Suzano S.A
(NYSE:SUZ)

Suzano S.A. produces and sells eucalyptus pulp and paper products in Brazil and internationally. It operates through Pulp and Paper segments. The company offers coated and uncoated printing and writing papers, paperboards, tissue papers, market pulp, and fluff pulp; and lignin and its byproducts. It...

Website: http://www.suzano.com.br

Founded: 1924

Full Time Employees: 35,000

Sector: Basic Materials

Industry: Paper & Paper Products

Materials

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At a glance:

Bull Thesis:

Bear Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-09-02	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2024-02-28	2023-10-26	2023-10-24	2023-08-01	2023-04-27	2023-04-25	2023-02-28	2022-12-31	2022-10-27	2022-10-25	2022-07-27	2022-05-31	2022-05-03	2022-02-09	2021-10-28	2021-10-25	2021-09-08	2021-08-11	2021-08-10	2021-06-23	2021-05-10	2021-02-10	2020-11-16	2020-10-29	2020-09-02	2020-08-13	2020-05-14	2020-03-04	2020-02-12	2020-01-24	2019-10-31	2019-08-08	2019-06-24	2019-05-09	2019-02-28	2019-02-21	2018-10-25	2018-08-09

net sales		4,553,500,000							39,755,575		8,948,013	9,159,634		11,276,383	49,830,946			14,198,749	11,519,655		9,742,835,000	40,965,431		10,761,855,000	3,745,073,000		9,844,439,000	1,560,242,000	8,889,166,000	30,460,277,000	3,979,524,000	7,470,835	2,734,928,000	7,995,673,000	6,980,793,000	26,012,950,000	26,012,950	4,553,835,000,000	6,599,909,000
yoy											-82.04%			-20.58%	332.57%			-65.34%			160.15%			589.76%	-57.87%		147.38%	20784.44%	225.02%	280.96%	-42.99%	-99.97%	10413.72%	-99.82%	5.77%
qoq											-2.31%			-77.37%				23.26%			23683.06%			187.36%			530.96%	-82.45%	-70.82%	665.43%	53167.46%	-99.73%	-65.79%	14.54%	-73.16%	99900.00%	-100.00%	68898.45%
cost of sales		-2,993,800,000							-25,076,675		-6,104,256	-6,228,181		-5,968,674				-6,472,670	-6,122,925		-5,432,840,000	-20,615,588		-5,299,911,000	-1,923,691,000		-4,777,655,000	-850,409,000	-4,845,034,000	-18,966,331,000	-2,496,620,000	-4,473,994	-1,754,692,000	-4,788,694,000	-4,819,999,000	-20,743,482,000	-20,743,482	-3,585,973,000,000
gross profit		1,559,700,000							14,678,900		2,843,757	2,931,453		5,307,709	25,009,658			7,726,079	5,396,730		4,309,995,000	20,349,843		5,461,944,000	1,821,382,000		5,066,784,000	709,833,000	4,044,132,000	11,493,946,000	1,482,904,000	2,996,841	980,236,000	3,206,979,000	2,160,794,000	5,269,468,000	5,269,468	967,862,000,000	1,613,495,000	1,442,963,000	974,106,000	974,106,000
yoy											-88.63%			-31.30%	363.42%			-62.03%			136.63%			669.47%	-54.96%		241.68%	23586.04%	312.57%	258.40%	-31.37%	-99.94%	18502.18%	-99.67%	33.92%	265.18%	-99.46%	99259.00%
qoq											-2.99%			-78.78%				43.16%			21079.50%			199.88%			613.80%	-82.45%	-64.82%	675.10%	49382.24%	-99.69%	-69.43%	48.42%	-58.99%	99900.00%	-100.00%	59885.44%	11.82%	48.13%	0.00%
gross margin %	NaN%	34.25%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	36.92%	NaN%	31.78%	32.00%	NaN%	47.07%	50.19%	NaN%	NaN%	54.41%	46.85%	NaN%	44.24%	49.68%	NaN%	50.75%	48.63%	NaN%	51.47%	45.50%	45.50%	37.73%	37.26%	40.11%	35.84%	40.11%	30.95%	20.26%	20.26%	21.25%	24.45%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%
operating income
yoy
qoq
operating margin %	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	0%	0%	NaN%	0%	0%	NaN%	NaN%	0%	0%	NaN%	0%	0%	NaN%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
selling		-291,900,000							-2,596,377		-653,574	-626,809		-604,353				-625,114	-625,567		-572,141,000	-2,291,722		-578,101,000	-215,645,000		-496,934,000	-102,113,000	-581,766,000	-2,174,652,000	-280,928,000	-522,594	-193,943,000	-547,098,000	-514,936,000	-1,905,279,000	-1,905,279	-328,330,000,000
general and administrative		-242,100,000							-1,923,228		-490,893	-427,208		-390,235				-392,663	-364,768		-336,464,000	-1,577,909		-319,590,000	-147,047,000		-353,004,000	-67,147,000	-382,554,000	-1,443,192,000	-170,774,000	-312,735	-118,800,000	-335,715,000	-314,836,000	-1,173,358,000	-1,173,358	-213,181,000,000
income/(loss) from associates and joint ventures		-34,600,000
other operating (expenses) income		-50,200,000
operating profit before net financial income		940,800,000							12,216,288		1,683,495	3,068,677		4,306,288	22,222,781			6,947,378	4,587,437		3,389,081,000	18,180,191		4,612,542,000	1,761,909,000		5,206,487,000	633,095,000	3,606,931,000	8,443,394,000	1,069,436,000	2,167,731	705,741,000	2,516,174,000	1,348,464,000	2,628,578,000	2,628,578	495,915,000,000	997,315,000	883,061,000	184,812,000	184,812,000
net financial income
financial expenses		-594,900,000							-4,659,162		-1,175,608	-1,149,041		-1,159,025				-1,216,422	-1,133,402		-1,050,121,000	-4,221,301		-1,212,759,000	-384,449,000		-932,159,000	-173,930,000	-990,933,000	-4,459,425,000	-617,819,000	-1,365,381	-387,062,000	-1,033,126,000	-1,086,424,000	-4,178,848,000	-4,178,848	-750,113,000,000
financial income		150,600,000							1,825,649		425,746	404,137		385,761	967,010			269,505	194,283		158,284,000	272,556		54,444,000	14,092,000		46,263,000	4,252,000	24,227,000	327,475,000	46,375,000	58,413	37,102,000	82,419,000	120,754,000	493,246,000	493,246	94,461,000,000	108,143,000	149,607,000	149,322,000	149,322,000
