Cash Flow Statement

Operating Cash Flow

-16%

+38%

10Y

Currency: BRL

	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	137	172	252	544	629	410	598	383	566	603	578	748	639	500	561	406	351	444	398	466	537	539	555	583	133	(451)	(486)	(247)	231	878	980	663	740	769	790	771	72	30	(42)	(410)	(8)	(182)	(212)	(195)	(128)	(221)	(61)	283	(122)	(262)	(1 225)	(867)	(1 463)	(925)	962	1 460	2 472	1 692	1 017	262	1 010	1 807	2 170	123	(786)	318	(1 724)	825	(2 528)	(2 815)	(15 005)	(17 757)	(15 455)	(10 715)	(51)	12 038	12 236	8 636	21 697	11 842	18 249	23 395	18 332	23 227	17 051	14 106	9 084	240	4 207	(7 045)	(917)	7 861	6 585	13 438
Depreciation & Amortization	158	90	91	152	187	96	253	187	192	200	208	223	238	288	315	345	299	389	445	461	347	452	529	542	591	531	514	508	501	485	537	555	550	526	538	557	607	630	642	671	675	727	750	780	834	889	962	1 053	1 085	1 216	1 314	1 358	1 435	1 419	1 417	1 415	1 387	1 404	1 416	1 405	1 421	1 403	1 422	1 446	1 531	1 563	3 650	5 518	6 701	8 092	3 445	2 912	6 383	6 716	6 856	6 865	6 941	7 038	6 998	7 173	7 349	7 427	7 445	7 416	7 448	7 321	7 555	7 838	8 202	9 224	9 739	10 450	11 036	11 297
Change in Deffered Taxes	(85)	(5)	20	91	182	114	116	(19)	(1)	(9)	(3)	127	98	62	60	5	(14)	(3)	133	217	261	281	309	378	271	(55)	(19)	80	37	497	77	(166)	(19)	3	17	44	(161)	(136)	(148)	(322)	(165)	(131)	(126)	(82)	(40)	(69)	(13)	99	(20)	(120)	(596)	(381)	(848)	(452)	377	512	1 086	537	230	(249)	(42)	229	181	(870)	(1 315)	(742)	(1 459)	(83)	(1 931)	(1 529)	(8 608)	(9 900)	(8 779)	(7 109)	(1 747)	4 166	2 829	(95)	8 234	780	2 829	4 750	210	5 273	4 371	3 495	1 253	(4 226)	(1 923)	(7 432)	(3 070)	2 025	1 754	6 455
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8	0	0	0	5	1	1	0	1	1	2	3	13	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	46	96	91	61	75	77	78	108	46	14	24	25	36	22	23	36	42	0	0	37	99	119	138	127	92
Other Non-Cash Items	443	249	(28)	(327)	(653)	(118)	(224)	124	17	(53)	(1)	(461)	(415)	(196)	(374)	(16)	412	263	387	269	(6)	34	110	51	846	1 725	1 774	1 307	314	(665)	(867)	(82)	26	195	344	187	1 214	754	1 025	1 770	1 073	1 284	1 491	1 388	1 409	1 566	1 646	1 069	1 586	1 974	3 470	3 726	5 413	4 842	2 454	1 178	(992)	382	839	2 441	1 902	880	1 208	4 615	6 812	5 372	7 106	2 977	7 206	6 712	27 336	32 905	30 726	25 593	11 232	(5 005)	(1 239)	7 656	(13 403)	4 100	(2 405)	(7 828)	2 892	(9 512)	(7 087)	(6 769)	(1 444)	14 831	10 383	27 968	17 395	2 710	2 799	(9 716)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	35	149	0	140	136	172	58	252	20	(97)	0	39	151	194	284	330	11	37	39	55	77	81	75	471	482	469	501	467	466	491	508	525	518	585	605	636	688	664	637	121	728	301	913	327	473	832	25	392	110	49	185	188	195	196	140	106	141	130	240	306	279	302	346	308	321	392	317	366	470	376	332	290
