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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2025.
Commission File Number 001-38755
Suzano S.A.
(Exact name of registrant as specified in its charter)
SUZANO INC.
(Translation of Registrant’s Name into English)
Av. Professor Magalhaes Neto, 1,752
10th Floor, Rooms 1010 and 1011
Salvador, Brazil 41 810-012
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☑ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.

| Suzano S.A. |

INDEX

CONSOLIDATED BALANCE SHEET | 1
CONSOLIDATED STATEMENTS OF INCOME (LOSS) | 3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | 4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | 5
CONSOLIDATED STATEMENTS OF CASH FLOW | 6
1 COMPANY’S OPERATIONS | 7
2 BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS | 10
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES | 10
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT | 11
5 CASH AND CASH EQUIVALENTS | 23
6 MARKETABLE SECURITIES | 24
7 TRADE ACCOUNTS RECEIVABLE | 24
8 INVENTORIES | 26
9 RECOVERABLE TAXES | 27
10 ADVANCES TO SUPPLIERS | 28
11 RELATED PARTIES | 28
12 INCOME AND SOCIAL CONTRIBUTION TAXES | 30
13 BIOLOGICAL ASSETS | 35
14 INVESTMENTS | 36
15 PROPERTY, PLANT AND EQUIPMENT | 37
16 INTANGIBLE | 38
17 TRADE ACCOUNTS PAYABLE | 39
18 LOANS, FINANCING AND DEBENTURES | 39
19 LEASES | 42
20 PROVISION FOR JUDICIAL LIABILITIES | 43
21 EMPLOYEE BENEFIT PLANS | 45
22 SHARE-BASED COMPENSATION PLAN | 46
23 LIABILITIES FOR ASSETS ACQUISITIONS AND SUBSIDIARIES | 47
24 SHAREHOLDERS’ EQUITY | 48
25 EARNINGS PER SHARE | 49
26 NET FINANCIAL RESULT | 50
27 NET SALES | 50
28 SEGMENT INFORMATION | 50
29 INCOME (EXPENSES) BY NATURE | 53

i |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

| Note |  | 03/31/2025 |  | 12/31/2024
ASSETS |  |  |  |  |
CURRENT |  |  |  |  |
Cash and cash equivalents | 5 |  | 9,914,505 |  |  | 9,018,818 |
Marketable securities | 6 |  | 6,516,323 |  |  | 12,971,547 |
Trade accounts receivable | 7 |  | 6,354,237 |  |  | 9,132,860 |
Inventories | 8 |  | 8,642,882 |  |  | 7,962,324 |
Recoverable taxes | 9 |  | 1,074,377 |  |  | 929,001 |
Recoverable income taxes | 9 |  | 337,663 |  |  | 180,618 |
Derivative financial instruments | 4.5 |  | 888,004 |  |  | 1,006,427 |
Advances to suppliers | 10 |  | 85,581 |  |  | 92,133 |
Other assets |  |  | 665,543 |  |  | 889,232 |
Total current assets |  |  | 34,479,115 |  |  | 42,182,960 |
NON-CURRENT |  |  |  |  |
Marketable securities | 6 |  | 402,442 |  |  | 391,964 |
Recoverable taxes | 9 |  | 1,042,971 |  |  | 1,179,125 |
Deferred taxes | 12 |  | 4,431,946 |  |  | 7,984,015 |
Derivative financial instruments | 4.5 |  | 3,244,326 |  |  | 2,880,673 |
Advances to suppliers | 10 |  | 2,496,154 |  |  | 2,503,537 |
Judicial deposits |  |  | 590,245 |  |  | 487,993 |
Other assets |  |  | 125,724 |  |  | 156,880 |
Biological assets | 13 |  | 22,861,555 |  |  | 22,283,001 |
Investments | 14 |  | 1,651,534 |  |  | 1,816,923 |
Property, plant and equipment | 15 |  | 65,005,656 |  |  | 64,986,040 |
Right of use | 19.1 |  | 5,249,601 |  |  | 5,180,691 |
Intangible | 16 |  | 13,663,616 |  |  | 13,902,303 |
Total non-current assets |  |  | 120,765,770 |  |  | 123,753,145 |
TOTAL ASSETS |  |  | 155,244,885 |  |  | 165,936,105 |

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

1 |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET

| Note |  | 03/31/2025 |  | 12/31/2024
LIABILITIES |  |  |  |  |
CURRENT |  |  |  |  |
Trade accounts payable | 17 |  | 5,669,809 |  |  | 6,033,285 |
Loans, financing and debentures | 18 |  | 3,428,610 |  |  | 10,501,387 |
Lease liabilities | 19 |  | 870,322 |  |  | 872,228 |
Derivative financial instruments | 4.5 |  | 1,561,094 |  |  | 2,760,273 |
Taxes payable |  |  | 282,866 |  |  | 245,353 |
Income taxes payable |  |  | 71,201 |  |  | 118,362 |
Payroll and charges |  |  | 702,399 |  |  | 1,232,971 |
Liabilities for assets acquisitions and subsidiaries | 23 |  | 20,877 |  |  | 21,166 |
Dividends and interest on own capital payable |  |  | 7,699 |  |  | 2,200,917 |
Advances from customers |  |  | 213,338 |  |  | 145,200 |
Other liabilities |  |  | 361,676 |  |  | 346,796 |
Total current liabilities |  |  | 13,189,891 |  |  | 24,477,938 |
NON-CURRENT |  |  |  |  |
Loans, financing and debentures | 18 |  | 87,613,961 |  |  | 90,934,144 |
Lease liabilities | 19 |  | 5,981,197 |  |  | 6,100,687 |
Derivative financial instruments | 4.5 |  | 5,570,354 |  |  | 7,694,547 |
Liabilities for assets acquisitions and subsidiaries | 23 |  | 94,547 |  |  | 99,324 |
Provision for judicial liabilities | 20 |  | 2,943,436 |  |  | 2,926,750 |
Employee benefit plans | 21 |  | 730,032 |  |  | 721,560 |
Deferred taxes | 12 |  |  |  |  | 12,596 |
Share-based compensation plans | 22 |  | 361,895 |  |  | 361,974 |
Advances from customers |  |  | 74,715 |  |  | 74,715 |
Other liabilities |  |  | 149,211 |  |  | 116,295 |
Total non-current liabilities |  |  | 103,519,348 |  |  | 109,042,592 |
TOTAL LIABILITIES |  |  | 116,709,239 |  |  | 133,520,530 |
SHAREHOLDERS’ EQUITY | 24 |  |  |  |
Share capital |  |  | 19,235,546 |  |  | 19,235,546 |
Capital reserves |  |  | 64,827 |  |  | 60,226 |
Treasury shares |  |  | (1,371,424) |  |  | (1,339,197) |
Profit reserves |  |  | 12,978,898 |  |  | 12,978,898 |
Other reserves |  |  | 1,133,200 |  |  | 1,348,796 |
Retained earnings |  |  | 6,357,219 |  |  |
Controlling shareholders' |  |  | 38,398,266 |  |  | 32,284,269 |
Non-controlling interest |  |  | 137,380 |  |  | 131,306 |
Total equity |  |  | 38,535,646 |  |  | 32,415,575 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  | 155,244,885 |  |  | 165,936,105 |

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

2 |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

| Note |  |  |  |  |  | 03/31/2025 |  | 03/31/2024
NET SALES | 27 |  |  |  |  |  | 11,552,921 |  |  | 9,458,602 |
Cost of sales | 29 |  |  |  |  |  | (7,729,167) |  |  | (5,699,870) |
GROSS PROFIT |  |  |  |  |  |  | 3,823,754 |  |  | 3,758,732 |
OPERATING INCOME (EXPENSES) |  |  |  |  |  |  |  |  |
Selling | 29 |  |  |  |  |  | (754,882) |  |  | (653,415) |
General and administrative | 29 |  |  |  |  |  | (673,551) |  |  | (502,975) |
Income/(loss) from associates and joint ventures | 14 |  |  |  |  |  | (17,077) |  |  | (9,907) |
Other operating (expenses) income, net | 29 |  |  |  |  |  | (119,209) |  |  | (40,209) |
OPERATING PROFIT BEFORE NET FINANCIAL INCOME (EXPENSES) |  |  |  |  |  |  | 2,259,035 |  |  | 2,552,226 |
NET FINANCIAL INCOME (EXPENSES) | 26 |  |  |  |  |  |  |  |
Financial expenses |  |  |  |  |  |  | (1,640,085) |  |  | (1,130,400) |
Financial income |  |  |  |  |  |  | 438,853 |  |  | 424,217 |
Derivative financial instruments, net |  |  |  |  |  |  | 3,693,159 |  |  | (634,537) |
Monetary and exchange variations, net |  |  |  |  |  |  | 5,204,286 |  |  | (1,699,328) |
NET INCOME (LOSS) BEFORE TAXES |  |  |  |  |  |  | 9,955,248 |  |  | (487,822) |
Income and social contribution taxes |  |  |  |  |  |  |  |  |
Current | 12 |  |  |  |  |  | (67,100) |  |  | (114,354) |
Deferred | 12 |  |  |  |  |  | (3,539,970) |  |  | 822,208 |
NET INCOME FOR THE PERIOD |  |  |  |  |  |  | 6,348,178 |  |  | 220,032 |
Attributable to |  |  |  |  |  |  |  |  |
Controlling shareholders’ |  |  |  |  |  |  | 6,340,760 |  |  | 215,392 |
Non-controlling interest |  |  |  |  |  |  | 7,418 |  |  | 4,640 |
Earnings per share |  |  |  |  |  |  |  |  |
Basic | 25.1 |  |  |  |  |  | 5.11735 |  |  | 0.16755 |
Diluted | 25.2 |  |  |  |  |  | 5.10429 |  |  | 0.16747 |

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

3 |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

|  |  |  |  |  | 03/31/2025 |  | 03/31/2024
Net income for the period |  |  |  |  |  | 6,348,178 |  |  | 220,032 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |
Fair value investments in equity measured at fair value through other comprehensive income (1) |  |  |  |  |  | (87,077) |  |  | 258 |
Tax effect on the fair value of investments |  |  |  |  |  | 683 |  |  | (88) |
Items with no subsequent effect on income (loss) |  |  |  |  |  | (86,394) |  |  | 170 |
Exchange rate variations on conversion of financial information of the subsidiaries abroad |  |  |  |  |  | (113,060) |  |  | 2,054 |
Realization of exchange variation on investments abroad |  |  |  |  |  |  |  | (4) |
Items with subsequent effect on income (loss) |  |  |  |  |  | (113,060) |  |  | 2,050 |
Total comprehensive income |  |  |  |  |  | 6,148,724 |  |  | 222,252 |
Attributable to |  |  |  |  |  |  |  |
Controlling shareholders’ |  |  |  |  |  | 6,141,306 |  |  | 217,612 |
Non-controlling interest |  |  |  |  |  | 7,418 |  |  | 4,640 |

(1) Includes fair value measurement of Lenzing Aktiengesellschaft.
The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.

4 |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

|  | Note |  | Share Capital |  | Capital reserves |  | Treasury shares |  | Profit reserves |  |  |  | Other reserves |  | Retained earnings |  | Total controlling shareholders' equity |  | Non-controlling interest |  | Total consolidated shareholders' equity
Balances at December 31, 2023 |  |  |  | 9,235,546 |  |  | 26,744 |  |  | (1,484,014) |  |  | 35,376,198 |  |  |  |  | 1,538,296 |  |  |  |  |  | 44,692,770 |  |  | 117,530 |  |  | 44,810,300 |
Net income for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 215,392 |  |  | 215,392 |  |  | 4,640 |  |  | 220,032 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,220 |  |  |  |  |  | 2,220 |  |  |  |  |  | 2,220 |
Stock options granted |  | 22.2 |  |  |  |  | 3,345 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,345 |  |  |  |  |  | 3,345 |
Stock options exercised |  | 22.2 |  |  |  |  | (4,768) |  |  | 4,768 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share repurchase |  | 24.2 |  |  |  |  |  |  |  | (309,952) |  |  |  |  |  |  |  |  |  |  |  |  |  | (309,952) |  |  |  |  |  | (309,952) |
Unclaimed dividends forfeited |  | 24.2 |  |  |  |  |  |  |  | 853,725 |  |  | (853,725) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transactions with non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,346) |  |  | (1,346) |
Realization of deemed cost, net of taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,875) |  |  | 17,875 |  |  |  |  |  |  |  |  |  |
Balances at March 31, 2024 |  |  |  | 9,235,546 |  |  | 25,321 |  |  | (935,473) |  |  | 34,522,473 |  |  |  |  | 1,522,641 |  |  | 233,267 |  |  | 44,603,775 |  |  | 120,824 |  |  | 44,724,599 |
Balances at December 31, 2024 |  |  |  | 19,235,546 |  |  | 60,226 |  |  | (1,339,197) |  |  | 12,978,898 |  |  |  |  | 1,348,796 |  |  |  |  |  | 32,284,269 |  |  | 131,306 |  |  | 32,415,575 |
Net income for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,340,760 |  |  | 6,340,760 |  |  | 7,418 |  |  | 6,348,178 |
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  | (199,454) |  |  |  |  | (199,454) |  |  |  |  | (199,454) |
Stock options granted |  | 22.2 |  |  |  | 11,038 |  |  |  |  |  |  |  |  |  |  |  |  | 11,038 |  |  |  |  | 11,038 |
Stock options exercised |  | 22.2 |  |  |  | (6,437) |  |  | 6,437 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share repurchase |  | 24.2 |  |  |  |  |  | (38,664) |  |  |  |  |  |  |  |  |  |  | (38,664) |  |  |  |  | (38,664) |
Unclaimed dividends forfeited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 317 |  |  | 317 |  |  |  |  | 317 |
Transactions with non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,344) |  |  | (1,344) |
Realization of deemed cost, net of taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,142) |  |  | 16,142 |  |  |  |  |  |  |  |  |
Balances at March 31, 2025 |  |  |  | 19,235,546 |  |  | 64,827 |  |  | (1,371,424) |  |  | 12,978,898 |  |  |  |  | 1,133,200 |  |  | 6,357,219 |  |  | 38,398,266 |  |  | 137,380 |  |  | 38,535,646 |

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

5 |

| Suzano S.A. |
| Unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025
| (In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CASH FLOW

| 03/31/2025 |  | 03/31/2024
OPERATING ACTIVITIES |  |  |
Net income for the period | 6,348,178 |  |  | 220,032 |
Adjustment to |  |  |
Depreciation, depletion and amortization | 2,408,025 |  |  | 1,899,297 |
Depreciation of right of use (Note 19.1) | 89,397 |  |  | 82,727 |
Interest expense on lease liabilities (Note 19.2) | 116,258 |  |  | 109,806 |
Result from sale and disposal of property, plant and equipment, intangible and biological assets, net (Note 29) | 46,307 |  |  | 47,554 |
Income (expense) from associates and joint ventures (Note 14) | 17,077 |  |  | 9,907 |
Exchange rate and monetary variations, net (Note 26) | (5,204,286) |  |  | 1,699,328 |
Interest expenses on financing, loans and debentures (Note 26) | 1,412,878 |  |  | 1,230,849 |
Capitalized loan costs (Note 26) | (52,753) |  |  | (377,560) |
Accrual of interest on marketable securities | (264,440) |  |  | (312,425) |
Amortization of transaction costs, premium and discounts (Note 26) | 31,923 |  |  | 17,308 |
Derivative gains (loss), net (Note 26) | (3,693,159) |  |  | 634,537 |
Deferred income tax and social contribution (Note 12.2) | 3,539,970 |  |  | (822,208) |
Interest on actuarial liabilities and cost of current service (Note 21.2) | 19,822 |  |  | 18,963 |
Provision for judicial liabilities, net (Note 20.1) | 28,985 |  |  | 29,015 |
Provision for doubtful accounts, net (Note 7.3) | 7,653 |  |  | (1,317) |
Provision for inventory losses, net (Note 8.1) | 4,475 |  |  | 8,030 |
Provision for loss of ICMS credits, net (Note 9.1) | 45,766 |  |  | (23,763) |
Other | 15,856 |  |  | 15,121 |
Decrease (increase) in assets |  |  |
Trade accounts receivable | 2,238,113 |  |  | 373,116 |
Inventories | (430,784) |  |  | (298,050) |
Recoverable taxes | (75,463) |  |  | 8,363 |
Other assets | 183,194 |  |  | (15,658) |
Increase (decrease) in liabilities |  |  |
Trade accounts payable | (91,408) |  |  | (141,975) |
Taxes payable | 5,303 |  |  | 90,822 |
Payroll and charges | (528,881) |  |  | (232,642) |
Other liabilities | (41,443) |  |  | (15,767) |
Cash generated from operations | 6,176,563 |  |  | 4,253,410 |
Payment of interest on financing, loans and debentures (Note 18.3) | (2,014,500) |  |  | (1,749,517) |
Capitalized loan costs paid | 52,753 |  |  | 377,560 |
Interest received on marketable securities | 361,942 |  |  | 228,249 |
Payment of income taxes | (159,068) |  |  | (55,574) |
Cash provided by operating activities | 4,417,690 |  |  | 3,054,128 |
INVESTING ACTIVITIES |  |  |  |
Additions to property, plant and equipment (Note 15) | (1,231,900) |  |  | (2,556,172) |
Additions to intangible (Note 16) | (11,836) |  |  | (55,110) |
Additions to biological assets (Note 13) | (1,836,180) |  |  | (1,631,502) |
Proceeds from sales of property, plant and equipment and biological assets | 43,551 |  |  | 26,719 |
Capital increase in affiliates (Note 14.3) |  |  | (18,908) |
Marketable securities, net | 6,367,566 |  |  | (1,566,266) |
Advances for acquisition of wood from operations with development and partnerships | (6,998) |  |  | (235,775) |
Cash provided (used) in investing activities | 3,324,203 |  |  | (6,037,014) |
FINANCING ACTIVITIES |  |  |  |
Proceeds from loans, financing and debentures (Note 18.3) | 7,055,244 |  |  | 4,244,874 |
Proceeds (payments) from derivative transactions (Note 4.5.4) | 124,558 |  |  | 444,112 |
Payment of loans, financing and debentures (Note 18.3) | (11,175,521) |  |  | (4,038,400) |
Payment of leases (Note 19.2) | (371,531) |  |  | (320,643) |
Payment of interest on own capital and dividends | (2,192,903) |  |  | (1,309,450) |
Shares repurchased (Note 24.2) | (38,664) |  |  | (309,952) |
Cash (used) by financing activities | (6,598,817) |  |  | (1,289,459) |
EXCHANGE VARIATION ON CASH AND CASH EQUIVALENTS | (247,389) |  |  | 129,600 |
Increase (Decrease) in cash and cash equivalents, net | 895,687 |  |  | (4,142,745) |
At the beginning of the period | 9,018,818 |  |  | 8,345,871 |
At the end of the period | 9,914,505 |  |  | 4,203,126 |
Increase (Decrease) in cash and cash equivalents, net | 895,687 |  |  | (4,142,745) |

