The Company holds equity interests in the following entities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % equity interest | | Entity/Type of investment | | Main activity | | Country | | 12/31/2025 | | 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 Ltda. (Direct) | | Biotechnology research and development | | England | | 100.00 | % | | 100.00 | % | FuturaGene Delaware Inc. (Indirect) | | Biotechnology research and development | | United States of America | | 100.00 | % | | 100.00 | % | | FuturaGene Israel Ltda. (Indirect) | | Biotechnology research and development | | Israel | | 100.00 | % | | 100.00 | % | FuturaGene Inc. (Indirect) | | Biotechnology research and development | | United States of America | | 100.00 | % | | 100.00 | % | | Maxcel Empreendimentos e Participações S.A. (Direct) | | Holding | | Brazil | | 100.00 | % | | 100.00 | % | Itacel - Terminal de Celulose de Itaqui S.A. (Indirect) | | Port operations | | Brazil | | 100.00 | % | | 100.00 | % | | Mucuri Energética S.A. (Direct) | | Power generation and distribution | | Brazil | | 100.00 | % | | 100.00 | % | | Paineiras Logística e Transportes Ltda. (Direct) | | Road freight transport | | Brazil | | 100.00 | % | | 100.00 | % | | Portocel - Terminal Espec. Barra do Riacho S.A. (Direct) | | Port operations | | Brazil | | 51.00 | % | | 51.00 | % | | Projetos Especiais e Investimentos Ltda. (Direct) | | Commercialization of equipment and parts | | Brazil | | 100.00 | % | | 100.00 | % | | SFBC Participações Ltda. (Direct) | | Packaging production | | Brazil | | 100.00 | % | | 100.00 | % | | Suzano Argentina S.A.U (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) (3) | | Industrialization and commercialization of cellulose, microfiber cellulose and paper | | Finland | | | | 100.00 | % | | Suzano International Finance B.V (Direct) | | Financial fundraising | | Netherlands | | 100.00 | % | | 100.00 | % | | Suzano International Holding B.V. (Direct) | | Holding | | Netherlands | | 100.00 | % | | 100.00 | % | | Suzano International Trade GmbH. (Direct) | | Business office | | Austria | | 100.00 | % | | 100.00 | % | Suzano Packaging LLC (Indirect) | | Production of coated and uncoated paperboard, used in the production of Liquid Packaging Board and Cupstock | | United States of America | | 100.00 | % | | 100.00 | % | | Suzano Material Technology Development Ltd. (Direct) | | Biotechnology research and development | | China | | 100.00 | % | | 100.00 | % | | Suzano Netherlands B.V. (Direct) | | Financial fundraising | | Netherlands | | 100.00 | % | | 100.00 | % | | Suzano Operações Industriais e Florestais S.A. (Direct) | | Industrialization, commercialization and exporting of pulp | | Brazil | | 100.00 | % | | 100.00 | % | | Suzano Pulp and Paper America Inc. (Direct) | | Business office | | United States of America | | 100.00 | % | | 100.00 | % | | Suzano Pulp and Paper Europe S.A. (Direct) | | Business office | | Switzerland | | 100.00 | % | | 100.00 | % | | Suzano Shanghai Ltda. (Direct) | | Business office | | China | | 100.00 | % | | 100.00 | % | | Suzano Shanghai Trading Ltda. (Direct) | | Business office | | China | | 100.00 | % | | 100.00 | % | | Suzano Singapura Pte. Ltda. (Direct) | | Business office | | Singapore | | 100.00 | % | | 100.00 | % | | Suzano Trading International KFT(Direct) | | Business office | | Hungary | | 100.00 | % | | 100.00 | % | | Suzano Ventures LLC (Direct) | | Corporate venture capital | | United States of America | | 100.00 | % | | 100.00 | % | | | | | | | | | | | Joint operation | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % equity interest | | Entity/Type of investment | | Main activity | | Country | | 12/31/2025 | | 12/31/2024 | | Veracel Celulose S.A. (Direct) | | Industrialization, commercialization and exporting of pulp | | Brazil | | 50.00 | % | | 50.00 | % | | | | | | | | | | | Equity | | | | | | | | | Allotrope Energy Ltd (Indirect) (2) | | Research and development of battery technology based on carbon derived from lignin biomass | | England | | 20.00 | % | | | | Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct) | | Restoration, conservation and preservation of forests | | Brazil | | 16.66 | % | | 16.66 | % | Muçununga Serviços Ambientais, Restauração e Carbono Ltda. (Indirect) (1) | | Restoration, conservation and preservation of forests | | Brazil | | 8.33 | % | | | Ensyn Corporation (Direct) (4) | | Biofuel research and development | | United States of America | | | | 24.80 | % | | F&E Technologies LLC (Direct/Indirect) (5) | | Biofuel production, except alcohol | | United States of America | | | | 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”) (3) | | Development and production of cellulose-based fibers, yarns and textile filaments | | Finland | | 18.76 | % | | 50.00 | % | Spinnova Refining Oy (Indirect) (3) | | Industrialization and commercialization of cellulose, microfiber cellulose and paper | | Finland | | 18.76 | % | | | | | | | | | | | | | Fair value through other comprehensive income | | | | | | | | | | Bem Agro Integração e Desenvolvimento S.A. (Indirect) | | Software solutions based on artificial intelligence and computer vision for agribusiness | | Brazil | | 5.82 | % | | 5.82 | % | | Celluforce Inc. (Direct) | | Nanocrystalline pulp research and development | | Canada | | 8.28 | % | | 8.28 | % | | Lenzing Aktiengesellschaft (Indirect) | | Production of wood-based cellulose fibers | | Austria | | 15.00 | % | | 15.00 | % | Nfinite Nanotechnology Inc. (Indirect) | | Research and development of smart nanocoatings | | Canada | | 4.90 | % | | 5.00 | % |
(1) On September 24, 2025, Biomas Serviços Ambientais, Restauração e Carbono S.A. reduced its ownership interest in Muçununga Serviços Ambientais, Restauração e Carbono Ltda. from 100% to 50%, which remains an indirect investee of Suzano S.A. (2) On September 30, 2025, pursuant to the Advance Subscription Agreement (ASA) entered into in December 2022, the investment made through Suzano Ventures in Allotrope Energy Ltd, held indirectly by Suzano S.A., was converted into preferred shares, corresponding to 20% of the investee's share capital. (3) On October 3, 2025, the transaction with Spinnova Plc was completed, involving the transfer of the Company’s interest in Woodspin Oy and Suzano Finland Oy. Following the transaction, Suzano Finland Oy was renamed Spinnova Refining Oy, and Spinnova became the sole owner (100%) of both entities. The Company, in turn, retained an indirect interest in these companies. (4) On November 26, 2025, the Company sold its entire interest in Ensyn Corporation. (5) On December 29, 2025, the Company completed the liquidation of F&E Technologies LLC.
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