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	58	145	227	285	295	300	290	319	373	360	350	335	281	271	312	270	317	507	616	761	886	932	931	873	895	868	899	924	948	1 072	1 095	1 100	1 054	1 057	1 024	1 102	1 157	1 014	996	1 007	955	869	945	807	1 396	1 899	2 507	2 978	3 361	3 198	3 877	3 623	3 632	3 421	3 256	3 214	3 463	3 653	3 739	4 019	4 192	4 452	4 537	4 729	4 881	4 907	5 189	5 241	5 506	5 599	5 597	5 818
Change in Working Capital	(7)	49	31	75	(28)	(92)	(134)	(331)	(161)	(257)	(258)	(118)	(307)	(265)	(145)	(245)	(254)	(212)	(378)	(282)	(201)	(267)	(821)	(892)	(1 255)	(945)	(984)	(766)	66	(9)	461	202	(358)	(316)	(544)	(652)	(782)	(335)	(580)	(766)	(836)	(1 028)	(1 423)	(1 321)	(1 901)	(2 125)	(2 502)	(2 493)	(1 611)	(1 361)	(1 056)	(1 516)	(2 299)	(2 281)	(2 201)	(1 609)	(984)	(1 011)	(821)	(914)	(1 061)	(1 252)	(1 496)	(985)	(1 629)	(1 342)	(2 577)	(3 151)	(1 626)	(2 884)	(2 661)	(2 188)	(3 108)	(1 361)	(1 595)	(2 602)	(3 578)	(5 598)	(4 345)	(4 207)	(5 713)	(6 103)	(7 535)	(4 559)	(3 041)	(838)	(376)	(2 513)	(1 905)	(2 111)	(1 180)	(2 807)	(3 178)	(3 322)
Cash from Operating Activities	647 N/A	555 -14%	366 -34%	534 +46%	316 -41%	409 +29%	609 +49%	365 -40%	622 +71%	486 -22%	514 +6%	519 +1%	254 -51%	388 +53%	416 +7%	495 +19%	831 +68%	880 +6%	955 +8%	1 103 +16%	1 010 -8%	1 040 +3%	640 -38%	619 -3%	586 -5%	806 +37%	800 -1%	882 +10%	1 168 +32%	1 185 +1%	1 189 +0%	1 173 -1%	937 -20%	1 178 +26%	1 145 -3%	907 -21%	952 +5%	942 -1%	896 -5%	942 +5%	739 -22%	670 -9%	480 -28%	570 +19%	174 -69%	41 -77%	32 -22%	12 -63%	918 +7 748%	1 448 +58%	1 907 +32%	2 320 +22%	2 237 -4%	2 602 +16%	3 009 +16%	2 957 -2%	2 970 +0%	3 003 +1%	2 682 -11%	2 944 +10%	3 229 +10%	3 068 -5%	3 485 +14%	4 329 +24%	4 614 +7%	5 169 +12%	4 996 -3%	6 085 +22%	7 822 +29%	7 576 -3%	8 313 +10%	9 778 +18%	10 139 +4%	13 125 +29%	14 694 +12%	15 461 +5%	17 190 +11%	17 637 +3%	19 180 +9%	19 688 +3%	20 309 +3%	21 641 +7%	21 345 -1%	21 845 +2%	18 742 -14%	17 315 -8%	16 072 -7%	16 170 +1%	18 963 +17%	20 604 +9%	21 968 +7%	20 240 -8%	18 995 -6%	18 152 -4%
Investing Cash Flow
Capital Expenditures	(265)	(248)	(255)	(437)	(452)	(147)	(655)	(663)	(688)	(618)	(551)	(777)	(735)	(895)	(1 162)	(1 609)	(1 883)	(2 224)	(2 275)	(1 769)	(1 640)	(1 293)	(994)	(745)	(1 262)	(1 066)	(1 111)	(1 071)	(647)	(659)	(696)	(738)	(538)	(603)	(2 407)	(2 701)	(3 198)	(3 248)	(1 862)	(2 255)	(2 501)	(2 784)	(2 791)	(2 621)	(2 272)	(2 258)	(2 200)	(1 826)	(1 617)	(1 359)	(1 284)	(1 530)	(1 513)	(1 665)	(1 752)	(1 593)	(1 663)	(2 324)	(2 322)	(2 439)	(2 456)	(1 780)	(1 787)	(2 064)	(2 287)	(2 424)	(3 689)	(4 184)	(4 713)	(5 224)	(4 547)	(4 317)	(4 373)	(4 898)	(5 087)	(5 469)	(5 929)	(6 501)	(8 203)	(9 746)	(13 265)	(15 194)	(16 461)	(18 486)	(17 928)	(18 248)	(18 622)	(17 932)	(17 490)	(16 828)	(15 436)	(14 483)	(13 861)	(12 875)
