Company: SUZ
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001628280-25-020368
Chunk: 115

Company: Suzano S.A.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 115
---
 paper price was R$7,254/ton, a 0.3% decrease compared to 2023. In the international market, average price was US$1,086/ton, a 15% decrease compared to 2023. In Brazilian real, the average price in the international market was R$5,853/ton, 9% lower than in 2023.

Off-Balance Sheet Arrangements

We participate in a number of off-balance sheet arrangements, mainly related to guarantees and take or pay contracts. We also have a number of swap transactions as described in “ Item 11. Quantitative and Qualitative Disclosures about Market Risk.” All of these transactions are further described elsewhere in this annual report. See notes 4 and 17.1 to our audited consolidated financial statements, included in this Annual Report.

Table of Co ntents

A. Operating Results

Results of operations

The following discussion of our results of operations is based on our audited consolidated financial statements. For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, please see “ Item 5. Operating and Financial Review and Prospects - A. Operating Results - Results of Operations - Year ended December 31, 2023 Compared to Year Ended December 31, 2022” of our annual report on Form 20-F for the year ended December 31, 2023.

References to increases or decreases in any year or period are made by comparison with the corresponding prior year or period, except as the context otherwise indicates.

                                                                       For the year ended December 31,                                                                             
                                                                                                  2024                                            2024          2023               
                                                                                               US$ (3)      (in millions of R$), except per share data                    Δ Y-o-Y  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net sales                                                                                      8,255                                          47,403        39,756         19.2  
  Cost of sales                                                                                (4,772)                                        (27,402)      (25,077)          9.3  
  Gross profit                                                                                   3,483                                          20,002        14,679         36.3  
  Operating income (expenses)                                                                                                                                                      
  Selling                                                                                        (512)                                         (2,939)       (2,