Suzano SA (SUZ) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for holding, and welcome to Suzano's conference call to discuss the results for the third quarter of 2025. We would like to inform that all participants will be in a listen-only mode during the presentation that will be addressed by the CEO, Mr. Beto Abreu and other Executive Officers. This call will be presented in English with simultaneous translation to Portuguese. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待，歡迎參加 Suzano 的電話會議，我們將討論 2025 年第三季的業績。我們謹此通知，在執行長貝托·阿布雷烏先生和其他高階主管進行演講期間，所有參與者都將處於唯讀模式。本次電話會議將以英語進行，並提供葡萄牙語同聲傳譯。（操作說明）

Before proceeding, please be aware that any forward-looking statements are based on the beliefs and assumptions of Suzano's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur in the future.

在繼續之前，請注意，任何前瞻性陳述均基於 Suzano 管理層的信念和假設以及公司目前可獲得的資訊。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或不會發生的情況。

You should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Suzano and could cause results to differ materially from those expressed in such forward-looking statements.

您應該了解，總體經濟狀況、行業狀況和其他經營因素也可能影響 Suzano 的未來業績，並可能導致實際業績與此類前瞻性聲明中表達的業績存在重大差異。

Now I will turn the conference over to Mr. Beto Abreu. Please, you may begin your presentation.

現在我將把會議交給貝托·阿布雷烏先生。請開始您的演講。

Hi, everyone. Thank you for attending our third quarter call results. Let me start with the highlights of the quarter, which most of the figures was quite aligned with what we planned for the quarter. But I'd like to highlight a couple of things. The first one, it's send to the team in Pine Bluff, our congratulation for the process of turning around the business.

大家好。感謝各位參加我們的第三季業績電話會議。首先讓我介紹本季的亮點，大部分數據都與我們本季的計畫基本一致。但我還是想強調幾點。第一封電子郵件是發給派恩布拉夫團隊的，恭喜他們扭轉了公司的頹勢。

So as you saw, we have the first positive EBITDA result for the quarter for Pine Bluff, and I think this is the new trend for the business. So the team over there is doing a great job. So we are very glad about what we have achieved at this time.

正如你所看到的，Pine Bluff 在本季度首次實現了正的 EBITDA 結果，我認為這是公司發展的新趨勢。所以那邊的團隊做得非常好。所以，我們對目前所取得的成就感到非常滿意。

And -- but the most important one here regarding the highlights is the cash cost. So we are glad to having the chance to keep the trend of reducing our cash cost. This is something that we're going to keep working, of course, not only for the next quarter, but also for the next couple of years, so we still see opportunities to keep gaining efficiency to gaining productivity. And this is an area that is under our control, and this will be in the next two years, our main focus.

但就亮點而言，最重要的還是現金成本。因此，我們很高興有機會繼續保持降低現金成本的趨勢。當然，我們會繼續努力，不僅在接下來的一個季度，而且在接下來的幾年裡，我們仍然看到提高效率和生產力的機會。這是我們可以掌控的領域，也是未來兩年我們的主要關注點。

So reducing the total operational disbursement, it's absolutely key and will be the first priority for the organization here in the next two years. So this is something that is under our control, and we understand that we don't need to expect or to live a different cycle of price to do the job that we have been doing. We must anticipate ourselves to make sure that we bring to the organization any kind of opportunity to give -- to keep efficiency and productivity in our business.

因此，減少營運總支出至關重要，並將是本組織未來兩年的首要任務。所以這是我們能夠控制的事情，我們也明白，我們不需要期待或經歷不同的價格週期就能完成我們一直在做的工作。我們必須未雨綢繆，確保為組織帶來各種貢獻的機會，以維持業務的效率和生產力。

The consequence of that, it's, of course, deleveraging the company, which is absolutely a priority for us. So having the chance to deleverage the company even on a low cycle of price, it's something that we believe and that we want to keep doing, and not waiting, do you know, different cycles in terms of price to focus on deleveraging the company. We believe that we can do that even on scenarios as the one that we are living right now, okay? So that's my highlight. That's the main message.

這樣做的結果當然是降低公司的槓桿率，這絕對是我們的首要任務。因此，即使在價格低迷的周期中，我們也有機會降低公司的槓桿率，我們相信這一點，並且希望繼續這樣做，而不是等待不同的價格週期來專注於降低公司的槓桿率。我們相信，即使在我們現在所處的這種情況下，我們也能做到這一點，好嗎？這就是我的亮點。這就是主要訊息。

So now I will hand over to Fabio that will cover the Paper and Packaging business.

現在我將把工作交給法比奧，他將負責紙張和包裝業務。

Thanks, Beto. Good morning, everyone. Please let's turn to the next page of the presentation. Our third quarter results were highlighted by strong sales volumes in all markets in our first quarterly positive EBITDA for Suzano Packaging. We have had stable operations in all our mills with lower cash costs versus previous quarter in Brazil and also in the United States, with lack of annual planned shutdowns.

謝謝你，貝托。各位早安。請翻到簡報的下一頁。Suzano Packaging 第三季業績亮點在於所有市場的強勁銷售量，這也是我們公司首次實現季度正 EBITDA。我們所有工廠的營運都保持穩定，巴西和美國的現金成本均低於上一季度，且沒有年度計畫停產。

Our third quarter volume marks the highest quarterly volume for our Paper and Packaging business unit in history, even faced very challenging paper market conditions. Print and write demand, including imports in the Brazilian market according to IBA, declined by 7% in the first two months of the third quarter compared to the same period of last year.

即使面臨非常嚴峻的紙張市場環境，我們第三季的銷售也創下了紙張和包裝業務部門歷史上最高的季度銷售紀錄。根據 IBA 的數據，巴西市場的印刷和書寫需求（包括進口）在第三季的前兩個月比去年同期下降了 7%。

However, domestic producers outperformed imports with a more moderate 4% decline and a 29% drop in imported volumes. The overall contraction in demand was primarily driven by the coated paper segment, which had benefited from additional demand during the 2024 election period. Demand for cut size and uncoated papers remained relatively stable. Turning to the international markets served by the company.

然而，國內生產商的表現優於進口，其產量僅下降了 4%，而進口量則下降了 29%。整體需求萎縮主要受塗佈紙領域的影響，該領域在 2024 年選舉期間受益於額外的需求。對裁切尺寸和未塗佈紙張的需求保持相對穩定。接下來，我們將目光轉向公司所服務的國際市場。

We see that despite the structural reduction for print and write in mature markets, uncoated paper grades, our main export product performs better than the other grades. On the negative side, there are continued negative effects of economic headwinds and uncertainties related to the ongoing trade war.

我們看到，儘管成熟市場中印刷和書寫用紙的結構性減少，但我們的主要出口產品——非塗佈紙——的表現優於其他等級。不利的一面是，持續的貿易戰帶來的經濟逆風和不確定性仍然會產生負面影響。

In Europe, demand has been more sensitive to those trends, reducing 6% on the year-to-date, while in North America and LatAm, demand for uncoated wood-free continue to be stable. Now looking at paperboard demand. In Brazil, we saw a 4% demand decrease in the first two months of the Q3 compared to the same period of last year.

在歐洲，需求對這些趨勢更敏感，今年迄今下降了 6%，而在北美和拉丁美洲，對無塗層木漿的需求繼續保持穩定。現在來看紙板需求。在巴西，與去年同期相比，第三季前兩個月的需求下降了 4%。

Sales from domestic producers dropped only 1%, while imports shrunk minus 14% in the same comparison period. In the US market, data from the American Forest and Paper Association show SBS shipments have grown 5.9% on a year-over-year basis, while inventories have grown 17% on the same basis. This is mainly due to the ramp-up of a new SBS machine in the second quarter of the year. Yet, according to FP&A, our operating rate for SBS producers grew 3.4 percentage points versus Q2, reaching 86.5% albeit below historical levels.

同期，國內生產商的銷售額僅下降了 1%，而進口額則下降了 14%。美國森林和造紙協會的數據顯示，美國市場上的SBS出貨量年增5.9%，而庫存年增17%。這主要是由於今年第二季一台新的SBS機器投入使用。然而，根據 FP&A 的數據，我們的 SBS 生產商的營運率比第二季度增長了 3.4 個百分點，達到 86.5%，儘管低於歷史水平。

Looking at Suzano figures, our sales volumes were higher on a quarter-over-quarter and year-over-year basis. Our export volumes in Brazil remained strong in the period. Better sales performance in Brazil quarter-over-quarter reflect demand for uncoated and cut size while on the year-over-year reduction in Brazilian sales is led by the coated paper segment.

從 Suzano 的數據來看，我們的銷售量較上季和年比均有所成長。在此期間，我們對巴西的出口量保持強勁。巴西季度環比銷售業績的改善反映了對非塗佈紙和切邊紙的需求，而巴西同比銷售額的下降則主要受塗佈紙業務的影響。

Suzano packaging volumes recovered from the maintenance outage and increased 7% versus the previous quarter. In terms of pricing, prices from sales in Brazil reduced 2% on a quarter-over-quarter due to seasonality and product mix, but were 2% higher on a year-over-year basis.

