v3.26.1
Financial instruments and risk management
 6 Months Ended
Jun. 30, 2026
Financial Instruments and Risk Management [Abstract]  
Disclosure of financial instruments [text block]
4 FINANCIAL INSTRUMENTS AND RISKS MANAGEMENT
4.1 Financial risks management
4.1.1 Overview
In the six-month period ended June 30, 2026, there were no transfers of financial instruments between Levels 1, 2 and 3 of the fair value hierarchy and 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, 2025 (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:
Note06/30/202612/31/2025
Assets
Amortized cost
Cash and cash equivalents
9
16,645,571 
15,179,753 
Trade accounts receivable
11
6,214,486 
6,560,607 
Other assets (1)

610,974 
595,069 

23,471,031 
22,335,429 
Fair value through other comprehensive income

Investments (2)
18.1
862,512 
901,181 

862,512 
901,181 
Fair value through profit or loss

Derivative financial instruments (3)
4.5.1
11,904,392 
9,571,661 
Marketable securities (4)
10
9,972,011 
10,252,454 

21,876,403 
19,824,115 

46,209,946 
43,060,725 
Liabilities

Amortized cost

Trade accounts payable
21
5,585,058 
5,141,386 
Loans, financing and debentures
22.1
92,706,122 
94,801,257 
Lease liabilities
23.2
6,707,418 
6,929,890 
Dividends payable

7,352 
1,393,121 
Other liabilities (1)

318,169 
236,724 

105,324,119 
108,502,378 
Fair value through profit or loss

Derivative financial instruments (3)
4.5.1
8,438,336 
9,341,349 

8,438,336 
9,341,349 

113,762,455 
117,843,727 

67,552,509 
74,783,002 
(1)Includes only items classified as financial instruments.
(2)Investments in publicly traded companies are classified as Level 1 in the fair value hierarchy and total R$ 830,281 as of June 30, 2026 (R$ 865,986 as of December 31, 2025). Investments in privately held companies are classified as Level 3 and total R$32,231 as of June 30, 2026 (R$35,195 as of December 31, 2025).
(3)Financial instruments classified as Level 2 in the fair value hierarchy.
(4)Government securities are financial instruments classified as Level 1 in the fair value hierarchy and total R$ 1,298,973 as of June 30, 2026 (R$1,274,439 as of December 31, 2025). Private securities, investment funds, and other financial investments are classified as Level 2 in the fair value hierarchy and total R$ 8,673,038 as of June 30, 2026 (R$8,978,015 as of December 31, 2025).
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/methodology06/30/202612/31/2025
Quoted in the secondary market
In foreign currency

