Capital Structure

The Company’s stock is listed on the Novo Mercado, the listing segment of the São Paulo Stock Exchange (B3 – Brasil, Bolsa e Balcão) with the highest corporate governance standards, and on the New York Stock Exchange (NYSE) - Level II.

Suzano has 1,264,117,615 common shares (SUZB3), all nominative, book-entry shares without par value. See below the capital structure, on 03/31/2026:

Shareholder Total
Quantity %
Suzano Holding S.A. 367,612,329 29.1%
David Feffer 53,522,870 4.2%
Daniel Feffer 48,077,305 3.8%
Jorge Feffer 47,687,570 3.8%
Ruben Feffer 46,856,788 3.7%
Alden Fundo de Investimento em Ações 27,154,744 2.1%
Related Parties 26,568,442 2.1%
Management 5,698,331 0.5%
Sub-Total 623,178,379 49.3%
Treasury 28,020,765 2.2%
Other Shareholders 612,918,471 48.5%
TOTAL 1,264,117,615 100.0%

Governance Structure

The advances made in our governance structure reflect the evolution of our business and are key for a company such as Suzano, which strives to be a reference in the sector, in society and in the world.

Learn more about our corporate governance structure:

Estrutura de Governança

Below are the profiles of members of the Company Management:

Management

João Alberto Fernandez de Abreu holds a degree in Engineering and currently serves as Chief Executive Officer of the Company. He also holds the following positions in other organizations: (i) Member of the Deliberative Council of Instituto Ecofuturo – Futuro para o Desenvolvimento Sustentável; (ii) Director at Itacel – Terminal de Celulose de Itaqui S.A.; and (iii) Director at Maxcel Empreendimentos e Participações S.A. His main professional experiences in recent years include: (i) serving as CEO of Rumo S.A. and its subsidiaries from April 2019 to March 2023; and (ii) Member of the Board of Iogen Energy. Mr. João Alberto also served as Chief Operating Officer at Raízen Energia S.A., and worked for 18 years at Shell, holding various positions in Retail Operations in Brazil, England, and Argentina. He began his career at Raízen Energia as Executive Commercial Director and member of the Board of Petróleo Sabbá, Raízen’s affiliate in Northern Brazil. In 2012, he became Director of Bioenergy and Technology for Raízen’s Ethanol, Sugar and Bioenergy business. Two years later, he assumed the role of Executive Director for Agroindustrial Operations. He was responsible for the development and implementation of Raízen’s first integrated Second‑Generation Ethanol production plant.

Aires Galhardo holds both a Bachelor's and a postgraduate degree in Business Administration from Fundação Getúlio Vargas. He currently serves as the Statutory Executive Vice President of Pulp Operations at the Company. Aires Galhardo also holds the following positions in other organizations: (i) Member of the Board of Directors at Fundação Arus de Seguridade Social; (ii) Director at F&E Tecnologia do Brasil S.A.; (iii) Director at Losango RS Administração e Participações Ltda.; (iv) Director at Mucuri Energética S.A.; (v) Director at Projetos Especiais e Investimentos Ltda.; (vi) Director at Suzano Operações Industriais e Florestais S.A.; and (vii) Full Member of the Board of Directors at Veracel Celulose S.A. His main professional experiences in recent years include holding leadership positions in the Logistics, Forestry and Operations areas at Votorantim Celulose e Papel (VCP), and subsequently at Fibria.

Douglas Lazaretti holds a degree in Forest Engineering from the Federal University of Santa Maria (UFSM). He earned an MBA in Business, Technology, and Innovation from the Massachusetts Institute of Technology (MIT), a Master’s degree in Wood Quality from UFSM, and an MBA in Business Management from the University of Santa Cruz do Sul (UNISC). Currently, he serves as the Statutory Executive Vice President of Forestry Operations at the Company. He has a significant institutional presence in the sector, having served as: (i) Coordinator of the Forestry Committee at Ibá (Brazilian Tree Industry); and (ii) Chairman of the Board of Directors at IPEF (Forestry Science and Research Institute), both roles held since January 2020. He also serves as a Director for several group companies, including Losango RS Administração e Participações Ltda., Maxcel Empreendimentos e Participações S.A., and Suzano Operações Industriais e Florestais S.A. His extensive professional background includes serving as a Board Member at Veracel Celulose S/A (2020–2024) and leading all of the Company's forestry units. His most recent challenge involved the expansion of operations in Mato Grosso do Sul, focusing on the forestry base to supply the new Ribas do Rio Pardo plant. Previously, he was the General Manager of the Forestry Business Unit at Gerdau (2013–2015).

Leonardo Barretto de Araujo Grimaldi holds a degree in Business Administration from Fundação Getúlio Vargas and has completed executive education programs at Wharton (USA) and Singularity University (USA). He currently serves as the Statutory Executive Vice President of Commercial Logistics, Pulp. Leonardo Grimaldi also holds the following positions in Suzano’s subsidiaries: (i) Director at Arus – Fundação Aracruz de Seguridade Social; (ii) Chief Executive Officer of Fibria Terminal de Celulose de Santos SPE S.A.; (iii) Director at Itacel – Terminal de Celulose de Itaqui S.A.; (iv) Chairman of the Board of Directors of Portocel – Terminal Especializado de Barra do Riacho S.A.; (v) Member of the Board of Directors of Veracel Celulose S.A.; (vi) Chairman of the Board of Directors of Fibria Celulose (USA) Inc., Suzano Pulp and Paper America, Inc., and Suzano Pulp and Paper Europe S.A.; (vii) Member of the Board of Directors of Suzano Material Technology Development Ltd., Suzano Shanghai Ltd., and Suzano Shanghai Trading Ltd.; and (viii) Member of the Fiscal Council of Lenzing Aktiengesellschaft and Suzano International Trade GmbH. His main professional experiences in recent years also include serving as Executive Director of People & Management and Health & Safety at Suzano, and previously as Executive Director of the Paper and Packaging Business Unit.

Marcos Moreno Chagas Assumpção holds a degree in Economics from the University of Brasília (UnB) and an Executive MBA from Coppead (Federal University of Rio de Janeiro). He currently serves as the Statutory Executive Vice President of Finance and Investor Relations, with a term beginning on December 1, 2024. Marcos Assumpção also holds the following positions in other companies: (i) Director at F&E Tecnologia do Brasil S.A.; (ii) Director at Itacel – Terminal de Celulose de Itaqui S.A.; (iii) Director at Maxcel Empreendimentos e Participações S.A.; (iv) Director at Mucuri Energética S.A.; (v) Chief Executive Officer of Projetos Especiais e Investimentos Ltda.; (vi) Chief Executive Officer of SFBC Participações Ltda.; (vii) Chief Executive Officer of Suzano Operações Industriais e Florestais S.A.; (viii) Member of the Board of Directors of Fibria Celulose (USA) Inc.; (ix) Chairman of the Fiscal Council of Suzano International Trade GmbH; (x) Member of the Board of Directors of Suzano Material Technology Development Ltd.; (xi) Member of the Board of Directors of Suzano Pulp and Paper America, Inc.; (xii) Member of the Board of Directors of Suzano Shanghai Ltd.; and (xiii) Member of the Board of Directors of Suzano Shanghai Trading Ltd. Marcos joined Suzano in January 2022, where he served as Director of Corporate Finance, leading the Treasury, Funding, M&A and Credit areas, and later also headed the FP&A and M&A division. Prior to that, he worked at Itaú BBA for nearly 13 years, primarily in Equity Research, where he served as Head of Research, Equity Strategist, and Analyst responsible for covering the Commodities sector (Pulp & Paper, Mining, Steel and Cement) as well as the Banking sector.

Maria Luiza de Oliveira Pinto e Paiva holds a degree in Psychology from the Pontifical Catholic University of São Paulo (PUC-SP), completed in December 1986. She has been serving as Vice President of Sustainability, Communications and Branding at Suzano since February 2025. Malu also holds the following positions in other organizations: (i) Full Member of the Board of Directors of Biomas – Serviços Ambientais, Restauração e Carbono S.A.; (ii) Director at F&E Tecnologia do Brasil S.A.; (iii) Director at Suzano Canada Inc.; and (iv) Supervisor at Suzano Material Technology Development Ltd. She previously served as Executive Vice President of Sustainability at Vale S.A. (from March 2021 to December 2024). Her main professional experiences over the past five years include: (i) Executive Vice President of Sustainability at Vale S.A. (March 2021 – December 2024); (ii) Executive Director of Sustainability at Suzano S.A. (January 2019 – February 2021); (iii) Member of the Board of Directors of the UN Global Compact Network Brazil (January 2020 – March 2021); (iv) Member of the Board of Directors of the Brazilian Business Council for Sustainable Development (since August 2019); and (v) Executive Director of Sustainability at Fibria S.A. (March 2015 – January 2019).

