Suzano S.A. (SUZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la producción forestal y en papel sostenible, Suzano S.A. surge como una potencia brasileña, revolucionando cómo las industrias globales abordan la responsabilidad ambiental y la gestión innovadora de recursos. Este lienzo completo de modelo de negocio revela el plan estratégico de una empresa que transforma los árboles de eucalipto en productos de pulpa y papel de alto valor, aprovechando la biotecnología de vanguardia, las prácticas sostenibles y una visión del mercado global que se extiende mucho más allá de los paradigmas de fabricación tradicionales. Sumérgete en las intrincadas capas de la estrategia comercial de Suzano que la posiciona como un líder global en soluciones sostenibles basadas en el bosque.

Suzano S.A. (SUZ) - Modelo de negocios: asociaciones clave

Asociaciones forestales estratégicas

Suzano colabora con aproximadamente 8,500 propietarios de tierras y productores a pequeña escala en Brasil, que cubre 1,4 millones de hectáreas de áreas forestales administradas.

Tipo de asociación	Número de socios	Área total
Productores a pequeña escala	5,200	620,000 hectáreas
Grandes terratenientes	3,300	780,000 hectáreas

Proveedores de equipos de fabricación

Suzano mantiene asociaciones estratégicas con fabricantes de equipos globales:

• Andritz AG (Austria) - Equipo de procesamiento de pulpa
• Valmet Corporation (Finlandia) - Tecnología de máquinas de papel
• Voith Group (Alemania) - Soluciones de equipos industriales

Asociaciones de investigación

Suzano invierte R $ 250 millones anuales en colaboraciones de investigación con instituciones brasileñas.

Institución de investigación	Área de enfoque	Inversión anual
Universidad de São Paulo	Biotecnología	R $ 85 millones
Cónyuge	Investigación agrícola	R $ 95 millones
Universidad Federal de Viçosa	Innovación forestal	R $ 70 millones

Asociaciones internacionales de distribución

Suzano tiene empresas conjuntas con 12 compañías internacionales de envases y distribución en papel en 4 continentes.

Región	Número de socios	Volumen de distribución anual
Europa	4	1.2 millones de toneladas
Asia	3	1.5 millones de toneladas
América del norte	3	800,000 toneladas
Sudamerica	2	600,000 toneladas

Certificaciones forestales sostenibles

Suzano mantiene asociaciones con organizaciones de certificación ambiental:

• Consejo de Administración Forestal (FSC) - 100% de las plantaciones certificadas
• Programa para el respaldo de la certificación forestal (PEFC)
• CERFLOR - Programa de certificación forestal brasileña

Suzano S.A. (SUZ) - Modelo de negocios: actividades clave

Cultivo de árboles eucaliptos y manejo forestal sostenible

Suzano administra aproximadamente 2,4 millones de hectáreas de bosques plantados en Brasil a partir de 2023. La producción anual de eucalipto alcanza 21.4 millones de metros cúbicos de madera.

Métrica de manejo forestal	Cantidad
Área forestal total	2.4 millones de hectáreas
Producción de madera anual	21.4 millones m³
Áreas forestales certificadas	1,6 millones de hectáreas

Producción de pulpa y papel para mercados globales

La capacidad de producción de Suzano alcanza los 11 millones de toneladas de pulpa anualmente, con 4,7 millones de toneladas de producción en papel.

• Capacidad de producción de pulpa: 11 millones de toneladas/año
• Producción en papel: 4.7 millones de toneladas/año
• Mercados de exportación: más de 50 países

Investigación y desarrollo de tecnologías forestales avanzadas

Inversión de I + D	Cantidad
Gastos anuales de I + D	R $ 280 millones
Programas de mejora genética	Más de 15 años de investigación

Procesos de fabricación y producción sostenibles

La reducción de las emisiones de carbono del 16.5% alcanzada entre 2015-2022, con un enfoque específico en procesos industriales.

• Reducción del consumo de agua: 22% desde 2015
• Uso de energía renovable: 94% de la matriz de energía total

Innovación de productos en envases y soluciones en papel

Desarrolló 35 nuevos productos en segmentos de envasado e higiene durante el período fiscal 2022-2023.