Suzano 的包裝量已從維護停產中恢復，比上一季增加了 7%。就定價而言，由於季節性和產品組合的影響，巴西的銷售價格環比下降了 2%，但比去年同期上漲了 2%。

Prices on other external markets suffered by our Brazilian operations, reduced 6% quarter-over-quarter and 10% year-over-year, reflecting challenging market conditions across all regions as well as FX effects. Prices in dollars for Suzano packaging grew 2% quarter-over-quarter, reducing 1% in reais due to FX effects.

受巴西業務影響，其他外部市場的價格環比下降 6%，年減 10%，反映出所有地區市場狀況充滿挑戰以及匯率波動的影響。以美元計價的 Suzano 包裝價格較上季成長 2%，但受匯率影響，以雷亞爾計價的價格下降了 1%。

Our EBITDA has reached BRL542 million in the quarter, an 11% increase quarter-over-quarter and a 10% decrease year-over-year. On a quarter-over-quarter basis, we have had improvements in our cash costs in Brazil and also in the US, higher sales volumes and on the down side, lower prices in our export markets and unfavorable exchange rate. On a year-over-year basis, the decrease in EBITDA is mainly due to lower export prices and exchange rate.

本季我們的 EBITDA 達到 5.42 億雷亞爾，季增 11%，年減 10%。與上一季相比，我們在巴西和美國的現金成本有所改善，銷量也有所提高；但另一方面，我們的出口市場價格下降，匯率也不利。與上年同期相比，EBITDA下降主要是因為出口價格和匯率走低。

This is our first positive quarterly EBITDA for Suzano packaging. Looking ahead to Suzano's Paper and Packaging business performance, we have planned maintenance outages in Limeira and Suzano mills in Q4, which would have an impact on costs. During the Limeira outage, we will finalize the implementation of a series of improvements at the mill, which will upgrade the site's sustainability attributes and reduce its pulp and paper cash costs moving forward.

這是 Suzano 包裝公司首次實現季度正 EBITDA。展望 Suzano 的紙張和包裝業務表現，我們計劃在第四季度對 Limeira 和 Suzano 工廠進行維護停產，這將對成本產生影響。在利梅拉工廠停產期間，我們將完成工廠一系列改善措施的實施，這將提升該工廠的可持續發展屬性，並降低其未來的紙漿和造紙現金成本。

Ex outage, we expect costs to be stable in the next quarter for all our paper operations and sales volumes should increase in line with the historical seasonality for the period. We expect a stable sales prices in Q4 and better regional mix due to higher sales volume in the Brazilian domestic market. Suzano Packaging EBITDA will continue to improve in Q4 and beyond.

除停產外，我們預計下一季所有造紙業務的成本將保持穩定，銷售量將按照該時期的歷史季節性規律增長。我們預計第四季度銷售價格將保持穩定，由於巴西國內市場銷量較高，區域組合將更加均衡。Suzano Packaging 的 EBITDA 將在第四季度及以後繼續改善。

Now I'll hand over to Leo, who will be presenting our Pulp business results.

現在我將把發言權交給Leo，他將介紹我們的紙漿業務表現。

Thanks, Fabio, and good morning, everyone. Let's now turn to our Pulp business unit, where I'd like to share some highlights for the third quarter. The early July announcement of potential 50% tariffs from Brazilian pulp exports to the US, which could compromise the midterm continuity of pulp flows into this market and its customers introduced an unprecedented short-term turbulence in the market.

謝謝你，法比奧，大家早安。現在讓我們來看看紙漿業務部門，我想和大家分享一下第三季的一些亮點。7月初，美國宣布可能對巴西紙漿出口徵收50%的關稅，這可能會影響紙漿流入該市場及其客戶的中期連續性，為市場帶來了前所未有的短期動盪。

This uncertainty affected logistics streams and reduced visibility for market participants regarding near-term dynamics, which contributed to a deterioration in sentiment and triggering a further drop in pulp prices in China to sub-500 levels.

這種不確定性影響了物流流通，降低了市場參與者對近期動態的可見性，導致市場情緒惡化，並引發中國紙漿價格進一步下跌至 500 元以下。

Prices in Europe and North America follow the same downward price trend with the usual lag. As the quarter evolved, when Brazilian pulp was included in the US exemption list, the restored tariff-free access allowed operations to stabilize and ease commercial risk. It's worth noting that although the potential new US tariffs on Brazilian pulp would likely be neutralized over the medium term given the tendency of global pulp markets to rebalance through interconnected trade flows, the initial reaction from pulp and paper participants underscored market sensitivity to trade policy signals.

歐洲和北美的價格走勢與歐洲和北美相同，只是存在一定的滯後性。隨著季度的發展，當巴西紙漿被列入美國豁免清單時，恢復的免稅准入使營運得以穩定並減輕商業風險。值得注意的是，儘管考慮到全球紙漿市場透過相互關聯的貿易流動進行再平衡的趨勢，美國對巴西紙漿可能徵收的新關稅在中期內可能會被抵消，但紙漿和造紙行業參與者的最初反應凸顯了市場對貿易政策信號的敏感性。

As usual, in pulp cycles, the sub-500 price point triggered a strong buying activity from Chinese customers, including integrated paper producers who also secured significant pulp volumes during the quarter. Our order intake levels in China were abnormally high throughout the quarter, generating backlogs of deliveries, which persist to this day as our sales to the other regions in the world were executed as previously planned for the quarter.

像往常一樣，在紙漿週期中，低於 500 的價格點引發了中國客戶的強烈購買活動，其中包括綜合造紙生產商，他們在本季度也獲得了大量的紙漿。本季我們在中國的訂單量異常高，導致交貨積壓，這種情況一直持續到今天，而我們對世界其他地區的銷售則按原計劃在本季度執行。

We have effectively sold all our production volumes during Q3, keeping our inventory stable in line with our commercial strategy. Our invoice volumes were, however, impacted by our announced production curtailment, which started in July in the last 12 months. We have announced three rounds of price increases for all markets starting August, which are being implemented as we speak, but still not yet reflected in our third quarter's invoiced prices due to the carryover effect on our higher-than-usual backlog, as well as the lagging effect in Europe and North America.

第三季度，我們已有效售出所有產量，庫存保持穩定，符合我們的商業策略。然而，在過去的 12 個月中，我們的發票數量受到了我們宣布的減產計劃的影響，該計劃從 7 月開始實施。我們已宣布從 8 月起對所有市場進行三輪提價，這些漲價正在實施中，但由於積壓訂單高於往常的結轉效應，以及歐洲和北美市場的滯後效應，這些提價尚未反映在我們第三季度的發票價格中。

Looking to the right side of the slide, despite strong volumes, a combination of lower prices in US dollar terms and a less favorable FX resulted in a BRL4.5 billion EBITDA for our pulp business unit, equivalent to 49% EBITDA margin.

從幻燈片的右側來看，儘管銷量強勁，但由於以美元計價的價格走低以及匯率不利，導致我們的紙漿業務部門的 EBITDA 為 45 億雷亞爾，相當於 49% 的 EBITDA 利潤率。

Now looking forward, I would like to highlight the following points. In China, following our strong sales performance in the previous quarter, October order intake also reached high levels with all of our customers confirming purchases with a new $10 price hike, including integrated paper producers who keep buying market pulp. As these orders were received or closed in the last days of October, you probably saw that, that's already reflected on today's index publication.

展望未來，我想重點強調以下幾點。在中國，繼上一季強勁的銷售業績之後，10 月份的訂單量也達到了很高的水平，所有客戶都確認了採購，價格也上漲了 10 美元，其中包括繼續購買市場紙漿的綜合造紙生產商。由於這些訂單是在 10 月最後幾天收到或完成的，您可能已經注意到，這已經反映在今天的指數發布中了。

Since September, paper and board production in China has continued to grow, driven by seasonally higher demand during this time of the year and supported by exports of coated paper, tissue and carton board that exceeded levels seen in the same period of 2024.

自 9 月以來，受此季節性需求成長的推動，中國紙張和紙板產量持續成長，塗佈紙、衛生紙和紙板的出口量超過了 2024 年同期水準。

In China, price increases were announced by paper and paperboard producers for November across most grades. Although this is still in the process of being implemented, these moves may indicate a turning point in paper pricing dynamics.

在中國，紙張和紙板生產商宣布11月大部分等級的紙張和紙板價格將上漲。儘管這項措施仍在實施過程中，但這些舉措可能預示著紙張定價動態的轉折點。

Still on the outlook for paper pricing and pulp demand, September brought yet another shift for Chinese producers. Stricter regulations on imported recycled grades, which represent over 3 million tons of furnishing to this market, prompted domestic pulp producers to fill the gap using unbleached BCTMP and other mechanical pulp grades made from local hardwood, which has consequently driven up demand for local wood.

展望紙張價格和紙漿需求，9 月中國生產商又迎來了一次轉變。對進口再生紙漿（佔該市場家具用紙量超過 300 萬噸）的更嚴格規定促使國內紙漿生產商使用未漂白的 BCTMP 和其他由本地硬木製成的機械紙漿來填補缺口，這反過來又推高了對本地木材的需求。

In addition, wood chip demand in China is being fueled by the ramp-up of new integrated capacities launched since late 2024 as well as the restart of some of Chenming's operations. Despite uncertainties around local wood prices and its full market impact, these developments are expected to intensify demand in the coming months and further pressure wood chip prices.

