Suzano SA (SUZ) 2026 Q1 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 first quarter of 2026. (Operator Instructions) This call will be presented in English with simultaneous translation to Portuguese. (Operator Instructions)

各位女士、先生，感謝您的等候，歡迎參加 Suzano 的電話會議，討論 2026 年第一季業績。（接線員指示）本次會議將以英文進行，並提供葡萄牙語同步口譯。（接線員指示）

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.

在開始之前，請注意，任何前瞻性陳述均基於 Suzano 管理層的信念與假設，以及公司目前可得之資訊。此類陳述涉及風險、不確定性與假設，因其與未來事件相關，因此取決於未來可能發生或不發生的情況。

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.

您應理解，一般經濟狀況、產業狀況及其他營運因素亦可能影響 Suzano 未來業績，並可能導致實際結果與該等前瞻性陳述所表達者存在重大差異。

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 Beto Abreu 先生。請開始您的簡報。

Thank you. Thank you, everyone, for attending our first-quarter 2026 results. Let me kick off our call highlighting that Suzano's business model has distinct attributes that set it apart in the pulp and paper industry and provide greater resiliency in the current global environment.

謝謝。感謝各位出席我們 2026 年第一季業績說明會。我先強調，Suzano 的商業模式具備若干獨特特質，使其在紙漿與造紙產業中脫穎而出，並在當前全球環境下提供更高的韌性。

Our consistent long-term focus and conservative financial management reduce the company exposure to risk associated with the current geopolitical landscape. For example, in international logistics, Suzano operates under long-term contracts with dedicated vessels.

我們一貫的長期聚焦與保守的財務管理，降低公司在當前地緣政治格局下所面臨的風險曝險。例如，在國際物流方面，Suzano 以長期合約搭配專用船舶營運。

We have more than 50 vessels and 10 of them fully dedicated to our operations, which protects the company against increases in freight rates and ensures reliable services to customers worldwide. Additionally, the company has inside the fence production of critical inputs for its manufacturing process, mitigating supply risk and also cost pressures.

我們擁有超過 50 艘船舶，其中 10 艘完全專供我們營運使用，這可保護公司免受運費上漲影響，並確保為全球客戶提供可靠服務。此外，公司在廠區內（inside the fence）自製製程所需的關鍵投入品，降低供應風險並緩解成本壓力。

Finally, to reduce the impact of energy cost pressure linked to higher international oil price, Suzano maintains a hedge portfolio that mitigates its exposure to Brent-related volatility. During our presentation, Marcos Assumpcao will give you further details about that. Turning to our results.

最後，為降低與國際油價上升相關的能源成本壓力影響，Suzano 維持一個避險組合，以減輕對布蘭特（Brent）相關波動的曝險。在簡報過程中，Marcos Assumpcao 將提供更進一步的細節。接下來談我們的業績。

Let me start with the EBITDA of the first quarter. In our view, the numbers reflect a solid performance with volumes above first quarter 2025, given historical seasonality compared with fourth quarter 2025, supported by higher pricing and G&A expenses that fully offset year-over-year inflation. These results are starting to show the management's clear focus on strengthening the company's structural competitiveness.

我先從第一季 EBITDA 談起。我們認為，這些數字反映了穩健的表現：在歷史季節性因素下，相較 2025 年第四季，出貨量高於 2025 年第一季；同時受較高售價支撐，且一般及管理費用（G&A）完全抵銷了年對年通膨。這些結果開始展現管理層明確聚焦於強化公司結構性競爭力。

As a highlight, I also would like to share with you that we are currently running our operation with 10% less headcount when compared with a year ago. So besides that cash production, cost delivery in the first quarter of 2026 was 100% aligned with our operational plan and also aligned with what we mentioned in the previous call.

作為亮點，我也想與各位分享：與一年前相比，我們目前的營運人力編制減少了 10%。此外，2026 年第一季的現金生產成本（cash production cost）交付表現 100% 符合我們的營運計畫，也與我們在上次電話會議中提到的一致。

So despite cost pressures arising from the current geopolitical environment and based on the visibility we have today, we continue to expect our average cash cost in 2026 to be below 2025 levels.

因此，儘管當前地緣政治環境帶來成本壓力，基於我們目前掌握的能見度，我們仍預期 2026 年平均現金成本將低於 2025 年水準。

Let me move for free cash flow. And the free cash flow in the first quarter of 2026 reflects specific cash flow items in the quarter, as we know dividend payments, also the timing of interest payments under our debt schedule and also a one-off CapEx related to the wood swap with Eldorado last year. Therefore, our capital allocation priority remains focused on further strengthening Suzano's capital structure with a clear emphasis on reducing net debt.

接著談自由現金流。2026 年第一季的自由現金流反映了本季若干特定的現金流項目，包括我們所知的股利支付、依照債務時程表的利息支付時點，以及與去年和 Eldorado 進行木材互換（wood swap）相關的一次性資本支出（one-off CapEx）。因此，我們的資本配置優先順序仍聚焦於進一步強化 Suzano 的資本結構，並明確以降低淨負債為重點。

And before handing the call to Fabio Almeida, I also would like to note that we are encouraged by the efficiency gains already mapped in our JV with Kimberly-Clark, which reinforce our expectation of value creation going forward and confirm the quality of the capital allocation decision underlying this partnership.

在把電話交給 Fabio Almeida 之前，我也想指出，我們對與 Kimberly-Clark 的合資企業（JV）中已盤點出的效率提升感到鼓舞；這強化了我們對未來價值創造的預期，並確認了此合作背後資本配置決策的品質。

Having said that, let me hand over to Fabio that will cover paper and packaging business.

話說到這裡，我把時間交給 Fabio，由他說明紙張與包裝業務。

Thanks, Beto. Good morning, everyone. Looking at our markets in Brazil, paper-wide demand according to IBA increased by 3% in the first two months of the first quarter compared to the same period of last year, led by stronger coated paper demand and higher volumes of imported uncoated wood-free. International markets continued to face a challenging environment with a weaker demand and excess capacity for papers. According to PPPC, demand in mature markets declined by approximately 7%.

謝謝你，Beto。各位早安。就巴西市場而言，根據 IBA 數據，第一季前兩個月的整體紙品需求較去年同期成長 3%，主要由塗佈紙需求走強以及進口無塗佈無木紙（uncoated wood-free）量增加所帶動。國際市場仍面臨具挑戰性的環境，需求較弱且紙品產能過剩。根據 PPPC，成熟市場需求約下滑 7%。

In contrast, Latin America posted demand growth of 5% year over year. However, prices remain under pressure, giving very low prices to Asian producers across major markets. In paperboard, Brazilian demand grew 6% in the first two months of the first quarter when compared to the same period of last year, supported by improved economic activity.

相較之下，拉丁美洲需求年增 5%。然而，價格仍承受壓力，使亞洲生產商在主要市場的報價處於非常低的水準。在紙板方面，巴西第一季前兩個月的需求較去年同期成長 6%，受惠於經濟活動改善。

In the US, AF&PA data shows that SPS shipments and production were broadly stable year over year, albeit at a lower operating rate around 82%. Production of liquid packaging board grades dropped 20% year over year, reflecting softer end consumer demand and inventory reduction by packaging converters during the quarter.

在美國，AF&PA 數據顯示，SPS 出貨量與產量年對年大致持平，但營運稼動率較低，約為 82%。液體包裝紙板（LPB）等級的產量年減 20%，反映終端消費需求轉弱，以及本季包裝加工商（converters）進行去庫存。

In this context, during the first quarter, we experienced different dynamics across our Brazilian US operations. While all Brazil operations delivered stable volumes when compared to first quarter 2025, we have seen lower volumes from Suzano Packaging as a result of lower demand and LPB inventory reduction at the converters end. Turning to price performance. In Q1 2026, we continued to see sequential improvements at Suzano Packaging on a dollar basis, while our prices in our Brazilian operations suffered from lower export prices and FX impacts.

在此背景下，第一季我們在巴西與美國營運呈現不同動態。雖然巴西所有營運的出貨量相較 2025 年第一季維持穩定，但由於需求較弱以及加工商端 LPB 去庫存，我們看到 Suzano Packaging 的出貨量較低。接著談價格表現。2026 年第一季，以美元計價，Suzano Packaging 的價格持續呈現季對季改善；而我們巴西營運的價格則受到較低出口價格與匯率（FX）影響。

Our export prices were further affected by reduced shipments to the US market, which used to be one of our strongest combinations of prices and volumes abroad prior to the position of tariffs. At the EBITDA level, the 8% year-over-year decline was mainly driven by lower export prices from Brazil together with FX appreciation. Meanwhile, Suzano Packaging EBITDA delivered a strong EBITDA increase of 167% year over year, reflecting our turnaround effects. I would like to highlight the cost improvements achieved in our Brazilian operations, which delivered a 8% lower COGS per tonne on a year-over-year basis and a 6% reduction quarter-over-quarter.

我們的出口價格亦進一步受到對美國市場出貨減少的影響；在關稅措施實施之前，美國市場曾是我們海外價格與銷量組合最強的市場之一。在 EBITDA 層面，年對年下滑 8% 主要由巴西出口價格較低以及匯率升值所致。另一方面，Suzano Packaging 的 EBITDA 年對年大增 167%，反映我們的轉型改善成效。我也想強調巴西營運所達成的成本改善：每噸銷貨成本（COGS）年對年降低 8%，且季對季降低 6%。

These gains were driven by lower cash costs across all mills and lower logistics costs, supported by our continuous focus on operational excellence. At Suzano Packaging, costs in first quarter were impacted by higher natural gas consumption and prices during the severe winter storm in major parts of the United States at the end of January.

這些改善來自所有工廠現金成本下降以及物流成本降低，並受惠於我們持續聚焦營運卓越。在 Suzano Packaging 方面，第一季成本受到 1 月底美國多地嚴重冬季風暴影響，天然氣用量與價格上升。

Total weather-related costs were estimated around $5 million. Looking ahead to the performance of Suzano's Paper and Packaging business, sales volumes and prices from our Brazilian and US operations will improve in Q2, following the usual seasonality and with the implementation of price increases and the pass-through of cost indexes in our US contracts.

