Suzano S.A. (SUZ): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de la production forestière et papier durable, Suzano S.A. émerge comme une puissance brésilienne, révolutionnant la façon dont les industries mondiales abordent la responsabilité environnementale et la gestion des ressources innovantes. Cette toile complète du modèle commercial dévoile le plan stratégique d'une entreprise qui transforme les eucalyptus en produits de pâte et papier de grande valeur, tirant parti de la biotechnologie de pointe, des pratiques durables et une vision du marché mondial qui s'étend bien au-delà des paradigmes de fabrication traditionnels. Plongez dans les couches complexes de la stratégie commerciale de Suzano qui la positionne en tant que leader mondial dans des solutions forestières durables.

Suzano S.A. (SUZ) - Modèle d'entreprise: partenariats clés

Partenariats forestiers stratégiques

Suzano collabore avec environ 8 500 propriétaires fonciers et petits producteurs à travers le Brésil, couvrant 1,4 million d'hectares de zones forestières gérées.

Type de partenariat	Nombre de partenaires	Superficie totale
Producteurs à petite échelle	5,200	620 000 hectares
Grand propriétaire foncier	3,300	780 000 hectares

Fournisseurs d'équipement de fabrication

Suzano maintient des partenariats stratégiques avec les fabricants d'équipements mondiaux:

• Andritz AG (Autriche) - Équipement de traitement de la pulpe
• Valmet Corporation (Finlande) - Technologie de la machine papier
• Voith Group (Allemagne) - Solutions d'équipement industriel

Partenariats de recherche

Suzano investit 250 millions de R $ par an dans les collaborations de recherche avec les institutions brésiliennes.

Institution de recherche	Domaine de mise au point	Investissement annuel
Université de São Paulo	Biotechnologie	85 millions de R
Embropa	Recherche agricole	95 millions de R
Université fédérale de Viçosa	Innovation forestière	70 millions de R

Partenariats de distribution internationaux

Suzano possède des coentreprises avec 12 sociétés internationales d'emballage et de distribution de papier sur 4 continents.

Région	Nombre de partenaires	Volume de distribution annuel
Europe	4	1,2 million de tonnes
Asie	3	1,5 million de tonnes
Amérique du Nord	3	800 000 tonnes
Amérique du Sud	2	600 000 tonnes

Certifications forestières durables

Suzano maintient des partenariats avec les organisations de certification environnementale:

• Forest Stewardship Council (FSC) - 100% des plantations certifiées
• Programme pour l'approbation de la certification forestière (PEFC)
• Cerflor - Programme de certification brésilienne de la foresterie

Suzano S.A. (SUZ) - Modèle d'entreprise: Activités clés

Culture des arbres d'eucalyptus et gestion durable des forêts

Suzano gère environ 2,4 millions d'hectares de forêts plantées au Brésil à partir de 2023. La production annuelle d'eucalyptus atteint 21,4 millions de mètres cubes de bois.

Métrique de gestion forestière	Quantité
Zone forestière totale	2,4 millions d'hectares
Production annuelle du bois	21,4 millions de m³
Zones forestières certifiées	1,6 million d'hectares

Production de pâtes et papier pour les marchés mondiaux

La capacité de production de Suzano atteint 11 millions de tonnes de pâte par an, avec 4,7 millions de tonnes de production papier.

• Capacité de production de la pâte: 11 millions de tonnes / an
• Production de papier: 4,7 millions de tonnes / an
• Marchés d'exportation: 50+ pays

Recherche et développement des technologies forestières avancées

Investissement en R&D	Montant
Dépenses annuelles de R&D	280 millions de rands
Programmes d'amélioration génétique	Plus de 15 ans de recherche

Processus de fabrication et de production durables

Une réduction des émissions de carbone de 16,5% a été réalisée entre 2015-2022, avec un accent spécifique sur les processus industriels.

• Réduction de la consommation d'eau: 22% depuis 2015
• Utilisation d'énergie renouvelable: 94% de la matrice d'énergie totale

Innovation de produit dans les solutions d'emballage et papier

A développé 35 nouveaux produits dans les segments d'emballage et d'hygiène au cours de la période budgétaire 2022-2023.

Métrique d'innovation	Quantité
Développements de nouveaux produits	35 produits
Demandes de brevet	12 nouvelles applications

Suzano S.A. (SUZ) - Modèle d'entreprise: Ressources clés

Extensives de plantations d'Eucalyptus.

