Suzano S.A. (SUZ): Análisis PESTLE [Actualizado en enero de 2025]

En el mundo dinámico de la producción forestal y la pulpa global, Suzano S.A. se erige como una potencia brasileña que navega por un complejo panorama de desafíos y oportunidades. Este análisis integral de mano de lona profundiza en los factores externos multifacéticos que dan forma a las decisiones estratégicas de la compañía, revelando cómo las incertidumbres políticas, las fluctuaciones económicas, las expectativas sociales, las innovaciones tecnológicas, los marcos legales y las consideraciones ambientales se entrelazan para definir el camino de Suzano en un camino cada vez más competitivo y sostenible -Sarketplace impulsado.

Suzano S.A. (Suz) - Análisis de mortero: factores políticos

La incertidumbre política de Brasil afecta a las políticas forestales y de exportación de pulpa

El panorama político de Brasil influye directamente en el entorno operativo de Suzano. A partir de 2024, el país experimenta una volatilidad política significativa con posibles implicaciones para el sector forestal.

Indicador político	Estado actual	Impacto potencial en Suzano
Índice de estabilidad política	-0.72 (Banco Mundial, 2023)	Alta incertidumbre para las políticas de exportación
Alineación política del gobierno	Coalición centrista	Moderado previsibilidad de la política

Regulaciones gubernamentales sobre prácticas forestales sostenibles

Las regulaciones ambientales brasileñas afectan significativamente las estrategias operativas de Suzano.

• Requisitos de cumplimiento del Código de Manejo Forestal
• Normas de certificación sostenibles obligatorias
• Objetivos de reducción de emisiones de carbono

Aspecto regulatorio	Requisito de cumplimiento	La inversión de Suzano
Certificación forestal sostenible	FSC y CERFLOR obligatorio	R $ 125 millones Inversión anual de cumplimiento
Áreas de protección del medio ambiente	20% de preservación de bosques nativos	Más de 500,000 hectáreas protegidas

Cambios potenciales en la legislación ambiental

Las regulaciones ambientales emergentes presentan desafíos y oportunidades para Suzano.

• Marco propuesto de impuestos al carbono
• Mecanismos de monitoreo de deforestación más estrictos
• Incentivos de energía renovable mejoradas

El impacto de la inestabilidad política en la inversión extranjera

La incertidumbre política crea una dinámica de inversión compleja para el posicionamiento del mercado internacional de Suzano.

Métrica de inversión extranjera	Valor 2023	Tendencia
Inversión extranjera directa en silvicultura	US $ 1.2 mil millones	Declive moderado
Costo de seguro de riesgo político	0.75% del valor de inversión	Creciente

Suzano S.A. (Suz) - Análisis de mortero: factores económicos

Volatilidad del mercado global de la pulpa

Los ingresos netos 2023 de Suzano alcanzaron R $ 31.4 mil millones. Los precios del mercado de pulpa fluctuaron entre $ 620 a $ 780 por tonelada en 2023. El volumen de ventas de pulpa totalizó 2,4 millones de toneladas en el mismo período.

Indicador de mercado	Valor 2023	Valor 2022
Ingresos netos	R $ 31.4 mil millones	R $ 28.6 mil millones
Volumen de ventas de pulpa	2.4 millones de toneladas	2.2 millones de toneladas
Precio promedio de la pulpa	$ 680 por tonelada	$ 750 por tonelada

Las fluctuaciones económicas de Brasil

El crecimiento del PIB de Brasil fue del 2.9% en 2023. La tasa de inflación se estabilizó en 4.6%. El sector manufacturero contribuyó con 11.3% al PIB nacional.

Impacto en las tasas de cambio de divisas

El Real Brasil (BRL) promedió 5.17 contra USD en 2023. Los ingresos por exportación en USD totalizaron $ 4.8 mil millones. Las fluctuaciones monetarias causaron una variación de ingresos de ± 3.5%.

Metría métrica	Valor 2023
Tasa promedio de BRL/USD	5.17
Ingresos por exportación	$ 4.8 mil millones
Impacto en la moneda	±3.5%

Desafíos económicos en los mercados clave

El crecimiento económico de China fue del 5,2% en 2023. La demanda del mercado europeo de pulpa disminuyó en un 2,3%. China importó 15.6 millones de toneladas de pulpa en 2023.

