Suzano expects Q4 2026 net debt below US$14B

Q: What was SUZ's adjusted EBITDA in 3Q26?

Suzano reported adjusted EBITDA of R$5.7 billion in 3Q26, compared with R$5.2 billion in 3Q25.

Q: What 4Q26 hedge coverage did SUZ report?

For 4Q26, coverage was 85% of total potential hedge exposure and 34% of total oil-related inputs exposure. With Brent at US$98 per barrel, expected total cash adjustments were R$477 million.

Management gave 2026 cash-cost guidance of approximately R$825 per ton and 4Q26 net-debt guidance below US$14 billion.

Available on EDGAR 11/06/2026 - 07:49 AM EST Accepted by SEC EDGAR 11/06/2026 - 07:49 AM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Suzano S.A. reported R$5.7 billion of adjusted EBITDA and R$3.8 billion of operating cash generation in 3Q26, versus R$5.2 billion and R$3.4 billion, respectively, in 3Q25. 3Q26 sales volumes were 3.2 million tons for pulp and 374 thousand tons for paper and packaging. Adjusted free cash flow was R$2.6 billion, compared with R$2.1 billion in 3Q25 and R$3.3 billion in 2Q26.

September 2026 net debt was US$14.7 billion, with pro forma leverage of 3.4x in US$ including Arbex LTM pro forma adjusted EBITDA of US$531 million. Pulp cash cost excluding downtimes was R$825 per ton, versus R$801 per ton in 3Q25. Arbex contributed a R$694 million step-up in Consumer Goods EBITDA in 3Q26. Management's outlook listed 2026 cash cost excluding downtimes at approximately R$825 per ton and 4Q26 net debt below US$14 billion; management cited positive price, volume and FX trends and expected 4Q26 to be the year's strongest quarter. Suzano said certain financial indicators are not recognized by BR GAAP or IFRS and may not be comparable with similarly described measures.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 0 points

How the balance works

Positive

Moderate pointAdjusted EBITDA was R$5.7 billion in 3Q26, versus R$5.2 billion in 3Q25.

Negative

None.

Filing Explained

In its 3Q26 presentation, Suzano says its 4Q26 natural-gas and bunker-fuel hedges (excluding diesel) cover 85% of potential hedge exposure but 34% of total oil-related-input exposure; expected total cash adjustments are R$477 million assuming Brent at US$98/bbl.

Key Figures

Adjusted EBITDA: R$5.7 billion Operating Cash Generation: R$3.8 billion Adjusted Free Cash Flow: R$2.6 billion +5 more

8 metrics

Adjusted EBITDA R$5.7 billion 3Q26; R$5.2 billion in 3Q25

Operating Cash Generation R$3.8 billion 3Q26; R$3.4 billion in 3Q25

Adjusted Free Cash Flow R$2.6 billion 3Q26; R$2.1 billion in 3Q25 and R$3.3 billion in 2Q26

Pulp Sales Volume 3.2 million tons 3Q26; 3.0 million tons in 2Q26 and 3.2 million tons in 3Q25

Paper & Packaging Sales Volume 374 thousand tons 3Q26; 340 thousand tons in 2Q26 and 372 thousand tons in 3Q25

Pulp Cash Cost ex-downtimes R$825 per ton 3Q26; R$843 per ton in 2Q26 and R$801 per ton in 3Q25

Net Debt US$14.7 billion September 2026

Pro forma Leverage 3.4x in US$ Includes Arbex LTM pro forma Adjusted EBITDA of US$531 million

Key Terms

Adjusted EBITDA, Operating Cash Generation, Adjusted Free Cash Flow, Pulp Cash Cost ex-downtimes, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA: R$5.7 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Operating Cash Generation financial

"Operating Cash Generation: R$3.8 billion"

Cash produced by a company’s core business activities—money that actually flows into the bank from selling products or services after paying routine operating costs. For investors this shows whether the business generates real, spendable funds to cover debt, reinvest in growth, or return money to shareholders; it’s like measuring how much water is coming through a garden hose after accounting for leaks, not just what the meter says on paper.