此外，自 2024 年底以來，中國新增綜合產能的提升以及晨間部分業務的重啟，也推動了中國對木片的需求。儘管當地木材價格及其對市場的全面影響尚不明朗，但預計這些事態發展將在未來幾個月加劇需求，並進一步推高木片價格。

We continue to monitor wood cost dynamics in the region as rising demand for Chinese wood chips also supported by tighter recycled fiber imports points to a more favorable paper pricing environment and higher cash costs for Chinese market pulp and integrated paper producers.

我們持續關注該地區的木材成本動態，因為中國木片需求的增長，加上再生纖維進口收緊，表明紙張定價環境更加有利，中國市場紙漿和綜合造紙生產商的現金成本也更高。

All considered, we expect that pulp prices will continue to move up from the current levels. During the next months, we will seek the implementation of the remaining part of our price increase announcement, meaning $20 on a net basis, which were still not implemented.

綜合考慮，我們預計紙漿價格將繼續從目前的水平上漲。在接下來的幾個月裡，我們將繼續推進價格上漲公告中剩餘部分的實施，即淨漲價 20 美元，這些部分目前尚未得到落實。

Volume-wise, as we progress through the fourth quarter, we continue to allocate our targeted volumes across all regions with full confidence in closing 2025 as planned. On the supply side of the equation, it's important to notice that hardwood pulp prices have remained below the estimated cash cost of roughly $600 per ton for 13 consecutive months.

從銷售來看，隨著我們進入第四季度，我們將繼續在所有地區分配目標銷售量，並完全有信心按計劃完成 2025 年的目標。從供應方面來看，值得注意的是，硬木紙漿價格已連續 13 個月低於每噸約 600 美元的估計現金成本。

According to a leading consultancy in our sector, over 15% of global hardwood market pulp production today is operating underwater, and softwood pulp producers are facing an even greater pressure.

據業內一家領先的顧問公司稱，目前全球超過 15% 的硬木市場紙漿生產是在水下進行的，而軟木紙漿生產商面臨的壓力更大。

Zooming into Europe, producers have now enjoyed one year below breakeven levels considered their regional sales only, and we estimate that more than 25% of European capacity is currently unprofitable, all based on local delivery costs and the European price index net of rebates.

聚焦歐洲，生產商已經連續一年處於損益平衡點以下（僅考慮其區域銷售額），我們估計，目前超過 25% 的歐洲產能處於虧損狀態，所有數據均基於當地交付成本和扣除回扣後的歐洲價格指數。

As I have stated in multiple occasions, I view this scenario as completely unsustainable and believe that more significant supply side adjustments are likely to take place going forward. Still on the supply side, just this week, a major Brazilian competitor has announced further capacity swings to dissolving pulp, taking approximately 600,000 tons of paper grid pulp out of the market in '26 when compared to 2025, which should improve the S&D fundamentals for the upcoming months.

正如我多次聲明的那樣，我認為這種情況完全不可持續，並且相信未來可能會出現更大幅度的供給面調整。再來看供應方面，就在本週，一家主要的巴西競爭對手宣布進一步調整產能，轉向溶解漿，與 2025 年相比，2026 年將減少約 60 萬噸紙漿網格，這應該會改善未來幾個月的供需基本面。

With that said, I would now like to invite Aires to address our cash cost performance for the past quarter.

綜上所述，我現在想請艾爾斯先生談談我們上個季度的現金成本表現。

Okay, Leo. Thank you very much. Moving to next slide. The cash costs, excluding downtime in the third quarter came in at BRL801 per ton, making a 4% decrease compared to the second quarter. The most significant driver of this reduction was the lower cost, the lower wood cost mainly due to improved wood quality, resulting in a lower specific consumption and operational efficiencies in harvesting and logistics.

好的，Leo。非常感謝。進入下一張投影片。第三季現金成本（不含停機時間）為每噸 801 雷亞爾，比第二季下降了 4%。此次減產的最主要驅動因素是成本降低，木材成本降低主要是由於木材品質提高，從而降低了單位消耗量，並提高了採伐和物流的營運效率。

Additional contributing factors included lower consumption and price of key inputs such as caustic soda, chlorine dioxide and lime, reduced energy costs, especially for natural gas, driven by the decline in the Brent price and FX appreciation, which lowered the cost of dollar-denominated foods in local currency.

其他促成因素包括：燒鹼、二氧化氯和石灰等關鍵投入品的消耗量和價格下降；能源成本降低，尤其是天然氣成本降低，這主要是由於布蘭特原油價格下跌和外匯升值，從而降低了以美元計價的食品以當地貨幣計價的成本。

When we compare to our cash cost to the third quarter in '24, the cash cost decreased 7%, reflecting gains from operational efficiencies, input cost reductions and scale. The key highlight was the broad contribution of Ribas units, which supported improvements across all cash cost components.

與 2024 年第三季的現金成本相比，現金成本下降了 7%，這反映了營運效率提高、投入成本降低和規模擴大帶來的收益。最關鍵的亮點是 Ribas 各部門的廣泛貢獻，這些貢獻支持了所有現金成本組成部分的改善。

The highlights of improved performance were wood costs, which saw the most significant reduction driven by shorter average ratios, better performance on the field and a lower diesel price, which scale gains also helping dilute indirect costs and lower input consumption, especially caustic soda and fuel oil, supported by operational improvements and fuel to gas conversion in the lime kilns at the Ribas and Imperatriz mills.

性能提升的亮點在於木材成本的降低，這主要得益於平均比率的縮短、現場性能的提高以及柴油價格的下降。規模效益的提升也有助於降低間接成本和投入消耗，特別是苛性鈉和燃料油。此外，Ribas 和 Imperatriz 工廠的石灰窯的營運改善和燃料轉化為氣體也為此提供了支持。

Looking ahead, we are pleased to share that the cash cost production ex downtime, is already running below the BRL800 per ton mark. This solid performance give us confidence that we will deliver in the fourth quarter '24-'25. The most competitive quarterly cash cost of the year, while also supporting a full year average close to the level recorded in fourth quarter '24.

展望未來，我們很高興地宣布，扣除停機時間後的現金生產成本已經低於每噸 800 雷亞爾。這一穩健的表現讓我們有信心在 2024-2025 賽季第四季取得佳績。這是全年最具競爭力的季度現金成本，同時全年平均成本也接近 2024 年第四季的水準。

Now I hand over to Marcos to continue the presentation.

現在我把麥克風交給馬可斯，讓他繼續做報告。

Thank you, Aires. Good morning, everyone. So I'll start with the leverage. Our leverage in dollar terms ticked up to 3.3 times. Despite our net debt remained stable in the quarter, our EBITDA last 12 months declined mainly because of lower pulp prices.

謝謝你，艾瑞絲。各位早安。那我就先從槓桿作用說起。我們的美元槓桿率小幅上升至 3.3 倍。儘管本季我們的淨債務保持穩定，但過去 12 個月的 EBITDA 下降，主要原因是紙漿價格走低。

In terms of our net debt, as I mentioned, it remained stable on a quarter-on-quarter basis, and I would like to highlight that we continue to generate positive free cash flow throughout the quarter, and that we saw some nonrecurring events impacting our liquidity and leverage in the quarter, namely the wood deal that we did with Eldorado and also the premium we paid for the repurchase of the bonds of 2026 and 2027. These events totaled close to BRL1 billion.

就我們的淨債務而言，正如我之前提到的，它環比保持穩定。我想強調的是，我們在本季度繼續產生正的自由現金流，並且我們看到一些非經常性事件在本季度影響了我們的流動性和槓桿率，即我們與 Eldorado 達成的木材交易，以及我們為回購 2026 年和 2027 年債券支付的溢價。這些活動的總金額接近10億雷亞爾。

In terms of liability management, we did a lot of different transactions with a highlight of the issuance in September of $1 billion new 10-year bond for Suzano issued at the lowest corporate spread ever for the company, and we also repurchased the bonds maturing in the short term, 2026 and 2027.

在負債管理方面，我們進行了許多不同的交易，其中最引人注目的是9月份為Suzano發行了10億美元的10年期新債券，發行價為公司有史以來最低的企業利差，此外，我們還回購了2026年和2027年短期到期的債券。

The result of that is that we were able to reduce our short-term maturity risk, and we also were able to increase our average terms of our debt from 74 months to 80 months without changing the average cost of our debt, which remains stable at 5%.

結果是，我們得以降低短期到期風險，並且能夠在不改變平均債務成本（仍穩定在 5%）的情況下，將債務的平均期限從 74 個月延長至 80 個月。

Moving to slide number 8. We highlight the healthy hedge portfolio that we have at this point with a put option of BRL564 and a call option above BRL650. Our total portfolio is at $6 billion. And if we were to -- if the BRLremains stable at BRL532, which was the level of the closing of the third quarter, we would have a positive cash impact of nearly BRL2.5 billion in the upcoming two years, including the fourth quarter, with the impact of positive BRL800 million in 2026.