Non-Statutory Executive Management

Caroline Carpenedo has been Executive Vice-President - People and Management, Safety and Communication at Suzano since April 2023. Caroline has around 20 years of professional experience in the field of Human Capital, having led all HR processes in different countries and regions. Before joining Suzano, she was Global Director of People and Social Responsibility at Gerdau. She has served on the board of directors of the Mines and Metal Museum, as well as member of the People Committee at IBGC, vice president of the Open Committee People for Management and vice president of the Strategic HR Committee at Amcham. Since 2022, she has been a member of the People Committee at Ibema. Caroline has a PhD in strategic design from Unisinos and an international executive MBA from FIA. She holds a master’s degree in administration from PUC-MG and FDC and a bachelor’s degree in psychology from PUC/RS. She has also completed several advanced education programs at universities such as Stanford, Harvard and Insead.

Holds a B.Sc. in Electrical Engineering from the Federal University of Minas Gerais (UFMG) and MBA from IBMEC São Paulo (today Insper). He joined Suzano in 2003 as Executive Manager of the Pulp Business Unit, and in 2008 moved to paper commercial operations as Executive Officer of the Paper Business Unit. In 2014, he also became Executive Officer of the Pulp Business Unit. In 2017, with the company’s organizational restructuring, he became Pulp Executive Officer, with responsibility for both the industrial and commercial operations of the Business Unit. He began his career at General Electric of Brazil as General Sales Manager for Latin America in the Industrial Systems Division.

Fabio Oliveira holds a B.Sc. in Electrical Engineering from the Universidade Federal de Itajuba, a MBA from the Virginia Commonwealth University and has concluded the Advanced Management Program from the MIT Sloan School. Mr. Oliveira has started his career with Suzano in 2007, as an Executive Manager within the Paper Business Unit, where he also worked as the Director for Suzano’s Paper Merchant business in Brazil and Argentina. In 2013, Mr. Oliveira was named Global Logistics Director, responsible for Suzano’s inbound and outbound logistics operations. In 2017, Mr. Oliveira has relocated to Europe and occupied the position of Pulp Commercial & Operations Director for the Americas and EMEA. Before Suzano, Mr. Oliveira has worked for ABB and DuPont, in Brazil and in the USA.

Luís Bueno is Suzano’s Consumer Goods and Corporate Affairs Executive Vice-President, in charge of P&L for the Business Unit, including the Industrial, Supply Chain, Marketing, Pricing, Sales and Strategy areas. He built his career in the field of Strategy Consulting (Bain & Company), providing consulting services to clients in the Financial Services and Consumer Goods sectors in a number of countries in the Americas, and then as Business Directors in Consumer Goods and Retail companies in Brazil (Natura, Hering and Vigor). Luís holds a B.Sc. in Mechanical Engineering from the Federal University of Minas Gerais (UFMG) and an MBA from Harvard Business School (USA) and completed a non-degree program in Leadership from Insead (France and Singapore).

Pablo F. G. Machado holds an undergraduate degree in Law from the University of São Paulo (USP), a post-graduate degree in Contracts, Commercial Law and Negotiation from Pontifical Catholic University of São Paulo (PUC-SP) and a Master of Laws (LL.M degree) in International Commercial Law from the University of California, Martin Luther King School of Law. Currently, Pablo is the Executive Vice-President of Suzano, responsible for China Business and he is based in the Company`s Shanghai office. Prior to that, Pablo served as the Company`s executive officer in charge of Legal and Corporate Relations. He launched his career at a law firm and then joined the Louis Dreyfus group, where he served in various executive positions in Brazil and abroad, his last in the group as Executive Vice-President for Latin America. Pablo joined Suzano in 2015.

Board of Directors

David Feffer studied Business Administration in Brazil and has completed executive education programs at Harvard Business School (USA), Columbia University (USA), IMD (Switzerland), The Aspen Institute (USA), Singularity University (USA), and Stanford University (USA). He is currently the Chairman of the Company’s Board of Directors and a member of the following non-statutory committees: (a) Strategy and Innovation Committee; (b) Coordinator of the Management and Finance Committee; (c) People Committee; and (d) Sustainability Committee. David Feffer also holds the following positions in other companies: (i) Chief Executive Officer of Suzano Holding S.A. since 2003; (ii) member of the Board of Directors and Chief Executive Officer of Polpar S.A. since 2001; (iii) Chief Executive Officer of IPLF Holding S.A., since 2004; and (iv) Chief Executive Officer of Premesa S.A. since April 2015. He also serves as a member of the International Council of J.P. Morgan Chase & Co since 2023 and participates in several social and cultural institutions. Among his roles, the following stand out: (i) Honorary Co-Chairman of the Board of Directors of Escola ALEF-Peretz; (ii) member of the Deliberative Council of Sociedade Beneficente Israelita Brasileira Hospital Albert Einstein; and (iii) Founder and Chairman of the Board of Instituto ViaFoto.

Daniel Feffer holds a law degree from Universidade Mackenzie and has completed executive programs at Fundação Getulio Vargas, Harvard University, the Massachusetts Institute of Technology (USA), IMD (Switzerland), and London Business School (UK). He currently serves as Vice Chairman of the Company’s Board of Directors and is also a member of the non-statutory Sustainability Committee. Daniel Feffer also holds the following positions in other organizations: (i) Chairman of ICC Brazil; (ii) Chairman of the Board of Trustees of Fundação Arymax; (iii) Chairman of both the Board of Directors and the Superior Board of Instituto Ecofuturo; (iv) Chairman of the Advisory Board of IBÁ; (v) Member of the Board of IEDI – Instituto Econômico para Desenvolvimento Industrial; (vi) Founding Member of the Board of the Compromisso Todos Pela Educação; and (viii) Member of the Strategic Board of FIESP.

Nildemar Secches holds a degree in Mechanical Engineering from USP, with a postgraduate degree in Finance from PUC-RJ, and pursued a doctoral degree in Economics at Unicamp. Currently, he is a member of the Company's Board of Directors, also serving as a member of the following non-statutory committees of the Company: (i) Strategy and Innovation Committee; (ii) Management and Finance Committee; (iii) People Committee (Coordinator); and (iv) Nomination and Remuneration Committee (Coordinator). Mr. Nildemar also holds the following positions in other companies: (i) Vice-Chairman of the Board of Directors of WEG S/A; and (ii) Vice-Chairman of the Board of Directors of Iochpe-Maxion S.A.; (iii) Board Member of Vibra Energia S.A. His main professional experiences in the last 5 years include: (i) member of the Board of Directors of Ultrapar Participações S.A., from 2002 to 2021; and (ii) member of the Board of Directors of Itaú-Unibanco, from 2012 to 2017.

Gabriela Feffer Moll holds a degree in Hospitality Management, an Executive MBA from Fundação Dom Cabral, and has completed executive programs at Harvard University, Insper, and INSEAD. She is currently a member of the Company’s Board of Directors and also serves on the following non-statutory committees: (i) Strategy and Innovation Committee; (ii) Management and Finance Committee; (iii) People Committee; and (iv) Sustainability Committee. Gabriela Moll also holds the following positions in other companies: (i) Director of Suzano Holding S.A.; (ii) Director of Polpar S.A.; (iii) Director of IPLF Holding S.A.; (iv) Director of Premesa S.A.; and (v) Director of Naman Capital Ltda. Her main professional experiences include: (i) founding AG Sport in 2010; (ii) joining Dotz in 2015; (iii) serving as a member of the Board of Directors of MDS SGPS S.A.; and (iv) at Suzano, starting in 2017, leading product communications and the digital transformation of the Paper and Packaging Unit. Following the merger between Suzano and Fibria, she also worked on the integration team responsible for tracking the synergies resulting from the transaction.

Maria Priscila Rodini Vansetti Machado. Priscila Vansetti holds a degree in Agronomic Engineering from the Luiz de Queiróz College of Agriculture (ESALQ/USP) at the University of São Paulo and specialized in Executive Management and Global Strategy Leadership from the Wharton School (University of Pennsylvania). Currently, she is a member of the Board of Directors of the Company, also serving as the coordinator of the Sustainability Committee. Her main professional experiences in recent years include: (i) Vice President, Biologicals, Vice-President Global Business Development, Marketing Effectiveness and Customer Centricity at Corteva Agriscience; (ii) Vice-President of Strategy and Planning at Corteva Agriscience since January 2021; (iii) Global Director of Strategy and Business Development at Corteva Agrisciences in Indiana, following the merger of Dow and DuPont in September 2017; (iv) President of DuPont Brazil and Vice-President of Latin America for DuPont Crop Protection (2015 to 2017); (v) Global Director of Strategic Planning for DuPont Crop Protection (2014 to 2015); (vi) Business Director for DuPont Canada (2008 to 2014). In 1996, she was transferred to Wilmington, Delaware, USA, where she held various positions in Development and Marketing. She began her career at DuPont Brazil in 1981 in the agricultural division, assuming leadership positions in Regulatory Affairs, Government Relations, and Research & Development. In recent years, Priscila has served on the Boards of Directors of the American Chamber of Commerce (AmCham), the Brazilian Chemical Industry Association (ABIQUIM), the Agribusiness Council of FIESP, and the Board of Directors of the Canadian Crop Protection Association (CropLife Canada). Currently, she is a member of the Boards of the Inter-American Dialogue in Washington, D.C., and the International Center in Indianapolis, Indiana.

