Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Name	Symbol	Market	Type
Suzano SA	NYSE:SUZ	NYSE	Depository Receipt

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	-0.11	-1.06%	10.25	10.40	10.10	10.11	562,883	14:49:12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2024.

Commission File Number 001-38755

Suzano S.A.
(Exact name of registrant as specified in its charter)

SUZANO INC.
(Translation of Registrant’s Name into English)

Av. Professor Magalhaes Neto, 1,752
10th Floor, Rooms 1010 and 1011
Salvador, Brazil 41 810-012
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Enclosures:

Exhibit 99.1 –Unaudited condensed consolidated interim financial information as of March 31, 2024.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 07, 2024


						SUZANO S.A.

			By:			/s/ Marcelo Feriozzi Bacci
			Name:			Marcelo Feriozzi Bacci
			Title:			Chief Financial and Investor Relations Officer



Suzano S.A.

INDEX



CONSOLIDATED BALANCE SHEET			1
CONSOLIDATED STATEMENTS OF INCOME (LOSS)			3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)			4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY			5
CONSOLIDATED STATEMENTS OF CASH FLOW			6
1 COMPANY’S OPERATIONS			7
2 BASIS OF PREPARATION AND PRESENTATION OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION			11
3 SUMMARY OF MATERIAL ACCOUNTING POLICIES			11
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT			12
5 CASH AND CASH EQUIVALENTS			24
6 MARKETABLE SECURITIES			24
7 TRADE ACCOUNTS RECEIVABLE			25
8 INVENTORIES			26
9 RECOVERABLE TAXES			27
10 ADVANCES TO SUPPLIERS			28
11 RELATED PARTIES			28
12 INCOME AND SOCIAL CONTRIBUTION TAXES			30
13 BIOLOGICAL ASSETS			34
14 INVESTMENTS			35
15 PROPERTY, PLANT AND EQUIPMENT			36
16 INTANGIBLE			37
17 TRADE ACCOUNTS PAYABLE			38
18 LOANS, FINANCING AND DEBENTURES			39
19 LEASES			42
20 PROVISION FOR JUDICIAL LIABILITIES			43
21 EMPLOYEE BENEFIT PLANS			45
22 SHARE-BASED COMPENSATION PLAN			46
23 LIABILITIES FOR ASSETS ACQUISITIONS AND SUBSIDIARIES			47
24 SHAREHOLDERS’ EQUITY			47
25 EARNINGS PER SHARE			48
26 NET FINANCIAL RESULT			49
27 NET SALES			50
28 SEGMENT INFORMATION			50
29 INCOME (EXPENSES) BY NATURE			52
30 EVENT AFTER THE REPORTING PERIOD			52



i



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET


	Note	03/31/2024	12/31/2023
ASSETS
CURRENT
Cash and cash equivalents	5	4,203,126	8,345,871
Marketable securities	6	14,671,943	12,823,886
Trade accounts receivable	7	6,634,735	6,848,454
Inventories	8	6,521,769	5,946,948
Recoverable taxes	9	886,659	888,539
Derivative financial instruments	4.5	1,961,643	2,676,526
Advances to suppliers	10	119,962	113,743

Other assets		871,969	925,105
Total current assets		35,871,806	38,569,072

NON-CURRENT
Marketable securities	6	448,077	443,400
Recoverable taxes	9	1,401,124	1,373,647
Deferred taxes	12	1,368,618	545,213
Derivative financial instruments	4.5	1,544,010	1,753,928
Advances to suppliers	10	2,472,894	2,242,229
Judicial deposits		401,758	361,693
Other assets		207,984	182,463

Biological assets	13	18,721,063	18,278,582
Investments	14	620,259	608,013
Property, plant and equipment	15	60,640,882	59,289,069
Right of use	19.1	5,146,347	5,196,631
Intangible	16	14,554,669	14,749,085
Total non-current assets		107,527,685	105,023,953
TOTAL ASSETS		143,399,491	143,593,025

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



1



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED BALANCE SHEET


	Note	03/31/2024	12/31/2023
LIABILITIES
CURRENT
Trade accounts payable	17	4,942,766	5,572,219
Loans, financing and debentures	18.1	5,043,997	4,758,247
Lease liabilities	19.2	759,368	753,399
Derivative financial instruments	4.5	82,556	578,763
Taxes payable		480,149	443,454
Payroll and charges		534,263	766,905
Liabilities for assets acquisitions and subsidiaries	23	94,770	93,405
Dividends and interest on own capital payable		7,078	1,316,528
Advances from customers		154,588	172,437
Other liabilities		314,662	339,683
Total current liabilities		12,414,197	14,795,040

NON-CURRENT
Loans, financing and debentures	18.1	73,905,644	72,414,445
Lease liabilities	19.2	5,534,430	5,490,383
Derivative financial instruments	4.5	2,507,363	1,857,309
Liabilities for assets acquisitions and subsidiaries	23	99,159	93,782
Provision for judicial liabilities	20.1	2,876,590	2,860,409
Employee benefit plans	21.2	839,185	833,683
Deferred taxes	12	12,596	11,377
Share-based compensation plans	22	320,806	268,489
Provision for loss on investments in associates	14	938
Advances from customers		74,715	74,715
Other liabilities		89,269	83,093
Total non-current liabilities		86,260,695	83,987,685
TOTAL LIABILITIES		98,674,892	98,782,725

SHAREHOLDERS’ EQUITY	24
Share capital		9,235,546	9,235,546
Capital reserves		25,321	26,744
Treasury shares		(935,473)	(1,484,014)
Profit reserves		34,522,473	35,376,198
Other reserves		1,522,641	1,538,296
Retained earnings		233,267
Controlling shareholders'		44,603,775	44,692,770
Non-controlling interest		120,824	117,530
Total equity		44,724,599	44,810,300
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		143,399,491	143,593,025

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



2



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF INCOME (LOSS)



	Note	03/31/2024	03/31/2023

NET SALES	27	9,458,602	11,276,383
Cost of sales	29	(5,699,870)	(5,968,674)
GROSS PROFIT		3,758,732	5,307,709

OPERATING INCOME (EXPENSES)
Selling	29	(653,415)	(604,353)
General and administrative	29	(502,975)	(390,235)
Income (expense) from associates and joint ventures	14	(9,907)	14,471
Other, net	29	(40,209)	(21,304)
OPERATING PROFIT BEFORE NET FINANCIAL INCOME (EXPENSES)		2,552,226	4,306,288