Adjusted Free Cash Flow financial

"Adjusted Free Cash Flow: R$2.6 billion"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Pulp Cash Cost ex-downtimes financial

"Pulp Cash Cost – 3Q26 vs. 2Q26 (ex-downtimes – R$/ton)"

Pro forma leverage financial

"Pro forma leverage of 3.4x, stable vs. 2Q26"

Pro forma leverage is an adjusted measure of a company’s debt level compared with its earnings or cash flow after accounting for planned or one‑time changes, such as acquisitions, asset sales, or debt repayment. It matters to investors because it shows the company’s likely financial burden and flexibility once those events occur, much like seeing your mortgage-to-income ratio after you factor in a projected raise or new loan. This helps assess default risk and capacity for future investments or dividends.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was SUZ's adjusted EBITDA in 3Q26?

Suzano reported adjusted EBITDA of R$5.7 billion in 3Q26, compared with R$5.2 billion in 3Q25.

What 4Q26 hedge coverage did SUZ report?

For 4Q26, coverage was 85% of total potential hedge exposure and 34% of total oil-related inputs exposure. With Brent at US$98 per barrel, expected total cash adjustments were R$477 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2026.

Commission File Number 001-38755

Suzano S.A.
(Exact name of registrant as specified in its charter)

SUZANO INC.
(Translation of Registrant’s Name into English)

Av. Professor Magalhaes Neto, 1,752
10th Floor, Rooms 1010 and 1011
Salvador, Brazil 41 810-012
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Enclosures:

Exhibit 99.1 –Result Presentation for Third Quarter 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 06, 2026


						SUZANO S.A.

			By:			/s/ Marcos Moreno Chagas Assumpção
			Name:			Marcos Moreno Chagas Assumpção
			Title:			Vice-President of Finance and Investor Relations

Earnings Conference Call 3Q26

Disclaimer 2 This presentation contains what are considered “forward-looking statements,” as defined in Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act, as amended. Some of these forward-looking statements are identified with words such as “believe,” “may,” “could,” “would,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “estimate,” “potential,” “outlook” or “continue,” as well as the negative forms of these words, other terms of similar meaning or the use of future dates. The forward-looking statements include, without limitation, statements related to the declaration or payment of dividends, implementation of the key operational and financial strategies and investment plans, guidance about future operations and factors or trends that influence the financial situation, liquidity or operational results. Such statements reflect the current view of the management and are subject to diverse risks and uncertainties. These are qualified in accordance with the inherent risks and uncertainties involving future expectations in general, and actual results could differ materially from those currently anticipated due to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on diverse assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Suzano does not undertake any obligation to update any such forward-looking statements as a result of new information, future events or otherwise, except as expressly required by law. All forward-looking statements in this presentation are covered in their entirety by this disclaimer. In addition, this presentation contains some financial indicators that are not recognized by the BR GAAP or IFRS. These indicators do not have a standard meaning and may not be comparable to indicators with a similar description used by other companies. We provide these indicators because we use them as measurements of Suzano's performance; they should not be considered separately or as a replacement for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS.

3 Adjusted EBITDA: Liquidity: 3.2 million tons (vs. 3.0 million tons in 2Q26 and 3.2 million tons in 3Q25) Pulp1: 374 thousand tons (vs. 340 thousand tons in 2Q26 and 372 thousand tons in 3Q25) Paper & Packaging: Pulp Inventory: Operating Cash Generation3: Pulp Cash Cost ex-downtimes: R$5.7 billion (vs. R$4.7 billion in 2Q26 and R$5.2 billion in 3Q25) R$3.8 billion (vs. R$2.9 billion in 2Q26 and R$3.4 billion in 3Q25) R$825/ton (vs. R$843/ton in 2Q26 and R$801/ton in 3Q25) US$14.7 billion (vs. US$12.8 billion in 2Q26 and US$13.0 billion in 3Q25) US$6.3 billion (vs. US$6.9 billion in 2Q26 and US$6.5 billion in 3Q25) Net Debt: Sales Volumes Financial ManagementOperating Performance 1Reflect new methodology in which the intersegments volumes are considered. | 2Pro forma Arbex figures are not considered in 2Q26 and 3Q25. | 3Operating Cash Generation = Adjusted EBITDA less Sustaining Capex. 4For further details, please see section “Free Cash Flow” of the Earnings Release. | 5Net Debt /LTM Adjusted EBITDA. Leverage not including Arbex LTM pro forma Adjusted EBITDA of 3.7x in US$. HIGHLIGHTS Solid EBITDA performance driven by higher sales volumes, improved cost competitiveness and initial Arbex contribution Adjusted Free Cash Flow4: R$2.6 billion (vs. R$3.3 billion in 2Q26 and R$2.1 billion in 3Q25) 299 thousand tons (vs. 66 thousand tons in 2Q26 and 64 thousand tons in 3Q25) Consumer Goods2: Pro forma Leverage5: 3.4x in US$ Considers Arbex LTM pro forma Adjusted EBITDA of US$531 million. Normalized levels