Mercado	Indicador económico	Valor 2023
Porcelana	Crecimiento del PIB	5.2%
Porcelana	Volumen de importación de pulpa	15.6 millones de toneladas
Europa	Cambio de demanda de pulpa	-2.3%

Suzano S.A. (Suz) - Análisis de mortero: factores sociales

Creciente demanda de consumo de productos sostenibles y productos de embalaje

Según el Informe de Sostenibilidad de 2022 de Suzano, la compañía produjo 11.1 millones de toneladas de pulpa y 1,4 millones de toneladas de papel. El segmento de productos sostenibles representaba el 42% de los ingresos totales en 2022, con € 3.2 mil millones generados a partir de líneas de productos ecológicas.

Categoría de productos	Volumen (millones de toneladas)	Certificación de sostenibilidad
Pulpa	11.1	FSC certificado: 100%
Papel	1.4	FSC certificado: 95%

La creciente conciencia de la conservación ambiental influye en la reputación corporativa

Suzano logró un índice de reputación positiva del 84% en 2022, siendo la sostenibilidad ambiental un impulsor clave. La compañía invirtió 127 millones de euros en proyectos de conservación ambiental.

Métrico de reputación	Puntaje	Inversión ambiental
Índice de reputación	84%	€ 127 millones

Presión social para el manejo forestal responsable y el compromiso de la comunidad indígena

En 2022, Suzano manejó 2,4 millones de hectáreas de bosques plantados, con 640,000 hectáreas dedicadas a las áreas de conservación. La compañía apoyó directamente a 22 comunidades indígenas a través de programas de desarrollo sostenible.

Gestión de tierras	Área total (hectáreas)	Comunidades indígenas apoyadas
Bosques plantados	2,400,000	22
Áreas de conservación	640,000	N / A

La demografía de la fuerza laboral y la disponibilidad de mano de obra calificada en los sectores forestales y de fabricación

Suzano empleó a 17.362 empleados directos en 2022, con un 62% ubicado en regiones forestales y de fabricación. La edad promedio de los empleados fue de 36 años, y el 28% de los puestos de liderazgo fueron ocupados por mujeres.

Métrica de la fuerza laboral	Valor	Porcentaje
Total de empleados	17,362	100%
Empleados en Forestería/Manufactura	10,764	62%
Edad promedio del empleado	36 años	N / A
Mujeres en el liderazgo	N / A	28%

Suzano S.A. (Suz) - Análisis de mortero: factores tecnológicos

Biotecnología avanzada en el cultivo de árboles de eucalipto y mejora genética

Suzano invirtió R $ 127.5 millones en investigación en biotecnología en 2022. La compañía ha desarrollado 12 clones de eucalipto genéticos diferentes con una productividad 30% mayor en comparación con las generaciones anteriores. El programa de mejora genética cubre el 100% de la base forestal de la compañía.

Parámetro de investigación	Datos cuantitativos
Inversión en biotecnología	R $ 127.5 millones (2022)
Clones genéticos desarrollados	12 variantes únicas de eucalipto
Mejora de la productividad	Aumento del 30%
Cobertura genética	100% de la base del bosque

Inversión en transformación digital y automatización de procesos de producción

Suzano asignó R $ 345.2 millones para iniciativas de transformación digital en 2023. La compañía implementó 47 soluciones de automatización de procesos robóticos (RPA) en las instalaciones de fabricación. La estrategia de transformación digital se dirige al 65% de automatización de procesos para 2025.

Métrica de transformación digital	Datos cuantitativos
Inversión digital	R $ 345.2 millones (2023)
Soluciones RPA implementadas	47 procesos robóticos
Objetivo de automatización	65% para 2025

Implementación de tecnologías innovadoras para una producción de pulpa y papel más eficiente

Suzano opera 3 fábricas avanzadas de producción de pulpa con una capacidad anual total de 11,2 millones de toneladas. Las inversiones tecnológicas redujeron los costos de producción en un 18,5% en 2022. Las mejoras de eficiencia energética alcanzaron una reducción del 22% en el consumo de energía específico.

