SNSY5: quote, dividends and indicators for Sansuy

Sansuy S.A. Indústria de Plásticos is a Brazilian company founded on May 9, 1966, in São Paulo, originally focused on producing high‑pressure‑resistant hoses for agricultural spraying. A few years after its creation, in 1968, its corporate structure was changed from a limited liability company to a corporation, bringing together dozens of individual shareholders. A key milestone in its industrial trajectory came in 1970 with the introduction in Brazil of reinforced PVC synthetic tarpaulins under the Vinilona brand and the development of inflatable warehouses, products that helped consolidate the company’s presence in transport and storage solutions. Starting in 1972, construction began on the industrial plant in Embu das Artes (SP), which was completed in 1975 with Japanese PVC calendering technology for large‑scale production of flexible laminates, allowing the company to expand capacity and its role in the road cargo covering market.

Over the following decades, Sansuy structured a business model based on the production and commercialization of simple and reinforced flexible PVC laminates, with applications across multiple sectors of the economy. The company went public on April 30, 1980, and its shares started trading on the stock exchange, currently under the tickers SNSY3, SNSY5 and SNSY6 on B3. Its growth strategy has combined organic expansion, alliances and financial restructurings, including transactions with the BNDES System, partnerships with petrochemical companies such as Braskem S.A. and Elekeiroz S.A., as well as internationalization starting in 1982 through exports of flexible PVC laminates to the United States. The company also carried out the merger of Sansuy S/A into Sansuy do Nordeste in 1994, unifying operations under its current name and seeking scale gains, productivity improvements and cost rationalization.

Sansuy’s main current activities are concentrated in two major business units: PVC Flexible Laminates and Finished Products and Plastic Pipes. The first segment is the company’s historical core and accounts for the largest share of consolidated net revenue, with participation around 69% to 71% in recent years. Simple and reinforced PVC laminates are both inputs and finished products used in applications related to environmental protection, agribusiness, road cargo transport, civil construction, mining, energy, sanitation, and the automotive, footwear and furniture industries, as well as leisure and visual communication. In the Plastic Pipes segment, mainly through its subsidiary Kanaflex S.A. Indústria de Plásticos, the company produces high‑density polyethylene (HDPE) pipes and flexible PVC hoses, serving civil construction, basic sanitation, irrigation, various industries, and the protection of underground electrical and telecommunications cables.

From an industrial standpoint, PVC laminate production is concentrated in the Embu das Artes (SP) and Camaçari (BA) units. The process begins with calendering, which produces non‑reinforced PVC films used for items such as adhesive tape films and pool liners. These films can subsequently be bonded to high‑tenacity polyester fabrics in equipment called a Coater, resulting in reinforced laminates with different degrees of flexibility for applications such as Vinilona tarpaulins, truck covers, visual communication and coatings for the automotive industry. In the fabrication areas, also located in Embu das Artes and Camaçari, these reinforced laminates are turned into truck covers, grain trailers, side‑curtain trailers (siders), dump truck covers, flexible containers, covers for framed warehouses, ventilation ducts, waterproofing membranes, tanks for storage and transport of liquids, fish farming and shrimp farming tanks, biodigesters and other customized solutions, using cutting, welding, sewing and stamping processes in accordance with technical standards such as ABNT, ASTM, DIN and JIS.

In the Plastic Pipes segment, Kanaflex S.A. operates a plant in Embu das Artes dedicated to manufacturing PVC hoses by extrusion, producing spiral hoses in more than 50 configurations for industrial equipment, agricultural implements, spraying, suction and discharge of different products. Kanaflex Indústria e Comércio de Plásticos Ltda., also in Embu das Artes and a subsidiary of Kanaflex S.A., has a set of extruders for large‑diameter HDPE pipes, up to 3,000 mm, used in sewage and stormwater drainage infrastructure, drainage channels, telecommunications, electric power and sanitation. Corrugated structured‑wall pipes stand out for their lower weight compared with traditional technologies, higher hydraulic efficiency and durability, while solid‑wall and flexible pipes are used for Non‑Destructive Method (NDM) installations in telecom and power networks. There are also helically corrugated pipes for underground cable protection, approved by power and telecommunications utilities throughout Brazil, as well as perforated drainage pipes for highways, airports, ports and railways.

Sansuy’s product distribution combines direct sales with the use of commercial representatives and specialized subsidiaries. In the laminates and finished products segment, sales occur mainly through direct sales, complemented by representatives operating in specific niches such as the footwear sector and bus body manufacturers, as well as Viniartefatos Comércio, which distributes manufactured products. At Kanaflex, sales also take place through representatives and direct channels. Delivery logistics are outsourced and rely on carriers for different modes of transport, with products shipped in formats suited to their nature, such as coils in the case of laminates. The customer base is broad, with more than 3,000 active buyers across different sectors of the thermoplastics industry, which reduces revenue concentration in a few clients and mitigates dependence risk.

Geographically, Sansuy concentrates its sales in the Brazilian market, with predominant participation from the Southeast and South regions. In the PVC Flexible Laminates and Finished Products operations, approximately half of sales go to the Southeast region, followed by the South, with a relevant share, and additional presence in the Northeast and other regions. A portion of sales is directed to the foreign market, mainly to South American countries, accounting for between 8% and 11% of total consolidated revenue in recent years. At subsidiary Kanaflex S.A., regional distribution is also led by the Southeast, followed by the South and Northeast, with smaller participation from other Brazilian regions and a modest but steady percentage of exports to South American markets.

Sansuy operates in an intensely competitive environment, typical of the plastics industry in Brazil. In the domestic market for PVC laminates and finished products, the company faces competition from large local manufacturers and imported products, especially from Asia, whose growing share in simple and reinforced laminates puts pressure on margins and market share. In addition, the sector is characterized by concentration among suppliers of key raw materials such as polyvinyl chloride (PVC), plasticizers, polyester yarns and additives, which affects price negotiations and delivery times. The company maintains market‑based relationships with suppliers, continuously qualifying and evaluating its main partners and seeking new ones, while remaining exposed to the price volatility of petrochemical commodities and exchange‑rate fluctuations.

From a regulatory standpoint, Sansuy operates with the authorizations and licenses required, including those issued by environmental and safety agencies such as CETESB, IBAMA, the Fire Department, the Civil Police and the Federal Police. The company states that it continuously monitors the conditions required to maintain these licenses, incorporating practices for responsible use of natural resources, waste management and environmental preservation into its operational routines. There is no material dependence on third‑party patents, brands, licenses, concessions, franchises or royalty agreements, although the company holds its own trademarks and patents for some products. Internationally, no foreign regulations with a material impact on the business have been identified, since most of its revenue is generated in Brazil.

Regarding environmental, social and governance (ESG) practices, Sansuy states that it is in the process of structuring its formal strategy and has not yet published a specific annual report or public materiality matrix. Nonetheless, the company internally prepares an inventory of greenhouse gas (GHG) emissions based on the GHG Protocol methodology, covering scopes 1 and 2, with results under internal review and scheduled for future disclosure. The company indicates that it has environmental performance indicators to monitor resource consumption, waste generation and emissions, partially guided by objectives related to water, energy, responsible production and climate change, although it has not fully adopted TCFD recommendations or a unified ESG framework. Among its stated values, ethics, responsibility, commitment to the community and preference for partners that act responsibly toward the environment stand out, which tends to influence how operations are conducted and how suppliers are selected along the value chain. Sansuy shares continue to trade on B3 under the tickers SNSY3, SNSY5 and SNSY6, providing investors with exposure to the laminates and plastic pipes segment with a strong presence in Brazilian industry.