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

6 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

.
1 COMPANY’S OPERATIONS
Suzano S.A. (“Suzano”) and its subsidiaries (collectively the “Company”) is a public company with its headquarters in Brazil, at Avenida Professor Magalhães Neto, No. 1,752 - 10 th floor, rooms 1010 and 1011, Bairro Pituba, in the city of Salvador, State of Bahia, and its main business office in the city of São Paulo.
Suzano’s shares are traded on B3 S.A. (“Brasil, Bolsa, Balcão - “B3”), listed in the New Market under the ticker SUZB3, and its American Depositary Receipts (“ADRs”) in a ratio of 1 (one) per common share, Level II, are traded in the New York Stock Exchange (“NYSE”) under the ticker SUZ.
The Company has 16 industrial units, 14 located in Brazil in the cities of Cachoeiro de Itapemirim and Aracruz (Espírito Santo State), Belém (Pará State), Eunápolis and Mucuri (Bahia State), Maracanaú (Ceará State), Imperatriz (Maranhão State), Jacareí, Limeira, Mogi das Cruzes and two units in Suzano (São Paulo State) and Três Lagoas and Ribas do Rio Pardo (Mato Grosso do Sul State) and two units in United States located in the cities of Pine Bluff (Arkansas) and Waynesville (North Carolina). Additionally, it has seven technology centers, four located in Brazil, one in Canada, one in China and one in Israel, 28 distribution centers and four ports, all located in Brazil.
These units produce hardwood pulp from eucalyptus, coated paper, paperboard, uncoated paper and cut size paper and packages of sanitary paper (consumer goods - tissue) to serve the domestic and foreign markets.
Pulp and paper are sold in foreign markets by Suzano, as well as through its wholly-owned subsidiaries and/or its sales offices in Argentina, Austria, China, Ecuador, United States of America and Singapore.
The Company's operations also include the commercial management of eucalyptus forest for its own use, operation of port terminals, and holding of interests, as a partner or shareholder, in other companies or enterprises, and commercialization of electricity generated from its pulp production process.
The Company is controlled by Suzano Holding S.A., through a voting agreement whereby it holds 49.26% of the common shares of its share capital.
These unaudited condensed consolidated interim financial information was authorized by the Board of Directors on May 7, 2025.

7 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

1.1 Equity interests
The Company holds equity interests in the following entities:

|  |  |  |  |  | % equity interest
Entity/Type of investment |  | Main activity |  | Country |  | 03/31/2025 |  | 12/31/2024
Consolidated |  |  |  |  |  |  |  |
F&E Tecnologia do Brasil S.A. (Direct) |  | Biofuel production, except alcohol |  | Brazil |  | 100.00 | % |  | 100.00 | %
Fibria Celulose (USA) Inc. (Direct) |  | Business office |  | United States of America |  | 100.00 | % |  | 100.00 | %
Fibria Terminal de Celulose de Santos SPE S.A. (Direct) |  | Port operations |  | Brazil |  | 100.00 | % |  | 100.00 | %
FuturaGene Ltd. |  | Biotechnology research and development |  | England |  | 100.00 | % |  | 100.00 | %
FuturaGene Delaware Inc. (Indirect) |  | Biotechnology research and development |  | United States of America |  | 100.00 | % |  | 100.00 | %
FuturaGene Israel Ltd. (Indirect) |  | Biotechnology research and development |  | Israel |  | 100.00 | % |  | 100.00 | %
FuturaGene Inc. (Indirect) |  | Biotechnology research and development |  | United States of America |  | 100.00 | % |  | 100.00 | %
Maxcel Empreendimentos e Participações S.A. (Direct) |  | Holding |  | Brazil |  | 100.00 | % |  | 100.00 | %
Itacel - Terminal de Celulose de Itaqui S.A. (Indirect) |  | Port operations |  | Brazil |  | 100.00 | % |  | 100.00 | %
Mucuri Energética S.A. (Direct) |  | Power generation and distribution |  | Brazil |  | 100.00 | % |  | 100.00 | %
Paineiras Logística e Transportes Ltda. (Direct) |  | Road freight transport |  | Brazil |  | 100.00 | % |  | 100.00 | %
Portocel - Terminal Espec. Barra do Riacho S.A. (Direct) |  | Port operations |  | Brazil |  | 51.00 | % |  | 51.00 | %
Projetos Especiais e Investimentos Ltda. (Direct) |  | Commercialization of equipment and parts |  | Brazil |  | 100.00 | % |  | 100.00 | %
SFBC Participações Ltda. (Direct) |  | Packaging production |  | Brazil |  | 100.00 | % |  | 100.00 | %
Stenfar S.A. Indl. Coml. Imp. Y. Exp. (Direct) |  | Commercialization of paper and computer materials |  | Argentina |  | 100.00 | % |  | 100.00 | %
Suzano Austria GmbH. (Direct) |  | Business office |  | Austria |  | 100.00 | % |  | 100.00 | %
Suzano Canada Inc. (Direct) |  | Lignin research and development |  | Canada |  | 100.00 | % |  | 100.00 | %
Suzano Ecuador S.A.S. (Direct) |  | Business office |  | Ecuador |  | 100.00 | % |  | 100.00 | %
Suzano Finland Oy (Direct) |  | Industrialization and commercialization of cellulose, microfiber cellulose and paper |  | Finland |  | 100.00 | % |  | 100.00 | %
Suzano International Finance B.V (Direct) |  | Financial fundraising |  | Netherlands |  | 100.00 | % |  | 100.00 | %
Suzano International Holding B.V. (Direct) |  | Holding |  | Netherlands |  | 100.00 | % |  | 100.00 | %
Suzano International Trade GmbH. (Direct) |  | Business office |  | Austria |  | 100.00 | % |  | 100.00 | %
Suzano Packaging LLC (Indirect) |  | Production of coated and uncoated paperboard, used in the production of Liquid Packaging Board and Cupstock |  | United States of America |  | 100.00 | % |  | 100.00 | %
Suzano Material Technology Development Ltd. (Direct) |  | Biotechnology research and development |  | China |  | 100.00 | % |  | 100.00 | %
Suzano Netherlands B.V. (Direct) |  | Financial fundraising |  | Netherlands |  | 100.00 | % |  | 100.00 | %
Suzano Operações Industriais e Florestais S.A. (Direct) |  | Industrialization, commercialization and exporting of pulp |  | Brazil |  | 100.00 | % |  | 100.00 | %
Suzano Pulp and Paper America Inc. (Direct) |  | Business office |  | United States of America |  | 100.00 | % |  | 100.00 | %
Suzano Pulp and Paper Europe S.A. (Direct) |  | Business office |  | Switzerland |  | 100.00 | % |  | 100.00 | %
Suzano Shanghai Ltd. (Direct) |  | Business office |  | China |  | 100.00 | % |  | 100.00 | %
Suzano Shanghai Trading Ltd. (Direct) |  | Financial fundraising |  | China |  | 100.00 | % |  | 100.00 | %
Suzano Singapura Pte. Ltd (Direct) |  | Business office |  | Singapore |  | 100.00 | % |  | 100.00 | %
Suzano Trading International KFT(Direct) |  | Business office |  | Hungary |  | 100.00 | % |  | 100.00 | %
Suzano Ventures LLC (Direct) |  | Corporate venture capital |  | United States of America |  | 100.00 | % |  | 100.00 | %
Joint operation |  |  |  |  |  |  |  |
Veracel Celulose S.A. (Direct) |  | Industrialization, commercialization and exporting of pulp |  | Brazil |  | 50.00 | % |  | 50.00 | %

8 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

|  |  |  |  |  | % equity interest
Entity/Type of investment |  | Main activity |  | Country |  | 03/31/2025 |  | 12/31/2024
Equity |  |  |  |  |  |  |  |
Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct) |  | Restoration, conservation and preservation of forests |  | Brazil |  | 16.66 | % |  | 16.66 | %
Ensyn Corporation (Direct) |  | Biofuel research and development |  | United States of America |  | 24.80 | % |  | 24.80 | %
F&E Technologies LLC (Direct/Indirect) |  | Biofuel production, except alcohol |  | United States of America |  | 50.00 | % |  | 50.00 | %
Ibema Companhia Brasileira de Papel (Direct) |  | Industrialization and commercialization of paperboard |  | Brazil |  | 49.90 | % |  | 49.90 | %
Simplifyber, Inc (Indirect) |  | Production of consumer goods through the transformation of cellulose-based liquids |  | United States of America |  | 14.20 | % |  | 13.91 | %
Spinnova Plc (Direct) (“Spinnova”) |  | Research of sustainable raw materials for the textile industry |  | Finland |  | 18.76 | % |  | 18.77 | %
Woodspin Oy (Direct/Indirect) (“Woodspin”) |  | Development and production of cellulose-based fibers, yarns and textile filaments |  | Finland |  | 50.00 | % |  | 50.00 | %
Fair value through other comprehensive income |  |  |  |  |  |  |  |
Bem Agro Integração e Desenvolvimento S.A. (Indirect) |  | Software solutions based on artificial intelligence and computer vision for agribusiness |  | Brazil |  | 5.82 | % |  | 5.82 | %
Celluforce Inc. (Direct) |  | Nanocrystalline pulp research and development |  | Canada |  | 8.28 | % |  | 8.28 | %
Lenzing Aktiengesellschaft (Indirect) |  | Production of wood-based cellulose fibers |  | Austria |  | 15.00 | % |  | 15.00 | %
Nfinite Nanotechnology Inc. (Indirect) |  | Research and development of smart nanocoatings |  | Canada |  | 5.00 | % |  | 5.00 | %

9 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

2 BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS
The Company’s unaudited condensed consolidated interim financial information, for the three-month period ended March 31, 2025, are prepared in compliance with the international accounting standard IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and disclose all the applicable significant information related to the financial information, which is consistent with the information used by Management in the performance of its duties.
The Company’s unaudited condensed consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), as well as the amounts of other currencies, when applicable, were also expressed in thousands, unless otherwise stated.
The preparation of unaudited condensed consolidated interim financial information requires Management to make judgments, use estimates and adopt policies in the process of applying accounting practices that affect the disclosed amounts of revenues, expenses, assets and liabilities, including the disclosure of contingent liabilities assumed. However, the uncertainty inherent to these judgements, assumptions and estimates could result in material adjustments to the carrying amount of certain assets and liabilities in future periods.
The Company reviews its judgments, estimates and assumptions continually as disclosed in the annual financial statements for the year ended December 31, 2024 (Note 3.2.34). For the three-month period ended March 31, 2025, there were no changes in these judgments, estimates and assumptions compared to disclosed on December 31, 2024.
The unaudited condensed consolidated interim financial information was prepared on historical cost basis, except for the following material items recognized:
(i)Derivative and non-derivative financial instruments measured at fair value;
(ii)Share-based payments and employee benefits measured at fair value; and
(iii)Biological assets measured at fair value;
The unaudited condensed consolidated interim financial information was prepared under the going concern assumption.
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial information was prepared based on the information of Suzano and its subsidiaries on the same base date, except for subsidiaries Futuragene and Suzano Packaging and associates Biomas, Ensyn, Simplifyber and Spinnova, as well as in accordance with consistent accounting policies and practices.
The unaudited condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2024, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those disclosed in the consolidated financial statements. Therefore, unaudited condensed consolidated interim financial information focus on new activities, events and circumstances and do not duplicate the information previously disclosed, except when Management judges that the maintenance of the information is relevant.
The accounting policies have been consistently applied to all consolidated companies.
There were no changes on such policies and estimates calculation methodologies, which was disclosed in the annual financial statements of December 31, 2024.

10 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

3.1 New accounting policies and changes in accounting policies adopted
The new standards and interpretations issued, until the issuance of the Company’s unaudited condensed consolidated interim financial information, are described below.
3.1.1 Amendments to IAS 21: Lack of interchangeability (applicable for annual on/or after January 1, 2025)
The changes will create requirements for the entity to apply a consistent approach to assessing whether a currency is exchangeable for another currency and, when it is not, to determining the appropriate exchange rate to use and the disclosures to be made.
In this context, exchangeability is considered non-existent when, for a given purpose, the entity is unable to obtain more than an insignificant amount of foreign currency. To this end, the entity evaluates:
i.the timeliness of obtaining foreign currency;
ii.the practical ability (and not the intention) to obtain foreign currency; It is
iii.the available markets or exchange mechanisms that create enforceable rights and obligations.
The Company assessed the content of this pronouncement and did not identify any impacts.
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT
4.1 Financial risks management
4.1.1 Overview
In the three-month period ended March 31, 2025, there were no significant changes in the financial risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2024 (Note 4).
The Company maintained its conservative approach and strong cash and marketable securities position, as well as its hedging policy.
4.1.2 Classification
All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:

11 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

| Note |  | 03/31/2025 |  | 12/31/2024
Assets |  |  |  |  |
Amortized cost |  |  |  |  |
Cash and cash equivalents | 5 |  | 9,914,505 |  |  | 9,018,818 |
Marketable securities | 6 |  |  |  |  |  |
Trade accounts receivable | 7 |  | 6,354,237 |  |  | 9,132,860 |
Other assets (1) |  |  | 540,009 |  |  | 628,275 |
|  |  | 16,808,751 |  |  | 18,779,953 |
Fair value through other comprehensive income |  |  |  |  |
Investments | 14.1 |  | 1,006,820 |  |  | 1,138,066 |
|  |  | 1,006,820 |  |  | 1,138,066 |
Fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 4.5.1 |  | 4,132,330 |  |  | 3,887,100 |
Marketable securities | 6 |  | 6,918,765 |  |  | 13,363,511 |
|  |  | 11,051,095 |  |  | 17,250,611 |
|  |  | 28,866,666 |  |  | 37,168,630 |
Liabilities |  |  |  |  |
Amortized cost |  |  |  |  |
Trade accounts payable | 17 |  | 5,669,809 |  |  | 6,033,285 |
Loans, financing and debentures | 18.1 |  | 91,042,571 |  |  | 101,435,531 |
Lease liabilities | 19.2 |  | 6,851,519 |  |  | 6,972,915 |
Liabilities for assets acquisitions and subsidiaries | 23 |  | 115,424 |  |  | 120,490 |
Dividends and interests on own capital payable |  |  | 7,699 |  |  | 2,200,917 |
Other liabilities (1) |  |  | 169,366 |  |  | 143,330 |
|  |  | 103,856,388 |  |  | 116,906,468 |
Fair value through profit or loss |  |  |  |  |
Derivative financial instruments | 4.5.1 |  | 7,131,448 |  |  | 10,454,820 |
|  |  | 7,131,448 |  |  | 10,454,820 |
|  |  | 110,987,836 |  |  | 127,361,288 |
|  |  | 82,121,170 |  |  | 90,192,658 |

(1)Does not include items not classified as financial instruments.

