Suzano S.a. · BMFBOVESPA:SUZB3
Suzano — Q1 2025 Earnings Presentation
10 slides from Suzano's earnings presentation, May 9, 2025
Slide 1: Earnings Conference Call 1Q25
Earnings Conference Call 1Q25
Slide 2: Disclaimer
Disclaimer 2 This presentation contains what are considered “forward-looking statements,” as defined in Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with words such as “believe,” “may,”
Slide 3: Highlights
3 Adjusted EBITDA: Liquidity3 : 2.7 million tons (vs. 3.3 million tons 4Q24 and 2.4 million tons 1Q24) Pulp: 329 thousand tons (vs. 367 thousand tons 4Q24 and 256 thousand tons 1Q24) Paper and packaging1: Pulp Inventory: Normalized operational level Operating Cash Generation2: Cash cost ex-downtimes
Slide 4: Paper and Packaging Business
2,199 2,102 1,666 468 634 430 468 560 406 5,994 5,715 5,980 6,215 769 349 144 1,262 Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1Q24 4Q24 1Q25 152 230 161 103 82 79 55 89256 367 329 1Q24 4Q24 1Q25 LTM 1Q25 Brazilian operations (domestic) 4 Paper Adjusted EBITDA and EBITDA Margin² R$ MM Consoli
Slide 5: Pulp Business
624 583 556 3,500 Average FX 3,902 5,730 4,254 624 2,401 3,284 2,651 PULP BUSINESS Sales Volume (‘000 ton) 1Q24 4Q24 1Q25 11,114 LTM 1Q25 Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) 21,218 1Q24 4Q24 1Q25 R$4.95 R$5.84 R$5.85 Commercial strategy led to lower volume
Slide 6: Pulp Cash Cost – 1Q25 vs. 4Q24 and 1Q24
186 342 363 318 340 (34) 1Q24 19 Wood (10) Input 4 Fixed Cost 0 Energy 34 FX 190 (34) 1Q25 812 859 +6% 174 359 190 316 363 340 (42) 4Q24 24 Wood 4 Input 16 Fixed Cost 8 Energy 0 FX (34) 1Q25 807 859 +6% PULP BUSINESS Pulp Cash Cost – 1Q25 vs. 4Q24 (ex-downtimes – R$/ton) Pulp Cash Cost – 1Q25 vs. 1Q
Slide 7: Financial Management: Net Debt, Leverage and Liquidity
2.9 0.6 0.8 1.6 1.6 2.5 7.51.3 0.5 0.7 0.8 5.0 3.0 8.2 (12.8) Net Debt Dec. 2024 0.5 Capital for Allocation¹ (0.2) Capex ex-maintenance (12.5) Pro-forma Mar. 2025 (0.4) Share buyback and Interest on Equity (12.9) Net Debt Mar. 2025 3.6 3.3 3.13.5 2.9 3.0 Net Debt (US$ billion) 7 Dec/24Mar/24 Mar/25
Slide 8: Financial Management: FX Hedging and Financial Results
5.44 6.28 71% FX gap coverage Notional @ Mar/25: US$7.3 billion Current portfolio – ZCC Cash Flow Hedging FX volatility in the period enabled better hedging strikes. FINANCIAL MANAGEMENT (R$)Financial Results - 1Q25 (R$ billion) -1.1 5.7 3.1 -0.0 0.1 7.7 0.4 Effects related to cash flow hedge Net in
Slide 9: Looking ahead…
Looking ahead… o Cash production cost decline in the coming quarters. o Free cash flow generation in any pulp price scenario. o Suzano Packaging US operations on track to breakeven. o Strategic focus on deleveraging and strengthening competitiveness. 1Q25
Slide 10: Q&A 1Q25 Investor Relations
Q&A 1Q25 Investor Relations ir.suzano.com.br ri@suzano.com.br