derivative financial instruments		1,164,100,000							5,526,714		-864,399	2,903,766		1,995,253	6,761,567			889,628	-1,575,557		6,196,443,000	-1,597,662		-2,529,280,000	247,666,000		3,732,823,000	-437,742,000	-2,493,950,000	-9,422,682,000	-2,146,219,000	-1,271,065	-1,978,655,000	-1,776,322,000	-9,058,792,000	-1,075,252,000	-1,075,252	-537,149,000,000		257,427,000
monetary and exchange variations		1,501,400,000							3,087,727		-1,880,055	2,376,817		1,248,118	3,294,593			-1,470,487	-4,459,984		7,630,673,000	-3,800,827		-4,077,782,000	337,690,000		6,895,657,000	-913,848,000	-5,206,465,000	-12,530,891,000	-3,012,819,000	-1,644,611	-2,803,103,000	-2,930,209,000	-12,419,586,000	-1,964,927,000	-1,964,927	-812,375,000,000		758,223,000
net income before taxes		3,162,000,000							17,997,216		-1,810,821	7,604,356		6,776,395	28,655,581			5,419,602	-2,387,223		16,324,360,000	8,832,957		-3,152,835,000	1,976,908,000		14,949,071,000	-888,173,000		-17,642,129,000	-4,661,046,000	-2,054,913	-4,425,977,000	-3,141,064,000	-21,095,584,000	-4,097,203,000	-4,097,203	-1,509,261,000,000		962,126,000
income and social contribution taxes
current		-56,900,000							-395,392		-51,800	-97,226		-113,777				-204,037	-63,703		-58,934,000	-292,115		-87,860,000	-31,119,000		-91,514,000	-11,260,000	-64,149,000	-181,926,000	-18,668,000	-47,470	-10,560,000					-53,307,000,000
deferred		-1,023,400,000							-3,495,443		1,133,864	-2,429,507		-1,419,825				232,533	2,632,715		-5,959,316,000	94,690		2,281,320,000	-490,140,000		-4,820,858,000	415,825,000	2,369,080,000	7,109,120,000	1,731,624,000	944,676	1,611,194,000					604,563,000,000			651,448,000	651,448,000
net income for the period		2,081,700,000									-728,757	5,077,623		5,242,793				5,448,098	181,789		10,306,110,000			-959,375,000	1,455,649,000		10,036,699,000	-483,608,000			-2,948,090,000	-1,157,707	-2,825,343,000	-2,052,518,000	-13,419,061,000			-958,005,000,000		699,848,000
result of the period attributed to the controlling shareholders		2,079,000,000																							1,454,933,000			-483,956,000			-2,950,012,000		-2,826,814,000					-957,416,000,000		700,548,000
result of the period attributed to non-controlling interest		2,700,000
earnings per share
basic		1.68							10.858		-0.568	3.905		3.969	17.577			4.132	0.131		7.637	6.394		-0.713	1.078		7.438	-0.359		-7.949	-2.186	-12.333	-2.095	-1.525		-2.088	-2.088	-0.71
diluted		1.676							10.854		-0.568	3.904		3.968	17.573			4.131	0.131		7.636	6.392		-0.713	1.078		7.436	-0.359		-7.949	-2.186	-12.333	-2.095	-1.525		-2.088	-2.088	-0.71
income from associates and joint ventures									-19,379		-6,249	-14,052		14,471	284,368			257,638	19,049		-9,742,000	51,912		29,459,000	18,065,000		80,098,000	1,802,000	10,266,000	36,142,000	1,312,000	10,354	-539,000	-3,663,000	711,000	31,993,000	31,993	5,102,000,000	15,678,000
other operating income									2,076,372						1,121,716
net income for the year									14,106,381						23,394,887							8,635,532								-10,714,935,000						-2,814,742,000	-2,814,742
attributable to
controlling shareholders’									14,084,848		-732,993	5,073,127		5,237,371	23,381,617			5,444,887	175,625		10,304,717,000	8,626,386		-961,974,000			10,035,111,000		-2,757,244,000	-10,724,828,000		-1,160,499		-2,057,101,000	-13,422,530,000	-2,817,518,000	-2,817,518
non-controlling interest									21,533		4,236	4,496		5,422	13,270			3,211	6,164		1,393,000	9,146		2,599,000			1,588,000		1,985,000	9,893,000		2,792		4,583,000	3,469,000	2,776,000	2,776		575,000
other											-9,546	1,205,293						-18,562	161,993		-2,567,000	1,648,067		18,830,000	285,154,000		909,543,000	90,719,000	516,853,000	531,150,000	36,922,000	-4,135	38,787,000	195,671,000	16,731,000	405,754,000	405,754	64,462,000,000	116,132,000
other operating expenses														-21,304
income taxes and social contribution
result of the period attributed to non-controlling shareholders																									714,000			348,000			1,922,000		1,470,000					-589,000,000
income taxes
loss before taxes																													-5,060,190,000
loss for the period																													-2,755,259,000
loss per share
basic																													-2.044						-9.948
diluted																													-2.044						-9.948
three and nine-month period ended september 30, 2020 compared to nine-month period ended september 30, 2019
current income taxes																																		-3,469,000	-54,360,000	-246,110,000	-246,110
deferred income taxes																																		1,092,015,000	7,730,883,000	1,528,571,000	1,528,571		2,066,142,000
earnings (loss) per share
basic																																								0.519
diluted																																								0.519
net sales revenue																																								6,665,082,000	5,698,999,000	5,698,999,000
selling expenses
general and administrative expenses
equity in earnings joint venture and associates																																								3,911,000	1,658,000	1,658,000
other operating income (expenses)																																								171,199,000
earnings per share
basic — earnings per share
diluted — earnings per share
net income per share
basic — earnings (loss) per share
diluted — earnings (loss) per share

