The YoY decline in EBITDA and margin compression, coupled with rising leverage, signal deteriorating fundamentals. Monitor pulp pricing trends and cost guidance for 2H26; the elevated leverage (3.4x) may pressure the stock if pulp prices do not recover.
Price Chart
Executive Summary
Suzano reported 2Q26 results with Adjusted EBITDA of R$4.7 billion, down from R$6.1 billion in 2Q25. Pulp EBITDA margin declined to 48% from 52% YoY, and leverage increased to 3.4x in USD from 3.1x a year ago. Free cash flow improved sequentially to R$3.3 billion, but the overall trend shows earnings compression and rising leverage.
Key Facts
- Adjusted EBITDA of R$4.7 billion in 2Q26 vs R$6.1 billion in 2Q25
- Pulp EBITDA margin fell to 48% in 2Q26 from 52% in 2Q25
- Leverage (Net Debt/Adjusted EBITDA) increased to 3.4x in USD from 3.1x in 2Q25
- Net debt rose to US$6.9 billion from US$5.9 billion in 2Q25
- Adjusted Free Cash Flow of R$3.3 billion in 2Q26 vs R$2.6 billion in 2Q25
- Cash cost ex-downtimes increased to R$843/ton from R$832/ton in 2Q25
Financial Impact
Adjusted EBITDA declined ~23% YoY to R$4.7 billion; leverage rose 0.3x to 3.4x
Risk Factors
- Further pulp price weakness
- Continued input cost inflation (oil, wood)
- Higher leverage limiting financial flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000909327-26-000066 |
| Document: a2026-06xresultpresentatio.htm | 0000909327-26-000066 |
| Document: 0000909327-26-000066-index-headers.html | 0000909327-26-000066 |
| Document: 0000909327-26-000066-index.html | 0000909327-26-000066 |
| Document: 0000909327-26-000066.txt | 0000909327-26-000066 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers