Earnings Conference Call 3Q25 Disclaimer This presentation contains what are considered "forward-looking statements," as defined in Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with words such as "believe," "may," "could," "would," "possible," "will," "should," "expect," "intend," "plan," "anticipate," "estimate," "potential," "outlook" or "continue," as well as the negative forms of these word ...

Financial Performance - Sales volume reached 3.3 million tons in 2Q25, compared to 2.7 million tons in 1Q25 and 2.5 million tons in 2Q24[6] - Adjusted EBITDA was R$6.1 billion in 2Q25, versus R$4.9 billion in 1Q25 and R$6.3 billion in 2Q24[6] - Operating cash generation amounted to R$4.1 billion in 2Q25, up from R$2.6 billion in 1Q25 but down from R$4.5 billion in 2Q24[6] - Cash cost ex-downtimes was R$832/ton in 2Q25, compared to R$859/ton in 1Q25 and R$828/ton in 2Q24[6] - Net debt stood at US$13.0 billion in 2Q25, slightly higher than US$12.9 billion in 1Q25 and US$12.0 billion in 2Q24[7] - Leverage was 3.1x in US$ in 2Q25, compared to 3.0x in 1Q25 and 3.2x in 2Q24[7] Pulp and Paper Business - Paper sales were 348 thousand tons in 2Q25, compared to 329 thousand tons in 1Q25 and 270 thousand tons in 2Q24[6] - Pulp sales volume increased to 3,269 thousand tons in 2Q25 from 2,651 thousand tons in 1Q25 and 2,545 thousand tons in 2Q24[12] - Pulp business adjusted EBITDA margin was 52% in 2Q25[12] Financial Management - Notional value of the current portfolio was US$6.8 billion as of June 2025[22]