1,029 Sales Volume (‘000 ton) Average Net Price ($/ton) Brazilian operations (domestic) 4 Adjusted EBITDA and EBITDA Margin1 R$ MM Consolidated (R$MM / R$/ton) EBITDA Margin (%) 1Does not exclude the impact of Mgmt. long term management compensation. 22% 15% 11% PAPER AND PACKAGING BUSINESS US operations US operations (US$/ton) R$ MM Brazilian operations (exports) Brazilian operations (R$/ton) Brazilian operations R$/ton R$/ton US operations Higher volumes and prices offset by weak results of Suzano Packaging US and one-off supply chain constraints on Brazilian exports 16% 186 182 187 105 84 77 81 74 110 3Q25 2Q26 3Q26 372 340 374 763 338 331 LTM 3Q26 1,433 5,856 5,683 5,812 489 432 391 (112) (115) 43 3Q25 2Q26 3Q26 532 320 277 1,630 (155) LTM 3Q26 1,475 1,543 1,563 1,661 2Q26 3Q263Q25 1,679 1,623 1,482 535 (1,510) (1,047) 5,685 LTM 3Q26 1,587

Adjusted EBITDA1 and EBITDA Margin1 (%) 51Includes intersegment sales. PULP BUSINESS Stronger volumes, improved cost performance and USD appreciation drive EBITDA growth 3,227 2,958 3,190 3Q25 2Q26 3Q26 Average Net Price – Export Market ($/ton) LTM 3Q26 12,517 524 601 591 3Q25 2Q26 3Q26 2,856 3,034 3,035 US$ R$ 2,980 572 LTM 3Q26 R$ MM R$/ton Margin % 4,585 4,293 4,805 3Q25 2Q26 3Q26 LTM 3Q26 18,172 50% 48% 50% 49% 1,421 1,451 1,506 1,452 Average FX R$5.45 R$5.05 R$5.14 R$5.21 Sales Volume1 (‘000 ton)

179 370 172 350 365 345 (56) 2Q26 (5) Wood (8) Input (7) Fixed Cost (0) Energy 3 FX (56) 3Q26 843 825 -2% PULP BUSINESS Pulp Cash Cost – 3Q26 vs. 2Q26 (ex-downtimes – R$/ton) 6 Δ Δ Δ Δ Pulp Cash Cost – 3Q26 vs. 3Q25 (ex-downtimes – R$/ton) Wood Input Fixed Cost Energy FX Commodities price effect: +R$14/ton 181 340 365 319 345 (38) 3Q25 26 Wood 35 Input (9) Fixed Cost (18) Energy (10) FX 172 (56) 3Q26 801 825 +3% Commodities price effect: +R$37/ton Δ Δ Δ Δ Operational gains drive pulp cash cost decline, despite cost pressure on oil- linked inputs and chemicals from Middle East conflict

2,216 Sales Volume (‘000 ton) Average Net Price ($/ton) 7 Adjusted EBITDA and EBITDA Margin1 1The results also reflect a new methodology for measuring pulp consumed by Consumer Goods, recorded at market prices instead of the production cost criteria in effect until 2Q26. 2Average FX rate of R$5.14/US$ in 3Q26. 14% 15% 16% CONSUMER GOODS Arbex drives a R$694 million step-up in EBITDA in 3Q26, with also solid results in Brazilian Operations 16% 64 66 73 226 219 226 3Q25 2Q26 3Q26 290 285 299 273 903 LTM 3Q26 1,176 3,666 3,671 3,631 3,654 1,304 1,387 1,492 2,940 2,846 3,073 664 622 694 83 3Q25 92 2Q26 109 3Q26 747 714 803 411 2,770 LTM 3Q26 3,181 Pro forma (Arbex) International operations (Arbex) (US$/ton)² Brazilian operations (R$/ton) Brazilian operations Pro forma (Arbex) International Operations (Arbex) R$ MM Consolidated (R$MM / R$/ton) EBITDA Margin (%) R$ MM International operations (Arbex) R$/ton R$/ton Brazilian operations 11,259 11,127 11,055 3Q25 2Q26 3Q26 10,916 LTM 3Q26 R$ MM R$/ton² Pro forma (Arbex)