與天候相關的總成本估計約 500 萬美元。展望 Suzano 紙張與包裝業務的表現，第二季巴西與美國營運的銷售量與價格將隨著通常的季節性而改善，並受惠於價格調漲的落實，以及美國合約中成本指數的轉嫁（pass-through）。

Market conditions are expected to lead paper producers to increase prices since higher raw materials, energy and logistics costs are expected to hit paper producers hard as a result of the ongoing conflict in the Middle East. We expect our industrial cash costs from our Brazilian operations to be stable in Q2 versus Q1, while logistics costs should trend slightly higher with increased diesel prices and container rates.

市場狀況預期將促使紙品生產商提高價格，因為原物料、能源與物流成本上升，預計將因中東持續衝突而對紙品生產商造成顯著衝擊。我們預期巴西營運的工業現金成本在第二季相較第一季將維持穩定；而物流成本則可能因柴油價格與貨櫃運價上升而略為走高。

At Suzano Packaging, our annual maintenance is scheduled for early May, which will temporarily impact production costs in the quarter, in line with our business plan. We don't expect any sales impact from the annual maintenance shutdown and we are fully committed in delivering full year results for Suzano Packaging, better than what we did last year.

在 Suzano Packaging，我們的年度歲修排定於 5 月上旬，將依照營運計畫在本季暫時影響生產成本。我們不預期年度歲修停機會對銷售造成影響，並全力以赴，確保 Suzano Packaging 全年業績優於去年表現。

Now I will hand it over to Leo, who will present our Pulp business results.

現在我將把時間交給 Leo，由他說明我們紙漿業務的業績。

Thanks, Fabio. Good morning, everyone. Let's now turn to our Pulp business unit, where I'd like to share with you the highlights of the first quarter of 2026 as well as my view for the upcoming months. This past quarter was marked by more balanced market fundamentals as a consequence of healthy paper production in key markets and supply side events reducing short-term availability of hardwood pulp. In China, paper and board production according to SCI posted a 15% increase compared to Q1 '25, with growth across all paper segments and January and March production levels in line with the highest and record production months of 2025.

謝謝你，Fabio。各位早安。接下來談我們的紙漿事業部，我想與各位分享 2026 年第一季的重點，以及我對未來幾個月的看法。過去一季的市場基本面更趨平衡，原因在於主要市場的造紙生產維持健康，以及供給端事件降低了短期闊葉漿供應量。在中國，根據 SCI，紙與紙板產量較 2025 年第一季成長 15%，各紙品品類皆有成長，且 1 月與 3 月的產量水準與 2025 年最高且創紀錄的產量月份一致。

Recent supply side developments, notably pulp production curtailments in Indonesia following the revocation of forestry licenses and a greater clarity on the delay of APP's OQ 2 project start-up to year-end, meaning that no new market pulp volume will reach the market in 2026. This all has supported hardwood pulp price increases during the quarter to all markets with strong order intake levels and slightly above our forecast, resulting in continued delivery backlogs, particularly for Asian markets, including China. In this context, Suzano sold 2.84 million tonnes of pulp in Q1 '26, representing almost 200,000 tonnes increase compared to Q1 '25, which was fully consistent with our sales plan designed accordingly to market seasonality. Pulp production volumes during the quarter came in below budgeted levels due to some nonrecurrent events during planned maintenance and the ramp-up following the scheduled downtimes. As a result, we were unable to rebuild inventories throughout the quarter and our inventory levels ended Q1 '26 quite low and flattish like year-end 2025.

近期供給端的發展，尤其是印尼在林業許可證被撤銷後的紙漿產量削減，以及對 APP 的 OQ 2 專案投產延後至年底的更明確資訊，意味著 2026 年將不會有新的市場紙漿供給量進入市場。上述因素在本季支撐了硬木紙漿價格在各市場上漲，接單水準強勁且略高於我們的預測，導致交付積壓持續存在，特別是在包括中國在內的亞洲市場。在此背景下，Suzano 於 2026 年第一季銷售 284 萬噸紙漿，較 2025 年第一季增加近 20 萬噸，完全符合我們依市場季節性所制定的銷售計畫。本季紙漿產量低於預算水準，原因是計畫性維護期間發生若干一次性事件，以及在例行停機後復產爬坡所致。因此，我們整個季度未能重建庫存，2026 年第一季末的庫存水位相當低，且與 2025 年底相近、變動不大。

Our industrial teams are fully committed to gradually recover these lost volumes, mostly on the second half of this year as demand picks up towards year-end. With the unfolding of the Iran war affecting logistics to key markets where we have important customers, our unique and irreplicable logistics, as Beto has said, enabled us to keep delivering pulp to our customers in the region, being able to surpass any eventual additional war-related surcharges to ensure pulp supply chain continuity.

我們的工業團隊全力投入，將逐步恢復這些流失的產量，主要會在今年下半年、隨著需求在年底前回升而實現。隨著伊朗戰爭的發展影響到我們在關鍵市場的物流、且我們在當地擁有重要客戶，正如 Beto 所說，我們獨特且無可複製的物流體系使我們得以持續向該地區客戶交付紙漿，並能克服任何可能新增的戰爭相關附加費，以確保紙漿供應鏈的連續性。

Now looking to the right side of our slide, the BRL4.1 billion in EBITDA was a result on a year-over-year basis of higher volumes, lower costs and better prices in US dollar terms, however, facing a toll from FX appreciation during the period. Compared to the previous quarter, EBITDA declined despite higher pulp prices in US dollars, primarily due to seasonality, a stronger Brazilian real and a more intensive maintenance schedule.

現在看投影片右側，41 億巴西雷亞爾的 EBITDA 在同比基礎上，來自於更高的銷量、更低的成本以及以美元計價的更佳價格表現，但同時受到期間匯率升值的不利影響。與上一季相比，儘管美元計價的紙漿價格更高，EBITDA 仍下滑，主要原因是季節性因素、巴西雷亞爾走強以及更密集的維護排程。

Now looking ahead, I would like to highlight a few key points. The conflict involving Iran war has unfolded so far and even implications across regions and markets. In Europe and North America, demand has exceeded our expectations with paper producers increasing their operating rates to capture temporary market opportunities amid reduced competition or longer and more expensive logistics affecting prices as well as a surge in these markets to build up finished goods inventory on the whole value chain. This dynamic has led us to announce a new round of price increases for May, specifically directed to Europe and North America.

展望未來，我想強調幾個重點。涉及伊朗的戰爭迄今持續發展，並對各地區與市場產生影響。在歐洲與北美，需求超出我們預期，造紙商提高開工率，以把握在競爭減少或物流時間更長且成本更高、進而影響價格之際的短期市場機會；同時，這些市場也出現整體價值鏈為建立成品庫存而增加備貨的情況。基於此動態，我們宣布 5 月將再度調漲價格，並特別針對歐洲與北美市場。

The war has also been affecting cost structures of different pulp players in different regions as energy matrixes vary, while also raising imported wood delivery costs to key markets and impacting logistic costs and flows. Overall, supply and demand dynamics have diverged meaningfully between hardwood and softwood grades.

戰爭也在影響不同地區紙漿業者的成本結構，因各地能源結構不同；同時也推升了進口木材運送至關鍵市場的交付成本，並影響物流成本與流向。整體而言，硬木與軟木等級之間的供需動態已出現顯著分化。

Hardwood pulp fundamentals remain quite balanced and healthy, a backdrop that contrasts with the current situation faced by softwood producers. In softwood, we continue to observe high inventory levels in China, which combined to declining prices throughout the past months, result in an increasingly unsustainable environment in our view. According to a recently updated report from a well-known industry consultant, roughly 11 million tonnes of softwood, which is equivalent to 40% of global softwood capacity, is currently operating at loss.

硬木紙漿的基本面仍相當均衡且健康，這與軟木生產商目前面臨的情況形成對比。在軟木方面，我們持續觀察到中國庫存水位偏高，且過去數月價格一路下滑，兩者結合使得我們認為市場環境愈發不可持續。根據一位知名產業顧問近期更新的報告，約有 1,100 萬噸軟木產能（相當於全球軟木產能的 40%）目前處於虧損運轉。

Again, 40% of total softwood production is currently operating at loss. And the situation is further aggravated by higher war-related cost pressures still to impact their cost structures. These dynamics point out to a higher likelihood of commercial downtimes or permanent closures of softwood mills, especially in the Northern Hemisphere, while also incentivizing projects of de-verticalization of integrated pulp and paper producers in the western part of the world as we have been stating before.

再次強調，目前軟木總產量的 40% 正在虧損運轉。而且，戰爭相關的成本壓力仍將進一步影響其成本結構，使情勢更加惡化。這些動態顯示，軟木紙漿廠出現商業性停機或永久關閉的可能性提高，特別是在北半球；同時也促使西方世界的一體化紙漿與造紙企業推動去垂直整合（de-verticalization）專案，正如我們先前所述。

The ongoing convergence of hardwood and softwood pricing with different dynamics in Western and Eastern markets has increasingly shaped recent discussions with our customers as softwood market imbalances intensify competitive pressure. Our commercial strategy is structurally focused on maximizing our sales, also taking into account seasonality and regional dynamics, while reinforcing the fiber substitution and expanding the addressable market for hardwood.

硬木與軟木價格持續收斂，加上西方與東方市場動態不同，近期在與客戶的討論中愈發成為焦點，因軟木市場失衡加劇了競爭壓力。我們的商業策略在結構上聚焦於最大化銷售，同時納入季節性與區域動態考量，並強化纖維替代、擴大硬木的可服務市場。

Fostering fiber to fiber and increasing the addressable market for hardwood is totally key for us. Looking specifically into Suzano's Q2 2026 sales volumes performance compared with Q2 '25, our production output will be constrained by previously announced planned maintenance downtimes at major pulp lines such as Tres Lagoas 1 and 2, Mucuri 1, 2 and Jacarei as well as by the lower operating rates at some of our mills, resulting in almost 300,000 tonnes of production reduction year over year.

推動纖維對纖維（fiber to fiber）的替代並擴大硬木的可服務市場，對我們而言至關重要。具體來看 Suzano 2026 年第二季相較 2025 年第二季的銷售量表現，我們的產出將受到先前已公告之計畫性維護停機的限制，涉及主要紙漿產線如 Tres Lagoas 1 與 2、Mucuri 1、2 與 Jacarei；同時部分工廠較低的開工率也將造成影響，導致同比產量減少近 30 萬噸。

In addition, some inventory rebuild will definitely occur in Q2 '26 as we were unable to increase inventory levels in Q1. We plan to keep this rebuild in minimum possible levels. However, it is critical to ensure our high service level standards to our global customer base as well as operational efficiency.