Métrica de innovación	Cantidad
Desarrollos de nuevos productos	35 productos
Solicitudes de patentes	12 nuevas aplicaciones

Suzano S.A. (SUZ) - Modelo de negocios: recursos clave

Extensos tendros de plantación de eucalipto

Suzano posee aproximadamente 2,4 millones de hectáreas de tierra en Brasil dedicadas al cultivo de eucalipto. Desglose de distribución de tierras:

Región	Hectáreas	Porcentaje
Estado de São Paulo	670,000	27.9%
Estado de Minas Gerais	530,000	22.1%
Estado de Bahía	480,000	20%
Estado de Maranhão	370,000	15.4%
Otras regiones	350,000	14.6%

Biotecnología avanzada e investigación genética

Suzano invierte R $ 150 millones anuales en investigación de biotecnología. Capacidades de investigación clave:

• Mejora genética de los clones de eucalipto
• Desarrollo de variedades de árboles resistentes a las enfermedades
• Técnicas de mejora de la productividad
• Investigación de adaptación climática

Instalaciones de fabricación

Capacidad de producción y detalles de la instalación:

Ubicación	Capacidad de pulpa anual	Año establecido
Mucuri (Bahía)	2.2 millones de toneladas	2009
Imperatriz (Maranhão)	1.7 millones de toneladas	2013
Aracruz (Espírito Santo)	1.5 millones de toneladas	2002

Cartera de propiedades intelectuales

La cartera de propiedades intelectuales de Suzano incluye:

• 38 patentes registradas en tecnologías forestales
• 22 solicitudes de patentes en curso
• Portafolio de innovación biotecnología valorada en aproximadamente R $ 250 millones

Fuerza laboral hábil

Composición y experiencia en la fuerza laboral:

Categoría	Número de empleados	Experiencia promedio
Total de empleados	13,500	N / A
Investigación & Desarrollo	350	12.5 años
Operaciones forestales	4,200	8.7 años
Fabricación	5,600	7.3 años

Suzano S.A. (SUZ) - Modelo de negocio: propuestas de valor

Productos de pulpa y papel sostenibles de alta calidad

Suzano produjo 2,4 millones de toneladas de pulpa en 2022, con 1.9 millones de toneladas de pulpa de mercado exportadas a nivel mundial. La cartera de productos de la compañía incluye:

Categoría de productos	Volumen de producción anual	Cuota de mercado
Pulpa de eucalipto	2.2 millones de toneladas	20% de mercado global
Celulosa especializada	400,000 toneladas	15% de mercado global
Productos de papel	1.1 millones de toneladas	Mercado brasileño del 12%

Prácticas de manejo forestal con el medio ambiente

Métricas de manejo forestal:

• 1,4 millones de hectáreas de bosques plantados
• 96% de los bosques certificados por FSC
• Stock de carbono de 1.100 millones de toneladas de CO2

Soluciones innovadoras para las industrias de embalaje y papel

Suzano invirtió R $ 1.6 mil millones en investigación y desarrollo en 2022, centrándose en:

• Soluciones de embalaje biodegradables
• Tecnologías de materiales renovables
• Iniciativas de transformación digital

Precios competitivos a través de métodos de producción eficientes

Métrica de eficiencia de producción	Rendimiento 2022
Costo de producción en efectivo	$ 327 por tonelada
Margen operativo	44.3%
Reducción de costos de producción	7.2% año tras año

Compromiso para reducir la huella de carbono

Métricas de reducción del impacto ambiental:

• Reducción del 44% en emisiones específicas de gases de efecto invernadero desde 2015
• 100% de energía renovable en operaciones industriales
• Objetivo de emisiones netas de carbono cero para 2030

Suzano S.A. (SUZ) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con fabricantes globales de documentos y envases

A partir de 2024, Suzano mantiene contratos de suministro a largo plazo con más de 50 fabricantes mundiales de papel y envases en 30 países. La duración promedio del contrato es de 5 a 7 años, con valores anuales del contrato que van desde $ 10 millones a $ 75 millones.

Región	Número de contratos a largo plazo	Valor de contrato promedio
Europa	15	$ 45 millones
América del norte	12	$ 55 millones
Asia	18	$ 40 millones
América Latina	8	$ 35 millones

Soporte técnico y desarrollo de productos personalizados

Suzano invierte $ 25 millones anuales en soporte técnico y personalización del producto. La compañía mantiene un equipo dedicado de 180 ingenieros técnicos especializados en soluciones específicas del cliente.

• Tiempo de respuesta promedio para soporte técnico: 4 horas
• Número de desarrollos de productos personalizados por año: 42
• Tasa de satisfacción del cliente para soporte técnico: 94%

Plataformas digitales para la participación y servicio del cliente

La plataforma digital de Suzano atiende a 230 clientes corporativos activos, con una tasa de participación digital del 78%. La plataforma procesa aproximadamente 3.500 solicitudes de servicio mensuales.

