Suzano (SUZB3) Q3 2026 earnings summary

Executive summary

• 3Q26 adjusted EBITDA was R$5.674bn, up 21% QoQ and 9% YoY; operating cash generation reached R$3.8bn, up 33% QoQ and 12% YoY.

• Adjusted free cash flow was R$2.632bn; net debt rose to US$14.7bn following the Arbex acquisition.

• Arbex’s first reporting quarter was on plan; priorities include cost competitiveness, debt reduction, fiber-to-fiber initiatives, and capturing Arbex efficiencies.

Financial highlights

• Net revenue was R$16.516bn, up 42% QoQ and 36% YoY; adjusted EBITDA margin was 34%, versus 41% in 2Q26 and 43% in 3Q25.

• Net income was R$2.084bn, up 15% QoQ and 6% YoY; cash capex was R$2.915bn, up 15% QoQ and down 20% YoY.

• Pulp sales were 3.190mn tonnes at an average export price of US$591/t; pulp adjusted EBITDA was R$4.805bn, up 12% QoQ and 5% YoY.

• Paper and packaging adjusted EBITDA fell 14% QoQ and 48% YoY to R$277mn; consumer goods adjusted EBITDA was R$803mn, including R$694mn from Arbex.

• Adjusted free cash flow was R$2.632bn, down 21% QoQ and up 25% YoY; operating cash generation was R$3.8bn.

Outlook and guidance

• 4Q26 is expected to be the strongest quarter of 2026, supported by positive price, volume and FX trends; year-end net debt target is below US$14bn.

• FY26 pulp cash production cost guidance, excluding downtime, rose from R$800/t to ~R$825/t; assumptions include USD/BRL at R$5.20 and Brent at US$94/bbl.

• FY26 capex guidance is R$10.947bn, excluding Arbex-related capex.

• Net debt of US$11.0bn and leverage below 2.5x remain FY27–FY28 targets, excluding Arbex acquisition effects.

• 2027 total operating disbursement guidance is R$1,983/t in 2026 reais; updated 2027 cash-cost guidance is expected by year-end.