12 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

| Yield used to discount/methodology |  | 03/31/2025 |  | 12/31/2024
Quoted in the secondary market |  |  |  |  |
In foreign currency |  |  |  |  |
Bonds | Secondary Market |  | 44,487,544 |  |  | 48,734,909 |
Estimated present value |  |  |  |  |
In foreign currency |  |  |  |  |
Export credits (“Prepayment”) | SOFR |  | 21,383,389 |  |  | 22,740,891 |
Assets Financing | SOFR |  | 395,806 |  |  | 422,115 |
IFC - International Finance Corporation | SOFR |  | 6,233,706 |  |  | 6,261,715 |
ECA - Export Credit Agency | SOFR |  | 859,549 |  |  | 864,202 |
Panda Bonds - CNH | Fixed |  | 973,163 |  |  | 951,125 |
In local currency |  |  |  |  |
BNDES – TJLP | DI 1 |  | 159,443 |  |  | 171,109 |
BNDES – TLP | DI 1 |  | 3,329,356 |  |  | 3,275,012 |
BNDES – TR | DI 1 |  | 34,070 |  |  | 33,466 |
BNDES – Selic (“Special Settlement and Custody System”) | DI 1 |  | 635,999 |  |  | 645,139 |
BNDES – UMBNDES | DI 2 |  | 104,408 |  |  | 106,966 |
Assets Financing | DI 1 |  | 58,807 |  |  | 60,566 |
Debentures | DI 1/IPCA |  | 12,127,177 |  |  | 12,002,992 |
NCE (“Export Credit Notes”) | DI 1 |  | 107,507 |  |  | 108,308 |
NCR (“Rural Credit Notes”) | DI 1 |  | 2,146,140 |  |  | 2,424,457 |
|  |  | 93,036,064 |  |  | 98,802,972 |

The book values of loans and financing are disclosed in Note 18.1.
Management considers that, for its other financial assets and liabilities measured at amortized cost, their book values approximate their fair values, and therefore the fair value information is not being presented.
4.2 Liquidity risk management
The Company’s purpose is to maintain a strong cash and marketable securities position to meet its financial and operating commitments. The amount held in cash is intended to cover the expected outflows in the normal course of its operations, while the cash surplus is generally invested in highly liquid financial investments according to the Cash Management Policy.
The cash position is monitored by the Company’s Management, by means of management reports and participation in performance meetings with determined frequencies. During the three-month period ended March 31, 2025, the variations in cash and marketable securities were as expected, and the cash generated from operations was mostly used for investments and debt service.
All derivative financial instruments were traded over the counter and do not require deposit guarantee margins.

13 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  |  |  |  |  |  |  |  |  |  | 03/31/2025
| Book value |  | Undiscounted cash flow |  | Up to 1 year |  | 1 - 2 years |  | 2 - 5 years |  | More than 5 years
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trade accounts payables | 5,669,809 |  |  | 5,669,809 |  |  | 5,669,809 |  |  |  |  |  |  |
Loans, financing and debentures | 91,042,571 |  |  | 129,403,665 |  |  | 7,379,898 |  |  | 21,540,133 |  |  | 42,972,193 |  |  | 57,511,441 |
Lease liabilities | 6,851,519 |  |  | 12,320,600 |  |  | 1,633,972 |  |  | 1,167,781 |  |  | 3,068,159 |  |  | 6,450,688 |
Liabilities for asset acquisitions and subsidiaries | 115,424 |  |  | 139,098 |  |  | 21,722 |  |  | 20,772 |  |  | 96,604 |  |  |
Derivative financial instruments | 7,131,448 |  |  | 10,699,641 |  |  | 449,418 |  |  | 381,761 |  |  | 1,268,687 |  |  | 8,599,775 |
Dividends and interests on own capital payable | 7,699 |  |  | 7,699 |  |  | 7,699 |  |  |  |  |  |  |
Other liabilities | 169,366 |  |  | 169,366 |  |  | 72,488 |  |  | 96,878 |  |  |  |  |
| 110,987,836 |  |  | 158,409,878 |  |  | 15,235,006 |  |  | 23,207,325 |  |  | 47,405,643 |  |  | 72,561,904 |

|  |  |  |  |  |  |  |  |  |  | 12/31/2024
| Book value |  | Undiscounted cash flow |  | Up to 1 year |  | 1 - 2 years |  | 2 - 5 years |  | More than 5 years
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trade accounts payables | 6,033,285 |  |  | 6,033,285 |  |  | 6,033,285 |  |  |  |  |  |  |
Loans, financing and debentures | 101,435,531 |  |  | 142,028,543 |  |  | 13,599,011 |  |  | 14,235,170 |  |  | 50,858,667 |  |  | 63,335,695 |
Lease liabilities | 6,972,915 |  |  | 12,099,294 |  |  | 1,302,590 |  |  | 1,176,832 |  |  | 3,094,493 |  |  | 6,525,379 |
Liabilities for asset acquisitions and subsidiaries | 120,490 |  |  | 146,082 |  |  | 23,425 |  |  | 22,400 |  |  | 100,257 |  |  |
Derivative financial instruments | 10,454,820 |  |  | 13,878,150 |  |  | 1,676,180 |  |  | 957,540 |  |  | 1,489,357 |  |  | 9,755,073 |
Dividends and interests on own capital payable | 2,200,917 |  |  | 2,200,917 |  |  | 2,200,917 |  |  |  |  |  |  |
Other liabilities | 143,330 |  |  | 143,330 |  |  | 60,892 |  |  | 82,438 |  |  |  |  |
| 127,361,288 |  |  | 176,529,601 |  |  | 24,896,300 |  |  | 16,474,380 |  |  | 55,542,774 |  |  | 79,616,147 |

4.3 Credit risk management
In the three-month period ended March 31, 2025, there were no significant changes in the credit risk management policies compared to those disclosed in the annual financial statements for the year ended of December 31, 2024 (Note 4).
4.4 Market risk management
In the three-month period ended March 31, 2025, there were no significant changes in the market risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2024 (Note 4).
4.4.1 Exchange rate risk management
As disclosed in the financial statements for the year ended December 31, 2024 (Note 4), the Company enters into US$ selling transactions in the futures markets, including strategies involving options, to ensure attractive levels of operating margins for a portion of revenue. Such transactions are limited to a percentage of the net surplus foreign currency over a 24-months’ time horizon and therefore, are matched to the availability of currency for sale in the short term.

14 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

The assets and liabilities that are exposed to foreign currency, substantially in US$, are set forth below:

| 03/31/2025 |  | 12/31/2024
Assets |  |  |
Cash and cash equivalents | 8,157,219 |  |  | 6,496,039 |
Marketable securities | 49,870 |  |  | 70,255 |
Trade accounts receivable | 4,539,485 |  |  | 7,090,160 |
Derivative financial instruments | 2,894,453 |  |  | 3,887,100 |
| 15,641,027 |  |  | 17,543,554 |
Liabilities |  |  |
Trade accounts payable | (1,527,479) |  |  | (1,350,763) |
Loans and financing | (72,660,737) |  |  | (83,004,915) |
Liabilities for asset acquisitions and subsidiaries | (87,698) |  |  | (93,308) |
Derivative financial instruments | (5,374,754) |  |  | (10,448,379) |
| (79,650,668) |  |  | (94,897,365) |
| (64,009,641) |  |  | (77,353,811) |

4.4.1.1 Sensitivity analysis – foreign exchange rate exposure – except for derivative financial instruments
For market risk analysis, the Company uses scenarios to evaluate both its asset and liability positions in foreign currency, and the possible effects on its results. The probable scenario represents the amounts recognized, as they reflect the conversion into Brazilian Reais on the balance sheet date (R$ to US$ = R$5.7422).
This analysis assumes that all other variables, particularly interest rates, remain constant. The other scenarios considered the depreciation of the Brazilian Real against the US$ at the rates of 25% and 50% before taxes.
The following table set forth the potential impacts at their absolute amounts:

| 03/31/2025
| Effect on profit or loss
| Probable (base value) |  | Possible (25%) |  | Remote (50%)
Cash and cash equivalents | 8,157,219 |  |  | 2,039,305 |  |  | 4,078,610 |
Marketable securities | 49,870 |  |  | 12,468 |  |  | 24,935 |
Trade accounts receivable | 4,539,485 |  |  | 1,134,871 |  |  | 2,269,743 |
Trade accounts payable | (1,527,479) |  |  | (381,870) |  |  | (763,740) |
Loans and financing | (72,660,737) |  |  | (18,165,184) |  |  | (36,330,369) |
Liabilities for asset acquisitions and subsidiaries | (87,698) |  |  | (21,925) |  |  | (43,849) |

4.4.1.2 Sensitivity analysis – foreign exchange rate exposure – derivative financial instruments
The Company has sales operations in US$ in the futures markets, including strategies using options, to ensure attractive levels of operating margins for a portion of its revenue. These operations are limited to a percentage of the total exposure to US$ over a 24-month horizon, and are therefore pegged to the availability of ready-to-sell foreign exchange in the short term.
In addition to the transaction described above, the Company also taken out derivative instruments linked to the US$ and subject to exchange fluctuations, seeking to adjust the debt's currency indexation to the cash generation currency, as provided for in its financial policies.

15 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

For the calculation of the mark-to-market (“MtM”) price, the exchange rate of the last business day of the period is used. These market movements caused a negative impact on the mark-to-market position entered into by the Company.
This analysis below assumes that all other variables, particularly the interest rates, remain constant. The other scenarios considered the depreciation of the Brazilian Real against the US$ by 25% and 50%, before taxes, based on the base scenario on March 31, 2025.
The following table set out the possible impacts assuming these scenarios:

| 03/31/2025
| Effect on profit or loss
| Probable (base value) |  | Possible 25% |  | Remote 50%
Dollar/Real |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Derivative options | (1,518,526) |  |  | (8,199,971) |  |  | (17,829,451) |
Derivative swaps | (1,449,747) |  |  | (2,500,027) |  |  | (4,807,341) |
Derivative Non-Deliverable Forward (‘NDF’) Contracts | (36,977) |  |  | (255,861) |  |  | (511,664) |
Embedded derivatives | (23,225) |  |  | (178,519) |  |  | (357,039) |
Commodity Derivatives | 29,357 |  |  | 7,337 |  |  | 14,676 |

4.4.2 Interest rate risk management
Fluctuations in interest rates could increase or reduce the costs of new loans and existing contracted operations.
The Company is constantly looking for alternatives for the use of financial instruments in order to avoid negative impacts on its cash flow due to fluctuations in interest rates in Brazil or abroad.
4.4.2.1 Sensitivity analysis – exposure to interest rates – except for derivative financial instruments
For its market risk analysis, the Company uses scenarios to evaluate the sensitivity of changes in operations impacted by the following rates: Interbank Deposit Rate (“CDI”), Long Term Interest Rate (“TJLP”), Long Term Rate ("TLP"), Special System for Settlement and Custody (“SELIC”) and SOFR, which could impact the results. The probable scenario represents the amounts already booked, as they reflect Management’s best estimates.
This analysis assumes that all other variables, particularly exchange rates, will remain constant. The other scenarios considered a depreciation of 25% and 50% in market interest rates.

16 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

The following table set forth the possible impacts assuming these scenarios in absolute amounts:

| 03/31/2025
| Effect on profit or loss
| Probable |  | Possible (25%) |  | Remote (50%)
CDI/SELIC |  |  |  |  |
Cash and cash equivalents | 1,595,620 |  |  | 56,445 |  |  | 112,890 |
Marketable securities | 5,618,783 |  |  | 198,764 |  |  | 397,529 |
Loans and financing | 9,121,748 |  |  | 322,682 |  |  | 645,364 |
TJLP/TLP |  |  |  |  |
Loans and financing | 176,317 |  |  | 3,513 |  |  | 7,026 |
SOFR |  |  |  |  |
Loans and financing | 24,742,476 |  |  | 272,786 |  |  | 545,572 |

4.4.2.2 Sensitivity analysis – exposure to interest rates – derivative financial instruments
This analysis assumes that all other variables remain constant. The other scenarios considered a depreciation of 25% and 50% in market interest rates.
The following table sets out the possible impacts of these assumed scenarios:

| 03/31/2025
| Effect on profit or loss
| Probable |  | Probable 25% |  | Remote 50%
CDI |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Liabilities |  |  |  |  |
Derivative options | (1,518,526) |  |  | (710,263) |  |  | (1,419,548) |
Derivative swaps | (1,449,747) |  |  | (89,057) |  |  | (174,810) |
SOFR |  |  |  |  |
Derivative financial instruments |  |  |  |  |
Liabilities |  |  |  |  |
Derivative swaps | (1,449,747) |  |  | (133,048) |  |  | (257,526) |

4.4.2.3 Sensitivity analysis to changes in the consumer price indices of the US economy
For the measurement of the probable scenario, the United States Consumer Price Index (“US-CPI”) was considered on March 31, 2025. The probable scenario was extrapolated considering a appreciation of 25% and 50% in the US-CPI to define the possible and remote scenarios, respectively.
The following table sets out the possible impacts, assuming these scenarios in absolute amounts:

| 03/31/2025
| Effect on profit or loss
| Probable (base value) |  | Possible (25%) |  | Remote (50%)
Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement | (23,225) |  |  | (31,031) |  |  | (63,614) |

17 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.4.3 Pulp and commodity price risk management
The Company is exposed to the selling price of pulp and commodity prices in the international market. The dynamics of rising and falling production capacities in the global market and macroeconomic conditions may impact the Company´s operating results.
Through a specialized team, the Company monitors hardwood pulp prices and analyses future trends, adjusting the forecasts aimed at assisting with preventive measures to calculate the different scenarios. There is no sufficiently liquid financial market to mitigate the risk of a material portion of the Company’s operations. Hardwood pulp price protection instruments available on the market have low liquidity and low volume, and high levels of distortion in price formation.
The Company is also exposed to international oil prices, reflected in logistical costs for selling in the export market, and indirectly in the costs of other supply, logistics and service contracts. In such cases, the Company evaluates whether to contract derivative financial instruments to mitigate the risk of price variations in its results.
4.5 Derivative financial instruments
The Company determines the fair value of derivative contracts, which differ from the amounts realized in the event of early settlement due to bank spreads and market factors at the time of quotation. The amounts presented by the Company are based on an estimate using market factors and use data provided by third parties, measured internally and compared to calculations performed by external consultants and by counterparties.
Details of derivative financial instruments and their respective calculation methodologies are disclosed in the annual financial statements for the year ended December 31, 2024 (Note 4).

18 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.5.1 Outstanding derivatives by contract type, including embedded derivatives
The positions of outstanding derivatives are set forth below:

|  | Notional value, net in U.S.$ |  | Fair value in R$
|  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 12/31/2024
Instruments as part of cash flow protection strategy |  |  |  |  |  |  |  |
Cash flow hedge |  |  |  |  |  |  |  |
Zero Cost Collar |  | 7,264,700 |  |  | 6,852,200 |  |  | (1,518,526) |  |  | (4,328,970) |
NDF (R$ x US$) |  | 185,000 |  |  | 581,000 |  |  | (36,977) |  |  | (331,876) |
Debt hedges |  |  |  |  |  |  |  |
Swap SOFR x Fixed (US$) |  | 1,687,593 |  |  | 1,973,705 |  |  | 244,452 |  |  | 394,129 |
Swap IPCA x CDI (notional in Brazilian Reais) |  | 8,053,063 |  |  | 8,128,395 |  |  | (764,449) |  |  | (825,899) |
Swap CNH x Fixed (US$) |  | 165,815 |  |  | 165,815 |  |  | (7,456) |  |  | (6,440) |
Swap CDI x Fixed (US$) |  | 903,827 |  |  | 909,612 |  |  | (570,496) |  |  | (776,261) |
Swap CDI x SOFR (US$) |  | 610,171 |  |  | 610,171 |  |  | (331,078) |  |  | (590,764) |
Swap SOFR x SOFR (US$) |  | 150,961 |  |  | 150,961 |  |  | (20,720) |  |  | (37,850) |
Commodity Hedge |  |  |  |  |  |  |  |
Swap US$ e US-CPI (1) |  | 138,182 |  |  | 138,439 |  |  | (23,226) |  |  | (80,759) |
Zero Cost Collar (Brent) |  | 209,530 |  |  | 163,941 |  |  | 25,512 |  |  | 6,097 |
Swap VLSFO/Brent |  | 23,027 |  |  | 39,706 |  |  | 3,846 |  |  | 10,873 |
|  |  |  |  |  | (2,999,118) |  |  | (6,567,720) |
Current assets |  |  |  |  |  | 888,004 |  |  | 1,006,427 |
Non-current assets |  |  |  |  |  | 3,244,326 |  |  | 2,880,673 |
Current liabilities |  |  |  |  |  | (1,561,094) |  |  | (2,760,273) |
Non-current liabilities |  |  |  |  |  | (5,570,354) |  |  | (7,694,547) |
|  |  |  |  |  | (2,999,118) |  |  | (6,567,720) |

(1)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.
The variation in the fair values of derivatives on March 31, 2025 compared to the fair values measured on December 31, 2024 are explained substantially by the depreciation of the Brazilian Real against the US$ and by settlements during the period. There were also impacts caused by the variations in the Pre Fixed, Foreign Exchange Coupon and SOFR curves in the operations.
It is important to highlight that the outstanding agreements on March 31, 2025 are over-the-counter market operations, without any type of collateral margin or forced early settlement clause due to variations from market marking.