轉到第 8 張投影片。我們重點介紹我們目前擁有的健康對沖組合，其中包括 BRL564 的看跌期權和 BRL650 以上的看漲期權。我們的總投資組合價值60億美元。如果巴西雷亞爾匯率保持穩定在 532 雷亞爾（第三季末的水平），那麼在未來兩年（包括第四季）我們將獲得近 25 億雷亞爾的現金正收益，到 2026 年將獲得 8 億雷亞爾的現金正收益。

Moving to the next slide number 9. We would like to reinforce our guidance for CapEx for 2025 at BRL13.3 billion, which implies a CapEx of BRL2.9 billion in the last quarter of the year. Now I would like to hand over to Beto for his final remarks.

接下來是第9張投影片。我們重申 2025 年資本支出預期為 133 億雷亞爾，這意味著今年最後一個季度的資本支出為 29 億雷亞爾。現在我把發言權交給貝托，請他做最後的總結發言。

Thank you very much, Marcos. A couple of things that we understand that it's absolutely key to send as a final message regarding the next couple of quarters. So looking ahead, as I said, we will keep focusing the whole team in the cash production cost, not only for the fourth quarter, but we understand that, that must be attendance in the way that we manage the business, and this is dealing with something that we control to be prepared for any kind of scenario in the long term. So that's the first thing.

非常感謝你，馬科斯。我們認為，有幾件事對於接下來幾季的發展至關重要，必須作為最後通牒傳達。展望未來，正如我所說，我們將繼續讓整個團隊專注於現金生產成本，不僅是第四季度，而且我們明白，這必須是我們管理業務方式的一部分，這是我們能夠控制的事情，以便為長期的任何情況做好準備。這是第一點。

The second one is that we have a couple of investments that we made in the last, mainly a couple of two years. As I mentioned, Suzano Packaging. There's a new tissue mill in Aracruz that just start up and also keep working in the progress to the closing of the JV with K-C.

第二點是，我們在過去兩年裡進行了一些投資。正如我之前提到的，Suzano Packaging。阿拉克魯斯有一家新的紙巾廠剛投產，並且還在繼續推進與金佰利公司合資企業的最終完成。

So this is an investment that we have made that we must keep working to gradually improve performance in packaging, in Aracruz, but make sure that we will extract the values and the efficiency that we mentioned when we signed a JV with K-C. So having said that, the focus is extracting value from the investment that we have made already and not putting other initiatives on the table.

所以，這是我們在阿拉克魯斯進行的一項投資，我們必須繼續努力，逐步提高包裝方面的績效，但要確保我們能夠實現與金佰利公司簽署合資協議時所提到的價值和效率。因此，綜上所述，我們的重點是利用現有的投資創造價值，而不是提出其他方案。

So how to summarize this is, focus on what we control. We keep reducing cash cost and also making sure that we will extract the value from the investment that we have been making. Having said that, I will open for the questions.

總結起來就是，專注於我們能夠控制的事情。我們不斷降低現金成本，同時也確保從我們所做的投資中獲得價值。說完這些，我將開始回答問題。

(Operator Instructions)

（操作說明）

Caio Ribeiro, Bank of America.

卡約·裡貝羅，美國銀行。

So I wanted to dive into a little bit more detail on your view on the dynamics of wood chips and softwood in the Chinese market specifically. So first of all, I wanted to ask you if you've noted any meaningful changes in terms of the prices of domestic wood chips in China as a result of all of the supply additions that we've been seeing coming from Huatai, Nine Dragons, and in particular, Chenming's announced resumption, right? And whether that has had any meaningful impact in your perception on the marginal cost of production of pulp in China?

因此，我想更詳細地探討一下您對中國木屑和軟木市場動態的看法。首先，我想問您，隨著華泰、九龍等公司增加供應，特別是晨鳴宣布復工，您是否注意到中國國內木片價格出現了任何實質性變化？這是否對您看待中國紙漿生產的邊際成本產生了任何實質的影響？

And then secondly, in terms of softwood, right, clearly, the dynamics for that fiber have been weaker in comparison to hardwood with prices dropping, while hardwood has been on a recovery track. And our perception is that this has largely to do with an abundance of this type of fiber, right, softwood in Chinese markets as a result of higher domestic production. So I wanted to ask whether you've seen any meaningful changes there in terms of domestic producers in China perhaps reducing softwood output as a result of the recent drop in softwood prices, and whether that incentive from customers to switch from softwood into hardwood is still present, or if there have been any changes there given that reduction in the spread between both fibers?

其次，就軟木而言，很明顯，與硬木相比，軟木纖維的動態變化較弱，價格不斷下降，而硬木則一直在復甦。我們認為，這很大程度上與中國市場上軟木這種纖維的豐富性有關，因為國內產量較高。所以我想問一下，您是否看到中國國內生產商因近期軟木價格下跌而減少了軟木產量，以及消費者從軟木轉向硬木的動力是否仍然存在，或者考慮到兩種纖維之間的價差縮小，這方面是否發生了任何變化？

Caio, this is Leo here. Thank you for your questions. Regarding wood chips, yes, we have seen an uptick in the prices, not only of the Chinese wood chips, but also of imported wood chips in this last two, three months. Imported wood chips on a BDMT basis have increased almost $10, which would generate roughly an effect of $20 in the cash cost of bleached hardwood production, while Chinese wood chip prices as per our monitoring has increased from $25 and in some cases, $40, and that's always a double effect, approximately on the cash cost of production.

卡約，我是利奧。謝謝你的提問。關於木屑，是的，在過去的兩三個月裡，我們看到價格上漲，不僅是中國產木屑的價格，進口木屑的價格也有所上漲。進口木片以 BDMT 計算的價格上漲了近 10 美元，這將使漂白硬木生產的現金成本增加約 20 美元；而根據我們的監測，中國木片的價格已從 25 美元上漲，在某些情況下甚至上漲到 40 美元，這總是會對生產的現金成本產生雙重影響。

So your assumption is aligned with ours that yes, this will create an effect in an increasing cash cost of Chinese producers, both of market pulp and also integrated paper and packaging producers, which we are seeing that are now and more intensely pushing for paper price increases. I believe obviously, this is a consequence of higher costs in their season, and that should support the S&D fundamentals for hardwood for the upcoming months.

所以你的假設和我們的假設一致，即這將導致中國市場紙漿生產商以及綜合造紙和包裝生產商的現金成本增加，我們看到這些生產商現在正更加積極地推動紙張價格上漲。顯然，我認為這是由於當季成本較高所致，而這應該會支撐未來幾個月硬木的買賣基本面。

Regarding softwood, yes, indeed, it's weaker. It seems to be trending in the opposite direction than hardwood for the past months, especially in China. I think there are two effects. First is the availability of the unforeseen softwood chips at a very competitive price, in some cases, at the same price as hardwood chips since the beginning of this year due to the infected wood and the policy to try to cut and use this wood as soon as possible. We believe that this wood will last more two to three quarters in the market.

至於軟木，是的，它的強度確實較弱。近幾個月來，尤其是在中國，它的走勢似乎與硬木的走勢相反。我認為有兩種影響。首先，由於今年年初以來木材受到感染，以及盡快砍伐和利用這些木材的政策，出現了意想不到的軟木片供應，價格非常有競爭力，在某些情況下，價格甚至與硬木片相同。我們相信這種木材在市場上還能流通兩到三個季度。

And that is putting pressure on softwood both by some integrated players, now producing softwood in their system, and they used to buy it, but also having less -- putting -- leaving less space for softwood pulp.

這給軟木帶來了壓力，一方面是因為一些一體化企業現在在其係統中生產軟木，而他們過去是購買軟木的；另一方面是因為軟木的產量減少，導致軟木紙漿的供應空間減少。

And the second factor, which I would like to call your attention is the fiber-to-fiber movement. Obviously, even with the gap that has reduced from over $200 to roughly $150, $160, it's a huge incentive still for fiber substitution. We see a lot of traction, a lot of action in China, many, many customers interested in seeking our support in this journey. So in terms of how can they be less and less dependent on softwood and more and more dependent on hardwood fibers like ours. So I think it's a double effect that is making the scenario for software producers a bit worse than what we see in hardwood today.

第二個因素，我想請大家注意，就是纖維對纖維運動。顯然，即使價格差距已經從 200 多美元縮小到大約 150 或 160 美元，但這仍然是纖維替代的巨大動力。我們在中國看到了很大的發展勢頭，許多客戶都對尋求我們在此次發展過程中的支持很感興趣。那麼，他們如何能越來越少地依賴軟木，越來越多地依賴像我們這樣的硬木纖維呢？所以我認為這是雙重效應，使得軟體生產商的處境比我們今天在硬木行業看到的還要糟糕一些。

Daniel Sasson, Itau BBA.

Daniel Sasson，Itau BBA。

My first question goes to Aires. Aires, if you could comment a little bit about your cash costs. You mentioned that you're running already below BRL800 per tonne in the fourth quarter. But considering the deal you announced with Eldorado that -- and the TOD and that you are not that far from your expected cash cost level in 2027, according to our TOD, if there is room for additional improvements or lower cash costs in the medium term? I'm thinking more specifically about 2027, not to anticipate what -- any revisions you might make to your TOD, but to think if this cost-cutting trajectory is going to be somewhat linear throughout 2026 and 2027 or if you have specific events that we should see maybe in 2027 so as to drive your costs down?

