Suzano 4Q25: Volume Recovery Supports Healthy Cash Generation

Higher volumes and improved cost efficiency lift EBITDA ahead of consensus and reinforce free cash flow momentum

We continue to view Suzano as a high-quality BBB- credit in LatAm, supported by its global cost leadership in hardwood pulp, diversified revenue base, and disciplined financial policy. Spreads have tightened modestly versus 3Q25 and, in our view, now appear broadly fair across most of the curve. Accordingly, we maintain a Neutral recommendation at the issuer level while identifying selective relative value opportunities within the curve, particularly in the 2031s and 2032s.