Results
4Q24/2024
March 13th, 2025
Headlines
4Q24 | 2024
Pro forma Adjusted & Recurring EBITDA
R$2,441 million in 2024, including
the 49% of EBITDA from LD Celulose
- Wood Division driving the results for both the quarter and full year, with high levels of demand and strong pricing levels for panels
- Recovery of the Metals & Sanitary Ware Division versus 2023, coupled with an upturn in results
- Unstable macro scenario impacting economic variables, together with the seasonality of the period, has slowed the results recovery
- LD Celulose: Record EBITDA arising from effective cost management and operational efficiency. Net Income impacted by one-off financial charges
Recurring Net Revenue | |
& Gross Margin | +12% |
R$ million / % |
8.235
+6%7.383
1.949 2.064
26,0% | 26,5% | 33,5% | 31,2% |
4Q23 | 4Q24 | 2023 | 2024 |
Net Revenue | Pro-forma Gross | ||
Margin% |
Adjusted & Recurring EBITDA and Margin
R$ million / %
+22%
+16%
2.441 | |||||
20,8% | 18,0% | 2.007 | 792 | ||
613 | 1.650 | ||||
561 | 649 | 1.393 | |||
157 | 277 | 18,9% | 20,0% | ||
404 | 372 | ||||
4Q23 | 4Q24 | 2023 | 2024 | ||
Adj. & Recurring | Adjusted & Recurring | EBITDA | |||
EBITDA - LD | EBITDA | Margin % | |||
Celulose |
Recurring Net Income
R$ million
168
90
77
(4)
(80)
(84)
4Q23 4Q24
Adjusted & Recurring
Net Income
-69%
649
278
201
371
274
(73)
2023 2024
Adjusted & Recurring Net Income - LD Celulose
Cash Flow
4Q24 | 2024
- Increase in Sustaining Cash Flow in 2024, reaching R$391 million for the year
- CGL/Net Revenue at a level consistent with cash strategy and previous years.
- Investment Cycle 2021-2025 reaching a conclusion, with disbursement in 2024 of:
- R$231 million: New Tiles unit at Botucatu;
- R$108 million: improvement to the metals mix and sanitary ware automation;
- R$40 million: growth in the forestry base in the North-East and improvement to the panels mix
- R$10 million: DX Ventures
Free Cash Flow YTD | Working Capital/Net Revenue | ||||||||||||||||||||||
R$ million / % | |||||||||||||||||||||||
2023 | 2024 | 28% | 1 | 1 | |||||||||||||||||||
1,651 | 12% | 10% | 15% | 12% | 17% | 15% | 15% | 11% | |||||||||||||||
1,393 | |||||||||||||||||||||||
447 | 2019 | 2020 | 2021 | 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | ||||||||||||||
363 391 | |||||||||||||||||||||||
197 | |||||||||||||||||||||||
CAPEX R$ million / % | |||||||||||||||||||||||
(79) (107) | |||||||||||||||||||||||
(330)(314) | Investment | 4Q23 | 4Q24 | 2023 | 2024 | ||||||||||||||||||
(477) | Forestry OPEX | 112 | 138 | 368 | 569 | ||||||||||||||||||
(687) | (711) | (693)(705) | Maintenance | 134 | 134 | 343 | 303 | ||||||||||||||||
Recurring | Working Financial Flow | (873) | Taxes Sustaining FCL Projects ² | FCL Total | Sustaining CAPEX3 | 247 | 272 | 711 | 873 | ||||||||||||||
Sustaining | |||||||||||||||||||||||
EBITDA | Capital | CAPEX | Projects4 | 189 | 103 | 693 | 516 | ||||||||||||||||
1 - Discounting one-off items from 4Q23 | 2 - Projects (R$516 million) and LD Celulose contribution| 3 - Maintenance, factory upgrades and business sustaining | 4 - Projects 4Q24: R$73.7 Investment Cycle, R$1.3 DX Ventures, R$ 27.7 other projects.
