Key Takeaways Suzano will hold 51% of a $3.4B tissue joint venture with Kimberly-Clark, transaction to close in mid-2026. The JV spans 22 plants across 14 countries with 1M-ton annual output and $3.3B in 2024 net sales. Suzano will pay $1.734B in cash at closing, aligning with its strategy of scalable, efficient growth.Suzano S.A. (SUZ) and Kimberly-Clark Corporation (KMB) announced that they would create a $3.4-billion joint venture that will manufacture consumer and professional tissue products. Suzano ...

Forms Strategic Partnership with Suzano That Will Create Preeminent International Tissue and Professional Products CompanySharpens Kimberly-Clark's Focus on Higher Growth, Higher Margin Personal Care and North America Tissue and Professional Categories Clears Path to Capture Huge Opportunities Across Kimberly-Clark and Newly Formed Venture to Drive Significant Shareholder ReturnsDALLAS and SÃO PAULO, June 5, 2025 /PRNewswire/ -- Kimberly-Clark Corporation (NASDAQ: KMB) ("Kimberly-Clark" or the "Company") to ...

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FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May, 2025. Commission File Number 001-38755 Suzano S.A. (Exact name of registrant as specified in its charter) SUZANO INC. (Translation of Registrant's Name into English) Av. Professor Magalhaes Neto, 1,752 10th Floor, Rooms 1010 and 1011 Salvador, Brazil 41 810-012 (Address of principal executive office) ...

Financial Performance - Net sales increased by 19.2% to R$47,403.3 million in 2024 from R$39,755.6 million in 2023, driven by higher cellulose prices and sales volume [358]. - Net sales from pulp rose by 22.5% to R$37,593.5 million in 2024, accounting for 79.3% of total net sales, influenced by an 8% appreciation of the USD against the BRL and a 6.3% increase in sales volume [359]. - Gross profit increased by 36.3% to R$20,001.8 million in 2024, with a gross margin of 42.2% compared to 36.9% in 2023, primarily due to increased pulp sales prices and volume [365]. - Operating profit before net financial income rose by 28.4% to R$15,691.1 million in 2024, with an operating margin of 33.1% compared to 30.7% in 2023 [369]. - Net income decreased by 149.9% to a loss of R$7,044.7 million in 2024, compared to a gain of R$14,106.4 million in 2023 [373]. Expenses and Investments - Selling expenses increased by 13.2% to R$2,938.5 million in 2024, attributed to higher sales volume and the acquisition of Kimberly Clark's tissue business in Brazil [366]. - General and administrative expenses surged by 36.2% to R$2,619.8 million in 2024, mainly due to increased personnel costs [366]. - The company plans to invest R$7,677.4 million in maintenance capital expenditures for 2024, primarily financed by cash and cash generation [381]. - Capital expenditures totaled R$17,119.8 million in 2024, down from R$18,576.6 million in 2023, with R$7,610.0 million allocated to industrial and forestry maintenance [386]. - The approved budget for capital expenditures in 2025 is R$12,380.8 million, reflecting a decrease primarily due to the Cerrado project's investment schedule [387]. Cash Flow and Indebtedness - Cash and cash equivalents as of December 31, 2024, were R$9,018.8 million, with 70% denominated in reais and 30% in U.S. dollars [378]. - Net cash provided by operating activities increased to R$20,604.4 million in 2024 from R$17,315.5 million in 2023, a rise of R$3,288.9 million due to higher pulp prices and currency appreciation [383]. - Net cash used in investing activities decreased to R$20,512.7 million in 2024 from R$26,035.3 million in 2023, with R$9,190.6 million allocated to property, plant, and equipment [384]. - Total consolidated outstanding indebtedness reached R$101,435.5 million as of December 31, 2024, with R$10,501.4 million classified as current indebtedness [388]. Research and Development - Research and development investments amounted to R$174.0 million in 2024, focusing on increasing forestry productivity and developing new products [409]. - The company produced over 320,000 seedlings and 17 new potential clones in 2024 through its Transition Nursery initiative [411]. - FuturaGene's investments in R&D ensure significant independence from external sources for intellectual property and innovation [422]. - In 2024, the company filed 11 new technology patents and protected one new eucalyptus variety, focusing on biorefining and paper products [422]. Innovations and Sustainability - The company achieved a milestone in biorefinery with the sale of 20,000 tonnes of Ecolig lignin, diversifying its portfolio of certified applications [419]. - The Paper and Packaging projects in 2024 emphasized the replacement of fossil products and introduced biodegradable solutions for hot liquids [420]. - FuturaGene's Forest Management strategy focuses on increasing productivity and reducing operational costs through technological innovation [416]. - The company launched certified grammages for food in the Greenpack® Line and introduced the Bluecup Bio® line for biodegradable solutions [420]. Financial Instruments and Compliance - The company raised R$5.9 billion in debentures in May 2024, with various interest rates and amortization schedules [394]. - The company issued panda bonds amounting to CNY1,200,000 (equivalent to US$166.0 million) on November 15, 2024, with a fixed interest rate of 2.8% [403]. - The company has no financial covenants as of December 31, 2024, and is in compliance with all other non-financial covenants [405]. Regulatory Approvals and Patents - In 2024, FuturaGene received three new commercial approvals for genetically modified eucalyptus varieties, bringing the total to eleven approvals by the end of the year [415]. - FuturaGene holds a total of 804 granted patents and patent applications, including 75 protected eucalyptus varieties and over 404 potential new varieties under evaluation [421]. Market Trends - The primary trends influencing sales and production include pulp purchase patterns, pulp prices, and global economic conditions [425].