NET FINANCIAL INCOME (EXPENSES)	26
Financial expenses		(1,130,400)	(1,159,025)
Financial income		424,217	385,761
Derivative financial instruments		(634,537)	1,995,253
Monetary and exchange variations, net		(1,699,328)	1,248,118
NET INCOME (LOSS) BEFORE TAXES		(487,822)	6,776,395

Income and social contribution taxes
Current	12	(114,354)	(113,777)
Deferred	12	822,208	(1,419,825)
NET INCOME FOR THE PERIOD		220,032	5,242,793

Attributable to
Controlling shareholders’		215,392	5,237,371
Non-controlling interest		4,640	5,422

Earnings per share
Basic	25.1	0.16755	3.96896
Diluted	25.2	0.16747	3.96752

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



3



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)



	03/31/2024	03/31/2023
Net income (loss) for the period	220,032	5,242,793
Other comprehensive income (loss)
Fair value investments in equity measured at fair value through other comprehensive income	258	(634)
Tax effect on the fair value of investments	(88)	216
Items with no subsequent effect on income (loss)	170	(418)

Exchange rate variations on conversion of financial information of the subsidiaries abroad	2,050	(20,439)

Items with subsequent effect on income (loss)	2,050	(20,439)
Total comprehensive income (loss)	222,252	5,221,936

Attributable to
Controlling shareholders’	217,612	5,216,514
Non-controlling interest	4,640	5,422

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



4



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


	Attributable to controlling shareholders’
	Share capital		Capital reserves		Profit reserves
	Share Capital	Share issuance costs	Stock options granted	Treasury shares	Tax incentives	Legal Reserve	Reserve for capital increase	Special statutory reserve	Investment reserve	Other reserves	Retained earnings (losses)	Total	Non-controlling interest	Total equity
Balances at December 31, 2022	9,269,281	(33,735)	18,425	(2,120,324)	879,278	1,404,099	19,732,050	2,192,442		1,719,516		33,061,032	105,333	33,166,365
Total comprehensive income
Net income for the period											5,237,371	5,237,371	5,422	5,242,793
Other comprehensive income (loss) for the period										(20,857)		(20,857)		(20,857)
Transactions with shareholders
Stock options granted (Note 22.3)			2,080									2,080		2,080
Shares granted (Note 22.3)
Share repurchase (note 24.2)				(87,243)								(87,243)		(87,243)
Unclaimed dividends forfeited				1,517,224				(1,517,224)
Fair value attributable to non-controlling interest													(1,344)	(1,344)
Internal changes in equity
Realization of deemed cost, net of taxes										(27,771)	27,771
Balances at March 31, 2023	9,269,281	(33,735)	20,505	(690,343)	879,278	1,404,099	19,732,050	675,218		1,670,888	5,265,142	38,192,383	109,411	38,301,794

Balances at December 31, 2023	9,269,281	(33,735)	26,744	(1,484,014)	998,237	1,847,109	15,670,952	1,887,576	14,972,324	1,538,296		44,692,770	117,530	44,810,300
Total comprehensive income
Net income for the period											215,392	215,392	4,640	220,032
Other comprehensive income (loss) for the period										2,220		2,220		2,220
Transactions with shareholders
Stock options granted (Note 22.3)			3,345									3,345		3,345
Shares granted			(4,768)	4,768
Shares repurchased (Note 24.2)				(309,952)								(309,952)		(309,952)
Treasury shares cancelled (Note 24.2)				853,725			(813,258)	(40,467)
Fair value attributable to non-controlling interest													(1,346)	(1,346)
Internal changes in equity
Realization of deemed cost, net of taxes										(17,875)	17,875
Balances at March 31, 2024	9,269,281	(33,735)	25,321	(935,473)	998,237	1,847,109	14,857,694	1,847,109	14,972,324	1,522,641	233,267	44,603,775	120,824	44,724,599

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



5



			Suzano S.A.
			Unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024
			(In thousands of R$, unless otherwise stated)

CONSOLIDATED STATEMENTS OF CASH FLOW


	03/31/2024	03/31/2023
OPERATING ACTIVITIES
Net income for the period	220,032	5,242,793
Adjustment to
Depreciation, depletion and amortization	1,899,297	1,681,182
Depreciation of right of use (Note 19.1)	82,727	66,532

Interest expense on lease liabilities	109,806	111,966
Result from sale and disposal of property, plant and equipment and biological assets, net (Note 29)	47,554	42,748
Income (expense) from associates and joint ventures (Note 14)	9,907	(14,471)
Exchange rate and monetary variations, net (Note 26)	1,699,328	(1,248,118)
Interest expenses on financing, loans and debentures (Note 26)	1,230,849	1,152,740
Capitalized loan costs (Note 26)	(377,560)	(233,418)
Accrual of interest on marketable securities	(312,425)	(196,013)
Amortization of transaction costs, premium and discounts (Note 26)	17,308	16,206
Derivative gains, net (Note 26)	634,537	(1,995,253)

Deferred income tax and social contribution (Note 12.2)	(822,208)	1,419,825
Interest on actuarial liabilities (Note 21.2)	18,963	17,307
Provision for judicial liabilities, net (Note 20.1)	29,015	33,728
Tax litigation reduction program		14,031
Provision (reversal) for doubtful accounts, net (Note 7.3)	(1,317)	2,890
Provision (reversal) for inventory losses, net (Note 8.1)	8,030	(9,141)
Provision (reversal) for loss of ICMS credits, net (Note 9.1)	(23,763)	77,674

Other	15,121	7,308
Decrease (increase) in assets
Trade accounts receivable	373,116	74,816
Inventories	(298,050)	(371,738)
Recoverable taxes	8,363	(69,807)
Other assets	(15,658)	109,343
Increase (decrease) in liabilities
Trade accounts payable	(141,975)	(144,111)
Taxes payable	90,822	88,148
Payroll and charges	(232,642)	(226,775)
Other liabilities	(15,767)	(115,175)
Cash generated from operations	4,253,410	5,535,217
Payment of interest on financing, loans and debentures (Note 18.3)	(1,749,517)	(1,597,534)
Capitalized loan costs paid	377,560	233,418
Interest received on marketable securities	228,249	168,762
Payment of income taxes	(55,574)	(42,653)
Cash provided by operating activities	3,054,128	4,297,210