Corporate Debt
4Q24 | 2024
- Reduction in the average cost of debt on a quarterly and annual comparison, while maintaining the average term
- 100% of Corporate Debt linked to the CDI
- Leverage of 3.01x, returning to 2022 levels
Amortization Timeline | 17% | Financial Leverage | |||||||||||||||||||||||||
Short | |||||||||||||||||||||||||||
R$ million | R$ million | ||||||||||||||||||||||||||
Avge Term¹ | Average Cost | 83% | Term | Net Debt | Net Debt/Recurring EBITDA (UDM) | ||||||||||||||||||||||
3.47x | 3.46x | ||||||||||||||||||||||||||
4.4 years | 103.3% of CDI | Long | 3.11x | 3.32x | 3.10x | 3.01x | |||||||||||||||||||||
2,868 | |||||||||||||||||||||||||||
2,504 | |||||||||||||||||||||||||||
4,706 | 4,922 | 5,224 | 5,215 | 4,973 | |||||||||||||||||||||||
Revolving | 750 | 4,336 | |||||||||||||||||||||||||
Credit | 1,118 | 1,089 | 1,016 | ||||||||||||||||||||||||
Cash | 1,754 | 587 | |||||||||||||||||||||||||
47 | |||||||||||||||||||||||||||
Cash | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | |||||||||||||||||||||
3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | ||||||||||||||||||||||
Position (R$) | and after | ||||||||||||||||||||||||||
1 - Average weighted debt term
WOOD
Sector Environment
Wood Panels
IBÁ data1
vs 2023 | 4Q24 | 2024 |
M. Domestic | +12.9% | +16.4% |
M. Foreign | -9.2% | +35.4% |
Total panels
Volume 000m3 | +19% |
+10% | 9,469 | |
7,989 | ||
2,108 | 2,324 |
4Q23 | 4Q24 | 2023 | 2024 |
- The mass-produced furniture market sustained strong demand throughout the year (MDP and MDF), exceeding the levels seen during the pandemic
- Elevated cost scenario during the quarter impacted results from the foreign markets
MDF Domestic Market | MDP Domestic Market | ||||
Volume 000m3 | Volume 000m3 | ||||
+20% | +10% | ||||
+17% | 5,313 | +6% | |||
4,424 | 2,943 | ||||
2,670 | |||||
1,163 | 1,358 | 734 | |||
690 | |||||
4Q23 | 4Q24 | 2023 | 2024 | 4Q23 | 4Q24 | 2023 | 2024 |
1 - At the end of 2024, the IBÁ revised its volume estimates for non-associated companies, impacting the annual volume
Results
Wood
- Record1 Adjusted & Recurring EBITDA for the full year 2024, closing out the period with R$1.514 million and a margin of 28.3%, with a strategic forestry trading complementing the production of wood panels
- Seasonality and scheduled maintenance shutdowns reduced quarterly volumes and Net Revenue, maintaining similar levels to those in 2023;
- Increase in costs already hitting the quarterly results, mainly arising from the cost of dollarized inputs and raw materials
Capacity Utilization 4Q24 | 2024
%
Total | MDF | MDP |
95% | ||
96% | 94% | |
Total
93% MDF MDP
93% 93%
Volume | Recurring Net Revenue | ||||||
000m3 | & Pro-forma Gross Margin | ||||||
R$ million / % | +11% | ||||||
+14% | 4,831 | 5,351 | |||||
3,074 | +2% | ||||||
2,706 | |||||||
+1% | |||||||
1,298 | 1,326 | ||||||
722 | 732 | 30.4% | 26.6% | 39.7% | 35.1% | ||
4Q23 | 4Q24 | 2023 | 2024 | 4Q23 | 4Q24 | 2023 | 2024 |
Pro-forma Gross |
Net Revenue | Margin |
1 - Considers Nominal result | 2 - The Adjusted & Recurring EBITDA is net of the effects of changes to biological assets.
Adjusted & Recurring EBITDA2 and Margin
R$ million / %
+8% | |||
-20% | 1,400 | 1,514 | |
439 | 350 | 29.0% | 28.3% |
33.8% | 26.4% | ||
4Q23 | 4Q24 | 2023 | 2024 |
EBITDA | |||
Adjusted & Recurring EBITDA | Margin % |
Results
Recurring Net Revenue
R$ million | +23% |
LD Celulose
R E S U L T S R E L A T E T O 1 0 0 % O F T H E O P E R A T I O N
+63%2,425
975
598
2,976
- Record Net Revenue and Adjusted & Recurring EBITDA for the full year 2024 confirming operational excellence and the competitive advantages of the commodity
- Cost diligence minimizing the impact of a strong Dollar on the main consumables
- Appropriation of charges from the previous debt structure, punctually affecting Net Income in 4Q24
4Q23 4Q24 2023 2024
Adjusted & Recurring EBITDA and Margin
R$ million / % | +29% |
+77%
1,616
566 1,254
321 | 58.0% | 54.3% | ||
53.6% | 51.7% | |||
4Q23 | 4Q24 | 2023 | 2024 | |
Adjusted & Recurring EBITDA | EBITDA Margin % | |||
Net Income | ||||
R$ million / % | 567 |
184
(163)(149)
4Q23 4Q24 2023 2024
FINISHINGS FOR
CONSTRUCTION
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