Suzano possède environ 2,4 millions d'hectares de terres au Brésil dédiées à la culture de l'eucalyptus. Répartition de la distribution des terres:

Région	Hectares	Pourcentage
État de São Paulo	670,000	27.9%
État de Minas Gerais	530,000	22.1%
État de Bahia	480,000	20%
État de Maranhão	370,000	15.4%
Autres régions	350,000	14.6%

Biotechnologie avancée et recherche génétique

Suzano investit 150 millions de R $ par an dans la recherche en biotechnologie. Capacités de recherche clés:

• Amélioration génétique des clones d'eucalyptus
• Développement de variétés d'arbres résistantes aux maladies
• Techniques d'amélioration de la productivité
• Recherche d'adaptation climatique

Installations de fabrication

Capacité de production et détails des installations:

Emplacement	Capacité de pâte annuelle	Année établie
Mucuri (bahia)	2,2 millions de tonnes	2009
Imperatriz (Maranhão)	1,7 million de tonnes	2013
Aracruz (Espírito Santo)	1,5 million de tonnes	2002

Portefeuille de propriété intellectuelle

Le portefeuille de propriété intellectuelle de Suzano comprend:

• 38 brevets enregistrés dans les technologies forestières
• 22 demandes de brevet en cours
• Biotechnology Innovation Portfolio évalué à environ 250 millions de rands

Main-d'œuvre qualifiée

Composition et expertise de la main-d'œuvre:

Catégorie	Nombre d'employés	Expérience moyenne
Total des employés	13,500	N / A
Recherche & Développement	350	12,5 ans
Opérations forestières	4,200	8,7 ans
Fabrication	5,600	7,3 ans

Suzano S.A. (SUZ) - Modèle d'entreprise: propositions de valeur

Produits de pâte et de papier durables de haute qualité

Suzano a produit 2,4 millions de tonnes de pâte en 2022, avec 1,9 million de tonnes de pâte de marché exportées à l'échelle mondiale. Le portefeuille de produits de l'entreprise comprend:

Catégorie de produits	Volume de production annuel	Part de marché
Pulpe d'eucalyptus	2,2 millions de tonnes	20% du marché mondial
Cellulose spécialisée	400 000 tonnes	15% du marché mondial
Produits en papier	1,1 million de tonnes	12% du marché brésilien

Pratiques de gestion des forêts responsables de l'environnement

Mesures de gestion forestière:

• 1,4 million d'hectares de forêts plantées
• 96% des forêts certifiées par FSC
• Stock de carbone de 1,1 milliard de tonnes de CO2

Solutions innovantes pour les industries des emballages et du papier

Suzano a investi 1,6 milliard de RS dans la recherche et le développement en 2022, en se concentrant sur:

• Solutions d'emballage biodégradables
• Technologies de matériel renouvelable
• Initiatives de transformation numérique

Prix ​​compétitifs grâce à des méthodes de production efficaces

Métrique de l'efficacité de la production	2022 Performance
Coût de production en espèces	327 $ par tonne
Marge opérationnelle	44.3%
Réduction des coûts de production	7,2% d'une année à l'autre

Engagement à réduire l'empreinte carbone

Mesures de réduction de l'impact environnemental:

• 44% de réduction des émissions de gaz à effet de serre spécifiques depuis 2015
• 100% d'énergie renouvelable dans les opérations industrielles
• Cible des émissions de carbone nettes zéro d'ici 2030

Suzano S.A. (SUZ) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les fabricants mondiaux de papier et d'emballage

En 2024, Suzano maintient des contrats d'approvisionnement à long terme avec plus de 50 fabricants mondiaux de papier et d'emballage dans 30 pays. La durée moyenne du contrat est de 5 à 7 ans, avec des valeurs de contrat annuelles allant de 10 millions à 75 millions de dollars.

Région	Nombre de contrats à long terme	Valeur du contrat moyen
Europe	15	45 millions de dollars
Amérique du Nord	12	55 millions de dollars
Asie	18	40 millions de dollars
l'Amérique latine	8	35 millions de dollars

Support technique et développement de produits personnalisés

Suzano investit 25 millions de dollars par an dans le support technique et la personnalisation des produits. La société maintient une équipe dédiée de 180 ingénieurs techniques spécialisés dans les solutions spécifiques au client.