我的第一個問題要問艾瑞絲。艾爾斯，您能否簡單談談您的現金成本？您提到第四季度您的價格已經低於每噸 800 雷亞爾。但考慮到您與 Eldorado 宣布的交易，以及 TOD（目標導向型開發），並且根據我們的 TOD，您距離 2027 年的預期現金成本水平並不遙遠，那麼在中期內是否有進一步改進或降低現金成本的空間呢？我更具體地考慮的是 2027 年，不是為了預測你們可能會對 TOD 做哪些修改，而是為了思考這種成本削減的趨勢在 2026 年和 2027 年是否會保持某種程度的線性，或者你們在 2027 年是否會有一些特定的事件發生，從而進一步降低成本？

And my second question to Grimaldi. Thank you so much for the comprehensive backdrop that you viewed for pulp prices. Grimaldi, if you could just discuss a little bit about your expectations for the main topics to be discussed in two weeks at the London Pulp Week or in one week at the London Pulp Week -- last week, Chenming's stoppage was maybe the most important topic.

我的第二個問題是問格里馬爾迪的。非常感謝您提供的關於紙漿價格的全面背景資訊。格里馬爾迪，如果您能談談您對倫敦紙漿週兩週內或一周內要討論的主要議題的期望——上週，陳明的停工事件可能是最重要的議題。

And exactly, you mentioned in your speech that you're thinking -- that you are still hopeful or optimistic about price increases going through. Is there anything that changed over the past couple of weeks, so as to give you or to leave you more optimistic given that the industry was not able to absorb the price increase attempts in September and October, right? Is there anything that changed at all? Or if you could explain why you are optimistic or more optimistic now than you were in the past maybe two months?

沒錯，你在演講中也提到過，你仍然對物價上漲抱持希望或樂觀態度。過去幾週是否有任何變化，讓您更加樂觀，因為考慮到該行業在 9 月和 10 月未能消化價格上漲的嘗試，對嗎？情況有任何變化嗎？或者，您能否解釋為什麼您現在比過去兩個月更樂觀？

Daniel, thank you for your question, Aires speaking. Considering the deal with Eldorado, we start to supply our facilities in Mato Grosso do Sul with this wood probably in January. Then we do not suffer any impact, just probably reschedule the sequence that we receive at the facility in the fourth quarter to rebalance consider this new volumes.

丹尼爾，謝謝你的提問，我是艾爾斯。考慮到與 Eldorado 的交易，我們可能從一月份開始向我們在南馬托格羅索州的工廠供應這種木材。這樣我們就不會受到任何影響，可能只是需要重新安排我們在第四季度收到的貨物的順序，以重新平衡這些新的數量。

But the main reason of this deal that give you our rationale to do this was that our reduced -- our consumption per ton of wood, consumption wood per tonne in the coming years. When we compare with your previous analysis, we are considering in the business case and with the first samples that we have of this wood, a reduction of around 4% the necessity of wood per ton in Mato Grosso do Sul.

但這項交易的主要原因，也是我們這樣做的理由，是未來幾年我們每噸木材的消耗量將會減少。與先前的分析相比，我們在商業案例中考慮到，根據我們目前掌握的這種木材的第一批樣品，馬托格羅索州每噸木材的需求量減少了約 4%。

If you consider that we will supply on an average, 18 million cubic meters per year, we will need 4% and less for the coming years to produce the same amount of pulp. That's the rationale that you have to do this deal. We'll try to explain better in the Suzano days in the next month. Then the rationale to next year and the other one is to running always below 800 tonnes per quarter. Of course, we can be affected with some sched off downtimes that will affect in a specific quarter. But the idea that we have in our plans that our average will be below 800 tonnes per year.

如果考慮到我們平均每年將供應 1800 萬立方米的紙漿，那麼在未來幾年，我們只需要 4% 或更少的紙漿就能生產出相同數量的紙漿。這就是你必須完成這筆交易的理由。我們將在下個月的蘇扎諾紀念日盡量解釋得更清楚。那麼，明年的理由是，另一個理由是每季產量始終低於 800 噸。當然，我們可能會受到一些計劃外停機時間的影響，這些停機時間會對特定季度造成影響。但我們計劃中的想法是，平均年產量將低於 800 噸。

Okay. And Daniel, now it's Leo here. I'm going to answer the second part of your question regarding expectations for London Pulp Week. I think first, expectation, which is more and more clear is that this market scenario is completely unsustainable. And as we are going to a market that is a core of production of softwood, I think this tonne is even higher than what we see or sense when we're talking about South American pulp production.

好的。丹尼爾，現在輪到利奧了。我將回答你關於倫敦通俗小說週期望值的問題的第二部分。我認為首先，越來越明顯的是，這種市場局面是完全不可持續的。而且，由於我們進入的市場是軟木生產的核心市場，我認為這個噸數甚至比我們談論南美紙漿產量時所看到或感受到的還要高。

It's completely unsustainable, even if we consider European cash costs and sales into the European market. Again, as I stated in my speech, as per our calculations, more than a year already bleeding 25% of the local hardwood production. So this is unsustainable and the fact that the market is unsustainable as is, I think, will be one of the main factors being discussed during London Pulp Week.

即使考慮到歐洲的現金成本和對歐洲市場的銷售額，這種做法也是完全不可持續的。正如我在演講中所說，根據我們的計算，一年多來，當地硬木產量已經損失了 25%。所以這種模式是不可持續的，而且我認為，市場本身不可持續這一事實，將是倫敦紙漿週期間討論的主要因素之一。

I also think that what will be a topic is the rhythm of unexpected closures. As I mentioned during the last call, we saw a very low level of unexpected closures in the first half of this year. And our line of thought is that all the instabilities around the world and geopolitical issues made some decisions not to be taken in the short term as many were on the wait-and-see mode to try to see what could be the scenario after there was a clear view on tariffs. As this is now clear, we see that the addition of this unsustainable scenario with a clarity in terms of tariffs will speed up the amount of unexpected closures, commercial downtimes that we see in the market.

我也認為，意料之外的停擺的節奏將會成為一個話題。正如我在上次電話會議中提到的，今年上半年意外關店的數量非常少。我們的想法是，世界各地的不穩定局勢和地緣政治問題導致一些決定無法在短期內做出，因為許多人都在觀望，試圖看看在關稅問題明朗化之後可能會出現什麼情況。既然這一點已經很清楚，我們看到，在關稅方面明確的情況下，這種不可持續的情況將會加速市場上意外停業和商業停工的發生。

And in fact, as per our controls according to consultancies numbers, if we compare the unexpected closures of beach chemical pulp in the first half of the year, and just the four months of the second half of the year, meaning until October, there is already a 40% increase on disclosed unexpected closures. So our thoughts or our line of thought seems to be executing or seems to be happening as we speak. And we again believe much more has to happen under this very depressed pricing scenario.

事實上，根據我們根據顧問公司數據進行的控制，如果我們比較今年上半年海灘化學紙漿廠的意外關閉情況，以及今年下半年的四個月（即到 10 月），已披露的意外關閉情況已經增加了 40%。所以，我們的想法或我們的思路似乎正在我們說話的同時付諸實施或發生。我們再次認為，在這種極度低迷的價格環境下，還有很多事情需要解決。

Now regarding your question on my optimism a quarter ago and today, I think my optimism level is slightly better now despite I was optimistic in the last quarter. Thus, the reason we have announced a sequence of 3 price increases.

至於你問我上個季度和現在的樂觀程度，我認為我現在的樂觀程度略有提高，儘管上個季度我也很樂觀。因此，我們宣布了分三次漲價。

And the reason why we did that is because, obviously, we were monitoring order inflows in all markets and in China, more deeply even with the purchasing patterns of integrated paper producers, the amount of capacity on the water in the world as we speak, and this feeling of optimism now has been a bit upgraded, if I could put it this way, due to the fact that we're seeing a reversion in the cost of wood chips to Chinese producers.

我們這樣做的原因很明顯，因為我們一直在監測所有市場（包括中國）的訂單流入情況，甚至更深入地監測綜合造紙生產商的採購模式，以及我們目前在全球水上的產能。如果我可以這麼說的話，這種樂觀情緒現在有所提升，因為我們看到木片成本正在回落到中國生產商手中。

As I mentioned to Caio previously, we have seen this $25 to $40-ish increase on the prices of BDMT, meaning an impact of anywhere from $50 to $80 in the cash cost of Chinese producers who are using Chinese wood. And this obviously put pressures in the whole system and establishes a new grown for what they can accept or base their decisions in terms of timing that they buy market pulp rather than consume local wood as well.

正如我之前向 Caio 提到的，我們已經看到 BDMT 的價格上漲了 25 到 40 美元左右，這意味著使用中國木材的中國生產商的現金成本將增加 50 到 80 美元。這顯然給整個系統帶來了壓力，並為他們能夠接受或根據時機做出決策制定了一個新的標準，即他們購買市場紙漿而不是消耗當地木材。

So it's my optimism increased a bit, I would say, due to the effect of this new scenario regarding regulations on recycled fiber, as I mentioned, and wood increase. It is, however, important to say that my optimism is somehow limited. We see gradual price increases, but under this oversupply scenario, unless something major happens on the supply side of the equation, my optimism is not as big as you can imagine. So I would just like to point this out.

