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Suzano announces first quarter results and Cerrado Project nears completion

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Suzano, the world’s largest pulp producer, which celebrates its centenary this year, announces its financial results for the first quarter of 2024 (1Q24). The highlight of the period is the progress of the Cerrado Project, the largest ever capital investment project by the company. The new pulp mill, under construction in the municipality of Ribas do Rio Pardo, Mato Grosso do Sul state, is now 94% complete and will be operational in a few weeks. It will be the largest single-line pulp mill in the world.

With a total planned investment of R$22.2 billion, of which R$19.1 billion has been deployed as of the end of April, the new mill will have annual production capacity of 2.55 million tons of pulp, used in the production of sanitary papers and sanitary pads, printing & writing papers and packaging paper, among other items.

Given the combined impact of the investment in the construction of the mill and lower pulp prices in recent quarters, Suzano’s US dollar leverage ended the quarter at 3.5 times, within the limits established in the company’s policy.

“This is a transformational project in Suzano’s history and marks a new and important cycle of value creation for the company. With the new unit, Suzano celebrates its centenary even more prepared to grow and benefit its stakeholders,” said Walter Schalka, CEO of Suzano.

The results also reflect the recovery trend of international pulp prices and stable production costs in relation to the previous quarter, as well as seasonal effects on sales in the sector. Suzano’s adjusted EBITDA totaled R$4.6 billion, while operating cash generation came to R$2.5 billion. Net revenue in the quarter was R$9.5 billion. Suzano registered net income of R$220 million. Net debt ended the quarter at US$11.9 billion, including Suzano’s share buyback program and interest payments on equity during the quarter.

Cash cost of pulp production, excluding downtimes, ended the quarter at R$812 per ton. Pulp sales totaled 2.4 million tons, while paper sales totaled 313,000 tons.

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suzano@hawthornadvisors.com

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