Paulo Rogério Caffarelli holds a law degree from PUC-Curitiba, with specialization in Foreign Trade (FAE/CDE Curitiba) and International Trade Law (IBEJ Curitiba). He also completed an MBA in Corporate Law and Finance (FGV/RJ) and a master’s degree in Business Management and Economics (University of Brasília). He currently serves as (i) a member of the Company’s Board of Directors; and (ii) Coordinator of the Statutory Audit Committee of Suzano S.A. His main professional experience in recent years includes: (i) President of Banco BBC of the Simpar Group from October 2021 to July 2025; (ii) President of Cielo S.A. from November 2018 to May 2021; (iii) joining Banco do Brasil in 1981, where he became Vice President for Wholesale, International Business, Private Banking, and Capital Markets (BB BI) from 2011 to 2014; (iv) serving as Director of Logistics, Marketing, and New Retail Businesses, as well as Vice President of Retail, and later serving as President of Banco do Brasil from May 2016 to October 2018; (v) Executive Secretary at the Ministry of Finance from February 2014 to February 2015, and Executive Corporate Director at Companhia Siderúrgica Nacional. In recent years, he has served on the Boards of Directors of the following companies: Banco do Brasil S.A.; Brasilprev; Cielo; Elo Participações S.A.; Banco Votorantim; CBSS Visavale (Alelo); Vale; and Brasilcap Capitalização. He also served as a member of the Advisory Board of Febraban – the Brazilian Federation of Banks. Member since May 2020.

Paulo Sergio Kakinoff holds a degree in Business Administration from Mackenzie University. He currently serves as a member of the Company’s Board of Directors and participates in the following non-statutory committees: (i) Strategy and Innovation Committee; (ii) Management and Finance Committee; (iii) Coordinator of the People Committee; and (iv) Coordinator of the Nomination and Compensation Committee. Paulo Kakinoff also serves as Chief Executive Officer of Porto Seguro Companhia de Seguros Gerais and is a member of the Boards of Directors of Porto Seguro, Simpar S.A., MRV&Co, and Cocal Energia Sustentável. He also serves on the Governance Council and the Board of Directors of nonprofit organizations such as Todos pela Educação, MBC (Movimento Brasil Competitivo), Bemtevi, and Instituto Inhotim. Additionally, he is President of the Pacto pelo Esporte and a Master Professor in the Business Administration program at ESPM. His main professional experiences in recent years include: (i) Member of the Board of Directors of Porto Seguro from March 2020 to July 2023; (ii) Member of the Board of Directors of GOL Linhas Aéreas S.A. since 2012; and (iii) Chief Executive Officer of GOL Linhas Aéreas S.A. from July 2012 to July 2022. He began his career in the automotive industry, where he worked for 18 years. He served as President of Audi Brasil, held the role of Sales & Marketing Director at Volkswagen do Brasil, Executive Director for South America at the Volkswagen Group headquarters in Germany, and was a member of the Supervisory Board of Volkswagen Participações.

Rodrigo Calvo Galindo holds a Law degree from the University of Cuiabá (Unic) and a Master’s degree in Education from the Pontifical Catholic University of São Paulo – PUC-SP. He is currently a member of the Company’s Board of Directors and also serves on the following non-statutory committees of the Company: (i) Coordinator of the Strategy and Innovation Committee; (ii) Management and Finance Committee; and (iii) People Committee. Mr. Galindo also holds the following positions in other companies: (i) Chairman of Cogna Educação S.A.; (ii) Managing Partner of Vidya Capital; (iii) Vice-Chairman of the Board of Directors of Farmax; and (iv) member of the Board of Directors of Suzano. He has been working in the management of educational institutions for over 30 years. His main professional experiences over the past 5 years include serving as: (i) Administrator of educational institutions; (ii) CEO of Cogna Educação S.A.; (iii) Chairman of Cogna Educação S.A.; (iv) Managing Partner of Vidya Capital; (v) member of the Board of Directors of Suzano; (vi) Vice-Chairman of the Board of Directors of Farmax; and (vii) member of advisory boards of organizations such as UNICEF Brazil and the Forum of Companies and LGBTI+ Rights.

Walter Schalka holds a degree in Engineering from the Aeronautics Institute of Technology (ITA) and has completed postgraduate programs at Fundação Getulio Vargas, IMD, and Harvard Business School. He is currently a member of Suzano’s Board of Directors and serves on the following non-statutory committees of the Company: (i) Management and Finance Committee; (ii) Strategy and Innovation Committee; (iii) People Committee; and (iv) Sustainability Committee. Walter Schalka also holds the following positions in other organizations: (i) member of Parceiros da Educação, a Civil Society Organization; and (ii) member of the Board of Directors of Vibra Energia. His main professional experience in recent years includes serving as: (i) Chief Financial and Administrative Officer of Dixie Lalekla; (ii) General Director of the Dixie Toga Group; and (iii) President of Votorantim Cimentos, part of the Votorantim Group.

Fiscal Council

Eraldo Soares Peçanha holds a Bachelor’s degree in Accounting and Business Administration from Universidade Cândido Mendes (RJ). He currently serves as a full member of the Fiscal Council at Suzano S.A. His main professional experiences include: Aracruz Celulose S.A. – Accounting Manager, Internal Audit Manager, and Controller (1974 to 1996); CSN – Companhia Siderúrgica Nacional – Director of Controllership and Information Technology (1996 to 2003); Embratel S.A. – Director of Controllership and Executive Director of Corporate Governance (2003 to 2008); Icatu Seguros S.A. – Executive Director of Customer Services (2008 to 2011). He has also served as a member of the Audit Committee at Banco do Estado do Rio Grande do Sul and as a full member of the Fiscal Council in publicly held companies such as Vale, Net Serviços de Comunicação, JBS, Ideiasnet, as well as in privately held companies including Cadam, Ferrovia Centro-Atlântica, Itá Energética, and Officer Distribuidora de Produtos de Tecnologia. He additionally served as an alternate member of the Fiscal Council in the publicly traded companies Ouro Fino Saúde Animal Participações, CCR, AES Tietê Energia, Tupy, and Padtec Holding. He also served as a full member of the Fiscal Council in private pension entities of companies where he worked. Since 2012, he has been working as a consultant in the areas of Corporate Governance, Controllership, and Accounting/Financial Processes & Systems.

Luiz Augusto Marques Paes holds a degree in Law from the Faculty of Law at the University of São Paulo (USP). Currently, he serves as a full member of the Fiscal Council of the Company. Mr. Luiz Paes also holds the following positions in other companies: (i) member of the Fiscal Council of Cury Construtora e Incorporadora S.A.; (ii) member of the Audit Committee of JSL S.A.; and (iii) partner at the law firm Paes e Colauto Sociedade de Advogados, specializing in legal consultancy in the areas of Tax and Corporate Law.

Rubens Barletta holds a degree in Law from the Faculty of Law of São Bernardo do Campo. Currently, he serves as a full member of the Fiscal Council of the Company. Mr. Rubens Barletta also holds the following positions in other companies: (i) member of the Fiscal Council of Tegma Gestão Logística S.A.; and (ii) partner at the law firm Barletta e Schubert Sociedade de Advogados.

Kurt Janos Toth holds a degree in Economics from the Federal Fluminense University and a postgraduate degree in Finance from the Pontifical Catholic University of Rio de Janeiro. Currently, he serves as a substitute member of the Fiscal Council of the Company. His main professional experiences in the last 5 years include serving as a member of the Fiscal Council of Tupy S.A. (2017 to 2021). He has also served as Head of the Credit Department at BNDES (Brazilian Development Bank) from 1988 to 2006.

Roberto Figueiredo Mello holds a degree in Law from the Faculty of Law at the University of São Paulo (USP). Currently, he serves as a substitute member of the Fiscal Council of the Company. Mr. Roberto is also a founding partner of Pacaembu Serviços e Participações Ltda. In recent years, Mr. Roberto Mello has worked at Construtora Guarantã for 3 years, at IPT (Instituto de Pesquisas Tecnológicas) for 8 years, at Grupo Suzano, in companies such as Agaprint, SPP, Vocal, and Stenfar for 13 years, and was a lawyer at the Tozzini & Freire Advogados law firm for 20 years.

Luciano Douglas Colauto holds a Bachelor's degree in Business Administration from the Getulio Vargas Foundation (EAESP-FGV) and in Law from the Law School of the University of São Paulo (USP). He worked as a consultant at Arthur Andersen (an auditing company) from September 1988 to December 1991, and currently is a partner at Almeida Prado, Paes, Caruso e Colauto Business Consulting Ltda. (a consulting company), where he joined in December 1991. He served as a full member of the Fiscal Council of Nordeste Química S.A. – NORQUISA, CYRELA S.A., TECNISA S.A., JSL S.A., and Movida Participações S.A. and current member of the Audit Committee of Cury Construtora e Incorporadora S.A..