此外，由於我們在第一季未能提高庫存水位，2026 年第二季勢必會進行一定程度的庫存回補。我們計畫將此回補控制在最低可行水準。然而，為確保我們對全球客戶群的高服務水準標準以及營運效率，這一點至關重要。

To conclude, I would like to reinforce that Suzano's unmatched business platform, supported by our best-in-class assets and the unique logistics structure provide us agility and resilience across our supply chain. This enables us to respond quickly to changing market conditions, capture commercial opportunities, and consistently maximize value, even in an increasingly volatile and uncertain global environment. We are very well prepared to navigate these rougher seas.

最後，我想再次強調，Suzano 無可匹敵的商業平台，在同級最佳資產與獨特物流架構的支持下，為我們的供應鏈提供敏捷性與韌性。這使我們能快速回應市場條件變化、把握商業機會，並在日益波動且不確定的全球環境中持續最大化價值。我們已做好充分準備，航行於更為顛簸的海域。

With that said, I would like to invite Aires to address our cash cost performance during this past quarter.

話說到這裡，我想請 Aires 來說明我們在本季度的現金成本表現。

Thank you, Leo. Good morning, everyone. Turning to cash costs in the first quarter '26. Excluding stoppage, it reached BRL802 per tonne, up 3% quarter-on-quarter. The increase was mainly driven by temporary operational factors, including higher input consumption, especially auxiliary materials, reflecting the scheduled replacement calendar associated with planned shutdowns.

謝謝你，Leo。各位早安。接著看 2026 年第一季的現金成本。剔除停機影響後，現金成本為每噸 802 巴西雷亞爾，季增 3%。上升主要由暫時性的營運因素所驅動，包括投入品消耗增加，尤其是輔助材料，反映與計畫性停機相關的排程更換日曆。

In addition, purchased energy costs were higher due to a nonrecurring event at mills. We also saw temporary pressure from wood costs, driven by higher specific consumption as well as a lower fixed cost dilution following the reduction of production volumes in the quarter. These effects were partially offset by a lower input price and by the 3% average depreciation of US dollar versus the real, which reduced costs in local currency for items such as caustic soda and natural gas.

此外，由於工廠發生一次性事件，外購能源成本較高。我們也看到木材成本的暫時性壓力，原因在於單耗上升，以及本季產量下降後固定成本攤薄程度降低。上述影響部分被投入品價格下降所抵銷，並且美元兌雷亞爾平均貶值 3%，使得如燒鹼與天然氣等項目以本幣計的成本下降。

Finally, energy sales performance improved, supported by a higher average price and the start of volumes contracted in the auction for surplus energy from the Ribas do Rio power mill.

最後，能源銷售表現改善，受惠於更高的平均售價，以及 Ribas do Rio 發電廠剩餘電力拍賣中所簽約的電量開始交付。

Importantly, there was no impact from the Middle East conflict on our cash cost in the first quarter '26. Year-over-year cash cost, excluding stoppage, decreased 7% in the first quarter '26, driven by a combination of several factors.

重要的是，2026 年第一季中東衝突對我們的現金成本沒有造成影響。同比來看，剔除停機影響後，2026 年第一季現金成本下降 7%，由多項因素共同驅動。

The main driver was the 10% average depreciation of the US dollar against the Brazilian real, which reduced the cost of key dollar linking inputs, particularly caustic soda, natural gas, chlorine dioxide. We also benefit from the lower wood costs, reflecting a shorter average from forest to the mill distance, lower diesel prices in the harvest and transportation and a favorable mix effect related to wood sourcing and new allocation.

主要驅動因素是美元兌巴西雷亞爾平均貶值 10%，降低了與美元掛鉤的關鍵投入品成本，特別是燒鹼、天然氣與二氧化氯。我們也受益於木材成本下降，反映林地至工廠的平均運距縮短、採伐與運輸環節柴油價格降低，以及與木材來源與新配置相關的有利組合效應。

In addition, input price excluding FX came down, especially caustic soda and natural gas, while fixed costs were also lower following reduced spending on the labor and service. Finally, energy sales delivered a strong result, supported by a higher average energy price, including a contribution from the previous mentioned energy option.

此外，剔除匯率因素後的投入品價格也下降，尤其是燒鹼與天然氣；同時，因勞務與服務支出減少，固定成本亦降低。最後，能源銷售帶來強勁成果，受惠於更高的平均電價，其中也包含前述能源選擇權的貢獻。

Looking ahead to the second quarter '26, our initial expectation was for cash costs to be closer to the first quarter '26, reflecting the high intensity of scheduled maintenance shutdowns according to our operation plan for the year. However, we now anticipate some pressure on the cash cost in the quarter related to the impacts from Middle East conflict, particularly through energy and the other input markets. As a result, our current expectation is for our cash cost in the second quarter '26 to increase by a low single digit versus first quarter '26.

展望 2026 年第二季，我們最初預期現金成本將接近 2026 年第一季，反映依年度營運計畫安排之計畫性維護停機強度較高。然而，我們目前預期本季現金成本將面臨部分壓力，與中東衝突的影響有關，特別是透過能源及其他投入品市場傳導。因此，我們目前預期 2026 年第二季現金成本將較 2026 年第一季上升低個位數百分比。

This headwind is partially mitigated by our Brent hedge portfolio, which our CFO will now address in more details. But first, additionally, even with this conflict scenario, based on our assumptions that we have today, we expect to close 2026 with average cash cost lower than compared to 2025, even on a nominal basis. Again, as a disclaimer, this forecast is based on the assumptions for Brent, and here, say, a year to go, at $85 Brent and inputs that we have today.

這項逆風部分可由我們的布蘭特（Brent）避險投資組合加以緩解，我們的財務長接下來將更詳細說明。不過在此之前，另外補充，即使在此衝突情境下，基於我們目前的假設，我們預期在2026年結束時的平均現金成本將低於2025年，即使以名目基礎來看亦然。再次聲明，此預測係基於對布蘭特油價的假設；以目前我們掌握的投入條件來看，距今約一年，我們假設布蘭特為每桶85美元。

Marcos, the floor is yours.

Marcos，交給你了。

Thank you, Aires, and good morning, everyone. I'll start my presentation explaining Suzano's exposure related to oil and also detailing our hedge portfolio, which offers us a clear competitive advantage in the current volatile environment. On the left part of the slide, we show a sensitivity to the variation of Brent prices, assuming a full pass-through of all the impact of Brent to local prices, which have not occurred yet.

謝謝你，Aires，各位早安。我將從說明Suzano與油價相關的曝險開始，並進一步詳述我們的避險投資組合；在目前波動的環境下，這為我們帶來明確的競爭優勢。投影片左側顯示我們對布蘭特價格變動的敏感度，並假設布蘭特對本地價格的所有影響都能完全轉嫁，但這種完全轉嫁目前尚未發生。

In that case, for every $1 per barrel increase in Brent, our EBITDA will decline by BRL47 million. However, our current net cash impact of the event of $1 per barrel increase in Brent prices is only BRL12 million, less than 25% of the full impact that we showed in this table.

在那種情況下，布蘭特每桶每上升1美元，我們的EBITDA將減少4,700萬巴西雷亞爾。然而，就目前而言，若布蘭特每桶上升1美元，對我們的淨現金影響僅為1,200萬巴西雷亞爾，不到我們在此表中所示完整影響的25%。

The diminished impact is explained mainly by long-term diesel contracts, which have not been impacted by higher oil prices yet, and most importantly by our portfolio of hedges on oil that we built over the past two years, which will likely compensate higher costs with positive derivatives and financial results.

影響縮小主要是因為長期柴油合約尚未受到油價上漲的影響；更重要的是，我們在過去兩年建立的油品避險組合，可能透過衍生性商品與金融損益的正面貢獻，來抵銷成本上升。

Moving to the right part of the slide, we show our current portfolio of oil hedges due to our exposure to shipping costs and also natural gas prices. We also use zero cost collars for our hedges. But in this case, we buy [call] options and we're selling put options with the same premium. Our current portfolio ranges between $57 to $69 per barrel on average, which means that our cost of oil for the hedges that we made is capped at $69 per barrel.

轉到投影片右側，我們展示目前的油品避險組合，係因我們對航運成本以及天然氣價格的曝險。我們也使用零成本領口（zero cost collar）作為避險工具；在此架構下，我們買入[買權]（call）並賣出相同權利金的賣權（put）。我們目前的組合平均區間介於每桶57至69美元，這表示我們所做避險下的油品成本上限為每桶69美元。

Of course, we gave away the possibility of having lower than $57 per barrel cost as we did the 0 cost collar. We are nearly 90% covered for our 2026 exposure. And as we made in the sensitivity, if Brent prices stays at $104 per barrel, which was the level that we closed by the end of first quarter 2026, we will receive a cash adjustment of BRL810 million over the upcoming two years. In the first quarter of 2026, we already benefited from our hedges and we had a positive cash impact of BRL48 million in our results due to our oil hedges. Moving to the next slide.

當然，由於採用零成本領口，我們也放棄了油價低於每桶57美元時可享有更低成本的可能性。我們對2026年的曝險覆蓋率接近90%。而如同敏感度分析所示，若布蘭特維持在每桶104美元（這是我們在2026年第一季末收盤的水準），未來兩年我們將收到8.10億巴西雷亞爾的現金調整。在2026年第一季，我們已受惠於避險，油品避險在結果中帶來4,800萬巴西雷亞爾的正向現金影響。接著看下一張投影片。

I'd also would like to reinforce our FX hedge portfolio, which is already offsetting the impact of BRLappreciation. As you can see, our current portfolio stays at $5.6 billion, which means more than 60% of our FX exposure with an average put option of $5.97 and a call option of $6.90.

我也想再次強調我們的外匯避險投資組合，已在抵銷巴西雷亞爾升值的影響。如各位所見，我們目前的組合規模為56億美元，代表覆蓋我們超過60%的外匯曝險，平均賣權（put）履約價為5.97，買權（call）履約價為6.90。

And in the chart on the right, we show our full portfolio and also the impact -- the cash expected impact if the currency remains at 5.22, which was the same level that we closed the first quarter of 2022. So if that was the case, we will receive more than BRL4 billion in positive cash adjustments over the upcoming quarters as well.