因此，正如我之前提到的，由於有關再生纖維和木材供應增加的新法規的影響，我的樂觀情緒有所提升。然而，必須指出的是，我的樂觀情緒在某種程度上是有限的。我們看到價格逐步上漲，但在這種供應過剩的情況下，除非供應方面發生重大變化，否則我的樂觀程度遠不及你想像的那麼高。所以我想指出這一點。

I'm sorry, just complementing the first question regarding the TOD that you asked. Just a remark here, we are completely committed with the guidance that we shared with the market regarding what we have to deliver by 2027 and confident that we're going to be able to deliver, okay?

抱歉，我只是想補充您之前關於 TOD 的問題。在這裡我想補充一點，我們完全致力於履行我們向市場傳達的關於到 2027 年我們必須實現的目標的指導方針，並且我們有信心能夠實現這些目標，好嗎？

Rafael Barcellos, Bradesco BBI.

拉斐爾·巴塞洛斯，布拉德斯科 BBI。

Beto, I wanted to use one of your highlights during your speech. I mean, congratulations for the results in your US Packaging business. It's good to see that you are on track to keep delivering in this new business. And my first question is exactly about it.

貝托，我想引用你演講中的一個亮點。我的意思是，恭喜你們在美國包裝業務方面取得的成績。很高興看到你在新業務中繼續保持良好的發展勢頭。我的第一個問題正是關於這個的。

I mean, what can we expect in the coming quarters? Or do you have any sense of EBITDA contribution from this business for next year? And ultimately, what is the full potential in the long term for the business?

我的意思是，未來幾季我們能期待些什麼？或者，您對該業務明年的 EBITDA 貢獻有任何預估嗎？最終，從長遠來看，這家企業的全部潛力是什麼？

And the second question, Beto. The second question is about Lenzing. If I'm not wrong, you can already exercise the option to acquire an additional stake in the company. So could you -- could you please share with us your overall thoughts on the investment? I mean, other than that, after roughly a year, I mean, what has changed in terms of how do you see Lenzing as part of your portfolio?

第二個問題，貝托。第二個問題是關於蘭精公司的。如果我沒記錯的話，您現在已經可以行使選擇權，收購該公司額外的股份。那麼，您能否—您能否和我們分享一下您對這項投資的整體看法？我的意思是，除此之外，大約一年後，你對蘭精公司在你投資組合中的地位有什麼看法發生了哪些變化？

Thank you very much. Yes, since October, we already have the option to execute if we want, as you know. We are not considering to use this coal in the short term. We're still with the team, analyzing all the trends, all the investment in further capacity in the business, mainly on dissolving pulp globally. This is a market that it's also facing a business environment in terms of competition, mainly in Asia, which we should further analyze.

非常感謝。是的，正如您所知，從十月份開始，如果我們願意的話，我們已經可以選擇執行該命令了。短期內我們不考慮使用這種煤炭。我們仍然和團隊在一起，分析所有趨勢，分析業務中所有進一步產能的投資，主要是在全球範圍內的溶解漿業務。這個市場也面臨激烈的商業競爭，主要集中在亞洲，我們應該對此進行更深入的分析。

So I'd say that the best answer for Lenzing now is we will keep as it is with the 15% and keep analyzing the business and keep this study. There is no plan for using the coal in the short term.

所以我認為，目前對蘭精公司來說最好的答案是，我們將維持15%的股份比例不變，繼續分析業務並進行這項研究。短期內沒有利用這些煤炭的計劃。

Regarding Suzano Packaging, as I mentioned, we are very glad to be anticipating, I would say, the business plan. Firstly, in terms of positive EBITDA after taking a business that used to have a negative EBITDA. A lot of initiatives have been implemented on the commercial side, on the procurement side, on the logistics side. On the logistics side, we have been able to take the advantage that we have a strong logistic operation in US that's led by Leo's team in US and there's our synergy on those negotiations to do all the logistics for the business.

關於 Suzano Packaging，正如我之前提到的，我們非常高興能夠期待他們的商業計劃。首先，從 EBITDA 為負向到 EBITDA 為正，這體現在接手一家以前 EBITDA 為負的企業之後。在商業方面、採購方面、物流方面都實施了許多措施。在物流方面，我們利用了我們在美國擁有強大的物流營運能力這一優勢，該營運能力由Leo在美國的團隊領導，我們在談判中發揮了協同效應，為公司處理所有物流事宜。

We were able also to adjust the team for the reality that we have in the company and in the market. I would say that it's still a lot to come. Fabio has a clear plan for the next two years, not only for generating positive EBITDA, but also generating the amount of cash that we are expecting for the business. It's a small business, as you know, but it's helping us a lot to understand the market, of course, to extract value from the unit, but also to understand what is for a company moving abroad. Having the chance to implement our principles in terms of management in a different future.

我們也能夠根據公司和市場的實際情況調整團隊。我認為未來還有很多事情要做。Fabio 對未來兩年制定了明確的計劃，不僅要實現正的 EBITDA，還要為公司創造我們預期的現金流。如你所知，這是一家小型企業，但它對我們了解市場大有裨益，當然，也有助於我們從單位中榨取價值，同時也有助於我們了解一家公司進軍海外市場意味著什麼。有機會在不同的未來中實踐我們的管理原則。

I think we are also learning a lot in Pine Bluff that will help us on the K-C JV in the future. So I cannot disclose a number in terms of next figures, but I would say that we are very glad regarding what we have delivered so far.

我認為我們在派恩布拉夫學到了很多東西，這將對我們未來在堪薩斯城青年隊的表現有所幫助。因此，我無法透露接下來的具體數字，但我可以說，我們對目前為止所取得的成績感到非常滿意。

Caio Greiner, UBS.

Caio Greiner，瑞銀集團。

My first question on pulp. I wanted to go back to that discussion on the long-term fundamentals that Suzano discussed during the Investor Day. I mean we've seen a significant amount of capacity additions in China in 2026, but pulp production in China still seems to be growing only gradually. Still, I guess, the market in general and investors have been really concerned about this idea of China becoming the dominant player in the industry. And again, I know you provided a deep dive on this during our Investor Day in 2024.

我的第一個問題是關於紙漿的。我想回到蘇札諾在投資者日上討論的關於長期基本面的話題。我的意思是，我們看到中國在 2026 年新增了大量產能，但中國的紙漿產量似乎仍然只是緩慢成長。不過，我猜想，市場和投資者普遍對中國成為產業主導者的想法感到非常擔憂。我知道您在 2024 年的投資者日上對此進行了深入探討。

So I just wanted to understand if there are any updates on that structural view being that maybe a tighter wood chip market as we already discussed, anti-involution ideas in China. So I guess the question is, since last year, have you become more or less concerned at the margin regarding the structural fundamentals for pulp?

所以我想了解一下關於結構性觀點是否有任何更新，因為正如我們已經討論過的，木片市場可能會更加緊張，中國也存在反內捲化的想法。所以我想問的是，從去年以來，您是否對紙漿的結構基本面更加關注或不再關注了？

The second question on Kimberly-Clark and following up on this last topic. Just maybe Beto or Fabio, if you guys can give us an update of how the asset is performing. How -- if you have been able to dig a bit deeper into each asset that you're acquiring, if there's more clarity on the synergy potential, fiber-to-fiber potential? Or maybe if you got the chance to understand if there are any assets that don't really fit quite well into the portfolio that are likely to be sold. Anything that you could comment here would be really helpful.

關於金佰利公司的第二個問題，也是對上一個主題的後續討論。Beto 或 Fabio，你們能不能給我們更新一下該資產的表現？如何更深入地了解你正在收購的每項資產，更清楚地了解協同效應潛力、光纖到光纖的潛力？或者，也許你可以了解一下，是否有一些資產不太適合投資組合，可能會被出售。您在這裡的任何評論都將非常有幫助。

Caio, this is Leo here. I try to answer your question, not taking color out of our Suzano Day 2025 as we are planning to update completely the scenario that we presented last year, bringing insights on the verticalization effect of Chinese production in our hardwood market. And again, it's important to say that as we have local market intel teams in most major markets, China included, this anticipation of view of trend makes us, I guess, more prepared for any kind of reaction or action that we need to take in terms of what's coming ahead of us.

卡約，我是利奧。我嘗試回答您的問題，但不會破壞我們 2025 年 Suzano 日的氛圍，因為我們計劃完全更新去年提出的方案，深入探討中國生產對我們硬木市場的垂直化影響。再次強調，由於我們在大多數主要市場（包括中國）都設有本地市場情報團隊，這種對趨勢的預測和展望使我們能夠更好地應對未來可能出現的任何反應或行動。

So our view, I would say, is quite neutral at this time. I think the same trend that I have presented to you and to all of you during our last investors call is maintained. We see -- we still see this verticalization affecting our market. But as you mentioned, we are not seeing this pulp production yet growing. Obviously, when you put all these projects in a time line, still a lot of them, I think the effect we are going to see on a bit more short to midterm, the next four quarters, which has two ways of looking at this, right?