Métricas de plataforma digital	2024 estadísticas
Usuarios activos	230 clientes corporativos
Tasa de compromiso digital	78%
Solicitudes de servicio mensuales	3,500
Inversión de plataforma	$ 8.5 millones

Iniciativas de informes de sostenibilidad y transparencia

Suzano publica informes integrales de sostenibilidad que cubren las emisiones de carbono, el manejo forestal y la responsabilidad social. La compañía asigna $ 3.2 millones anuales a iniciativas de transparencia e informes.

• Descargas del informe de sostenibilidad: 12,500 por año
• Cumplimiento de la certificación de terceros: 100%
• Calificación del índice de sostenibilidad: AAA

Canales de comunicación regulares con clientes industriales clave

Suzano mantiene reuniones trimestrales de revisión comercial con el 95% de sus 50 mejores clientes industriales, con una duración promedio de una reunión de 3 horas.

Canal de comunicación	Frecuencia	Cobertura del cliente
Revisiones comerciales trimestrales	4 veces al año	95% de los 50 mejores clientes
Conferencias estratégicas anuales	1 vez por año	100% de los mejores clientes
Actualizaciones digitales mensuales	12 veces al año	85% de la base de clientes

Suzano S.A. (SUZ) - Modelo de negocios: canales

Equipo de ventas directo para clientes industriales y corporativos

Suzano mantiene una fuerza de ventas directa dedicada dirigida a clientes industriales y corporativos en múltiples sectores. A partir de 2023, la compañía informó un equipo de ventas de 287 representantes profesionales que se especializan en la distribución de productos de pulpa y papel.

Segmento de canales de ventas	Número de representantes	Mercados objetivo
Ventas de pulpa	142	Fabricantes de documentos globales
Venta de productos en papel	95	Industrias de embalaje e impresión
Venta de productos especializados	50	Higiene y mercados especializados

Plataformas de ventas en línea y soluciones de comercio electrónico

Suzano ha invertido R $ 12.3 millones en infraestructura de ventas digitales durante 2023, desarrollando plataformas integrales en línea para la participación del cliente.

• B2B Digital Marketplace lanzado en septiembre de 2023
• Sistema de seguimiento de inventario en tiempo real
• Plataforma integrada de gestión de relaciones con el cliente

Redes de distribución global y socios comerciales

En 2023, Suzano mantuvo asociaciones estratégicas con 64 empresas comerciales internacionales en 27 países.

Región	Número de socios comerciales	Volumen de distribución anual
Asia	22	3.2 millones de toneladas
Europa	18	2.7 millones de toneladas
América del norte	12	1.5 millones de toneladas
Otras regiones	12	1.1 millones de toneladas

Ferias comerciales de la industria y exhibiciones internacionales

Suzano participó en 17 eventos comerciales internacionales durante 2023, con una inversión total de R $ 4.8 millones en actividades de exhibición y redes.

Plataformas de marketing y comunicación digital

El gasto de marketing digital alcanzó R $ 6.2 millones en 2023, con un enfoque en estrategias de comunicación digital específicas.

• Alcance en las redes sociales: 2.1 millones de seguidores
• Compromiso corporativo de LinkedIn: 487,000 conexiones profesionales
• Plataformas de contenido digital: 42 canales activos

Suzano S.A. (SUZ) - Modelo de negocios: segmentos de clientes

Fabricantes globales de papel y empaque

Suzano sirve a los principales fabricantes globales de papel y envases con métricas específicas del mercado:

Región	Cuota de mercado	Volumen anual (toneladas)
América del norte	18.5%	1,200,000
Europa	15.3%	980,000
Asia Pacífico	22.7%	1,450,000

Industrias de impresión y editorial

Segmento clave del cliente con características específicas:

• Consumo anual de papel: 750,000 toneladas
• Mercados primarios: Brasil, Estados Unidos, Europa
• Contribución de ingresos: 22% de las ventas totales

Compañías de productos de higiene y cuidado personal

Segmento de mercado especializado con ofertas de productos específicos:

Tipo de producto	Penetración del mercado	Volumen de ventas anual
Papel de seda	35.6%	620,000 toneladas
Documentos especializados	27.4%	450,000 toneladas

Embaque y conversión de negocios

Desglose detallado del segmento de clientes:

• Mercado total direccionable: $ 4.2 mil millones
• Cobertura del mercado: 28% del segmento de papel de embalaje
• Regiones clave: Brasil, América Latina, mercados internacionales

Empresas y distribuidores comerciales internacionales

Métricas de red de distribución global:

Región	Canales de distribución	Volumen de negociación anual
Europa	12 distribuidores principales	680,000 toneladas
Asia	8 distribuidores primarios	520,000 toneladas
América del norte	6 distribuidores principales	420,000 toneladas

Suzano S.A. (SUZ) - Modelo de negocio: Estructura de costos

Inversiones de mantenimiento de plantaciones forestales

En 2023, Suzano invirtió R $ 1.4 mil millones en mantenimiento forestal y expansión de plantaciones de eucalipto en Brasil.

