1. 1Q14 Results
May 8, 2014

2. 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%
Construction
40%
Retail
10%
Export
Market
7%Paint
Segment
22%
Other
3% MDP
25%
T-HDF/MDF
21%
Fiberboard
20%
Laminated
Flooring
9%

3. 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%
MDP
33%
T-HDF/MDF
29%
Fiberboard
26%
Laminated
Flooring
12%
Market

4. Wood Segment
Non-Resin Panels (Fiberboard)
Installed Capacity Utilization – 1Q14
4
Resin Panels
Breakdown of Costs – 1Q14
All Panels
Wood
16%
Coating (Paper
and Paint)
8%Other
Materials
30%
Labor
22%
Electricity
8%
Thermal Power
7% Depreciation
9%
Wood
15%
Coating
(Paper)
20%Other
Materials
15%
Resin
27%
Labor
7%
Electricity
5%
Thermal
Power
3% Depreciation
8%
Wood
16%
Coating
(Paper)
15%Other
Materials
21%
Resin
18%
Labor
12%
Electricity
6%
Thermal
Power
4% Depreciation
8%
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%

5. 1T14
56%
1Q13 1Q14
64.4 66.3
Paint Segment
Breakdown of Costs – 1Q14Installed 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 Material
75%
Packaging
15%
Labor
6% Electricity
1% Other Costs
2%
Depreciation
1%

6. 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%

7. 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
Term
39%
Long
Term
61%

8. 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 Forest
R$10.7 million
R$25.7 million
Total Forest
R$10.5 million
Panel
Factories
46%
Paints
5%
Forest
48%
Other
1%
8.0
6.3
0.7
8.9
1.7
12.8
2.7
2.5
9.1
1.4

9. 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

10. 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