INVESTING ACTIVITIES
Additions to property, plant and equipment (Note 15)	(2,556,172)	(2,449,752)
Additions to intangible (Note 16)	(55,110)	(17)
Additions to biological assets (Note 13)	(1,631,502)	(1,393,291)
Proceeds from sales of property, plant and equipment and biological assets	26,719	24,941
Capital increase in affiliates (Note 14.3)	(18,908)	(20,263)
Marketable securities, net	(1,566,266)	(4,734,298)
Advances for acquisition (receipt) of wood from operations with development and partnerships	(235,775)	(261,018)




Cash used in investing activities	(6,037,014)	(8,833,698)

FINANCING ACTIVITIES
Proceeds from loans, financing and debentures (Note 18.3)	4,244,874	50,691
Proceeds from derivative transactions (Note 4.5.4)	444,112	365,724
Payment of loans, financing and debentures (Note 18.3)	(4,038,400)	(59,053)
Payment of leases (Note 19.2)	(320,643)	(292,682)
Payment of interest on own capital	(1,309,450)	5
Liabilities for assets acquisitions and subsidiaries		(16,929)
Shares repurchased (Note 24.2)	(309,952)	(87,243)
Cash provided (used) by financing activities	(1,289,459)	(39,487)

EXCHANGE VARIATION ON CASH AND CASH EQUIVALENTS	129,600	(168,712)

Decrease in cash and cash equivalents, net	(4,142,745)	(4,744,687)
At the beginning of the period	8,345,871	9,505,951
At the end of the period	4,203,126	4,761,264
Decrease in cash and cash equivalents, net	(4,142,745)	(4,744,687)

The accompanying notes are an integral part of this unaudited condensed consolidated interim financial information.



6



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

1 COMPANY’S OPERATIONS

Suzano S.A. (“Suzano”) and its subsidiaries (collectively the “Company”) is a public company with its headquarters in Brazil, at Avenida Professor Magalhães Neto, No. 1,752 - 10th floor, rooms 1010 and 1011, Bairro Pituba, in the city of Salvador, State of Bahia, and its main business office in the city of São Paulo.

Suzano’s shares are traded on B3 S.A. (“Brasil, Bolsa, Balcão - “B3”), listed in the New Market under the ticker SUZB3, and its American Depositary Receipts (“ADRs”) in a ratio of 1 (one) per common share, Level II, are traded in the New York Stock Exchange (“NYSE”) under the ticker SUZ.

The Company has 13 industrial units, located in the cities of Cachoeiro de Itapemirim and Aracruz (Espírito Santo State), Belém (Pará State), Eunápolis and Mucuri (Bahia State), Maracanaú (Ceará State), Imperatriz (Maranhão State), Jacareí, Limeira, Mogi das Cruzes and two units in Suzano, (São Paulo State) and Três Lagoas (Mato Grosso do Sul State). Additionally, it has four technology centers, 30 distribution centers and four ports, all located in Brazil.

These units produce hardwood pulp from eucalyptus, coated paper, paperboard, uncoated paper and cut size paper and packages of sanitary paper (consumer goods - tissue) to serve the domestic and foreign markets.

Pulp and paper are sold in foreign markets by Suzano, as well as through its wholly-owned subsidiaries and/or its sales offices in Argentina, Austria, China, Ecuador, United States of America and Singapore.

The Company's operations also include the commercial management of eucalyptus forest for its own use, the operation of port terminals, and the holding of interests, as a partner or shareholder, in other companies or enterprises, and the generation of electricity in the pulp production process and its commercialization.

The Company is controlled by Suzano Holding S.A., through a voting agreement whereby it holds 47.70% of the common shares of its share capital.

These unaudited condensed consolidated interim financial information was authorized by the Board of Directors on May 07, 2024.



7



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

1.1 Equity interests

The Company holds equity interests in the following entities:


			% equity interest
Entity/Type of investment	Main activity	Country	03/31/2024		12/31/2023
Consolidated
F&E Tecnologia do Brasil S.A. (Direct)	Biofuel production, except alcohol	Brazil	100.00	%	100.00	%
Fibria Celulose (USA) Inc. (Direct)	Business office	United States of America	100.00	%	100.00	%
Fibria Overseas Finance Ltd. (Direct) (1)	Financial fundraising	Cayman Island			100.00	%
Fibria Terminal de Celulose de Santos SPE S.A. (Direct)	Port operations	Brazil	100.00	%	100.00	%
FuturaGene Ltd.	Biotechnology research and development	England	100.00	%	100.00	%
FuturaGene Delaware Inc. (Indirect)	Biotechnology research and development	United States of America	100.00	%	100.00	%
FuturaGene Israel Ltd. (Indirect)	Biotechnology research and development	Israel	100.00	%	100.00	%
FuturaGene Inc. (Indirect)	Biotechnology research and development	United States of America	100.00	%	100.00	%
Maxcel Empreendimentos e Participações S.A. (Direct)	Holding	Brazil	100.00	%	100.00	%
Itacel - Terminal de Celulose de Itaqui S.A. (Indirect)	Port operations	Brazil	100.00	%	100.00	%
Mucuri Energética S.A. (Direct)	Power generation and distribution	Brazil	100.00	%	100.00	%
Paineiras Logística e Transportes Ltda. (Direct)	Road freight transport	Brazil	100.00	%	100.00	%
Portocel - Terminal Espec. Barra do Riacho S.A. (Direct)	Port operations	Brazil	51.00	%	51.00	%
Projetos Especiais e Investimentos Ltda. (Direct)	Commercialization of equipment and parts	Brazil	100.00	%	100.00	%
SFBC Participações Ltda. (Direct)	Packaging production	Brazil	100.00	%	100.00	%
Stenfar S.A. Indl. Coml. Imp. Y. Exp. (Direct)	Commercialization of paper and computer materials	Argentina	100.00	%	100.00	%
Suzano Austria GmbH. (Direct)	Business office	Austria	100.00	%	100.00	%
Suzano Canada Inc. (Direct)	Lignin research and development	Canada	100.00	%	100.00	%
Suzano Ecuador S.A.S. (Direct)	Business office	Ecuador	100.00	%	100.00	%
Suzano Finland Oy (Direct)	Industrialization and commercialization of cellulose, microfiber cellulose and paper	Finland	100.00	%	100.00	%
Suzano International Finance B.V (Direct)	Financial fundraising	Netherlands	100.00	%	100.00	%
Suzano International Holding B.V. (Direct)	Holding	Netherlands	100.00	%	100.00	%
Suzano International Trade GmbH. (Direct)	Business office	Austria	100.00	%	100.00	%