Categoría de costos	Inversión anual (R $)
Preparación de la tierra	352 millones
Producción de plántulas	215 millones
Gestión de plantaciones	612 millones
Protección forestal	223 millones

Gastos de investigación y desarrollo

Suzano asignó R $ 330 millones a la investigación y el desarrollo en 2023, centrándose en:

• Mejora genética del eucalipto
• Innovaciones biotecnológicas
• Tecnologías de producción sostenibles

Costos de infraestructura de fabricación y producción

La inversión total en infraestructura de fabricación en 2023 fue de R $ 2.1 mil millones, distribuida en todo:

Segmento de infraestructura	Inversión (r $)
Instalaciones de producción de pulpa	1.200 millones
Fabricación de papel	540 millones
Modernización de equipos	360 millones

Gastos de logística y transporte

Suzano gastó R $ 890 millones en logística y transporte en 2023, con el siguiente desglose:

• Transporte nacional: R $ 412 millones
• Envío internacional: R $ 368 millones
• Almacén y distribución: R $ 110 millones

Inversiones de cumplimiento de sostenibilidad y certificación

Las inversiones de sostenibilidad totalizaron R $ 215 millones en 2023, que incluyen:

Área de certificación	Inversión (r $)
Certificación FSC	62 millones
Cumplimiento ambiental	93 millones
Programas de responsabilidad social	60 millones

Suzano S.A. (SUZ) - Modelo de negocios: flujos de ingresos

Ventas de pulpa a mercados globales

En 2023, Suzano generó ingresos netos totales de R $ 32.5 mil millones, con ventas de pulpa que representan una porción significativa. Los volúmenes de exportación de pulpa alcanzaron aproximadamente 10.8 millones de toneladas.

Segmento de mercado	Ingresos (R $ mil millones)	Volumen de exportación (millones de toneladas)
Pulpa de madera dura	22.3	8.6
Pulpa de madera blanda	5.7	2.2

Fabricación y distribución de productos en papel

Las ventas de productos en papel generaron R $ 6.2 mil millones en ingresos para Suzano en 2023.

• Segmento de papel de tejido: R $ 2.8 mil millones
• Segmento de papel de embalaje: R $ 3.4 mil millones

Ofertas de productos de celulosa especializada

Los productos especializados de celulosa contribuyeron con R $ 3.5 mil millones a los ingresos de Suzano en 2023.

Tipo de producto	Ingresos (R $ millones)
Disolución de pulpa	1,750
Celulosa especializada	1,750

Generación y comercio de crédito de carbono

Suzano generó aproximadamente 14.5 millones de créditos de carbono en 2023, con ingresos estimados de R $ 290 millones del comercio de crédito de carbono.

Servicios de licencias y consultoría de tecnología

Los servicios de tecnología y consultoría generaron un ingreso adicional de R $ 250 millones para Suzano en 2023.

Categoría de servicio	Ingresos (R $ millones)
Consultoría de gestión forestal	150
Licencias de tecnología	100

Suzano S.A. (SUZ) - Canvas Business Model: Value Propositions

You're looking at the core value Suzano S.A. delivers to its customers and the market as of late 2025. It's not just about selling wood fiber; it's about scale, cost discipline, and sustainable material innovation. Honestly, their value proposition is built on being the biggest and the most efficient in their core commodity, while aggressively pivoting into higher-value bio-based alternatives.

Lowest-cost global producer of hardwood pulp, driving margin expansion

Suzano S.A. is the world's largest hardwood pulp producer, which gives it inherent scale advantages. This massive operation, centered in Brazil, is designed for structural cost competitiveness. The company's ability to drive down costs is a key differentiator, especially when commodity prices are volatile.

The operational efficiency is clearly visible in the latest cost figures. For the third quarter of 2025 (3Q25), the cash cost of pulp production, excluding downtime, was reported at R$801 per tonne, marking a 7% reduction year-over-year compared to 3Q24. This follows a cost of R$832 per tonne in 2Q25. This downward trend in costs, boosted by the full ramp-up of the Ribas do Rio Pardo mill, is expected to translate into better financial resilience; the forecast free cash flow yield for 2025 is 12%, up from approximately 9% in 2024.

