Over the past couple of trading days, the broader U.S. equity markets swayed wildly, registering the worst day of 2024 to recovering sharply to record-high tallies on the following day. The markets seemed to backtrack as the minutes of the Federal Reserve's May policy meeting reignited fears that the central bank might not cut interest rates in the near future. The minutes revealed that several Fed officials are of the view that although inflation has eased over the past year, it is yet to achieve the bench ...

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Investment Thesis - Suzano is recommended as a buy due to its position as the world's largest producer of eucalyptus short fiber pulp and its competitive advantages in Brazil's favorable climate and soil conditions [1][5]. Company Overview - Suzano has experienced strong growth through mergers and acquisitions, with an EBITDA margin exceeding 40%, significantly higher than competitors' margins around 10% [2]. - The company operates 11 industrial units across Brazil and manages 1.4 million hectares of planted forests [6][7]. - Approximately 65% of the wood used by Suzano is sourced from its own forests, with an average distance of 186 km between forests and production plants, enhancing logistical efficiency [8]. Market Position - In 2023, Brazil was the largest pulp exporter globally, exporting 22.5 million tons, and ranked third in production behind the USA and China [3]. - The cellulose segment accounts for 80% of Suzano's net revenue, while the paper segment contributes 20% [9]. Financial Performance - Suzano's market capitalization is $12.6 billion, with a trailing twelve months (TTM) revenue of $7.6 billion and a five-year revenue growth rate of 19% [12][13]. - The company has the highest EBITDA margin (43%) and net income margin (24%) among its peers, with a return on equity (ROE) of 21.9% [13][14]. - The EV/EBITDA multiple for Suzano is 7.89, which is below the peer average of 8.67, indicating a potential undervaluation [15][17]. Recent Developments - In Q1 2024, Suzano reported an EBITDA of $904.6 million, with a notable decline in cellulose volumes [21][22]. - The company is considering acquiring rival International Paper for $15 billion, which could impact its leverage and market perception [24][25]. Competitive Advantages - The shorter tree rotation time in Brazil (approximately 7 years for eucalyptus) compared to 15-20 years in the USA and Europe provides a significant cost advantage [5][29]. - Local environmental conditions contribute to high productivity in raw material production, supporting expansion potential [4].

| --- | --- | --- | --- | --- | |--------|------------------|-------|-----------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | I I MINI HILL IT | | | | | | | | | | | suzano | | | | rnings | | | | | | Conference Call | | YEARS | AMMIT | | | 1Q24 | | | | | | | | | | | suz NYSE | SUZB LISTED B3 LISTED NM | Disclaimer The forward-looking statements include, without limitation, statements related to the declaration or payment of dividends, implementation of the key o ...

Financial Data and Key Metrics Changes - The operational cash cost was R$812 per ton, showing strong performance close to the previous quarter's results [3] - EBITDA totaled R$3.9 billion, improving compared to the last quarter due to higher prices despite lower volumes [8] - Net debt increased from $10.9 billion to $11.9 billion, with a net debt to EBITDA ratio reaching 3.5 times, which is expected to be the peak for this investment cycle [144] Business Line Data and Key Metrics Changes - Demand for hardwood pulp exceeded expectations, particularly in China and Europe, with a 6% growth in paper production in China compared to Q1 2023 [7] - Demand for printing and writing papers in Brazil shrunk by 20% year-on-year in the first two months of 2024, primarily due to lower economic activity and inventory adjustments [75] - The average export price increased to $624 per ton, capturing only part of the price increases due to high backlog levels [8] Market Data and Key Metrics Changes - In Brazil, demand for paperboard decreased by 6% in early 2024 compared to the same period in 2023, influenced by consumer spending slowdowns [5] - International markets are expected to see price increases as major players have announced price hikes for the coming months [6] - The company is experiencing significant shipment and invoicing delays in regions served directly from Brazil, with backlog exceeding 70 days [101] Company Strategy and Development Direction - The company is focused on long-term value creation through both organic and inorganic growth strategies, including potential international expansion [15][136] - Financial discipline remains a priority, with a commitment to maintaining a clear capital allocation policy [16][120] - The company is not planning to build new plants in Brazil in the near term due to wood scarcity [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the coated segment and improving paperboard demand for packaging [6] - The company anticipates a stable cash cost performance throughout 2024, supported by strong structural competitiveness [113] - Management highlighted the ongoing challenges in supply chain dynamics, which are expected to maintain positive price momentum [116] Other Important Information - The Cerrado project is nearing completion, with a CapEx guidance of R$4.6 billion for 2024, and over half of the budget already disbursed [104] - The company is committed to transforming any acquired assets to enhance competitiveness [32][60] Q&A Session Summary Question: What is driving the weakness in paper demand in Brazil? - The demand for printing and writing papers has been affected by lower economic activity and inventory adjustments, but there is optimism for recovery as the year progresses [28] Question: What is the strategic rationale behind internationalization? - The company is looking for value creation opportunities and is open to exploring international markets while maintaining a disciplined approach to capital allocation [30][136] Question: How does the company view the current share buyback program? - The company is considering the buyback program in light of recent share price corrections, but no decisions have been made yet [128] Question: What are the expectations for pulp pricing in the second half of the year? - The company expects price reactions to continue, with flexibility in ramping up production to meet demand [158] Question: How does the company plan to address inventory levels? - The company is focused on rebuilding inventory levels to meet customer agreements, which were unsustainably low at the end of the previous year [152]

