Suzano S.A. (SUZ): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da produção florestal global e de celulose, Suzano S.A. permanece como uma potência brasileira navegando em uma complexa paisagem de desafios e oportunidades. Essa análise abrangente de pilotes investiga profundamente os fatores externos multifacetados que moldam as decisões estratégicas da Companhia, revelando como incertezas políticas, flutuações econômicas, expectativas sociais, inovações tecnológicas, estruturas legais e considerações ambientais entre letra de definar o caminho de Suzano a seguir em frente a um caminho mais competitivo e sustentável e de sustentabilidade -Mercado dirigido.

Suzano S.A. (SUZ) - Análise de pilão: Fatores políticos

A incerteza política do Brasil afeta políticas florestais e de exportação de celulose

O cenário político do Brasil influencia diretamente o ambiente operacional de Suzano. A partir de 2024, o país experimenta uma volatilidade política significativa com possíveis implicações para o setor florestal.

Indicador político	Status atual	Impacto potencial em Suzano
Índice de Estabilidade Política	-0,72 (Banco Mundial, 2023)	Alta incerteza para políticas de exportação
Alinhamento político do governo	Coalizão Centrista	Previsibilidade de políticas moderada

Regulamentos governamentais sobre práticas florestais sustentáveis

Os regulamentos ambientais brasileiros afetam significativamente as estratégias operacionais de Suzano.

• Requisitos de conformidade com código de gestão florestal
• Padrões obrigatórios de certificação sustentável
• Alvos de redução de emissão de carbono

Aspecto regulatório	Requisito de conformidade	Investimento de Suzano
Certificação florestal sustentável	FSC e Cerflor obrigatório	R $ 125 milhões de investimentos anuais de conformidade
Áreas de proteção ambiental	20% de preservação florestal nativa	Mais de 500.000 hectares protegidos

Mudanças potenciais na legislação ambiental

Os regulamentos ambientais emergentes apresentam desafios e oportunidades para Suzano.

• Estrutura de tributação de carbono proposta
• Mecanismos de monitoramento de desmatamento mais rígidos
• Incentivos energéticos renováveis ​​aprimorados

Impacto da instabilidade política no investimento estrangeiro

A incerteza política cria dinâmica de investimento complexa para o posicionamento do mercado internacional de Suzano.

Métrica de investimento estrangeiro	2023 valor	Tendência
Investimento direto estrangeiro em silvicultura	US $ 1,2 bilhão	Declínio moderado
Custo de seguro de risco político	0,75% do valor do investimento	Aumentando

Suzano S.A. (SUZ) - Análise de pilão: Fatores econômicos

Volatilidade do mercado de celulose global

A receita líquida de Suzano 2023 atingiu R $ 31,4 bilhões. Os preços do mercado de celulose flutuaram entre US $ 620 e US $ 780 por tonelada em 2023. O volume de vendas de celulose totalizou 2,4 milhões de toneladas no mesmo período.

Indicador de mercado	2023 valor	2022 Valor
Receita líquida	R $ 31,4 bilhões	R $ 28,6 bilhões
Volume de vendas de celulose	2,4 milhões de toneladas	2,2 milhões de toneladas
Preço médio da polpa	US $ 680 por tonelada	US $ 750 por tonelada

Flutuações econômicas do Brasil

O crescimento do PIB do Brasil foi de 2,9% em 2023. A taxa de inflação estabilizou 4,6%. O setor manufatureiro contribuiu com 11,3% para o PIB nacional.

Impacto de taxas de câmbio

O brasileiro Real (BRL) teve uma média de 5,17 contra o USD em 2023. As receitas de exportação em USD totalizaram US $ 4,8 bilhões. As flutuações da moeda causaram ± 3,5% de variação da receita.

Métrica de moeda	2023 valor
Taxa média de BRL/USD	5.17
Receita de exportação	US $ 4,8 bilhões
Impacto em moeda	±3.5%

Desafios econômicos nos principais mercados

O crescimento econômico da China foi de 5,2% em 2023. A demanda pelo mercado europeu por polpa diminuiu 2,3%. A China importou 15,6 milhões de toneladas de polpa em 2023.

