Dexco S A : Results Presentation 1Q24

Quarterly Results

1Q24

Pro-forma Adjusted & Recurring EBITDA of R$554.5 million in 1Q24, including the 49.0% from LD Celulose;

Sustaining Cash Flow of R$116.6 million, impacted by the consumption of Working Capital, arising from the quarterly increase in sales and from the reforesting process.

WOOD

WOOD

Sale of 759.1k m³ in 1Q24, an increase of 17.5% versus 1Q23, driven by the quarterly gains in market share.

Increase in utilization, with greater dilution of fixed costs, and forestry business leading to an improvement of 3.8 p.p. in Adjusted & Recurring EBITDA margin versus 1Q23.

Another record quarter for the division: Adjusted & Recurring EBITDA of R$ 439.3 million in 1Q24, with a margin of 33.0%.

DISSOLVING WOOD PULP

Scheduled maintenance shutdown having returned from the process with the same levels of quality and utilization.

Cost pressures from the shutdown and lower dilution of fixed costs impacted margins even with a slight price increase;

Pro-forma Recurring EBITDA (Dexco's share) of R$ 112.8 million in 1Q24, with a margin of 38.8%.

MARKET CAP

| GRI 102-7

R$6,206.5

million

NUMBER OF SHARES

820,566,246

FINISHINGS FOR

CONSTRUCTION

METALS & SAN WARE

Net Revenue of R$ 393.5 million, an growth of 3.9% versus 1Q23, driven by an improvement in the mix;

Having overcome the temporary factory shutdowns in 4Q23, the Division saw a quarterly reduction in costs;

Adjusted & Recurring EBITDA of negative R$ - 1.7 million in 1Q24.

TILES

Quarterly improvement in market share led by sales initiatives with an increase of 14% in volumes versus 1Q23;

Profitability boosted by a greater level of factory utilization, free of maintenance shutdowns, which was reflected in the cost improvements;

Adjusted & Recurring EBITDA returning to positive numbers, at R$ 4.1 million for 1Q24.

CLOSING SHARE

PRICE

R$7.68

TREASURY SHARES

12,424,043

INVESTOR RELATIONS | | GRI 2-3		Live
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1Q24

Consolidated Financial Results

In BRL '000	1Q24	1Q23	%	4Q23	%
Highlights
Volume shipped Metals and Sanitary Ware ('000 items)	4.278	4.304	-0,6%	4.607	-7,1%
Volume shipped Tiles (m²)	3.986.490	3.496.802	14,0%	3.842.447	3,7%
Volume shipped Wood (m³)	759.069	646.280	17,5%	722.421	5,1%
Consolidated Net Revenue	1.935.987	1.712.018	13,1%	1.948.683	-0,7%
Gross profit	550.333	663.424	-17,0%	505.117	9,0%
Gross profit - Pro Forma (1)	555.590	663.424	-16,3%	506.692	9,7%
Gross margin	28,4%	38,8%	-10,3 p.p.	25,9%	2,5 p.p.
Gross margin - Pro Forma (1)	28,7%	38,8%	-10,1 p.p.	26,0%	2,7 p.p.
EBITDA according to CVM No. 527/12 (2)	449.768	635.679	-29,2%	609.774	-26,2%
EBITDA Mg CVM No. 527/12	23,2%	37,1%	-13,9 p.p.	31,3%	-8,1 p.p.
Adjustments for non-cash events	(38.410)	(238.490)	-83,9%	(73.316)	-47,6%
Non-recurring events (3)	(328)	(2.816)	-88,4%	(42.017)	-99,2%
Dissolving Wood Pulp	30.709	(43.244)	N/A	(89.973)	N/A
Adjusted and Recurring EBITDA (4)	441.739	351.129	25,8%	404.468	9,2%
Adjusted and Recurring EBITDA margin (4)	22,8%	20,5%	2,3 p.p.	20,8%	2,1 p.p.
Pro-Forma Adjusted and Recurring EBITDA (including Dexco's	554.521	484.338	14,5%	561.193	-1,2%
share of LD Celulose) (5)
Net Income	(35.102)	154.329	N/A	195.433	N/A
Recurring Net Income (1)(3)	26.969	109.227	-75,3%	77.494	-65,2%
Recurring Net Margin (1)(3)	1,4%	6,4%	-5,0 p.p.	4,0%	-2,6 p.p.
INDICATORS
Current ratio (6)	1,70	1,58	7,6%	1,60	6,3%
Net debt (7)	4.922.369	4.284.452	14,9%	4.336.351	13,5%
Net debt / EBITDA LTM(8)	3,32	2,71	22,5%	3,11	6,8%
Average Shareholders' equity	6.508.818	5.998.374	8,5%	6.232.271	4,4%
ROE (9)	-2,2%	10,3%	-12,5 p.p.	12,5%	-14,7 p.p.
Recurring ROE	1,7%	7,3%	-5,6 p.p.	5,0%	-3,3 p.p.
SHARES
Earnings per share (BRL) (10)	(0,0488)	0,1828	N/A	0,2314	N/A
Closing share price (BRL)	7,68	5,88	30,6%	8,07	-4,8%
Net equity per share (BRL)	7,89	7,47	5,6%	7,92	-0,5%
Treasury Shares	12.424.043	29.138.345	-57,4%	12.424.043	0,0%
Market Cap (BRL1.000)	6.206.532	4.750.575	30,6%	6.521.708	-4,8%

