 | % |  |  | - |  |  |  | 46.8 | % |  |  | 53.9 | % |  |  | 36.6 | % |  |  | - |  |  |  | 51.5 | %
Operating Expense/Income |  |  | (658,138 | ) |  |  | (151,155 | ) |  |  | - |  |  |  | (809,293 | ) |  |  | 141,835 |  |  |  | (2,132 | ) |  |  | - |  |  |  | 139,703 |
Selling Expenses |  |  | (470,021 | ) |  |  | (155,546 | ) |  |  | - |  |  |  | (625,567 | ) |  |  | (378,184 | ) |  |  | (118,750 | ) |  |  | - |  |  |  | (496,934 | )
General and Administrative Expenses |  |  | (259,050 | ) |  |  | (105,718 | ) |  |  | - |  |  |  | (364,768 | ) |  |  | (254,048 | ) |  |  | (98,956 | ) |  |  | - |  |  |  | (353,004 | )
Other Operating Income (Expenses) |  |  | 64,338 |  |  |  | 97,655 |  |  |  | - |  |  |  | 161,993 |  |  |  | 695,544 |  |  |  | 213,999 |  |  |  | - |  |  |  | 909,543 |
Equity Equivalence |  |  | 6,595 |  |  |  | 12,454 |  |  |  | - |  |  |  | 19,049 |  |  |  | 78,523 |  |  |  | 1,575 |  |  |  | - |  |  |  | 80,098 |
EBIT |  |  | 3,943,433 |  |  |  | 644,004 |  |  |  | - |  |  |  | 4,587,437 |  |  |  | 4,697,142 |  |  |  | 509,345 |  |  |  | - |  |  |  | 5,206,487 |
Depreciation, Amortization & Depletion |  |  | 1,696,180 |  |  |  | 174,429 |  |  |  | - |  |  |  | 1,870,609 |  |  |  | 1,550,059 |  |  |  | 146,696 |  |  |  | - |  |  |  | 1,696,755 |
EBITDA |  |  | 5,639,613 |  |  |  | 818,433 |  |  |  | - |  |  |  | 6,458,046 |  |  |  | 6,247,201 |  |  |  | 656,041 |  |  |  | - |  |  |  | 6,903,242 |
EBITDA Margin |  |  | 59.3 | % |  |  | 40.7 | % |  |  | - |  |  |  | 56.1 | % |  |  | 74.0 | % |  |  | 46.9 | % |  |  | - |  |  |  | 70.1 | %
Adjusted EBITDA1 |  |  | 5,599,672 |  |  |  | 703,047 |  |  |  | - |  |  |  | 6,302,719 |  |  |  | 5,496,348 |  |  |  | 445,402 |  |  |  | - |  |  |  | 5,941,750 |
Adjusted EBITDA Margin1 |  |  | 58.9 | % |  |  | 35.0 | % |  |  | - |  |  |  | 54.7 | % |  |  | 65.1 | % |  |  | 31.8 | % |  |  | - |  |  |  | 60.4 | %
Net Financial Result |  |  | - |  |  |  | - |  |  |  | (6,974,660 | ) |  |  | (6,974,660 | ) |  |  | - |  |  |  | - |  |  |  | 9,742,584 |  |  |  | 9,742,584 |
Earnings Before Taxes |  |  | 3,943,433 |  |  |  | 644,004 |  |  |  | (6,974,660 | ) |  |  | (2,387,223 | ) |  |  | 4,697,145 |  |  |  | 509,342 |  |  |  | 9,742,584 |  |  |  | 14,949,071 |
Income and Social Contribution Taxes |  |  | - |  |  |  | - |  |  |  | 2,569,012 |  |  |  | 2,569,012 |  |  |  | - |  |  |  | - |  |  |  | (4,912,372 | ) |  |  | (4,912,372 | )
Net Income (Loss) |  |  | 3,943,433 |  |  |  | 644,004 |  |  |  | (4,405,648 | ) |  |  | 181,789 |  |  |  | 4,697,145 |  |  |  | 509,342 |  |  |  | 4,830,212 |  |  |  | 10,036,699 |
Net Margin |  |  | 41.5 | % |  |  | 32.0 | % |  |  | - |  |  |  | 1.6 | % |  |  | 55.6 | % |  |  | 36.4 | % |  |  | - |  |  |  | 102.0 | %

1Excluding non-recurring items and PPA effects.

