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v3.25.3

Loans, financing and debentures | 9 Months Ended
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Sep. 30, 2025
Disclosure of detailed information about borrowings [abstract] |
Disclosure of borrowings [text block] | 18 LOANS, FINANCING AND DEBENTURES 18.1 Breakdown by type
|  |  |  |  |  |  |  | Current |  | Non-current |  |  |  | Total
Type |  | Currency |  | Interest rate |  | Average annual interest rate - % |  | 09/30/2025 |  | 12/31/2024 |  | 09/30/2025 |  | 12/31/2024 |  | 09/30/2025 |  | 12/31/2024
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | USD |  | Fixed |  | 5.0 | % |  | 1,791,638 |  |  | 3,229,641 |  |  | 41,076,515 |  |  | 49,166,804 |  |  | 42,868,153 |  |  | 52,396,445 |
Panda Bonds |  | CNY |  | Fixed |  | 2.8 | % |  | 21,805 |  |  | 4,224 |  |  | 895,871 |  |  | 1,016,331 |  |  | 917,676 |  |  | 1,020,555 |
Export credits (“export prepayments”) |  | USD |  | SOFR/Fixed |  | 5.1 | % |  | 834,064 |  |  | 6,236,806 |  |  | 17,378,400 |  |  | 16,283,736 |  |  | 18,212,464 |  |  | 22,520,542 |
Assets financing |  | USD |  | SOFR |  | 3.0 | % |  | 102,469 |  |  | 137,300 |  |  | 198,566 |  |  | 298,252 |  |  | 301,035 |  |  | 435,552 |
ECA - Export Credit Agency |  | USD |  | SOFR |  | 5.6 | % |  | 17,862 |  |  | 7,297 |  |  | 1,718,297 |  |  | 769,702 |  |  | 1,736,159 |  |  | 776,999 |
IFC - International Finance Corporation (1) |  | USD |  | SOFR |  | 5.3 | % |  | (5,708) |  |  | (12,051) |  |  | 5,006,476 |  |  | 5,858,208 |  |  | 5,000,768 |  |  | 5,846,157 |
Others |  |  |  |  |  |  |  | 5,831 |  |  | 4,210 |  |  |  |  |  | 4,455 |  |  | 5,831 |  |  | 8,665 |
|  |  |  |  |  |  |  | 2,767,961 |  |  | 9,607,427 |  |  | 66,274,125 |  |  | 73,397,488 |  |  | 69,042,086 |  |  | 83,004,915 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES |  | BRL |  | UMBNDES |  | 6.6 | % |  | 3,179 |  |  | 157 |  |  | 456,915 |  |  | 157,555 |  |  | 460,094 |  |  | 157,712 |
BNDES |  | BRL |  | TJLP |  | 8.6 | % |  | 88,569 |  |  | 100,556 |  |  | 33,754 |  |  | 101,587 |  |  | 122,323 |  |  | 202,143 |
BNDES |  | BRL |  | TLP |  | 12.9 | % |  | 105,593 |  |  | 94,903 |  |  | 5,208,002 |  |  | 4,607,102 |  |  | 5,313,595 |  |  | 4,702,005 |
BNDES |  | BRL |  | SELIC |  | 16.2 | % |  | 270,231 |  |  | 243,223 |  |  | 569,258 |  |  | 704,825 |  |  | 839,489 |  |  | 948,048 |
BNDES |  | BRL |  | TR |  | 4.3 | % |  | 3,899 |  |  | 84 |  |  | 80,725 |  |  | 70,015 |  |  | 84,624 |  |  | 70,099 |
Assets financing |  | BRL |  | CDI |  | 15.5 | % |  | 18,693 |  |  | 18,427 |  |  | 42,935 |  |  | 56,956 |  |  | 61,628 |  |  | 75,383 |
NCE (“Export credit notes”) |  | BRL |  | CDI |  | 16.2 | % |  | 4,122 |  |  | 3,027 |  |  | 100,000 |  |  | 100,000 |  |  | 104,122 |  |  | 103,027 |
NCR (“Rural producer certificates”) |  | BRL |  | CDI |  | 13.6 | % |  | 187,281 |  |  | 312,652 |  |  | 5,000,000 |  |  | 2,000,000 |  |  | 5,187,281 |  |  | 2,312,652 |
Ecoinvest |  | BRL |  | CDI |  | 13.5 | % |  | 12,238 |  |  |  |  | 327,022 |  |  |  |  | 339,260 |  |  |
Rural Product Note ("CPR") |  | BRL |  | CDI/IPCA |  | 13.8 | % |  | 5,349 |  |  |  |  | 1,934,824 |  |  |  |  | 1,940,173 |  |  |
Debentures |  | BRL |  | CDI/IPCA |  | 13.7 | % |  | 322,964 |  |  | 120,931 |  |  | 9,144,566 |  |  | 9,738,616 |  |  | 9,467,530 |  |  | 9,859,547 |
|  |  |  |  |  |  |  | 1,022,118 |  |  | 893,960 |  |  | 22,898,001 |  |  | 17,536,656 |  |  | 23,920,119 |  |  | 18,430,616 |