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-02-28	2023-10-24	2023-08-01	2023-04-25	2023-02-28	2022-12-31	2022-10-25	2022-07-27	2022-02-09	2021-10-25	2021-08-10	2021-05-10	2021-02-10	2020-10-29	2020-08-13	2020-05-14	2020-03-04	2020-02-12	2019-10-31	2019-08-08	2019-05-09	2019-03-19

current
cash and cash equivalents	8,345,871	5,526,463	11,860,415	4,761,264	9,505,951	9,505,951	6,958,161	7,712,081	13,590,776	13,461,967,000	8,585,570,000	5,334,508,000	6,835,057,000	7,247,184	10,473,701,000	4,548,329,000	3,249,127,000	3,249,127	3,714,646,000	4,104,641,000	3,095,885,000	3,310,700,000
marketable securities	12,823,886	14,947,272	7,913,730	12,206,095	7,546,639	7,546,639	10,907,907	12,337,762	7,508,275	5,228,075,000	2,448,267,000	4,028,038,000	2,212,079,000	2,327,353	2,030,560,000	5,009,160,000	6,150,631,000	6,150,631
trade accounts receivable	6,848,454	6,650,210	6,488,192	9,403,901	9,607,012	9,607,012	8,664,852	5,865,962	6,531,465	4,577,069,000	3,979,086,000	3,692,928,000	2,915,206,000	3,036,769	3,762,875,000	4,447,957,000	3,035,817,000	3,035,817	2,058,731,000	2,895,714,000	3,507,439,000	233,300,000
inventories	5,946,948	6,478,233	6,422,496	6,250,810	5,728,261	5,728,261	5,942,174	5,548,095	4,637,485	4,652,459,000	4,404,865,000	3,989,789,000	4,009,335,000	4,245,766	4,206,778,000	4,262,511,000	4,685,595,000	4,685,595	6,258,364,000	7,365,938,000	8,044,651,000	669,500,000
recoverable taxes	888,539	933,616	747,847	588,241	549,580	549,580	502,163	422,129	360,725	427,987,000	382,415,000	406,352,000	406,850,000	874,152	888,245,000	836,043,000	997,201,000	997,201	1,235,668,000	1,303,898,000	944,407,000	-9,600,000
derivative financial instruments	2,676,526	2,849,012	3,747,881	3,694,528	3,048,493	3,048,493	2,308,110	1,710,964	470,261	515,204,000	1,204,841,000	414,094,000	484,043,000	209,970	152,978,000	128,845,000	260,273,000	260,273	239,161,000	569,297,000	615,887,000	275,400,000
advances to suppliers	113,743	111,547	103,181	97,658	108,146	108,146	58,771	64,115	59,564	39,327,000	35,821,000	41,492,000	43,162,000	102,765	106,636,000	158,740,000	170,481,000	170,481	138,127,000	127,136,000	102,857,000	12,000,000
dividends receivable				4,868	7,334	7,334			6,604
other assets	925,105	730,267	778,557	880,777	1,021,234	1,021,234	876,603	914,823	937,786	783,943,000	758,427,000	752,011,000	738,924,000	479,903	281,471,000	266,231,000	335,112,000	335,112	279,096,000	345,516,000	321,781,000	-5,800,000
total current assets	38,569,072	38,226,620	38,062,299	37,888,142	37,122,650	37,122,650	36,218,741	34,575,931	34,102,941	29,686,031,000	21,799,292,000	18,659,212,000	17,957,994,000	18,523,862	21,903,244,000	19,657,816,000	18,884,237,000	18,884,237	18,821,378,000	20,404,946,000	20,320,466,000
non-current
deferred taxes	545,213	1,294,389	147,638	2,577,003	3,986,415	3,986,415	5,637,742	5,404,862	8,729,929	8,505,573,000	6,224,616,000	11,044,593,000	8,677,002,000	11,399,116	10,454,646,000	9,363,252,000	2,134,040,000	2,134,040	3,083,218,000	1,026,457,000	1,431,134,000	6,400,000
judicial deposits	361,693	354,142	342,017	340,426	362,561	362,561	364,093	335,736	300,715	322,879,000	298,049,000	275,118,000	257,789,000	266,214	268,462,000	267,338,000	268,672,000	268,672	338,971,000	352,187,000	342,247,000	15,400,000
biological assets	18,278,582	17,383,360	16,914,120	15,114,469	14,632,186	14,632,186	13,066,433	12,664,046	12,248,732	11,807,705,000	11,720,857,000	11,094,744,000	11,161,210,000	10,759,599	10,672,724,000	10,431,416,000	10,571,499,000	10,571,499	10,280,967,000	10,094,235,000	9,752,742,000	387,000,000
investments	608,013	643,452	640,269	628,771	612,516	612,516	558,111	551,290	524,066	518,977,000	497,083,000	379,564,000	359,071,000	336,929	325,420,000	326,879,000	322,446,000	322,446	279,263,000	228,381,000	228,684,000	809,100,000
property, plant and equipment	59,289,069	57,718,542	56,028,308	53,065,353	50,656,634	50,656,634	47,012,355	43,617,187	38,169,703	38,027,466,000	38,190,785,000	38,580,957,000	39,156,890,000	39,736,484	40,242,196,000	40,701,410,000	41,120,945,000	41,120,945	41,500,872,000	41,744,825,000	41,998,207,000	7,500,000
right of use	5,196,631	5,267,493	5,230,789	5,188,991	5,109,226	5,109,226	5,105,422	4,996,460	4,794,023	4,593,241,000	4,571,713,000	4,566,956,000	4,344,078,000	4,242,105	4,199,804,000	3,956,304,000	3,850,237,000	3,850,237	4,359,907,000
intangible	14,749,085	14,877,234	15,112,147	14,964,964	15,192,971	15,192,971	15,397,201	15,624,401	16,034,339	16,249,726,000	16,375,218,000	16,572,051,000	16,759,528,000	17,014,465	17,225,097,000	17,468,599,000	17,712,803,000	17,712,803	17,968,738,000
total non-current assets	105,023,953	103,391,275	100,216,320																	78,606,999,000	78,987,385,000	1,407,700,000
total assets	143,593,025	141,617,895	138,278,619	135,371,221	133,197,968	133,197,968	128,614,364	122,642,489	118,975,152	113,383,292,000	103,307,588,000								99,347,076,000	99,011,945,000	99,307,851,000	25,409,700,000
liabilities						2,022
trade accounts payable	5,572,219	5,905,156	6,347,954	6,655,038	6,206,570	6,206,570	5,272,119	4,036,414	3,288,897	2,966,600,000	2,575,168,000	2,393,144,000		2,157,286	2,081,533,000	2,408,286,000	2,376,459,000	2,376,459	3,325,724,000	3,986,488,000	4,049,078,000	22,100,000
loans, financing and debentures	4,758,247	4,619,083	5,532,543	4,124,665	3,335,029	3,335,029	2,850,556	3,471,739	3,655,537	2,286,040,000	1,920,072,000	2,143,255,000		4,323,325	5,546,123,000	6,523,908,000	6,227,951,000	6,227,951	5,091,236,000