Other Items	(288)	5	218	674	640	441	459	35	(24)	(23)	(762)	(552)	(455)	(487)	236	(245)	(323)	(319)	(297)	(55)	(18)	4	79	108	742	649	644	614	25	62	113	408	265	251	346	58	201	18	48	32	34	69	37	358	355	333	328	19	(30)	(35)	(32)	(41)	25	(892)	(1 033)	(1 183)	(1 987)	(1 018)	(1 784)	(1 149)	(20)	772	1 668	(1 787)	(8 879)	(19 538)	(23 753)	(20 655)	(15 282)	(6 471)	(1 074)	1 759	2 929	4 161	2 273	951	(1 532)	(3 858)	(5 163)	(11 093)	(7 132)	(1 821)	(4 531)	1 193	(6 633)	(7 787)	(4 616)	(5 322)	291	(3 685)	4 285	2 024	3 270	3 042
Cash from Investing Activities	(553) N/A	(243) +56%	(38) +85%	236 N/A	187 -21%	294 +57%	(196) N/A	(629) -221%	(712) -13%	(641) +10%	(1 313) -105%	(1 329) -1%	(1 190) +10%	(1 382) -16%	(926) +33%	(1 853) -100%	(2 206) -19%	(2 543) -15%	(2 572) -1%	(1 824) +29%	(1 658) +9%	(1 289) +22%	(915) +29%	(637) +30%	(520) +18%	(417) +20%	(467) -12%	(456) +2%	(622) -36%	(596) +4%	(583) +2%	(330) +43%	(273) +17%	(353) -29%	(2 062) -485%	(2 643) -28%	(2 997) -13%	(3 229) -8%	(1 815) +44%	(2 223) -22%	(2 467) -11%	(2 714) -10%	(2 754) -1%	(2 263) +18%	(1 917) +15%	(1 924) 0%	(1 872) +3%	(1 806) +4%	(1 647) +9%	(1 394) +15%	(1 316) +6%	(1 571) -19%	(1 488) +5%	(2 557) -72%	(2 785) -9%	(2 775) +0%	(3 651) -32%	(3 342) +8%	(4 106) -23%	(3 589) +13%	(2 476) +31%	(1 008) +59%	(119) +88%	(3 851) -3 133%	(11 166) -190%	(21 961) -97%	(27 441) -25%	(24 840) +9%	(19 994) +20%	(11 695) +42%	(5 620) +52%	(2 558) +54%	(1 444) +44%	(736) +49%	(2 813) -282%	(4 519) -61%	(7 461) -65%	(10 359) -39%	(13 367) -29%	(20 839) -56%	(20 398) +2%	(17 016) +17%	(20 991) -23%	(17 292) +18%	(24 562) -42%	(26 035) -6%	(23 239) +11%	(23 255) 0%	(17 199) +26%	(20 513) -19%	(11 152) +46%	(12 458) -12%	(10 590) +15%	(9 833) +7%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	383	376	266	(0)	457	0	577	2	449	576	574	574	127	1	1	0	0	(298)	(298)	(298)	0	0	0	0	0	(43)	(43)	(43)	0	0	0	0	0	0	1 463	1 429	1 391	1 391	(73)	(51)	(4)	(4)	(4)	9	9	9	9	9	9	9	9	9	9	9	9	8	8	8	8	9	0	0	0	(1)	0	0	0	0	0	0	0	0	0	(502)	(1 904)	(1 904)	(1 992)	(2 123)	(881)	(881)	(1 104)	(470)	(2 807)	(2 807)	(2 535)	(2 689)	(192)	(192)