Financial Performance - Net sales for the three-month period ended March 31, 2024, were R$9,458,602, a decrease of 16.1% compared to R$11,276,383 in the same period of 2023[7]. - Gross profit for the same period was R$3,758,732, down 29.1% from R$5,307,709 year-over-year[7]. - The company reported a net income of R$220,032 for Q1 2024, a significant decline from R$5,242,793 in Q1 2023[7]. - Earnings per share decreased to R$0.16755 in Q1 2024 from R$3.96896 in Q1 2023[7]. - Cash generated from operations for the three-month period was R$4,253,410 thousand, down from R$5,535,217 thousand year-over-year[14]. - Total comprehensive income for the period included a net income of R$220,032 thousand and other comprehensive income of R$2,220 thousand[14]. - Net income for the period ended March 31, 2024, was R$220,032 thousand, a significant decrease from R$5,242,793 thousand in the same period of 2023[14]. Assets and Liabilities - Total current assets decreased to R$35,871,806 as of March 31, 2024, from R$38,569,072 at the end of 2023, reflecting a decline of 7.1%[2]. - Total liabilities slightly decreased to R$98,674,892 as of March 31, 2024, compared to R$98,782,725 at the end of 2023[5]. - The company’s cash and cash equivalents decreased to R$4,203,126 from R$8,345,871, a decline of 49.7%[2]. - Inventories increased to R$6,521,769 as of March 31, 2024, up 9.7% from R$5,946,948 at the end of 2023[2]. - The company’s total equity decreased to R$44,724,599 from R$44,810,300, a decline of 0.2%[5]. - Trade accounts receivable decreased from R$6,848,454 to R$6,634,735, a decline of about 3.1%[44]. - Loans, financing, and debentures increased from R$77,172,692 to R$78,949,641, an increase of approximately 2.3%[44]. Cash Flow and Investments - The company reported a decrease in cash and cash equivalents of R$4,142,745 thousand, ending the period with R$4,203,126 thousand[14]. - Additions to property, plant, and equipment amounted to R$2,556,172 thousand, compared to R$2,449,752 thousand in the prior year[14]. - The company repurchased shares worth R$309,952 thousand during the period, compared to R$87,243 thousand in the previous year[14]. - The company raised US$780,000 (equivalent to R$3,897,036) through an export prepayment on February 15, 2024, with a floating rate based on SOFR + 1.65% p.a., maturing in February 2029[156]. - A Rural Credit Note of R$200,000 was raised on March 28, 2024, with a post-fixed interest rate of 100% of the CDI, maturing in March 2025[158]. Risk Management - The company has not identified any short-term or long-term risks of material shortages due to the ongoing geopolitical conflicts, although there has been increased volatility in commodity and energy prices[34]. - The company continuously monitors the impacts of the Russia-Ukraine war and Middle East conflict on its operations and market conditions[26][28]. - The company actively manages interest rate risks, with a focus on financial instruments to mitigate negative cash flow impacts from fluctuations in interest rates[63]. - The company utilizes Non-Deliverable Forward contracts to protect cash flow against the depreciation of the Brazilian Real, particularly for the Cerrado project[82]. Shareholder Information - The company reported a closing balance of expected credit losses at R$80,482 thousand as of March 31, 2024, down from R$95,053 thousand on December 31, 2023[105]. - The number of shares under the long-term compensation plans increased to 9,964,364 as of March 31, 2024, from 9,728,425 as of December 31, 2023[186]. - The company canceled 37,145,969 shares at an average cost of R$40.84, resulting in a total cancellation value of R$1,517,224[197]. - The weighted average number of outstanding shares decreased from 1,319,583 thousand in Q1 2023 to 1,285,502 thousand in Q1 2024, a reduction of approximately 2.6%[199]. Tax and Regulatory Compliance - The effective rate of income and social contribution tax expenses for the first quarter of 2024 was 145.10%, a notable increase from 22.63% in the same quarter of 2023[127]. - The company has tax incentives for partial reduction of income tax from operations in specific regions, which are expected to positively impact future profitability[129]. - Suzano is monitoring the implementation of OECD Pillar Two model rules, which may affect its operations in European jurisdictions starting in 2024[131].

As filed with the Securities and Exchange Commission on April 26, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 2023 Commission file number 001-38755 Suzano S.A. (Exact name of Registrant as specified in its charter) Suzano Inc. (Translation of Registrant's name into English) Federative Republic of Brazil (Jurisdiction of incorporation or orga ...

Exhibit 99.1 Portuguese version shall prevail SUZANO S.A. Publicly Held Company CNPJ/MF No. 16.404.287/0001-55 NIRE No. 29.300.016.331 MINUTES OF THE ANNUAL AND EXTRAORDINARY GENERAL SHAREHOLDERS' MEETING HELD ON APRIL 25, 2024 1. Date, Time and place: April 25, 2024, at 10:00 a.m., exclusively through a digital system for remote attendance provided by Suzano S.A. ("Company") pursuant to item II of Paragraph 2 of Section 28 of CVM Resolution No. 81, of March 29, 2022, as amended ("RCVM 81/22") and pursuant ...

suzano Earnings Conference Call 4Q23 SUZB B3 LISTED NM suz LISTED NYSE Disclaimer 2 This presentation contains what are considered "forward-looking statements," as defined in Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with words such as "believe," "may," "could," "would," "possible," "will," "should," "expect," "intend," "plan," "anticipate," "estimate," "potential," "outlook" or "continue," ...

Suzano S.A. (NYSE:SUZ) Q4 2023 Earnings Conference Call February 29, 2024 8:00 AM ET Company Participants Walter Schalka - Chief Executive Officer Marcelo Bacci - Executive Officer, Finance and Investor Relations Walter Schalka - Chief Executive Officer Aires Galhardo - Executive Officer, Pulp Operation Leonardo Grimaldi - Executive Officer, Commercial Pulp and Logistics Fabio Oliveira - Executive Officer, Paper & Packaging Conference Call Participants Rodolfo De Angele - JPMorgan Jon Brandt - HSBC Leonardo ...