Page 35 of 37

APPENDIX 6 – Segmented Income Statement

|  | 6M22 |  |  | 6M21 |
Demonstração de Resultado Segmentado (R$ mil) |  | Pulp |  |  | Paper |  |  | Non Segmented |  |  | Total Consolidated |  |  | Pulp |  |  | Paper |  |  | Non Segmented |  |  | Total Consolidated |
Net Revenue |  |  | 17,496,421 |  |  |  | 3,766,069 |  |  |  | - |  |  |  | 21,262,490 |  |  |  | 16,038,957 |  |  |  | 2,694,648 |  |  |  | - |  |  |  | 18,733,605 |
Cost of Goods Sold |  |  | (9,242,880 | ) |  |  | (2,312,885 | ) |  |  | - |  |  |  | (11,555,765 | ) |  |  | (7,905,782 | ) |  |  | (1,716,907 | ) |  |  | - |  |  |  | (9,622,689 | )
Gross Profit |  |  | 8,253,541 |  |  |  | 1,453,184 |  |  |  | - |  |  |  | 9,706,725 |  |  |  | 8,133,175 |  |  |  | 977,741 |  |  |  | - |  |  |  | 9,110,916 |
Gross Margin |  |  | 47.17 | % |  |  | 38.59 | % |  |  | - |  |  |  | 45.65 | % |  |  | 50.71 | % |  |  | 36.28 | % |  |  | - |  |  |  | 48.63 | %
Operating Expense/Income |  |  | (1,342,265 | ) |  |  | (387,942 | ) |  |  | - |  |  |  | (1,730,207 | ) |  |  | (240,841 | ) |  |  | (56,657 | ) |  |  | - |  |  |  | (297,498 | )
Selling Expenses |  |  | (904,075 | ) |  |  | (293,633 | ) |  |  | - |  |  |  | (1,197,708 | ) |  |  | (855,781 | ) |  |  | (222,919 | ) |  |  | - |  |  |  | (1,078,700 | )
General and Administrative Expenses |  |  | (498,981 | ) |  |  | (202,251 | ) |  |  | - |  |  |  | (701,232 | ) |  |  | (532,454 | ) |  |  | (203,104 | ) |  |  | - |  |  |  | (735,558 | )
Other Operating Income (Expenses) |  |  | 60,248 |  |  |  | 99,178 |  |  |  | - |  |  |  | 159,426 |  |  |  | 1,071,126 |  |  |  | 355,270 |  |  |  | - |  |  |  | 1,426,396 |
Equity Equivalence |  |  | 543 |  |  |  | 8,764 |  |  |  | - |  |  |  | 9,307 |  |  |  | 76,268 |  |  |  | 14,096 |  |  |  | - |  |  |  | 90,364 |
EBIT |  |  | 6,911,276 |  |  |  | 1,065,242 |  |  |  | - |  |  |  | 7,976,518 |  |  |  | 7,892,334 |  |  |  | 921,084 |  |  |  | - |  |  |  | 8,813,418 |
Depreciation, Amortization & Depletion |  |  | 3,257,308 |  |  |  | 337,655 |  |  |  | - |  |  |  | 3,594,963 |  |  |  | 3,179,633 |  |  |  | 283,603 |  |  |  | - |  |  |  | 3,463,236 |
EBITDA |  |  | 10,168,584 |  |  |  | 1,402,897 |  |  |  | - |  |  |  | 11,571,481 |  |  |  | 11,071,967 |  |  |  | 1,204,687 |  |  |  | - |  |  |  | 12,276,654 |
EBITDA Margin |  |  | 58.12 | % |  |  | 37.25 | % |  |  | - |  |  |  | 54.42 | % |  |  | 69.03 | % |  |  | 44.71 | % |  |  | - |  |  |  | 65.53 | %
Adjusted EBITDA1 |  |  | 10,159,541 |  |  |  | 1,264,276 |  |  |  | - |  |  |  | 11,423,817 |  |  |  | 9,962,141 |  |  |  | 843,907 |  |  |  | - |  |  |  | 10,806,048 |
Adjusted EBITDA Margin1 |  |  | 58.07 | % |  |  | 33.57 | % |  |  | - |  |  |  | 53.73 | % |  |  | 62.11 | % |  |  | 31.32 | % |  |  | - |  |  |  | 57.68 | %
Net Financial Result |  |  | - |  |  |  | - |  |  |  | 5,960,619 |  |  |  | 5,960,619 |  |  |  | - |  |  |  | - |  |  |  | 1,075,463 |  |  |  | 1,075,463 |
Earnings Before Taxes |  |  | 6,911,276 |  |  |  | 1,065,241 |  |  |  | 5,960,620 |  |  |  | 13,937,137 |  |  |  | 7,892,335 |  |  |  | 921,083 |  |  |  | 1,075,463 |  |  |  | 9,888,881 |
Income and Social Contribution Taxes |  |  | - |  |  |  | -- |  |  |  | (3,449,238 | ) |  |  | (3,449,238 | ) |  |  | - |  |  |  | - |  |  |  | (2,607,441 | ) |  |  | (2,607,441 | )
Net Income (Loss) |  |  | 6,911,276 |  |  |  | 1,065,241 |  |  |  | 2,511,382 |  |  |  | 10,487,899 |  |  |  | 7,892,335 |  |  |  | 921,083 |  |  |  | (1,531,978 | ) |  |  | 7,281,440 |
Net Margin |  |  | 39.50 | % |  |  | 28.29 | % |  |  | - |  |  |  | 49.33 | % |  |  | 49.21 | % |  |  | 34.18 | % |  |  | - |  |  |  | 38.87 | %

1Excluding non-recurring items and PPA effects.

Page 36 of 37

Forward-Looking Statements

This release may contain forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could cause the expectations expressed to not materialize or differ substantially from expected results. These risks include, among others, changes in future demand for the Company’s products, changes in factors affecting domestic and international product prices, changes in the cost structure, changes in the seasonal patterns of markets, changes in prices charged by competitors, foreign exchange variations, changes in the political or economic situation of Brazil, as well as emerging and international markets. The forward-looking statements were not reviewed by our independent auditors.

Page 37 of 37