19 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.5.2 Fair Value Maturity Schedule (net amounts)

| 03/31/2025 |  | 12/31/2024
2025 | (292,400) |  |  | (1,753,846) |
2026 | (505,985) |  |  | (1,699,768) |
2027 | 247,451 |  |  | (36,905) |
2028 onwards | (2,448,184) |  |  | (3,077,201) |
| (2,999,118) |  |  | (6,567,720) |

4.5.3 Outstanding assets and liabilities derivatives positions
The outstanding derivatives positions are set forth below:

|  |  |  | Notional value |  | Fair value in R$
|  | Currency |  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 12/31/2024
Debt hedges |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Swap CDI to Fixed |  | US$ |  | 4,650,715 |  |  | 4,748,394 |  |  | 1,441,090 |  |  | 1,482,759 |
Swap SOFR to Fixed |  | US$ |  | 1,687,593 |  |  | 1,973,705 |  |  | 250,548 |  |  | 424,824 |
Swap IPCA to CDI |  | R$ |  | 8,456,042 |  |  | 8,382,699 |  |  | 900,125 |  |  | 927,586 |
Swap CDI to SOFR |  | US$ |  | 3,117,625 |  |  | 3,117,625 |  |  | 874,462 |  |  | 754,173 |
Swap CNH to Fixed |  | CNH |  | 1,200,000 |  |  | 1,200,000 |  |  | 25,935 |  |  |  |
Swap SOFR to SOFR |  | US$ |  | 150,961 |  |  | 150,961 |  |  | 5,366 |  |  | 4,949 |
|  |  |  |  |  |  |  | 3,497,526 |  |  | 3,594,291 |
Liabilities |  |  |  |  |  |  |  |  |  |
Swap CDI to Fixed |  | US$ |  | 903,827 |  |  | 909,612 |  |  | (2,011,586) |  |  | (2,259,020) |
Swap SOFR to Fixed |  | US$ |  | 1,687,593 |  |  | 1,973,705 |  |  | (6,096) |  |  | (30,695) |
Swap IPCA to CDI |  | R$ |  | 8,053,063 |  |  | 8,128,395 |  |  | (1,664,574) |  |  | (1,753,485) |
Swap CDI to SOFR |  | US$ |  | 610,171 |  |  | 610,171 |  |  | (1,205,540) |  |  | (1,344,937) |
Swap CNH to Fixed |  | CNH |  | 165,815 |  |  | 165,815 |  |  | (33,391) |  |  | (6,440) |
Swap SOFR to SOFR |  | US$ |  | 150,961 |  |  | 150,961 |  |  | (26,086) |  |  | (42,799) |
|  |  |  |  |  |  |  | (4,947,273) |  |  | (5,437,376) |
|  |  |  |  |  |  |  | (1,449,747) |  |  | (1,843,085) |
Cash flow hedge |  |  |  |  |  |  |  |  |  |
Zero Cost Collar (US$ x R$) |  | US$ |  | 7,264,700 |  |  | 6,852,200 |  |  | (1,518,526) |  |  | (4,328,970) |
NDF (R$ x US$) |  | US$ |  | 185,000 |  |  | 581,000 |  |  | (36,977) |  |  | (331,876) |
|  |  |  |  |  |  |  | (1,555,503) |  |  | (4,660,846) |
Commodity hedge |  |  |  |  |  |  |  |  |  |
Swap US-CPI (standing wood) (1) |  | US$ |  | 138,182 |  |  | 138,439 |  |  | (23,226) |  |  | (80,759) |
Zero Cost Collar (Brent) |  | US$ |  | 209,530 |  |  | 163,941 |  |  | 25,512 |  |  | 6,097 |
Swap VLSFO/Brent |  | US$ |  | 23,027 |  |  | 39,706 |  |  | 3,846 |  |  | 10,873 |
|  |  |  |  |  |  |  | 6,132 |  |  | (63,789) |
|  |  |  |  |  |  |  | (2,999,118) |  |  | (6,567,720) |

(1)The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.

20 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.5.4 Fair value settled amounts
The settled derivatives positions are set forth below:

| 03/31/2025 |  | 12/31/2024
Cash flow hedge |  |  |
Zero Cost Collar (R$ x US$) | 1,475 |  |  | 645,759 |
NDF (R$ x US$) | (30,142) |  |  | (68,695) |
NDF (€ x US$) |  |  | 73,781 |
| (28,667) |  |  | 650,845 |
Commodity Hedge | 8,733 |  |  | 89,327 |
Swap VLSFO/other | 8,733 |  |  | 89,327 |
Debt hedges |  |  |
Swap CDI to Fixed (US$) | 90,068 |  |  | (1,635,058) |
Swap IPCA to CDI (Brazilian Reais) | (43,312) |  |  | (59,243) |
Swap Pre-Fixed to US$ |  |  |  | (221,462) |
Swap SOFR to SOFR (US$) | 1,504 |  |  | 2,199 |
Swap CDI to SOFR (US$) | 21,482 |  |  | 19,074 |
Swap SOFR to Fixed (US$) | 74,750 |  |  | 603,737 |
| 144,492 |  |  | (1,290,753) |
| 124,558 |  |  | (550,581) |

21 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.6 Fair value hierarchy
Financial instruments are measured at fair value, which considers the fair value as the price that would be received from selling an asset or paid to transfer a liability in an unforced transaction between market participants at the measurement date.
For the three-month period ended March 31, 2025, there were no changes between the 3 (three) levels of hierarchy and no transfers between levels 1, 2 and 3.

|  |  |  |  |  | 03/31/2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 4,132,330 |  |  |  |  | 4,132,330 |
Marketable securities |  | 1,227,033 |  |  | 5,691,732 |  |  |  |  | 6,918,765 |
|  | 1,227,033 |  |  | 9,824,062 |  |  |  |  |  | 11,051,095 |
At fair value through other comprehensive income |  |  |  |  |  |  |  |
Other investments (note 14.1) |  | 971,384 |  |  |  |  | 35,436 |  |  | 1,006,820 |
|  | 971,384 |  |  |  |  |  | 35,436 |  |  | 1,006,820 |
Biological assets |  |  |  |  |  | 22,861,555 |  |  | 22,861,555 |
|  |  |  |  |  |  |  | 22,861,555 |  |  | 22,861,555 |
Total assets |  | 2,198,417 |  |  | 9,824,062 |  |  | 22,896,991 |  |  | 34,919,470 |
Liabilities |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  | 7,131,448 |  |  |  |  | 7,131,448 |
|  |  |  |  | 7,131,448 |  |  |  |  |  | 7,131,448 |
|  |  |  |  | 7,131,448 |  |  |  |  |  | 7,131,448 |

|  |  |  |  |  |  | 12/31/2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |
Derivative financial instruments |  |  | 3,887,100 |  |  |  |  | 3,887,100 |
Marketable securities | 1,203,776 |  |  | 12,159,735 |  |  |  |  | 13,363,511 |
| 1,203,776 |  |  | 16,046,835 |  |  |  |  |  | 17,250,611 |
At fair value through other comprehensive income |  |  |  |  |  |  |
Other investments - (note 14.1) |  |  |  |  | 38,196 |  |  | 1,138,066 |
| 1,099,870 |  |  |  |  |  | 38,196 |  |  | 1,138,066 |
Biological assets |  |  |  |  | 22,283,001 |  |  | 22,283,001 |
|  |  |  |  |  |  | 22,283,001 |  |  | 22,283,001 |
Total assets | 2,303,646 |  |  | 16,046,835 |  |  | 22,321,197 |  |  | 40,671,678 |
Liabilities |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |
Derivative financial instruments |  |  | 10,454,820 |  |  |  |  | 10,454,820 |
|  |  |  | 10,454,820 |  |  |  |  |  | 10,454,820 |
Total liabilities |  |  |  | 10,454,820 |  |  |  |  |  | 10,454,820 |

22 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

4.7 Cybersecurity
Suzano has a Public Information Security Policy, which aims to establish guidelines regarding cyber security management and controls at Suzano, seeking to mitigate vulnerabilities, preserve and protect assets, mainly information and personal data, in accordance with current laws, regulations and contractual obligations, covering the confidentiality, integrity, availability, authenticity and legality of information. The Policy establishes responsibilities to avoid damages, which may represent financial impacts, image and reputation, exposure of information, interruption of operations, among other damages due to cyber-attacks.
For the three-month period ended March 31, 2025, no material incidents associated with cybersecurity were identified that could affect the confidentiality, integrity and/or availability of the systems used by the Company.
4.8 Climate change
In the annual financial statements for the year ended December 31, 2024, the risks and opportunities information linked to climate change and the sustainability strategy were disclosed, which did not change significant during the three-month period ended March 31, 2025.
4.9 Capital management
The main objective is to strengthen the Company’s capital structure, aiming to maintain an appropriate level of financial leverage while mitigating risks that could affect the availability of capital for business development.
The Company continuously monitors significant indicators, such as consolidated financial leverage, which is the ratio of total net debt to adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”).
5 CASH AND CASH EQUIVALENTS

| Average yield p.a. % |  | 03/31/2025 |  | 12/31/2024
Cash and banks (1) | 4.60% |  | 8,318,885 |  |  | 6,596,510 |
Cash equivalents |  |  |  |  |
Local currency |  |  |  |  |
Fixed-term deposits (compromised) | 101.30 | % of CDI |  | 1,595,620 |  |  | 2,422,308 |
|  |  | 9,914,505 |  |  | 9,018,818 |

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

23 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

6 MARKETABLE SECURITIES

| Average yield p.a. % |  | 03/31/2025 |  | 12/31/2024
In local currency |  |  |  |  |
Private funds | 98.90% of CDI |  | 382,388 |  |  | 552,635 |
Private Securities ("CDBs") | 100.80% of CDI |  | 4,833,953 |  |  | 11,144,881 |
Public Securities (1) | IPCA + 6.15% |  | 1,227,033 |  |  | 1,203,776 |
CDBs - Escrow Account (2) | 101.76% of CDI |  | 402,442 |  |  | 391,964 |
Other | 99.30% of CDI |  | 23,079 |  |  |  |
|  |  | 6,868,895 |  |  | 13,293,256 |
Foreign currency |  |  |  |  |
Other |  |  | 49,870 |  |  | 70,255 |
|  |  | 49,870 |  |  | 70,255 |
|  |  | 6,918,765 |  |  | 13,363,511 |
Current |  |  | 6,516,323 |  |  | 12,971,547 |
Non-Current |  |  | 402,442 |  |  | 391,964 |

(1)Acquisition of Brazil National Treasury Notes indexed to IPCA (NTN-B).
(2)Includes escrow accounts, which will be released only after obtaining the applicable governmental approvals, and pending compliance by the Company with the conditions precedent in transactions involving the sale of rural properties.
7 TRADE ACCOUNTS RECEIVABLE
7.1 Breakdown of balances

| 03/31/2025 |  | 12/31/2024
Domestic customers |  |  |
Third parties | 1,768,988 |  |  | 1,989,455 |
Related parties (Note 11.1) (1) | 79,826 |  |  | 83,343 |
Foreign customers |  |  |
Third parties | 4,539,485 |  |  | 7,090,160 |
Related parties (Note 11.1) | 180 |  |  | 202 |
(-) Expected credit losses | (34,242) |  |  | (30,300) |
| 6,354,237 |  |  | 9,132,860 |

(1)The balance refers to transactions with Ibema Companhia Brasileira de Papel.
The Company carries out factoring transactions for certain customer receivables where it transfers the control of all risks and rewards related to these receivables to the counterparty, so these receivables are derecognized from accounts receivable in the balance sheet. This transaction refers to an additional cash generation opportunity which can be discontinued at any time without significant impacts on the Company's operation and is therefore classified as a financial asset measured at amortized cost. The decision to assign the receivables is continuously reassessed based on market conditions and the Company's cash flow strategy, meaning that the volume of discounts may vary over time. The impact of these factoring transactions on the accounts receivable as of March 31, 2025, was R$6,364,876 (R$6,821,539 as of December 31, 2024).

24 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

7.2 Breakdown of trade accounts receivable by maturity

| 03/31/2025 |  | 12/31/2024
Current | 5,508,066 |  |  | 8,216,570 |
Overdue |  |  |
Up to 30 days | 511,482 |  |  | 682,142 |
From 31 to 60 days | 129,830 |  |  | 134,674 |
From 61 to 90 days | 99,636 |  |  | 38,187 |
From 91 to 120 days | 41,069 |  |  | 17,701 |
From 121 to 180 days | 30,151 |  |  | 12,402 |
From 181 days | 34,003 |  |  | 31,184 |
| 6,354,237 |  |  | 9,132,860 |

7.3 Roll-forward of expected credit losses

| 03/31/2025 |  | 12/31/2024
Opening balance | (30,300) |  |  | (31,962) |
(Provisions)/Reversals, net | (7,653) |  |  | (2,585) |
Write-offs | 3,098 |  |  | 5,790 |
Exchange rate variations | 613 |  |  | (1,543) |
Closing balance | (34,242) |  |  | (30,300) |

The Company maintains guarantees for overdue receivables as part of its commercial operations, through credit insurance policies, letters of credit and other guarantees. These guarantees avoid the need to recognize expected credit losses, in accordance with the Company's credit policy.
7.4 Main customers
On March 31, 2025, the Company has 1 (one) customer responsible for 11.46% of the net sales of pulp operating segment and no main customer int the paper operating segment. On December 31, 2024 the Company did not have any customer responsible for more than 10.00% of the net sales of pulp operating segment or paper operating segment.

25 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

8 INVENTORIES

| 03/31/2025 |  | 12/31/2024
Finished goods |  |  |
Pulp |  |  |
Domestic (Brazil) | 972,514 |  |  | 801,623 |
Foreign | 1,882,700 |  |  | 1,510,985 |
Paper |  |  |
Domestic (Brazil) | 653,493 |  |  | 561,409 |
Foreign | 429,903 |  |  | 362,027 |
Work in process | 142,686 |  |  | 135,380 |
Raw materials |  |  |
Wood | 2,284,719 |  |  | 2,287,406 |
Operating supplies and packaging | 1,079,651 |  |  | 1,098,894 |
Spare parts and other | 1,292,327 |  |  | 1,302,534 |
(-) Expected losses | (95,111) |  |  | (97,934) |
| 8,642,882 |  |  | 7,962,324 |

8.1 Roll-forward of estimated losses

| 03/31/2025 |  | 12/31/2024
Opening balance | (97,934) |  |  | (95,053) |
Additions | (7,592) |  |  | (83,705) |
Reversals | 3,117 |  |  | 6,352 |
Write-offs | 7,298 |  |  | 74,472 |
Closing balance | (95,111) |  |  | (97,934) |

On March 31, 2025 and 2024, there were no inventory items pledged as collateral.

26 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

9 RECOVERABLE TAXES

| 03/31/2025 |  | 12/31/2024
IRPJ/CSLL – prepayments and withheld taxes | 384,508 |  |  | 227,464 |
PIS/COFINS – on acquisitions of property, plant and equipment (1) | 180,090 |  |  | 187,126 |
PIS/COFINS – operations | 825,425 |  |  | 789,667 |
PIS/COFINS – exclusions from ICMS (2) | 381,972 |  |  | 405,407 |
ICMS – on acquisitions of property, plant and equipment (3) | 476,117 |  |  | 471,825 |
ICMS – operations (4) | 1,678,217 |  |  | 1,654,162 |
Reintegra program (5) | 78,743 |  |  | 70,610 |
Other taxes and contributions | 77,666 |  |  | 64,444 |
Provision for loss on ICMS credits (6) | (1,627,727) |  |  | (1,581,961) |
| 2,455,011 |  |  | 2,288,744 |
Current | 1,412,040 |  |  | 1,109,619 |
Non-current | 1,042,971 |  |  | 1,179,125 |

(1)Social Integration Program (“PIS”) and Social Security Funding Contribution (“COFINS”): Credits whose realization is based on the years of depreciation of the corresponding asset.
(2)The Company and its subsidiaries filed lawsuits over the years seeking the exclusion of ICMS from the PIS and COFINS contribution tax basis, in relation to certain transactions during various periods from March 1992.
(3)Tax on Sales and Services (“ICMS”): Credits from the acquisition of property, plant and equipment are recovered on a straight-line basis over a four-year period, from the acquisition date, in accordance with the relevant regulation, the ICMS Control on Property, Plant and Equipment (“CIAP”).
(4)ICMS credits accrued due to the volume of exports and credit generated from product import transactions: Credits are concentrated in the States of Espírito Santo, Maranhão, Mato Grosso do Sul e São Paulo, where the Company realizes the credits through the sale of credits to third parties, after approval from the State Ministry of Finance of each State. Credits are also being realized through the consumption of consumer goods (tissue) transactions in the domestic market.
(5)Special Regime of Tax Refunds for Export Companies ("Reintegra"): Reintegra is a program that aims to refund the residual costs of taxes paid throughout the export chain to taxpayers, to make them more competitive in foreign markets.
(6)Related to provisions for ICMS credit balances that are not probable to be recovered.
9.1 Roll-forward of provision for loss

|  |  |  | ICMS
|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | (1,581,961) |  |  | (1,452,435) |
Addition |  | (108,166) |  |  | (316,741) |
Reversal (1) |  | 62,400 |  |  | 186,014 |
Write-off |  |  |  |  | 1,201 |
Closing balance |  | (1,627,727) |  |  | (1,581,961) |

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

27 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

10 ADVANCES TO SUPPLIERS

|  | 03/31/2025 |  | 12/31/2024
Forestry development program and partnerships |  | 2,496,154 |  |  | 2,503,537 |
Advance to suppliers - others |  | 85,581 |  |  | 92,133 |
|  | 2,581,735 |  |  | 2,595,670 |
Current |  | 85,581 |  |  | 92,133 |
Non-current |  | 2,496,154 |  |  | 2,503,537 |

In the annual financial statements for the year ended December 31, 2024, the characteristics of the advances were disclosed, which did not change during the three-month period ended March 31, 2025.
11 RELATED PARTIES
The Company's commercial and financial transactions with the controlling shareholder and Companies owned by the controlling shareholder Suzano Holding S.A. ("Suzano Group") were carried out at specific prices and conditions, as well as the corporate governance practices adopted by the Company, and those recommended and/or required by the applicable legislation.
The transactions refers mainly to:
Assets: (i) accounts receivable from the sale of pulp, paper, tissue and other products; (ii) dividends receivable; (iii) reimbursement for expenses; and (iv) social services;
Liabilities: (i) loan agreements;(ii) reimbursement for expenses; (iii) social services; (iv) real estate consulting; and (v) dividends payable.
Amounts in the statements of income: (i) sale of pulp, paper, tissue and other products; (ii) loan charges and exchange variation; (iii) social services and (viii) real estate consulting.
For the three-month period ended March 31, 2025, there were no material changes in the terms of the agreements, deals and transactions entered into, nor were there any new contracts, agreements or transactions of any different nature entered into between the Company and its related parties.