lease liabilities	753,399	755,867	710,906	708,567	672,174	672,174	654,133	625,680	623,282	623,136,000	593,691,000	632,812,000		629,329	704,174,000	664,651,000	656,844,000	656,844	587,910,000	536,891,000
taxes payable	443,454	399,623	425,156	489,779	449,122	449,122	420,897	354,890	339,553	346,285,000	233,277,000	239,910,000		315,080	274,858,000	226,565,000	307,639,000	307,639	212,378,000	245,000,000	228,240,000	118,000,000
payroll and charges	766,905	767,434	629,911	447,750	674,525	674,525	647,541	523,732	590,529	549,949,000	444,938,000	349,263,000		478,732	380,762,000	308,756,000	400,435,000	400,435	439,615,000	370,853,000	303,419,000	37,700,000
liabilities for assets acquisitions and subsidiaries	93,405	93,167	101,207									114,889,000		102,013	127,721,000	116,792,000	94,414,000	94,414	92,098,000	499,984,000	487,682,000	393,800,000
dividends and interest on own capital payable	1,316,528
advances from customers	172,437	132,668	74,538	125,734	131,355	131,355	112,915	88,785	103,656
other liabilities	339,683	294,974	541,190	458,208	494,230	494,230	273,990	398,090	368,198	359,754,000	361,197,000	336,480,000		242,321	252,972,000	302,903,000	456,338,000	456,338	278,615,000	375,704,000	335,494,000	86,900,000
total current liabilities	14,795,040	13,571,009	14,849,595	15,312,637	14,492,543	14,492,543	12,903,620	12,060,582	11,551,224	8,946,413,000	7,378,131,000	8,979,194,000		12,420,433	13,933,981,000	15,267,839,000	11,479,195,000	11,479,195	11,180,882,000	11,420,732,000	14,215,137,000	2,350,300,000
provision for judicial liabilities	2,860,409	3,198,343	3,175,080	3,214,209	3,256,310	3,256,310	3,317,720	3,284,999	3,232,612	3,273,411,000	3,271,679,000	3,255,140,000		3,403,233	3,441,451,000	3,460,373,000	3,512,477,000	3,512,477	3,495,447,000	3,541,857,000	3,527,818,000
employee benefit plans	833,683	704,258	701,933	695,964	691,424	691,424	676,699	675,513	675,158	795,090,000	792,387,000	788,948,000		747,984	744,105,000	739,595,000	736,179,000	736,179
share-based compensation plans	268,489	251,089	183,589	170,758	162,117	162,117	149,700	144,267	166,998	206,961,000	212,500,000	223,915,000		203,865	151,365,000	160,949,000	136,505,000	136,505	126,425,000	144,230,000	131,571,000	86,000,000
total non-current liabilities	83,987,685	86,169,133	80,729,011	81,756,790	85,539,060	85,539,060	87,652,543	86,415,219	92,248,798	90,818,033,000	81,341,965,000	90,982,933,000		91,563,811	91,948,316,000	85,509,713,000	68,341,061,000	68,341,061	71,129,935,000	67,161,733,000	64,739,362,000	22,655,000,000
total liabilities	98,782,725	99,740,142	95,578,606	97,069,427	100,031,603	100,031,603	100,556,163	98,475,801	103,800,022	99,764,446,000	88,720,096,000	99,962,127,000		103,984,244	105,882,297,000	100,777,552,000	79,820,256,000	79,820,256	82,310,817,000	78,582,465,000	78,954,499,000
shareholders’ equity
share capital	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546	9,235,546,000	9,235,546,000	9,235,546,000		9,235,546	9,235,546,000	9,235,546,000	9,235,546,000	9,235,546	9,235,546,000	9,235,546,000	9,269,281,000
capital reserves	26,744	24,664	22,584	20,505	18,425	18,425	17,091	15,758	15,455	14,244,000	13,033,000	11,822,000		6,201,165	6,200,079,000	6,198,899,000	6,416,864,000	6,416,864	6,419,941,000	6,418,623,000	6,383,671,000	279,400,000
treasury shares	-1,484,014	-1,484,014	-1,381,600	-690,343	-2,120,324	-2,120,324	-2,120,324	-817,451	-218,265	-218,265,000	-218,265,000	-218,265,000					-218,265,000	-218,265				22,800,000
profit reserves	35,376,198	22,690,645	22,690,645	22,690,645
other reserves	1,538,296	1,637,970	1,650,150	1,670,888	1,719,516	1,719,516	1,766,711	2,048,838	2,114,907	1,988,711,000	2,028,382,000	2,065,162,000		2,180,733	2,191,704,000	2,205,836,000	2,221,341,000	2,221,341	2,348,132,000	2,295,169,000		23,400,000
controlling shareholders´	44,692,770	41,762,295	42,587,449	38,192,383	33,061,032	33,061,032	27,951,653	24,062,007	15,075,467	13,518,491,000	14,488,392,000	4,458,143,000
non-controlling interest	117,530	115,458	112,564	109,411	105,333	105,333	106,548	104,681	99,663	100,355,000	99,100,000	106,198,000		121,090	119,997,000	117,111,000	115,339,000	115,339	116,568,000
total equity	44,810,300	41,877,753	42,700,013	38,301,794	33,166,365	33,166,365	28,058,201	24,166,688	15,175,130	13,618,846,000	14,587,492,000	4,564,341,000		1,455,790	2,611,435,000	4,664,877,000	18,087,969,000	18,087,969	17,036,259,000	20,429,480,000	20,353,352,000	390,500,000
total liabilities and shareholders’ equity	143,593,025	141,617,895
assets
dividends payable		2,682	2,678	5,097	5,094	5,094	1,923	4,055	919,073	11,173,000	11,185,000	6,228,000		4,888	4,891,000	5,714,000	5,720,000	5,720	9,904,000	9,907,000	11,343,000	-175,100,000
provision for loss on investments in subsidiaries		1,134
retained earnings		9,657,484	10,370,124	5,265,142	24,207,869	24,207,869	3,040,935	3,040,935	3,927,824	2,498,255,000	3,429,696,000									3,080,618,000	3,677,153,000	64,800,000
equity
total liabilities and equity			138,278,619	135,371,221	133,197,968	133,197,968	128,614,364	122,642,489	118,975,152	113,383,292,000	103,307,588,000	104,526,468,000		105,440,034	108,493,732,000	105,442,429,000	97,908,225,000	97,908,225	99,347,076,000
total non-current				97,483,079	96,075,318	96,075,318	92,395,623	88,066,558	84,872,211	83,697,261,000	81,508,296,000	85,867,256,000	83,842,754,000	86,916,172	86,590,488,000	85,784,613,000	79,023,988,000	79,023,988	80,525,698,000
liabilities for assets acquisitions and associates				1,812,867	1,856,763	1,856,763	1,919,150	1,870,699	99,040	91,828,000	112,446,000
provision for loss of investments in subsidiaries				128