|  |  |  |  |  |  |  | 3,790,079 |  |  | 10,501,387 |  |  | 89,172,126 |  |  | 90,934,144 |  |  | 92,962,205 |  |  | 101,435,531 |
Interest on financing |  |  |  |  |  |  |  | 1,058,621 |  |  | 1,541,312 |  |  |  |  |  |  | 1,058,621 |  |  | 1,541,312 |
Non-current funding |  |  |  |  |  |  |  | 2,731,458 |  |  | 8,960,075 |  |  | 89,172,126 |  |  | 90,934,144 |  |  | 91,903,584 |  |  | 99,894,219 |
|  |  |  |  |  |  |  | 3,790,079 |  |  | 10,501,387 |  |  | 89,172,126 |  |  | 90,934,144 |  |  | 92,962,205 |  |  | 101,435,531 |
(1) The balances shown as negative include fundraising costs 18.2 Breakdown by maturity - non-current
|  |  |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 onwards |  | Total
In foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  |  |  |  |  |  |  |  |  | 2,645,309 |  |  | 9,261,965 |  |  | 5,248,456 |  |  | 23,920,785 |  |  | 41,076,515 |
Panda Bonds |  |  |  |  |  |  | 895,871 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 895,871 |
Export credits (“export prepayments”) |  |  |  | 904,858 |  |  | 3,329,057 |  |  | 3,318,701 |  |  | 3,773,879 |  |  | 5,202,918 |  |  | 848,987 |  |  | 17,378,400 |
Assets financing |  |  |  | 25,955 |  |  | 103,353 |  |  | 63,328 |  |  | 5,930 |  |  |  |  |  |  |  |  | 198,566 |
ECA - Export Credit Agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,718,297 |  |  | 1,718,297 |
IFC - International Finance Corporation |  |  |  |  |  | 268,885 |  |  | 1,368,062 |  |  | 2,226,337 |  |  | 1,143,192 |  |  |  |  | 5,006,476 |
|  |  |  | 930,813 |  |  | 4,597,166 |  |  | 7,395,400 |  |  | 15,268,111 |  |  | 11,594,566 |  |  | 26,488,069 |  |  | 66,274,125 |
In local currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNDES – TJLP |  |  |  | 22,038 |  |  | 3,700 |  |  | 3,700 |  |  | 3,700 |  |  | 616 |  |  |  |  |  | 33,754 |
BNDES – TLP |  |  |  | 40,873 |  |  | 163,491 |  |  | 160,656 |  |  | 146,481 |  |  | 378,465 |  |  | 4,318,036 |  |  | 5,208,002 |
BNDES – Fixed |  |  |  | 2,443 |  |  | 9,771 |  |  | 9,771 |  |  | 9,771 |  |  | 9,771 |  |  | 415,388 |  |  | 456,915 |
BNDES – SELIC |  |  |  | 70,987 |  |  | 38,162 |  |  | 38,162 |  |  | 38,162 |  |  | 38,162 |  |  | 345,623 |  |  | 569,258 |
BNDES – TR |  |  |  | 1,378 |  |  | 5,734 |  |  | 5,734 |  |  | 5,734 |  |  | 5,734 |  |  | 56,411 |  |  | 80,725 |
Ecoinvest |  |  |  |  |  |  |  |  |  |  |  |  | 73,617 |  |  | 73,617 |  |  | 179,788 |  |  | 327,022 |
Assets financing |  |  |  | 4,722 |  |  | 19,113 |  |  | 19,033 |  |  | 67 |  |  |  |  |  |  |  |  | 42,935 |
NCE (“Export credit notes”) |  |  |  |  |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  | 25,000 |  |  |  |  |  | 100,000 |
Rural Product Note ("CPR") |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,934,824 |  |  | 1,934,824 |
NCR (“Rural producer certificates”) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,000,000 |  |  | 3,000,000 |  |  | 5,000,000 |
Debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 549,408 |  |  | 8,595,158 |  |  | 9,144,566 |
|  |  |  | 142,441 |  |  | 264,971 |  |  | 262,056 |  |  | 302,532 |  |  | 3,080,773 |  |  | 18,845,228 |  |  | 22,898,001 |
|  |  |  | 1,073,254 |  |  | 4,862,137 |  |  | 7,657,456 |  |  | 15,570,643 |  |  | 14,675,339 |  |  | 45,333,297 |  |  | 89,172,126 |
18.3 Roll-forward of loans, financing and debentures
|  | 09/30/2025 |  | 12/31/2024
