SUZB3: quote, dividends and indicators for Suzano

Suzano S.A. is a forestry-based company with integrated operations in pulp and paper, and is the successor to a business group whose history dates back to 1924, when Leon Feffer began operating in the paper trading business. Its industrial path began with the acquisition of its first paper machine in the late 1930s and gained scale with the incorporation of Companhia Suzano de Papel e Celulose in the 1950s. The company was a pioneer in the industrial use of eucalyptus pulp, being cited as the world’s first producer to use it on an industrial scale and, later, to manufacture 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, and went public in 1992. Throughout the 2000s, it underwent a broad corporate restructuring process, including the merger of Companhia Suzano and a change of corporate name, until it adopted the name Suzano S.A. in 2019, after the business combination with Fibria, which consolidated one of the largest global eucalyptus pulp platforms.

Suzano’s common shares are traded on B3 under the ticker SUZB3, listed on the Novo Mercado segment, and are also listed on the New York Stock Exchange (NYSE) through level II American Depositary Receipts. On June 30, 2025, its capital stock consisted of more than 1.26 billion common shares, with approximately half of the capital in free float. The company operates a vertically integrated business model that covers eucalyptus forest cultivation, market pulp production, the manufacture of printing and writing paper, paperboard and tissue products, as well as logistics activities, port operations, electric power generation and transportation services. This integration allows greater flexibility in allocating production between pulp and paper, depending on market conditions, and contributes to one of the lowest market pulp production costs in the global industry, according to industry studies cited by the company.

Suzano structures its operations in two main segments: pulp and paper. The pulp segment covers the production and sale of eucalyptus short-fiber market pulp and fluff pulp, with a predominant focus on exports, with surplus volumes directed to the domestic market. The paper segment focuses on coated and uncoated printing and writing paper, paperboard and tissue, including cut-size, folio formats and reels. In 2025, consolidated net revenue reached around R$ 50.1 billion, of which approximately 75.5% came from pulp and 24.5% from paper, with a significant share of export sales, which accounted for more than 80% of net revenue. Net income for the year totaled R$ 13.4 billion, with a predominant contribution from the pulp segment, which accounted for around two-thirds of profit, reflecting production scale and exposure to the global fiber market.

Suzano’s industrial base is spread across different Brazilian states and complemented by assets abroad. In Brazil, the company operates integrated pulp and paper mills in Suzano and Limeira (SP), as well as a non-integrated paper mill in Rio Verde (SP). It also has an integrated pulp, paper and tissue unit in Mucuri (BA), an integrated pulp and tissue unit in Imperatriz (MA), and a market pulp mill in Ribas do Rio Pardo (MS), started up in 2024 with annual capacity of 2.55 million tons. With the merger of Fibria, the industrial park came to include market pulp mills in Três Lagoas (MS), Jacareí (SP) and Aracruz (ES), as well as interests in Veracel, in Eunápolis (BA), and in Portocel, a specialized port terminal in Aracruz. In the consumer goods and tissue segment, the company expanded its presence through the acquisition of Facepa, which added plants in Belém (PA) and Fortaleza (CE), and through the 2023 acquisition of Kimberly-Clark’s tissue business in Brazil, including the Mogi das Cruzes (SP) unit and the “Neve” brand. As of 2024, Suzano also has a paperboard unit in Pine Bluff, in the United States.

The forestry structure is the foundation of Suzano’s competitiveness. As of December 31, 2025, the company held around 2.9 million hectares of land, including owned, leased, partnership and outgrower program areas, with approximately 1.6 to 1.7 million hectares covered by eucalyptus plantations and 1.1 million hectares allocated to environmental conservation, with the remainder used for infrastructure such as roads, transmission lines and operating areas. Plantation areas are located, on average, 187 kilometers from pulp production units, which reduces logistics costs and socio-environmental impacts. The company adopts forest management techniques based on genetic improvement, mosaic planting, minimum tillage and an approximate seven-year eucalyptus rotation, aiming for high productivity per hectare and efficient use of natural resources. Forests and industrial units operate in compliance with Brazilian and international environmental standards, with licenses granted by different state environmental agencies.

Suzano’s competitive positioning is strongly linked to production scale and global presence. In 2025, the company was the world’s largest producer of eucalyptus pulp and the largest producer of market pulp, according to consultancy Hawkins Wright, in a global market in which the 20 largest producers concentrated most of the installed capacity. In Brazil, in 2024, the company accounted for around 45% of sales by printing and writing paper manufacturers and 25% of paperboard, according to Ibá data. In the sanitary paper segment, the integration of Facepa’s operations and Kimberly-Clark’s tissue business raised Suzano’s share to close to one quarter of the Brazilian toilet paper market in terms of transaction value. Revenue does not show significant concentration in a single customer, although there are individual customers with shares above 10% within each operating segment, indicating a customer base diversified by region and industrial application.

Suzano’s international activity combines direct exports and physical presence in strategic markets. Export sales accounted for more than three quarters of net revenue in 2025, with customers served on all continents. To support this strategy, the company maintains a representative office and subsidiary in China, and subsidiaries in the United States, Switzerland, Argentina, the Netherlands and Austria, as well as research laboratories in Israel, Canada and Brazil. Outbound logistics use a multimodal network that integrates road, rail and waterway transportation. Units such as Jacareí (SP), Três Lagoas (MS) and Imperatriz (MA) use railways to access the ports of Santos (SP) and Itaqui (MA), while Mucuri (BA) and Aracruz (ES) benefit from their proximity to the Port of Vitória and Portocel. Suzano operates and uses port terminals through leases and concessions in Santos (SP), Itaqui (MA), Caravelas (BA) and Portocel (ES), and is subject to regulation by the National Waterway Transportation Agency (ANTAQ) and the Ministry of Infrastructure.

Regulatory and sustainability aspects play a central role in Suzano’s business model. As a producer of forestry-based pulp and paper, the company depends on federal, state and municipal environmental licenses related to air emissions, effluent discharge, solid waste, permanent preservation areas, legal reserves and reforestation. All industrial units and forestry bases operate with the necessary authorizations, granted by agencies such as CETESB and state environmental departments. In its production process, the company uses the Kraft process and Elemental Chlorine Free (ECF) bleaching stages and, to a lesser extent, Total Chlorine Free (TCF), with the recovery of approximately 99% of chemicals in the production cycle and the use of black liquor as fuel for steam and power generation. Suzano also maintains initiatives focused on innovation and the bioeconomy, such as Suzano Ventures, set up in 2022 as a Corporate Venture Capital platform focused on cellulosic biomass technologies, cellulose-based packaging, forest agritech and carbon capture and management solutions, as well as its stake in Biomas, a company dedicated to large-scale restoration and conservation of native forests in Brazil.