Suzano: Deleveraging Continues, End Of Downtime Should Improve Unit Economics

  • Suzano faced cash cost pressures from maintenance downtime, but Cerrado volumes and favorable supply effects helped defend against declining pulp prices. Key highlights include a 6% net debt decline on a quarterly basis which demonstrates the fast deleveraging rate. Higher wood and logistics costs impacted margins in addition to downtime, but some a positive vector to pulp cash costs will be inevitable with the end of latest maintenance.