CEO Abreu Converts & Sells 168‑Share Block at SUZANO – A Liquidity Move Amid 80% Stock Decline

Insider Activity Spotlight: CEO Abreu’s Recent Moves in SUZANO S.A.

What the Current Deal Signals On April 17, 2026, CEO Abreu João Alberto Fernández de converted a block of 168.67 restricted shares into common stock and immediately sold the same number of shares at the market price of BRL 47.83. This 1:1 conversion followed a two‑year vesting schedule that had been in place for the restricted shares. The sale was executed at the close of trading, suggesting that the CEO did not wait for a price differential and was likely motivated by a need for liquidity or a strategic shift in his personal portfolio. The timing is notable because SUZANO’s share price has been in a deep decline—down over 80% in the week and more than 80% year‑to‑date—yet the CEO chose to sell at a level close to the 52‑week low.

Implications for Investors and the Company’s Outlook The sale of restricted shares immediately after conversion may be interpreted in a few ways. First, it signals confidence that the CEO believes the shares are worth selling at current levels, perhaps anticipating a temporary rebound or a restructuring of the company’s capital structure. Second, it could indicate a desire to rebalance the personal holdings of a top executive, a common practice when a company’s valuation is under pressure. Finally, the conversion itself is a positive sign that the company’s internal equity program is functioning, but the subsequent sale could dampen enthusiasm among shareholders who might see it as a lack of long‑term commitment.

From a valuation perspective, SUZANO’s P/E ratio sits at 4.93, comfortably below the broader market average for the materials sector. However, the dramatic decline in price and the low 52‑week range suggest that investors remain wary of the company’s earnings trajectory and its ability to maintain sustainable cash flows amid global commodity volatility. The CEO’s transaction may be a harbinger of further insider activity that could either stabilize the share price through future acquisitions or, if repeated, could erode confidence in management’s stewardship.

A Profile of CEO Abreu Through Past Trades Abreu’s insider history reflects a pattern of disciplined, long‑term equity participation. In March 2026, he purchased 21,584 phantom shares (a form of deferred compensation) and maintained sizeable holdings of common, performance‑restricted, and restricted shares totaling over 250,000 units. These holdings have remained largely static, indicating that the CEO prefers to hold shares over short‑term speculation. The recent sale of converted restricted shares is the first instance of a direct cash transaction involving common stock in the last 30 days, suggesting an occasional need to liquidate assets. Compared to peers, Abreu’s transaction volume is moderate; other senior executives have engaged in frequent phantom‑share trades, but none have sold common shares to the same extent as the CEO’s recent action.

Broader Insider Activity Context While Abreu’s transaction stands out, other executives in SUZANO have been actively managing phantom and restricted share positions. The executive team’s activity includes both purchases and sales, largely driven by vesting schedules and incentive alignment. The absence of large sell‑offs among other senior managers may reinforce the view that Abreu’s sale was a personal liquidity event rather than a signal of systemic distress.

Investor Takeaway For investors, the key message is that the CEO is actively managing his personal portfolio while maintaining a long‑term stake in the company. The sale itself does not necessarily portend a negative outlook, but it underscores the need for vigilance in monitoring insider transactions amid a volatile market environment. Investors should weigh this insider activity against SUZANO’s broader financial health, competitive positioning in the paper and forest products sector, and the company’s sustainability initiatives, which remain a core driver of long‑term value.