Mercado	Indicador econômico	2023 valor
China	Crescimento do PIB	5.2%
China	Volume de importação de polpa	15,6 milhões de toneladas
Europa	Mudança de demanda de celulose	-2.3%

Suzano S.A. (SUZ) - Análise de pilão: Fatores sociais

Crescente demanda do consumidor por papel sustentável e produtos de embalagem

De acordo com o relatório de sustentabilidade de Suzano 2022, a empresa produziu 11,1 milhões de toneladas de polpa e 1,4 milhão de toneladas de papel. O segmento de produtos sustentáveis ​​representou 42% da receita total em 2022, com 3,2 bilhões de euros gerados a partir de linhas de produtos ecológicas.

Categoria de produto	Volume (milhão de toneladas)	Certificação de sustentabilidade
Polpa	11.1	Certificado FSC: 100%
Papel	1.4	Certificado FSC: 95%

O aumento da conscientização sobre a conservação ambiental influencia a reputação corporativa

A Suzano alcançou um índice de reputação positivo de 84% em 2022, com a sustentabilidade ambiental sendo um fator -chave. A empresa investiu 127 milhões de euros em projetos de conservação ambiental.

Métrica de reputação	Pontuação	Investimento ambiental
Índice de reputação	84%	€ 127 milhões

Pressão social pelo manejo florestal responsável e envolvimento da comunidade indígena

Em 2022, Suzano administrou 2,4 milhões de hectares de florestas plantadas, com 640.000 hectares dedicados às áreas de conservação. A empresa apoiou diretamente 22 comunidades indígenas por meio de programas de desenvolvimento sustentável.

Gerenciamento da terra	Área total (hectares)	Comunidades indígenas apoiadas
Florestas plantadas	2,400,000	22
Áreas de conservação	640,000	N / D

Demografia da força de trabalho e disponibilidade de mão -de -obra qualificada em setores florestais e manufatureiros

A Suzano empregou 17.362 funcionários diretos em 2022, com 62% localizados em regiões florestais e de fabricação. A idade média dos funcionários foi de 36 anos e 28% dos cargos de liderança foram ocupados por mulheres.

Métrica da força de trabalho	Valor	Percentagem
Total de funcionários	17,362	100%
Funcionários em silvicultura/fabricação	10,764	62%
Idade média dos funcionários	36 anos	N / D
Mulheres em liderança	N / D	28%

Suzano S.A. (SUZ) - Análise de pilão: Fatores tecnológicos

Biotecnologia avançada no cultivo de árvores de eucalipto e melhora genética

A Suzano investiu R $ 127,5 milhões em pesquisa de biotecnologia em 2022. A Companhia desenvolveu 12 clones genéticos de eucalipto diferentes com produtividade 30% maior em comparação às gerações anteriores. O programa de melhoria genética cobre 100% da base florestal da empresa.

Parâmetro de pesquisa	Dados quantitativos
Investimento de biotecnologia	R $ 127,5 milhões (2022)
Clones genéticos desenvolvidos	12 variantes de eucalipto exclusivas
Melhoria da produtividade	Aumento de 30%
Cobertura genética	100% da base florestal

Investimento em transformação digital e automação de processos de produção

A Suzano alocou R $ 345,2 milhões para iniciativas de transformação digital em 2023. A Companhia implementou 47 soluções de automação de processos robóticos (RPA) nas instalações de fabricação. A estratégia de transformação digital tem como alvo 65% de automação de processos até 2025.

Métrica de transformação digital	Dados quantitativos
Investimento digital	R $ 345,2 milhões (2023)
Soluções RPA implementadas	47 processos robóticos
Alvo de automação	65% até 2025

Implementando tecnologias inovadoras para uma produção mais eficiente de celulose e papel

A Suzano opera 3 usinas avançadas de produção de celulose com capacidade anual total de 11,2 milhões de toneladas. Os investimentos em tecnologia reduziram os custos de produção em 18,5% em 2022. As melhorias na eficiência energética obtiveram redução de 22% no consumo específico de energia.

Métrica de tecnologia de produção	Dados quantitativos
Mills de produção de celulose	3 instalações avançadas
Capacidade anual de celulose	11,2 milhões de toneladas
Redução de custos de produção	18.5% (2022)
Melhoria da eficiência energética	Redução de 22%

Pesquisa e desenvolvimento em técnicas de fabricação sustentável

Os investimentos em P&D totalizaram R $ 215,6 milhões em 2022. As iniciativas de fabricação sustentáveis ​​reduziram as emissões de carbono em 27% em comparação com a linha de base de 2020. A otimização do consumo de água alcançou 35% de redução nos processos industriais.