Métrica de tecnología de producción	Datos cuantitativos
Pulp Production Mills	3 instalaciones avanzadas
Capacidad de pulpa anual	11.2 millones de toneladas
Reducción de costos de producción	18.5% (2022)
Mejora de la eficiencia energética	Reducción del 22%

Investigación y desarrollo en técnicas de fabricación sostenible

Las inversiones de I + D totalizaron R $ 215.6 millones en 2022. Las iniciativas de fabricación sostenible redujeron las emisiones de carbono en un 27% en comparación con la línea de base 2020. La optimización del consumo de agua logró una reducción del 35% en los procesos industriales.

Sostenibilidad Métrica de I + D	Datos cuantitativos
Inversión de I + D	R $ 215.6 millones (2022)
Reducción de emisiones de carbono	27% (vs 2020)
Reducción del consumo de agua	35% en procesos industriales

Suzano S.A. (SUZ) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones de protección ambiental brasileña

En 2023, Suzano invirtió R $ 1.2 mil millones en iniciativas de cumplimiento ambiental y sostenibilidad. La compañía mantiene la certificación del Consejo de Administración Forestal (FSC) para el 100% de sus áreas forestales administradas, que cubre aproximadamente 2,4 millones de hectáreas.

Métricas de cumplimiento de la regulación ambiental	2023 datos
Área forestal total bajo administración	2.4 millones de hectáreas
Cobertura de certificación FSC	100%
Inversión de cumplimiento ambiental	R $ 1.2 mil millones

Acuerdos comerciales internacionales y marcos legales de exportación/importación

Suzano exporta a más de 80 países, con exportaciones de pulpa que representan el 92% de sus ingresos internacionales. La compañía opera bajo los acuerdos comerciales de Mercosur y cumple con las regulaciones comerciales internacionales.

Métricas de comercio internacional	2023 datos
Número de destinos de exportación	Más de 80 países
Ingresos de exportación de Pulp	92%

Leyes laborales y regulaciones de seguridad laboral

Suzano emplea a 15,670 empleados directos, con una inversión de seguridad en el lugar de trabajo de R $ 85 millones en 2023. La compañía informó una tasa de accidentes en el lugar de trabajo de 0.65 incidentes por millón de horas de trabajo.

Métricas de mano de obra y seguridad	2023 datos
Empleados directos totales	15,670
Inversión de seguridad en el lugar de trabajo	R $ 85 millones
Tasa de accidentes en el lugar de trabajo	0.65 incidentes por millón de horas de trabajo

Protección de propiedad intelectual

Suzano posee 87 patentes activas en biotecnología e innovación forestal. La compañía invirtió R $ 320 millones en investigación y desarrollo en 2023.

Métricas de propiedad intelectual	2023 datos
Patentes activas	87
Inversión de I + D	R $ 320 millones

Suzano S.A. (Suz) - Análisis de mortero: factores ambientales

Compromiso con iniciativas sostenibles de gestión forestal y reforestación

Suzano administra 2,4 millones de hectáreas de bosques plantados en Brasil. A partir de 2023, la compañía tiene 1.3 millones de hectáreas de áreas forestales certificadas Bajo la certificación FSC (Forest Stewardship Council).

Métrica de manejo forestal	2023 datos
Área forestal plantada total	2.4 millones de hectáreas
Áreas forestales certificadas FSC	1.3 millones de hectáreas
Tasa de reforestación anual	98,000 hectáreas

Reducción de la huella de carbono y las emisiones de gases de efecto invernadero

Suzano se ha comprometido a reducir 1,5 millones de toneladas de emisiones equivalentes de CO2 Para 2030. En 2022, la compañía logró una reducción del 27% en emisiones específicas de gases de efecto invernadero en comparación con su línea de base de 2015.

Métrica de emisión de carbono	Rendimiento 2022
Objetivo de reducción de CO2 para 2030	1.5 millones de toneladas
Reducción específica de emisiones de GEI	27% (en comparación con 2015)

Conservación de la biodiversidad en operaciones forestales

Suzano protege 560,000 hectáreas de vegetación nativa dentro de sus áreas de manejo forestal. La compañía mantiene 18 corredores de conservación que abarcan 136,000 hectáreas para apoyar la conectividad ecológica.

Métrica de conservación de la biodiversidad	2023 datos
Vegetación nativa protegida	560,000 hectáreas
Corredores de conservación	18 corredores (136,000 hectáreas)

Economía circular y estrategias de reducción de desechos

En 2022, Suzano recicló 94.4% de los desechos industriales. La compañía generó 1,03 millones de toneladas de residuos industriales, con 975,000 toneladas reutilizadas o recicladas.