Here's a quick look at the scale supporting this cost position:

Metric	Value (as of late 2025)	Context
Global Position	World's largest hardwood pulp producer
Total Pulp Capacity (Nominal)	13.4 million tons per year (as of Aug 2025)	Includes eight pulp mills in Brazil
Cerrado Project Incremental Volume	2.3 million tons per year (approx. 20% increase)	New mill operational since July 2024
Pulp Cash Cost (3Q25, excl. downtime)	R$801 per tonne	7% reduction year-on-year

High-quality, sustainable, and certified eucalyptus fiber (BEK)

Suzano S.A. offers high-quality bleached eucalyptus kraftwood pulp (BEKP) fiber, which is valued for its uniformity, homogeneity, and smoothness in the paper furnish. This allows customers better control and softness in their final products. The company backs this with a significant commitment to its renewable resource base.

• Forest base size: Approximately 2.6 million hectares (as of 2022).
• Planted forests: About 1.5 million hectares of the total forest base.
• Innovation: Development of pulps with superior mechanical properties, such as the Eucastrong family, to optimize strength in BEKP applications.
• Green Power Generation: The new Ribas do Rio Pardo mill produces an average of 180 MW of surplus green power monthly from renewable biomass.

Diversified product portfolio: market pulp, paper, paperboard, and tissue

While pulp is the foundation, Suzano S.A. has strategically diversified into paper, paperboard, and tissue, leveraging its integrated operations. You can see this mix clearly in the 3Q25 revenue breakdown.

In 3Q25, the net revenue breakdown showed:

• Pulp: 75%
• Printing & Writing Paper: 11%
• Other Paper: 8%
• Paperboard: 6%

The volume growth reflects this diversification. In 3Q25, combined pulp and paper sales reached 3.6 million tonnes, a 20% increase from the same period last year. The company's total paper capacity is around 1.5 million tons per year. Furthermore, its Consumer Goods tissue division has expanded its total capacity to 340,000 tpy following recent investments. The company's trailing twelve-month revenue as of September 30, 2025, stood at $8.97B.

Bio-based solutions replacing fossil-based materials for industrial partners

Suzano S.A. is actively positioning its eucalyptus fiber as a renewable alternative to fossil-based materials across various sectors. This is a core strategic avenue, moving beyond traditional paper uses.

The company is exploring markets where substitution is needed, such as textiles, which is a market over 100 million tonnes, where renewable textile production currently accounts for less than 10 million tonnes. Suzano Ventures is backing this with concrete investments, such as up to US$5 million into Bioform Technologies for bio-based plastic alternatives. In consumer-facing applications, the company previously distributed 70,000 paper cups made from its Bluecup Bio® product at a single event in 2022. The integration of its U.S. paperboard assets, acquired in October 2024, also contributes to this diversified offering.

Supply security from a single, large-scale, integrated Brazilian operation

Supply security comes from the sheer scale and integration of its Brazilian assets. Suzano operates a vertically integrated model, controlling the process from its proprietary forest base to final sales. The Cerrado Project, a massive R$ 22.2 billion (approximately U$4.3 billion) investment, solidified this by adding the world's largest single-line eucalyptus pulp mill, increasing total capacity by more than 20%. This integration, which includes logistics advantages like proximity of the new mill to farms to reduce transport time, helps ensure reliable delivery to its customers in over 100 countries.

You should note the scale of the operation in the table below:

Operational Metric	Value	Significance
Total Pulp Mills in Brazil	Eight	Core of the integrated operation
Cerrado Project Investment	R$ 22.2 billion (approx. U$4.3 billion)	One of Brazil's largest private investments
Global Export Reach	Over 100 countries	Demonstrates global supply capability
Cash Position (End of 3Q25)	US$6.5bn	Indicates strong liquidity supporting operations

Finance: draft 13-week cash view by Friday.

Suzano S.A. (SUZ) - Canvas Business Model: Customer Relationships

You're looking at how Suzano S.A. builds and keeps its most important customer ties as of late 2025. It's not just about shipping wood pulp; it's deeply rooted in technical partnership and long-term volume commitments. Honestly, in this commodity space, that relationship layer is what separates the top players.

Dedicated technical support and co-development via the I-Hub innovation center

Suzano S.A. uses its global network of innovation centers to embed itself directly into customer processes. The Suzano Asia Innovability Hub (I-Hub) in Shanghai, for instance, represents a RMB 70 million investment, acting as a critical bridge between Suzano's R&D and specific market needs in Asia. This isn't just theoretical work; the I-Hub has provided over 40 days of on-site pilot production support to help customers fine-tune their operations. This technical hand-holding is key to strengthening the partnership, moving beyond a simple supplier role to that of an invested ally.