• Temps de réponse moyen pour le support technique: 4 heures
• Nombre de développements de produits personnalisés par an: 42
• Taux de satisfaction client pour le support technique: 94%

Plateformes numériques pour l'engagement et le service des clients

La plate-forme numérique de Suzano dessert 230 clients d'entreprise actifs, avec un taux d'engagement numérique de 78%. La plate-forme traite environ 3 500 demandes de service mensuelles.

Métriques de plate-forme numérique	2024 statistiques
Utilisateurs actifs	230 clients d'entreprise
Taux d'engagement numérique	78%
Demandes de services mensuels	3,500
Investissement de la plate-forme	8,5 millions de dollars

Initiatives de rapports sur la durabilité et de transparence

Suzano publie des rapports complets de durabilité couvrant les émissions de carbone, la gestion des forêts et la responsabilité sociale. La société alloue 3,2 millions de dollars par an aux initiatives de transparence et de rapport.

• Téléchargements de rapports sur la durabilité: 12 500 par an
• Conformité à la certification tierce: 100%
• Évaluation de l'indice de durabilité: AAA

Canaux de communication réguliers avec les principaux clients industriels

Suzano entretient des réunions de revue des entreprises trimestrielles avec 95% de ses 50 principaux clients industriels, avec une durée moyenne de 3 heures.

Canal de communication	Fréquence	Couverture client
Avis sur les entreprises trimestrielles	4 fois par an	95% des 50 meilleurs clients
Conférences stratégiques annuelles	1 fois par an	100% des meilleurs clients
Mises à jour numériques mensuelles	12 fois par an	85% de la clientèle

Suzano S.A. (SUZ) - Modèle d'entreprise: canaux

Équipe de vente directe pour les clients industriels et d'entreprise

Suzano maintient une force de vente directe dédiée ciblant les clients industriels et d'entreprises dans plusieurs secteurs. En 2023, la société a signalé une équipe de vente de 287 représentants professionnels spécialisés dans la distribution des produits de la pâte et papier.

Segment du canal de vente	Nombre de représentants	Marchés cibles
Ventes de pâte	142	Fabricants de papier mondial
Ventes de produits en papier	95	Industries d'emballage et d'impression
Ventes de produits spécialisés	50	Hygiène et marchés spécialisés

Plateformes de vente en ligne et solutions de commerce électronique

Suzano a investi 12,3 millions de R $ dans l'infrastructure des ventes numériques en 2023, développant des plateformes en ligne complètes pour l'engagement des clients.

• Marché numérique B2B lancé en septembre 2023
• Système de suivi des stocks en temps réel
• Plateforme de gestion de la relation client intégrée

Réseaux de distribution mondiaux et partenaires commerciaux

En 2023, Suzano a maintenu des partenariats stratégiques avec 64 sociétés commerciales internationales dans 27 pays.

Région	Nombre de partenaires commerciaux	Volume de distribution annuel
Asie	22	3,2 millions de tonnes
Europe	18	2,7 millions de tonnes
Amérique du Nord	12	1,5 million de tonnes
Autres régions	12	1,1 million de tonnes

Salons commerciaux de l'industrie et expositions internationales

Suzano a participé à 17 événements commerciaux internationaux en 2023, avec un investissement total de 4,8 millions de rands de R dans des activités d'exposition et de réseautage.

Plateformes de marketing et de communication numériques

Les dépenses de marketing numérique ont atteint 6,2 millions de R $ en 2023, en mettant l'accent sur les stratégies de communication numérique ciblées.

• Reach des médias sociaux: 2,1 millions d'abonnés
• LinkedIn Engagement des entreprises: 487 000 connexions professionnelles
• Plateformes de contenu numérique: 42 canaux actifs

Suzano S.A. (SUZ) - Modèle d'entreprise: segments de clientèle

Fabricants mondiaux de papier et d'emballage

Suzano dessert les principaux fabricants mondiaux de papier et d'emballage avec des mesures de marché spécifiques:

Région	Part de marché	Volume annuel (tonnes)
Amérique du Nord	18.5%	1,200,000
Europe	15.3%	980,000
Asie-Pacifique	22.7%	1,450,000

Industries d'impression et d'édition

Segment de clientèle clé avec des caractéristiques spécifiques:

