SUZB3 Suzano

Suzano S.A. is a Brazilian company with integrated operations in the pulp and paper segments. Its origins date back to 1924, when Leon Feffer began working in the trade of domestic and imported paper. The industrial trajectory started with the acquisition of the first paper machine in the late 1930s, evolving into the establishment, in the 1950s, of Companhia Suzano de Papel e Celulose, regarded as a pioneer in the use of eucalyptus pulp on an industrial scale. In the mid-1960s, this operation began producing printing and writing paper using 100% eucalyptus pulp. The current Suzano S.A. was originally incorporated in 1987 as Bahia Sul Celulose S.A., in a joint venture with the then Companhia Vale do Rio Doce, became a publicly traded company in 1992 and, after a series of corporate restructurings, merged the former Companhia Suzano in 2004. The company joined B3’s Level 1 of corporate governance in 2004 and migrated to the Novo Mercado segment in 2017, consolidating its structure as Suzano S.A. after the merger of Fibria in 2019. Suzano’s common shares are traded on B3 under the ticker SUZB3 and also on the New York Stock Exchange through Level II ADRs.

Suzano’s business model is based on a vertically integrated chain that covers the establishment and management of planted eucalyptus forests, the production of pulp and the manufacturing of various types of paper and consumer goods based on cellulosic fiber. The company operates predominantly in two major operating segments: pulp and paper. The pulp portfolio includes short-fiber eucalyptus market pulp, mainly targeted for export, and fluff pulp, used, among other applications, in absorbent hygiene products. In the paper segment, the company produces coated and uncoated printing and writing papers, paperboard and tissue paper, including toilet paper and other consumer items. Although it has initiatives in adjacent businesses, such as lignin and forest biotechnology, revenue generation remains concentrated in the sale of pulp and papers with different specifications and industrial and consumer applications.

Suzano’s operating structure comprises a forest base of millions of hectares and an industrial complex distributed across several regions of Brazil, with integrated and non-integrated pulp, paper and tissue units. As of December 31, 2024, the company held around 3.2 million hectares of land, including owned, leased, partnership and fostered areas, of which approximately 1.7 million hectares were devoted to eucalyptus plantations and 1.2 million hectares to environmental conservation. Installed capacity for market pulp production reached 13.4 million tons per year, complemented by capacities of 1.7 million tons per year in paper and packaging and around 280 thousand tons in consumer goods. The industrial complex includes integrated pulp and paper mills in the state of São Paulo (Suzano and Limeira units), a non-integrated paper unit in Rio Verde (SP), integrated pulp, paper and tissue units in Mucuri (BA) and pulp and tissue in Imperatriz (MA), as well as the large market pulp unit in Ribas do Rio Pardo (MS), which began operations in 2024. Following the business combination with Fibria, market pulp mills in Três Lagoas (MS), Jacareí (SP) and Aracruz (ES) were added, as well as interests in Veracel, in Eunápolis (BA), and in Portocel, a port terminal specialized in pulp in Espírito Santo.

The pulp segment accounts for most of Suzano’s revenue. In 2024, consolidated net revenue reached approximately R$ 47.4 billion, of which about 79% came from the pulp segment and 21% from the paper segment, a ratio similar to that observed in previous periods. The company has a significant presence in the international market: in the same year, around 79.8% of net revenue came from export sales, underscoring the export-oriented profile of its operations, especially in market pulp. According to data from specialized consulting firms cited by the company, Suzano was, at the end of 2024, the world’s largest producer of eucalyptus pulp and also the largest global producer of market pulp. In the domestic paper market, it held a relevant share, accounting for a significant portion of printing and writing paper and paperboard sales in Brazil, in addition to a growing presence in tissue papers, reinforced by acquisitions such as Facepa and, in 2023, Kimberly-Clark’s tissue business in the country, including the Neve brand.

Suzano’s customer base is diversified, with no material concentration in a single buyer on an annual consolidated basis, both in the domestic and foreign markets. Market pulp is supplied to global manufacturers of printing papers, packaging, sanitary papers and other fiber-based products, while the company’s papers serve segments such as publishing, office supplies, cartonboard packaging and consumer goods. In the 2024 fiscal year, no customer accounted for more than 10% of total net revenue, although, in certain interim periods, some customers exceeded 10% within specific pulp or paper segments. This diversified client portfolio helps dilute commercial dependence risks, while reinforcing the company’s role as a supplier of industrial inputs and forest-based products to different global value chains.

Geographically, Suzano maintains administrative offices in São Paulo (SP) and Salvador (BA), in addition to industrial units in states such as São Paulo, Bahia, Maranhão, Mato Grosso do Sul, Espírito Santo, Pará and Ceará. Its logistics for shipping production combines road, rail and waterway modes, with units such as Jacareí (SP), Três Lagoas (MS) and Imperatriz (MA) connected by rail to major ports such as Santos (SP) and Itaqui (MA). The average distance between eucalyptus forests and mills, around 187 km in 2024, is cited as a structural competitiveness factor, reducing transportation costs and associated environmental impact. Abroad, Suzano maintains subsidiaries and representative offices in countries such as China, the United States, Switzerland, Argentina, the Netherlands and Austria, as well as research laboratories in Israel, Canada and Brazil itself, which underpins its global presence in sales and technological development.

Suzano’s operations are subject to a broad regulatory framework involving environmental licenses, forest authorizations and specific rules for logistics and infrastructure. In its port and waterway transport activities, the company falls under the regulation of the Ports Law at the federal level and is supervised by agencies such as the National Waterway Transport Agency (ANTAQ) and the Ministry of Infrastructure, with respect to the operation of organized ports, port terminals and related activities. In addition, its forestry activities and industrial pulp and paper operations require compliance with Brazilian environmental legislation at the federal, state and municipal levels, as well as adherence to international technical standards for emission control, effluent quality and use of natural resources.

In innovation and sustainability, Suzano invests in biotechnology, advanced forest management and the development of new materials from cellulosic biomass. The acquisition of FuturaGene, a biotechnology company, strengthened its in-house capabilities in eucalyptus genetic improvement, including the development of higher-yield genetically modified eucalyptus approved by the National Technical Commission on Biosafety. In 2022, the company created Suzano Ventures, a corporate venture capital vehicle focused on startups working with cellulosic biomass technologies, cellulosic packaging, forest agtech and solutions for carbon capture and management. Since 2022, it has also been a participant in Biomas, a business alliance dedicated to the restoration, conservation and preservation of native forests in Brazil. Environmentally, the company maintains extensive conservation areas, complies with legal reserve and permanent preservation requirements and uses ECF bleaching processes for pulp and, to a lesser extent, TCF, with effluent treatment aligned with Brazilian and international standards.

From a corporate governance and capital structure standpoint, Suzano is a publicly held company listed on B3’s Novo Mercado, with common shares SUZB3 representing 100% of voting capital, and maintains a Level II ADR program on the NYSE, with each ADS backed by two common shares. As of June 30, 2025, the share capital consisted of slightly more than 1.26 billion common shares, with around 49% free float, indicating a dispersed shareholder base. Consolidated financial results point to a large-scale operation, with total assets exceeding R$ 150 billion and significant Adjusted EBITDA generation, reflecting the company’s relevance in the global pulp and paper chain and its position among the leading Brazilian exporters of industrial forest products, through shares traded on B3 under the ticker SUZB3.