Statutory Audit Committee

Graduated in Law at PUC / Curitiba, with specialization in Foreign Trade (FAE / CDE Curitiba) and Law in International Trade (IBEJ Curitiba), he has an MBA in Corporate Law and Finance (FGV / RJ) and a master's degree in Business Management and Economics ( University of Brasilia). From 11/2018 to 05/2021 he was President of Cielo SA. Joined Banco do Brasil in 1981 becoming Vice President of Wholesale, International Business and Private Banking and Capital Markets (BB BI) from 2011 to 2014 and serving as President of 05/2016 to 10/2018. He was Executive Secretary at the Ministry of Finance from 02/2014 to 02/2015 and also worked at Companhia Siderúrgica Nacional as Executive Corporate Director. In the last 5 years, he served, for a certain period, on the Board of Directors of the following companies: Banco do Brasil S.A .; Brasilprev; Elo Participações S.A .; Banco Votorantim; CBSS Visavale (Alelo); Vale; Brasilcap Capitalização and Banco Votorantim; he was also a member of the Advisory Board of Febraban - Brazilian Federation of Banks.

Ana Paula holds a Bachelor's degree in Economics and International Relations and a Master's degree in Development Economics from Stanford University. Currently, she is a member of the Audit Committee of the Company. Ms. Pessoa also holds the position of a member of the Board of Directors and member of the Audit Committee and member of the Nominations and Governance Committee of News Corp, New York. She is also on the Consulting Board of G5 Partners and Ana Counto Branding, both in Brasil. She has been an independent board member and chair of the sustainability committee of Cosan, SP, an Independent board member and member of the Investment and CSR committee of Vinci Group, Paris,; an independent member of the board and member of the audit committee, the conduct and financial crime committee, and of the innovation committee of Credit Suisse AG, Zurich, and chair of Credit Suisse Europe and Credit Suisse Brasil. She was also a board member of the board representing IFC at Aegea Saneamento, Säo Paulo. She is a member of Stanford University, California, Global Advisory Council since 2018. She is a member of the Consulting Board of The Nature Conservancy Brazil since 2014, a member of Instituto Atlantico de Governo . Ms Pessoa was CFO of the Rio 2016 Olympic and Paralympic Games from 2015 to 2017. Ana Paula served as Founder and Managing Director of Brunswick São Paulo from 2012 to 2015. Ms Pessoa, founded and was Chair of Kunumi Artificial Intelligence, sold in 2024 to Bradesco Bank and also founded and was Chair of Neemu Internet, which was sold in 2015 to Linx SA.. Ana Paula was CFO of infoglobo Comunicações from 2001-2011, and before that held several executive positions in the Globo Organizations since 1993. Ana Paula worked for the World Bank in DC and The United Nations Devenlopment Programme in New York and Benin, West Africa.

Carlos Biedermann holds a degree in Business Administration and Public Administration from the Federal University of Rio Grande do Sul (UFRGS) and a degree in Accounting Sciences from Unisinos. Holds a postgraduate degree in Capital Markets from Fundação Getulio Vargas (FGV). Currently serves as a member of the Company’s Audit Committee and also of the following organizations; (a) Coordinator of the Audit Committee of Grupo Cornélio Brennand, a business group operating in real estate development, energy, glass, and cement segments; (b) Member of the Board of Directors of Grupo Solar, a company that manufactures and bottles products for the Coca-Cola System in Brazil; (c) Member of the Audit Committee of Copel – Companhia Paranaense de Energia, a publicly traded company in Brazil and the USA, operating in the energy sector in Paraná and other Brazilian states; (d) Member of the Audit Committee of Banco do Estado do Rio Grande do Sul (Banrisul), a financial institution operating as a multiple-service bank, including commercial banking, credit, financing and investment, real estate credit, development, leasing, and investment activities; (e) Member of the Audit Committee of Raymundo da Fonte, a company that produces cleaning products, personal hygiene items, and condiments; (f) Chairman of the Board of Directors of Brivia Dez, a company operating in the advertising, marketing, and technology sector; (g) Member of the Audit Committee of Moinho Paulista S.A., a company in the food industry; (h) Chairman of the Board of ADVB – Brazilian Association of Marketing and Sales Executives; (i) Member of the Board of Directors of Valmont, an industrial company operating in the agribusiness sector. Previously, served as: (a) Lead Partner at PricewaterhouseCoopers (PwC) from 2002 to 2015, one of the world’s largest professional services firms in auditing, consulting, and related services; (b) Chairman of the Audit Committee for five years and Vice-Chairman between 2013 and 2014 at the Brazilian Institute of Corporate Governance (IBGC), a non-profit organization focused on the development of best practices in corporate governance; (c) Member of the Board of Directors for six years and board member for two years at Young Presidents Organization (YPO/WPO), a global network of chief executives; (d) The first independent member of the Board of Directors of Calçados Azaleia, a Brazilian footwear company; (e) Member of the Administrative Board for approximately 15 years at Santa Casa de Misericórdia de Porto Alegre, a complex of seven specialty hospitals located in Porto Alegre, RS; (f) Member of the Audit Committee of BB Seguridade, a Brazilian insurance company affiliated with Banco do Brasil, operating in insurance products, open pension plans, capitalization, and brokerage services; (g) Chairman of the Board of Directors of Porto Alegre Health Care, a non-profit group that brings together public and private stakeholders to promote the city and foster medical tourism; (h) Member of the Audit Committee of Grupo Algar, a telecommunications company operating in fixed and mobile telephony; (i) Member of the Board of Directors of Madero, a multi-brand restaurant group operating throughout Brazil; (j) Member of the Audit Committee of Tribanco, a commercial bank providing traditional credit operations and banking services.

Strategy and Innovation Committee - Non-Statutory

Holds a B.A. in Business Administration in Brazil and completed non-degree programs at Harvard Business School, Columbia University, IMD (Switzerland), The Aspen Institute, Singularity University and Stanford University. At the companies in Suzano’s economic group, he has held and/or holds the following offices: (i) since 2003, as chairman of the board and coordinator of the Management & Financial Committee; since 2006, as coordinator of the Sustainability & Strategy Committee, and also as a member of the Strategy & Innovation Committee and of the People Committee; (ii) since 2003, as the chief executive officer of Suzano Holding S.A., a publicly traded company whose core business is holding interests in other companies; (iii) since 2001, as a board member and the chief executive officer of Polpar S.A., a publicly traded company whose core business is holding interests in other companies; (iv) since 2004, as the chief executive officer of IPLF Holding S.A., a closely held company whose core business is holding interests in other companies; (v) from 2001 to 2015, as vice-chief executive officer and, since April 2015, as chief executive officer of Premesa S.A., a subsidiary of Suzano Holding S.A. whose core business is developing real estate projects. He also is a member of various social and cultural institutions, which include the following capacities: chairman of the board of the ALEF-Peretz School; member of the Deliberative Board of Associação Beneficiente Israelita Brasileira Hospital Albert Einstein; vice-chairman of the board and chairman of the Superior Council of the Ecofuturo Institute – Future for Sustainable Development. Member since June/01.

Holds a B.Sc. in Mechanical Engineering from the University of São Paulo (USP) and a graduate degree in Finance from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ) and pursued a doctoral degree in Economics from the University of Campinas (Unicamp). Currently he holds the following offices: (i) since 2008, as a member of the Board of Directors and of the Sustainability and Strategy Committee of the Company; (ii) since 1998, as vice-chairman of the board of WEG S/A, a publicly traded company that manufactures, produces and markets industrial systems, machinery and equipment; (iii) since 2004, as vice-chairman of the board of Iochpe-Maxion S.A., a publicly traded company that manufactures and distributes engines, agriculture machinery and equipment and components for the steel, rail and automotive industries; (iv) since 2002, as a board member of Ultrapar Participações S.A., a publicly traded company that invests capital in the retail, industrial, agricultural and services sectors; and (v) as a board member of Itaú-Unibanco from 2012 to 2017. From 1972 to 1990, he worked at the Brazilian Development Bank (BNDES), where he was a director from 1987 to 1990. From 1990 to 1994, he was general corporate officer of the Iochpe-Maxion Holding Indústria Group, and from 1995 and 2008, he was CEO of Perdigão S.A. From 2007 to April 2013, he was chairman of the board of BRF - Brasil Foods, a publicly traded company that produces, markets and commercially explores food products in general.

Castelli consolidated his long career as executive in the pulp & paper industry, where he has held leadership positions in production, projects and business areas in major companies in the sector.

He holds a B.Sc. in Mechanical Engineering and an MBA in Business Administration and has also completed continuing education programs in international executive schools.