Group 1 - Suzano (NYSE: SUZ) is positioned to benefit from the recent tariff draw-down, indicating a favorable market environment for the company [2] - The company has a clear deleveraging path, having achieved a 10% quarterly reduction in debt, which enhances its financial stability [2] - The Value Lab offers a portfolio with a target yield of about 4%, focusing on international mispriced equities, which may include companies like Suzano [1][2] Group 2 - The Valkyrie Trading Society consists of analysts who focus on high conviction, downside-limited investment ideas in developed markets, aiming for non-correlated and outsized returns [3] - The society operates as long-only investors, indicating a strategy that avoids short selling and focuses on capital appreciation [3]

Core Insights - Investors are evaluating the value opportunities between Suzano S.A. Sponsored ADR (SUZ) and International Paper (IP) [1] Valuation Metrics - SUZ has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while IP has a Zacks Rank of 3 (Hold) [3] - The forward P/E ratio for SUZ is 4.47, significantly lower than IP's forward P/E of 17.75 [5] - SUZ's PEG ratio is 0.08, compared to IP's PEG ratio of 0.34, suggesting SUZ is expected to grow earnings at a faster rate relative to its price [5] - SUZ has a P/B ratio of 2.09, slightly lower than IP's P/B ratio of 2.19, indicating a better valuation relative to book value [6] - Overall, SUZ has a Value grade of A, while IP has a Value grade of C, highlighting SUZ as the superior value option [6]

Group 1 - Suzano S.A. is considered an attractive investment option due to its increasing market share in the global pulp market amidst net closures of facilities in the industry [2] - The Valkyrie Trading Society focuses on high conviction investment ideas that are expected to generate non-correlated and outsized returns in the current economic environment [2] - The company has been consistently covered over the years, indicating a long-term positive outlook from analysts [2] Group 2 - The Value Lab emphasizes long-only value investment strategies, targeting a portfolio yield of approximately 4% [1] - The team has successfully navigated international markets over the past five years, highlighting their expertise in identifying mispriced equities [1]

Financial Data and Key Metrics Changes - The company reported a strong EBITDA of R$23.8 billion for the year, with a leverage ratio of 2.9 times in dollar terms, which is a key metric guiding capital allocation decisions [9][40]. - The net debt at the end of the year was R$12.8 billion, reflecting a deleveraging process despite significant investments and share buybacks [39][40]. Business Line Data and Key Metrics Changes - The Paper and Packaging business unit saw a total sales volume increase of 15% year-over-year and 24% quarter-over-quarter, attributed to the incorporation of Suzano Packaging sales [15]. - The EBITDA for the Paper and Packaging segment decreased by 16% year-over-year, impacted by lower prices in both Brazilian and external markets [16][17]. Market Data and Key Metrics Changes - In Brazil, print and writing demand increased by 11.7% in the first two months of Q4 compared to the same period last year, with domestic sales growing by 12.5% [13]. - The U.S. market experienced a 21% recovery in SPS demand in Q4 2024 compared to the previous year, driven by strong performance in the food service sector [15]. Company Strategy and Development Direction - The company is focused on integrating new assets and employees from the acquisition of Pactiv Evergreen, with expectations of improved performance and synergies in 2025 [18]. - The management emphasized the importance of fiber substitution projects as a key part of the customer value proposition, aiming to enhance market share in the pulp sector [44]. Management Comments on Operating Environment and Future Outlook - Management expressed optimism about strong demand in the Brazilian market for uncoated and paperboard lines in 2025, while anticipating a return to structural decline in developed regions [19][20]. - The company expects challenges in logistics and supply due to low inventories and maintenance downtimes, but remains prepared for these scenarios [25][44]. Other Important Information - The company successfully renegotiated commercial contracts, securing better terms for Suzano Packaging in 2025, which is expected to positively impact results [18]. - The cash production cost in Q4 2024 was lower compared to the previous year, despite an 18% FX depreciation [33]. Q&A Session Summary Question: Does the new government change capital allocation decisions? - Management confirmed that recent government changes do not affect long-term capital allocation strategies, viewing the U.S. market as robust and attractive [51]. Question: Can you confirm the additional demand created by the Chinese mill's closure? - Management confirmed that the closure of the Chinese mill has created over 200,000 tons of additional hardwood demand per month from non-integrated players [56]. Question: What is the outlook for cash costs in 2025? - Management clarified that cash costs are expected to be flattish compared to Q4 2024, with an increase in the first quarter due to maintenance downtimes [68]. Question: How does the company view share buybacks in the context of stock derating? - Management acknowledged the stock's derating and indicated that buybacks will be considered when the right opportunity arises, balancing it with other capital allocation needs [72]. Question: What is the strategy regarding balance sheet leverage? - Management reiterated that there are no plans for transformational deals that would impact the deleveraging strategy, focusing instead on value-generating opportunities [78].

Core Viewpoint - The stock price of Suzano S.A. has been on a bearish trend, losing 6.1% in the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in a downtrend, where the stock opens lower, makes a new low, but then closes near its opening price, suggesting that bears may be losing control [3][4]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors [4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for Suzano, with a 12.5% increase in the consensus EPS estimate for the current year over the last 30 days, indicating that analysts expect better earnings than previously predicted [6][7]. - The company currently holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which typically outperform the market [8].