Long-term, high-volume supply contracts with major global manufacturers

The backbone of Suzano S.A.'s customer relationship strategy involves locking in volume through long-term agreements. This provides revenue stability for Suzano and supply assurance for major global players. For example, looking at the third quarter of 2025 (3Q25), the company reported pulp sales of 3,165 thousand tonnes and paper sales of 436 thousand tonnes. These volumes are often secured through these multi-year arrangements. Furthermore, strategic moves, like the landmark joint venture announced with Kimberly-Clark in Q2 2025, solidify these high-volume, value-accretive relationships by integrating assets and supply chains.

Here's a look at the sales volume performance that these contracts support:

Metric	3Q25 Volume ('000 t)	Year-over-Year Change vs 3Q24
Pulp Sales	3,165	+20%
Paper Sales	436	+21%

Direct, relationship-based sales model with industrial customers

Suzano relies heavily on direct engagement, especially in international markets, which mitigates reliance on spot market volatility. In the fourth quarter of 2024, exports accounted for 81% of total revenue. This direct channel allows for better price realization and deeper customer insight. For instance, the average net pulp price charged in the export market during 3Q25 was US$524/t. Managing this direct sales flow requires dedicated teams that understand the nuances of each region, ensuring that pricing agreements under long-term contracts align with established global benchmarks like the BEKP price schedule.

Customer-specific solutions for fiber flexibility and cost optimization

The relationship extends into co-developing solutions to address industry-wide constraints, like the shortage and high cost of softwood pulp. Suzano's Fiber-to-Fiber (F2F) strategy is a direct response to this, helping customers substitute scarce fibers with stable eucalyptus supply. This isn't just about swapping materials; it involves tailoring the fiber properties. A concrete example of this co-development is the work on 100% BEK tissue recipes, which helps customers reduce softwood reliance while maintaining product quality. This focus on tangible operational improvements is what translates into perceived value for the customer.

Key areas of customer-specific technical engagement include:

• Developing alternative fiber applications.
• Optimizing refining technologies.
• Creating new technical services for operational improvements.
• Translating operational gains into tangible business advantages.

The goal is to move at the speed of the customer's business.

Suzano S.A. (SUZ) - Canvas Business Model: Channels

You're looking at how Suzano S.A. gets its products-pulp and paper-out to the world, and the numbers for late 2025 show a massive reliance on international movement. Honestly, the scale of their export operation is what stands out first.

The global export market was the engine for revenue in the third quarter of 2025 (3Q25). Exports accounted for 81.1% of Suzano S.A.'s net revenue for that period. Considering the total net revenue in 3Q25 was R$12,153 million, that means a huge chunk of the business is happening outside of Brazil. The total sales volume for the company in 3Q25 was 3,601 thousand tonnes (kt).

Suzano S.A. focuses on direct sales to industrial customers across key continents. For pulp, the average net price charged in the export market during 3Q25 settled at US$524/t. Pulp sales volumes saw a strong year-over-year increase of 20% vs. 3Q24, with significant volume growth directed toward Asia and North America.

The paper segment also has a significant international footprint. In 3Q25, international paper sales specifically reached 188 thousand tonnes, which represented 43% of the total paper sales volume for the quarter. This international paper volume was up 6% compared to the second quarter of 2025 (2Q25). Overall paper sales volume grew 21% vs. 3Q24, helped by both domestic strength and these export channels. Paper revenues for the quarter were R$3.10 billion.

Here's a quick look at the sales volume distribution for 3Q25:

Metric	Value (3Q25)	Comparison
Total Sales Volume	3,601 kt	+20% vs. 3Q24
Pulp Sales Volume	3,165 kt	+20% vs. 3Q24
Paper Sales Volume	436 kt	+21% vs. 3Q24
Paper International Sales Volume	188 kt	+6% vs. 2Q25

Moving goods of this magnitude requires a serious logistics backbone. Suzano S.A. uses an integrated network to manage this flow. The company operates 10 ships that transport Suzano Biopulp exclusively, which helps maintain agility during global logistical snags. A major part of this network involves Portocel, a terminal partnership situated in Aracruz (ES).

The logistics expansion is clearly tied to new capacity. For instance, the outbound logistics for the massive Cerrado Project involved an earmarked investment of R$ 6.3 billion (~US$1.2 billion). Furthermore, Portocel expanded its presence at Terminal 32 (T32) in the Port of Santos. This renovation increased the storage area by over 32%, moving it from 21,278.98 m² to 28,120.09 m², adding approximately 7,000 m² of new storage capacity.

The North American market is served, in part, by the Suzano Packaging US operation, which is key for the paperboard segment. This US unit, acquired in October 2024, showed clear operational turnaround by 3Q25. The operation delivered its first positive Adjusted EBITDA of R$43 million in the quarter. That's a significant jump from the negative R$66 million Adjusted EBITDA reported in the prior quarter (2Q25). This integration directly supported the 21% year-over-year growth in total paper sales volume.