1. Cost of Goods Sold: 1Q24: Restructuring Tiles: (+) R$5.257 k; 4Q23: Restructuring Tiles: (+) R$1.575k;
2. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): measure of operating performance in accordance with CVM Instruction 156/22.
3. Non-recurringevents detailed in the attachment to this material.
4. EBITDA adjusted for non-cash events arising from variation in the fair value of biological assets and combination of businesses, in addition to extraordinary events.
5. Pro-formaAdjusted and Recurring EBITDA also including Dexco's share of the Recurring EBITDA arising from LD Celulose;
6. Current liquidity: Current assets divided by current liabilities. Indicates the amount available in R$ to cover each R$ of short-term obligations.
7. Net Corporate Debt: Total Financial Debt (-) Cash.
8. Financial leverage calculated on the rolling EBITDA over the last 12 months, adjusted for events of a purely accounting and non-cash nature.
9. ROE (Return on Equity): measure of performance obtained by taking the annualized Net Earnings over the period, annualized, and dividing by Average Net Equity.
10. Net earnings per share is calculated by dividing the earnings attributable to the company's shareholders by the average weighted number of ordinary shares issued during the period, excluding the ordinary shares held by the Treasury.

2

1Q24

MARKET SCENARIO

2024 began with slightly more positive signs of an economic recovery in Brazil, with the continuation of cuts in basic interest rates and a fall in the default rate. Given this scenario, with a reduction in the level of family income committed to debt repayments and a consequent increase availability in income, there was an increase in the Retail Construction Retail Index published by the Brazilian Institute of Geography and Statistics (IBGE). In this sense, the panels market continues to perform well. However, even though these effects begin to show their first signs in the segments of operation of the Finishes Division, they are not yet reflected in Dexco's 1Q24 results due to still high levels of inventory throughout the supply chain.

In 1Q23, the Tiles sector, according to data released by the National Association of Ceramic Tiles Manufacturers (ANFACER), showed an increase of 4.0% in sales of ceramic tiles, while the Brazilian Association of the Construction Materials Industry (ABRAMAT), reported a 3.0% increase in gross deflated revenue. According to the Brazilian Tree Industry (IBÁ), the sector showed growth of 17.5% over the period.

The resilient performance of panels, with a significant increase in volumes and a greater dilution of fixed costs, coupled with the successful forestry business transactions, led the Wood Division to end 1Q24 with another quarterly record Adjusted and Recurring EBITDA, at R$439.3 million, with a margin of 33.0%. This represents a 32.5% increase in the raw total and a 3.8 p.p. increase in margin versus 1Q23.