20
suzano s.a.consolidated financial statementsyear ended december 31, 2022 and 2021(in thousands of r, unless otherwise stated)
assets held for sale													313,338,000								329,000	49,600,000
accumulated deficit
current - sum										29,686,031,000	21,799,292,000	18,659,212,000	17,644,656,000
advance from customers										92,567,000	115,260,000	92,505,000		50,066	31,856,000	67,897,000	59,982,000	59,982	31,925,000	87,665,000	63,709,000	-17,400,000
total asset												104,526,468,000	101,800,748,000	105,440,034	108,493,732,000	105,442,429,000	97,908,225,000	97,908,225
retained loss												-6,636,122,000		-16,599,888	-15,453,035,000	-13,409,659,000
asset
retained earnings reserves														317,144	317,144,000	317,144,000	317,144,000	317,144	3,081,740,000
controlling shareholder´s														1,334,700	2,491,438,000	4,547,766,000	17,972,630,000	17,972,630	16,919,691,000
non current
financial investments																			4,897,585,000	3,692,806,000	3,687,230,000	19,467,100,000
employee benefits																			592,467,000	590,016,000	584,829,000	79,200,000
non-current assets
right of use on lease agreements																				4,245,797,000	3,910,574,000
intangible assets																				18,212,469,000	18,465,253,000	151,400,000
loans and financing																				4,693,057,000	5,340,700,000	1,310,300,000
debentures																				4,663,506,000	2,082,084,000	1,300,000
controlling interest in subsidiaries’ equity																				20,313,134,000	20,231,137,000
non-controlling interest in subsidiaries’ equity																				116,346,000	122,215,000	13,900,000
total equity and liabilities																				99,011,945,000	99,307,851,000	25,409,700,000
lease obligations																					504,828,000
provision for investment losses in subsidiaries
equity valuation adjustment																					2,332,963,000
total current																						24,002,200,000
receivables from related parties
receivables from land expropriation																						2,700,000
current liabilities
non-current liabilities
provision for contingencies																						34,200,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2024-12-31	2024-02-28	2023-10-24	2023-08-01	2023-04-25	2023-02-28	2021-02-10	2020-10-29	2020-08-13	2020-05-14	2020-03-04	2020-02-12	2019-10-31	2019-08-08	2019-05-09	2019-02-21