You can see the channel impact on the paper business:

• Paper sales volume increased 21% vs. 3Q24.
• Suzano Packaging US contributed to a 6% increase in international paper volumes in 3Q25.
• The US operation helped deliver a positive Adjusted EBITDA of R$43 million in 3Q25.
• The company's total paper sales volume in 3Q25 was 436 kt.

Finance: draft the 13-week cash flow view by Friday.

Suzano S.A. (SUZ) - Canvas Business Model: Customer Segments

The customer base for Suzano S.A. is segmented across global industrial users and converters of wood fiber products, with specific focus areas driving recent strategic moves, such as the U.S. packaging expansion.

Global tissue and sanitary paper manufacturers (e.g., Kimberly-Clark JV)

• The consumer goods unit, which includes tissue, has played a more significant role in the paper business results since the third quarter of 2023, following the acquisition of Kimberly Clark\'s tissue business in Brazil.
• One of Suzano\'s customers in tissue paper manufacturing cited the partner\'s tailored solutions for improving efficiency and product quality.

Printing and writing paper producers worldwide

The global market for printing and writing (P&W) paper is a core segment, though demand in Brazil saw a contraction in the third quarter of 2025.

• Total demand in Brazil for paper market segments accessible to Suzano decreased by 6% in the first two months of the third quarter of 2025 relative to the same period in 2024, according to Ibá data.
• The focus in traditional P&W markets remains on evolving the exclusive go-to-market model to expand customer base and regions served.

Packaging and paperboard converters, including the new U.S. segment

This segment has seen significant recent investment, particularly with the integration of the U.S. packaging operations.

• The Suzano Packaging US Unit (including Pine Bluff and Waynesville assets) delivered its first positive Adjusted EBITDA in the third quarter of 2025.
• Suzano acquired two U.S. industrial facilities from Pactiv Evergreen for $110 million, adding approximately 420,000 metric tonnes of annual paperboard capacity to become a major North American supplier for liquid packaging board production.
• The company is investing in its innovation-focused product portfolio in Brazil, using existing assets to target packaging solutions and the replacement of single-use plastics.

The following table summarizes the key operational data for the paper business unit, which encompasses tissue, P&W, and packaging/paperboard, for the third quarter of 2025 (3Q25).

Metric	3Q2025 Value	Year-over-Year Change (vs 3Q2024)	Notes
Total Paper Sales Volume	436 thousand tonnes	+21%	Includes consumer goods (tissue) and Suzano Packaging US Unit.
Domestic Paper Sales Volume (Brazil)	248 thousand tonnes	Not directly comparable to 3Q24	Represents printing & writing, paperboard, and tissue in the Brazilian market.
International Paper Sales Volume	188 thousand tonnes	Implied growth from total increase	Accounted for 43% of total paper sales volume in 3Q2025.
Net Revenue from Paper Sales	R$3,103 million	+26%	Boosted by the new Suzano Packaging US operation.

Industrial customers seeking bio-based functional materials (e.g., rubber, tires)

Suzano is actively developing new business collaborators to integrate bio-based solutions, aiming to replace fossil-based materials.

• The company signed a partnership agreement to commercialize the use of Suzano Ecolig® (kraft lignin) in rubber products, serving as a sustainable alternative to chemical additives and fossil-based antioxidants.
• This material is targeted for use in a wide range of applications, including rubber goods, retreaded tires, conveyor belts, and shoe soles.
• One of Suzano\'s customers in the functional material for the rubber and tire industry noted that the partnership transformed their business with proactive support and tailored solutions.

Finance: draft 13-week cash view by Friday.

Suzano S.A. (SUZ) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Suzano S.A.'s operations as of late 2025. Honestly, for a company this size, the cost structure is dominated by massive, long-term capital commitments and the day-to-day cost of getting wood from the forest to the customer.

The investment cycle is still heavy, even after the big push of the Cerrado Project. You saw the 2025 Capital Expenditure (CAPEX) estimate get revised up to R$13.3 billion. That's a significant outlay, and it tells you where the money is going-it's not just maintenance; it's about future efficiency and growth.

Here's a quick look at how those major 2025 investment dollars were planned to be spent, based on the revised guidance:

• R$7.8 billion for Maintenance.
• R$1.5 billion for Expansion, Modernization, and Other.
• R$3.1 billion allocated to Land and Forests.
• R$0.9 billion for the Cerrado Project.