Bonds (1)
Secondary Market
38,944,092 
42,223,976 
Estimated present value
In foreign currency
Export credits (“Prepayment”)
SOFR
16,555,562 
18,404,795 
Assets Financing
SOFR
217,792 
277,172 
IFC - International Finance Corporation
SOFR
5,338,833 
5,442,675 
ECA - Export Credit Agency
SOFR
1,857,691 
1,979,202 
Panda Bonds - CNY
Fixed
1,949,727 
1,964,329 
In local currency
BNDES – TJLP
DI 1
53,487 
95,167 
BNDES – TLP
DI 1
4,150,753 
4,193,766 
BNDES – Fixed
DI 1
38,822 
BNDES – TR
DI 1
84,934 
90,356 
BNDES – Selic (“Special Settlement and Custody System”)
DI 1
767,119 
547,000 
BNDES – UMBNDES
DI 1
272,738 
253,500 
Assets Financing
DI 1
42,477 
49,911 
Debentures
DI 1/IPCA
10,952,992 
10,873,596 
NCE (“Export Credit Notes”)
DI 1
108,401 
105,865 
NCR (“Rural Credit Notes”)
DI 1
5,513,161 
5,520,478 
CPR ("Rural Product Notes")
DI 1
3,057,025 
1,472,697 
ECO INVEST – Agroindustrial Credit
DI 1
329,501 
334,422 
90,235,107 
93,828,907 
(1) The fair value presented in the Financial Statements as of December 31, 2025 did not include one of the 2029 Bond series, in the amount of R$ 5,568,313. Considering the inclusion of this amount, the fair value previously reported as of December 31,2025, in the amount of R$ 36,655,663, was revised to R$ 42,223,976.
The book values of loans and financing are disclosed in Note 22.1.
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
As disclosed in the financial statements for the year ended December 31, 2025 (Note 4), 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 six-month period ended June 30, 2026, 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.
06/30/2026
Book valueUndiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables
5,585,058 
5,585,058 
5,585,058 
Loans, financing and debentures
92,706,122 
134,223,634 
7,906,339 
10,168,812 
58,381,990 
57,766,493 
Lease liabilities
6,707,418 
12,054,041 
2,043,989 
1,232,081 
3,099,943 
5,678,028 
Derivative financial instruments
8,438,336 
14,377,544 
1,200,050 
1,094,962 
4,294,846 
7,787,686 
Dividends payable
7,352 
7,352 
7,352 
Other liabilities
318,169 
336,692 
141,414 
162,111 
33,167 
113,762,455 
166,584,321 
16,884,202 
12,657,966 
65,809,946 
71,232,207 
12/31/2025
Book
value		Undiscounted cash flowUp to 1 year1 - 2 years2 - 5 yearsMore than 5 years
Liabilities
Trade accounts payables
5,141,386 
5,141,386 
5,141,386 
Loans, financing and debentures
94,801,257 
136,586,565 
5,690,098 
16,894,643 
46,428,491 
67,573,333 
Lease liabilities
6,929,890 
13,281,230 
2,761,632 
1,235,951 
3,161,325 
6,122,322 
Derivative financial instruments
9,341,349 
13,741,567 
1,139,273 
849,920 
3,815,705 
7,936,669 
Dividends payable
1,393,121 
1,393,121 
1,393,121 
Other liabilities
236,724 
256,992 
69,458 
111,323 
76,211 
117,843,727 
170,400,861 
16,194,968 
19,091,837 
53,481,732 
81,632,324 
4.3 Credit risk management
In the six-month period ended June 30, 2026, 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, 2025 (Note 4).
4.4 Market risk management
In the six-month period ended June 30, 2026, 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, 2025 (Note 4).
4.4.1 Exchange rate risk management
As disclosed in the financial statements for the year ended December 31, 2025 (Note 4), the Company enters into US$ 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.
Additionally, the Company enters into derivative financial instruments linked to the U.S. dollar in order to align the foreign exchange index of its debt with the currency in which it generates cash flows, in accordance with its financial risk management policies. The assets and liabilities exposed to foreign currency risk, substantially denominated in U.S. dollars (US$), are presented below:
Sensitivity analysis
Exchange rate risk (Effect on profit or loss)                
Base value
Probable
06/30/2026		Possible (25%)Remote (50%)Balance as of 12/31/2025
Cash and cash equivalents
14,364,448 
(3,591,112)
(7,182,224)
11,919,897 
Marketable securities
9,241 
(2,310)
(4,621)
427,329 
Trade accounts receivable
4,461,604 
(1,115,401)
(2,230,802)
4,705,509 
Trade accounts payable
(1,280,825)
(320,206)
(640,413)
(1,075,590)
Loans and financing
(65,052,093)
(16,263,023)
(32,526,047)
(70,357,356)
