Company: SUZ
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001628280-25-020368
Chunk: 121

Company: Suzano S.A.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 121
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 please see “ Item 5. B - Capital Expenditures” below). This will primarily be financed by the cash and cash equivalents and cash generation for 2024.

For the year of 2025, we also believe that we will be able to access either capital or banking markets, if necessary.

With respect to long term capital needs, we use a model of ten years to monitor our needs in a series of scenarios and variables, including currency exchange rates and commodity prices, with the intention to preserve the liquidity and improve the capital structure. In this context, we work to anticipate exercises of liability management to improve liquidity or if conditions are favorable.

All of our future liquidity conditions rely on a series of scenarios and may be adversely affected depending on market and other conditions. Actual liquidity may differ significantly for several reasons, including, without limitation, the risks described in “ Forward-Looking Statements” and Item 3. “ Key Information - Risk Factors.”

Operating Activities

Our net cash provided by operating activities totaled R$20,604.4 million in 2024, compared to net cash provided by operating activities of R$17,315.5 million in 2023. This increase of R$3,288.9 million was mainly due to higher pulp prices in 2024 and an appreciation of the US dollar against the Brazilian real, directly impacting our revenues.

Investing Activities

Our net cash used in investing activities totaled R$20,512.7 million during 2024, compared to net cash used in investing activities of R$26,035.3 million in 2023. During the year ended December 31, 2024 investing activities for which our used cash primarily consisted of (i) R$9,190.6 million used in additions to property, plant and equipment, (ii) R$7,180.4 million used in additions to biological assets, (iii) cash invested in assets and business acquisitions net in the amount of R$4,036.5 million.

Table of Co ntents

Financing Activities

Our financing activities used net cash of R$83.8 million during 2024 compared to net cash provided in financing activities of R$7,798.9 million in 2023. During 2024, our main sources of financing were (i) R$9,410.8 million in loans and financing, which mainly consisted of R$ 5,900.0 in debentures, US$780.0 million (equivalents to