Monitor pulp price trends and BRL/USD FX movements, as these are key drivers of Suzano's near-term earnings. The K-C JV closing in 3Q26 is a catalyst to watch.
Price Chart
Executive Summary
Suzano reported 1Q26 results with Adjusted EBITDA of R$4.6 billion, down from R$5.6 billion in 4Q25 and R$4.9 billion in 1Q25. Pulp sales volumes increased year-over-year, and pulp cash costs improved, but a stronger Brazilian Real and higher net debt (US$6.1 billion vs US$5.0 billion in 1Q25) weighed on results. Leverage ticked up to 3.3x in USD from 3.0x a year ago. The filing is neutral as mixed operational performance was offset by financial headwinds.
Key Facts
- Adjusted EBITDA of R$4.6 billion in 1Q26, down from R$5.6 billion in 4Q25 and R$4.9 billion in 1Q25.
- Pulp sales volume of 2.8 million tons in 1Q26 vs 2.7 million tons in 1Q25.
- Pulp cash cost ex-downtimes improved to R$802/ton in 1Q26 from R$859/ton in 1Q25.
- Net debt increased to US$6.1 billion in 1Q26 from US$5.0 billion in 1Q25.
- Leverage (Net Debt/Adjusted EBITDA LTM) in USD was 3.3x in 1Q26 vs 3.0x in 1Q25.
- JV with K-C closing estimated for 3Q26, as planned.
- Operating Cash Generation (Adjusted EBITDA less Sustaining Capex) was R$2.5 billion in 1Q26 vs R$2.6 billion in 1Q25.
Financial Impact
Adjusted EBITDA declined ~18% sequentially and ~6% YoY; net debt increased ~22% YoY; leverage increased 0.3x YoY in USD.
Risk Factors
- Stronger Brazilian Real could continue to pressure USD-denominated results.
- Higher leverage (3.3x) limits financial flexibility.
- Slower demand in U.S. paper operations noted by management.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000909327-26-000053 |
| Document: a2026-03xresultpresentatio.htm | 0000909327-26-000053 |
| Document: 0000909327-26-000053-index-headers.html | 0000909327-26-000053 |
| Document: 0000909327-26-000053-index.html | 0000909327-26-000053 |
| Document: 0000909327-26-000053.txt | 0000909327-26-000053 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 6-K | $8.53 | awaiting T+20 | awaiting T+20 | $8.90 (+4.34%) |
Oct 15, 2026 12d ago | 6-K | $8.50 | awaiting T+20 | awaiting T+20 | $8.90 (+4.71%) |
Aug 31, 2026 8w ago | 6-K | $8.86 $8.57 | ▼ −3.27% | ▼ −3.59% | $8.90 (+0.45%) |
Aug 20, 2026 9w ago | 6-K | $8.78 $9.25 | ▲ +5.35% | ▲ +5.88% | $8.90 (+1.37%) |
Aug 13, 2026 10w ago | 6-K | $7.99 $9.36 | ▼ −17.15% | ▼ −18.89% | $8.90 (−11.39%) |
Aug 4, 2026 12w ago | 6-K | $8.35 $8.86 | ▲ +6.11% | ▲ +7.35% | $8.90 (+6.59%) |
Jul 1, 2026 17w ago | 6-K | $7.81 $8.30 | ▲ +6.27% | ▲ +8.46% | $8.90 (+13.96%) |
May 28, 2026 21w ago | 6-K | $8.26 $7.72 | ▼ −6.54% | ▼ −3.39% | $8.90 (+7.75%) |
May 11, 2026 24w ago | 6-K | $8.75 $8.02 | ▼ −8.34% | ▼ −6.62% | $8.90 (+1.71%) |
May 7, 2026 24w ago | 6-K | $8.87 $8.18 | ▼ −7.78% | ▼ −7.80% | $8.90 (+0.34%) |
US Market Status
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