Métrica de gestión de residuos	Rendimiento 2022
Residuos industriales totales generados	1.03 millones de toneladas
Residuos reciclados/reutilizados	975,000 toneladas (94.4%)

Suzano S.A. (SUZ) - PESTLE Analysis: Social factors

Public perception of large-scale eucalyptus monoculture and water use

You need to understand that Suzano S.A. operates in a high-stakes environment where its core raw material-eucalyptus monoculture-is a major flashpoint. The public perception in Brazil is sharply divided, which creates significant reputational risk. Critics, notably the Landless Rural Workers' Movement (MST), call the vast plantations a 'green desert' that displaces food crops and depletes water resources.

This isn't just noise; it's a tangible threat to your social license to operate. In March 2025, for example, around 1,000 women from the MST occupied Suzano land in Espírito Santo to protest the environmental impact. Suzano counters this by positioning itself as a climate solution, targeting the removal of 40 million tons of carbon from the atmosphere by the end of 2025. That's double the annual carbon emissions of São Paulo city. Still, the water consumption issue remains a persistent, negative narrative. You have to manage this perception gap carefully.

Community relations and land rights issues near major plantation sites

The most immediate and severe social risk for Suzano S.A. is the ongoing conflict over land rights. The company controls a massive land bank of 2.7 million hectares across seven Brazilian states, and its expansion often overlaps with the territories of Indigenous and Quilombola (descendants of formerly enslaved people) communities.

This conflict escalated significantly in 2025. In July 2025, an eviction request for 600 families in Maranhão was authorized, with another 500 families in the nearby city of Imperatriz also facing eviction. This is a huge liability, especially since Suzano was previously convicted in 2020 (on appeal) for land disputes involving illegally acquired territory. To be fair, Suzano does have programs, like supporting the 12 Indigenous communities (7 Tupiniquim and 5 Guarani villages) in Aracruz, Espírito Santo, to manage their duly demarcated territories. But the sheer scale of the landless movement's claims-that 100,000 families could be settled on the land Suzano controls-shows the depth of the challenge.

Labor availability and wage pressure in rural Brazilian regions

Labor dynamics in rural Brazil are putting upward pressure on costs. While Suzano is focused on being 'best-in-class' in the Total Cost of Pulp vision, the national trend is for wages to increase at a faster pace, with the average salary in Brazil projected to reach R$3,500 in 2025.

Suzano's strategy to mitigate this is through local job creation and efficiency. The new Ribas do Rio Pardo mill, which started operations in 2024, created 3,000 jobs and provided training to local workers. The company's Q3 2025 results showed their pulp cash production cost, excluding downtime, actually fell to R$801 per tonne, a 7% year-on-year decrease, proving they are managing to improve efficiency despite the broader wage environment. Plus, their long-term social goal is to help lift 200,000 people out of poverty by 2030; by the end of 2024, they had already reached 97,342 people since 2020.

Here's the quick math on their cost management:

Metric	Q3 2025 Value	Change Y-o-Y
Pulp Cash Production Cost (per tonne)	R$801	Down 7%
Adjusted EBITDA (Quarterly)	R$5.2 billion	Stable (broadly)

Shifting consumer preference toward sustainable and recycled paper products

The market is changing fast, and consumer preference for sustainability is now a critical financial driver. The global paper industry in 2025 is seeing a clear decline in traditional graphic paper, but strong resilience in packaging and tissue, which is driven by the substitution of plastic.

Consumers are putting their money where their values are: 82% of consumers are willing to pay a premium for recyclable or compostable packaging. Suzano is defintely leaning into this trend, which is a clear opportunity.

Their action plan is concrete:

• Expand boldly into new markets, focusing on bioeconomy solutions.
• Target offering over 10 million tons of renewable products to replace plastic by 2030.
• Integrate the US-based Suzano Packaging operations (acquired in late 2024), which achieved its first positive Adjusted EBITDA in Q3 2025.

This pivot toward paper-based packaging, bags, and straws is a smart, actionable move that aligns with the market's demand for sustainable alternatives. It's a clear path to maximizing returns by riding a major social trend.

Suzano S.A. (SUZ) - PESTLE Analysis: Technological factors

The technological landscape for Suzano is defined by massive capital investment in core production and a calculated pivot toward advanced bio-based materials and precision forestry. Your operational efficiency and future revenue streams are defintely tied to how well these technologies are integrated and scaled, and the 2025 figures show a clear commitment to this path.

Investment in new fiber lines and operational efficiency at mills like the Cerrado Project

The technological leap in Suzano's core business centers on the new pulp mill in Ribas do Rio Pardo, known as the Cerrado Project. This is not just an expansion; it's a technological benchmark. The facility is the world's largest single-line eucalyptus pulp mill, and critically, it reached nominal capacity in a record time-less than six months after starting operations in July 2024. This rapid learning curve is a direct result of advanced process control and automation technology deployed from the start.

The project's sheer scale and efficiency are already impacting your cost base. The new capacity is a major factor in Suzano's overall nominal market pulp capacity reaching 13.5 million tonnes per year. The total investment for the Cerrado Project was R$22.2 billion. Here's the quick math on the near-term capital allocation for 2025, showing the tail end of this mega-project alongside broader modernization efforts:

Metric	Value (2025 Fiscal Year Data)	Significance
Total 2025 Capital Expenditure (CAPEX)	Revised to R$13.3 billion	Increased from R$12.4 billion, showing continued high investment.
Remaining Cerrado Project CAPEX (as of Q2 2025)	R$0.4 billion	Final payments for the massive project, now operational.
New Mill Annual Production Capacity	2.55 million tonnes of pulp	A >20% increase in total company capacity.
Q2 2025 Pulp Cash Cost (ex-downtimes)	R$832/t	A key metric showing cost competitiveness is being maintained despite market pressures.

Development of lignin-based bioproducts to diversify revenue streams

The most important technological opportunity is the shift from a pulp-centric model to a true bioeconomy player. This means extracting and commercializing other components of the eucalyptus tree, like lignin, which is a complex polymer and a co-product of the pulping process. Suzano is actively positioning its lignin product, Ecolig, as a sustainable alternative to fossil-based raw materials, finding applications in rubbers, resins, and even cosmetics. This is where the future growth lies, outside of the cyclical pulp market.

The company has put real money into this long-term vision through its venture arm, Suzano Ventures, which has an initial commitment of US$70 million to invest in the bioeconomy. That fund specifically targets novel applications for eucalyptus biomaterials. The strategic goal is ambitious:

• Offer 10 million tons of renewable products.
• Replace plastics and other petroleum-based products.
• Target date is by 2030.

You need to watch the next few years for the first major revenue contribution from this segment. It's a long game, but the technology is sound.

Use of AI and satellite imagery for precision forestry and yield optimization

In forestry, technology is moving from simple mechanization to true digital intelligence, or precision forestry. Suzano is an early adopter here, leveraging Artificial Intelligence (AI) and geospatial intelligence (satellite imagery and remote sensing) to manage its vast forest base. This isn't just about counting trees; it's about optimizing every single resource input.

In January 2025, Suzano cemented a multi-year contract with the AI-powered land use platform Marvin, which is now being deployed across Suzano's 27,000 square kilometers of farms and native forest. This platform is designed to strengthen:

• Yield prediction and forecasting.
• Water resource and risk management.
• Carbon measurement and verification.
• Supply chain optimization and traceability.

The technology allows for the creation of a digital twin of the forest, enabling forest managers to tailor actions down to the stand level. That's how you squeeze more value out of every hectare.

Advances in biotechnology for faster-growing, disease-resistant eucalyptus clones

At the root of Suzano's cost advantage is its world-class tree genetics program, run through its subsidiary FuturaGene. This is a foundational technology that underpins all operational efficiency. The major breakthrough here is the development and regulatory approval of the first-ever genetically modified eucalyptus with triple-stacked traits in March 2024.

This biotechnology is a game-changer because it allows for sustainable intensification-getting more wood from less land. The triple-stacked traits provide:

• Enhanced yield (more wood volume).
• Herbicide tolerance (better weed control, less impact).
• Insect resistance (preemptive pest control, reducing losses).

The sheer scale of this operation is staggering: Suzano plants over 1 million eucalyptus seedlings every day across Brazil. The continuous introduction of these superior, biotech-enhanced clones is what keeps your wood cost low and your fiber quality high for the next two decades.

Suzano S.A. (SUZ) - PESTLE Analysis: Legal factors

Compliance with complex Brazilian environmental licensing for new projects

The sheer scale of Suzano's operations in Brazil means environmental licensing is a constant, high-stakes legal challenge. You're not just dealing with one set of federal rules; you have state and municipal regulations, plus the intense scrutiny of international finance bodies and activist groups. For instance, the massive Cerrado Project (Ribas do Rio Pardo pulp mill) was a $2.8 billion investment that faced this gauntlet.

While the mill is now operational, contributing to strong 2Q 2025 results, the legal risk doesn't end with a ribbon-cutting. The project drew heavy criticism from over 40 environmental civil society organizations, even after the International Finance Corporation (IFC) approved a $725 million loan, highlighting ongoing legal and reputational exposure. This scrutiny is the cost of doing business at this scale. On the positive side, Suzano's commitment to connecting 500,000 hectares of conservation areas by 2030 helps it align with Environmental, Social, and Governance (ESG) standards, which directly translates into lower capital costs through access to green and sustainability-linked credit lines.

Enforcement of anti-trust laws regarding market share, especially in the wake of potential mergers

As the world's largest market pulp producer, Suzano operates under a constant anti-trust (competition law) microscope, particularly in its domestic paper markets. The Brazilian competition authority, CADE (Conselho Administrativo de Defesa Econômica), is always watching. You saw this play out when Suzano considered a major acquisition of International Paper in 2024. The deal was ultimately not pursued, but the market immediately factored in the high probability of CADE intervention and anti-trust concerns, which would have complicated and delayed the process.

In the domestic market, Suzano already holds a dominant position in key segments. For example, its market share in Brazilian printing and writing paper is around 42%, and it commands 23.9% of the Brazilian tissue market (based on 2023 data). Any move to consolidate further in these areas would trigger an automatic, deep CADE review. Plus, CADE is showing a new, aggressive stance, as seen in a recent August 2025 probe into a major corporate sustainability pact (the Soy Moratorium) on anti-trust grounds, which signals an evolving and less predictable regulatory environment for large corporations.

International trade laws and anti-dumping investigations in key export markets

International trade law is a near-term risk that directly impacts cash flow, and 2025 has brought fresh investigations. The U.S. Department of Commerce (Commerce) is actively investigating Brazilian pulp exports. Specifically, on September 3, 2025, Commerce initiated Antidumping Duty (AD) and Countervailing Duty (CVD) investigations on high purity dissolving pulp from Brazil.

The alleged dumping margin for Brazilian exporters in this case is a significant 62.08%. This is a huge potential tariff hit. Commerce is scheduled to issue its preliminary determination for the CVD investigation on November 7, 2025, and for the AD investigation on January 21, 2026. This means the trade landscape for a specific, high-value product is changing right now.

This isn't an isolated event. In July 2025, Commerce preliminarily found that Suzano had sold uncoated paper below normal value during the March 1, 2023, through February 29, 2024, period, setting a preliminary dumping margin of 14.42%. These trade actions are a constant headwind for any major exporter.

U.S. Trade Investigation (2025)	Subject Product	Alleged Dumping Margin (Brazil)	Preliminary Determination Date (CVD)
AD/CVD Investigation (Initiated Sep 2025)	High Purity Dissolving Pulp	62.08%	Nov 7, 2025
AD Administrative Review (2023-2024 POR)	Uncoated Paper	14.42% (Preliminary Finding, Jul 2025)	N/A (Review in progress)

Tax regime stability in Brazil, particularly state-level ICMS taxes on exports

Brazil's landmark tax reform is underway, bringing a period of planned, but still complex, transition. The good news for an export-focused company like Suzano is that the core principle of tax exemption for exports is clearly reaffirmed in the new system. The reform will gradually replace the current five consumption taxes, including the complex state-level ICMS (Tax on Goods and Services), with a dual Value-Added Tax (VAT) system: the federal CBS and the shared IBS.

The transition period is long, starting in 2026 and culminating in 2033. For 2025, you are still operating under the current ICMS/PIS/COFINS rules. The critical opportunity here is the new system's promise of full credit on the new CBS and IBS paid on inputs, even for exported goods. This is a huge simplification and potential financial benefit, as the old ICMS system often created book-entry credits that were difficult or impossible for exporters to recover in cash. The existing ICMS tax benefits will be maintained until 2032 to ease the transition.