Net Issuance of Debt	146	(307)	(106)	(679)	(813)	(133)	(840)	221	239	(165)	(58)	645	682	1 108	1 162	998	1 399	1 731	1 839	1 047	816	270	822	680	795	819	529	553	174	(111)	(57)	(410)	913	754	654	2 448	1 509	2 048	2 772	1 112	1 198	1 733	1 620	2 039	1 678	1 276	929	547	459	(76)	(401)	(1 082)	(1 739)	(2 016)	(1 838)	(1 141)	976	813	896	408	(1 235)	(1 972)	(1 815)	2 677	8 413	21 907	25 298	21 489	15 285	4 354	(459)	536	(2 563)	(5 155)	(6 615)	(8 178)	(726)	510	2 156	2 324	(2 249)	(2 226)	(1 717)	2 796	5 468	5 430	5 617	2 876	1 848	4 957	579	2 186	4 586	70
Cash Paid for Dividends	(28)	(44)	(11)	(70)	(70)	(80)	0	(177)	(227)	(179)	(231)	(141)	(91)	(101)	(168)	(141)	(198)	(182)	(108)	(110)	(141)	(147)	(167)	(161)	(74)	(65)	0	0	0	(35)	(202)	(205)	(264)	(249)	(211)	(221)	(162)	(154)	(109)	(96)	(96)	(83)	0	(100)	(100)	(100)	0	(122)	(122)	(122)	0	(150)	(150)	(270)	0	(420)	(420)	(300)	0	(371)	(371)	(571)	(571)	(410)	(410)	(210)	(210)	(602)	(602)	(607)	(607)	(5)	(5)	0	0	(2)	(2)	(10)	(1 009)	(1 809)	(1 809)	(4 151)	0	(2 352)	(2 352)	(193)	(1 502)	(1 509)	(1 508)	(1 625)	(2 508)	(2 514)	(2 514)	(2 208)
Other	0	0	0	0	0	0	0	54	163	278	0	224	0	0	0	0	0	0	0	0	(3)	0	(3)	(4)	(85)	(86)	(88)	(89)	1	(26)	(35)	(55)	(82)	(77)	(36)	(9)	6	(97)	(29)	(31)	(33)	(22)	(20)	(31)	(35)	(28)	(28)	(24)	(14)	16	13	8	(13)	(252)	(282)	(297)	(198)	117	248	338	245	(78)	(44)	(292)	(1 371)	(1 671)	(1 575)	(1 419)	(375)	(605)	(805)	(2 442)	(3 852)	(4 630)	(5 167)	(4 226)	(3 137)	(2 075)	(1 649)	(453)	(350)	174	810	1 636	2 524	3 442	3 538	1 112	763	(609)	(929)	353	152	510
Cash from Financing Activities	119 N/A	(351) N/A	(117) +67%	(749) -543%	(883) -18%	(213) +76%	(584) -174%	473 N/A	440 -7%	(66) N/A	447 N/A	502 +12%	593 +18%	1 009 +70%	753 -25%	1 432 +90%	1 774 +24%	2 123 +20%	1 859 -12%	938 -50%	673 -28%	123 -82%	651 +428%	217 -67%	338 +56%	371 +10%	144 -61%	463 +222%	175 -62%	(172) N/A	(294) -71%	(713) -142%	524 N/A	386 -26%	365 -5%	2 219 +508%	1 354 -39%	1 797 +33%	2 634 +47%	985 -63%	2 533 +157%	3 058 +21%	2 990 -2%	3 299 +10%	1 471 -55%	1 097 -25%	798 -27%	397 -50%	319 -20%	(174) N/A	(502) -189%	(1 216) -142%	(1 893) -56%	(2 529) -34%	(2 381) +6%	(1 849) +22%	366 N/A	638 +74%	853 +34%	383 -55%	(1 352) N/A	(2 612) -93%	(2 421) +7%	1 983 N/A	6 640 +235%	20 035 +202%	23 513 +17%	19 468 -17%	14 309 -27%	3 142 -78%	(1 872) N/A	(1 912) -2%	(6 420) -236%	(9 785) -52%	(11 782) -20%	(12 406) -5%	(3 866) +69%	(1 574) +59%	(502) +68%	(440) +12%	(6 312) -1 336%	(8 107) -28%	(6 049) +25%	(43) +99%	4 759 N/A	7 799 +64%	6 549 -16%	2 009 -69%	(1 704) N/A	(84) +95%	(5 393) -6 338%	(2 664) +51%	2 031 N/A	(1 820) N/A
Change in Cash
