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    Marcio Farid • Goldman Sachs

    Marcio Farid's questions to Suzano SA (SUZ) leadership

    Marcio Farid's questions to Suzano SA (SUZ) leadership • Q1 2025

    Question

    Marcio Farid questioned the cash cost curve's impact on producers who sell locally rather than to China and asked about the confidence in production adjustments outside of China. He also asked about the next steps and outlook for getting the U.S. paper packaging operations to breakeven.

    Answer

    Leonardo Grimaldi, an executive, argued that as a commodity, all markets eventually follow China's pricing, and he expects European spot deals to react accordingly. He stated firmly that Suzano intends to sell all the volume it produces. Fabio Almeida Oliveira, an executive, detailed the path to breakeven for the U.S. packaging business, citing three drivers: cost improvements, a second round of price increases negotiated for H2, and improved operational stability. He expects to reach EBITDA breakeven in the second half of the year.

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    Marcio Farid's questions to CSNA3.SA leadership

    Marcio Farid's questions to CSNA3.SA leadership • Q4 2024

    Question

    Marcio Farid, in a written question, noted the paradigm shift towards deleveraging, evidenced by dividend cuts and M&A discipline, and asked if M&A is completely off the agenda until CapEx and deleveraging targets are fully executed.

    Answer

    Antonio Marco Rabello, an executive, affirmed the company's commitment to deleveraging. He cited the decision to halt a significant M&A transaction in 2024 as direct evidence of this financial discipline. He stated that while the company continuously analyzes opportunities, there are no material M&A activities planned for 2025, prioritizing the balance sheet.

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