He holds a B.Sc. in Mechanical and Production Engineering from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ) and an MBA in Finance from IBMEC São Paulo (today Insper) and completed the Advanced management Program (AMP 192) at Harvard Business School. Rodrigo began his career at IBM, in 1993, as an intern on the corporate finance team, where he served in various roles in different countries. In 2006, he became chief financial officer for Brazil, in 2009, chief financial officer for Latam, in 2010, vice-president of the Services division and, in 2012, CEO of IBM Brazil. During 2015, he gained experience outside of IBM as the chief executive officer of TOTVS, a Brazilian software company. From 2016 to 2017, he served as CEO of IBM Latin America, and then moved to the United States to head up the Corporate Services division in IBM NY. More recently, he served as General Manager of all global and integrated accounts at IBM (key clients). He has vast international experience that not only includes Latin America, but also Asia. He is a board member at Suzano S.A., where he also serves as coordinator of the Innovation & Strategy Committee. He is a member of the Advisory Board of the Don Cabral Foundation. He is president of the Brazilian Financial Executive Institute and a member of the American Chamber of Commerce.

Ms. Moll has a degree in Hotel Management, an Executive MBA from Fundação Dom Cabral an executive course from Harvard University, Insper and Insead. She currently serves as member of the board of directors of the Company. Mr. Moll also holds the following positions in other companies: (i) member of the board of directors of MDS; (ii) member of the ESG and People Committee of Bionexo, and (iii) member of the Board of the ELF (Group of Empowerment and Female Leadership of the Israeli Federation of the State of São Paulo (Federação Israelita do Estado de São Paulo – FISESP). Gabriela started her career at GI - Grupo de Incentivo and in 2010 founded AG Sport, a consultancy specializing in the idealization and organization of large events, in which she was responsible for the development of the company’s commercial and strategy area. In 2015, she joined Dotz, working on the business development fronts and implementing a new 100% digital self-service model to open up the small business market. At Suzano S.A., as of 2017, she led the communication of products and the digital transformation of the Paper and Packaging Unit. Also at Suzano, after its merger with Fibria, she worked in the integration cell responsible for monitoring the synergies arising from the merger.

Marcelo Lyrio holds a degree in Economics from the Pontifical Catholic University – PUC of Rio de Janeiro. Currently, he is a member of the Company's Strategy and Innovation Committee. Mr. Marcelo Lyrio also holds the following positions in other companies: (i) he is a founding partner of MLSig Assessoria Empresarial; (ii) member of the Board of Directors at Solví Essencis and member of the Finance and Investments Committee as well as of the People, Health and Safety Committee; (iii) Operating partner at Macquarie Infrastructure and Real Assets. He served as Chairman of the Board of Braskem S.A. from April 2018 to October 2019 and was a partner and co-founder of Signatura Lazard and Managing Director (MD) of Lazard in Brazil from 2004 to 2016, advising large foreign and Brazilian corporations and their shareholders. Prior to Lazard, from 1990 to 2004, he worked in various areas of ING Bank and ING Barings, serving as President of ING Bank in Brazil from 2001 to 2004.

Mr. Kakinoff holds a graduate degree in Business Administration from Mackenzie University. He currently serves as member of the board of directors of the Company. Mr. Kakinoff also hold the following positions in other companies: (i) member of the board of directors of Porto Seguro S.A.; (ii) member of the board of directors of Grupo Vamos S.A; (iii) member of the board of directors of Tembici S.A; (iv) chief executive officer of GOL Linhas Aéreas since 2012. Mr. Kakinoff began his career as an intern at Volkswagen do Brasil, at the age of seventeen. In the nineteen years in which he worked for the group, he held the positions of Officer of Sales & Marketing, Executive Officer of the Group for South America at the head office (Germany) and, in 2009, he was appointed president of Audi in Brazil, remaining until June, 2012. He was independent member of the board of directors of GOL Linhas Aéreas for two years.

Walter Schalka graduated in Engineering from the Aeronautics Institute of Technology (ITA) and holds postgraduate degrees from the Getulio Vargas Foundation, IMD, and Harvard Business School. He has been the CEO of Suzano S.A. since May 2013 (a position from which he resigned on February 28, 2024, effective July 1, 2024), and is also a member of the following non-statutory committees of the Company: (i) Management and Finance Committee, and (ii) People Committee. Mr. Walter Schalka also holds the following positions in other companies: (i) member of the Board of Directors of FuturaGene Ltd.; (ii) Director of Itacel - Celulose Terminal; (iii) Director of Maxcel Empreendimentos e Participações S.A.; (iv) member of the Deliberative Council of Ibá - Brazilian Tree Industry; (v) member of Parceiros da Educação, a Civil Society Organization; (vi) member of the Deliberative Council of the Brazilian Fund for Biodiversity; (vii) member of the Advisory Board of EB Capital Gestão de Recursos Ltda; and (viii) member of the Board of Directors of Vibra Energia. His main professional experiences in the last 5 years include: (i) Chief Financial and Administrative Officer of Dixie Lalekla; (ii) General Manager of the Dixie Toga Group; and (iii) President of Votorantim Cimentos, part of the Votorantim Group.

Marcos Marinho Lutz graduated in naval engineering from the University of São Paulo and holds an MBA in marketing, operations, and logistics from the Kellogg School of Management. He is currently a member of the Company’s non-statutory Strategy and Innovation Committee. Mr. Lutz also serves as Chairman of the Board of Directors of Grupo Ultra, in addition to being a member of Ultrapar’s People and Sustainability Committee. Since 2021, Mr. Lutz has held the position of Director at Ultra S.A. Participações. He has been a member of the Board of Directors of Corteva Agriscience since 2019. He also served as a member of the Board of Directors of Votorantim S.A. from 2020 to 2024; of Rumo Logística S.A. from 2008 to 2020, where he was Chairman of the Board in 2020. Mr. Lutz was a member of the Board of Directors of Comgás S.A. from 2018 to 2020, Raízen S.A. from 2013 to 2020, Moove S.A. from 2008 to 2020, and Monsanto S.A. from 2014 to 2018. He was also Chief Executive Officer of Cosan S.A. – Indústria e Comércio from 2009 to 2020.

Sustainability Committee - Non-Statutory

Holds a B.Sc. in Agricultural Engineering from Luiz de Queiróz Agriculture School of the University of São Paulo (ESALQ/USP) and completed a non-degree program in Executive Management and Global Strategy Leadership at the Wharton School, University of Pennsylvania. She began her career at DuPont Brasil, in 1981, in the agricultural division, where she held leadership positions in the areas of Regulatory Affairs, Government Relations and Research & Development. In 1996, she transferred to Wilmington, DE, USA, where she held various positions in the areas of Development and Marketing. In 2008, she was promoted to Business Director of DuPont Canada, and was relocated to Mississauga, ON, Canada. From September 2014 to September 2015, she served as global Director of Strategic Planning of the DuPont Crop Protection Division. In October 2015, she returned to Brazil to serve as CEO of DuPont Brazil and Vice-President for Latin America of the Crop Protection Division of DuPont Brazil and Latin America. With the merger of Dow and DuPont in September 2017, she was named Global Chief Strategy and Business Development Officer of Corteva Agrisciences, the Agricultural Division of DowDuPont, in Indianapolis, Indiana. For years, she has served on the Board of Directors of the American Chamber of Commerce (AmCham), of the Brazilian Chemical Manufacturers’ Association (Abiquim), of the Agribusiness Council of the São Paulo State Industry Federation (FIESP) and of the Board of Directors of the Canadian Association of Crop Protection (CropLife Canada). Currently she is a member of the Board of Directors of The International Center in Indianapolis, Indiana and of the Inter-American Dialogue, in Washington, D.C.

Clarissa is a founding partner of Catavento, a strategy and sustainability consulting firm, and president of IBP - Brazilian Petroleum, Gas and Biofuels Institute. Her main fields of expertise are the future of energy, energy transition and climate change. Clarissa also is a fellow at the Energy & Infrastructure Center of the Brazilian Center for International Relations (CEBRI), and a member of the Global Future Council on the Future of Energy of the World Economic Forum. She also is a member of Suzano's Sustainability Committee. Previously, she was a member of the Board of Directors of Petrobras (2018-2019), chairwoman of its HSE Committee and a member of the Audit Committee. She also was a member of the Sustainability Committee of the BoD of Vale (2017-2019). Clarissa holds bachelor's and master's degrees in Economics from PUC-Rio.

He earned a Law degree from Mackenzie University and completed non-degree programs at the Getúlio Vargas Foundation, Harvard University and the Massachusetts Institute of Technology (MIT) in the United States, IMD in Switzerland and London Business School in England. He currently serves as (i) chairman of the board of ICC Brazil; (ii) vice-chairman of the board and member of the Suzano’s Sustainability & Strategy Committee; (iii) vice-chairman of the Board of Curators and of the Arymax Foundation, whose core activity is defending social rights; (iv) chairman of the board and vice-chairman of the Superior Council of the Ecofuturo Institute – Future for Sustainable Development, whose core activity is defending social rights; (v) chairman of the board of Brazil's Forestry Industry Association (Ibá); (vi) member of the board of the Industrial Development Studies Institute (IEDI); (vii) founding member of the board of Compromisso Todos Pela Educação (All for Education Commitment); (viii) member of the board of the São Paulo State Industry Federation (FIESP); (ix) member of the board of the Competitive Brazil Movement (MBC); and (x) executive member of the board of ICC Global; president of the Intelligent Tech & Trade Initiative (ITTI).