The focus on the forest base is a direct cost driver. In the third quarter of 2025 (3Q25) alone, Suzano S.A. disbursed R$1.39 billion in land and forest investments, which included the first installment of R$878 million related to that strategic wood swap deal with Eldorado Brasil Celulose S.A. This type of upfront cost is meant to lower future operational expenses, which is key to their strategy.

Speaking of operations, the company maintains a structural cost advantage in pulp production. For 3Q25, the pulp cash production cost, excluding downtime, hit a highly competitive R$801/tonne. That's a 7% year-on-year decrease, largely thanks to the efficiency gains from the new Ribas do Rio Pardo mill. That low operational cost is your primary defense when pulp prices dip.

But you can't ignore the balance sheet costs. Financial expenses are significant because of the debt load carried to fund those massive projects. As of the second quarter of 2025 (2Q25), the net debt in USD stood at US$13 billion. Even with a net leverage ratio of 3.1 times in USD at that time, servicing that debt is a major fixed cost. For instance, in 3Q25, interest payments alone totaled R$1.87 billion.

Global distribution adds another layer of expense. While the Eldorado transaction is expected to help reduce logistics and industrial costs, getting product to global customers is inherently expensive. This includes outbound freight for the millions of tonnes sold internationally-exports accounted for 81.1% of revenue in 3Q25.

To put these key cost components side-by-side, here's a snapshot of the financial figures we're tracking:

Cost Component	Period/Year	Amount/Rate
Revised 2025 CAPEX	FY 2025 (Revised)	R$13.3 billion
Pulp Cash Production Cost (Ex-Downtime)	3Q25	R$801/tonne
Net Debt	2Q25	US$13 billion
Land and Forest Investments Disbursed	3Q25	R$1.39 billion
Interest Payments	3Q25	R$1.87 billion
CAPEX Allocation for Land and Forests	FY 2025 Projection	R$3.1 billion

The structure is clear: high upfront CAPEX, especially in forestry assets, to drive down the variable operational cost per tonne, all while managing substantial interest expense from the net debt. Finance: draft 13-week cash view by Friday.

Suzano S.A. (SUZ) - Canvas Business Model: Revenue Streams

You're looking at how Suzano S.A. converts its massive forestry and industrial base into actual cash flow as of late 2025. The revenue streams are heavily concentrated, but there's clear strategic diversification happening, especially with the recent US packaging integration.

The overall top-line performance for the third quarter of 2025 (3Q25) saw Suzano S.A. report a consolidated net revenue of R$12.2 billion. This figure was broadly flat compared to the same period last year, which is a solid result given the headwinds in global pulp pricing.

Here's a breakdown of the key revenue components for 3Q25:

Revenue Stream Component	3Q25 Financial Data	Context/Volume Data
Consolidated Net Revenue	R$12.2 billion	Broadly flat YoY
Market Pulp Sales Revenue	R$9.05 billion (LTM 3Q25)	Representing approximately 75% of net revenue (Source states 76.5% of LTM 3Q25 revenue)
Paper, Paperboard, & Tissue Sales Revenue	R$3,103 million (as specified)	Sales volume of 436 thousand tonnes (+21% YoY)
Suzano Packaging US Operations Contribution	First positive Adjusted EBITDA of R$43 million	Acquired assets from October 2024 integration

The core of Suzano S.A.'s revenue still comes from its primary commodity: market pulp. Sales of market pulp (BEK) represented about 75% of the total 3Q25 net revenue, translating to revenues of R$9.05 billion when looking at the LTM 3Q25 figure. Pulp sales volume was up 20% year-over-year, reaching 3,165 thousand tonnes.

The paper, paperboard, and consumer goods (tissue) segment is the next largest piece. These sales totaled R$3,103 million for the quarter, which aligns closely with the reported R$3.10 billion. This segment saw a 6.0% sequential increase in sales volumes, hitting 436 thousand tonnes in 3Q25.

A notable strategic development is the revenue contribution from the new Suzano Packaging US operations. These assets, integrated after the October 2024 acquisition, achieved their first positive Adjusted EBITDA of R$43 million in the quarter, signaling a shift toward value-added packaging revenue streams.

While Suzano S.A. generates bioenergy from its mill operations, the specific revenue amount from sales of surplus bioenergy generated from mill operations was not explicitly detailed in the available 3Q25 financial highlights.

You can see the volume performance underpinning these revenue streams:

• Total combined pulp and paper sales volume: 3,601 thousand tonnes in 3Q25.
• Total combined pulp and paper sales volume increase YoY: 20%.
• Average net pulp price in the export market: US$524/t in 3Q25.
• Average net paper price in 3Q25: R$7,118/t.

Finance: draft 13-week cash view by Friday.