8



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024


			% equity interest
Entity/Type of investment	Main activity	Country	03/31/2024		12/31/2023
Suzano Material Technology Development Ltd. (Direct)	Biotechnology research and development	China	100.00	%	100.00	%
Suzano Netherlands B.V. (Direct)	Financial fundraising	Netherlands	100.00	%	100.00	%
Suzano Operações Industriais e Florestais S.A. (Direct)	Industrialization, commercialization and exporting of pulp	Brazil	100.00	%	100.00	%
Suzano Pulp and Paper America Inc. (Direct)	Business office	United States of America	100.00	%	100.00	%
Suzano Pulp and Paper Europe S.A. (Direct)	Business office	Switzerland	100.00	%	100.00	%
Suzano Shanghai Ltd. (Direct)	Business office	China	100.00	%	100.00	%
Suzano Shanghai Trading Ltd. (Direct)	Financial fundraising	China	100.00	%	100.00	%
Suzano Singapura Pte. Ltd (Direct)	Business office	Singapore	100.00	%	100.00	%
Suzano Trading International KFT(Direct)	Business office	Hungary	100.00	%	100.00	%
Suzano Ventures LLC (Direct)	Corporate venture capital	United States of America	100.00	%	100.00	%

Joint operation
Veracel Celulose S.A. (Direct)	Industrialization, commercialization and exporting of pulp	Brazil	50.00	%	50.00	%

Equity
Biomas Serviços Ambientais, Restauração e Carbono S.A. (Direct)	Restoration, conservation and preservation of forests	Brazil	16.66	%	16.66	%
Ensyn Corporation (Direct)	Biofuel research and development	United States of America	25.53	%	25.53	%
F&E Technologies LLC (Direct/Indirect)	Biofuel production, except alcohol	United States of America	50.00	%	50.00	%
Ibema Companhia Brasileira de Papel (Direct)	Industrialization and commercialization of paperboard	Brazil	49.90	%	49.90	%
Spinnova Plc (Direct)	Research of sustainable raw materials for the textile industry	Finland	18.78	%	18.78	%
Woodspin Oy (Direct/Indirect)	Development and production of cellulose-based fibers, yarns and textile filaments	Finland	50.00	%	50.00	%

Fair value through other comprehensive income
Celluforce Inc. (Direct)	Nanocrystalline pulp research and development	Canada	8.28	%	8.28	%
Nfinite Nanotechnology Inc. (Indirect) (2)	Research and development of smart nanocoatings	Canada	5.00	%

(1)On March 27, 2024, the entity was liquidated.

(2)On March 8, 2024, Suzano Ventures LLC acquired equity interest in the legal entity Nfinite Nanotechnology Inc., which is an indirect subsidiary of Suzano S.A.



9



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

1.2 Major events in the three-month period ended March 31, 2024

1.2.1 Effects of the war between Russia and Ukraine, and Middle East conflict

The Company has continuously monitored the impacts of the current war between Russia and Ukraine, and the Middle East conflict, both direct and indirect, on society, the economy and markets (global and domestic), with the objective of evaluating possible impacts and risks for the business.

The Company's assessment has covered five main areas:

(i)Personnel: Suzano has local employees and facilities in the city of Rehovot in Israel, through its subsidiary, FuturaGene Israel Ltd. The Company continuously monitors the situation.

In the context of the conflict between Russia and Ukraine, Suzano does not have employees or facilities of any kind in locations related to the conflict.

(ii)Supply Chain: the Company did not identify any short-term or long-term risk of possible interruptions or shortages of materials for its industrial and forestry activities. So far, the only effects observed have been greater volatility in commodities and energy prices.

(iii)Logistics: internationally, there was no change in the Company’s logistical operations, with all the routes used remaining unchanged and the moorings in the planned locations being maintained. At the domestic level, no changes in logistical flows were identified.

(iv)Commercial: to date, the Company has continued with its transactions as planned, maintaining service to its customers in all its sectors of activity. Sales to a few customers located in Russia were suspended, without any significant financial impact.

(v)Continuity of operations: The conflict in Israel may result in disruptions to biotechnology research and development operations at FuturaGene Israel Ltd.

As a result of the current scenario, the Company has taken steps to expand its monitoring of the situation, together with its main stakeholders, in order to ensure any updates and information flows required for its global decision-making are available in a timely manner.

1.2.2 Cerrado Project

On October 28, 2021, the Company's Board of Directors approved the realization of the Cerrado Project, which consists of building a pulp production mill in the municipality of Ribas do Rio Pardo, in the state of Mato Grosso do Sul.

The plant will have an estimated nominal capacity of 2,550,000 tons of eucalyptus pulp production per year, with an estimated period for starting operations in the first semester of 2024. The total investment is R$22,200,000, with substantial payments during the years of 2021 to 2025.

1.2.3 Cancellation of shares and new share buyback program

On January 26, 2024, the Board of Directors approved the cancellation of 20,000,000 common shares, with an average cost of R$42.69 (forty-two reais and sixty-nine cents) per share, in the amount of R$853,725, which were held in treasury, without changing the share capital and against the balances of retained earnings reserves available. After the cancellation of the shares, the share capital of R$9,269,281 is divided into 1,304,117,615 common shares, all nominative, book-entry and with no par value.

On the same date, the Company decided on a new share buyback program, in which it may acquire up to a maximum of 40,000,000 (forty million) common shares of its own issue with a maximum period of 18 (eighteen) months, which will end on July 26, 2025.



10



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

2 BASIS OF PREPARATION AND PRESENTATION OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The Company’s unaudited condensed consolidated interim financial information, for the three-month period ended March 31, 2024, are prepared in compliance with the international standard IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and disclose all the applicable significant information related to the financial information, which is consistent with the information used by Management in the performance of its duties.

The Company’s unaudited condensed consolidated interim financial information are expressed in thousands of Brazilian Reais (“R$”), as well as the amounts of other currencies, when applicable, were also expressed in thousands, unless otherwise stated.

The preparation of unaudited condensed consolidated interim financial information requires Management to make judgments, use estimates and adopt policies in the process of applying accounting practices that affect the disclosed amounts of revenues, expenses, assets and liabilities, including the disclosure of contingent liabilities assumed. However, the uncertainty inherent to these judgements, assumptions and estimates could result in material adjustments to the carrying amount of certain assets and liabilities in future periods.