Holds a B.A. in Business Administration in Brazil and completed non-degree programs at Harvard Business School, Columbia University, IMD (Switzerland), The Aspen Institute, Singularity University and Stanford University. At the companies in Suzano’s economic group, he has held and/or holds the following offices: (i) since 2003, as chairman of the board and coordinator of the Management & Financial Committee; since 2006, as coordinator of the Sustainability & Strategy Committee, and also as a member of the Strategy & Innovation Committee and of the People Committee; (ii) since 2003, as the chief executive officer of Suzano Holding S.A., a publicly traded company whose core business is holding interests in other companies; (iii) since 2001, as a board member and the chief executive officer of Polpar S.A., a publicly traded company whose core business is holding interests in other companies; (iv) since 2004, as the chief executive officer of IPLF Holding S.A., a closely held company whose core business is holding interests in other companies; (v) from 2001 to 2015, as vice-chief executive officer and, since April 2015, as chief executive officer of Premesa S.A., a subsidiary of Suzano Holding S.A. whose core business is developing real estate projects. He also is a member of various social and cultural institutions, which include the following capacities: chairman of the board of the ALEF-Peretz School; member of the Deliberative Board of Associação Beneficiente Israelita Brasileira Hospital Albert Einstein; vice-chairman of the board and chairman of the Superior Council of the Ecofuturo Institute – Future for Sustainable Development.

Ms. Moll has a degree in Hotel Management, an Executive MBA from Fundação Dom Cabral an executive course from Harvard University, Insper and Insead. She currently serves as member of the board of directors of the Company. Mr. Moll also holds the following positions in other companies: (i) member of the board of directors of MDS; (ii) member of the ESG and People Committee of Bionexo, and (iii) member of the Board of the ELF (Group of Empowerment and Female Leadership of the Israeli Federation of the State of São Paulo (Federação Israelita do Estado de São Paulo – FISESP). Gabriela started her career at GI - Grupo de Incentivo and in 2010 founded AG Sport, a consultancy specializing in the idealization and organization of large events, in which she was responsible for the development of the company’s commercial and strategy area. In 2015, she joined Dotz, working on the business development fronts and implementing a new 100% digital self-service model to open up the small business market. At Suzano S.A., as of 2017, she led the communication of products and the digital transformation of the Paper and Packaging Unit. Also at Suzano, after its merger with Fibria, she worked in the integration cell responsible for monitoring the synergies arising from the merger.

CEO, Grupo Lorentzen: Grupo Empreendedor Inovador, Founding Partner of Aracruz Celulose, Cia de Navegacao Norsul, New Steel among others. Chairman HBS Latin America Advisory Board, Board Member of the CLP, Member of Advisory Board of WWF-Brasil, Endeavor Ambassador.

Fernando de Lellis Garcia Bertolucci é graduado em Engenharia Agrônomica, possui mestrado em Melhoramento Genético, doutorado Honoris Causa pela ESAL/UFLA e cursos de especialização em Manejo Florestal (UFLA), Gestão Empresarial (Fundação Dom Cabral), Product Development (University of Cambridge, Inglaterra), Driving Strategic Innovation (IMD, Suíça) e Global Executive Academy (MIT, EUA). Atualmente, é membro do Comitê de Sustentabilidade da Companhia. O Sr. Fernando Bertolucci também ocupa os seguintes cargos em outras companhias: (i) Membro do Conselho da Ecofuturo; (ii) Fundador e CEO da Inovitae Innovation and Sustainability Consulting; (iii) membro do Comitê Consultivo da Inventta; (iv) membro do conselho de administração da Morfo. O Sr. Bertolucci atuou por 34 anos na Suzano e para o setor, sendo o seu último cargo Vice-Presidente Executivo de Sustentabilidade, Pesquisa e Inovação.

Fábio Barbosa holds a degree in Business Administration by the Getúlio Vargas Foundation of São Paulo and holds an MBA from the Institute for Management Development (IMD), in Lausanne, in Switzerland. He currently serves as a member of the Sustainability Committee of the Company. Mr. Barbosa currently holds the following positions in other companies: (i) Chief Executive Officer and member of the Board of Directors of Natura &Co Group, as well as chairman of the People and Organizational Development and Group Operational Committee; (ii) Member of The Board of Directors of Itaú Unibanco Holding S.A.; (iii) Member of the Board of Directors of the Brazilian Metalworking and Mining Company—CBMM; (iv) Member of the board of directors of AMBEV S.A; (v) Member of the Investments Committee of Gávea Investments; (vi) Member of the board of directors of UN Foundation; (vii) Member of the board of directors of Instituto Empreender Endeavor; (viii) Member of the Board of Directors of the Public Leadership Center—CLP; (ix) Executive Chairman of The Board of Directors of Itaú Foundation. His main professional experiences in the last five years include acting as: (i) President of Bank ABN Amro Real and with the acquisition of Bank Real by Santander, he became president of Santander Brazil. (ii) President of Febraban. Between 2011 and early 2015, he was president of Abril Mídia. Currently, Fábio is also a board member of Empreender Endeavor Institute; vice-president of the board of directors of Fundação Itaú; member of the Board of the Public Leadership Center (CLP) and the UN Foundation, on the UN support. In 2011, he was recognized a Personality of the Year, by the Brazil-United States Chamber of Commerce, in New York. In 2012, he received the prize Campeões da Terra, granted by PNUMA (United Nations Environmental Program), due to his business vision. And in 2017, he was recognized by the Worldfund for Education for bringing the topic of value to the forefront of the discussion. 

Walter Schalka graduated in Engineering from the Aeronautics Institute of Technology (ITA) and holds postgraduate degrees from the Getulio Vargas Foundation, IMD, and Harvard Business School. He has been the CEO of Suzano S.A. since May 2013 (a position from which he resigned on February 28, 2024, effective July 1, 2024), and is also a member of the following non-statutory committees of the Company: (i) Management and Finance Committee, and (ii) People Committee. Mr. Walter Schalka also holds the following positions in other companies: (i) member of the Board of Directors of FuturaGene Ltd.; (ii) Director of Itacel - Celulose Terminal; (iii) Director of Maxcel Empreendimentos e Participações S.A.; (iv) member of the Deliberative Council of Ibá - Brazilian Tree Industry; (v) member of Parceiros da Educação, a Civil Society Organization; (vi) member of the Deliberative Council of the Brazilian Fund for Biodiversity; (vii) member of the Advisory Board of EB Capital Gestão de Recursos Ltda; and (viii) member of the Board of Directors of Vibra Energia. His main professional experiences in the last 5 years include: (i) Chief Financial and Administrative Officer of Dixie Lalekla; (ii) General Manager of the Dixie Toga Group; and (iii) President of Votorantim Cimentos, part of the Votorantim Group.

Philippe Joubert holds a degree in Economics from ESSEC. He is currently a member of the Company’s Sustainability Committee. Mr. Philippe Joubert is the founder and CEO of Earth on Board. In addition, he serves as Senior Advisor to the WBCSD – World Business Council for Sustainable Development, and as a member of the International Advisory Board of the World Energy Council (WEC). He is also a member of the Board of Directors of Voltalia, a renewable energy developer, a listed company of the Mulliez family group. He has served as Non-Executive Director and Chairman of the Strategy and Sustainability Committee of ENEO, Electricity of the Republic of Cameroon, and of Nexans, as well as a member of Nexans’ Advisory Board in South America. He acted as Chairman of the Corporate Leaders Group on Climate Change under HRH Prince Charles, was a member of the Advisory Board of the University of Cambridge Institute for Sustainability Leadership and is a Fellow of this Institute. Mr. Philippe Joubert is also a member of several corporate boards and advisor to CEOs of major global companies. Previously, Philippe was President of Alstom Power and Deputy CEO of the Alstom Group.

Management and Finance Committee - Non-Statutory

Holds a B.A. in Business Administration in Brazil and completed non-degree programs at Harvard Business School, Columbia University, IMD (Switzerland), The Aspen Institute, Singularity University and Stanford University. At the companies in Suzano’s economic group, he has held and/or holds the following offices: (i) since 2003, as chairman of the board and coordinator of the Management & Financial Committee; since 2006, as coordinator of the Sustainability & Strategy Committee, and also as a member of the Strategy & Innovation Committee and of the People Committee; (ii) since 2003, as the chief executive officer of Suzano Holding S.A., a publicly traded company whose core business is holding interests in other companies; (iii) since 2001, as a board member and the chief executive officer of Polpar S.A., a publicly traded company whose core business is holding interests in other companies; (iv) since 2004, as the chief executive officer of IPLF Holding S.A., a closely held company whose core business is holding interests in other companies; (v) from 2001 to 2015, as vice-chief executive officer and, since April 2015, as chief executive officer of Premesa S.A., a subsidiary of Suzano Holding S.A. whose core business is developing real estate projects. He also is a member of various social and cultural institutions, which include the following capacities: chairman of the board of the ALEF-Peretz School; member of the Deliberative Board of Associação Beneficiente Israelita Brasileira Hospital Albert Einstein; vice-chairman of the board and chairman of the Superior Council of the Ecofuturo Institute – Future for Sustainable Development.

