Suzano S.A. announces its 3Q21 results

• Pulp sales of 2,673 thousand tons (+6% vs. 3Q20).
• Paper sales of 336 thousand tons (+5% vs. 3Q20).
• Adjusted EBITDA1 and Operating cash generation²: R$6.3 billion and R$5.2 billion, respectively.
• Adjusted EBITDA1 /ton3 from pulp of R$2,140/ton (+60% vs. 3Q20).
• Adjusted EBITDA1 /ton4 from paper of R$1,748/ton (+41% vs. 3Q20).
• Average net pulp price in export market: US$654/ton (+43% vs. 3Q20).
• Average net paper price4 of R$4,937/ton (+21% vs. 3Q20).
• Pulp cash cost ex-downtime of R$711/ton (+19% vs. 3Q20).
• Leverage down to 2.7 times in USD and 2.8 times in BRL.

The third quarter of 2021 was marked by strong sales volume and resilient pulp prices, mainly driven by solid pulp demand performance in Europe and North America, despite the seasonality effects during this period of the year and falling demand in China. In the paper business, demand remained buoyant, with high sales volumes and further price increases in both the domestic and international markets and once again registering the highest quarterly EBITDA in the company’s history, considering paper and consumer goods. These factors, combined with the average weaker BRL, drove adjusted EBITDA in the quarter to R$6.3 billion and operating cash generation to R$5.2 billion – the highest since the creation of Suzano S.A.

On the financial management front, the Company completed the post-merger deleveraging cycle, underscoring its continued focus on financial discipline. Leverage measured by net debt/adjusted EBITDA in the last twelve months stood below the 3.0x threshold established in its Debt Policy, reaching 2.7x measured in USD. Net debt in USD declined once again, while the Company’s liquidity position strengthened further, which let Suzano well positioned for the new investment cycle through the Cerrado Project. Continuing its debt management program, in September the Company issued a new Sustainability-Linked Bond (SLB) in the international market maturing in 2028, in the principal amount of US$500 million and yield of 2.70% p.a., the lowest in its history. The bond has targets associated with reducing the use of industrial water by 2026 and increasing the percentage of women holding leadership positions in the Company by 2025.
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