The Company reviews its judgments, estimates and assumptions continually as disclosed in the annual financial statements for the year ended December 31, 2023 (Note 3.2.34). For the three-month period ended March 31, 2024, there were no changes in these judgments, estimates and assumptions compared to disclosed on December 31, 2023.

The unaudited condensed consolidated interim financial information was prepared on historical cost basis, except for the following material items recognized:

(i)Derivative and non-derivative financial instruments measured at fair value;

(ii)Share-based payments and employee benefits measured at fair value; and

(iii)Biological assets measured at fair value;

The unaudited condensed consolidated interim financial information was prepared under the going concern assumption.

3 SUMMARY OF MATERIAL ACCOUNTING POLICIES

The unaudited condensed consolidated interim financial information was prepared based on the information of Suzano and its subsidiaries on the same base date, except for associates Ensyn, Futuragene and Spinnova, as well as in accordance with consistent accounting policies and practices.

The unaudited condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2023, considering that its purpose is to provide an update on the activities, events and significant circumstances in relation to those disclosed in the consolidated financial statements. Therefore, unaudited condensed consolidated interim financial information focus on new activities, events and circumstances and do not duplicate the information previously disclosed, except when Management judges that the maintenance of the information is relevant.

The accounting policies have been consistently applied to all consolidated companies.

There were no changes on such policies and estimates calculation methodologies, which were disclosed in the annual financial statements of December 31, 2023.



11



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT

4.1 Financial risks management

4.1.1 Overview

In the three-month period ended March 31, 2024, there were no significant changes in the financial risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2023 (Note 4).

The Company maintained its conservative approach and strong cash and marketable securities position, as well as its hedging policy.

4.1.2 Classification

All transactions with financial instruments are recognized for accounting purposes and classified in the following categories:


	Note	03/31/2024	12/31/2023
Assets
Amortized cost
Cash and cash equivalents	5	4,203,126	8,345,871
Trade accounts receivable	7	6,634,735	6,848,454

Other assets (1)		703,249	737,222
		11,541,110	15,931,547
Fair value through other comprehensive income
Investments	14.1	28,970	23,606
		28,970	23,606
Fair value through profit or loss
Derivative financial instruments	4.5.1	3,505,653	4,430,454
Marketable securities	6	15,120,020	13,267,286
		18,625,673	17,697,740
		30,195,753	33,652,893
Liabilities
Amortized cost
Trade accounts payable	17	4,942,766	5,572,219
Loans, financing and debentures	18.1	78,949,641	77,172,692
Lease liabilities	19.2	6,293,798	6,243,782
Liabilities for assets acquisitions and subsidiaries	23	193,929	187,187
Dividends and interests on own capital payable		7,078	1,316,528
Other liabilities (1)		117,098	116,716
		90,504,310	90,609,124
Fair value through profit or loss
Derivative financial instruments	4.5.1	2,589,919	2,436,072
		2,589,919	2,436,072
		93,094,229	93,045,196
		62,898,476	59,392,303

(1)Does not include items not classified as financial instruments.



12



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.1.3 Fair value of loans and financing

The estimated fair values of loans and financing are set forth below:


	Yield used to discount/methodology	03/31/2024	12/31/2023
Quoted in the secondary market
In foreign currency
Bonds	Secondary Market	39,682,795	38,703,379
Estimated present value
In foreign currency
Export credits (“Prepayment”)	SOFR	18,567,479	17,783,760
Assets Financing	SOFR	415,868	278,107
IFC - International Finance Corporation	SOFR	3,310,378	3,198,761
BNDES - Currency basket	DI 1
In local currency
BNDES – TJLP	DI 1	209,493	215,458
BNDES – TLP	DI 1	2,569,170	2,712,762
BNDES – Fixed	DI 1	2,959	3,903
BNDES – Selic (“Special Settlement and Custody System”)	DI 1	687,691	686,798
Assets Financing	DI 1	75,727	75,622
Debentures	DI 1/IPCA	8,904,672	8,881,277
NCE (“Export Credit Notes”)	DI 1	107,381	110,396
NCR (“Rural Credit Notes”)	DI 1	2,360,685	2,228,806
Export credits (“Prepayment”)	DI 1	844,798	824,035
		77,739,096	75,703,064

The book values of loans and financing are disclosed in Note 18.

Management considers that, for its other financial assets and liabilities measured at amortized cost, their book values approximate their fair values, and therefore the fair value information is not being presented.

4.2 Liquidity risk management

The Company’s purpose is to maintain a strong cash and marketable securities position to meet its financial and operating commitments. The amount held in cash is intended to cover the expected outflows in the normal course of its operations, while the cash surplus is generally invested in highly liquid financial investments according to the Cash Management Policy.

The cash position is monitored by the Company’s Management, by means of management reports and participation in performance meetings with determined frequencies. During the three-month period ended March 31, 2024, the variations in cash and marketable securities were as expected, and the cash generated from operations was mostly used for investments and debt service.

All derivative financial instruments were traded over the counter and do not require deposit guarantee margins.

The remaining contractual maturities of financial liabilities are presented as of the balance sheet date. The amounts as set forth below consist of undiscounted cash flow, and include interest payments and exchange rate variations, and therefore may not reconcile with the amounts disclosed in the balance sheet.



13



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024


						03/31/2024
	Book value	Undiscounted cash flow	Up to 1 year	1 - 2 years	2 - 5 years	More than 5 years
Liabilities
Trade accounts payables	4,942,766	4,942,766	4,942,766
Loans, financing and debentures	78,949,641	108,119,681	7,461,736	11,527,112	44,823,040	44,307,793
Lease liabilities	6,293,798	11,081,535	1,179,574	1,389,557	2,459,741	6,052,663
Liabilities for asset acquisitions and subsidiaries	193,929	221,124	96,828	18,900	89,804	15,592
Derivative financial instruments	2,589,919	3,700,014	86,443	1,232,234	1,124,775	1,256,562
Dividends and interests on own capital payable	7,078	7,078	7,078
Other liabilities	117,098	117,098	58,893	58,205
	93,094,229	128,189,296	13,833,318	14,226,008	48,497,360	51,632,610


						12/31/2023
	Book value	Undiscounted cash flow	Up to 1 year	1 - 2 years	2 - 5 years	More than 5 years
Liabilities
Trade accounts payables	5,572,219	5,572,219	5,572,219
Loans, financing and debentures	77,172,692	105,526,852	7,648,237	12,983,542	31,355,362	53,539,711
Lease liabilities	6,243,782	11,021,519	1,172,568	1,045,795	2,743,793	6,059,363
Liabilities for asset acquisitions and subsidiaries	187,187	215,891	94,948	18,314	87,520	15,109
Derivative financial instruments	2,436,072	2,801,258	66,433	1,278,953	1,191,014	264,858
Dividends and interests on own capital payable	1,316,528	1,316,528	1,316,528
Other liabilities	116,716	116,716	58,955	57,761
	93,045,196	126,570,983	15,929,888	15,384,365	35,377,689	59,879,041

4.3 Credit risk management

In the three-month period ended March 31, 2024, there were no significant changes in the credit risk management policies compared to those disclosed in the annual financial statements for the year ended of December 31, 2023 (Note 4).