Once the unscheduled shutdowns were overcome in the Finishings for Construction Division, which were aimed at reducing inventories in 4Q23 and impacted significantly costs, the Division saw a noteworthy quarterly improvement in its results. The Metals and Sanitary Ware Division reported an Adjusted and Recurring EBITDA of negative R$1.7 million for 1Q24. The Tiles Division, meanwhile, reported a positive Adjusted and Recurring EBITDA of R$4.1 million for the same period. The Finishings Division reported a positive financial result of R$2.4 million.

In 1Q24, LD Celulose carried out its scheduled maintenance shutdown, which was more extensive than in 1Q23. The lower dilution of fixed costs, plus the drop in the price of pulp, led to a 15.0% reduction in Adjusted and Recurring EBITDA versus the same period the prior year, closing out the quarter at R$231.0 million, R$112.8 million pertaining to Dexco. In addition to the costs arising from the scheduled maintenance shutdown, LD Celulose's Net Income was hit by a fall in the purely accounting effects of the Variation in the Fair Value of Biological Assets, as wood prices stabilized.

In 2024, the Company remains focused on maximizing the profitability of its operations, especially with respect to delivering its 2021-2025 Cycle projects, and on disciplined control of costs, expenses and investment. Even given the uncertain scenario regarding the local tax framework and geopolitical tensions, Dexco remains alert to market movements and is ready to provide its customers and consumers with the highest levels of service.

3

1Q24

Consolidated Financial Results GRI 3-3

NET INCOME

For the quarter, Net Revenue showed annual growth of 13.1% versus 1Q23, with improvement across all Divisions, especially Wood, supported by a solid performance in the panels segment and proactive forestry business. In the Finishings Division growth was boosted by an improvement in the mix for Metals and Sanitary Ware, together with an increase in the market share for Tiles and a bump in volumes. Dexco ended 1Q24 with a Net Revenue of R$ 1,936.0 million.

	Net Revenue Breakdown
	1Q24 (%)
	11%
	Wood
20%	Metals and San. Ware

Tiles

69%

In comparison to 4Q23, Dexco reported a slight drop in Net Revenue, the seasonality of Metals and Sanitary Ware volumes largely offset by the ongoing increase in market share for Tiles and Panels.

As for the external market, in line with the performance of the panel segment, in 1Q24 Dexco showed an increase of approximately 8.3% in the total volume exported, compared to a 1.9% decrease in revenue from this channel compared to 1Q23.

BRL '000 - consolidated	1Q24	1Q23	%	4Q23	%
Net Revenue	1,935,987	1,712,018	13.1%	1,948,683	-0.7%
Domestic market	1,597,550	1,366,927	16.9%	1,636,794	-2.4%
Foreign Market	338,437	345,091	-1.9%	311,889	8.5%

EFFECT OF VARIATION IN THE FAIR VALUE OF BIOLOGICAL ASSETS AND DEPLETION

Since the end of 2022, Dexco has been readjusting the value of its biological assets, to reflect increases in the price of wood traded on the market. Throughout 2023, the Fair Value of Biological Assets continued its significant upward trend but, with the price of wood starting to stabilize at these higher prices, the value of the Fair Value of Biological Assets fell 82.4% versus 1Q23, 41.5% less than for 4Q23.

The estimated devaluation of Biological Assets is reported as Depletion. In the face of a scenario of increasing wood prices, plus the forestry business, Depletion represented a significant impact during the period.

It should be noted that the price of sales transactions in the market is included in the calculation of the value of biological assets, as is the productivity of the Company's forests. The variation in the value of biological assets and depletion have no cash effect on Dexco's results.

COST OF GOODS SOLD

The Pro-forma Cash Cost - cost of goods sold net of depreciation, amortization, and depletion and of the net variation in biological assets - ended 1Q24 at R$1.139.7 million, an increase of 8.0% versus the same period in 2023, due to increased volumes shipped of Panels and Tiles coupled with sale of a higher added value mix in the Metals and Sanitary Ware Division. Versus 4Q23, the 3.1% fall can be explained by a

4

1Q24

reduction in variable costs arising from a fall in the price of urea, a significant input for panel production, as well as the seasonal reduction in volumes sold of Metals and Sanitary Ware.