Métrica de P&D de sustentabilidade	Dados quantitativos
Investimento em P&D	R $ 215,6 milhões (2022)
Redução de emissão de carbono	27% (vs 2020)
Redução do consumo de água	35% em processos industriais

Suzano S.A. (SUZ) - Análise de pilão: fatores legais

Conformidade com os regulamentos brasileiros de proteção ambiental

Em 2023, Suzano investiu R $ 1,2 bilhão em iniciativas de conformidade ambiental e sustentabilidade. A empresa mantém a certificação do Forest Stewardship Council (FSC) para 100% de suas áreas florestais gerenciadas, cobrindo aproximadamente 2,4 milhões de hectares.

Métricas de conformidade da regulamentação ambiental	2023 dados
Área florestal total sob gestão	2,4 milhões de hectares
Cobertura de certificação FSC	100%
Investimento de conformidade ambiental	R $ 1,2 bilhão

Acordos comerciais internacionais e estruturas legais de exportação/importação

A Suzano exporta para mais de 80 países, com exportações de celulose representando 92% de sua receita internacional. A Companhia opera sob acordos comerciais da MERCOSUR e está em conformidade com os regulamentos comerciais internacionais.

Métricas de Comércio Internacional	2023 dados
Número de destinos de exportação	Mais de 80 países
Receita de exportação de polpa	92%

Leis trabalhistas e regulamentos de segurança no local de trabalho

A Suzano emprega 15.670 funcionários diretos, com um investimento em segurança no local de trabalho de R $ 85 milhões em 2023. A empresa registrou uma taxa de acidentes no local de trabalho de 0,65 incidentes por milhão de horas de trabalho.

Métricas de mão -de -obra e segurança	2023 dados
Total de funcionários diretos	15,670
Investimento de segurança no local de trabalho	R $ 85 milhões
Taxa de acidentes no local de trabalho	0,65 incidentes por milhão de horas de trabalho

Proteção à propriedade intelectual

A Suzano possui 87 patentes ativas em biotecnologia e inovação florestal. A empresa investiu R $ 320 milhões em pesquisa e desenvolvimento em 2023.

Métricas de propriedade intelectual	2023 dados
Patentes ativas	87
Investimento em P&D	R $ 320 milhões

Suzano S.A. (SUZ) - Análise de Pestle: Fatores Ambientais

Compromisso com iniciativas sustentáveis ​​de manejo florestal e reflorestamento

Suzano gerencia 2,4 milhões de hectares de florestas plantadas no Brasil. A partir de 2023, a empresa tem 1,3 milhão de hectares de áreas florestais certificadas sob a certificação FSC (Forest Stewardship Council).

Métrica de Gerenciamento Florestal	2023 dados
Área florestal plantada total	2,4 milhões de hectares
Áreas florestais certificadas pelo FSC	1,3 milhão de hectares
Taxa anual de reflorestamento	98.000 hectares

Reduzindo a pegada de carbono e as emissões de gases de efeito estufa

Suzano se comprometeu a reduzir 1,5 milhão de toneladas de emissões equivalentes a CO2 Até 2030. Em 2022, a empresa alcançou uma redução de 27% nas emissões específicas de gases de efeito estufa em comparação com a linha de base de 2015.

Métrica de emissão de carbono	2022 Performance
Alvo de redução de CO2 até 2030	1,5 milhão de toneladas
Redução de emissões de GEE específica	27% (em comparação com 2015)

Conservação da biodiversidade em operações florestais

Suzano protege 560.000 hectares de vegetação nativa dentro de suas áreas de manejo florestal. A empresa mantém 18 corredores de conservação que abrangem 136.000 hectares para apoiar a conectividade ecológica.

Métrica de conservação da biodiversidade	2023 dados
Vegetação nativa protegida	560.000 hectares
Corredores de conservação	18 corredores (136.000 hectares)

Economia circular e estratégias de redução de resíduos

Em 2022, Suzano reciclou 94,4% dos resíduos industriais. A empresa gerou 1,03 milhão de toneladas de resíduos industriais, com 975.000 toneladas sendo reutilizadas ou recicladas.

Métrica de gerenciamento de resíduos	2022 Performance
Resíduos industriais totais gerados	1,03 milhão de toneladas
Resíduos 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.