所以，我認為我們目前的觀點是相當中立的。我認為，我在上次投資者電話會議上向各位提出的趨勢仍然保持不變。我們看到——我們仍然看到這種垂直化趨勢在影響我們的市場。但正如您所提到的，我們目前還沒有看到紙漿產量成長。顯然，當你把所有這些項目放在時間線上時，仍然有很多項目，我認為我們將在短期到中期，也就是接下來的四個季度看到一些影響，對此有兩種看待方式，對吧？

The negative way is impacting, obviously, market fundamentals. And the positive way is a much bigger demand for local wood chips and a pressure that this could further pose on wood chip prices. And again, we have to monitor that. And as we speak and see what's going on is that this market prices that we still see, which are low, despite they're going slightly up from the 494 valley a few months ago, still is incentivizing many, many Chinese producers, paper producers, integrated paper producers to buy market pulp. And this is the reason why we see that pulp production is yet not growing or is not growing, while imports of pulp are booming in the market.

顯而易見，這種負面影響正在衝擊市場基本面。積極的一面是，對本地木屑的需求量更大，這可能會進一步推高木屑價格。我們必須再次關注這一點。而正如我們所看到的，儘管市場價格比幾個月前的 494 谷底略有回升，但目前仍然很低，這仍然激勵著許多中國生產商、造紙生產商、綜合造紙生產商購買市場紙漿。這就是為什麼我們看到紙漿產量尚未成長或正在成長，而紙漿進口在市場上卻蓬勃發展的原因。

You probably saw that hardwood pulp is -- the imports of hardwood pulp is growing more than 11% year-to-date to China. However, I would say that our view remains cautious, right? We are in a cautious mode, which obviously will depend on how we interact and see these moving parts in the wood chip prices in China. And also, as I mentioned, this completely unsustainable pricing scenario and how it correlates to cash costs around the world and will depend on supply side adjustments in the near term.

您可能已經注意到，今年迄今為止，中國進口的硬木漿數量增長超過 11%。但是，我認為我們的觀點仍然要保持謹慎，對吧？我們目前處於謹慎狀態，這顯然取決於我們如何與中國木片價格的這些變動因素進行互動和觀察。而且，正如我之前提到的，這種完全不可持續的定價局面，以及它與世界各地現金成本的相關性，都將取決於近期供應方面的調整。

Luis, do you want to jump in and I can complement?

路易斯，你想加入進來嗎？我可以補充一些內容。

Okay, Beto. Caio, this is Luis speaking. As we have already disclosed before, during the phase pre-signing, we have visited all the mills around the globe, and we were very positively impressed at that time with the conditions of the plants and also housekeeping and everything. So at this stage, we have received more information and have been talking to KC given the constraints that the process requires. And we are more positive with the initial estimates that we had.

好的，貝托。卡約，我是路易斯。正如我們之前已經透露的那樣，在簽約前的階段，我們參觀了全球各地的工廠，當時我們對工廠的條件、管理水平等等都留下了非常積極的印象。因此，在現階段，我們已經收到了更多訊息，並且考慮到流程所需的限制，我們一直在與KC進行溝通。我們對最初的估計更加樂觀。

And as time goes by, we will have more time to fine-tune the estimates and to build a business plan for closing. So our idea is when we close the deal, we will have already a business plan for the coming two years with the right level of detail on which are the levers to generate value on the deal.

隨著時間的推移，我們將有更多的時間來完善估算，並制定成交的商業計劃。所以我們的想法是，當我們完成交易時，我們將已經制定了未來兩年的商業計劃，其中將包含足夠詳細的信息，說明哪些槓桿可以創造交易的價值。

Just to complement on that, we see the value creation in the business that we mentioned. It's very clear for us the elements that we have analyzed before the deal and maybe further elements that we will find, and we are already discovering. I would say that our main concern is not regarding the assets. If there's opportunity to optimize the asset, we will do it. If there's opportunity to optimize geographies, we will do it. This is something that usually is not in the agenda of a big multi-national, but we will consider portfolio management as if necessary.

補充一點，我們看到了我們提到的業務中的價值創造。對我們來說，交易前分析的要素以及我們可能還會發現的、而我們已經在探索的更多要素，都非常清楚。我認為我們主要關注的不是資產問題。如果有機會優化資產，我們就會去做。如果有機會優化地理佈局，我們就會去做。這通常不在大型跨國公司的議程之內，但如有必要，我們會考慮投資組合管理。

I would say that the main elements that we should take into account against not the assets, it's not the carve-out that we have to do, which is difficult. But it's putting two cultures to walk together with the same values, but having the ability to extract the best of each one. That's the main challenge that this organization have in this process.

我認為我們應該考慮的主要因素不是資產，也不是我們必須進行的剝離，這很困難。但這其實是讓兩種文化秉持相同的價值觀攜手並進，同時又能取長補短。這是該組織在過程中面臨的主要挑戰。

Yuri Pereira, Santander.

尤里·佩雷拉，桑坦德。

I'd like to ask maybe if you have any information about the floods in Southeast Asia, if you see any impact -- any further impacts on wood prices in China, if you have any information, please? And regarding dissolving pulp, do you see more shifts like Bracell's one for the next year? If you can recap for us what's going on in the dissolving pulp market to result in this shift or if it's only low hardwood prices per se?

我想問一下，您是否了解東南亞洪災的情況，以及您是否看到洪災對中國木材價格的任何影響——如果您有任何相關信息，請告知。至於溶解漿，您認為明年還會出現更多像布雷塞爾公司那樣的轉變嗎？您能否為我們概括溶解漿市場發生了什麼，導致了這種轉變？或者這僅僅是因為硬木價格低迷本身？

Yuri, this is Leo here. I'm going to answer both questions. Obviously, floods have influenced also wood chip prices in the short term. I didn't mention it because obviously, this is very, very punctual and short-term-ish, first in the southern part of China. And now as you probably saw in Vietnam two, three days ago where the daily rainfall was a record all-time high. But, yes, obviously, this is also influencing wood chip price and its dynamics.

尤里，這位是利奧。我將回答這兩個問題。顯然，洪水在短期內也影響了木屑價格。我沒有提及此事，因為很明顯，這是非常非常準時且短期的，首先是在中國南方。正如你可能在兩三天前在越南看到的那樣，那裡的日降雨量創下了歷史新高。但是，很顯然，這也會影響木屑價格及其動態。

In terms of dissolving pulp, what we see is that today, prices in DWP is trending higher than the historic average of delta between hardwood and DWP over $250, and that's incentivizing this flex capacity to swing in that direction. So in this case, yes, we expect that possible new flex capacity moving or shifting from hardwood, which, as I mentioned, is unsustainable to dissolving is possible.

就溶解漿而言，我們看到，如今溶解漿的價格趨勢高於硬木漿和溶解漿之間超過 250 美元的歷史平均差價，這刺激了靈活產能向該方向轉變。所以，在這種情況下，是的，我們預計可能會有新的靈活產能從硬木（正如我所提到的，這是不可持續的）轉移到溶解狀態。

Lucas Laghi, XP.

Lucas Laghi，XP。

I just have one, I mean, on CapEx. But could you please provide us an update on -- specifically on expansion CapEx. I mean, if we exclude the BRL935 million expected from your three main projects, I mean, according to your latest presentation deck and considering the BRL1.6 billion in the guidance for 2025. I mean, is it reasonable to expect that this line should reduce in the next year proportionally to this reduction on the three main projects that you guys are concluding this year? Or I mean should we expect Suzano to continue to approve new competitive projects like those ones already in 2026?

我只有一個，我是說，關於資本支出。但能否請您提供一下關於擴建資本支出的最新情況？我的意思是，如果我們排除你們三個主要項目預計的 9.35 億雷亞爾，我的意思是，根據你們最新的演示文稿，並考慮到 2025 年的指導方針中提到的 16 億雷亞爾。我的意思是，是否可以合理預期，隨著你們今年完成的三個主要項目的減少，這條生產線在明年也會按比例減少？或者說，我們是否可以期待蘇扎諾在 2026 年繼續批准像現在這樣的新競爭性項目？

And if you could also link your rationale for this -- the approval of this competitive related projects in terms of market conditions. I mean, it would be important as well for us to better understand how to think of this expansion CapEx line going forward?

如果您還能說明批准這些具有競爭力的相關項目的理由，以及這些項目的市場狀況，那就更好了。我的意思是，對我們來說，更好地理解如何看待未來的擴張性資本支出項目也很重要？

Lucas, Marcos here. We will update the market with our guidance for 2026 CapEx by the end of this month. But I will try to give you a little bit of a trend, what we see in terms of CapEx. As you mentioned, we still had in 2025 disbursements for the Cerrado project. And we also had the conclusion of some growth projects that we undertook in 2025, namely the Fluff project at Limeira mill, which will start up in the fourth quarter.