在右側圖表中，我們展示完整投資組合，以及若匯率維持在5.22時的預期現金影響；5.22也是我們在2022年第一季收盤的相同水準。若是如此，我們在未來幾個季度也將收到超過40億巴西雷亞爾的正向現金調整。

Moving to the next slide. On the top part of the slide, we can see that our net debt increased slightly to $13 billion in this quarter, mainly impacted by the dividend payment in the beginning of the year, also higher CapEx payouts and a concentration of interest payments in the period. Our leverage remained relatively stable at 3.3x when measured in US dollars.

接著看下一張投影片。在投影片上方，我們可以看到本季淨負債小幅增加至130億美元，主要受到年初股利支付、資本支出（CapEx）支出較高，以及利息支付在此期間較為集中的影響。以美元衡量，我們的槓桿倍數維持相對穩定在3.3倍。

Regarding our amortization schedule, we continue to have a healthy average maturity of more than six years, while we maintain our average cost at 5%, which is also a clear competitive advantage for the company. I would also like to highlight that following the end of the quarter in April, we concluded two other very important transactions in the local market.

就攤還時程而言，我們仍維持健康的平均到期年限超過六年，同時將平均資金成本維持在5%，這也是公司明確的競爭優勢。我也想強調，在本季結束後的4月，我們在本地市場完成了另外兩筆非常重要的交易。

We issued a CPR of BRL2.5 billion, nearly $500 million, with an average term of 11 years, and we swapped that into CDI and we stayed at 96% of all-in swapped cost of CDI. So a very, very competitive instrument. We were also able to issue an additional BRL180 million in incentivized debentures with a 15-year average maturity and with even more competitive costs.

我們發行了25億巴西雷亞爾的CPR，約5億美元，平均期限11年，並將其交換（swap）為CDI，交換後的全包成本為CDI的96%。因此這是一個非常、非常具競爭力的工具。我們也成功額外發行1.8億巴西雷亞爾的激勵型公司債（incentivized debentures），平均到期15年，成本更具競爭力。

So now I would like to hand it over to Beto for his final remarks.

接下來我想把時間交給Beto做最後的總結。

Thank you very much, Marcos. I think the summary of what you just said, I would say that we should have a unique portfolio -- hedging portfolio for FX and Brent in the industry. I would say at least one of the most robust hedging portfolio to face the current business environment. I think this is the first thing. The second one, going back to Fabio's presentation, let me highlight one of his point, which is he is expecting sales and pricing in US and Brazil improving already in the Q2.

非常感謝你，Marcos。我想總結你剛才所說的，我會說我們在產業中擁有獨特的避險投資組合——涵蓋外匯與布蘭特。我認為這至少是面對當前營運環境時最強健的避險投資組合之一。這是第一點。第二點，回到Fabio的簡報，我想強調他的一個重點：他預期美國與巴西的銷量與定價在第二季就會開始改善。

On the pulp cost, we, as we mentioned, continue to improve. Our performance is showing the commitment of this management on this line of our business, not only on cash costs, but many other line of costs. On the JV, as I mentioned, we are moving fast and the closing is estimated to be on the third quarter of 2026, 100% aligned of what we planned. And this management will keep the focus on strengthening our balance sheet, competitiveness and also reducing our net debt.

在紙漿成本方面，如我們所提，仍持續改善。我們的表現顯示管理團隊對這條業務主軸的承諾，不僅在現金成本，也包括許多其他成本項目。至於合資案（JV），如我所說，我們推進很快，預計在2026年第三季完成交割，與我們的規劃100%一致。管理團隊也將持續聚焦於強化資產負債表、提升競爭力，並降低淨負債。

Having said that, we will open for questions. Thank you very much.

說到這裡，我們將開放提問。非常感謝。

(Operator Instructions) Daniel Sasson, Itau BBA.

（接線員指示）Daniel Sasson，Itaú BBA。

My first question for Leo. I mean, since the last call, the price drivers seem broadly unchanged, Leo. I'd like to know if you agree with that, restrictions in Indonesia, reasonably healthy Chinese demand, still somewhat tight supply. But the announced price hikes have been harder to implement, right? Or I'd like to know if that's also your view.

我的第一個問題想請教Leo。我的意思是，自上次電話會議以來，價格驅動因素看起來大致沒有改變，Leo。我想知道你是否同意：印尼的限制、中國相對健康的需求、供給仍然有些偏緊。但已宣布的漲價更難落實，對吧？或者我也想知道這是否也是你的看法。

So digging deeper into that, what explains the main increase being focused on Europe rather than in China? How do you see the continuation of land revocations in Indonesia, the impact on cost in China? So if you could give us some color on that, it would be great. And my second question is actually more of a follow-up in your -- from your initial speech. You haven't been able to replenish inventory levels because of the maintenance stoppages you mentioned.

再深入一點，為什麼主要的漲價會更集中在歐洲，而不是在中國？你如何看待印尼持續撤銷土地（許可）的情況，以及其對中國成本的影響？如果你能提供一些補充說明會很有幫助。我的第二個問題其實是針對你開場發言的追問：由於你提到的維修停機，你們一直無法補回庫存水位。

You also mentioned logistic challenges in the quarter. Can you please elaborate a bit more? I mean, did the logistic challenges translated into lower revenues in the first quarter that were pushed to the second quarter? Or did you have any one-offs in terms of production that didn't allow you to replenish investments in inventories as quickly as you thought you would? Those would be my questions.

你也提到本季有物流挑戰。能否請你再多說明一些？我的意思是，物流挑戰是否導致第一季營收較低、並被遞延到第二季？或者在生產方面是否有任何一次性因素，使你們無法如預期那麼快補回庫存投資？以上是我的問題。

Daniel, this is Leo here. On the first one, you are correct. The price drivers that I mentioned in the last call related to hardwood are unchanged. We still see a positive demand and actually a positive surprise coming from Europe and US tissue, where we see even stronger demand than we had originally forecasted.

Daniel，我是Leo。第一個問題，你說得沒錯。我在上次電話會議提到與闊葉漿相關的價格驅動因素並未改變。我們仍看到需求正向，實際上來自歐洲與美國生活用紙（tissue）的需求還帶來正面驚喜，需求強於我們原先的預測。

And on the supply side of the equation, again, you are correct. The factors that we have pointed out are confirmed or even further confirmed being the revocation of forestry licenses in Indonesia affecting pulp -- market pulp production and availability in Q1 and also the postponement now very clear of OQ 2 to year-end and maybe even beginning of 2027. So that is really unchanged. Regarding implementation of price hikes, I think we have to separate the world in two. We have Eastern markets and we have Western markets.

在供給端方面，你同樣說得對。我們指出的因素已被確認，甚至更進一步被確認：印尼撤銷林業許可，影響紙漿——市場紙漿在第一季的產量與供應量；此外，OQ 2的投產延後如今已非常明確，推遲到年底，甚至可能到2027年初。因此這部分確實沒有改變。至於漲價的落實，我認為我們必須把世界分成兩部分來看：東方市場與西方市場。

Eastern markets, our prices have been increasing continuously since mid last year, while softwood prices have been declining continuously since mid last year. And now this price differences have reached a point where all our negotiations are much harder with our customers if we want to sustain this fiber-to-fiber agenda, which, as I have mentioned in my speech, is a priority to us. So at this time, in Asia, we are being cautious. We are waiting. We understand that something has to happen in softwood.

在東方市場，自去年年中以來，我們的價格一直持續上漲，而針葉木價格自去年年中以來則持續下跌。如今，這些價差已經達到一個程度：如果我們想要維持這個「纖維對纖維」的議程——正如我在發言中提到的，這對我們而言是優先事項——那麼我們與客戶的所有談判都變得更加困難。因此，目前在亞洲，我們採取審慎態度。我們在等待。我們理解針葉木方面必須會發生一些變化。

As I mentioned, 40% of the global production is bleeding as we speak. And we are not in a position to make moves that will jeopardize our overall strategy of supporting a much bigger market and addressable market for hardwood and not only in short term, but mid and long term.

如我所提到的，全球產能的40%此刻正處於虧損狀態。而我們不會採取任何可能危及我們整體策略的行動；我們的策略是支持一個更大的市場、以及更可觸及的闊葉木市場，而且不僅是短期，更是中期與長期。

In Western markets, different than that, still the price gap between fibers allow us to keep increasing our pricing, our prices, and that's why I can confirm to you all now that we have managed to implement full the $50 increase in all Western markets as we had announced.

在西方市場則不同，纖維之間的價差仍然允許我們持續提高定價、提高我們的價格；因此我現在可以向各位確認，我們已如先前宣布，在所有西方市場成功全面落實了50美元的漲價。

And now we are getting prepared for this new implementation of the recently announced $50 for May. So different market conditions depending not only on regional demand, but also in how we are positioned against softwood pulp with the strategy of maintaining this fiber-to-fiber agenda.

而現在我們正在為5月近期宣布的新增50美元漲價之新一輪落實做準備。因此，不同的市場條件不僅取決於區域需求，也取決於在維持「纖維對纖維」議程的策略下，我們相對於針葉木紙漿的定位。

Our lower sales in Q1 is not related to logistics impact. It's really related to our plan. We had a very strong Q4 last year we understand and our customer base has a seasonality where we have a lower Q1 traditionally to Q4 of the previous year.

我們第一季較低的銷售量與物流影響無關，確實是與我們的計畫相關。我們理解去年第四季非常強勁，而我們的客戶基礎具有季節性：相較於前一年的第四季，我們傳統上第一季會較低。

Despite that, we were able to sell 200,000 tonnes above last year or Q1 2025. So in terms of our plan, we were completely aligned with our sales plan, but some one-off events in the maintenance downtimes and their ramp-ups, as I have mentioned, did not allow us to make this replenishment of inventories, which was our original plan.

儘管如此，我們仍比去年（或2025年第一季）多賣出20萬噸。因此就我們的計畫而言，我們與銷售計畫完全一致；但如我所提到的，維修停機及其爬坡過程中的一些一次性事件，使我們無法進行原本計畫中的庫存回補。

I have also confirmed in my speech, Aires and his team are fully devoted and aligned to recover this production, mainly on the second half of the year, which is actually good for us because that's when we have demand pickup.