4.4 Market risk management

In the three-month period ended March 31, 2024, there were no significant changes in the market risk management policies and procedures compared to those disclosed in the annual financial statements for the year ended December 31, 2023 (Note 4).



14



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.4.1 Exchange rate risk management

As disclosed in the financial statements for the year ended December 31, 2023 (Note 4), the Company enters into U.S.Dollar selling transactions in the futures markets, including strategies involving options, to ensure attractive levels of operating margins for a portion of revenue. Such transactions are limited to a percentage of the net surplus foreign currency over a 24-months’ time horizon and therefore, are matched to the availability of currency for sale in the short term. The Company's Board of Directors approved the contracting of extraordinary hedge, in addition to the strategy mentioned above, for investments in the Cerrado Project, with a term of up to 36 months as of November 2021, in an amount of up to US$1,000,000. On July 27, 2022, the Board of Directors approved the expansion of the program, increasing the maximum amount (notional) to US$1,500,000, maintaining the previously established deadline. In order to provide transparency on the hedge program for the Cerrado Project, since December 31, 2021 the Company has started to prominently disclose the respective contracted operations.

The assets and liabilities that are exposed to foreign currency, substantially in U.S. Dollars, are set forth below:


	03/31/2024	12/31/2023
Assets
Cash and cash equivalents	1,145,829	6,432,557
Marketable securities	5,217,853	7,378,277
Trade accounts receivable	4,887,668	5,049,609
Derivative financial instruments	2,789,018	3,070,594
	14,040,368	21,931,037
Liabilities
Trade accounts payable	(1,088,141)	(1,625,011)
Loans and financing	(63,568,492)	(61,304,673)
Liabilities for asset acquisitions and subsidiaries	(132,557)	(127,598)
Derivative financial instruments	(2,284,198)	(1,867,882)
	(67,073,388)	(64,925,164)
	(53,033,020)	(42,994,127)

4.4.1.1 Sensitivity analysis – foreign exchange rate exposure – except for derivative financial instruments

For market risk analysis, the Company uses scenarios to evaluate both its asset and liability positions in foreign currency, and the possible effects on its results. The probable scenario represents the amounts recognized, as they reflect the conversion into Brazilian Reais on the balance sheet date (R$ to U.S.$ = R$4.9962).

This analysis assumes that all other variables, particularly interest rates, remain constant. The other scenarios considered the depreciation of the Brazilian Real against the U.S. Dollar at the rates of 25% and 50% before taxes.



15



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

The following table set forth the potential impacts at their absolute amounts:


	03/31/2024
	Effect on profit or loss
	Probable (base value)	Possible (25%)	Remote (50%)
Cash and cash equivalents	1,145,829	286,457	572,915
Marketable securities	5,217,853	1,304,463	2,608,927
Trade accounts receivable	4,887,668	1,221,917	2,443,834
Trade accounts payable	(1,088,141)	(272,035)	(544,071)
Loans and financing	(63,568,492)	(15,892,123)	(31,784,246)
Liabilities for asset acquisitions and subsidiaries	(132,557)	(33,139)	(66,279)

4.4.1.2 Sensitivity analysis – foreign exchange rate exposure – derivative financial instruments

The Company has sales operations in US$ in the futures markets, including strategies using options, to ensure attractive levels of operating margins for a portion of its revenue. These operations are limited to a percentage of the total exposure to US$ over a 24-month horizon, or to investments in the Cerrado Project, according to the extraordinary hedge described above, and are therefore pegged to the availability of ready-to-sell foreign exchange in the short term.

In addition to the transaction described above, the Company also taken out derivative instruments linked to the US$ and subject to exchange fluctuations, seeking to adjust the debt's currency indexation to the cash generation currency, as provided for in its financial policies.

For the calculation of the mark-to-market (“MtM”) price, the exchange rate of the last business day of the period is used. These market movements caused a negative impact on the mark-to-market position entered into by the Company.

This analysis below assumes that all other variables, particularly the interest rates, remain constant. The other scenarios considered the depreciation of the Brazilian Real against the US$ by 25% and 50%, before taxes, based on the base scenario on March 31, 2024.

The following table set out the possible impacts assuming these scenarios:


	03/31/2024
	Effect on profit or loss
	Probable (base value)	Possible 25%	Remote 50%
Dollar/Real
Derivative financial instruments
Derivative options	1,307,777	(3,763,848)	(9,147,180)
Derivative swaps	(834,843)	(1,962,332)	(3,918,962)
Derivative Non-Deliverable Forward (‘NDF’) Contracts	95,988	(518,817)	(1,037,661)
Embedded derivatives	197,318	(126,255)	(252,510)
NDF parity derivatives (1)	37,094	7,884	16,880
Commodity Derivatives	112,399	28,106	56,206

Dollar/Euro
Derivative financial instruments
NDF parity derivatives (1)	37,094	(213,274)	(426,549)

(1)Long positions at US$/EUR parity in order to protect the Capex cash flow of the Cerrado Project against the appreciation of the Euro.



16



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.4.2 Interest rate risk management

Fluctuations in interest rates could increase or reduce the costs of new loans and existing contracted operations.

The Company is constantly looking for alternatives for the use of financial instruments in order to avoid negative impacts on its cash flow due to fluctuations in interest rates in Brazil or abroad.