Opening balance |  | 101,435,531 |  |  | 77,172,692 |
Fundraising, net of issuance costs |  | 22,324,556 |  |  | 15,692,905 |
Interest accrued |  | 4,399,815 |  |  | 5,413,707 |
Monetary and exchange rate variation, net |  | (10,914,087) |  |  | 17,728,324 |
Settlement of principal |  | (19,600,013) |  |  | (9,410,807) |
Settlement of interest |  | (4,753,232) |  |  | (5,241,389) |
Amortization of fundraising costs |  | 75,916 |  |  | 80,099 |
Others |  | (6,281) |  |  |
Closing balance |  | 92,962,205 |  |  | 101,435,531 |
18.4 Fundraising costs The fundraising costs are amortized based on the terms of agreements and the effective interest rate.
|  |  |  |  |  | Balance to be amortized
Type |  | Cost |  | Amortization |  | 09/30/2025 |  | 12/31/2024
Bonds |  | 422,881 |  |  | 278,737 |  |  | 144,144 |  |  | 168,450 |
Rural Product Note ("CPR") |  | 65,177 |  |  |  |  |  | 65,177 |  |  |
Export credits (“export prepayments”) |  | 274,830 |  |  | 199,711 |  |  | 75,119 |  |  | 63,080 |
Debentures |  | 159,675 |  |  | 40,385 |  |  | 119,290 |  |  | 125,663 |
BNDES |  | 94,116 |  |  | 58,129 |  |  | 35,987 |  |  | 25,777 |
IFC - International Finance Corporation |  | 81,956 |  |  | 23,528 |  |  | 58,428 |  |  | 78,719 |
Others |  | 19,857 |  |  | 1,956 |  |  | 17,901 |  |  | 6,799 |
|  | 1,118,492 |  |  | 602,446 |  |  | 516,046 |  |  | 468,488 |
18.5 Guarantees Some loan and financing agreements have guarantees clauses, in which the financed equipment or other property, plant and equipment is offered as collateral by the Company, as disclosed in Note 15.1. The Company does not have contracts with restrictive financial clauses (financial covenants) which must be complied with. 18.6 Relevant transactions entered into during the period 18.6.1 Export Prepayment On March 10, 2025, the Company raised, with several banks (a syndicated operation), an export prepayment ("PPE"), in the amount of US$1,200,000 (equivalent to R$6,951,600), at a floating rate based on the 3-month SOFR Term + 1.45% p.a, maturing in March 2031. On April 24, 2025, the Company entered into a PPE with JP Morgan in the amount of US$250,000 (equivalent to R$1,418,488), at floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030. On April 24, 2025, the Company also entered into a PPE with JP Morgan as a debt maturity renewal strategy, with an amount of US$151,000 (equivalent to R$856,552), with a floating rate 6-month SOFR Term Loan + 1.75% p.a., maturity in April 2030. On July 3, 2025, the Company raised, with MUFG Bank, an export prepayment (“PPE”) in the amount of US$100,000 (equivalent to R$542,080), at a floating rate of 3-month Term SOFR + 1.5% p.a., maturing in July 2031. 18.6.2 Rural Credit Note ("NCR") On May 23, 2025, the Company entered into a Rural Credit Note (“NCR”) agreement with Itaú Unibanco in the amount of R$3,000,000, indexed at a fixed rate of 13.54% p.a., maturity on January 31, 2031. 18.6.3 Eco Invest (“Ecoinvest”) On June 27, 2025, the Company, through its joint operation Veracel, entered into an agro-industrial credit agreement under the Eco Invest Brasil program with Banco do Brasil, in the amount of R$331,278, bearing interest at 101% of the CDI rate, maturity on April 5, 2030. 18.6.4 Export Development Canada (“EDC”) On July 21, 2025, the Company raised a loan with EDC in the amount of US$200,000 (equivalent to R$1,112,500), at a floating rate of Daily SOFR + 1.75% p.a., maturing in July 2032. 