我也在發言中確認，Aires和他的團隊完全投入並保持一致，將主要在下半年把這部分產量追回來；這其實對我們是好事，因為那正是需求回升的時候。

So that would be a perfect match for us as well. That all said, we will have to do some inventory replenishment in Q2 2026. We're going to try to keep it to a minimum possible, not to affect our overall figures, but it is necessary and we have to do it now.

因此這對我們而言也會是完美的匹配。儘管如此，我們仍必須在2026年第二季進行一些庫存回補。我們會盡量把規模降到最低，以免影響整體數字，但這是必要的，而且我們現在就必須做。

Marcio Farid, Goldman Sachs.

Marcio Farid，高盛。

Well, I think we spoke last time in China and you mentioned the plan to try and create a business outside of China and especially with the integrated mills pushing for a potential disintegration as well. It caught our attention. It seems like there is potential there. Just wanted to understand what is the latest there? And if you have any updates and more details you can disclose to us?

我想我們上次在中國交流時，你提到計畫嘗試在中國以外建立一項業務，尤其是在一體化紙廠推動潛在「去一體化」的背景下。這引起了我們的注意，看起來確實有潛力。我想了解目前最新進展如何？以及你是否有任何更新與更多細節可以向我們披露？

And maybe second question to Beto. Beto, obviously, share price performance has been a disappointment. We look at the last -- whatever window you want to look, one year, year-to-date, five years, share price is basically below where -- even before Cerrado startup, which was a $5 billion investment, right? And we speak to investors. Obviously, capital allocation and the leverage levels, it's two main points of attention.

第二個問題可能是問Beto。Beto，很明顯，股價表現令人失望。無論你看哪個區間——一年、年初至今、五年——股價基本上都低於……甚至低於Cerrado投產之前的水準；而Cerrado是一筆50億美元的投資，對吧？我們也與投資人交流。顯然，資本配置與槓桿水準是兩個主要關注點。

Obviously, the sector has derated with all the structural change that we have been observing as well. But I wanted to hear from you and from management, from the Board side, is there a level of discomfort with the recent trend?

當然，隨著我們觀察到的各種結構性變化，整個產業的估值倍數也下修了。但我想聽聽你以及管理層、董事會的看法：對近期這個趨勢是否感到不安到某種程度？

And if there is anything that can be done or you think it's a matter of market understanding that Suzano's strategy might take longer to be reflected on share price and on investors' perception to what value generation is. And I think it's inevitable that we discuss that given the recent trends. And it would be great to hear from you.

如果確實如此，是否有任何可以採取的作為？或者你認為這只是市場理解的問題——也就是Suzano的策略可能需要更長時間，才會反映在股價與投資人對價值創造的認知上。我認為在近期趨勢下，這個議題不可避免需要討論。也很希望聽到你們的看法。

This is Leo here. I would just, to answer your question, do a step back so that we have all stakeholders aligned in terms of what we talked about in China. Suzano's strategy in leading the fiber-to-fiber agenda consists in very -- in two very clear avenues.

我是Leo。我想回答你的問題之前先退一步，讓所有利害關係人對我們在中國談到的內容保持一致。Suzano在推動「纖維對纖維」議程的策略，包含兩條非常——兩條非常清晰的路徑。

The first one is fiber substitution itself throughout education projects, refining pilot plants and then applying our knowledge in our customers' machines and mills to be able to substitute not only softwood grades, but also other kinds of fibers like US mix hardwood or bamboo or any other alternative fiber as well.

第一條路徑是纖維替代本身：透過教育專案、精煉試點工廠，並將我們的知識應用到客戶的機台與工廠中，使其能夠替代的不僅是針葉木等級，也包括其他種類的纖維，例如美國混合闊葉木、竹子或任何其他替代纖維。

And that's one of the avenues. But the second avenue is a very important one, a bit more complex in terms of timing, which is how to de-verticalize integrated pulp-to-paper producers, right? We all know that globally now we are reaching almost 120 million tonnes of pulp to paper or packaging verticalized producers.

這是其中一條路徑。但第二條路徑也非常重要，只是在時程上更為複雜：也就是如何讓一體化的「紙漿到紙品」生產商去垂直整合，對吧？我們都知道，全球目前幾乎有1.2億噸的紙漿到紙品或包裝的一體化生產商。

A big part of that is on western markets and a big part of that are old mills, very old mills or old mills which are being pressured for quite a while now in terms of their cost structures, in terms of pulp production, and I would say that even further pressured now with war-related cost pressure. So this is a key part of our strategy.

其中很大一部分在西方市場，而其中很大一部分是老舊工廠——非常老的工廠，或是長期在成本結構、紙漿生產成本方面承受壓力的工廠；我甚至會說，現在又因戰爭相關的成本壓力而進一步承壓。因此，這是我們策略的關鍵部分。

We have been engaging with several of these players, very known in their markets. And the idea is to, together with them, discuss an alternative route where they are becoming more asset-light, shutting down their pulp production and Suzano being able to virtually integrate with them as their solution in terms of pulp supply, making them more competitive in this challenging and competitive world ahead of us and ahead of them.

我們已與多家在其市場中非常知名的業者展開接觸。我們的想法是與他們一起討論一條替代路徑：讓他們變得更「輕資產」，關停其紙漿生產，而Suzano則能以紙漿供應解決方案的方式與其形成「虛擬整合」，使他們在未來這個充滿挑戰且競爭激烈的世界中——對我們與對他們而言——更具競爭力。

Projects are ongoing. These are longer maturity projects than the first avenue of fiber to fiber. We are in the imminence of confirm the first project, and we are going to give full visibility, obviously, when that happens because I personally believe that this case will show not only to the customers that we have already engaged with, but several others that there is a possibility -- there is an alternative to verticalization, which is happening in Asia.

相關專案正在推進中。這些專案的成熟期比第一條「纖維對纖維」路徑更長。我們正處於即將確認第一個專案的階段；一旦發生，我們當然會提供充分的可見度，因為我個人相信，這個案例不僅會向我們已接觸的客戶展示，也會向更多其他客戶展示：確實存在一種替代垂直整合的可能性——而這種垂直整合正在亞洲發生。

A couple of things regarding your question. The first one, of course, the management is not comfortable with the share price. I think there's a couple of things that's related to that. Firstly, we don't think it's aligned with the robustness of the business. That's the first thing.

關於你的問題，有幾點要說。第一點，當然，管理層對股價並不滿意。我認為這背後有幾個因素。首先，我們認為目前股價並未反映業務的韌性與強健程度。這是第一點。

There is not a single reason, of course. For sure, the FX situation and geopolitical moment, it's something that for sure affects. We see here in the management when we look at the base that we have in terms of assets, in terms of asset portfolio, in terms of logistics, in terms of the trend of our cost. Let's look for the trend and how do we see this in the mid, long term. And not only about cash costs, but also all the other line of cost.

當然不會只有單一原因。匯率情勢與地緣政治時刻，確實會造成影響。我們管理層在看待我們的資產基礎、資產組合、物流，以及成本趨勢時——我們看趨勢，並思考中長期如何看待——而且不僅是現金成本，也包括所有其他成本項目——我們看到的是一個非常強健且具韌性的業務，足以面對當下。

We see a very robust and resilient business to face the moment. And in the very -- and I would say, in the mid- to long term, we see a positive trend for the business despite the current situation. But based on that, regarding capital allocation, of course, on those moments, despite our focus on deleveraging the business that I have been saying and also reducing our net debt, buybacks is always an alternative.

而在中長期，我會說，儘管目前情況如此，我們仍看到業務的正向趨勢。基於此，關於資本配置，當然，在這樣的時刻，儘管我們一直強調去槓桿、降低淨負債，股票回購始終是一個選項。

And in a moment like that, of course, we are analyzing right now that possibility since it's reaching a level that we have to consider this alternative. But we also must take into account our track record on capital allocation.

在這樣的時點，當然，我們正在分析這種可能性，因為已經到了一個我們必須考慮此替代方案的水準。但我們也必須把我們在資本配置上的過往紀錄納入考量。

And this is the way that we should be moving with the discipline and concentrated again on the elements that I just mentioned and attracting value from the investment that we made. And also -- so having said that, I do not foresee, just to clarify, any movement that can impact our cash, I would say, inorganic move that can impact our cash in the next coming years. So again, to keep very disciplined and maintain the track record that we have been seeing on capital allocation.

而我們應該以紀律推進，再次聚焦在我剛才提到的要素上，並從我們所做的投資中汲取價值。此外——因此，話說回來，為了澄清，我不預期在未來幾年會有任何可能影響我們現金的動作，我會說，任何可能影響我們現金的非有機動作都不會發生。再次強調，要保持高度紀律，並維持我們在資本配置上所展現的紀錄。

Maybe a quick follow-up to Leo. Leo, you mentioned you want to replace inventories. In our calculation, you should have been losing about 160,000 tonnes of production from capacity, already considering the 400,000 tonnes that you lost. But by the numbers reported, it seems like you've lost 400,000 tonnes and you have not recovered any inventories, which might suggest that the downtimes were much longer than expected.

也許快速追問一下 Leo。Leo，你提到你想要補回庫存。在我們的計算中，從產能角度來看，你本來應該已經損失了大約 16 萬噸的產量（已經把你損失的 40 萬噸納入考量）。但從你們公布的數字來看，似乎你們損失了 40 萬噸，且沒有補回任何庫存，這可能意味著停機時間比預期長得多。

And you're talking about replacing inventories on even more aggressive downtime in the second quarter, which means sales are going to be even weaker. Is that the right way to think about it? Was the downtime more aggressive than expected in the first quarter?

而你又在談第二季更激進的停機下要補回庫存，這代表銷售會更疲弱。這樣理解對嗎？第一季的停機是否比預期更激進？

Marcio, thanks for your analysis and question. But unfortunately, we do not disclose our production figures nor our inventory figures for the past quarter and also not looking and going forward. What I can tell you is that despite the maintenance -- the concentrated maintenance downtime seasons that we have now even further in Q2 '26, which we had zero, by the way, in Q2 '25, and the need to reestablish inventories, and we will push that to the minimum possible levels. The sales output in Q2 tends to be above what we have performed now in Q1 2026. And again, this is not a guidance.

