Suzano (SUZB3) reported net income of R$ 2.1 billion (R$ 2,084 million) in the third quarter of 2026 (3Q26), up 6% from 3Q25 (R$ 1,961 million) and up 15% from 2Q26 (R$ 1,807 million). Net revenue was R$ 16.5 billion (R$ 16,516 million), a 36% increase year over year, mainly due to the consolidation of Arbex, the joint venture with Kimberly-Clark acquired on July 1, 2026.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) was R$ 5.7 billion (R$ 5,674 million), up 9% from 3Q25 and up 21% from 2Q26. The Adjusted EBITDA margin was 34%, compared with 43% in 3Q25 and 41% in 2Q26. Operating cash generation was R$ 3.8 billion (R$ 3,836 million), up 12% in one year. Adjusted Free Cash Flow totaled R$ 2.6 billion (R$ 2,632 million).
Arbex's Adjusted EBITDA was R$ 694 million. The consumer goods segment totaled R$ 803 million, with sales of 299 thousand tons (+369% over 3Q25). In pulp, Adjusted EBITDA was R$ 4.8 billion (+5% over 3Q25), with sales of 3,190 thousand tons (-1%) and an average net price in the export market of US$ 591/t (+13%). Cash cost excluding downtime was R$ 825/t (+3%). In paper and packaging, Adjusted EBITDA fell 48% from 3Q25, to R$ 277 million, with sales of 374 thousand tons, stable. The company cited higher costs at the Pine Bluff mill (US) and higher logistics expenses.
Net debt reached R$ 76.3 billion (US$ 14.7 billion), up 15% from 2Q26, with the US$ 1.3 billion disbursement for Arbex and about US$ 0.9 billion of the joint venture's net debt. Leverage (net debt to Adjusted EBITDA) in dollars was 3.7x, or 3.4x considering pro forma EBITDA (as if Arbex had been consolidated over the last 12 months). ROIC (return on invested capital) for the last 12 months was 10.3%, down 1.7 percentage points from 3Q25.
Suzano updated its 2026 pulp production cash cost estimate, excluding downtime, from R$ 800/t to about R$ 825/t. The company also expects to end 2026 with net debt below US$ 14 billion, assuming a year-end exchange rate of R$ 5.40. The earnings conference call will be held on November 6, 2026.