The near-term legal risk isn't the tax itself, but the complexity of managing parallel tax systems during the transition and ensuring that the new regulations, which are still being finalized, don't introduce new compliance burdens.

Suzano S.A. (SUZ) - PESTLE Analysis: Environmental factors

Climate change impact on rainfall and fire risk for eucalyptus plantations.

You are operating in a heightened climate risk environment, and Suzano S.A.'s core asset-the eucalyptus plantation-is directly exposed to volatile weather patterns. The primary near-term risk is the increasing frequency and intensity of droughts, which directly translates into a higher wildfire threat, especially in the Cerrado biome. To be fair, climate change is the main driver, but critics still argue that large-scale eucalyptus monocultures can worsen local water stress, which amplifies the risk.

The company is definitely taking action, and the results show it. Despite the Brazilian Cerrado experiencing a 30% increase in the number of fire outbreaks as of mid-2024 compared to the previous year, Suzano managed to reduce forest fires in its own areas by a significant 61% in 2024. That's a clear win for their operational fire-fighting and prevention investments. Here's the quick math on their risk-mitigation: they're investing in technology and training to protect their 1.6 million hectares of planted forests and the surrounding native vegetation.

Biodiversity protection and conservation mandates in the Amazon biome.

Suzano operates on a massive land base of approximately 2.7 million hectares, and a substantial portion, about 1.1 million hectares, is dedicated to the conservation of native forest, which is almost 40% of their total forest base. This conservation work is a critical counterpoint to the monoculture risk, and it directly addresses global biodiversity concerns.

The company's long-term commitment is to connect 500,000 hectares of forest fragments across the Amazon, Atlantic Forest, and Cerrado biomes by 2030 to reverse habitat fragmentation. As of the end of 2024, they had already connected over 157,000 hectares of these priority areas since 2020. This is a concrete, measurable step toward their goal.

Plus, in a significant 2025 move, Suzano partnered with the Brazilian Development Bank (BNDES) to restore 24,000 hectares of degraded land in these biomes, backed by a R$250 million investment. They also created the largest Private Natural Heritage Reserve (RPPN) in Maranhão in 2025, covering 5,800 hectares in the strategic Cerrado-Amazon transition zone. That's a strong commitment to the Amazon biome's buffer zones.

Water resource management and effluent treatment standards for pulp mills.

Water is the lifeblood of pulp production, so managing it efficiently is non-negotiable. Suzano's industrial operations are designed to be highly efficient, operating as what they term 'sustainable water reservoirs.' On average, approximately 85% of the water withdrawn for their mills is reused and recirculated in the production process before it is treated and returned to the environment.

The company has a clear 2030 target to reduce specific water withdrawal (the water used per ton of product) by 15%. In 2024, the specific water abstraction rate fell by 2% to 6.35 m³/t of salable product, showing progress toward this goal. However, the start-up of the massive new Ribas do Rio Pardo mill led to a 9.5% increase in total water withdrawal, reaching 355,538 megaliters (ML) in 2024. This is a classic trade-off: higher production volume requires more water in absolute terms, even if the efficiency per ton improves.

All of their mills utilize primary and secondary effluent treatment systems, which align with Brazilian legal standards and international best available technologies (BATs), like those from the IFC.

Achieving ambitious net-zero and deforestation-free supply chain targets.

The company's climate strategy is built around being a net carbon remover, which is a powerful position in the market. The most critical near-term environmental target is their goal to remove 40 million tons of CO₂ equivalent from the atmosphere by the end of 2025. This target was accelerated from an original 2030 deadline, underscoring the urgency they place on climate action.

This net removal is achieved by storing carbon in their standing eucalyptus and native forests, effectively making them a carbon sink. For the long-term, they are also working to reduce the intensity of their direct (Scope 1 and 2) greenhouse gas emissions by 15% by 2030.

In terms of sourcing, their Wood Supply Policy enforces a strict zero deforestation commitment. This means all new eucalyptus plantations are established on land previously used for other human activities, not on newly cleared native forest. This is a non-negotiable standard for maintaining their global certifications and market access.

• Remove 40 million tons of CO₂ equivalent by 2025.
• Reduce Scope 1 & 2 emissions intensity by 15% by 2030.
• Maintain zero deforestation in the supply chain.