Suzano Reports Adjusted EBITDA of R$4.7 Billion in the Second Quarter of 2026

Suzano Reports Adjusted EBITDA of R$4.7 Billion in the Second Quarter of 2026

Suzano, the world’s largest pulp producer, announces its results for the second quarter of 2026 (2Q26), reporting higher prices, stronger volumes and improvements in Adjusted EBITDA and operating cash generation compared to the previous quarter. The quarterly results reflect the competitiveness and resilience of Suzano’s operations in a quarter marked by foreign exchange headwinds and pressure on input costs driven by higher oil prices affecting the industry as a whole.

Suzano sold 3.3 million tonnes of pulp and paper combined in 2Q26, comprising 2.9 million tonnes of pulp and 406 thousand tonnes of paper across the packaging, printing and writing, specialty and tissue segments. Net revenue totalled R$11.6 billion and adjusted EBITDA reached R$4.7 billion, both above the levels recorded in the previous quarter. Operating cash generation reached R$2.9 billion, while net income totalled R$1.8 billion in 2Q26.

Despite ongoing cost pressures, the cash cost of pulp production (excluding downtime) remained broadly stable year-on-year at R$843 per tonne. Suzano also maintains hedging policies to mitigate Brent price volatility.

Suzano’s leverage, measured by the ratio of net debt to adjusted EBITDA, ended the quarter at 3.4 times in USD. The company remains focused on deleveraging, supported by cash generation from its operations, efficiency improvement and capital allocation discipline.

“We have delivered a solid second quarter in a volatile market environment. We remain focused on operational efficiency and deleveraging, which will strengthen our resilience and the company’s competitiveness. At the same time, we will focus on capturing value from the investments already made, creating sustainable value for our stakeholders,” said Beto Abreu, CEO of Suzano.

Following the end of the quarter, Suzano completed the acquisition of a 51% stake in Arbex, the global tissue company formed with Kimberly-Clark, with cash payment of US$1.3 billion. Arbex began operations on July 1, 2026 and is focused on manufacturing, marketing and distributing consumer and professional tissue products in over 70 countries. The company comprises 22 mills across 14 markets. Arbex’s results will be consolidated into Suzano’s financial statements from the third quarter of 2026 onwards.

Hawthorn Advisors
Jamie Plotnek
suzano@hawthornadvisors.com

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