Marcio，謝謝你的分析與提問。但很遺憾，我們不會揭露上一季的產量數據或庫存數據，也不會提供未來的相關數據。我能告訴你的是，儘管有維修——我們目前有較為集中的維修停機季，而且在 2026 年第二季還會更進一步（順帶一提，2025 年第二季我們是零停機），以及需要重建庫存，我們會把庫存壓到盡可能低的水位。第二季的銷售出貨量通常會高於我們在 2026 年第一季的表現。再次強調，這不是指引。

It's just to show the trend that we are seeing here at Suzano. And obviously, due to the implementation of the price increase rounds that I have mentioned previously in our backlogs, we see a much better also pricing in Q2 compared to Q1 2026, all this in US dollar terms, obviously.

這只是為了展示我們在 Suzano 看到的趨勢。當然，由於我先前提到、已在我們訂單積壓中推進的幾輪漲價措施，我們也看到 2026 年第二季相較第一季有更好的定價表現，且這些都是以美元計價。

Rafael Barcellos, Bradesco BBI.

Rafael Barcellos，Bradesco BBI。

Beto, Marcos, in recent months, you announced the buyback program, right? I understand that the company is now running with a leverage level which is above of where you feel comfortable. And other than that, you have the K-C disbursements in the third Q. But when do you think that you'll be ready to start accelerating the execution of the program? I mean you just discussed how low the shares are at the moment and so on.

Beto、Marcos，近幾個月你們宣布了庫藏股回購計畫，對吧？我理解公司目前的槓桿水準高於你們覺得舒適的區間。此外，第三季還有 K-C 的付款支出。但你們認為何時會準備好開始加速執行該計畫？畢竟你們剛剛也談到目前股價有多低等等。

So I just wanted to understand, I mean, when you believe you'll be ready to accelerate the program? And given -- and that said, I would say that there's any asset sales that you could use to accelerate the deleveraging process?

所以我想了解的是，你們認為何時會準備好加速該計畫？另外，是否有任何資產出售可以用來加速去槓桿的進程？

And ultimately, just going back to the dividend policy question, I mean, if you see any room for a discussion of a more robust dividend policy in the company. And then my second question -- sorry for one more question on pulp markets. But last quarter marked a big change in your tone about pulp markets, right?

最後，再回到股利政策的問題：你們是否看到公司有空間討論更強健的股利政策？然後我的第二個問題——抱歉再問一個關於紙漿市場的問題。上一季你們對紙漿市場的語氣出現了很大的轉變，對吧？

I mean you were clearly much more positive versus the previous quarters. And so I just wanted to -- wrapping up everything that you just said here in the call, I mean you mentioned that western markets are going up, prices are going up.

我的意思是，相較前幾季你們明顯更正面。所以我想——綜合你們在這通電話中剛剛說的內容，你們提到西方市場在走強、價格在上漲。

Eastern markets, then, you've seen more challenges, but you're still not seeing any downward pressure on prices in Eastern markets, right? So I just wanted to -- if you can wrap up. I'm understanding that in western markets, you're still seeing good trends. Eastern markets mixed, but so far, stable prices in the eastern markets. So if you can just wrap up your views, it could be helpful.

至於東方市場，你們看到更多挑戰，但你們仍然沒有看到東方市場價格有下行壓力，對吧？所以我想請你們總結一下：我理解西方市場仍有良好趨勢；東方市場較為分歧，但到目前為止價格仍穩定。若能幫忙總結你們的看法會很有幫助。

Marcos here. Regarding buybacks, I think Beto already mentioned, we are already analyzing. For sure, it's an interesting capital allocation for the company. We always look at that considering our leverage levels, but we also consider the valuation levels of the company as well.

我是 Marcos。關於回購，我想 Beto 已經提到，我們已在進行分析。毫無疑問，這對公司而言是有吸引力的資本配置選項。我們一向會在考量槓桿水準的同時，也會考量公司的估值水準。

We would like to highlight and reemphasize that we continue to be one of the companies in our sector with the highest free cash flow yields with nearly 14%, as we included in our report. We also look at our valuation levels. We're trading well below our historical valuation levels. So definitely, this is an option for us.

我們想強調並再次重申，我們仍是本產業中自由現金流殖利率最高的公司之一，接近 14%，我們也在報告中提到。我們同時也看估值水準；目前股價交易水準明顯低於歷史估值。因此，這確實是我們的一個選項。

Regarding dividends, we would rather have a lower and more normalized leverage level before changing our dividend policy. But we see room in the future as we deleverage to improve dividend payout. But that's not being discussed at the moment.

關於股利，在改變股利政策之前，我們更希望先把槓桿降到較低且更正常化的水準。但隨著我們去槓桿，我們認為未來有空間提升股利配發。不過目前並未在討論。

Okay. Rafa, this is Leo here. First, you really don't need to be sorry for sending us questions. We are well prepared, and you guys can keep coming and keep sending us the pulp questions at all means. I think, Rafa, that the big change compared to our last quarter's call is really the trend that's going on, on softwood, which has been deteriorating further than what we had already been seeing three months ago.

好的。Rafa，我是 Leo。首先，你真的不需要為提問道歉。我們準備得很充分，你們儘管繼續提問、繼續丟紙漿相關問題都沒問題。我想，Rafa，與上一季電話會議相比，最大的變化其實是針葉漿（softwood）的趨勢，惡化程度比我們三個月前看到的還要更嚴重。

It's impressive to say, as I have mentioned in my speech, that 40% of this industry of the softwood pulp producers today have cash costs above current market prices, 40%. So this is a big change to the model.

正如我在發言中提到的，令人印象深刻的是：目前針葉漿生產商中有 40% 的現金成本高於當前市場價格，40%。這對整個模型而言是很大的改變。

And as we want to be supportive to the fiber-to-fiber strategy, as I mentioned, this changes a bit our short-term tactic in order how to navigate, especially in China, right? Because in Europe, the situation and also in the US is different, as I have mentioned.

而且，因為我們希望支持我提到的「纖維對纖維」（fiber-to-fiber）策略，這在短期內也稍微改變了我們的戰術，特別是在中國要如何因應，對吧？因為如我所說，歐洲以及美國的情況不同。

But just a quick sum up then as you asked. So the war has been, in fact, resulting in different dynamics in different markets. Softwood scenario is unsustainable and has been an increasing headwind to our pricing strategy, especially in China and in Asia. In China, we are cautious to be able to support our commercial strategy and keep pushing this fiber-to-fiber agenda. And in western markets, we have a heated up demand a bit over what we had expected or over what we have expected originally, right?

但就如你要求的，我快速總結一下：戰爭確實在不同市場造成不同的動態。針葉漿的情境不可持續，並且日益成為我們定價策略的逆風，特別是在中國與亞洲。在中國，我們會保持謹慎，以支持我們的商業策略並持續推動「纖維對纖維」的議程。而在西方市場，需求升溫的程度略高於我們原先的預期。

And market dynamics have been changing quickly and now further challenged by the Iran war. But I am really confident that we at Suzano are at the best position, the best position to navigate any scenario ahead of us.

市場動態變化很快，現在又因伊朗戰爭而面臨更進一步的挑戰。但我非常有信心，Suzano 處於最佳位置、最佳位置來因應未來任何情境。

Okay. Just a quick follow-up, Marcos. Would you consider any asset sales to accelerate the deleveraging process?

好的。再快速追問一下，Marcos。你們會考慮透過出售資產來加速去槓桿的進程嗎？

Yes, we are analyzing, as we mentioned even in our Suzano Day last year, a couple of divestitures, mainly for noncore assets. I would say that land plots that could be measured or valued at square meter, not at hectares, for example, is a first option for us. So the high best use for our land. This is one of the things that we have been considering. But there could be other options as well that we have been analyzing in order to reduce our leverage even quicker.

會的，我們正在分析。正如我們甚至在去年 Suzano Day 提到的，我們在評估幾項撤資，主要是非核心資產。我會說，對我們而言，第一個選項是那些可以用每平方公尺來衡量或估值、而不是用公頃來估值的地塊，例如土地的最高最佳用途（highest best use）。這是我們一直在考量的事情之一。但我們也在分析其他可能選項，以便更快降低槓桿。

Leo Correa, BTG.

Leo Correa，BTG。

So a couple of pending -- more numerical questions for me. Just first, reverting back to the cost discussion, right, Aires. You talked about a bit of a guidance, right, for the second quarter, which is of an increase mid-single digits vis-a-vis the first quarter, right, which is probably going to put things above BRL900 per tonne pulp cash cost. I remember some months ago that you guys gave like some -- let's say, some indications of cash cost levels for 2026 of about BRL800. And since then, of course, a lot has changed.

我這邊還有幾個待釐清、比較偏數字的問題。首先回到成本的討論，對吧，Aires。你談到第二季有點像指引：相較第一季增加中個位數百分比，對吧？這可能會使紙漿現金成本高於每噸 900 雷亞爾。我記得幾個月前你們曾給過一些——姑且說——對 2026 年現金成本水準的指引，大約是每噸 800 雷亞爾。但從那之後，當然很多事情都改變了。

I think as Marcos explained, the hedges have been working very well and very well executed. So clearly a lot of protection there. But still many moving parts. And of course, the base is very high. So my question is, can that -- let's say, can that indication of BRL800 still be maintained?

我想如 Marcos 所解釋，避險做得非常好、執行也非常到位，所以顯然提供了很多保護。但仍有很多變動因素，而且基期也很高。所以我的問題是：那個每噸 800 雷亞爾的指引還能維持嗎？

Or you would say the numbers for 2026 are up for some discussions and probably higher levels? The second question -- again, sorry for the detail. I know this is something that you already said in the introduction was a one-off, right? But the CapEx at Suzano specifically has been an issue for investors over many years, right? The still high number and above maintenance levels.

還是你會說 2026 年的數字需要重新討論，且可能會在更高的水準？第二個問題——再次抱歉問得很細。我知道你們在開場時已說這是一次性因素，對吧？但投資人多年來一直認為 Suzano 的資本支出（CapEx）是個問題，對吧？數字仍然偏高，且高於維持性支出水準。

The BRL3 billion here is above, let's say, the guidance for the year of BRL10.9 billion. So I can assume the guidance is still maintained and that the levels going forward will drop and things will normalize. So I just wanted to double check on that.

