More favorable market scenario starts benefiting results in the period
São Paulo, May 9, 2024. Suzano S.A. (B3:SUZB5 | NYSE: SUZ), one of the world’s largest integrated pulp and paper producers, announces today its consolidated results for the first quarter of 2024 (1Q24).
HIGHLIGHTS
- Pulp sales of 2,401 thousand tons (-2% vs. 1Q23).
- Paper sales1 of 313 thousand tons (12% vs. 1Q23).
- Adjusted EBITDA2 and Operating cash generation3: R$4.6 billion and R$2.5 billion, respectively.
- Adjusted EBITDA2/ton from pulp of R$1,625/ton (-25% vs. 1Q23).
- Adjusted EBITDA2/ton from paper of R$2,097/ton (-28% vs. 1Q23).
- Average net pulp price in export market: US$624/ton (-13% vs. 1Q23).
- Average net paper price1 of R$6,713/ton (-9% vs. 1Q23).
- Pulp cash cost ex-downtime of R$812/ton (-13% vs. 1Q23).
- Leverage of 3.5 times in USD and 3.6 times in BRL.
- Cerrado Project completes 94% of physical progress and 87% of financial progress up to April 2024.
The performance of the pulp market remained favorable during the first quarter of 2024, which reflected in another round of price increases, but which was not fully captured in the results of the period. Operational performance remained in line with the plan, with cash cost of production remaining stable without the effect of scheduled maintenance downtimes. This combination of factors resulted in an important increase in adjusted EBITDA per ton from pulp compared to the previous quarter. At the paper business unit, sales volume decreased chiefly due to seasonality, while prices remained stable. As such, consolidated adjusted EBITDA in the quarter totaled R$4.6 billion, while operating cash flow reached R$2.5 billion.
Source: Suzano