28 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

11.1 Balances recognized in assets and liabilities and amounts of transactions during the period

|  | Assets |  | Liabilities |  | Sales (purchases), net
|  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 03/31/2024
Transactions with majority shareholders |  |  |  |  |  |  |  |  |  |  |  |
Suzano Holding S.A. |  |  |  |  | 4 |  |  | (21) |  |  | (630,387) |  |  | 12 |  |  | 13 |
Controller |  |  |  |  |  |  |  |  |  |  | (336,205) |  |  |  |  |  |  |
Management and related persons |  |  |  |  |  |  |  |  |  |  | (55,627) |  |  |  |  |  |  |
Alden Fundo de Investimento em Ações |  |  |  |  |  |  |  |  |  |  | (52,764) |  |  |  |  |  |  |
|  |  |  |  | 4 |  |  | (21) |  |  | (1,074,983) |  |  | 12 |  |  | 13 |
Transactions with companies of the Suzano Group and other related parties |  |  |  |  |  |  |  |  |  |  |  |
Management (expect compensation – Note 11.2) |  | 68 |  |  | 61 |  |  |  |  |  |  |  |  | 117 |  |  | 143 |
Bexma Participações Ltda |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |
Bizma Investimentos Ltda. |  |  |  |  |  |  |  |  |  |  |  | 1 |
Naman Capital Ltda |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |
Civelec Participações Ltda |  | 3,860 |  |  | 3,860 |  |  |  |  |  |  |  |  |  |  |  |
Fundação Arymax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Ibema Companhia Brasileira de Papel (1) |  | 79,826 |  |  | 83,343 |  |  | (2,325) |  |  | (1,413) |  |  | 49,430 |  |  | 40,934 |
Instituto Ecofuturo - Futuro para o Desenvolvimento Sustentável |  | 22 |  |  | 21 |  |  |  |  |  |  |  |  | (1,472) |  |  | (1,620) |
IPLF Holding S.A. |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 2 |  |  | 1 |
Mabex Representações e Participações Ltda. |  |  |  |  |  |  |  | (624) |  |  | (23) |  |  | (600) |  |  | (34) |
Nemonorte Imóveis e Participações Ltda |  |  |  |  |  |  |  | (15) |  |  |  |  |  | (45) |  |  | (44) |
Woodspin Oy |  | 176 |  |  | 203 |  |  |  |  |  |  | 182 |  |  | 173 |
|  | 83,953 |  |  | 87,489 |  |  | (2,964) |  |  | (1,436) |  |  | 47,616 |  |  | 39,556 |
|  | 83,953 |  |  | 87,493 |  |  | (2,985) |  |  | (1,076,419) |  |  | 47,628 |  |  | 39,569 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable (Note 7) |  | 80,006 |  |  | 83,545 |  |  |  |  |  |  |  |  |  |  |
Other assets |  | 3,947 |  |  | 3,948 |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts payable (Note 17) |  |  |  |  |  |  | (2,985) |  |  | (1,457) |  |  |  |  |
Dividends and interest on own capital payable |  |  |  |  |  |  |  |  | (1,074,962) |  |  |  |  |
|  | 83,953 |  |  | 87,493 |  |  | (2,985) |  |  | (1,076,419) |  |  |  |  |

(1)Refers mainly to the sale of pulp.

29 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

11.2 Management compensation
Expenses related to the compensation of key management personnel, which include the Board of Directors, Fiscal Council and Board of Statutory Executive Officers, recognized in the statement of income for the period, are set out below:

|  | 03/31/2025 |  | 03/31/2024
Short-term benefits |  |  |  |
Salary or compensation |  | 23,280 |  |  | 13,065 |
Direct and indirect benefits |  | 328 |  |  | 771 |
Bonus |  | 4,499 |  |  | 2,912 |
|  | 28,107 |  |  | 16,748 |
Long-term benefits |  |  |  |
Share-based compensation plan |  | 49,415 |  |  | 14,261 |
|  | 49,415 |  |  | 14,261 |
|  | 77,522 |  |  | 31,009 |

Short-term benefits include fixed compensation (salaries and fees, vacation pay, mandatory bonus and “13th month’s salary” bonus), payroll charges (Company’s share of contributions to social security – “INSS”) and variable compensation such as profit sharing, bonuses and benefits (company car, health plan, meal voucher, market voucher, life insurance and private pension plan).
Long-term benefits include the stock option plan and phantom shares for executives and key members of Management, in accordance with the specific regulations disclosed in Note 22.1.
12 INCOME AND SOCIAL CONTRIBUTION TAXES
The Company calculates income tax and social contribution taxes, current and deferred, based on the following rates: (i) 15% plus an additional 10% on taxable income in excess of R$240 for IRPJ; and (ii) 9% for CSLL, on the net income. Balances are recognized in the Company's income on an accrual basis.
Subsidiaries domiciled in Brazil have their taxes calculated and provisioned in accordance with the current legislation and their specific tax regime, including, in some cases, the presumed profit method. Subsidiaries domiciled abroad are subject to taxation in their respective jurisdictions, according to local regulations.
Deferred income and social contribution taxes are recognized at the net amounts in non-current assets or liabilities.
In Brazil, Law nº. 12,973/14 revoked article 74 of Provisional Measure nº. 2,158/01 and determines that the parcel of the adjustment of the value of the investment in subsidiaries, direct and indirect, domiciled abroad, equivalent to the profit earned by them before income tax, except for exchange rate variation, must be added in the determination of taxable income and the social contribution calculation basis of the controlling entity domiciled in Brazil, at each year ended.

30 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

The Company management believes in the validity of the provisions of international treaties entered by Brazil to avoid double taxation. In order to ensure its right to non-double taxation, the Company filed a lawsuit in April 2019, which aims to exempt the double taxation in Brazil, of profits earned by its subsidiary located in Austria, according to Law No. 12,973/14. Due to the preliminary injunction granted in favor of the Company in the aforementioned lawsuit, the Company decided not to add the profit from Suzano International Trading GmbH, located in Austria, when determining its taxable income and social contribution basis of the net profit of the Company for the three-month period ended March 31, 2025. There is no provision for tax related to the non-double taxation profits of such subsidiary in 2025. Disclosures about uncertain tax positions for income tax and social contribution (IFRIC 23) are presented in Note 20.2.
12.1 Deferred taxes
12.1.1 Deferred income and social contribution taxes

|  | 03/31/2025 |  | 12/31/2024
Tax loss carried forward |  | 796,552 |  |  | 796,831 |
Negative tax basis of social contribution carried forward |  | 304,015 |  |  | 307,143 |
Assets - temporary differences |  |  |  |
Provision for judicial liabilities |  | 308,825 |  |  | 324,873 |
Operating provisions |  | 330,443 |  |  | 515,779 |
Provisions for other losses |  | 563,416 |  |  | 547,242 |
Employee benefit plans |  | 248,211 |  |  | 245,331 |
Exchange rate variations |  | 5,381,844 |  |  | 7,385,034 |
Derivatives losses (“MtM”)(1) |  | 1,017,165 |  |  | 2,230,835 |
Amortization of fair value adjustments arising from business combinations |  | 624,513 |  |  | 625,745 |
Unrealized profit on inventories |  | 423,772 |  |  | 539,157 |
Leases (1) |  | 542,608 |  |  | 606,944 |
|  | 10,541,364 |  |  | 14,124,914 |
Liabilities - temporary differences |  |  |  |
Goodwill - tax benefit on unamortized goodwill |  | 1,661,945 |  |  | 1,589,887 |
Property, plant and equipment - deemed cost |  | 1,050,988 |  |  | 1,066,883 |
Depreciation for tax-incentive reason (2) |  | 717,303 |  |  | 733,640 |
Capitalized loan costs |  | 938,284 |  |  | 947,482 |
Fair value of biological assets |  | 1,237,672 |  |  | 1,317,095 |
Deferred taxes, net of fair value adjustments |  | 335,034 |  |  | 342,141 |
Tax credits - gains from tax lawsuit (exclusion of ICMS from the PIS and COFINS basis) |  | 129,893 |  |  | 137,928 |
Provision of deferred taxes on results of subsidiaries abroad |  | 33,476 |  |  |  |
Other temporary differences |  | 4,823 |  |  | 18,439 |
|  | 6,109,418 |  |  | 6,153,495 |
Non-current assets |  | 4,431,946 |  |  | 7,984,015 |
Non-current liabilities |  |  |  |  | 12,596 |

(1)The Company presents a net balance of derivatives and leases, as gains and losses from deferred taxes are offset simultaneously. For the derivatives line, the passive temporary difference was R$1,396,134 and asset temporary difference of R$2,413,299 (passive temporary difference was R$1,321,614 and asset temporary difference of R$3,552,449 as of December 31, 2024). For the lease line, the passive temporary difference was R$1,741,146 and asset temporary difference was R$2,283,754 (passive temporary difference was R$1,763,847 and asset temporary difference was R$2,370,791 as of December 31, 2024).
(2)Tax depreciation is taken as a benefit only in the income tax calculation bases.

31 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  | 03/31/2025 |  | 12/31/2024
Tax loss carried forward |  | 3,186,208 |  |  | 3,187,324 |
Negative tax basis of social contribution carried forward |  | 3,377,944 |  |  | 3,412,700 |

12.1.3 Roll-forward of deferred tax assets

|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | 7,971,419 |  |  | 533,836 |
Tax loss carried forward |  | (279) |  |  | (413,137) |
Negative tax basis of social contribution carried forward |  | (3,128) |  |  | (149,887) |
Provision for judicial liabilities |  | (16,048) |  |  | 715 |
Operating provisions and other losses |  | (166,282) |  |  | 93,545 |
Exchange rate variation |  | (2,003,190) |  |  | 5,000,881 |
Derivative (gains) losses (“MtM”) |  | (1,213,670) |  |  | 2,908,925 |
Amortization of fair value adjustments arising from business combinations |  | 5,875 |  |  | 193 |
Unrealized profit on inventories |  | (115,385) |  |  | 387,579 |
Leases |  | (64,336) |  |  | 250,834 |
Goodwill - tax benefit on unamortized goodwill |  | (72,058) |  |  | (288,233) |
Property, plant and equipment - deemed cost |  | 15,895 |  |  | 70,600 |
Depreciation accelerated for tax-incentive reason |  | 16,337 |  |  | 66,217 |
Capitalized loan costs |  | 9,198 |  |  | (307,419) |
Fair value of biological assets |  | 79,423 |  |  | (201,663) |
Deferred taxes on the results of subsidiaries abroad |  | (33,476) |  |  |  |
Credits on exclusion of ICMS from the PIS/COFINS tax base |  | 8,035 |  |  | 12,763 |
Other temporary differences |  | 13,616 |  |  | 5,670 |
Closing balance |  | 4,431,946 |  |  | 7,971,419 |

32 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  | 03/31/2025 |  | 03/31/2024 |  |
Net income (loss) before taxes |  | 9,955,248 |  | (487,822) |  |
Income tax and social contribution benefit (expense) at statutory nominal rate of 34% |  | (3,384,784) |  | 165,859 |  |
Tax effect on permanent differences |  |  |  |  |  |
Impact of the taxation difference on profit of associates in Brazil and abroad (1) |  | (283,517) |  | 510,772 |  |
Equity method |  | (5,806) |  | (3,368) |  |
Credit related to Reintegra Program |  | 2,912 |  | 2,038 |  |
Director bonuses |  | (11,912) |  | (3,842) |  |
Tax incentives (Note 12.3) |  | 67,802 |  | 11,315 |  |
Donations/Fines – Other |  | 8,235 |  | 25,080 |  |
|  | (3,607,070) |  | 707,854 |  |
Income tax |  |  |  |  |  |
Current |  | (57,542) |  | (90,923) |  |
Deferred |  | (2,592,733) |  | 605,999 |  |
|  | (2,650,275) |  | 515,076 |  |
Social Contribution |  |  |  |  |  |
Current |  | (9,558) |  | (23,431) |  |
Deferred |  | (947,237) |  | 216,209 |  |
|  | (956,795) |  | 192,778 |  |
Income and social contribution benefits (expenses) on the period |  | (3,607,070) |  | 707,854 |  |

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

33 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

Area/Regions |  | Company |  | Maturity
Northeast Development Superintendence (“SUDENE”) |  |  |  |
Aracruz (ES) |  | Portocel |  | 2030
Aracruz (ES) |  | Suzano |  | 2031
Imperatriz (MA) |  | Suzano |  | 2032
Mucuri (BA) |  | Suzano |  | 2032
São Luís (MA) |  | Itacel |  | 2033
Eunápolis (BA) |  | Veracel |  | 2033
Superintendence of Amazon Development (“SUDAM”) |  |  |  |
Belém (PA) |  | Suzano |  | 2025

12.4 OECD PILLAR TWO MODEL RULES
In December 2021, the Organisation for Economic Co-operation and Development (“OECD”) announced the guidelines for the Pillar Two model, aiming for a reform in international corporate taxation to ensure that multinational economic groups, covered by such regulations, contribute an effective minimum tax at a rate of 15% on profits. Each country's effective profit tax rate, as calculated by this model, is called the GloBE (Global Anti-Base Erosion Rules) effective tax rate. These rules await approval in the local legislation of each country. In the context of Suzano, compliance with OECD guidelines on international taxation is a strategic priority.
Many countries have already released legislation or plans on the adoption of Pillar Two rules and the calculation of GloBE revenue, considering the global minimum rate of 15% for multinationals with consolidated revenue above EUR750 million.
Since 2024, the Company has been subject to these new rules in certain European jurisdictions where it operates, with Austria standing out as a relevant operation.
And as of 2025, the Company is subject to the Additional Social Contribution on Net Income (CSLL), which is the Brazilian legislation's response to the GloBE rules and affects business groups with an IRPJ and CSLL tax burden of less than 15% in Brazil.
Based on the calculations performed under the GloBE Simplifying Transition Rules (RSGT), no impact on the financial statements is anticipated in relation to this matter.
The Company reaffirms its commitment to tax compliance and will continue to carry out the necessary actions to ensure the proper implementation of the new rule in the jurisdictions where it operates, in line with global best practices and current legislation.

34 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | 22,283,001 |  |  | 18,278,582 |
Additions |  | 1,836,180 |  |  | 7,180,450 |
Additions of merged companies |  |  |  |  | 366,785 |
Depletions |  | (1,234,226) |  |  | (4,831,916) |
Transfers |  | 15,233 |  |  | 102,790 |
Gain on fair value adjustments |  |  |  |  | 1,431,530 |
Disposals |  | (6,356) |  |  | (130,922) |
Write-offs |  | (32,277) |  |  | (114,298) |
Closing balance |  | 22,861,555 |  |  | 22,283,001 |

The Company reevaluates, on a semi-annual basis in June and December, the main assumptions used in measuring the fair value of biological assets, which are disclosed in Note 13 of the annual financial statements for the year ended December 31, 2024.
The Company manages the financial and climate risks related to its agricultural activities in a preventive manner. To reduce the risks arising from edaphoclimatic factors, the weather is monitored through meteorological stations and, in the event of pests and diseases, our Department of Forestry Research and Development, an area specialized in physiological and phytosanitary aspects, has procedures to diagnose and act rapidly against any occurrences and losses (Note 4.8).
The Company has no biological assets pledged as collateral on March 31, 2025 and December 31, 2024.

35 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

14 INVESTMENTS
14.1 Investments breakdown

|  | 03/31/2025 |  | 12/31/2024
Investments in associates and joint ventures |  | 420,618 |  |  | 453,371 |
Goodwill |  | 224,096 |  |  | 225,486 |
Other investments evaluated at fair value through other comprehensive income |  | 1,006,820 |  |  | 1,138,066 |
|  | 1,651,534 |  |  | 1,816,923 |

14.2 Investments in associates and joint ventures

Information of investees as at |  | Company Participation
|  |  |  |  | 03/31/2025 |  | Carrying amount |  | In the income (expenses) for the period
| Equity |  | Income (expenses) of the period |  | Participation equity (%) |  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 03/31/2024
Associate |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |
Ensyn Corporation | (936) |  |  | (7,046) |  |  | 24.80 | % |  | (232) |  |  | 2 |  |  | (3,091) |  |  | (1,408) |
Spinnova Plc (1) | 441,192 |  |  | (49,051) |  |  | 18.76 | % |  | 82,768 |  |  | 95,254 |  |  | (9,161) |  |  | (9,065) |
Simplifyber, Inc. |  |  |  |  | 14.20 | % |  | 28,711 |  |  | 30,060 |  |  |  |  |
|  |  |  |  |  |  | 111,247 |  |  | 125,316 |  |  | (12,252) |  |  | (10,473) |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic (Brazil) |  |  |  |  |  |  |  |  |  |  |  |  |
Biomas - Serviços Ambientais, Restauração e Carbono Ltda. | 8,839 |  |  | (8,697) |  |  | 16.66 | % |  | 1,473 |  |  | 2,923 |  |  | (1,449) |  |  | (1,142) |
Ibema Companhia Brasileira de Papel | 377,992 |  |  | 7,117 |  |  | 49.90 | % |  | 188,618 |  |  | 193,901 |  |  | 3,551 |  |  | 7,461 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |
F&E Technologies LLC | 11,829 |  |  |  |  |  | 50.00 | % |  | 5,914 |  |  | 6,378 |  |  |  |  |  |  |
Woodspin Oy | 226,731 |  |  | (13,855) |  |  | 50.00 | % |  | 113,366 |  |  | 124,853 |  |  | (6,927) |  |  | (5,753) |
|  |  |  |  |  |  | 309,371 |  |  | 328,055 |  |  | (4,825) |  |  | 566 |
Other investments evaluated at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |
Bem Agro Integração e Desenvolvimento S.A. |  |  |  |  | 5.82 | % |  | 3,737 |  |  | 4,026 |  |  |  |  |  |
Celluforce Inc. |  |  |  |  | 8.28 | % |  | 25,813 |  |  | 27,823 |  |  |  |  |
Nfinite Nanotechnology Inc. |  |  |  |  | 5.00 | % |  | 5,886 |  |  | 6,347 |  |  |  |  |  |
Lenzing Aktiengesellschaft |  |  |  |  | 15.00 | % |  | 971,384 |  |  | 1,099,870 |  |  |  |  |  |
|  |  |  |  |  |  | 1,006,820 |  |  | 1,138,066 |  |  |  |  |  |  |
|  |  |  |  |  |  | 1,427,438 |  |  | 1,591,437 |  |  | (17,077) |  |  | (9,907) |

(1)The average share price quoted on the Nasdaq First North Growth Market (NFNGM) was EUR0.52 on March 31, 2025 and EUR0.95 in December 31, 2024.