這裡的30億巴西雷亞爾高於、比方說、全年指引的109億巴西雷亞爾。因此我可以假設指引仍然維持不變，且接下來的水準會下降、情況會回歸正常。所以我只是想再確認一下。

Leo, this is Beto. Let me take the second question, and then I will hand over to Beto. Very simple. I just want to mention that the CapEx guidance is completely maintained. So there's no change on that.

Leo，我是Beto。我先回答第二個問題，然後我會把話交給Beto。很簡單。我只想提一下，資本支出（CapEx）指引完全維持不變。所以這方面沒有任何變動。

And by the way, we also, as I mentioned before, see a trend of lower CapEx in the next coming years. So this is absolutely aligned with our plan, okay? On the cash cost for the second quarter, let me hand over to Aires.

順帶一提，正如我之前提到的，我們也看到未來幾年CapEx呈現下降趨勢。所以這與我們的計畫完全一致，好嗎？至於第二季的現金成本，我把話交給Aires。

First of all, I said that they're low, in the middle, single digits to the second quarter ex downtimes. That was in my speech. And we remain our target, our focus on keep our cash cost close to BRL800 per tonne ex downtimes for full year. As I mentioned, our assumptions at this moment in the cash cost, especially to Brent, is $85 per barrel a year to go. And that's important.

首先，我說的是：若排除停機（downtimes），第二季的水準是偏低的、落在中個位數區間。那是我在發言中提到的。我們仍然維持目標與重點：全年在排除停機的情況下，將現金成本維持在每噸接近800巴西雷亞爾。如我所提，目前我們在現金成本的假設，特別是對Brent油價，是每桶85美元、用於接下來一年的假設。這點很重要。

Note that our hedge don't enter in this line in our balance sheet, coming in other line that Marcos presented. Then I am considering here this level of $85 per Brent. If you have more, could impact negatively the cash costs.

請注意，我們的避險不會進入資產負債表的這一行，而是進到Marcos所呈現的另一行。因此我在這裡是以每桶85美元的Brent水準來計算。如果油價更高，可能會對現金成本造成負面影響。

Caio Greiner, UBS.

Caio Greiner，瑞銀（UBS）。

Leo, just going back to the point on the current pulp backdrop and more specifically about the China and western markets and western markets divergence. I wanted to explore a little bit more of the weakness in China specifically because I think it's a little bit hard to understand considering that we're seeing strong level of paper demand, we're seeing wood chip prices on the rise. I think the only point that I caught from your speech that was the main source of weakness was the war impact. Is that right? Is that the main point as to why you're seeing such weakness in China?

Leo，我想回到目前紙漿市場環境的重點，尤其是中國與西方市場、以及西方市場之間的分歧。我想更深入探討中國的疲弱，因為這有點難理解：我們看到紙品需求很強，也看到木片價格上漲。我從你發言中抓到的唯一重點是，疲弱的主要來源是戰爭的影響。是這樣嗎？這是否就是你們在中國看到如此疲弱的主要原因？

So in other words, if we were to see the war to end shortly, with that will we be able to see a reason for pulp to go back on the rise? And then specifically on softwood, again, why do you think that we're seeing such weakness on softwood markets versus hardwood, specifically in China, again, considering that we're even seeing cost inflation, we're even seeing pine wood chip prices on the rise?

換句話說，如果戰爭很快結束，那麼我們是否就能看到紙漿價格回升的理由？另外，特別針對針葉漿（softwood），你為什麼認為針葉漿市場相較於闊葉漿（hardwood）會如此疲弱，尤其是在中國？畢竟我們甚至看到成本通膨，也看到松木木片價格上漲。

I think maybe something a little bit more specific to China would be really helpful to us. And then the second point on wood chips. Again, not only pine chips, but wood chip prices in general have been on the rise, already $30 to $40 per tonne higher versus 2025 lows.

我想也許更具體、與中國相關的說明會對我們很有幫助。第二點是木片。再次強調，不只是松木木片，整體木片價格都在上漲，相較於2025年的低點已經每噸高出30到40美元。

Again, we understand the slightly tighter operating environment in China with some capacity restarts, new capacity starting up, lower exports out of Indonesia. So I wanted you to explore two points here on wood chip markets for us. How do you see this backdrop impacting pulp fundamentals and prices going forward? And if you see this upward trend as something more structural or more of a short-term impact?

同樣地，我們理解中國的營運環境略為趨緊：有些產能重啟、新產能投產，以及印尼出口減少。因此我想請你就木片市場幫我們探討兩點：你如何看待這樣的背景對未來紙漿基本面與價格的影響？以及你認為這個上升趨勢是較具結構性，還是偏短期影響？

Okay, Caio. Leo here. I'm going to answer both questions. So first, regarding China and what's going on there. You're right, the demand is positive.

好的，Caio。我是Leo。我會回答兩個問題。首先，關於中國以及那邊正在發生的事。你說得對，需求是正面的。

Paper production has been performing very well, as I mentioned, 15% over what happened in Q1 2025. Domestic consumption is good. Exports have actually even been increasing as well. So all these indexes or KPIs related to paper production and consequently pulp demand are positive. Now I will have to split the answer in two, first analyzing hardwood and then softwood.

如我所提，紙品產量表現非常好，比2025年第一季高出15%。內需良好，出口其實也在增加。因此，所有與紙品生產、進而與紙漿需求相關的指標或KPI都是正面的。接下來我必須把答案分成兩部分，先分析闊葉漿，再分析針葉漿。

On hardwood, we have balanced inventories even trending a bit low. We are seeing a lower trend of imports going into China, meaning that these balanced inventories could even tighten up a bit. And we had on the supply side of the equation, these two major events, being the Indonesian curtailment and also the postponement of OKI taking place.

在闊葉漿方面，我們看到庫存平衡，甚至略偏低。我們也看到進入中國的進口量呈下降趨勢，意味著這些平衡的庫存可能會進一步收緊。而在供給端，我們有兩個重大事件：印尼減產（curtailment），以及OKI延後發生。

So that gives a very favorable condition of which -- or for which we have been exploring month by month in Q1 and increasing prices in China inclusive. Now when we look at softwood, the situation is different.

因此，這帶來非常有利的條件——我們在第一季逐月把握這些條件，並且也在中國調漲價格。現在當我們看針葉漿時，情況就不同了。

First, (technical difficulty) of trying to make moves that will further compromise or that could further compromise us in the midterm.

首先，（技術問題）嘗試採取一些動作，而這些動作會進一步損害、或可能在中期進一步損害我們。

I'm going to move to your wood-related question. As we have been mentioning since Suzano Day on December 11 last year, we at Suzano see that there is enough wood in China to support the new projects up going in this country, the upstream verticalization projects.

我來回答你關於木材的問題。正如我們自去年12月11日的Suzano Day以來一直提到的，Suzano認為中國有足夠的木材來支撐該國正在推進的新專案，也就是上游垂直整合（upstream verticalization）專案。

However, the big question mark is that the prices of this wood to be able to supply not only the new projects, but also now with a further pressure from the full restart of Chenming's operation and pulp production obviously integrated as well. So that will keep putting pressure on the market. We have been seeing wood prices going up.

然而，最大的問號在於：這些木材的價格是否能夠在供應新專案的同時，也因應另一個更大的壓力——晨鳴（Chenming）營運全面重啟，以及其紙漿產能顯然也屬於一體化（integrated）。這將持續對市場造成壓力。我們已經看到木材價格上漲。

Even before what we see are impacts of the Iran war and logistic costs, wood in China -- domestic wood has been increasing $10 to $20 of bone-dry metric tonne and imported wood has been increasing anywhere from $25 to $35, $40 per metric tonne.

甚至在我們看到伊朗戰爭與物流成本的影響之前，中國的木材——國內木材已經每絕乾公噸（bone-dry metric tonne）上漲10到20美元，而進口木材則上漲約每公噸25到35、40美元。

So obviously, that puts a pressure and brings their cost structure up. And it is our view that this will be further incentivized as more and more of these projects are -- have their go live. So it's important to say that when we analyze what's going on today, based on 2024 production, our numbers point out that now pulp producers occupy roughly 15% to 18% of the wood basket today available in China.

因此，這顯然會帶來壓力並推升他們的成本結構。我們的看法是，隨著這些專案越來越多投入運行（go live），這種情況會進一步被強化。重要的是，當我們以2024年的產量為基礎來分析今天的情況時，我們的數據顯示：目前紙漿生產商大約占中國現有木材籃子（wood basket）的15%到18%。

And as I have been saying before, just with the confirmed projects, that would move up to 40-ish percent level. And with the unconfirmed projects, that would move up to almost 80% of the wood basket.

而如我之前所說，僅以已確認的專案來看，這個比例會上升到約40%左右；若再加上未確認的專案，則會上升到接近木材籃子的80%。

Obviously, this analysis does not consider that they are going to import more and more volumes of wood chips as well. So all based on 100% China-based wood supply. But on the other side of the equation, it's important that other uses -- other sectors also use Chinese wood.

顯然，這個分析並未考慮他們也會進口越來越多的木片量。因此這是完全以100%中國本地木材供給為基礎。但在方程式的另一端，也很重要的是：其他用途——其他產業也會使用中國木材。

When we add up the furniture, the packaging and logistics, the forms work or directly linked to construction segments, these segments traditionally use almost 90% of this wood basket available. And we see, obviously, as a result of the lower real estate market that they now use roughly 70%.

當我們把家具、包裝與物流、模板工程（forms work）或與建築相關的領域加總起來，這些領域傳統上使用了可用木材籃子中將近90%的量。而我們看到，顯然因房地產市場走弱，他們現在大約使用70%。

That's our number in terms of this wood basket available. So clearly, there's going to be a shock in the short term, right, as these projects in pulp continue to be deployed. Again, they are roughly at 20% now. And as they keep increasing, this will put a lot of pressure on this wood supply and demand scenario in China, and we expect that this will keep moving up. And then obviously, their cash costs will keep moving up consequently as well.

就我們對可用木材籃子的估算而言是如此。因此很明顯，短期內會出現衝擊，對吧？因為這些紙漿專案持續部署。再次強調，它們目前大約在20%左右；隨著比例持續上升，將對中國木材供需情境造成很大壓力，我們預期這個比例還會繼續上升。然後很顯然，他們的現金成本也會因此持續上升。

Caio Ribeiro, Bank of America.