Effect of Foreign Exchange Rates	0	0	(3)	(6)	1	5	(22)	(19)	(26)	(26)	(27)	(45)	2	(20)	(55)	(38)	(82)	(43)	(19)	(36)	(33)	(49)	(40)	(44)	(50)	77	77	65	47	(60)	(52)	(15)	(10)	(9)	(17)	(25)	25	29	26	52	28	51	43	95	85	138	109	53	127	116	382	247	201	275	(12)	92	4	(162)	(122)	(56)	(30)	15	51	161	178	67	27	(234)	(128)	(162)	631	1 062	1 258	983	687	(425)	351	1 051	(848)	717	(104)	(602)	659	(361)	(371)	(239)	59	462	231	665	288	(81)	(415)	(339)
Net Change in Cash	213 N/A	(40) N/A	209 N/A	15 -93%	(379) N/A	495 N/A	(193) N/A	190 N/A	325 +71%	(246) N/A	(380) -54%	(352) +7%	(341) +3%	(4) +99%	188 N/A	36 -81%	317 +791%	418 +32%	223 -47%	180 -19%	(8) N/A	(175) -2 168%	336 N/A	155 -54%	355 +129%	836 +136%	554 -34%	953 +72%	768 -19%	357 -53%	260 -27%	116 -56%	1 179 +921%	1 202 +2%	(569) N/A	458 N/A	(666) N/A	(462) +31%	1 742 N/A	(245) N/A	833 N/A	1 064 +28%	759 -29%	1 701 +124%	(186) N/A	(648) -248%	(934) -44%	(1 344) -44%	(283) +79%	(4) +99%	471 N/A	(219) N/A	(943) -330%	(2 209) -134%	(2 170) +2%	(1 575) +27%	(311) +80%	137 N/A	(693) N/A	(318) +54%	(629) -98%	(538) +14%	995 N/A	2 623 +164%	266 -90%	3 311 +1 144%	1 096 -67%	480 -56%	2 009 +319%	(1 138) N/A	1 452 N/A	6 369 +339%	3 533 -45%	3 586 +2%	786 -78%	(1 888) N/A	6 215 N/A	6 756 +9%	4 463 -34%	(873) N/A	(6 504) -645%	(4 085) +37%	(5 036) -23%	4 148 N/A	(1 432) N/A	(1 160) +19%	(558) +52%	(4 614) -727%	292 N/A	673 +131%	5 711 +749%	5 037 -12%	10 021 +99%	6 161 -39%
Free Cash Flow
Free Cash Flow	382 N/A	307 -20%	111 -64%	97 -12%	(136) N/A	263 N/A	(46) N/A	(299) -552%	(66) +78%	(132) -102%	(37) +72%	(258) -593%	(480) -86%	(507) -5%	(745) -47%	(1 114) -49%	(1 052) +6%	(1 344) -28%	(1 321) +2%	(666) +50%	(630) +5%	(253) +60%	(355) -40%	(126) +65%	(675) -438%	(260) +61%	(310) -19%	(189) +39%	521 N/A	526 +1%	493 -6%	435 -12%	400 -8%	575 +44%	(1 262) N/A	(1 794) -42%	(2 246) -25%	(2 305) -3%	(966) +58%	(1 313) -36%	(1 762) -34%	(2 114) -20%	(2 311) -9%	(2 051) +11%	(2 098) -2%	(2 217) -6%	(2 168) +2%	(1 814) +16%	(699) +61%	88 N/A	623 +605%	790 +27%	724 -8%	937 +29%	1 257 +34%	1 364 +9%	1 306 -4%	679 -48%	360 -47%	505 +40%	773 +53%	1 288 +67%	1 698 +32%	2 265 +33%	2 327 +3%	2 746 +18%	1 308 -52%	1 901 +45%	3 110 +64%	2 353 -24%	3 767 +60%	5 461 +45%	5 766 +6%	8 227 +43%	9 608 +17%	9 992 +4%	11 261 +13%	11 136 -1%	10 976 -1%	9 942 -9%	7 044 -29%	6 446 -8%	4 884 -24%	3 359 -31%	814 -76%	(932) N/A	(2 550) -173%	(1 762) +31%	1 473 N/A	3 776 +156%	6 532 +73%	5 757 -12%	5 135 -11%	5 277 +3%

Income Statement Balance Sheet Cash Flow Statement

Suzano SA
BOVESPA:SUZB3

Cash Flow Statement

Cash Flow Statement
Suzano SA

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Suzano SA BOVESPA:SUZB3

Cash Flow Statement

Cash Flow Statement Suzano SA

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Suzano SA
BOVESPA:SUZB3

Cash Flow Statement
Suzano SA