4.4.2.1 Sensitivity analysis – exposure to interest rates – except for derivative financial instruments

For its market risk analysis, the Company uses scenarios to evaluate the sensitivity of changes in operations impacted by the following rates: Interbank Deposit Rate (“CDI”), Long Term Interest Rate (“TJLP”), Special System for Settlement and Custody (“SELIC”) and SOFR, which could impact the results. The probable scenario represents the amounts already booked, as they reflect Management’s best estimates.

This analysis assumes that all other variables, particularly exchange rates, will remain constant. The other scenarios considered a depreciation of 25% and 50% in market interest rates.

The following table set forth the possible impacts assuming these scenarios in absolute amounts:


	03/31/2024
	Effect on profit or loss
	Probable	Possible (25%)	Remote (50%)
CDI/SELIC
Cash and cash equivalents	2,983,209	(79,428)	(158,856)
Marketable securities	9,698,406	(258,220)	(516,440)
Loans and financing	8,938,421	237,985	475,971
TJLP
Loans and financing	236,864	3,867	7,734
SOFR
Loans and financing	21,093,446	281,070	562,140

4.4.2.2 Sensitivity analysis – exposure to interest rates – derivative financial instruments

This analysis assumes that all other variables remain constant. The other scenarios considered a depreciation of 25% and 50% in market interest rates.

The following table sets out the possible impacts of these assumed scenarios:

03/31/2024

Effect on profit or loss

Probable

Probable 25%

Remote 50%

CDI

Derivative financial instruments

Liabilities

Derivative options

1,307,777

(406,268)

(786,201)

Derivative swaps

(834,843)

(31,958)

(65,457)

SOFR

Derivative financial instruments

Liabilities

Derivative swaps

(834,843)

(10,925)

(18,378)



17



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.4.2.3 Sensitivity analysis to changes in the consumer price indices of the US economy

For the measurement of the probable scenario, the United States Consumer Price Index (“US-CPI”) was considered on March 31, 2024. The probable scenario was extrapolated considering a depreciation of 25% and 50% in the US-CPI to define the possible and remote scenarios, respectively.

The following table sets out the possible impacts, assuming these scenarios in absolute amounts:

03/31/2024

Effect on profit or loss

Probable (base value)

Possible (25%)

Remote (50%)

Embedded derivative in a commitment to purchase standing wood, originating from a forest partnership agreement

197,318

(33,193)

(68,466)

4.4.3 Commodity price risk management

The Company is exposed to commodity prices, mainly in the selling price of pulp in the international market. The dynamics of rising and falling production capacities in the global market and macroeconomic conditions may impact the Company´s operating results.

Through a specialized team, the Company monitors hardwood pulp prices and analyses future trends, adjusting the forecasts aimed at assisting with preventive measures to calculate the different scenarios. There is no sufficiently liquid financial market to mitigate the risk of a material portion of the Company’s operations. Hardwood pulp price protection instruments available on the market have low liquidity and low volume, and high levels of distortion in price formation.

The Company is also exposed to international oil prices, reflected in logistical costs for selling in the export market, and indirectly in the costs of other supply, logistics and service contracts. In such cases, the Company evaluates whether to contract derivative financial instruments to mitigate the risk of price variations in its results.

4.5 Derivative financial instruments

The Company determines the fair value of derivative contracts, which differ from the amounts realized in the event of early settlement due to bank spreads and market factors at the time of quotation. The amounts presented by the Company are based on an estimate using market factors and use data provided by third parties, measured internally and compared to calculations performed by external consultants and by counterparties.

Details of derivative financial instruments and their respective calculation methodologies are disclosed in the annual financial statements for the year ended December 31, 2023 (Note 4).



18



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.5.1 Outstanding derivatives by contract type, including embedded derivatives

The positions of outstanding derivatives are set forth below:


	Notional value, net in U.S.$		Fair value in R$
	03/31/2024	12/31/2023	03/31/2024	12/31/2023
Instruments as part of protection strategy
Operational hedges
Zero Cost Collar	5,254,000	4,500,200	1,307,777	1,968,337
NDF (R$ x US$)	420,000	505,000	95,988	162,776
NDF (€ x US$)	164,400	262,088	37,094	100,362

Debt hedges
Swap SOFR to Fixed (US$)	1,598,038	2,555,626	452,625	741,492
Swap IPCA to CDI (notional in Brazilian Reais)	4,211,759	4,274,397	(138,399)	47,645

Swap CDI x Fixed (US$)	1,248,518	1,025,000	(1,149,055)	(1,081,964)
Pre-fixed Swap to US$ (US$)		200,000		(203,045)
Swap CDI x SOFR (US$)	350,000	125,000	15,698	25,774
Swap SOFR to SOFR (US$)	150,961	150,961	(15,711)	(16,615)

Commodity Hedge
Swap US$ e US-CPI (1)	131,296	131,510	197,318	230,471
Zero Cost Collar (Brent)	149,205	163,100	39,265	(3,148)
Swap VLSFO/Brent	113,849	142,794	73,134	22,297
			915,734	1,994,382
Current assets
Non-current assets			1,961,643	2,676,526
Current liabilities			1,544,010	1,753,928
Non-current liabilities			(82,556)	(578,763)
			(2,507,363)	(1,857,309)
			915,734	1,994,382

(1)The embedded derivative refers to a swap contract for the sale of price variations in United States Dollars and US-CPI within the term of a forest partnership with a standing wood supply contract.

The current contracts and the respective protected risks are set forth below:

(i)Swap CDI x Fixed US$: positions in conventional swaps exchanging the variation of the Interbank Deposit rate (“DI”) for a fixed rate in United States Dollars (“US$”). The objective is to change the debt indexed in Brazilian Reais to US$, in compliance with the Company's natural exposure to US$ receivables.

(ii)Swap IPCA x CDI (notional in Brazilian Reais): positions in conventional swaps exchanging the variation of the Amplified Consumer Price Index (“IPCA”) for the DI rate. The objective is to change the debt indexed in reais, in compliance with the Company's cash position in Brazilian Reais, which is also indexed to DI.

(iii)Swap SOFR x Fixed US$: positions in conventional swaps exchanging a post-fixed rate (SOFR) for a fixed rate in US$. The objective is to protect the cash flow against changes in the US interest rate.

(iv)Pre-Fixed Swap R$ x Fixed US$: positions in conventional swaps of a fixed rate in Reais for a fixed rate in US$. The objective is to change the exposure of debts in Brazilian Reais to US$, in compliance with the Company's natural exposure to US$ receivables.

