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Eugenia Cavalheiro

Eugenia Cavalheiro

Research Analyst at Morgan Stanley

State of São Paulo, Brazil

Eugenia Cavalheiro is an Equity Research Analyst at Morgan Stanley who specializes in Latin American industrials, with a focus on pulp and paper companies. She currently covers public companies such as Suzano and Empresas Copec, providing forward-looking recommendations such as 'Overweight' with defined target prices, demonstrating her expertise in fundamental analysis and sector trends. She joined Morgan Stanley as a research analyst and is recognized for her grounded insights into sector performance, with her analysis informing major institutional investment decisions; however, specific quantitative metrics such as success rates or TipRanks rankings were not found. Eugenia Cavalheiro maintains professional credentials in financial analysis and client communication and is directly reachable for investor inquiries through her Morgan Stanley contact.

Eugenia Cavalheiro's questions to Suzano (SUZ) leadership

Question · Q3 2025

Eugenia Cavalheiro asked about Suzano's growth opportunities in the US paper market and its profitability targets, inquiring about a reasonable profitability level for the company to achieve and its current distance from that goal.

Answer

Fabio Almeida de Oliveira, Executive VP, stated that Suzano is a small player in the US SBS market with significant growth room, focusing on diversifying into food service from liquid packaging board. He highlighted ongoing opportunities to improve costs and portfolio in the current facility. Joao Alberto Fernandez De Abreu, CEO, reinforced the focus on efficiency and extracting value from existing assets, confirming no further inorganic alternatives for the US in the short term.

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Question · Q2 2025

Eugenia Cavalheiro inquired about the progress of fiber-to-fiber substitution from softwood to hardwood, given the wide price spread. She also asked about the company's stance on shareholder returns, including dividends and buybacks, amid its deleveraging process.

Answer

EVP of Pulp Commercial & Logistics, Leonardo Grimaldi, confirmed that the high price spread is accelerating the fiber-to-fiber trend, with hardwood expected to continue gaining market share. EVP of Finance & IR, Marcos Moreno Chagas Assumpção, stated that dividends will adhere to the existing policy, but the company has a lower appetite for share buybacks at present due to a strong focus on deleveraging.

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Question · Q1 2025

Eugenia Cavalheiro requested more clarity on the 'higher return required for investments,' asking for a potential number. She also asked if management would consider a dividend policy tied to free cash flow generation, given the deleveraging strategy and the $3 billion in potential investments.

Answer

Beto Abreu, an executive, declined to provide a specific return hurdle, stating it is deal-dependent but must be higher to compensate for increased environmental risk. He also confirmed that the current dividend policy remains unchanged. Marcos Assumpcao, an executive, added that while there is no formal policy tied to FCF, the company has a history of returning excess cash to shareholders through extraordinary dividends and buybacks when generation is strong.

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