Other liabilities
(64,223)
(16,056)
(32,112)
(66,446)
Derivative financial instruments
Derivative options
2,628,095 
(4,063,302)
(8,199,075)
979,706 
Derivative swaps
543,741 
(3,953,051)
(7,831,912)
(851,428)
Derivative Non-Deliverable Forward (‘NDF’) Contracts
5,623 
(309,749)
(619,527)
24,355 
Embedded derivatives
157,605 
(156,499)
(312,997)
112,058 
Commodity Derivatives
130,992 
(32,700)
(65,438)
(34,379)
For market risk analysis, the Company uses scenarios to evaluate both its asset and liability positions in foreign currency, and the possible effects on its results. The probable scenario represents the amounts recognized, as they reflect the conversion into Brazilian Reais on the balance sheet date (R$ to US$ = R$5.1766). For the calculation of the mark-to-market (“MtM”) price, the exchange rate of the last business day of the period is used.
This analysis below assumes that all other variables, particularly the interest rates, remain constant. The other scenarios considered the variation of the Brazilian Real against the US$ by 25% and 50%, before taxes, based on the base scenario on June 30, 2026.
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.
Sensitivity analysis
Interest rate risk (Effect on profit or loss)
Base value
Probable
06/30/2026		Possible (25%)Remote (50%)Balance as of 12/31/2025
CDI/SELIC
Cash and cash equivalents
2,232,448 
(78,973)
(157,946)
3,204,403 
Marketable securities
7,614,276 
(269,355)
(538,710)
7,917,258 
Loans and financing
8,700,076 
(307,765)
(615,530)
8,825,045 
Derivative financial instruments
Derivative options
2,628,095 
(609,083)
(1,158,047)
979,705 
Derivative swaps
544,013 
(531,912)
(927,379)
(851,428)
TJLP
Loans and financing
57,391 
(1,310)
(2,620)
101,302 
IPCA
Marketable securities
1,298,973 
(15,328)
(30,656)
1,274,439 
Loans and financing
15,012,319 
(177,145)
(354,291)
11,845,274 
SOFR
Loans and financing
22,605,366 
(207,969)
(415,939)
25,195,489 
Derivative swaps
1,096,611 
(207,859)
(334,947)
(851,428)
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”), Long Term Rate ("TLP"), 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 exposure of 25% and 50% in market interest rates before taxes.
4.4.2.1 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 June 30, 2026. The probable scenario was extrapolated considering a appreciation 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:
06/30/2026
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
157,605 
(29,195)
(62,303)
4.4.3 Pulp and commodity price risk management
The Company is exposed to the selling price of pulp and commodity prices 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, in accordance with the Company's hedging policy.
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, 2025 (Note 4).
4.5.1 Outstanding derivatives by contract type, including embedded derivatives
The positions of outstanding derivatives are set forth below:
Notional value (1)
Fair value in R$
Currency06/30/202612/31/202506/30/202612/31/2025
Debt hedges
Assets
Swap CDI to Fixed
BRL
12,461,936 
8,788,534 
2,822,436 
2,525,172 
Swap SOFR to Fixed
USD
2,397,482 
2,400,260 
633,912 
492,458 
Swap IPCA to CDI
BRL
14,035,766 
11,059,169 
1,952,663 
1,549,779 
Pre-fixed Swap to CDI
BRL
2,000,000 
2,400,000 
1,615,886 
1,562,789 
Swap CDI to SOFR
BRL
3,399,600 
3,399,600 
935,720 
915,431 
Swap RMB to Fixed
RMB
2,600,000 
2,600,000 
563,808 
509,116 
8,524,425 
7,554,745 
Liabilities
Swap CDI to Fixed
USD
2,345,530 
1,635,783 
(2,204,533)
(2,686,614)
Swap SOFR to Fixed
USD
2,397,482 
2,400,260 
(385,121)
(400,210)
Swap IPCA to CDI
BRL
13,032,960 
10,466,620 
(2,728,045)
(2,210,556)
Pre-fixed Swap to CDI
BRL
2,000,000 
2,400,000 
(1,394,042)
(1,554,427)
Swap CDI to SOFR
USD
660,171 
660,171 
(823,919)
(1,080,537)
Swap RMB to Fixed
USD
362,736 
362,736 
(445,024)
(473,828)
(7,980,684)
(8,406,172)
543,741 
(851,427)
Cash flow hedge
Zero Cost Collar (US$ x R$)
USD
4,612,500 
6,156,400 
2,628,095 
979,705 
NDF (R$ x US$)
USD
230,000 
90,000 
5,623 
24,355 
2,633,718 
1,004,060 
Commodity Hedge and other
Swap US-CPI (standing wood) (2)
USD
148,846 
153,342 
157,605 
112,058 
Zero Cost Collar (Brent)
USD
281,797 
359,677 
130,992 
(33,279)
Swap VLSFO/Brent
USD
 