(v)SOFR x SOFR Swap: swap position exchanging a fixed rate added to SOFR for another fixed rate added to SOFR. The objective is to generate a fee discount for Prepayment with the banking institution, allowing for reversal mechanisms.



19



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

(vi)CDI x SOFR Swap: positions in conventional swaps exchanging the variation in the Interbank Deposit rate (“DI”) for a post-fixed rate (“SOFR”) in United States Dollars (“US$”). The objective is to change the debt index in reais to US$, aligning with the natural exposure of the Company's US$ receivables and capturing a lower cost of debt through the fluctuation of SOFR rate projections.

(vii)Zero Cost Collar: positions in an instrument that consists of the simultaneous combination of a purchase of put options and the sale of call options in US$, with the same principal amount and maturity, with the objective of protecting the cash flow of exports. Under this strategy, an interval is established where there is no deposit or receipt of financial margin at the option maturity. The objective is to protect the cash flow of exports against the depreciation of the Brazilian Real.

(viii)Non-Deliverable Forward contracts (“NDF”): short positions in US$ futures contracts with the objective of protecting the cash flow from exports against the depreciation of the Brazilian Real.

(ix)Swap US-CPI: The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.

(x)Non-Deliverable Forward contracts: EUR and US$: call positions at EUR/US$ parity to protect the Capex cash flow of the Cerrado project against the appreciation of the Euro.

(xi)Swap Very Low Sulphur Fuel Oil / Brent (“VLSFO”): Long positions in oil, aimed at hedging logistical costs related to maritime freight contracts against the increase in oil prices.

(xii)Zero Cost Collar (Brent): positions in an instrument that consists of the simultaneous combination of buying call options and selling put options for oil - Brent, with the same principal value and maturity, with the objective of protecting input costs of oil derivatives. In this strategy, an interval is established where there is no deposit or receipt of financial margin at the expiration of the options. The objective is to protect costs against rising oil prices.

The variation in the fair values of derivatives on March 31, 2024 compared to the fair values measured on December 31, 2023 are explained substantially by the depreciation of the Brazilian Real against the US Dollar and by settlements during the period. There were also impacts caused by the variations in the Pre Fixed, Foreign Exchange Coupon and SOFR curves in the operations.

It is important to highlight that the outstanding agreements on March 31, 2024 are over-the-counter market operations, without any type of collateral margin or forced early settlement clause due to variations from market marking.

4.5.2 Fair Value Maturity Schedule


	03/31/2024	12/31/2023
2024	1,879,087	2,097,763
2025	(183,928)	233,072
2026	(583,430)	(574,871)
2027 onwards	(195,995)	238,418
	915,734	1,994,382



20



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.5.3 Outstanding assets and liabilities derivatives positions

The outstanding derivatives positions are set forth below:


		Notional value		Fair value
	Currency	03/31/2024	12/31/2023	03/31/2024	12/31/2023
Debt hedges
Assets
Swap CDI to Fixed	US$	5,007,955	3,898,011	454,027	223,776
Swap Pre-Fixed to US$	US$		738,800
Swap SOFR to Fixed	US$	1,598,038	2,555,626	478,393	1,104,984
Swap IPCA to CDI	R$	4,322,848	4,320,471	110,101	161,542

Swap CDI to SOFR	US$	1,762,475	644,850	249,509	32,560
Swap SOFR to SOFR	US$	150,961	150,961	6,316	6,681
				1,298,346	1,529,543
Liabilities
Swap CDI to Fixed	US$	1,248,518	1,025,000	(1,603,082)	(1,305,740)
Swap Pre-Fixed to US$	US$		200,000		(203,045)
Swap SOFR to Fixed	US$	1,598,038	2,555,626	(25,768)	(363,492)
Swap IPCA to CDI	R$	4,211,759	4,274,397	(248,500)	(113,897)

Swap CDI to SOFR	US$	350,000	125,000	(233,811)	(6,786)
Swap SOFR to SOFR	US$	150,961	150,961	(22,027)	(23,296)
				(2,133,188)	(2,016,256)
				(834,842)	(486,713)
Operational hedge
Zero Cost Collar (US$ x R$)	US$	5,254,000	4,500,200	1,307,777	1,968,337
NDF (R$ x US$)	US$	420,000	505,000	95,988	162,776
NDF (€ x US$)	US$	164,400	262,088	37,094	100,362
				1,440,859	2,231,475
Commodity hedge
Swap US-CPI (standing wood) (1)	US$	131,296	131,510	197,318	230,471
Zero Cost Collar (Brent)	US$	149,205	163,100	39,265	(3,148)
Swap VLSFO/Brent	US$	113,849	142,794	73,134	22,297
				309,717	249,620
				915,734	1,994,382

(1)The embedded derivative refers to the swap contracts for selling price variations in US$ and the US-CPI in forest partnership with a standing wood supply contract.



21



			Suzano S.A.
			Notes to the unaudited condensed consolidated interim financial information
			Three-month period ended March 31, 2024

4.5.4 Fair value settled amounts

The settled derivatives positions are set forth below:


	03/31/2024	12/31/2023
Operational hedge
Zero Cost Collar (R$ x US$)	271,915	2,987,953
NDF (R$ x US$)	17,862	155,458
NDF (€ x US$)	31,954	84,332
	321,731	3,227,743

Commodity hedge	32,327	80,516
Swap VLSFO/other	32,327	80,516

Debt hedge
Swap CDI to Fixed (US$)	41,112	(438,417)
Swap IPCA to CDI (Brazilian Reais)	(9,358)	256,683
Swap IPCA to Fixed (US$)		21,139
Swap Pre-Fixed to US$	(221,462)	(104,827)
Swap SOFR to SOFR	800
Swap CDI to SOFR (US$)	1,847	7,729
Swap SOFR to Fixed (US$)	277,115	508,720
	90,054	251,027
	444,112	3,559,286

4.6 Fair value hierarchy

Financial instruments are measured at fair value, which considers the fair value as the price that would be received from selling an asset or paid to transfer a liability in an unforced transaction between market participants at the measurement date.

For the three-month period ended March 31, 2024, there were no changes between the 3 (three) levels of hierarchy and no transfers between levels 2 and 3.


			03/31/2024
	Level 2	Level 3	Total
Assets
At fair value through profit or loss
Derivative financial instruments	3,505,653		3,505,653
Marketable securities	15,120,020		15,120,020
	18,625,673		18,625,673
At fair value through other comprehensive income
Other investments		28,970	28,970
		28,970	28,970

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