Dexco reported a Pro-Forma Gross Income of R$555.6 million in 1Q24, a drop of 16.3% versus 1Q23, explained mainly by a decrease in the Variation of the Fair Value of Biological Assets together with higher depletion in the period, resulting from the forestry business carried out, which also led to a 10.1 p.p. decrease in Dexco's Pro-Forma Gross Margin over the same period. In comparison to 4Q23, the improvement in operating results led to an increase of 9.7% in Gross Income, with a 2.7 p.p. increase in Pro- Forma Gross Margin.

BRL´000 - Consolidated	1Q24	1Q23	%	4Q23	%
Cash COGS	(1,144,938)	(1,055,374)	8.5%	(1,178,027)	-2.8%
Non Recurring Event (1)	5,257	-	N/A	1,575	N/A
Cash COGS Pro Forma	(1,139,681)	(1,055,374)	8.0%	(1,176,452)	-3.1%
Variation in fair value of biological assets	42,424	241,546	-82.4%	72,560	-41.5%
Depletion of biological assets	(113,810)	(70,911)	60.5%	(142,340)	-20.0%
Depreciation, amortization and depletion	(169,330)	(163,855)	3.3%	(195,759)	-13.5%
Gross Profit	550,333	663,424	-17.0%	505,117	9.0%
Recurring Gross Profit (1)	555,590	663,424	-16.3%	506,692	9.7%
Gross Margin	28.4%	38.8%	-10.3 p.p.	25.9%	2.5 p.p.
Recurring Gross Margin (1)(2)	28.7%	38.8%	-10.1 p.p.	26.0%	2.7 p.p.

1. One-offevents: 1Q24: Restructuring of Operations (+) R$5.257k; 4T23: Restructuring of Operations: (+) R$1.575k; (2) Pro-forma Gross Income / Pro-forma Consolidated Net Revenue.

SALES EXPENSES

Confident in the strategy of growing the medium and luxury segments of the Finishings for Construction Division, while also strengthening the brands in the marketplace, the Finishings Division again focused investment on marketing activities in 1Q24. In addition, the increase in volumes in the Wood Division together with the review of freight rates led Sales Expenses to close out the quarter at R$281.7 million, an increase of 19.9% in relation to 1Q24.

The 2.3% decrease versus 4Q23 can be explained by the seasonal decrease in volumes sold in the Metals and Sanitary Ware Division, and by the review of consultancy services in the Finishings Division.

BRL´000 - Consolidated	1Q24	1Q23	%	4Q23	%
Sales Expenses	(281,747)	(234,890)	19.9%	(288,475)	-2.3%
% of Net Revenue	14.6%	13.7%	0.8 p.p.	14.8%	-0.3 p.p.

GENERAL AND ADMINISTRATIVE EXPENSES

General and Administrative Expenses closed out the quarter at R$72.6 million, down 12.8% versus 1Q23 and 22.2% versus 4Q23, a result of the Company's diligent management of expenses, illustrating its focus on reducing fixed costs through resource rationalization initiatives. In addition, it is should be noted that 1Q23 was significantly impacted by investment needed to prepare the Company for a change of ERP system (SAP 4/Hana), which was carried out in 3Q23.

BRL'000 - consolidated	1Q24	1Q23	%	4Q23	%
General and Administrative Expenses	(72,644)	(83,284)	-12.8%	(93,408)	-22.2%
% of Net Revenue	3.8%	4.9%	-1.1 p.p.	4.8%	-1.0 p.p.