36 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

15 PROPERTY, PLANT AND EQUIPMENT

| Land |  | Buildings |  | Machinery, equipment and facilities |  | Work in progress |  | Other (1) |  | Total
Average rate % |  |  |  | 3.17 |  |  | 7.29 |  |  |  |  |  | 19.89 |  |  |  |
Accumulated cost | 14,859,189 |  |  | 10,032,317 |  |  | 48,456,537 |  |  | 17,485,109 |  |  | 1,491,663 |  |  | 92,324,815 |
Accumulated depreciation |  |  |  | (4,125,823) |  |  | (27,918,585) |  |  |  |  |  | (991,338) |  |  | (33,035,746) |
Balances at December 31, 2023 | 14,859,189 |  |  | 5,906,494 |  |  | 20,537,952 |  |  | 17,485,109 |  |  | 500,325 |  |  | 59,289,069 |
Additions | 697 |  |  | 558 |  |  | 415,147 |  |  | 7,490,762 |  |  | 28,904 |  |  | 7,936,068 |
Acquisition of subsidiaries | 1,699,588 |  |  | 775 |  |  | 413 |  |  |  |  |  | 1,992 |  |  | 1,702,768 |
Write-offs | (10,724) |  |  | (7,455) |  |  | (118,499) |  |  |  |  |  | (9,324) |  |  | (146,002) |
Depreciation |  |  |  | (366,398) |  |  | (3,214,550) |  |  |  |  |  | (222,993) |  |  | (3,803,941) |
Transfers and other | 226,598 |  |  | 3,988,619 |  |  | 16,660,035 |  |  | (21,465,336) |  |  | 598,162 |  |  | 8,078 |
Accumulated cost | 16,775,348 |  |  | 13,816,631 |  |  | 62,822,096 |  |  | 3,510,535 |  |  | 1,806,592 |  |  | 98,731,202 |
Accumulated depreciation |  |  |  | (4,294,038) |  |  | (28,541,598) |  |  |  |  |  | (909,526) |  |  | (33,745,162) |
Balances at December 31, 2024 | 16,775,348 |  |  | 9,522,593 |  |  | 34,280,498 |  |  | 3,510,535 |  |  | 897,066 |  |  | 64,986,040 |
Additions | 3,211 |  |  | 7 |  |  | 100,643 |  |  | 1,121,983 |  |  | 6,056 |  |  | 1,231,900 |
Write-offs |  |  |  | (799) |  |  | (12,247) |  |  |  |  |  | (2,502) |  |  | (15,548) |
Depreciation |  |  |  | (104,786) |  |  | (1,020,232) |  |  |  |  |  | (72,330) |  |  | (1,197,348) |
Transfers and other | 1,351 |  |  | 434,293 |  |  | 674,587 |  |  | (1,171,314) |  |  | 61,695 |  |  | 612 |
Accumulated cost | 16,779,910 |  |  | 14,249,711 |  |  | 63,547,914 |  |  | 3,461,204 |  |  | 1,860,354 |  |  | 99,899,093 |
Accumulated depreciation |  |  |  | (4,398,403) |  |  | (29,524,665) |  |  |  |  |  | (970,369) |  |  | (34,893,437) |
Balances at March 31, 2025 | 16,779,910 |  |  | 9,851,308 |  |  | 34,023,249 |  |  | 3,461,204 |  |  | 889,985 |  |  | 65,005,656 |

(1)Includes vehicles, furniture and utensils and computer equipment.
On March 31, 2025, the Company evaluated the business, market and climate impacts, and did not identify any event that indicated the need to perform an impairment test and to record any impairment provision for property, plant and equipment.
15.1 Items pledged as collateral
On March 31, 2025, property, plant and equipment items pledged as collateral, consisting mainly of the units of Ribas do Rio Pardo, Três Lagoas and Imperatriz are set forth below:

| Type of collateral |  | 3/31/2025 |  | 12/31/2024
Land | Financial/Legal |  | 24,427 |  |  | 24,427 |
Buildings | Financial |  | 1,757,860 |  |  | 1,755,082 |
Machinery, equipment and facilities | Financial |  | 20,158,141 |  |  | 20,442,189 |
Work in progress | Financial |  | 413,767 |  |  | 427,998 |
Other | Financial |  | 39,826 |  |  | 43,487 |
|  |  | 22,394,021 |  |  | 22,693,183 |

15.2 Capitalized expenses
For the three-month period ended March 31, 2025, the Company capitalized loan costs in the amount of R$52,753 (R$959,967 as of December 31, 2024). The weighted average interest rate, adjusted by the equalization of the exchange rate effects, utilized to determine the capitalized amount was 12.10% p.a. (11.17% p.a. as of December 31, 2024).

37 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

15.3 Asset Retirement Obligation (ARO)
On March 31, 2025, the Company has provisioned the amount of R$66,445 (R$65,327 as of December 31, 2024) arising asset retirement obligation of industrial landfills.
16 INTANGIBLE
16.1 Goodwill and intangible assets with indefinite useful lives

|  | 03/31/2025 |  | 12/31/2024
Goodwill - Facepa |  | 119,332 |  |  | 119,332 |
Goodwill - Fibria |  | 7,897,051 |  |  | 7,897,051 |
Goodwill - MMC Brasil |  | 170,859 |  |  | 170,859 |
Other (1) |  | 5,097 |  |  | 5,097 |
|  | 8,192,339 |  |  | 8,192,339 |

(1)Refers to other intangible assets with indefinite useful lives such as servitude of passage and electricity.
The goodwill is based on expected future profitability supported by valuation reports, after the purchase price allocation.
Goodwill is allocated to cash-generating units as presented in Note 28.4.
For the three-month period ended March 31, 2025, the Company did not identify any event that indicated the need to perform the impairment test and to record any impairment provision for intangible assets.
16.2 Intangible assets with limited useful lives

|  |  |  | 03/31/2025 |  | 12/31/2024
Opening balance |  |  |  | 5,709,964 |  |  | 6,557,009 |
Additions |  |  |  | 11,836 |  |  | 161,779 |
Amortization |  |  |  | (250,523) |  |  | (1,008,824) |
Closing balance |  |  |  | 5,471,277 |  |  | 5,709,964 |
Represented by |  | Average rate % |  |  |  |
Non-competition agreements |  | 5.00 |  |  | 4,430 |  |  | 4,508 |
Port concessions |  | 3.94 |  |  | 644,282 |  |  | 632,253 |
Supplier agreements |  | 12.66 |  |  | 22,221 |  |  | 25,925 |
Port service contracts |  | 4.23 |  |  | 513,119 |  |  | 520,459 |
Cultivars |  | 14.28 |  |  | 15,293 |  |  | 20,391 |
Trademarks and patents |  | 8.35 |  |  | 166,419 |  |  | 170,306 |
Customer portfolio |  | 9.09 |  |  | 3,899,654 |  |  | 4,104,900 |
Supplier agreements |  | 17.64 |  |  | 232 |  |  | 295 |
Software |  | 20.80 |  |  | 193,822 |  |  | 201,476 |
Other |  | 10.00 |  |  | 11,805 |  |  | 29,451 |
|  |  |  | 5,471,277 |  |  | 5,709,964 |
Cost |  |  |  | 12,552,386 |  |  | 12,540,497 |
Amortization |  |  |  | (7,081,109) |  |  | (6,830,533) |
Closing balance |  |  |  | 5,471,277 |  |  | 5,709,964 |

38 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

17 TRADE ACCOUNTS PAYABLE

|  | 03/31/2025 |  | 12/31/2024
In local currency |  |  |  |
Third party (1) |  | 4,139,345 |  |  | 4,681,065 |
Related party (Note 11.1) (2) |  | 2,985 |  |  | 1,457 |
In foreign currency |  |  |  |
Third party |  | 1,527,479 |  |  | 1,350,763 |
|  | 5,669,809 |  |  | 6,033,285 |

(1)Within the balance of suppliers, there are values under supplier finance arrangement that were subject to anticipation with financial institutions at the exclusive option of certain suppliers, without changing the originally defined purchase conditions (payment terms and negotiated prices). The balance related to such operations on March 31, 2025 was R$429,166 (R$555,063 at December 31, 2024).
(2)The balance refers mainly to transactions with Ibema Companhia Brasileira de Papel.
18 LOANS, FINANCING AND DEBENTURES
18.1 Breakdown by type

|  |  |  |  |  |  |  | Current |  | Non-current |  |  |  | Total
Type |  | Currency |  | Interest rate |  | Average annual interest rate - % |  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 12/31/2024 |  | 03/31/2025 |  | 12/31/2024
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | USD |  | Fixed |  | 5.0 | % |  | 368,085 |  |  | 3,229,641 |  |  | 45,691,405 |  |  | 49,166,804 |  |  | 46,059,490 |  |  | 52,396,445 |
Panda Bonds |  | CNY |  | Fixed |  | 2.8 | % |  | 9,581 |  |  |  |  | 948,655 |  |  |  |  | 958,236 |  |  |
Export credits (“export prepayments”) |  | USD |  | SOFR/Fixed |  | 5.4 | % |  | 2,153,304 |  |  | 6,236,806 |  |  | 16,983,690 |  |  | 16,283,736 |  |  | 19,136,994 |  |  | 22,520,542 |
Assets financing |  | USD |  | SOFR |  | 3.3 | % |  | 6,479 |  |  | 137,300 |  |  | 713,766 |  |  | 298,252 |  |  | 720,245 |  |  | 435,552 |
ECA - Export Credit Agency |  | USD |  | SOFR |  | 5.8 | % |  | 108,292 |  |  | 7,297 |  |  | 269,563 |  |  | 769,702 |  |  | 377,855 |  |  | 776,999 |
IFC - International Finance Corporation (1) |  | USD |  | SOFR |  | 5.6 | % |  | (3,046) |  |  | (12,051) |  |  | 5,398,827 |  |  | 5,858,208 |  |  | 5,395,781 |  |  | 5,846,157 |
Others |  |  |  |  |  |  |  | 7,910 |  |  | 4,210 |  |  | 4,226 |  |  | 4,455 |  |  | 12,136 |  |  | 8,665 |
|  |  |  |  |  |  |  | 2,650,605 |  |  | 9,607,427 |  |  | 70,010,132 |  |  | 73,397,488 |  |  | 72,660,737 |  |  | 83,004,915 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | BRL |  | UMBNDES |  | 6.8 | % |  | 417 |  |  |  |  | 157,555 |  |  |  |  | 157,972 |  |  |
BNDES |  | BRL |  | TJLP |  | 8.7 | % |  | 98,893 |  |  | 100,556 |  |  | 76,811 |  |  | 101,587 |  |  | 175,704 |  |  | 202,143 |
BNDES |  | BRL |  | TLP |  | 14.5 | % |  | 99,780 |  |  | 94,903 |  |  | 4,665,467 |  |  | 4,607,102 |  |  | 4,765,247 |  |  | 4,702,005 |
BNDES |  | BRL |  | SELIC |  | 17.4 | % |  | 251,304 |  |  | 243,223 |  |  | 663,562 |  |  | 704,825 |  |  | 914,866 |  |  | 948,048 |
BNDES |  | BRL |  | TR |  | 2.2 | % |  | 1,110 |  |  |  |  | 68,998 |  |  |  |  | 70,108 |  |  |
Assets financing |  | BRL |  | CDI |  | 17.0 | % |  | 18,514 |  |  | 18,427 |  |  | 52,307 |  |  | 56,956 |  |  | 70,821 |  |  | 75,383 |
NCE (“Export credit notes”) |  | BRL |  | CDI |  | 17.6 | % |  | 3,486 |  |  | 3,027 |  |  | 100,000 |  |  | 100,000 |  |  | 103,486 |  |  | 103,027 |
NCR (“Rural producer certificates”) |  | BRL |  | CDI |  | 14.8 | % |  | 39,854 |  |  | 312,652 |  |  | 2,000,000 |  |  | 2,000,000 |  |  | 2,039,854 |  |  | 2,312,652 |
Debentures |  | BRL |  | CDI/IPCA |  | 15.2 | % |  | 264,647 |  |  | 120,931 |  |  | 9,819,129 |  |  | 9,738,616 |  |  | 10,083,776 |  |  | 9,859,547 |
|  |  |  |  |  |  |  | 778,005 |  |  | 893,960 |  |  | 17,603,829 |  |  | 17,536,656 |  |  | 18,381,834 |  |  | 18,430,616 |
|  |  |  |  |  |  |  | 3,428,610 |  |  | 10,501,387 |  |  | 87,613,961 |  |  | 90,934,144 |  |  | 91,042,571 |  |  | 101,435,531 |
Interest on financing |  |  |  |  |  |  |  | 911,672 |  |  | 1,541,312 |  |  |  |  |  |  | 911,672 |  |  | 1,541,312 |
Non-current funding |  |  |  |  |  |  |  | 2,516,938 |  |  | 8,960,075 |  |  | 87,613,961 |  |  | 90,934,144 |  |  | 90,130,899 |  |  | 99,894,219 |
|  |  |  |  |  |  |  | 3,428,610 |  |  | 10,501,387 |  |  | 87,613,961 |  |  | 90,934,144 |  |  | 91,042,571 |  |  | 101,435,531 |

(1) The balances shown as negative correspond to fundraising costs

39 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

18.2 Breakdown by maturity - non-current

|  |  |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 onwards |  | Total
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  |  |  | 2,968,093 |  |  | 4,011,716 |  |  | 2,852,225 |  |  | 10,018,435 |  |  | 5,660,739 |  |  | 20,180,197 |  |  | 45,691,405 |
Panda Bonds (1) |  |  |  |  |  | 948,655 |  |  |  |  |  |  |  |  |  |  | 948,655 |
Export credits (“export prepayments”) |  |  |  | 1,224,473 |  |  | 3,594,061 |  |  | 3,583,133 |  |  | 4,807,933 |  |  | 3,062,507 |  |  | 711,583 |  |  | 16,983,690 |
Assets financing |  |  |  | 83,169 |  |  | 111,553 |  |  | 68,475 |  |  | 6,366 |  |  |  |  |  |  | 269,563 |
ECA - Export Credit Agency (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | 713,766 |  |  | 713,766 |
IFC - International Finance Corporation (1) |  |  |  |  |  | 290,300 |  |  | 1,477,021 |  |  | 2,400,463 |  |  | 1,231,043 |  |  |  |  | 5,398,827 |
|  |  |  | 4,275,735 |  |  | 8,956,285 |  |  | 7,980,854 |  |  | 17,233,197 |  |  | 9,954,289 |  |  | 21,605,546 |  |  | 70,005,906 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES – TJLP |  |  |  | 65,250 |  |  | 3,651 |  |  | 3,651 |  |  | 3,651 |  |  | 608 |  |  |  |  | 76,811 |
BNDES – TLP |  |  |  | 80,906 |  |  | 161,927 |  |  | 159,092 |  |  | 144,920 |  |  | 372,599 |  |  | 3,746,023 |  |  | 4,665,467 |
BNDES – SELIC |  |  |  | 198,744 |  |  | 35,645 |  |  | 35,645 |  |  | 35,645 |  |  | 35,645 |  |  | 322,238 |  |  | 663,562 |
BNDES – TR |  |  |  | 3,161 |  |  | 4,734 |  |  | 4,734 |  |  | 4,734 |  |  | 4,734 |  |  | 46,901 |  |  | 68,998 |
BNDES - UMBNDES |  |  |  | 4,258 |  |  | 8,516 |  |  | 8,516 |  |  | 8,516 |  |  | 8,516 |  |  | 119,233 |  |  | 157,555 |
Assets financing |  |  |  | 14,092 |  |  | 19,114 |  |  | 19,034 |  |  | 67 |  |  |  |  |  |  |  |  | 52,307 |
NCE (“Export credit notes”) |  |  |  |  |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  |  |  |  | 100,000 |
NCR (“Rural producer certificates”) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,000,000 |  |  |  |  |  | 2,000,000 |
Debentures (1) |  |  |  |  |  |  |  |  |  | 749,193 |  |  |  |  |  | 540,490 |  |  | 8,529,446 |  |  | 9,819,129 |
|  |  |  | 366,411 |  |  | 258,587 |  |  | 1,004,865 |  |  | 222,533 |  |  | 2,987,592 |  |  | 12,763,841 |  |  | 17,603,829 |
|  |  |  | 4,642,146 |  |  | 9,214,872 |  |  | 8,985,719 |  |  | 17,455,730 |  |  | 12,941,881 |  |  | 34,369,387 |  |  | 87,609,735 |