• Consommation de papier annuelle: 750 000 tonnes
• Marchés primaires: Brésil, États-Unis, Europe
• Contribution des revenus: 22% du total des ventes

Hygiène et sociétés de produits de soins personnels

Segment de marché spécialisé avec des offres de produits ciblées:

Type de produit	Pénétration du marché	Volume des ventes annuelles
Papier de soie	35.6%	620 000 tonnes
Papiers spécialisés	27.4%	450 000 tonnes

Emballages et conversion des entreprises

Répartition détaillée du segment des clients:

• Marché total adressable: 4,2 milliards de dollars
• Couverture du marché: 28% du segment du papier d'emballage
• Régions clés: Brésil, Amérique latine, marchés internationaux

Sociétés et distributeurs internationaux

Métriques du réseau mondial de distribution:

Région	Canaux de distribution	Volume de trading annuel
Europe	12 distributeurs primaires	680 000 tonnes
Asie	8 distributeurs primaires	520 000 tonnes
Amérique du Nord	6 distributeurs primaires	420 000 tonnes

Suzano S.A. (SUZ) - Modèle d'entreprise: Structure des coûts

Investissements d'entretien des plantations forestières

En 2023, Suzano a investi 1,4 milliard de RS dans l'entretien des forêts et l'expansion des plantations d'eucalyptus à travers le Brésil.

Catégorie de coûts	Investissement annuel (R $)
Préparation des terres	352 millions
Production de semis	215 millions
Gestion des plantations	612 millions
Protection contre les forêts	223 millions

Dépenses de recherche et développement

Suzano a alloué 330 millions de R $ à la recherche et au développement en 2023, en se concentrant sur:

• Amélioration génétique de l'eucalyptus
• Innovations de biotechnologie
• Technologies de production durables

Coûts d'infrastructure de fabrication et de production

L'investissement total des infrastructures manufacturières en 2023 était de 2,1 milliards de rands, distribué à travers:

Segment des infrastructures	Investissement (R $)
Installations de production de pâte	1,2 milliard
Fabrication de papier	540 millions
Modernisation de l'équipement	360 millions

Frais de logistique et de transport

Suzano a dépensé 890 millions de rands de rands en logistique et en transport en 2023, avec la rupture suivante:

• Transport intérieur: 412 millions de rands
• Expédition internationale: 368 millions de R $
• Entrepôt et distribution: 110 millions de R

Investissements de conformité en matière de durabilité et de certification

Les investissements en durabilité ont totalisé 215 millions de R $ en 2023, notamment:

Zone de certification	Investissement (R $)
Certification FSC	62 millions
Conformité environnementale	93 millions
Programmes de responsabilité sociale	60 millions

Suzano S.A. (SUZ) - Modèle d'entreprise: Strots de revenus

Ventes de pulpe aux marchés mondiaux

En 2023, Suzano a généré un chiffre d'affaires net total de 32,5 milliards de rands, les ventes de pâte, représentant une partie importante. Les volumes d'exportation de la pulpe ont atteint environ 10,8 millions de tonnes.

Segment de marché	Revenus (R $ milliards)	Volume d'exportation (millions de tonnes)
Pulpe de bois dur	22.3	8.6
Pulpe de bois tendu	5.7	2.2

Fabrication et distribution de produits en papier

Les ventes de produits en papier ont généré 6,2 milliards de dollars de revenus pour Suzano en 2023.

• Segment de papier de soie: 2,8 milliards de dollars
• Segment de papier d'emballage: 3,4 milliards de dollars

Offres de produits de cellulose spécialisés

Les produits de cellulose spécialisés ont contribué à 3,5 milliards de R $ des revenus de Suzano en 2023.

Type de produit	Revenus (R $ millions)
Pulpe de dissolution	1,750
Cellulose spécialisée	1,750

Génération et trading de crédit en carbone

Suzano a généré environ 14,5 millions de crédits de carbone en 2023, avec un chiffre d'affaires estimé de 290 millions de rands de rands à partir de négociation de crédit au carbone.

Services de licence et de conseil technologique

Les services de technologie et de conseil ont généré des revenus supplémentaires de 250 millions de R $ pour Suzano en 2023.

Catégorie de service	Revenus (R $ millions)
Conseil de gestion forestière	150
Licence de technologie	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.