5

1Q24

EBITDA

Dexco closed out the quarter with an Adjusted and Recurring EBITDA of R$441.7 million, with a margin of 22.8%, an improvement of 25.8% versus 1Q23, a result boosted by the Wood Division's solid performance, which derived from growth in the panels segment and forestry business. In addition, the performance of the Wood Division, allied to the continuous growth of the Tiles Division, more than offset the results from Metals and Sanitary Ware, albeit with cost levels remaining high. On a quarterly comparison, after absorbing temporary shutdowns to reduce inventories in the Finishings Division, the improvement in costs led to a 9.2% increase in Adjusted and Recurring EBITDA versus 4Q23.

Including the 49.0% participation of LD Celulose's results, Dexco's Adjusted and Recurring EBITDA totaled R$554.5 million. It should be noted that, this quarter, LD Celulose's results were significantly impacted by a scheduled maintenance shutdown, leading to a total Recurring EBITDA coming of R$231.0 million, with a margin of 38.8%. Of this amount, R$112.8 million represents 49.0% of Dexco's stake.

The table below shows the reconciliation of EBITDA, in accordance with CVM Instruction 156/22. From this result, and in order to better convey the Company's potential operating cash generation, two adjustments have been made: the exclusion from EBITDA of events of an accounting and non-cash nature, and the disregard of events of an extraordinary nature. Thus, in line with best practices, we present below the calculation of the indicator that best reflects the Company's cash generation potential.

EBITDA reconciliation in BRL'000 - consolidated	1Q24	1Q23	%	4Q23	%
Net income	(35,102)	154,329	N/A	195,433	N/A
Income tax and social contribution	27,588	39,613	-30.4%	(106,686)	N/A
Net financial result	156,981	185,378	-15.3%	150,487	4.3%
EBIT	149,467	379,320	-60.6%	239,234	-37.5%
Depreciation, amortization and depletion	186,491	185,448	0.6%	228,200	-18.3%
Depletion of biological assets	113,810	70,911	60.5%	142,340	-20.0%
EBITDA according to CVM No. 156/22	449,768	635,679	-29.2%	609,774	-26.2%
EBITDA margin CVM No. 156/22	23.2%	37.1%	-13.9 p.p.	31.3%	-8.1 p.p.
Change in fair value of biological assets	(42,424)	(241,546)	-82.4%	(72,560)	-41.5%
Employee benefits	4,014	3,056	31.3%	(756)	N/A
Non-Recurring events (1)	(328)	(2,816)	-88.4%	(42,017)	-99.2%
Dissolving Wood Pulp	30,709	(43,244)	N/A	(89,973)	N/A
Adjusted and Recurring EBITDA (1)	441,739	351,129	25.8%	404,468	9.2%
Adjusted and Recurring EBITDA Margin (1)	22.8%	20.5%	2.3 p.p.	20.8%	2.1 p.p.
Adjusted and Recurring EBITDA - Pro Forma (including	554,521	484,338	14.5%	561,193	-1.2%
Dexco's part in LD Celulose) (2)

1. ) Non-recurring events detailed in the addendum to this report; (2) Pro-forma Adjusted and Recurring EBITDA also includes the Dexco portion of the Recurring EBITDA from LD Celulose.

FINANCIAL RESULTS

In 1Q24, the Pro-Forma Financial Result came in at negative R$157.4 million, a reduction of R$28.0 million versus the same period the previous year, primarily favored by better investment returns, despite the increase in cash position.

When compared to 4Q23, the negative increment of R$6.8 million can be explained by new borrowings undertaken during the period and consequent increase in debt expenses, despite a reduction in the accumulated CDI.

6

1Q24

BRL'000 - consolidated	1Q24	1Q23	%	4Q23	%
Financial Revenues	120,087	84,524	42.1%	113,037	6.2%
Financial Expenses	(277,068)	(269,902)	2.7%	(263,524)	5.1%
Financial Result	(156,981)	(185,378)	-15.3%	(150,487)	4.3%
Non-recurring events (1)	(394)	-	N/A	-	N/A
Recurring Financial Revenues(1)	119,693	84,524	41.6%	113,037	5.9%
Recurring Expenses Revenues(1)	(277,068)	(269,902)	2.7%	(263,524)	5.1%
Recurring Financial Result(1)	(157,375)	(185,378)	-15.1%	(150,487)	4.6%

(1) Non-recurring event: 1Q24: Revenue: interest on the ICMS base for PIS and COFINS (+) R$3,603 k; interest on the ICMS base for PIS and COFINS s/ IR CS (-) R$3,997 k.