(1) The balances shown as negative correspond to fundraising costs, which are amortized on a straight-line basis.
18.3 Roll-forward of loans, financing and debentures

|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | 101,435,531 |  |  | 77,172,692 |
Fundraising, net of issuance costs |  | 7,055,244 |  |  | 15,692,905 |
Interest accrued |  | 1,412,878 |  |  | 5,413,707 |
Monetary and exchange rate variation, net |  | (5,702,984) |  |  | 17,728,324 |
Settlement of principal |  | (11,175,521) |  |  | (9,410,807) |
Settlement of interest |  | (2,014,500) |  |  | (5,241,389) |
Amortization of fundraising costs |  | 31,923 |  |  | 80,099 |
Closing balance |  | 91,042,571 |  |  | 101,435,531 |

40 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  |  |  |  |  | Balance to be amortized
Type |  | Cost |  | Amortization |  | 03/31/2025 |  | 12/31/2024
Bonds |  | 434,970 |  |  | 286,460 |  |  | 148,510 |  |  | 168,450 |
Export credits (“export prepayments”) |  | 273,989 |  |  | 181,400 |  |  | 92,589 |  |  | 63,080 |
Debentures |  | 159,675 |  |  | 35,813 |  |  | 123,862 |  |  | 125,663 |
BNDES |  | 81,730 |  |  | 56,686 |  |  | 25,044 |  |  | 25,777 |
IFC - International Finance Corporation |  | 81,956 |  |  | 12,533 |  |  | 69,423 |  |  | 78,719 |
Others |  | 20,912 |  |  | 14,884 |  |  | 6,028 |  |  | 6,799 |
|  | 1,053,232 |  |  | 587,776 |  |  | 465,456 |  |  | 468,488 |

18.5 Guarantees
Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment is offered as collateral by the Company, as disclosed in Note 15.1.
The Company does not have contracts with restrictive financial clauses (financial covenants) which must be complied with.
18.6 Relevant transactions entered into during the period
18.6.1 Export Prepayment
On March 10, 2025, the Company raised, with several banks (a syndicated operation), an export prepayment ("PPE"), in the amount of US$1,200,000 (equivalent to R$6,951,600), at a floating rate based on the 3-month SOFR Term +1.45% p.a, maturing in March 2031.
18.6.2 Advance of exchange contract (“ACC”)
On January 22, 2025, the Company raised an Advance on Foreign Exchange Contract ("ACC") from Itaú Unibanco in the amount of US$10,000 (equivalent to R$59,175), indexed at a fixed rate of 6.43% p.a, maturing on January 19, 2026.
On March 5, 2025, the Company raised an ACC from Banco do Brasil in the amount of US$10,000 (equivalent to R$57,950), indexed at a fixed rate of 5.8% p.a, maturing on March 2, 2026.
18.7 Significant transactions settled during the period
On March 10, 2025, the Company made an early partial settlement of an export prepayment with various banks (syndicated operation), totaling US$1,486,064 (equivalent to R$8,608,769, including principal and interest). The residual amount of the operation maintained its original maturity in March 2027 with a floating rate of SOFR + 1.4% p.a.
On January 14, 2025, the Company settled, as due, a bond with a 4.00% p.a cost, a market-based operation, in the amount of US$346,445 (equivalent to R$2,101,917, including principal and interest).
On March 24, 2025, the Company settled a Rural Producer Note (CPR) with Banco Safra, in the amount of R$221,942 (including principal and interest). The maturity of the CPR was in March 2025, with an interest rate of 100.00% of the CDI p.a.

41 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

19 LEASES
19.1 Right of use
The balances rolled-forward are set out below:

|  | Lands |  | Machinery and equipment |  | Buildings |  | Ships and boats |  | Vehicles |  | Total
Balances at December 31, 2023 |  | 3,380,298 |  |  | 184,813 |  |  | 127,432 |  |  | 1,498,228 |  |  | 5,860 |  |  | 5,196,631 |
Additions/updates |  | 506,373 |  |  | 157,542 |  |  | 41,235 |  |  |  |  |  | 39,076 |  |  | 744,226 |
Depreciation (1) |  | (408,000) |  |  | (167,312) |  |  | (54,275) |  |  | (124,890) |  |  | (2,587) |  |  | (757,064) |
Write-offs (2) |  | (3,102) |  |  |  |  |  |  |  |  |  |  |  | (3,102) |
Balances at December 31, 2024 |  | 3,475,569 |  |  | 175,043 |  |  | 114,392 |  |  | 1,373,338 |  |  | 42,349 |  |  | 5,180,691 |
Additions/updates |  | 229,525 |  |  | 11,502 |  |  | 25,690 |  |  |  |  |  |  |  | 266,717 |
Depreciation (1) |  | (108,410) |  |  | (40,571) |  |  | (13,238) |  |  | (31,223) |  |  | (4,365) |  |  | (197,807) |
Balances at March 31, 2025 |  | 3,596,684 |  |  | 145,974 |  |  | 126,844 |  |  | 1,342,115 |  |  | 37,984 |  |  | 5,249,601 |

(1)The amount of depreciation related to land is substantially reclassified to biological assets to make up the formation costs.
(2)Write-off due to cancellation of contracts.
On March 31, 2025, the Company does not have commitments to lease agreements not yet in force.
19.2 Lease liabilities
The balance of lease payables on March 31, 2025, measured at present value and discounted at the respective discount rates are set forth below:

Nature of agreement |  | Average rate - % p.a. (1) |  | Maturity (2) |  | Present value of liabilities
Lands and farms |  | 12.27 |  |  | May/2052 |  | 4,041,182 |
Machinery and equipment |  | 11.19 |  |  | July/2032 |  | 244,318 |
Buildings |  | 10.75 |  |  | March/2031 |  | 125,318 |
Ships and boats |  | 11.25 |  |  | February/2039 |  | 2,408,213 |
Vehicles |  | 11.10 |  |  | November/2028 |  | 32,488 |
|  |  |  |  |  | 6,851,519 |

(1)To determine the discount rates, quotes were obtained from financial institutions for agreements with characteristics and average terms similar to the lease agreements.
(2)Refers to the original maturities of the agreements and, therefore, does not consider eventual renewal clauses.

42 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

The balances rolled-forward are set out below:

|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | 6,972,915 |  |  | 6,243,782 |
Additions |  | 266,717 |  |  | 744,226 |
Write-offs (2) |  |  |  |  | (3,102) |
Payments |  | (371,531) |  |  | (1,325,398) |
Accrual of financial charges (1) |  | 182,458 |  |  | 700,283 |
Exchange rate variations |  | (199,040) |  |  | 613,124 |
Closing balance |  | 6,851,519 |  |  | 6,972,915 |
Current |  | 870,322 |  |  | 872,228 |
Non-current |  | 5,981,197 |  |  | 6,100,687 |

(1)On March 31, 2025, the amount of R$66,200 related to interest expenses on leased lands was capitalized to biological assets to represent the formation cost (R$223,055 as of December 31, 2024).
(2)Write-off due to cancellation of contracts.
The maturity schedule for future payments not discounted to present value related to lease liabilities is disclosed in Note 4.2.
19.2.1 Amounts recognized in the statement of income for the period
The amounts recognized are set out below:

|  | 03/31/2025 |  | 03/31/2024
Expenses relating to short-term assets |  | 672 |  |  | 1,084 |
Expenses relating to low-value assets |  | 18 |  |  | 424 |
|  | 690 |  |  | 1,508 |

20 PROVISION FOR JUDICIAL LIABILITIES
The Company is involved in certain legal proceedings arising in the normal course of its business, which include tax, social security, labor, civil, environment and real estate.
The Company classifies the risk of unfavorable decisions in legal proceedings, based on legal advice, which reflects the estimated probable losses.
The Company’s Management believes that, based on the available information as of the date of these unaudited condensed consolidated interim financial information, its provisions for tax, social security, labor, civil, environment and real estate risks, accounted for according to IAS 37 are sufficient to cover estimated losses related to its legal proceedings, as set forth below:

43 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  |  |  |  |  |  |  |  |  | 03/31/2025
|  | Tax and social security |  | Labor |  | Civil, environment and real estate |  | Contingent liabilities assumed (1) (2) |  | Total
Provision balance at the beginning of the period |  | 407,964 |  |  | 353,926 |  |  | 215,553 |  |  | 2,127,725 |  |  | 3,105,168 |
Payments |  | (58,974) |  |  | (27,512) |  |  | (1,422) |  |  |  |  | (87,908) |
Reversal |  | (10,885) |  |  | (4,884) |  |  |  |  |  | (1,703) |  |  | (17,472) |
Additions |  | 2,038 |  |  | 33,134 |  |  | 9,582 |  |  |  |  | 44,754 |
Monetary adjustment |  | 4,519 |  |  | 6,362 |  |  | 9,446 |  |  |  |  | 20,327 |
Provision balance |  | 344,662 |  |  | 361,026 |  |  | 233,159 |  |  | 2,126,022 |  |  | 3,064,869 |
Judicial deposits |  | (4,234) |  |  | (95,578) |  |  | (21,621) |  |  |  |  | (121,433) |
Provision balance at the end of the period |  | 340,428 |  |  | 265,448 |  |  | 211,538 |  |  | 2,126,022 |  |  | 2,943,436 |

(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$1,992,741 and civil lawsuits in the amount of R$133,281, measured and recorded at the estimated fair value resulting from the business combination with Fibria.
(2)Reversal due to a change in likelihood, cancellation and/or due to settlement.

|  |  |  |  |  |  |  |  |  | 12/31/2024
|  | Tax and social security |  | Labor |  | Civil, environment and real estate |  | Contingent liabilities assumed (1) (2) |  | Total
Provision balance at the beginning of the year |  | 468,839 |  |  | 349,058 |  |  | 139,435 |  |  | 2,155,545 |  |  | 3,112,877 |
Payments |  | (60,081) |  |  | (89,221) |  |  | (6,795) |  |  |  |  |  | (156,097) |
Reversal |  | (9,540) |  |  | (89,941) |  |  | (1,951) |  |  | (27,820) |  |  | (129,252) |
Additions |  | 4,689 |  |  | 162,456 |  |  | 72,605 |  |  |  |  |  | 239,750 |
Monetary adjustment |  | 4,057 |  |  | 21,574 |  |  | 12,259 |  |  |  |  |  | 37,890 |
Provision balance |  | 407,964 |  |  | 353,926 |  |  | 215,553 |  |  | 2,127,725 |  |  | 3,105,168 |
Judicial deposits |  | (66,746) |  |  | (91,596) |  |  | (20,076) |  |  |  |  | (178,418) |
Provision balance at the end of the year |  | 341,218 |  |  | 262,330 |  |  | 195,477 |  |  | 2,127,725 |  |  | 2,926,750 |

(1)Amounts arising from tax-related lawsuits with a possible or remote probability of loss in the amount of R$2,448,564 and civil lawsuits in the amount of R$197,141, measured and recorded at the estimated fair value resulting from the business combination with Fibria.
(2)Reversal due to a change in likelihood, cancellation and/or due to settlement.
20.1.1 Tax and social security
On March 31, 2025, the Company has 54 (58 as of December 31, 2024) administrative and judicial proceedings of a tax or social security nature in which the disputed matters are related to IRPJ, CSLL, PIS, COFINS, ICMS among others, whose amounts are provisioned when the likelihood of loss is deemed probable by the Company’s external legal counsel and by Management.
20.1.2 Labor
On March 31, 2025, the Company has 1,094 (1,178 as of December 31, 2024) labor lawsuits.
In general, the provisioned labor proceedings are related primarily to matters frequently contested by employees of agribusiness companies, such as wages and/or severance payments, in addition to suits filed by outsourced employees of the Company.
20.1.3 Civil, environment and real estate
On March 31, 2025, the Company has 101 (97 as at December 31, 2024) civil, environmental and real estate proceedings.

44 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

The provisioned Civil, environment and real estate proceedings are related primarily to the payment of damages, including those arising from contractual obligations, traffic-related injuries, possessory actions, environmental restoration obligations, claims and others.
20.2 Contingencies with possible losses
The Company is involved in tax, civil and labor lawsuits, whose losses have been assessed as possible by Management, supported by legal counsel, and therefore no provision was recorded:

|  | 03/31/2025 |  | 12/31/2024
Taxes and social security (1) |  | 9,942,885 |  |  | 9,837,082 |
Labor |  | 177,780 |  |  | 171,480 |
Civil and environmental (1) (2) |  | 1,016,611 |  |  | 5,065,714 |
|  | 11,137,276 |  |  | 15,074,276 |

(1)The amounts above do not include the fair value adjustments allocated to possible loss risk contingencies representing R$2,106,933 (R$2,135,869 as of December 31, 2024), which were recorded at fair value resulting from business combinations with Fibria, as presented in Note 20.1.1 above.
(2)As disclosed in the annual financial statements, note 20.2.3(i), the Company is a defendant in a Public Civil Action (“ACP”) regarding compensation for damages caused to federal highways due to the transportation of timber exceeding the permitted weight. Based on a recent decision by the Superior Court of Justice (“STJ”), which established the thesis of civil liability without clear and objective liquidation criteria, as well as the change of the monetary correction index from IGPM/FGV to SELIC, the Company reassessed the exposure amount of this action to approximately R$ 340 million. This estimate made by management and supported by its external legal advisors, is based on scenarios with similarity to infraction notices suffered by other companies and assessed according to the quantification criteria applied by the Federal Public Ministry (“MPF”). Given the absence of clear and objective criteria for measuring such claims from the MPF in similar cases, management’s current estimate may vary to a higher or lower amount, subject to the final decision by the MPF/TRF1 regarding the Company's case.
In the three-month period ended March 31, 2025, there were no significant changes in the main nature of these contingencies compared to those disclosed in the annual financial statements for the year ended December 31, 2024 (Note 20.1).
21 EMPLOYEE BENEFIT PLANS
The Company provides supplementary pension plan and defined benefit plan, such as medical assistance and life insurance. The characteristics of such benefits were disclosed in the annual financial statements for the year ended December 31, 2024 (Note 21), which did not change during the three-month period ended March 31, 2025.
21.1 Pension plan
Contributions made by the Company, for Suzano Prev pension plan managed by Brasilprev Seguros e Previdência S.A., for the three-month period ended March 31, 2025 amounted R$5,745 (R$5,111 as of March 31, 2024) recognized under the cost of sales, selling and general and administrative expenses.
21.2 Defined benefits plan
The Company offers the medical assistance and life insurance in addition to the pension plans, which are measured based on actuarial calculations and recognized in the unaudited condensed consolidated interim financial information.

45 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  | 03/31/2025 |  | 12/31/2024
Opening balance |  | 721,560 |  |  | 833,683 |
Interest on actuarial liabilities |  | 19,337 |  |  | 73,853 |
Current service cost |  | 485 |  |  | 1,997 |
Actuarial loss – experience |  |  |  |  | (125) |
Actuarial loss (gain) – financial assumptions |  |  |  |  | (137,649) |
Benefits paid directly by entity |  | (11,350) |  |  | (50,199) |
Closing balance |  | 730,032 |  |  | 721,560 |

22 SHARE-BASED COMPENSATION PLAN
The Company has long-term share-based remuneration plans: (i) Phantom stock option plan (“PS”), settled in cash; and (ii) Performance Share Plan, settled in shares.
The characteristics and measurement method of each plan were disclosed in the annual financial statements for the year ended December 31, 2024 (Note 22), which did not change during the three-month period ended March 31, 2025.
22.1 Phantom shares plan (“PS”)
The roll-forward arrangements are set out below:

|  |  |  | Number of shares
Year of grant |  | Fair value on grant date |  | 31/12/2024 |  | Granted during of the year |  | Cancelled |  | Exercised (1) |  | 31/03/2025 |  | Available for completion |  | Restricted year for transfer of shares
2025 |  | 2026 |  | 2027 |  | 2028
2020 |  | R$38.50 |  |  | 33,384 |  |  | 1,083 |  |  |  |  |  |  | 34,467 |  |  | 34,467 |  |  |  |  |  |  |  |  |
2021 |  | R$62.25 |  |  | 874,480 |  |  | 28,375 |  |  | (13,046) |  |  | (358,000) |  |  | 531,809 |  |  | 404,570 |  |  | 127,239 |  |  |  |  |  |  |
2022 |  | R$57.48 |  |  | 3,461,437 |  |  | 112,251 |  |  | (98,593) |  |  | (979,322) |  |  | 2,495,773 |  |  |  |  | 2,148,353 |  |  | 323,447 |  |  | 23,973 |  |  |
2023 |  | R$48.84 |  |  | 3,052,179 |  |  | 98,965 |  |  | (95,361) |  |  | (63,225) |  |  | 2,992,558 |  |  |  |  | 29,253 |  |  | 2,670,308 |  |  | 292,997 |  |  |
2024 |  | R$56.53 |  |  | 2,675,017 |  |  | 86,665 |  |  | (46,819) |  |  | (37,191) |  |  | 2,677,672 |  |  |  |  |  |  | 2,987 |  |  | 2,476,946 |  |  | 197,739 |
2025 |  | R$60.53 |  |  |  |  | 1,683,347 |  |  | (4,095) |  |  | (17,401) |  |  | 1,661,851 |  |  |  |  |  |  |  |  |  |  | 1,661,851 |
|  | 10,096,497 |  |  | 2,010,686 |  |  | (257,914) |  |  | (1,455,139) |  |  | 10,394,130 |  |  | 439,037 |  |  | 2,304,845 |  |  | 2,996,742 |  |  | 2,793,916 |  |  | 1,859,590 |
Book value |  | 361,974 |  |  | 83,198 |  |  |  |  | (83,277) |  |  | 361,895 |  |  |  |  |  |  |  |  |  |  |
Book value of the previous year |  | 268,489 |  |  | 173,486 |  |  |  |  | (80,001) |  |  | 361,974 |  |  |  |  |  |  |  |  |  |  |

(1)The average price of the share options exercised and exercised due to termination of employment on March 31, 2025 was R$60.25 (R$42.36 as at December 31, 2024).

