Suzano announced its third-quarter 2024 results, reporting operating cash generation of R$4.4 billion, a 132% increase compared to the same period last year. Adjusted EBITDA reached R$6.5 billion, up 77% over 3Q23, while net revenue hit R$12.3 billion, marking the highest quarterly performance since 2022 and a 37% rise year-over-year. These strong results were primarily fueled by increased sales volume and higher average selling prices for exported products, alongside favorable exchange rates.
Pulp sales totaled 2.6 million tonnes, representing a 6% increase over the prior year's third quarter, and paper sales grew by 9% to 360,000 tonnes. The new mill in Ribas do Rio Pardo, which commenced operations on July 21, 2024, contributed positively to these results, ending the quarter at 80% of its production capacity, significantly ahead of initial expectations of 71%. This early ramp-up demonstrates Suzano's operational efficiency and ability to quickly integrate new assets.
The company's net debt to adjusted EBITDA ratio in US dollars improved from 3.2 times at the end of 2Q24 to 3.1 times at the end of 3Q24, reflecting an improved leverage position. Suzano also completed strategic acquisitions during the quarter, including a 15% stake in Lenzing for EUR230 million and forestry assets for R$2.1 billion. Additionally, the purchase of two US-based mills from Pactiv Evergreen for U$110 million was concluded on October 1st, further expanding its international footprint.
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