NET INCOME

Recurring Net Income for 1Q24 totaled R$27.0 million, while recurring ROE was 1.7%, a drop of 75.3% versus 1Q23. Although Dexco reported an improvement in its operating results, mainly driven by the Wood Division, this could not offset the essentially accounting effect of a decrease in the Variation in the Fair Value of Biological Assets, with the price of wood stabilizing at high levels. This factor also led to a 65.2% drop in Recurring Net Income versus 4Q23.

Given the impacts on costs arising from the scheduled maintenance shutdown and the drop in the Variation in the Fair Value of Biological Assets, the results, via equity equivalence, arising from LD Celulose came in at negative R$30.4 million for the quarter, reflected in the Company's Recurring Net Income. Thus, Pro- Forma Recurring Net Income was negative R$3.7 million for the quarter.

BRL'000 - consolidated	1Q24	1Q23	%	4Q23	%
Net Income	(35,102)	154,329	N/A	195,433	N/A
Non recurring event (1)	31,623	-1,858	N/A	(27,731)	N/A
Dissolving Wood Pulp	30,448	-43,244	N/A	(90,208)	N/A
Recurring Net Income (1)	26,969	109,227	-75.3%	77,494	-65.2%
Recurring Net Income - Pro Forma (including Dexco's part in	(3,741)	152,471	N/A	167,702	N/A
LD Celulose) (2)
ROE	-2.2%	10.3%	N/A	12.5%	N/A
Recurring ROE (1)	1.7%	7.3%	-5.6 p.p.	5.0%	-3.3 p.p.

(1) Non-recurring events detailed in the addendum to this material; (2) Pro-forma Recurring Net Income also includes the Dexco portion of the Recurring EBITDA from LD Celulose.

CASH FLOW GRI 201-1

Dexco ended 1Q24 with a Sustaining Free Cash Flow consumption of R$116.6 million, impacted by greater consumption of working capital, following an increase in revenue, and an increase in Capex spending arising from reforestation. With investment from the 2021-2025 Cycle and other non-recurring projects, Dexco ended the quarter with total cash consumption of R$336.9 million.

The seasonality of the business and the continued growth in the Divisions' market shares and its associated impact on revenue also increased the Client balance with respect to Working Capital. Although Dexco consumed R$339.8 million in Working Capital, with a slight improvement in the Working Capital/Net Revenue ratio, to 16.9%, the figure remains below historical levels. In addition, the high levels of factory utilization in Panels, and related increase in wood consumption, coupled with forestry business, necessitated that the Company reinforce its focus on restoring its forestry base, increasing Sustaining Capex by 14.4% versus 1Q23.

7

1Q24

With respect to investment in projects, the Company invested R$102.9 million in executing the Investment Cycle announced in 2021, in particular, the new Tiles factory in Botucatu (SP). Other strategic projects and non-recurring investments totaled R$117.4 million.

BRL millions	1Q24	1Q23	%	4Q23	%
Adjusted and Recurring EBITDA	441,8	351,2	25,8%	404,5	9,2%
CAPEX Sustaining	(159,7)	(139,6)	14,4%	(246,7)	-35,2%
Financial Flow	(3,2)	(166,3)	-98,1%	(296,3)	-98,9%
Income tax and social contribuition paid	(55,7)	(5,2)	N/A	(26,2)	N/A
Working Capital	(339,8)	(157,2)	N/A	421,1	N/A
Free Cash Flow Sustaining	(116,6)	(117,1)	-0,4%	256,8	N/A
Projects (1)	(220,3)	(141,0)	56,3%	(188,6)	16,8%
Free Cash Flow Total	(336,9)	(258,0)	30,6%	68,2	N/A
Cash Convertion Ratio(2)	N/A	N/A	N/A	63,5%	N/A