我是盧卡斯，我是馬科斯。我們將在本月底前向市場發布2026年資本支出預期。但我會盡量向你們介紹一下資本支出方面的趨勢。正如您所提到的，我們在 2025 年仍有塞拉多計畫的撥款。此外，我們在 2025 年也完成了一些成長項目，即利梅拉工廠的 Fluff 項目，將於第四季度啟動。

Also the additional capacity in tissue at Aracruz Mill and the new biomass boiler at Aracruz as well. So going forward, we should expect a declining trend in terms of CapEx for next year as we will have lower disbursements and also we'll have less projects in our pipeline.

此外，阿拉克魯斯造紙廠新增的紙巾產能以及阿拉克魯斯新建的生物質鍋爐也發揮了作用。因此，展望未來，我們應該預期明年資本支出將呈下降趨勢，因為我們的撥款將會減少，而且我們的在建項目也會減少。

Henrique Marques, Goldman Sachs.

亨里克·馬克斯，高盛集團。

So just regarding pulp prices, I mean, Leo, you mentioned that pulp price situation is unsustainable. But at the same time, the pulp price cycle has been -- the hikes have been very gradual, right? So I think this is the main difference from what we've seen in other cycles. At the same time, we have APP OKI entering the first half of next year alongside other projects in China. So just to get a sense of where exactly do you see pulp price cycles in the future?

所以，關於紙漿價格，我的意思是，Leo，你提到過紙漿價格現狀是不可持續的。但與此同時，紙漿價格週期——價格上漲一直非常緩慢，對吧？所以我認為這與我們以往在其他週期中看到的主要區別在於此。同時，我們的 APP OKI 以及中國的其他項目也將在明年上半年陸續推出。所以，我想了解一下您對未來紙漿價格週期的具體看法？

Like do you think we are seeing a derating of this range of prices? Like in the past, I mean, we would usually see prices going above $700 per tonne in both cycles. And now the -- I think it's hard to think that we'll see prices reaching $700 again. So just wanted to get your sense on what exactly do you see these price ranges going forward?

你認為我們目前看到的是這個價格區間的貶值嗎？就像過去一樣，我的意思是，在兩個週期中，我們通常都會看到價格超過每噸 700 美元。現在——我覺得很難想價格會再次達到 700 美元。所以我想了解一下您對未來價格走勢的看法？

Hi, Henrique, thank you for this question. It's a tricky one to answer as obviously, it has several parts that are connected to our commercial strategy and are very sensitive in that case. But let me try -- and I'm going to give a lot of color in terms of how we are seeing the variables that can change this game in the short term and looking forward during our Investors Day. But in principle, they all originate from the fact that we have now been living a scenario where for several, several months the industry is bleeding, right? And several things could happen to change this scenario.

你好，Henrique，感謝你提出這個問題。這個問題很難回答，因為它涉及多個與我們的商業策略相關的部分，而且這些部分非常敏感。但讓我來嘗試一下——在我們的投資者日上，我將詳細闡述我們如何看待可能在短期內改變這場遊戲格局的各種因素，以及展望未來。但從原則上講，這一切都源自於我們現在所處的這種局面：幾個月來，整個產業都在遭受重創，對吧？有很多因素可能會改變這種情況。

First is, again, reintensifying of permanent closures. We have seen a decline in permanent closures in BCP during this year. Again, we suppose that a lot of that has to do with the uncertainties that the geopolitical and tariffs have created in the decision-making process of this extremely high cost and unsustainable producers that we see in the Northern Hemisphere.

首先，再次加強永久性關閉措施。今年以來，BCP地區的永久性關閉數量有所下降。我們再次認為，這很大程度上與地緣政治和關稅對北半球這些成本極高且不可持續的生產商的決策過程所帶來的不確定性有關。

Second is the unexpected downtime rhythm going forward. Even though I mentioned that we see an uptick already in the four months of the second semester, compared to the first semester of this year, it's still low compared to previous years. For the same, we expect or we suppose for the same reasons of the one that I mentioned regarding permanent closures and all the uncertainties during these tariffs and geopolitical timing. This, again, is unsustainable and something should or could happen in that direction.

其次是未來可能出現的意料之外的停機時間。儘管我提到，與今年第一學期相比，第二學期前​​四個月我們已經看到有所回升，但與往年相比仍然很低。出於同樣的原因，我們預計或推測，這與我之前提到的關於永久關閉以及關稅和地緣政治時機方面的所有不確定性的原因相同。這再次證明，這種情況是不可持續的，應該或可以朝這個方向採取一些措施。

Third point that could change these dynamics is the timing of the new projects being implemented. Today, we have official news regarding OKI, which are the same as you have. But obviously, all of this more challenging scenarios can stimulate different actions in terms of time to market of new projects. And in the same token, time to market of the verticalized projects in China or their ramp-up curves, right? So that is a variable that we have to follow very closely and could change completely the game as we look forward.

可能改變這種局面的第三點是新專案實施的時間。今天，我們收到了關於 OKI 的官方消息，和你們收到的訊息一樣。但顯然，所有這些更具挑戰性的情況都可能促使新專案在上市時間方面採取不同的行動。同樣地，中國垂直化專案的上市時間或成長曲線也需要考慮，對吧？所以這是一個我們必須密切關注的變量，它可能會徹底改變未來的比賽格局。

And fourth and very important as we talk about verticalization in China and the impact it has on reducing demand for hardwood pulp. But there is a huge opportunity, which is what we see on the Western world. More than -- or two-third of the pulp produce in the world is integrated into paper and packaging production.

第四點，也是非常重要的一點，當我們談到中國的垂直化及其對減少硬木漿需求的影響時。但西方世界也蘊藏著巨大的機會。世界上超過三分之二的紙漿產量被用於造紙和包裝生產。

Many, many old sites, old mills, which were the origin of paper production and board production are in Europe and in North America and persisting this trend or this pricing trend, we believe that these mills are unviable or unsustainable. So we believe a lot in the thesis of deep verticalization in the western part of the world as a consequence of what we're seeing in China as we speak.

歐洲和北美有很多古老的造紙廠和紙板生產基地，如果這種趨勢或價格趨勢持續下去，我們認為這些造紙廠將無法生存或不可持續。因此，鑑於我們目前在中國看到的情況，我們非常相信西方世界正在經歷深度垂直化。

Eugenia Cavalheiro, Morgan Stanley.

尤金妮亞·卡瓦列羅，摩根士丹利。

I wanted to explore a bit more what you're seeing as growth opportunities in the paper market in the US And also on the profitability side, where do you feel like -- what level you feel like it's reasonable for the company to achieve? And how far are you from that right now?

我想更深入探討您認為美國紙張市場有哪些成長機會。另外，在獲利能力方面，您認為公司應該達到怎樣的獲利水準才算合理？你現在距離那個目標還有多遠？

Eugenia, it's Fabio here. Beto, I can take that about the US We're still a very small player here in the American market. We have 45% of the SDS market. So still plenty of rooms to grow.

尤金妮婭，我是法比歐。貝托，關於美國的情況，我同意你的看法。我們在美國市場仍然只是很小的參與者。我們佔據了SDS市場45%的份額。所以還有很大的發展空間。

At the moment, what we are doing here, Eugenia, is focusing on our growth in foodservice. It's trying to diversify a little bit from the liquid packaging board market that we are concentrated, and it's doing well. Regarding business moving forward and our profitability moving forward, we cannot provide any color on that, but I would like to say that there's still lots of opportunities for us to improve in terms of costs here, and we're going to be addressing that in the next quarters and moving in the next year.

尤金妮婭，目前我們在這裡所做的，是專注於我們在餐飲服務領域的成長。它正試圖從我們目前集中的液體包裝紙板市場實現多元化發展，而且目前進展順利。關於未來的業務發展和盈利能力，我們目前無法透露任何細節，但我想說的是，我們在成本控制方面仍然有很多改進的空間，我們將在接下來的幾個季度和明年著手解決這個問題。

Thank you, Fabio. Absolutely aligned with what we said in the beginning, which is focus on efficiency. So as Fabio said, a lot of -- still a lot of opportunity to improve portfolio and cost in the current facility that we have in US And Eugenia, there is no further, let's say, inorganically alternative for US in the short term at this time.

謝謝你，法比奧。這與我們一開始所說的完全一致，那就是注重效率。正如法比奧所說，我們在美國和尤金妮亞的現有設施中，仍然有很多機會來改善產品組合和降低成本。目前，短期內，美國沒有其他非有機成長的替代方案。

So we are again completely focused on extracting the value from those assets that we have a prior already. We finalize the call here. And I want to remember that we have the Suzano Investor Day 2025 on December 11. So we will be great to have all of you with us. So thank you for attending the call. And the RI team is always available to clarify any further questions.

因此，我們再次全力以赴，專注於從我們已有的資產中榨取價值。我們在此結束通話。我想提醒大家，我們將於 12 月 11 日舉行 Suzano 2025 年投資者日。所以我們非常歡迎各位的到來。感謝您參加此次電話會議。如有任何疑問，RI 團隊隨時為您解答。

Thank you very much.

非常感謝。

The Suzano S.A. third quarter of the 2025 conference call is concluded. The Investor Relations department is available to answer further questions you may have. Thank you, and have a good day.

Suzano S.A. 2025 年第三季電話會議結束。如有任何疑問，投資者關係部門隨時為您解答。謝謝，祝您今天過得愉快。