Ms. Moll has a degree in Hotel Management, an Executive MBA from Fundação Dom Cabral an executive course from Harvard University, Insper and Insead. She currently serves as member of the board of directors of the Company. Mr. Moll also holds the following positions in other companies: (i) member of the board of directors of MDS; (ii) member of the ESG and People Committee of Bionexo, and (iii) member of the Board of the ELF (Group of Empowerment and Female Leadership of the Israeli Federation of the State of São Paulo (Federação Israelita do Estado de São Paulo – FISESP). Gabriela started her career at GI - Grupo de Incentivo and in 2010 founded AG Sport, a consultancy specializing in the idealization and organization of large events, in which she was responsible for the development of the company’s commercial and strategy area. In 2015, she joined Dotz, working on the business development fronts and implementing a new 100% digital self-service model to open up the small business market. At Suzano S.A., as of 2017, she led the communication of products and the digital transformation of the Paper and Packaging Unit. Also at Suzano, after its merger with Fibria, she worked in the integration cell responsible for monitoring the synergies arising from the merger.

Castelli consolidated his long career as executive in the pulp & paper industry, where he has held leadership positions in production, projects and business areas in major companies in the sector.

He holds a B.Sc. in Mechanical Engineering and an MBA in Business Administration and has also completed continuing education programs in international executive schools.

Holds a B.Sc. in Mechanical Engineering from the University of São Paulo (USP) and a graduate degree in Finance from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ) and pursued a doctoral degree in Economics from the University of Campinas (Unicamp). Currently he holds the following offices: (i) since 2008, as a member of the Board of Directors and of the Sustainability and Strategy Committee of the Company; (ii) since 1998, as vice-chairman of the board of WEG S/A, a publicly traded company that manufactures, produces and markets industrial systems, machinery and equipment; (iii) since 2004, as vice-chairman of the board of Iochpe-Maxion S.A., a publicly traded company that manufactures and distributes engines, agriculture machinery and equipment and components for the steel, rail and automotive industries; (iv) since 2002, as a board member of Ultrapar Participações S.A., a publicly traded company that invests capital in the retail, industrial, agricultural and services sectors; and (v) as a board member of Itaú-Unibanco from 2012 to 2017. From 1972 to 1990, he worked at the Brazilian Development Bank (BNDES), where he was a director from 1987 to 1990. From 1990 to 1994, he was general corporate officer of the Iochpe-Maxion Holding Indústria Group, and from 1995 and 2008, he was CEO of Perdigão S.A. From 2007 to April 2013, he was chairman of the board of BRF - Brasil Foods, a publicly traded company that produces, markets and commercially explores food products in general.

Mr. Kakinoff holds a graduate degree in Business Administration from Mackenzie University. He currently serves as member of the board of directors of the Company. Mr. Kakinoff also hold the following positions in other companies: (i) member of the board of directors of Porto Seguro S.A.; (ii) member of the board of directors of Grupo Vamos S.A; (iii) member of the board of directors of Tembici S.A; (iv) chief executive officer of GOL Linhas Aéreas since 2012. Mr. Kakinoff began his career as an intern at Volkswagen do Brasil, at the age of seventeen. In the nineteen years in which he worked for the group, he held the positions of Officer of Sales & Marketing, Executive Officer of the Group for South America at the head office (Germany) and, in 2009, he was appointed president of Audi in Brazil, remaining until June, 2012. He was independent member of the board of directors of GOL Linhas Aéreas for two years.

Rodrigo Calvo Galindo has been the Chief Executive Officer of COGNA EDUCAÇÃO S.A. since 01.01.2011. He has been managing educational institutions for over 28 years. He was CEO of Kroton Educacional, Director of Operations and Director of College Education at Kroton Educacional, CEO of Grupo Educacional IUNI, Administrative Dean of the University of Cuiabá and responsible for the management, accreditation and implementation of college education institutions in Bahia, Mato Grosso , Amapá, Acre and Rondônia. Rodrigo Calvo Galindo is currently a member of the Board of Directors of Cogna, Burger King Brasil, Clínica SIM and Endeavor and was a member of the Board of Directors of Arezzo.

Walter Schalka graduated in Engineering from the Aeronautics Institute of Technology (ITA) and holds postgraduate degrees from the Getulio Vargas Foundation, IMD, and Harvard Business School. He has been the CEO of Suzano S.A. since May 2013 (a position from which he resigned on February 28, 2024, effective July 1, 2024), and is also a member of the following non-statutory committees of the Company: (i) Management and Finance Committee, and (ii) People Committee. Mr. Walter Schalka also holds the following positions in other companies: (i) member of the Board of Directors of FuturaGene Ltd.; (ii) Director of Itacel - Celulose Terminal; (iii) Director of Maxcel Empreendimentos e Participações S.A.; (iv) member of the Deliberative Council of Ibá - Brazilian Tree Industry; (v) member of Parceiros da Educação, a Civil Society Organization; (vi) member of the Deliberative Council of the Brazilian Fund for Biodiversity; (vii) member of the Advisory Board of EB Capital Gestão de Recursos Ltda; and (viii) member of the Board of Directors of Vibra Energia. His main professional experiences in the last 5 years include: (i) Chief Financial and Administrative Officer of Dixie Lalekla; (ii) General Manager of the Dixie Toga Group; and (iii) President of Votorantim Cimentos, part of the Votorantim Group.

People Committee - Non-Statutory

Holds a B.Sc. in Mechanical Engineering from the University of São Paulo (USP) and a graduate degree in Finance from the Pontifical Catholic University of Rio de Janeiro (PUC-RJ) and pursued a doctoral degree in Economics from the University of Campinas (Unicamp). Currently he holds the following offices: (i) since 2008, as a member of the Board of Directors and of the Sustainability and Strategy Committee of the Company; (ii) since 1998, as vice-chairman of the board of WEG S/A, a publicly traded company that manufactures, produces and markets industrial systems, machinery and equipment; (iii) since 2004, as vice-chairman of the board of Iochpe-Maxion S.A., a publicly traded company that manufactures and distributes engines, agriculture machinery and equipment and components for the steel, rail and automotive industries; (iv) since 2002, as a board member of Ultrapar Participações S.A., a publicly traded company that invests capital in the retail, industrial, agricultural and services sectors; and (v) as a board member of Itaú-Unibanco from 2012 to 2017. From 1972 to 1990, he worked at the Brazilian Development Bank (BNDES), where he was a director from 1987 to 1990. From 1990 to 1994, he was general corporate officer of the Iochpe-Maxion Holding Indústria Group, and from 1995 and 2008, he was CEO of Perdigão S.A. From 2007 to April 2013, he was chairman of the board of BRF - Brasil Foods, a publicly traded company that produces, markets and commercially explores food products in general.

Holds a B.A. in Business Administration in Brazil and completed non-degree programs at Harvard Business School, Columbia University, IMD (Switzerland), The Aspen Institute, Singularity University and Stanford University. At the companies in Suzano’s economic group, he has held and/or holds the following offices: (i) since 2003, as chairman of the board and coordinator of the Management & Financial Committee; since 2006, as coordinator of the Sustainability & Strategy Committee, and also as a member of the Strategy & Innovation Committee and of the People Committee; (ii) since 2003, as the chief executive officer of Suzano Holding S.A., a publicly traded company whose core business is holding interests in other companies; (iii) since 2001, as a board member and the chief executive officer of Polpar S.A., a publicly traded company whose core business is holding interests in other companies; (iv) since 2004, as the chief executive officer of IPLF Holding S.A., a closely held company whose core business is holding interests in other companies; (v) from 2001 to 2015, as vice-chief executive officer and, since April 2015, as chief executive officer of Premesa S.A., a subsidiary of Suzano Holding S.A. whose core business is developing real estate projects. He also is a member of various social and cultural institutions, which include the following capacities: chairman of the board of the ALEF-Peretz School; member of the Deliberative Board of Associação Beneficiente Israelita Brasileira Hospital Albert Einstein; vice-chairman of the board and chairman of the Superior Council of the Ecofuturo Institute – Future for Sustainable Development.

Ms. Moll has a degree in Hotel Management, an Executive MBA from Fundação Dom Cabral an executive course from Harvard University, Insper and Insead. She currently serves as member of the board of directors of the Company. Mr. Moll also holds the following positions in other companies: (i) member of the board of directors of MDS; (ii) member of the ESG and People Committee of Bionexo, and (iii) member of the Board of the ELF (Group of Empowerment and Female Leadership of the Israeli Federation of the State of São Paulo (Federação Israelita do Estado de São Paulo – FISESP). Gabriela started her career at GI - Grupo de Incentivo and in 2010 founded AG Sport, a consultancy specializing in the idealization and organization of large events, in which she was responsible for the development of the company’s commercial and strategy area. In 2015, she joined Dotz, working on the business development fronts and implementing a new 100% digital self-service model to open up the small business market. At Suzano S.A., as of 2017, she led the communication of products and the digital transformation of the Paper and Packaging Unit. Also at Suzano, after its merger with Fibria, she worked in the integration cell responsible for monitoring the synergies arising from the merger.