18.6.5 Rural Product Note ("CPR") On September 15, 2025, the Company issued a Rural Product Note (“CPR”) with financial settlement totaling R$2,000,000. The CPR is composed of three parts: (i) an amount of R$293,255 at a cost of 96.50% of the CDI rate, with a total term of eight years and full amortization in September 2033; (ii) an amount of R$956,745 at a cost of IPCA + 7.0753% p.a., with a total term of ten years and full amortization in September 2035; and (iii) an amount of R$750,000 at a cost of IPCA + 7.0968% p.a., with a total term of twelve years and full amortization in September 2037. 18.6.6 Bonds 2036 On September 10, 2025, the Company, through its wholly owned subsidiary Suzano Netherlands B.V., issued a bond in the amount of US$1,000,000 (equivalent to R$5,412,300), at a fixed rate of 5.5% p.a., maturing in January 2036. 18.7 Significant transactions settled during the period On January 14, 2025, the Company settled, as due, a bond with a 4.00% p.a cost, a market-based operation, in the amount of US$346,445 (equivalent to R$2,101,917, including principal and interest). On March 10, 2025, the Company made an early partial settlement of an export prepayment with various banks (syndicated operation), totaling US$1,486,064 (equivalent to R$8,608,769, including principal and interest). The residual amount of the operation maintained its original maturity in March 2027 with a floating rate of SOFR + 1.4% p.a. On March 24, 2025, the Company settled a Rural Producer Note (CPR) with Banco Safra, in the amount of R$221,942 (including principal and interest). The maturity of the CPR was in March 2025, with an interest rate of 100.00% of the CDI p.a. On April 24, 2025, the Company early settled a PPE with JP Morgan, at a cost of 3-month Term SOFR + 1.93%, in the total amount of US$153,869 (equivalent to R$873,023 including principal and interest). On May 17, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$106,585 (equivalent to R$605,819 including principal and interest). On May 21, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$37,123 (equivalent to R$210,942 including principal and interest). On June 9, 2025, the Company settled, at maturity, an ACC with BNP Paribas, in the total amount of US$15,988 (equivalent to R$89,170 including principal and interest). On September 11, 2025, through a Tender Offer, the Company early settled part of the outstanding balance of one of its bonds in the total amount of US$401,545 (equivalent to R$2,162,639 — principal and interest) as part of its debt rollover strategy. The bond’s remaining balance was settled on September 19, 2025, through a make-whole operation, in the amount of US$304,737 (equivalent to R$1,623,519 — principal and interest). The bond’s original maturity was in January 2027, with a fixed rate of 5.5% p.a. On September 11, 2025, through a Tender Offer, the Company early settled part of the outstanding balance of another of its bonds in the total amount of US$233,807 (equivalent to R$1,259,239 — principal and interest) as part of its debt rollover strategy. The bond’s original maturity was in January 2026, with a fixed rate of 5.75% p.a. On September 26, 2025, the Company carried out a full extraordinary amortization of the outstanding nominal value of the debentures from the 8th issuance, through the payment of a total amount of R$811,766 (principal and interest).

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