46 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

22.2 Restricted shares plan (“Performance Shares”)
The position is set forth below:

|  |  |  | Number of stock options
Year of grant |  | Fair value on grant date |  | 31/12/2024 |  | Shares granted/provisioned |  | Exercised |  | 31/03/2025 |  | Restricted year for transfer of shares
2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030
2022 |  | R$53.81 |  |  | 115,800 |  |  | 3,758 |  |  | (119,558) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | R$51.41 |  |  | 383,568 |  |  | 12,448 |  |  |  |  | 396,016 |  |  |  |  | 277,249 |  |  | 118,767 |  |  |  |  |  |  |
2024 |  | R$55.77 |  |  | 2,480,743 |  |  | 80,509 |  |  |  |  | 2,561,252 |  |  | 348,417 |  |  | 227,697 |  |  | 312,564 |  |  |  |  | 1,672,574 |  |  |
2025 |  | R$61.39 |  |  |  |  | 267,096 |  |  |  |  | 267,096 |  |  |  |  |  |  |  |  | 150,604 |  |  |  |  | 116,492 |
Number of stock options |  | 2,980,111 |  |  | 363,811 |  |  | (119,558) |  |  | 3,224,364 |  |  | 348,417 |  |  | 504,946 |  |  | 431,331 |  |  | 150,604 |  |  | 1,672,574 |  |  | 116,492 |
Book value |  | 60,226 |  |  | 11,038 |  |  | (6,437) |  |  | 64,827 |  |  |  |  |  |  |  |  |  |  |  |  |
Book value of the previous year |  | 26,744 |  |  | 81,276 |  |  | (47,794) |  |  | 60,226 |  |  |  |  |  |  |  |  |  |  |  |  |

23 LIABILITIES FOR ASSETS ACQUISITIONS AND SUBSIDIARIES

|  | 03/31/2025 |  | 12/31/2024
Business combinations |  |  |  |
Facepa (1) |  | 27,725 |  |  | 27,182 |
Vale Florestar Fundo de Investimento em Participações ("VFFIP") (2) |  | 87,699 |  |  | 93,308 |
|  | 115,424 |  |  | 120,490 |
Current |  | 20,877 |  |  | 21,166 |
Non-current |  | 94,547 |  |  | 99,324 |

(1)Acquired in March 2018, for the amount of R$307,876, upon the payment of R$267,876, with the remainder updated at the IPCA, adjusted for possible losses incurred up to the payment date, with maturity in March 2028.
(2)On August 2014, the Company acquired Vale Florestar S.A. through VFFIP, with maturity up to August 2029. The annual settlements, carried out in the month of August, are subject to interest and updated by the variations of the US$ exchange rate, and partially updated by the IPCA.

47 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

24 SHAREHOLDERS’ EQUITY
24.1 Share capital
On March 31, 2025, Suzano’s share capital was R$19,269,281 divided into 1,264,117,615 common shares, all nominative, book-entry shares without par value. Expenses related to the public offering were R$33,735, totaling a net share capital of R$19,235,546. The breakdown of the share capital is as set out below:

|  | 03/31/2025 |  | 12/31/2024
|  | Quantity |  | (%) |  | Quantity |  | (%)
Controlling Shareholders |  |  |  |  |  |  |  |
Suzano Holding S.A. |  | 367,612,329 |  |  | 29.08 |  |  | 367,612,329 |  | 29.08 |
Controller |  | 196,065,636 |  |  | 15.51 |  |  | 196,065,636 |  | 15.51 |
Managements and related persons |  | 31,903,998 |  |  | 2.52 |  |  | 32,784,440 |  | 2.59 |
Alden Fundo de Investimento em Ações |  | 27,154,744 |  |  | 2.15 |  |  | 26,154,744 |  | 2.07 |
|  | 622,736,707 |  |  | 49.26 |  |  | 622,617,149 |  | 49.25 |
Treasury (Note 24.2) |  | 25,455,929 |  |  | 2.01 |  |  | 24,875,787 |  | 1.97 |
Other shareholders |  | 615,924,979 |  |  | 48.73 |  |  | 616,624,679 |  | 48.78 |
|  | 1,264,117,615 |  |  | 100.00 |  |  | 1,264,117,615 |  | 100.00 |

On March 31, 2025, SUZB3 common shares ended the period quoted at R$52.94 and R$61.78 on December 31, 2024.
24.2 Treasury shares
On March 31, 2025, the Company had 25,455,929 (24,875,787 as of December 31, 2024) of its own common shares held in treasury, with an average cost of R$53.87 per share, with a historical value of R$1,371,424 (R$1,339,197 as at December 31, 2024) and the market corresponding to R$1,347,637 (R$1,536,826 as at December 31, 2024).
For the three-month period ended March 31, 2025, the Company granted 119,558 common shares at an average cost of R$53.84 per share, with a historical value of R$6,437, to comply with the restricted shares plan (Note 22.2).

|  | Quantity |  | Average cost per share |  | Historical value |  | Market value
Balances at December 31, 2023 |  | 34,765,600 |  |  | 42.69 |  |  | 1,484,014 |  |  | 1,934,010 |
Exercised (note 22.2) |  | (1,005,113) |  |  | 47.55 |  |  | (47,794) |  |  | (54,213) |
Repurchase |  | 51,115,300 |  |  | 54.91 |  |  | 2,806,764 |  |  | 2,806,764 |
Canceled |  | (60,000,000) |  |  | 48.40 |  |  | (2,903,787) |  |  | (3,238,200) |
Balances at December 31, 2024 |  | 24,875,787 |  |  | 53.84 |  |  | 1,339,197 |  |  | 1,536,826 |
Exercised (note 22.2) |  | (119,558) |  |  | 53.84 |  |  | (6,437) |  |  | (6,577) |
Repurchase |  | 699,700 |  |  | 55.26 |  |  | 38,664 |  |  | 38,664 |
Balances at March 31, 2025 |  | 25,455,929 |  |  | 53.87 |  |  | 1,371,424 |  |  | 1,347,637 |

48 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

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

|  | 03/31/2025 |  | 03/31/2024
Net income for the period attributed to Controlling shareholders' |  | 6,340,760 |  |  | 215,392 |
Weighted average number of shares in the period – in thousands |  | 1,264,118 |  |  | 1,309,612 |
Weighted average treasury shares – in thousands |  | (25,047) |  |  | (24,110) |
Weighted average number of outstanding shares – in thousands |  | 1,239,071 |  |  | 1,285,502 |
Basic earnings per common share – R$ |  | 5.11735 |  |  | 0.16755 |

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

|  | 03/31/2025 |  | 03/31/2024
Net income for the period attributed to Controlling shareholders' |  | 6,340,760 |  |  | 215,392 |
Weighted average number of shares during the period (except treasury shares) – in thousands |  | 1,239,071 |  |  | 1,285,502 |
Average number of potential shares (stock options) - in thousands |  | 3,171 |  |  | 664 |
Weighted average number of shares (diluted) – in thousands |  | 1,242,242 |  |  | 1,286,166 |
Diluted earnings per common share – R$ |  | 5.10429 |  |  | 0.16747 |

49 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

26 NET FINANCIAL RESULT

|  | 03/31/2025 |  | 03/31/2024 |  |
Financial expenses |  |  |  |  |  |
Interest on loans, financing and debentures (1) |  | (1,360,125) |  |  | (853,289) |  |  |
Amortization of transaction costs |  | (31,923) |  |  | (17,308) |  |  |
Interest expenses on lease liabilities (2) |  | (116,258) |  |  | (109,806) |  |  |
Other |  | (131,779) |  |  | (149,997) |  |  |
|  | (1,640,085) |  |  | (1,130,400) |  |  |
Financial income |  |  |  |  |  |
Cash and cash equivalents and marketable securities |  | 348,428 |  |  | 409,192 |  |  |
Other |  | 90,425 |  |  | 15,025 |  |  |
|  | 438,853 |  |  | 424,217 |  |  |
Results from derivative financial instruments |  |  |  |  |  |
Income |  | 4,224,351 |  |  | 716,512 |  |  |
Expenses |  | (531,192) |  |  | (1,351,049) |  |  |
|  | 3,693,159 |  |  | (634,537) |  |  |
Monetary and exchange rate variations, net |  |  |  |  |  |
Exchange rate variations on loans, financing and debentures |  | 5,702,984 |  |  | (2,071,835) |  |  |
Leases |  | 199,040 |  |  | (71,671) |  |  |
Other assets and liabilities (3) |  | (697,738) |  |  | 444,178 |  |  |
|  | 5,204,286 |  |  | (1,699,328) |  |  |
Net financial result |  | 7,696,213 |  |  | (3,040,048) |  |  |

(1)Excludes R$52,753 arising from capitalized loan costs, substantially related to property, plant and equipment in progress of the Cerrado Project for the three-month period ended March 31, 2025 (R$377,560 as at March 31, 2024).
(2)Includes R$66,200 referring to the reclassification to the biological assets item for the composition of the formation cost (R$223,055 as of March 31, 2024).
(3)Includes effects of exchange rate variations of trade accounts receivable, trade accounts payable, cash and cash equivalents, marketable securities and others.
27 NET SALES

|  | 03/31/2025 |  | 03/31/2024
Gross sales |  | 13,931,964 |  |  | 11,434,047 |
Sales deductions |  |  |  |
Returns and cancellations |  | (36,433) |  |  | (54,357) |
Discounts and rebates |  | (1,812,315) |  |  | (1,394,942) |
|  | 12,083,216 |  |  | 9,984,748 |
Taxes on sales |  | (530,295) |  |  | (526,146) |
Net sales |  | 11,552,921 |  |  | 9,458,602 |

28 SEGMENT INFORMATION
28.1 Criteria for identifying operating segments
The Board of Directors and Board of Statutory Executive Officers evaluate the performance of the Company’s business segments through the Adjusted EBITDA. The Company has revised the segment note to present Adjusted EBITDA as its performance measure.
The operating segments defined by the Company’s management are set forth below:
i)Pulp: comprised of the production and sale of hardwood eucalyptus pulp and fluff pulp, mainly to supply the foreign market.

50 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

ii)Paper: comprises the production and sale of paper to meet the demands of both the domestic and foreign markets. Consumer goods (tissue) sales are classified under this segment due to their immateriality.
Information related to total assets by reportable segment is not disclosed, as it is not included in the set of information made available to the Company’s management, which makes investment decisions and determines the allocation of resources on a consolidated basis.
In addition, with respect to geographical information related to non-current assets, the Company does not disclose such information, as all property, plant and equipment, biological and intangible assets are substantially in Brazil.
28.2 Information of operating segments

| 03/31/2025
| Pulp |  | Paper |  | Total
Net sales | 8,611,543 |  |  | 2,941,378 |  |  | 11,552,921 |
Domestic market (Brazil) | 457,416 |  |  | 1,691,196 |  |  | 2,148,612 |
Foreign market | 8,154,127 |  |  | 1,250,182 |  |  | 9,404,309 |
Cost of sales | (5,696,157) |  |  | (2,033,010) |  |  | (7,729,167) |
Adjusted EBITDA | 4,254,146 |  |  | 611,628 |  |  | 4,865,774 |
Adjustments to EBITDA (*) |  |  |  |  | (109,317) |
Depreciation, depletion and amortization |  |  |  |  | (2,497,422) |
Financial result |  |  |  |  | 7,696,213 |
Net income before taxes |  |  |  |  | 9,955,248 |

51 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

| 03/31/2024
| Pulp |  | Paper |  | Total
Net sales | 7,359,846 |  |  | 2,098,756 |  |  | 9,458,602 |
Domestic market (Brazil) | 486,168 |  |  | 1,572,490 |  |  | 2,058,658 |
Foreign market | 6,873,678 |  |  | 526,266 |  |  | 7,399,944 |
Cost of sales | (4,374,903) |  |  | (1,324,967) |  |  | (5,699,870) |
Adjusted EBITDA | 3,902,250 |  |  | 655,656 |  |  | 4,557,906 |
Adjustments to EBITDA (*) |  |  |  |  | (23,656) |
Depreciation, depletion and amortization |  |  |  |  | (1,982,024) |
Financial result |  |  |  |  | (3,040,048) |
Net before taxes |  |  |  |  | (487,822) |

|  | 03/31/2025 |  | 03/31/2024
(*) Adjustments to EBITDA |  |  |  |
Fair Value Update - Biological Asset |  |  |  | — |
Income from disposal and write-off of property, plant and equipment and biological assets |  | (46,306) |  |  | (36,312) |
Provision/(reversals) for losses on ICMS credits |  | (45,765) |  |  | 23,763 |
Others (1) |  | (17,246) |  |  | (11,107) |
|  | (109,317) |  |  | (23,656) |

(1) It includes items with specific, non-cash and exceptional adjustments, such as: i) equity equivalence, ii) extinction of the packaging business line, iii) effective loss of the development contract advance program, iv) accruals for losses on ICMS credits, and v) income from disposal and write-off of property, plant and equipment and biological assets.
28.3 Net sales by product

|  | 03/31/2025 |  | 03/31/2024 |  |
Products |  |  |  |  |  |
Market pulp (1) |  | 8,611,543 |  |  | 7,359,846 |  |  |
Printing and writing paper (2) |  | 1,879,301 |  |  | 1,780,944 |  |  |
Paperboard |  | 1,051,768 |  |  | 298,190 |  |  |
Other |  | 10,309 |  |  | 19,622 |  |  |
|  | 11,552,921 |  |  | 9,458,602 |  |  |

(1)Net sales of fluff pulp represent 0.6% of total net sales, and therefore were included in market pulp net sales. (0.7% as at March 31, 2024).
(2)Net sales of tissue represent 6.0% of total net sales, and therefore were included in printing and writing paper net sales. (6.7% as at March 31, 2024).
28.4 Goodwill based on expected future profitability
The goodwill based on expected future profitability arising from the business combination was allocated to the disclosable segments, which correspond to the Company's cash-generating units (“CGUs”), considering the economic benefits generated by such intangible assets. The allocation of goodwill is set out below:

|  | 03/31/2025 |  | 12/31/2024
Pulp |  | 7,897,051 |  |  | 7,897,051 |
Paper |  | 290,191 |  |  | 290,191 |
|  | 8,187,242 |  |  | 8,187,242 |

52 |

| Suzano S.A. |
| Notes to the unaudited condensed consolidated interim financial information
| Three-month period ended March 31, 2025

29 INCOME (EXPENSES) BY NATURE

|  | 03/31/2025 |  | 03/31/2024
Cost of sales |  |  |  |
Personnel expenses |  | (520,711) |  |  | (364,650) |
Costs of raw materials, materials and services |  | (3,153,449) |  |  | (2,479,702) |
Logistics cost |  | (1,296,365) |  |  | (1,063,930) |
Depreciation, depletion and amortization |  | (2,223,588) |  |  | (1,706,401) |
Other (1) |  | (535,054) |  |  | (85,187) |
|  | (7,729,167) |  |  | (5,699,870) |
Selling expenses |  |  |  |
Personnel expenses |  | (90,189) |  |  | (72,670) |
Services |  | (55,666) |  |  | (47,850) |
Logistics cost |  | (340,905) |  |  | (272,620) |
Depreciation and amortization |  | (241,026) |  |  | (238,962) |
Other (2) |  | (27,096) |  |  | (21,313) |
|  | (754,882) |  |  | (653,415) |
General and administrative expenses |  |  |  |
Personnel expenses |  | (403,006) |  |  | (320,672) |
Services |  | (115,819) |  |  | (92,452) |
Depreciation and amortization |  | (30,276) |  |  | (34,313) |
Other (3) |  | (124,450) |  |  | (55,538) |
|  | (673,551) |  |  | (502,975) |
Other operating (expenses) income, net |  |  |  |
Rents and leases |  | 520 |  |  | 189 |
Results from sales of other products, net |  | 26,967 |  |  | 24,486 |
Results from sales and disposals of property, plant and equipment, intangible and biological assets, net |  | (46,307) |  |  | (47,554) |
Depletion, amortization and other PPA realizations (4) |  | (2,532) |  |  | (2,348) |
Provision for judicial liabilities |  | (104,863) |  |  | (26,109) |
Other operating income (expenses), net |  | 7,006 |  |  | 11,127 |
|  | (119,209) |  |  | (40,209) |

(1)Includes R$416,608 related to maintenance downtime costing (R$55,308 as at March 31, 2024).
(2)Includes expected credit losses, insurance, materials for use and consumption, travel, accommodation, trade fairs and events.
(3)Includes, substantially, corporate expenses, insurance, materials for use and consumption, social programs and donations, travel and accommodation.

53 |

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 7, 2025

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