1,217 
(1,100)
288,597 
77,679 
3,466,056 
230,312 
Current assets
3,109,949 
1,556,978 
Non-current assets
8,794,443 
8,014,683 
Current liabilities
(1,164,069)
(1,205,029)
Non-current liabilities
(7,274,267)
(8,136,320)
3,466,056 
230,312 
(1)The notional amounts reflect exclusively the remaining months of the hedge and do not include the financial settlements that remain outstanding for the subsequent period.
(2)The embedded derivative refers to a swap contract for the sale of price variations in US$ and US-CPI within the term of a forest partnership with a standing wood supply contract.
The variation in the fair values of derivatives on June 30, 2026 compared to the fair values measured on December 31, 2025 are explained substantially by the appreciation of the Brazilian Real against the US$ 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 June 30, 2026 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 (net amounts)
06/30/202612/31/2025
2026
696,861 
351,949 
2027
2,101,698 
674,290 
2028
313,412 
96,273 
2029 onwards
354,085 
(892,200)
3,466,056 
230,312 

4.5.3 Fair value settled amounts
The settled derivatives positions are set forth below:
06/30/202612/31/2025
Cash flow hedge
Zero Cost Collar (US$)
455,245 
9,922 
NDF (US$)
75,956 
(15,388)
NDF (€ x US$)
 
(26)

531,201 
(5,492)
Commodity Hedge and other
Zero Cost Collar (Brent)
194,587 
(712)
194,587 
(712)
Debt hedges
Swap CDI to Fixed (US$)
333,412 
408,373 
Swap IPCA to CDI (Brazilian Reais)
(242,393)
(321,139)
Swap Pre-Fixed to CDI
(303,983)
Swap RMB to fixed US$
 
(16,455)
Swap SOFR to SOFR (US$)
 
1,504 
Swap CDI to SOFR (US$)
207,410 
212,326 
Swap SOFR to Fixed (US$)
45,969 
252,250 

40,415 
536,859 

766,203 
530,655 
4.6 Cybersecurity
Suzano has a Public Information Security Policy, which aims to establish guidelines regarding cyber security management and controls at Suzano, seeking to mitigate vulnerabilities, preserve and protect assets, mainly information and personal data, in accordance with current laws, regulations and contractual obligations, covering the confidentiality, integrity, availability, authenticity and legality of information. The Policy establishes responsibilities to avoid damages, which may represent financial impacts, image and reputation, exposure of information, interruption of operations, among other damages due to cyber-attacks.
For the six-month period ended June 30, 2026, no material incidents associated with cybersecurity were identified that could affect the confidentiality, integrity and/or availability of the systems used by the Company.
4.7 Climate change
In the annual financial statements for the year ended December 31, 2025, the Company disclosed information on the risks and opportunities related to climate change and its sustainability strategy. In the six-month period ended June 30, 2026, there were no significant changes in these risks. The update, during the period, to the status of sustainability targets linked to financial instruments—reflecting the achievement of the target for women in leadership positions and the non‑achievement of the GHG emissions intensity target—resulted mainly in the application of a 25‑basis‑point step‑up in the interest rate of the 2031 SLB, from 3.75% to 4.00%, effective June 16, 2026. The water withdrawal intensity target remains under measurement, with verification expected by the end of the 2026 fiscal year.
4.8 Capital management
The main objective is to strengthen the Company’s capital structure, aiming to maintain an appropriate level of financial leverage while mitigating risks that could affect the availability of capital for business development.
The Company continuously monitors significant indicators, such as consolidated financial leverage, which is the ratio of total net debt to adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”).