1Q14 Results May 8, 2014

Operating Data – Net Revenue

2

By Product By Segment

Net Revenue 1Q13 1Q14 Var

R$ 252.7 million R$ 263.4 million 4.2%

Furniture Industry

43%

Construction40%

Retail10%

Export Market

7%Paint

Segment22%

Other3% MDP

25%

T-HDF/MDF

21%

Fiberboard

20%

Laminated

Flooring9%

1Q13 1Q14

1,703.1 1,743.6

Total Market ('000 m³)

Wood Segment

3 Source: ABIPA

1T06 1T07 1T08 1T09 1T10 1T11

100

110

120

106

114 108

100

118

130

104

139 138

Eucatex Mercado

Net Revenue

1Q13 1Q14 Var

R$ 198.6 million R$ 196.4 million -1.1%

MDP33%

T-HDF/MDF29%

Fiberboard 26%

Laminated Flooring

12%

Market

Wood Segment

Non-Resin Panels (Fiberboard)

Installed Capacity Utilization – 1Q14

4

Resin Panels

Breakdown of Costs – 1Q14

All Panels

Wood16%

Coating (Paper and Paint)

8%Other Materials

30%

Labor22%

Electricity8%

Thermal Power7% Depreciation

9%

Wood15%

Coating (Paper)

20%Other Materials

15%

Resin 27%

Labor7%

Electricity5%

Thermal Power

3% Depreciation8%

Wood16%

Coating (Paper)

15%Other Materials

21%

Resin 18%

Labor12%

Electricity6%

Thermal Power

4% Depreciation8%

Fiberboard(240,000 m³/year)

T-HDF/MDF(275,000 m³/year)

MDP(430,000 m³/year)

Laminated Flooring(12 million m²/year)

78%93% 86%

33%

8%

1T14

56%

1Q13 1Q14

64.4 66.3

Paint Segment

Breakdown of Costs – 1Q14 Installed Capacity Utilization

Total Capacity – 36 million gallons / year

5

Market – Million Gallons

Source: Eucatex

Net Revenue

1Q13 1Q14 Var

R$ 48.5 million R$ 59.1 million 21.7%

Market

1Q14

Raw Material75%

Packaging15%

Labor6% Electricity

1% Other Costs2%

Depreciation1%

Financial Data

6

NOTE: Non-recurring results – 1Q13 and 1Q14 – Terminations, labor claims and installment payments.

Highlights (R$ million) 1Q14 V.A. % 1Q13 V.A. % Var. (%)

Net Revenue 263.4 100.0% 252.7 100.0% 4.2%

Fair value of biological assets 11.9 4.5% 11.3 4.5% 5.8%

Cost of goods sold (192.5) -73.1% (181.4) -71.8% 6.1%

Gross income 82.9 31.5% 82.6 32.7% 0.3%

Gross Margin (%) 31.5% 32.7% -1.2 p.p.

Administrative expenses (14.2) -5.4% (12.8) -5.0% 11.5%

Selling expenses (37.6) -14.3% (34.0) -13.5% 10.6%

Other operating income and expenses (2.3) -0.9% (0.3) -0.1% -723.8%

EBITDA adjusted by non-cash events 42.2 16.0% 50.2 19.9% -15.9%

EBITDA Margin (%) 16.0% 19.9% -3.8 p.p.

Adjusted Recurring EBITDA 47.8 18.1% 52.4 20.8% -8.8%

Adjusted Recurring EBITDA Margin (%) 18.1% 20.8% -2.6 p.p.

Net financial result (5.6) -2.1% (8.2) -3.2% 31.6%

Non-recurring results (5.6) -2.1% (2.2) -0.9% -148.4%

Income and social contribution taxes (5.8) -2.2% (5.0) -2.0% 16.2%

Net Income 11.7 4.4% 20.1 8.0% -41.8%

Recurring Net Income 17.3 6.6% 22.4 8.9% -22.6%

Debt Profile

Debt

7

Debt (R$ million) 1Q14 2013 Var. (%)

Short-Term Debt 116.9 121.1 -3.5%

Long-Term Debt 180.3 182.7 -1.3%

Gross Debt 297.2 303.8 -2.2%

Cash and Cash Equivalents 10.3 20.7 -50.4%

Net Debt 286.9 283.1 1.4%

% Short-Term Debt 39% 40% -0.5 p.p.

Net Cash (Debt)/EBITDA 1.5 1.4 8.2%

Short Term39%

Long Term61%

Capex

8

Planned for 2014 R$ 100.7 million

Investments Made

1Q13 1Q14

Salto 8.00 12.800

Botucatu 6.300 2.700

Tintas .700 2.500

Sivicultura 8.900 9.100

Leasing 1.700 1.400

R$28.4 million

Total ForestR$10.7 million

R$25.7 million

Total ForestR$10.5 million

Panel

Factories46%

Paints

5%

Forest48%

Other

1%

8.0

6.3

0.7

8.9

1.7

12.8

2.7

2.5

9.1

1.4

76 farms with

eucalyptus

plantations,

totaling

46,000

hectares

Average Radius

Salto Botucatu

187 km 51 Km

Sustainability – Forestry and Recycling

9

Newly Planted Forests (hectares)

Volume Processed (ton) - Recycling

Total Processing Capacity - Recycling

Ton/Year Equivalent to

Trees Forests

240,000 ton 2 million / year 1,500 hectares

Gains in Wood Purchases – Recycling

Wood Market *

Recycled Variation Consump. Dry Ton Gain

R$210.60 ton/dry

R$148.58 ton/dry

R$62.02 ton/dry

20,679 R$1,282

thousand

* Wood chips - CIF

2010 2011 2012 2013 1Q14

4,080

5,036

4,603 4,579

523 1Q12 1Q13 1Q14

22,789

28,368

24,328

José Antonio G. de Carvalho Executive VP and IRO

Sergio Henrique Ribeiro Controller

Waneska Bandeira Investor Relations

(55 11) 3049-2473

ri@eucatex.com.br

www.eucatex.com.br/ri

IR Contacts