8 Leverage (Net debt/Adjusted EBITDA LTM) FINANCIAL MANAGEMENT in R$ in US$ 1 Includes leasing payments, income taxes, among other. Considers unrealized profits from the consolidation of a subsidiary (Arbex acquisition). See details Appendix 6 Adjusted EBITDA LTM and Net Debt (US$ billion) Stand-by facilities Liquidity Sep. 26 3M26 2027 2028 2031 onwards2029 Average Cost (in US$): 5.3% p.a. Average Term : 73 months Amortization Schedule (US$ billion) Cash on hand (46% in US$) 2030 LTM Adjusted EBITDA 3.3 3.1 Sep/25 3.4 3.3 Jun/26 3.7 3.7 3.4 Sep/26 in US$ pro forma 4.2 0.3 0.9 1.2 2.3 2.6 11.5 2.1 6.3 (12,767) Net Debt Sep. 26 ex-Arbex Acquisition (1,293) Closing ArbexNet Debt Jun. 26 Net Debt Arbex 1,105 (40) One-off Intercompany Arbex (14,724) Net debt Sep. 26 w/Arbex Adjusted EBITDA (524) Total Capex 41 Working Capital (245) Accrued Net Interest (70) Other¹ (12,460) (931) Net debt declined excluding Arbex. Pro forma leverage of 3.4x, stable vs. 2Q26 3.8 3.9

65% Expected Cash Adjustments – ZCC (R$ million) FX @ 5.18 ¹ Strong hedging portfolio enhances FCF amid new FX environment FINANCIAL MANAGEMENT 542 705 836 699 805 326 153 47 4Q26 1Q27 2Q27 3Q27 FX Gap Coverage Call R$4.1 billion Put Notional: US$4.8 billion ¹Closing FX rate on 09/30/2026. 6.89 7.18 7.43 6.89 6.84 6.70 6.58 6.56 5.98 6.16 6.42 6.02 6.01 5.81 5.71 5.68 Average Portfolio Strikes 6.04 6.95 Sep. 30, 2026 Sep. 30, 2026 Sep. 30, 2026 Put Call 4Q27 1Q28 2Q28 Cash adjustments 3Q26: R$294 million 9M26: R$825 million 3Q28 9

85% 84% 67% 61% 48% FINANCIAL MANAGEMENT 10 Sharper oil rally in the quarter-end reinforces conservative hedging strategy, mitigating pressure on operating results Coverage of potential hedge2 – exposure – ZCC (%) Brent price as of September 30, 2026 – US$98/bbl 4Q26 1Q27 2Q27 3Q27 Call Put 68.3 72.9 74.3 73.6 74.8 57.9 58.8 59.2 58.4 59.8 4Q27 2 Natural gas and VLSFO. Excludes diesel. 4Q26 coverage of total potential hedge exposure 85% 4Q26 coverage of total oil- related inputs exposure 34% Coverage Expected total cash adjustments (Brent @US$ 98/bbl): R$477 million Hedging Portfolio Scope: 3Q26: R$91 million 9M26: R$286 million 68 63 79 97 91 3Q25 4Q25 1Q26 2Q26 3Q26 Average Brent Price Evolution (US$/bbl)1 Natural gas Bunker fuel Cash adjustments: 1Source: Bloomberg.

Looking forward Investor Day 2027 mar. 4th, 2027 • C-Level presentation • Q&A • Site visit o 4Q26: positive trend on price, sales volume and FX, leading to the strongest quarter of the year 11 o Guidances: o Cash cost 2026 ex-downtimes: ~R$825/t o 4Q26 net debt: below US$14 billion o Arbex efficiency gains roadmap on track kicking-off in 4Q26 o Focus on deleveraging and net debt reduction while strengthening TOD competitiveness

Source: View Original Filing on SEC EDGAR

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