Castelli consolidated his long career as executive in the pulp & paper industry, where he has held leadership positions in production, projects and business areas in major companies in the sector.

He holds a B.Sc. in Mechanical Engineering and an MBA in Business Administration and has also completed continuing education programs in international executive schools.

Mr. Kakinoff holds a graduate degree in Business Administration from Mackenzie University. He currently serves as member of the board of directors of the Company. Mr. Kakinoff also hold the following positions in other companies: (i) member of the board of directors of Porto Seguro S.A.; (ii) member of the board of directors of Grupo Vamos S.A; (iii) member of the board of directors of Tembici S.A; (iv) chief executive officer of GOL Linhas Aéreas since 2012. Mr. Kakinoff began his career as an intern at Volkswagen do Brasil, at the age of seventeen. In the nineteen years in which he worked for the group, he held the positions of Officer of Sales & Marketing, Executive Officer of the Group for South America at the head office (Germany) and, in 2009, he was appointed president of Audi in Brazil, remaining until June, 2012. He was independent member of the board of directors of GOL Linhas Aéreas for two years.

Rodrigo Calvo Galindo has been the Chief Executive Officer of COGNA EDUCAÇÃO S.A. since 01.01.2011. He has been managing educational institutions for over 28 years. He was CEO of Kroton Educacional, Director of Operations and Director of College Education at Kroton Educacional, CEO of Grupo Educacional IUNI, Administrative Dean of the University of Cuiabá and responsible for the management, accreditation and implementation of college education institutions in Bahia, Mato Grosso , Amapá, Acre and Rondônia. Rodrigo Calvo Galindo is currently a member of the Board of Directors of Cogna, Burger King Brasil, Clínica SIM and Endeavor and was a member of the Board of Directors of Arezzo.

Walter Schalka graduated in Engineering from the Aeronautics Institute of Technology (ITA) and holds postgraduate degrees from the Getulio Vargas Foundation, IMD, and Harvard Business School. He has been the CEO of Suzano S.A. since May 2013 (a position from which he resigned on February 28, 2024, effective July 1, 2024), and is also a member of the following non-statutory committees of the Company: (i) Management and Finance Committee, and (ii) People Committee. Mr. Walter Schalka also holds the following positions in other companies: (i) member of the Board of Directors of FuturaGene Ltd.; (ii) Director of Itacel - Celulose Terminal; (iii) Director of Maxcel Empreendimentos e Participações S.A.; (iv) member of the Deliberative Council of Ibá - Brazilian Tree Industry; (v) member of Parceiros da Educação, a Civil Society Organization; (vi) member of the Deliberative Council of the Brazilian Fund for Biodiversity; (vii) member of the Advisory Board of EB Capital Gestão de Recursos Ltda; and (viii) member of the Board of Directors of Vibra Energia. His main professional experiences in the last 5 years include: (i) Chief Financial and Administrative Officer of Dixie Lalekla; (ii) General Manager of the Dixie Toga Group; and (iii) President of Votorantim Cimentos, part of the Votorantim Group.

Appointment and Compensation Committee - Non-Statutory

Mr. Kakinoff holds a graduate degree in Business Administration from Mackenzie University. He currently serves as member of the board of directors of the Company. Mr. Kakinoff also hold the following positions in other companies: (i) member of the board of directors of Porto Seguro S.A.; (ii) member of the board of directors of Grupo Vamos S.A; (iii) member of the board of directors of Tembici S.A; (iv) chief executive officer of GOL Linhas Aéreas since 2012. Mr. Kakinoff began his career as an intern at Volkswagen do Brasil, at the age of seventeen. In the nineteen years in which he worked for the group, he held the positions of Officer of Sales & Marketing, Executive Officer of the Group for South America at the head office (Germany) and, in 2009, he was appointed president of Audi in Brazil, remaining until June, 2012. He was independent member of the board of directors of GOL Linhas Aéreas for two years.

Lilian Guimarães holds a degree in Business Administration from the Getúlio Vargas Foundation, with a specialization in HR from the same institution, a postgraduate degree from Senac, and certification in coaching from the Ecosocial Institute. She is also certified in Corporate Governance from the Dom Cabral Foundation. Currently, she serves as a member of the Company's Nomination and Remuneration Committee. Ms. Lilian Guimarães is an executive with over 30 years of experience in Human Resources, where she has led various projects focusing on the importance of human capital in business management, making HR a strategic partner in these processes. With experience as an executive and member of executive committees of large national and multinational organizations, she has developed her career especially in the financial market, notably as Vice President of Human Resources at Natura from 2013 to 2015 and at ABN Amro-Real and Santander Banks between 2000 and 2013. Currently, she serves on company boards and HR committees, and also acts as a mentor to professionals from various Fields.

Compensation - Statutory Executive Board of Officers

The Company’s compensation policy was approved at a Board of Directors meeting and all executive officers have at least one sustainability target linked to their variable compensation (representing at least 10% of their short-term variable compensation).

Below is the compensation structure of Suzano’s Executive Board:

Fixed Compensation

Members of the Executive Board will be entitled to fixed compensation, which is established in accordance with market standards and is designed to compensate, attract and retain executives who add value to the Company’s results.

Variable Compensation

The members of the Executive Board are entitled to variable compensation and are eligible to participate in short-term incentive plans, including the payment of bonuses, charges, and profit sharing, as a form of reward for achieving goals that support the Company’s short-term strategy.

Additionally, the members of the Executive Board are eligible to participate (i) in the Phantom Shares Plan, which, through a mechanism for granting the right to receive the profitability of gains related to the Company’s amount generation, reflected in the appreciation of the price of shares issued by it (Phantom Shares), it rewards executives for achieving the Company’s performance results that support the Company’s medium and long-term strategic purposes; and (ii) in the Performance Share Plan, which, through the Performance Shares grant mechanism, rewards executives for achieving goals based on performance indicators and/or strategic priority metrics for the Company, determined in said Plan, which support the Company’s medium and long-term strategic purposes.

Both parts of the variable compensation are designed to align the executives with the shareholders’ purposes and the Company’s sustainability.

Both the fixed and variable compensation of the members of the Executive Board are established, under market standards, through surveys conducted by renowned consultancies specialized in the subject.

The table below indicates the percentage of the portion of fixed compensation (salary / management fees (pro labore), direct and indirect benefits and post-employment benefits), short-term variable compensation (bonus and profit sharing) and long-term variable compensation (share-based) for 2023:

Fixed Compensation Short-Term Variable Compensation Long-Term Variable Compensation
35% 25% 40%

Benefits

The Company grants the following benefits to Executive Board members: food and meal vouchers, group life insurance, personal accident insurance, private pension plan, health check-up, health plan, dental plan and vehicle.

Similar to compensation, the benefits established also follow market standards through research conducted by a renowned consulting firm specializing in the subject.

Measurement - Total Shareholder Return (TSR)

Total Shareholder Return is a concept used to measure the performance of different companies’ shares in a given period, combining the stock price to show the total return for shareholders. The share price at the time of redemption is multiplied by the TSR during the period (which varies between 75% and 125%), depending on the performance of the SUZB3 share in relation to its industry peers in Brazil – “Reference Group.”

TSR is calculated based on the variation in the share price (average of the last 90 trading sessions) of the “Reference Group” on the grant date and the redemption date. The return on Suzano’s shares (SUZB3) during the period will then be compared to that of the “Reference Group” and, depending on its position in the comparison, we have the following TSRs:

The companies in the “Reference Group” are:

Reference Group Stock Exchange
Klabin B3
Empresas CMPC Santiago Stock Exchange
International Paper NYSE
Suzano B3
UPM Helsinki Stock Exchange
Ranking - TSR Performance Factor
1st 125%
2nd 112.5%
3rd 100%
4th 87.5%
5th 75%

Number of shares/phantom shares held by the Executive Board in the 1st Half of 2026:

Plans 2026 2027 2028 2029 2030 Total
Performance Share Plan** 232,651 145,505 81,913 601,304 119,027 1,180,400
Phantom Share Plan* 194,305 220,217 244,627 - - 659,149
Total 426,956 365,722 326,540 601,304 119,027 1,839,549

* Plan with immediate settlement after end of grace period.

** Considering the end of the grace period with lock-up period of three years.

Code of Conduct

Suzano’s Code of Conduct is widely disseminated to all stakeholders to express and reaffirm our business commitment and what we expect from our business partners.

Another channel is the Reporting Channel, managed by an independent company, which also receives reports by telephone (0800 771 4060), email: suzano@denuncias.contatoseguro.com.br and website: www.contatoseguro.com.br/en/suzano.