Monitor the earnings call for pulp price outlook and currency hedging updates. The deteriorating fundamentals and rising leverage suggest potential downside risk; watch for any guidance revisions or cost-cutting measures.
Price Chart
Executive Summary
Suzano's 1Q26 results show a clear deterioration: net revenue down 5% YoY to R$10,968M, adjusted EBITDA down 6% to R$4,580M, and net income plummeting 32% to R$4,312M. The strong Brazilian real (10% appreciation) masked solid pulp volume growth (+7%), while leverage crept up to 3.3x in USD. Key profitability metrics all weakened, with ROIC falling to 10.1% from 13.8% a year ago.
Key Facts
- 1Q26 net revenue R$10,968M, -5% YoY
- Adjusted EBITDA R$4,580M, -6% YoY
- Net income R$4,312M, -32% YoY
- Pulp sales +7% YoY to 2,835kt; paper sales -3% YoY to 378kt
- Net debt/EBITDA in USD 3.3x vs 3.0x in 1Q25
- ROIC LTM 10.1% vs 13.8% in 1Q25
- Free cash flow yield LTM 13.6% vs 18.5% in 1Q25
- BRL appreciated 10% vs USD on average YoY
Financial Impact
Revenue decline of ~R$585M YoY, EBITDA decline of ~R$286M YoY, net income down ~R$2.0B YoY
Risk Factors
- Continued BRL strength pressuring reported results
- Rising leverage (3.3x) may limit financial flexibility
- Declining ROIC signals capital allocation challenges
- Paper segment sales and pricing under pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (SUZ) — Batch item 1 | 0000909327-26-000051 |
| Document: a2026-03xearnigsreleasexse.htm | 0000909327-26-000050 |
| Document: 0000909327-26-000051-index-headers.html | 0000909327-26-000051 |
| Document: 0000909327-26-000051-index.html | 0000909327-26-000051 |
| Document: 0000909327-26-000051.txt | 0000909327-26-000051 |
| 6-K Filing (SUZ) — Batch item 6 | 0000909327-26-000050 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 6-K | $8.53 | awaiting T+20 | — | $8.82 (+3.40%) |
Oct 15, 2026 11d ago | 6-K | $8.50 | awaiting T+20 | — | $8.82 (+3.76%) |
Aug 31, 2026 8w ago | 6-K | $8.86 $8.57 | ▼ −3.27% | ▼ −3.59% | $8.82 (−0.45%) |
Aug 20, 2026 9w ago | 6-K | $8.78 $9.25 | ▲ +5.35% | ▲ +5.88% | $8.82 (+0.46%) |
Aug 13, 2026 10w ago | 6-K | $7.99 $9.36 | ▼ −17.15% | ▼ −18.89% | $8.82 (−10.39%) |
Aug 4, 2026 11w ago | 6-K | $8.35 $8.86 | ▲ +6.11% | ▲ +7.35% | $8.82 (+5.63%) |
Jul 1, 2026 16w ago | 6-K | $7.81 $8.30 | ▲ +6.27% | ▲ +8.46% | $8.82 (+12.93%) |
May 28, 2026 21w ago | 6-K | $8.26 $7.72 | ▼ −6.54% | ▼ −3.39% | $8.82 (+6.78%) |
May 11, 2026 24w ago | 6-K | $8.75 $8.02 | ▼ −8.34% | ▼ −6.62% | $8.82 (+0.80%) |
May 7, 2026 24w ago | 6-K | $8.87 $8.18 | ▼ −7.78% | ▼ −7.80% | $8.82 (−0.56%) |
US Market Status
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