1. Projects: 1Q24: Forestry Expansion (-) R$6.7 million, Productivity Projects, Improvement to the Mix and Deca automation (-) R$10.8 million, New Tiles Factory (-) R$76.3 million, Other Projects (-) R$32.6 million, DX Ventures (-) R$9.1 million, LD Celulose (-) R$84.9 million; 4T23: Factory Debottlenecking and Forestry Expansion (-) R$15.9 million, Productivity Projects, Improvement to the Mix e Deca automation (-) R$58.2 million, New Tiles Factory (-) R$88.2 million, Other Projects (-) R$23.1 million, DX Ventures (-) R$3.3 million; 1Q23: Factory Debottlenecking e Forestry Expansion (-) R$12.8 million, Productivity Projects, Improvement to the Mix e Deca automation (-) R$20.9 million, New Tiles Factory (-) R$15.6 million, Other Projects (-) R$17.9 million, DX Ventures (-) R$73.8 million;
2. Cash Conversion Ratio: Free Sustaining cash Flow / Adjusted and Recurring EBITDA.

CORPORATE DEBT

The Company closed out the quarter with consolidated gross debt of R$ 7,745.1 million, an increase of 34.1% versus the same period the prior year. Net Debt totaled R$4,922.4 million, an increase of 14.9% versus the same period of the previous year.

There was a nominal increase of R$ 586.0 million versus 4Q23, explained by an increase in cash consumption from projects and working capital during the quarter. Thus, despite quarterly progress in results, leverage increased by 0.21x, ending the first quarter of the year with a Net Debt/Adjusted and Recurring EBITDA of 3.32x.

As part of the ongoing liability management strategy, in 1Q24, a complement was issued to the Agribusiness Receivables Certificates (CRA) issued in 4Q23, totaling R$ 375.0 million, at a rate of approximately 108.5% of CDI, with 10-year maturity. This new issue contributed to a 0.2-year extension to the Company's average payment term, demonstrating Dexco's continued commitment to its Debt service obligations.

For this period, the average cost of financing was 107.1% of CDI, a decrease of 1.8 p.p. on a quarterly comparison, with an average maturity of 4.5 years.

3,573

	750							Gross corporate debt - 1Q24 (%)
								2,760
								17%
			1,313					Short term
	2,823		945
			1,076	1,043
						Long term
							608
								83%
Cash Position	2024	2025	2026	2027	2028	2029 and after

8

1Q24

BRL'000	03/31/2024	03/31/2023	Var R$	12/31/2023	Var R$
Short-Term debt	1,204,138	713,624	490,514	1,091,758	112,380
Long-Term debt	6,320,438	4,838,573	1,481,865	5,872,773	447,665
Financial instruments	220,546	221,728	(1,182)	157,274	63,272
Total debt	7,745,122	5,773,925	1,971,197	7,121,805	623,317
Cash and equivalent	2,822,753	1,489,473	1,333,280	2,785,454	37,299
Net debt	4,922,369	4,284,452	637,917	4,336,351	586,018
Net debt/Adjusted and Recurring EBITDA	3.32 x	2.71 x	0.61 x	3.11 x	0.21 x
Net debt/Equity (in %)	75.8%	71.0%	4.8 p.p.	66.5%	9.3 p.p.

STRATEGIC MANAGEMENT AND INVESTMENT

The increase in wood consumption, on the back of an increase in panel factory utilization and forestry business, required the Company to reinforce its investment in reforestation, the total invested being R$115.5 million in the quarter, 44.9% more than in 1Q23. As a result, even reducing the amount invested in maintenance, albeit while maintaining operational efficiency, Dexco closed out 1Q24 with a total investment in Sustaining Capex of R$159.7 million, 14.4% higher than for the same period the previous year.

