On Wednesday, August 12, 2026, Suzano (SUZB3) released its consolidated results for the second quarter of 2026 (2Q26), reporting net income of R$ 1,807 million. In the period, the company posted Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) of R$ 4,705 million and net revenue of R$ 11,590 million.
Consolidated Adjusted EBITDA for 2Q26 grew 3% compared to 1Q26, driven mainly by a higher average net pulp price in US dollars, higher sales volumes of pulp and paper, and lower general and administrative expenses. Compared to 2Q25, the metric fell 23%, reflecting the depreciation of the average dollar against the real, higher cost of goods sold per ton, and lower pulp sales volume.
In the pulp business, Suzano sold 2,897 thousand tons in 2Q26, up 2% versus 1Q26 and down 11% versus 2Q25. The segment’s Adjusted EBITDA totaled R$ 4,184 million, with EBITDA of R$ 1,444 per ton, while the cash cost of pulp production excluding downtimes came to R$ 843 per ton. In paper, sales totaled 406 thousand tons, and the segment’s Adjusted EBITDA was R$ 521 million, or R$ 1,281 per ton.
Operating cash generation, measured by Adjusted EBITDA minus maintenance capex on a cash basis, reached R$ 2,885 million in 2Q26, an increase of 14% versus 1Q26 and a decrease of 30% compared to 2Q25. Adjusted free cash flow was R$ 3,317 million in the quarter, versus R$ 586 million in 1Q26 and R$ 2,622 million in 2Q25, and the Free Cash Flow Yield over the last 12 months was 19.2%.
On June 30, 2026, Suzano’s net debt was R$ 66,089 million (US$ 12,767 million), with leverage of 3.3 times the net debt/Adjusted EBITDA ratio in reais and 3.4 times in US dollars. As a subsequent event, on July 1, 2026 the company completed the acquisition of 51% of the Arbex joint venture with Kimberly-Clark, for US$ 1.3 billion, equivalent to R$ 6.7 billion on the transaction date.