operating activities
net income for the period	-7,044,706		9,591,659	10,320,416	5,242,793			-16,629,286	-15,471,579,000	-13,419,061,000						318,460
depreciation, depletion and amortization	8,874,931	6,999,839	5,294,748	3,451,862	1,681,182	7,206,125	6,565,441,000	4,871,983	3,238,678,000	1,590,393,000	4,286,730,000	4,286,730	2,879,183	1,779,304,000	863,474,000	1,563,223
depreciation of right of use	349,064	321,271	238,416	141,654	66,532	231,966
interest expense on lease liabilities	451,148	441,596	333,799	223,237	111,966	433,613	397,746,000	284,230	203,488,000	95,350,000	226,103,000	226,103	153,061	96,993,000	38,715,000
result from sale and disposal of property, plant and equipment and biological assets	163,033	331,285	174,008	111,195	42,748	509
income from associates and joint ventures	13,845	19,379	5,830		-14,471	-284,368	-36,142,000		2,952,000	-711,000	-31,993,000
exchange rate and monetary variations	15,884,993	-3,087,727	-1,744,880	-3,624,935	-1,248,118	-3,294,593	12,530,891,000	16,994,406	15,349,795,000	12,419,586,000	1,964,927,000	1,964,927	3,383,054
interest expenses on financing, loans and debentures	5,413,707	4,797,094	3,537,499	2,309,587	1,152,740	4,007,737
capitalized loan costs	-959,968	-1,160,364	-816,763	-511,650	-233,418	-359,407
accrual of interest on marketable securities	-1,254,424	-1,352,522	-841,931	-529,887	-196,013	-707,211	-94,868,000	-82,607	-74,102,000	-58,870,000	-392,018,000
amortization of transaction costs, premium and discounts	80,099
derivative gains	9,112,683		-4,034,620	-4,899,019	-1,995,253											2,735,196
fair value adjustment of biological assets	-1,431,530	-1,989,831	-1,256,315	-1,256,315		-1,199,759	-466,484,000	-173,733	-173,733,000		-185,399,000					129,187
deferred income tax and social contribution	-7,431,946	3,495,443	2,715,468	3,849,332	1,419,825	4,749,798	-7,109,120,000	-9,767,574	-8,822,898,000
interest on actuarial liabilities	75,850		51,989	34,615	17,307	59,258									13,421,000	35,920
provision for judicial liabilities	138,318	139,934	81,011	62,154	33,728	88,198
tax litigation reduction program			14,031	14,031	14,031
provision for doubtful accounts	2,585		23,114	10,287	2,890
provision for inventory losses	77,353	31,419	14,304	-854	-9,141	56,060
provision for loss of icms credits	130,727		262,178	202,961	77,674		-82,293,000	-93,375	48,151,000	19,571,000	129,283,000	129,283	87,496	69,191,000	37,063,000
other	69,535	51,830	29,328	10,494	7,308	2,794	35,451,000	25,913	12,798,000	5,439,000	-56,517,000
decrease in assets	-1,761,659											2,080,352
trade accounts receivable	-808,785	2,155,448	2,587,427	2,573,633	74,816	-3,267,356						991,476	2,015,294	1,067,666,000	331,901,000
inventories	-863,648	-48,673	-363,387	-372,295	-371,738	-967,995	651,203,000	560,017	466,475,000	424,128,000	873,420,000	873,420
recoverable taxes	-95,411	-666,681	-619,320	-335,807	-69,807	-381,408	659,930,000	262,385	114,501,000	200,988,000	241,934,000	241,934	137,786		58,745,000
other assets	6,185	328,800	223,371	235,459	342,761	264,025	54,651,000	37,210	161,268,000	101,406,000	-26,478,000		153,399	46,023,000	84,564,000
increase in liabilities	2,798,112
trade accounts payable	2,164,832	463,003	64,470	-105,036	-144,111	1,533,118
taxes payable	296,169	329,556	226,151	82,064	88,148	422,591	47,212,000	135,649	24,235,000	-59,487,000	240,871,000	370,923	263,662	252,757,000	245,692,000	567,868
payroll and charges	364,817	73,096	73,625	-63,898	-226,775	83,742	92,278,000	78,293	-19,679,000	-92,262,000	-234,948,000
other liabilities	-27,706	-277,538	-301,817	-158,527	-115,175	-9,007	-266,546,000	-344,568	-343,868,000	-208,734,000	-62,294,000
cash generated from operations	23,751,750	20,510,846	15,613,388	11,806,760	5,768,635	25,421,296
payment of interest on financing, loans and debentures	-5,241,389	-4,728,998	-3,936,938	-2,352,484	-1,597,534	-4,019,072
capitalized loan costs paid	959,968	1,160,364	816,763	511,650
interest received on marketable securities	1,500,437	681,268	516,001	391,601	168,762	544,849
payment of income taxes	-366,339	-308,002	-255,443	-89,482	-42,653	-306,453	-188,296,000	-130,096	-62,694,000	-28,931,000	-391,725,000
cash from operating activities	20,604,427	17,315,478	12,753,771		4,297,210	21,640,620	13,124,636,000		5,676,512,000	1,481,117,000	7,576,437,000		6,352,541
capital expenditures	-9,190,589	-11,674,183	-8,824,534		-2,449,752	-9,791,238	-1,503,255,000		-559,126,000	-299,426,000	-2,001,674,000		0
free cash flows	11,413,838	5,641,295	3,929,237		1,847,458	11,849,382	11,621,381,000		5,117,386,000	1,181,691,000	5,574,763,000		6,352,541
investing activities
additions to property, plant and equipment	-9,190,589	-11,674,183	-8,824,534	-5,759,447	-2,449,752	-9,791,238	-1,503,255,000	-869,309	-559,126,000	-299,426,000	-2,001,674,000
additions to intangible	-162,042	-104,931	-5,726	-197	-17	-90,499
additions to biological assets	-7,180,450	-5,777,952	-4,332,093	-2,899,032	-1,393,291	-4,957,380	-3,392,298,000	-2,316,626	-1,401,424,000	-578,224,000	-2,849,038,000
proceeds from sales of property, plant and equipment and biological assets	167,983	183,576
capital increase in affiliates	-41,281	-48,462	-35,075
marketable securities	205,954	-5,296,370	-7,291,597	-683,505	-4,734,298	67,426	3,841,493,000	3,755,545	4,064,361,000	1,145,994,000	19,378,893,000
advances for acquisition (receipt) of wood from operations with development and partnerships	-294,952	-690,908	-553,858	-410,024	-261,018	-355,362
dividends received		44,789	4,869	4,869		6,604	753,000	753
asset acquisition	-2,595,974		-1,615,140	-1,615,140
acquisition of subsidiaries		-1,060,718	-1,060,718	-1,072,657
acquisition of other investments	-1,440,503
net cash from acquisition of subsidiaries	19,113		5,002	5,002
cash from investing activities	-20,512,741	-26,035,297	-23,563,654		-8,833,698	-17,015,758					-11,695,019,000
financing activities
proceeds from loans, financing and debentures	15,692,905	10,944,794	9,971,740	5,276,816	50,691	1,335,715	14,761,796,000	10,583,172	6,700,529,000	3,663,623,000	18,993,837,000	18,993,837	16,315,910
proceeds of derivative transactions	-550,581
payment of loans, financing and debentures	-9,410,807	-4,296,447	-3,483,991	-765,533	-59,053	-2,517,934	-19,092,810,000	-13,752,144	-6,224,940,000	-4,503,548,000	-13,994,708,000
payment of leases	-1,325,398	-1,218,399	-869,973	-577,132	-292,682	-1,044,119	-824,245,000	-577,127	-354,289,000	-157,209,000	-645,071,000
payment of interest on own capital and dividends	-1,624,653
liabilities for assets acquisitions and subsidiaries	-58,467	-116,924	-116,924	-16,929			-164,240,000	-151,182	-5,670,000	-2,838,000	-479,480,000
shares repurchased	-2,806,764	-880,914	-880,914	-721,052	-87,243	-1,904,424
cash provided (used) by financing activities	-83,765	7,798,864	7,002,640	4,858,655	-39,487	-8,107,207	-9,785,139,000	-7,044,737	-1,718,620,000	-1,172,769,000	3,141,809,000
exchange variation on cash and cash equivalents	665,026	-239,125	-172,245	-404,442	-168,712	-602,480	982,850,000	1,382,092	1,094,953,000	764,031,000	-161,553,000					67,433
increase in cash and cash equivalents	672,947	-1,160,080	-3,979,488		-4,744,687	-4,084,825
at the beginning of the period	8,345,871		9,505,951	9,505,951	9,505,951
at the end of the period	9,018,818		5,526,463	11,860,415	4,761,264
net income for the year		14,106,381				23,394,887	-10,714,935,000				-2,814,742,000
adjustment to
sublease of ships						-11,314	-35,841,000	-23,321	-11,365,000
expenses with early settlements premium
amortization of transaction costs		67,353	49,995	32,421	16,206	69,881
derivative losses		-5,526,714				-6,761,567	9,422,682,000	12,106,179	10,835,114,000	9,058,792,000	1,075,252,000	1,075,252	2,236,904	379,507,000	636,934,000
interest and costs on actuarial liabilities		69,231
provision		348,628				58,003
tax credits		15,108				1,324
payment of early settlement premiums
asset acquisitions		-1,615,140				-2,090,062
cash and cash equivalents from asset acquisitions		5,002				10,590
acquisitions of non-controlling interests
payment of derivative transactions		3,559,286			365,724	282,225	-4,465,640,000	-3,147,456	-1,834,250,000	-172,797,000	-135,449,000				24,765,000
payment of dividends		-192,532	-2,412	-2,415	5	-4,150,782					-606,632,000
at the beginning of the year		9,505,951				13,590,776
at the end of the year		8,345,871				9,505,951
proceeds from sales of property, plant and equipment			145,216	97,412	24,941	251,183
receipt of derivative transactions			2,385,114	1,664,900
benefit from judicial liabilities
benefit from doubtful accounts
benefit from inventory losses
benefit from loss of icms credits
decrease (increase) in assets
income (expense) from associates and joint ventures				-419
increase (decrease) in liabilities
cash provided by operating activities				10,268,045				8,915,073						3,167,400,000	744,336,000
capital increase in subsidiaries and affiliates				-35,075	-20,263	-67,020
cash used in investing activities				-12,367,794
increase (decrease) in cash and cash equivalents				2,354,464
liabilities for assets acquisitions and associates					-16,929	-107,888

