Suzano S.A.(US:SUZ)2025-11-07 13:00Operational Performance - Sales volume reached 3.2 million tons for pulp, compared to 3.3 million tons in 2Q25 and 2.6 million tons in 3Q24[6] - Paper and packaging sales volume was 372 thousand tons, up from 348 thousand tons in 2Q25 and 295 thousand tons in 3Q24[6] - Adjusted EBITDA was R$5.2 billion, down from R$6.1 billion in 2Q25 and R$6.5 billion in 3Q24[6] - Operating cash generation was R$3.4 billion, compared to R$4.1 billion in 2Q25 and R$4.4 billion in 3Q24[6] - Cash cost ex-downtimes decreased to R$801/ton, from R$832/ton in 2Q25 and R$863/ton in 3Q24[6] Financial Management - Liquidity stood at US$6.5 billion, up from US$5.9 billion in 2Q25 and US$5.7 billion in 3Q24[7] - Net debt remained at US$13.0 billion, consistent with 2Q25 and slightly up from US$12.9 billion in 3Q24[7] - Leverage increased to 3.3x in US$, compared to 3.1x in both 2Q25 and 3Q24[7] Paper and Packaging Business - US operations recorded positive performance since acquisition[8] - Paper sales in Brazilian operations (domestic) reached 200 thousand tons in 3Q24, 173 thousand tons in 2Q25 and 186 thousand tons in 3Q25[9] Pulp Business - Production volumes were fully sold in the quarter[11] - Average net price in the export market was $670/ton in 3Q24, $555/ton in 2Q25 and $524/ton in 3Q25[12] Financial Strategy - Liability management extended the average term of debt without increasing the average cost, maintaining it at 5.0% p.a. in US$[16,18] - Cash flow hedging strategy covers 64% of the FX gap with a notional value of US$6.0 billion[21]