Caio Ribeiro，美國銀行（Bank of America）。

So I have another question on the pulp market, which is a little bit more longer-term structural in nature, touching on some of the topics that you mentioned in your previous response, Leo, but maybe to dive a little bit deeper, right? I mean you mentioned that 40% of the softwood production right now is underwater. So clearly, something has got to give there.

我還有一個關於紙漿市場的問題，偏向更長期、結構性的層面，會觸及你在上一個回覆中提到的一些主題，Leo，但我想再更深入一點。你提到目前40%的針葉漿產能處於虧損（underwater）。因此很明顯，這裡一定會出現某種調整。

But looking at the hardwood side of things and downstream side of the market, right, we continue to see potential new hardwood market pulp projects contemplated, other projects already confirmed and being built up even at lower pulp prices, which you can argue that maybe the returns aren't there to justify those projects, but they're happening anyway.

但如果看闊葉漿這一端以及市場的下游端，我們仍然看到一些潛在的新闊葉市場紙漿（market pulp）專案正在被考慮，還有其他專案已經確認並在建設中，即使在較低的紙漿價格下也是如此。你可以說也許報酬不足以支撐這些專案，但它們仍然在發生。

Meanwhile, there's integrated capacity additions in China that also keep coming and which generate implications for organic demand growth for market pulp, as Suzano has been flagging, right, in recent presentations.

同時，中國也持續有一體化產能新增，這也會對市場紙漿的有機需求成長產生影響，正如 Suzano 在近期簡報中一直強調的，對吧。

And it also hampers downstream pricing power as well in China, right? So my question to you is what in your view would be the main catalyst? I mean, what really needs to change in the market that could alter this trend, right, and reverse this recurring wave of supply additions, both on the market pulp side of things and integrated side of things in China?

而且這也會削弱中國下游的定價能力，對吧？所以我想問您，您認為主要的催化劑會是什麼？也就是說，市場上究竟需要改變什麼，才能改變這個趨勢，對吧，並扭轉這一波又一波反覆出現的供給新增，不論是在市場紙漿端，還是在中國的一體化端？

And then secondly, a different topic here. But as you look at your operations today, do you see any additional opportunities in your current assets to repurpose some of those assets, right, to shift diversifying into other grades, perhaps reducing your exposure to hardwood market pulp that way, and adding products that have less correlation with drivers for paper-grade pulp like dissolving wood pulp, for example? Those would be my wo questions.

第二個問題是不同的主題。但就您目前的營運來看，您是否在現有資產中看到任何額外機會，可以重新用途化其中一些資產，對吧，轉而多元化到其他等級，例如藉此降低您對闊葉木市場紙漿的曝險，並增加與紙用級紙漿驅動因素相關性較低的產品，例如溶解木漿（dissolving wood pulp）？以上是我的兩個問題。

Looking long term, as we have been presenting, we see an oversupply scenario in the pulp markets despite a constructive view on the increasing demand for pulp. But obviously, due to the fact that we have a headwind coming from verticalization in Asia as well as for the moment two projects by OKI and Arauco confirmed in the pipeline going forward.

從長期來看，正如我們一直在簡報中所呈現的，儘管我們對紙漿需求增加持建設性看法，但我們仍看到紙漿市場存在供給過剩的情境。不過很明顯，原因在於我們同時面臨來自亞洲垂直整合的逆風，以及目前管線中已確認將推進的 OKI 與 Arauco 兩個專案。

But these two by themselves already creates a scenario of oversupply as I have mentioned. So we see that, that rebalancing factors can come, as I also have already said, in one of these four dimensions. First is a recovery of permanent closures as we had seen three, four, five years ago happening, especially in softwood assets.

但僅這兩個專案本身就已經造成我剛才提到的供給過剩情境。因此我們認為，重新平衡的因素可能會出現，正如我也已經說過的，可能來自以下四個面向之一。第一是永久性關閉的回歸（復甦），就像我們在三、四、五年前看到的那樣，尤其發生在針葉木資產上。

Again, as we have mentioned, it seems unsustainable that this much percentage of the global production is bleeding as we speak. And the returning to previous patterns of permanent closures will certainly be one of the key parts to rebalance the total market. The second is a higher amount of commercial related or unexpected downtimes. We are tracking that weekly. We see that growing over 2025, but still not to the levels of 2023 and 2024.

再次強調，正如我們提到的，以目前的情況來看，全球產量中有這麼高比例正在虧損流血，似乎是不可持續的。回到過去永久性關閉的模式，無疑將是重新平衡整體市場的關鍵部分之一。第二是更高程度的商業性或非預期停機。我們每週都在追蹤。我們看到這在 2025 年逐步增加，但仍未達到 2023 與 2024 年的水準。

But as I have mentioned in one of the previous questions, most of this still is hardwood, believe it or not. So we have to see -- or it's reasonable to understand that this decisions will have to be seen on softwood assets as well. Third is the time to market of projects. So on this more challenging market scenario, projects and their time to markets which were previously announced can be reviewed. And this is the case that we have seen for OQ 2.

但如我在前面某個問題中提到的，令人意外的是，這些大多仍是闊葉木。因此我們必須觀察——或合理地理解——這些決策也必須在針葉木資產上出現。第三是專案的上市時間（time to market）。在這種更具挑戰的市場情境下，先前已宣布的專案及其上市時間可能會被重新檢視。我們在 OQ 2 的案例上就已經看到這種情況。

And that can happen to other pulp projects, but also to other verticalization projects in China, which are very much concentrated now. We have a big cycle in the fourth quarter of '26, but it is very unclear and grayish to say when they are actually going to go live and come to market.

這也可能發生在其他紙漿專案上，同時也可能發生在中國其他垂直整合專案上，而這些專案目前高度集中。我們在 2026 年第四季會看到一個大的週期，但它們究竟何時真正投產並進入市場，仍非常不明確、灰色地帶很大。

And fourth, which was Marcio's question, is the unverticalization trend. This is something that we really believe that's going to happen. It's a huge amount, millions and millions of tonnes of the industry, which is verticalized pulp into paper packaging.

第四點，也就是 Marcio 的問題，是去垂直整合（unverticalization）的趨勢。我們確實相信這會發生。這涉及產業中非常龐大的量，數百萬、數百萬噸的產能，是把紙漿垂直整合到紙與包裝。

And it doesn't make sense. Their production costs are way higher than average historic pulp prices. So we really believe that in the western markets, we are going to see this wave of de-verticalization happening in the months to come. And I hope that Suzano is the one that will be able to confirm the first of this project. So again, one of the four, two of the four, three of the four, or these four factors can add up and change market dynamics to rebalance markets going forward.

而這並不合理。它們的生產成本遠高於歷史平均紙漿價格。因此我們確實相信，在西方市場，我們將在未來幾個月看到這波去垂直整合的浪潮。我也希望 Suzano 會是能夠率先確認第一個此類專案的公司。所以再說一次，四個因素中的一個、兩個、三個，或四個因素同時疊加，都可能改變市場動態，讓市場在未來重新平衡。

And again -- sorry, you asked about repurposing assets. Yes, we can do that. We're actually doing that as we speak. We have just confirmed the -- started the fluff production at our Limeira Sao Paulo site. That used to be solely a paper-grade pulp line and it's now producing fluff pulp.

另外——抱歉，您問到資產重新用途化。是的，我們可以這麼做。我們其實正在進行中。我們剛剛確認——已在我們位於聖保羅州 Limeira 的廠址開始絨毛漿（fluff pulp）生產。那原本是一條純粹的紙用級紙漿產線，現在已改為生產絨毛漿。

And we could do that in other locations as well and as well as other alternative pulp fibers like unbleached kraft and other grades as well. So yes, it is an alternative and we're always looking how to tackle these kind of opportunities.

我們也可以在其他地點這麼做，並且也可以轉向其他替代性紙漿纖維，例如未漂白牛皮紙漿（unbleached kraft）以及其他等級。因此，是的，這是一個替代方案，我們也一直在尋找如何把握這類機會。

Perfect. That's very clear. I appreciate that, Leo.

很好。這非常清楚。我很感謝，Leo。

Thank you. The Q&A section is over. We would like to hand the floor back to Mr. Beto Abreu for his final remarks.

謝謝。問答環節到此結束。我們想把時間交還給 Beto Abreu 先生，請他做最後的結語。

Thank you very much for all of you. I actually will take the opportunity of final remarks and to complement a few things on the Caio's question to Leo regarding a little bit more about the mid-, long-term view. So besides what Leo said, Caio, regarding permanent closing that might happen, shutdowns, even de-integration in the western part of the world, we had to share with you that in moments with the level of volatility that we have on the FX side, also on the geopolitical side, the level of confidence that the management has regarding how resilience and the level of robustness of our business increase.

非常感謝各位。我會把握結語的機會，並補充 Caio 對 Leo 的問題中，關於中長期觀點的一些內容。除了 Leo 所說的、Caio，關於可能發生的永久性關閉、停產，甚至在世界西方部分出現去整合（de-integration）之外，我們也想與各位分享：在我們面臨外匯（FX）面以及地緣政治面如此高波動的時刻，管理層對於我們業務韌性與穩健性提升的信心程度也在增加。

So when we look about the mid, long term, besides those things, we also have to consider that consolidation might happen. So relatively, we'll have to analyze and see who will be prepared -- more prepared in the situation like that because that's a natural consequence of a scenario that might happen.

因此，當我們看中長期時，除了那些因素之外，我們也必須考慮可能會發生產業整併（consolidation）。相對而言，我們必須分析並觀察，誰會在那樣的情境下準備得更充分，因為那是某種可能發生情境的自然結果。

So we have different scenario. We don't -- we have optimist, middle and more, let's say, worst-case scenario, and we have to be prepared for any one of them. Just to add those comments on the final remarks. Thank you very much for all of you. And any question -- any further questions, the RI team will be fully available. Thank you very much.

因此我們有不同情境。我們——我們有樂觀、中性以及更……可以說是最差情境，而我們必須為其中任何一種做好準備。以上作為結語補充。非常感謝各位。如有任何問題——任何進一步的問題，投資人關係（RI）團隊都將隨時提供協助。非常感謝。

The Suzano S.A. first quarter of the 2026 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. 2026 年第一季法說會到此結束。投資人關係部門可回答您可能有的進一步問題。謝謝，祝您有美好的一天。