income								-7,402
interest expenses with financing, loans and debentures							3,286,254,000	2,522,764	1,736,775,000	886,270,000
premium expenses with early settlements
result from derivative
benefit from allowance for doubtful accounts
trade accounts receivables							884,451,000	1,016,240	206,570,000	-608,145,000	991,476,000
trade accounts payables							140,480,000	-198,694	-352,975,000	-94,248,000	-1,555,697,000				75,087,000
cash from operations							16,749,409,000		7,295,040,000	2,624,703,000	10,568,315,000	11,059,017	8,696,816
payment of interest with financing, loans and debentures							-3,244,949,000	-2,883,161	-1,682,413,000	-1,167,141,000	-2,977,957,000
payment of premium with early settlements
interest received from marketable securities							186,853,000	146,151	126,579,000	52,486,000	377,804
proceeds from sale of property, plant and equipment							183,504,000	88,814	61,887,000	27,905,000
advances for acquisition of wood from operations with development and partnerships
cash and cash equivalents from asset acquisition
acquisition of non-controlling interests
receipt
share repurchase
cash from financing activities												3,141,809	2,517,538		3,890,714,000
decrease in cash and cash equivalents
at the beginning for the period
at the end for the period
asset acquisition, net of cash
cash flow from operating activities
net income/(loss) for the period
(reversal of) benefit from doubtful accounts
provision (reversal) for loss of icms credits
increase (reduction) in cash and cash equivalents							3,585,930,000	3,998,057	7,224,574,000	1,299,202,000	-1,138,326,000					3,310,620
cash and cash equivalents at the beginning for the period								3,249,127	3,249,127,000	3,249,127,000		4,387,453	4,387,453	4,387,453,000	4,387,453,000
cash and cash equivalents at the end for the period								7,247,184	10,473,701,000	4,548,329,000		3,249,127	3,714,646	4,104,641,000	3,095,885,000
other investments											-286,000
sale of treasury shares to meet stock-based compensation plan											-879,000
other financing											10,191,000
at the beginning for the year
at the end for the year
amortization of fundraising costs							101,741,000	72,516	41,268,000	25,250,000	185,807,000	185,807	172,803	159,856,000
allowance for doubtful accounts							6,022,000	5,210	10,250,000	5,522,000	-12,286,000				7,724,000
capital increase
advance for acquisition of wood from operations with development							135,693,000	87,878	6,544,000	-68,957,000	-355,447,000
cash provided (used) in investing activities								745,629	2,171,729,000	226,823,000
cash used by financing activities
loss for the period
capitalized interest							-10,636,000	-9,891	-7,940,000
amortization of right of use							186,768,000	126,801	93,309,000	39,330,000	154,217,000	154,217	106,925
results from sale, disposals and provision for losses							-53,807,000	1,496	-9,343,000	4,488,000	77,930,000		26,281
premium expenses with repurchase of bonds							391,390,000	391,390
tax credits - gains in tax lawsuit											-128,115,000
interest on employee benefits							53,092,000	39,806	26,527,000	13,195,000	44,496,000	44,496	38,762	26,842,000
provision for							1,288,000	-12,758	32,620,000	16,168,000
impairment of non-financial assets							45,435,000
payment of premium with repurchase of bonds							-378,381,000	-378,382
additions to intangible assets							-2,307,000	-1,426	-513,000	-469,000	-17,715,000
increase of capital in subsidiaries and associates											-45,856,000
acquisition of subsidiaries, net cash											-26,002,540,000
cash (used) in investing activities							-736,417,000
cash and cash equivalents at the beginning for the year							3,249,127,000				4,387,453,000
cash and cash equivalents at the end for the year							6,835,057,000				3,249,127,000
provision (reversal) for allowance for doubtful accounts
advance for acquisition (receipt) of wood from operations with development
fluxos de caixa das atividades de financiamentos
cash provided by operations								12,160,561						4,749,416,000	1,664,001,000
results from sale, disposals and benefit from losses
derivative
benefit from
provision for (reversal of) judicial liabilities									-22,252,000
benefit from (reversal of) judicial liabilities
deferred income tax and social contribution expenses										-7,730,883,000	-1,528,571,000
reversal for judicial liabilities										-8,772,000
suzano s.a.
unaudited condensed consolidated interim financial information
three-month period ended march 31, 2020
amortization of fair value adjustment on business combination with fibria/facepa/ibema											3,651,005,000	3,651,005	3,326,974
amortization of fair value adjustment on business combination with fibria classified at financial results											-38,960,000
interest expenses with financing and loans, debentures and debentures											3,358,806,000	3,358,806	2,528,303
provision/(reversal) for judicial liabilities											26,807,000
provision for (reversal of) inventory losses and write-offs
partial write-off of intangible assets											107,269,000
decrease in assets:
increase in liabilities:
proceeds from sale of assets											198,644,000	198,644	153,739	83,695,000	33,933,000
repurchase of treasury shares
statement of increase (reduction) in cash and cash equivalents											-1,138,326,000
amortization of fair value adjustment on business combination with fibria classified at financial result
results from sale and disposals of property, plant and equipment and biological assets												77,930		3,504,000
equity equivalence
provision for loss and write-off of fixed assets and biological assets
accrual of interest on financial investments
tax credits - gains in tax lawsuits
provision/ (reversal) for judicial liabilities												26,807		2,475,000
provision for stock-based compensation plan
expected credit losses
reversal for rebates
estimated loss in inventories												107,269	30,790
payment of interest with financing and loans and debentures
interest received from financial investments													354,536	285,922,000	175,057,000
payment of other taxes
payment of actuarial liabilities
contigency payment
net cash from operating activities												7,576,437				5,170,850
cash flow from investing activities
financial investments												19,378,893	20,428,121	21,833,286,000	21,756,512,000
cash from the merger of subsidiary
settlement of derivative operations
net cash from investment activities
loans raised - ifrs 16
payment of loans, financing, debentures
others financing												10,191	4,575	2,379,000
proceeds from own shares
acquisition of own shares
benefit from (reversal of) inventory losses and write-offs
decrease (increase) in assets:
net income for the period adjustment to:
reversal of/(addition to) provision for discounts
other taxes and contributions paid
reversal of/(addition to) benefit from discounts
adjustment to:
depletion of wood resources from forestry partnership programs														18,905,000	8,986,000
fair value adjustment on business combination with fibria - amortization														2,824,553,000
fair value adjustment on business combination with facepa - amortization														8,797,000
amortization of lease-use right														63,889,000	27,959,000
equity in earnings of subsidiaries
interest expenses with financing and loans and debentures														1,674,610,000
estimated loss (reversal) in inventories and write-offs
other provisions														66,743,000	65,227,000
related parties														57,322,000
proceeds from loans														12,226,291,000	3,673,049,000
issue of debentures														3,998,780,000	3,998,780,000
payment of loans and financing
payment of debentures
cash provided by financing activities														3,643,534,000
fair value adjustment on acquisition of fibria - amortization															1,566,648,000
fair value adjustment on acquisition of facepa - amortization															4,218,000
exchange and monetary variations															455,727,000	1,446,207
interest expenses															823,958,000	789,670
settlement of interest on financial investments
amortization of the cost of funding															31,574,000
payment of interest
new lease contracts
increase of capital in subsidiaries
new leases contracts															50,044,000
effects of exchange rate differences on cash and cash equivalents
income from sale of fixed and biological assets
equity pick-up in subsidiaries and affiliates
expenses from deferred income and social contribution taxes
provision/ (reversal) for contingencies																13,285
provision/ (reversal) for share-based payments																131,610
addition to allowance for doubtful accounts																6,450
provision/ (reversal) for discounts - loyalty program																27,681
provision/ (reversal) for inventory losses and write-offs
provision for losses and write-off with fixed and biological assets																18,103
partial write-off of goodwill on r&d agreements
other provisions /																75,790
increase / (decrease) in accounts receivable
decrease in inventories
decrease/ (increase) in recoverable taxes																50,960
increase / (decrease) in other current and non-current assets
decrease in trade accounts payable																1,473
increase in other current and non-current liabilities																192,566
payment of other taxes and contributions
payment of income and social contribution taxes
actuarial liability
contingencies
cash from the acquisition of subsidiaries
additions to fixed assets, intangible assets and biological assets
proceeds from asset divestment																95,481
cash flow from financing activities
funding																20,964,722
funding of debentures																4,681,100
payment of loans
dividends (acquisition) of own shares																8,514
repurchase of own shares
payment of debts with acquisition of assets
net cash from financing activities																20,035,049
cash and cash equivalents at the beginning of the period																1,076,833
cash and cash equivalents at the end of the period																4,387,453
statement of the increase (reduction) in cash																3,310,620
benefit from loss and write-off of fixed assets and biological assets
benefit from stock-based compensation plan
derivative (gains) losses
net cash (used in) / provided by investment activities

Suzano S.A(NYSE:SUZ)

Suzano S.A
(NYSE:SUZ)