With respect to projects, Dexco remained disciplined in executing the 2021-2025 Cycle, with total expenditure of R$102.9 million, particularly in Tiles, as we approach the start-up of the operation at the new factory in Botucatu (SP), as outlined below:

1. Wood Division: R$6.6 million allocated to forestry expansion in the Northeast and R$ 0.2 million on initiatives aimed at improving the mix;
2. Metals and Sanitary Ware Division: R$10.8 million on projects aimed at increasing productivity, improving the mix and automating sanitary ware;
3. Tiles Division: R$76.3 million advance on constructing the new Ceramic Tiles unit at Botucatu (SP);
4. Corporate Venture Capital, DX Ventures: R$9.1 million.

In addition, the Company also invested R$32.6 million on other strategic projects.

During the quarter, R$135.4 million was spent on the 2021-2025 investment cycle and other projects. Adding in recurring investment in maintenance and the rebuilding of forestry assets, Dexco's total investment in 1Q24 came in at R$295.1 million.

(BRL '000)	1Q24	1Q23	%	4Q23	%
Forestry OPEX	115.5	79.7	44.9%	112.4	2.8%
Maintenance	44.2	59.9	-26.3%	134.3	-67.1%
CAPEX Sustaining	159.7	139.6	14.4%	246.7	-35.3%
Projects2	135.4	141.0	-4.0%	188.6	-28.2%
Total CAPEX	295.1	280.6	5.2%	375.8	-21.5%

(1) Only includes strategic projects.

Finally, the Company remains committed to focusing on the profitability of projects and leveraging the potential value generation of operations as projects in the 2021-2025 Cycle are completed.

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1Q24

Operations GRI 2-2,2-6

WOOD

Wood Panels

HIGHTLIGHTS	1Q24	1Q23	%	4Q23	%
SHIPMENTS (in m³)
STANDARD	382,898	340,237	12.5%	393,399	-2.7%
COATED	376,171	306,043	22.9%	329,022	14.3%
TOTAL	759,069	646,280	17.5%	722,421	5.1%
FINANCIAL HIGHLIGHTS (BRL`000)
NET REVENUE	1,332,448	1,137,403	17.1%	1,298,254	2.6%
DOMESTIC MARKET	1,024,967	828,990	23.6%	1,025,063	0.0%
FOREIGN MARKET	307,481	308,413	-0.3%	273,191	12.6%
Net revenue per unit (BRL/m³ shipped)	1,755	1,760	-0.3%	1,797	-2.3%
Cash cost per unit (BRL/m³ shipped)	(908.6)	(996.8)	-8.8%	(936.0)	-2.9%
Gross profit	440,130	538,683	-18.3%	394,297	11.6%
Gross margin	33.0%	47.4%	-14.3 p.p.	30.4%	2.7 p.p.
Selling expenses	(169,348)	(137,224)	23.4%	(157,416)	7.6%
General and administrative expenses	(31,088)	(33,057)	-6.0%	(34,482)	-9.8%
Operating profit before financial results	226,615	368,291	-38.5%	232,932	-2.7%
Depreciation, amortization and depletion	140,591	134,488	4.5%	170,966	-17.8%
Depletion tranche of biological assets	113,810	70,911	60.5%	142,340	-20.0%
EBITDA according to CVM No. 156/22 (1)	481,016	573,690	-16.2%	546,238	-11.9%
EBITDA margin according to CVM No. 156/22	36.1%	50.4%	-14.3 p.p.	42.1%	9.2 p.p.
Variation in fair value of biological assets	(42,424)	(241,546)	-82.4%	(72,560)	-41.5%
Employee benefits	2,802	936	N/A	(2,629)	N/A
Non-recurring events (2)	(2,049)	(1,534)	33.6%	(32,232)	-93.6%
Adjusted and Recurring EBITDA	439,345	331,546	32.5%	438,817	0.1%
Adjusted and Recurring EBITDA margin	33.0%	29.1%	3.8 p.p.	33.8%	-0.8 p.p.

1. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): measure of operating performance in accordance with CVM instruction 156/22.
2. Non-recurringevents: detailed in the addendum to this material.

10