Suzano (SUZ) details 1Q26 pulp volumes, EBITDA, leverage and hedging
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Suzano S.A. provides a 1Q26 operational and financial update highlighting resilient pulp and paper operations, strong liquidity and active risk management amid geopolitical and commodity volatility.
Pulp sales volume reached 2.8 million tons, above 1Q25 but below 4Q25, with production fully sold and export prices higher. Adjusted EBITDA was R$4.6 billion, while operating cash generation was R$2.5 billion. Pulp cash cost excluding downtimes was R$802 per ton, down versus 1Q25 but up versus 4Q25 due to the maintenance calendar. Liquidity totaled US$13.0 billion and net debt was US$6.1 billion, resulting in leverage of 3.3x net debt to Adjusted EBITDA in U.S. dollars. Management emphasizes a conservative financial policy, with extensive oil and FX hedging coverage and a focus on strengthening the balance sheet and competitiveness, while expecting the joint venture with Kimberly-Clark to close in 3Q26.
Positive
- None.
Negative
- None.
Insights
1Q26 shows solid operations, strong liquidity and disciplined hedging, with leverage stable in a moderate range.
Suzano reports fully sold pulp production in 1Q26, with sales volume of 2.8 million tons and export prices higher year over year. Adjusted EBITDA reached R$4.6 billion, and operating cash generation of R$2.5 billion reflects sizable but manageable sustaining capex.
Pulp cash cost excluding downtimes was R$802/ton, higher than 4Q25 but lower than 1Q25, mainly due to the maintenance calendar and commodity effects. The paper and packaging segment delivered stable volumes year over year, with Brazilian operations offsetting FX and export price headwinds while U.S. operations faced softer demand.
On the balance sheet, liquidity stood at US$13.0 billion and net debt at US$6.1 billion, for leverage of 3.3% of net debt to Adjusted EBITDA LTM in U.S. dollars as of March 2026. A broad oil and FX hedging portfolio covers a large share of expected exposure in 2026, supporting cash flow visibility as the company targets balance sheet strengthening and the planned 3Q26 closing of the Kimberly-Clark joint venture.
Key Figures
Pulp sales volume: 2.8 million tons
Adjusted EBITDA: R$4.6 billion
Operating cash generation: R$2.5 billion
+6 more
9 metrics
Pulp sales volume
2.8 million tons
1Q26, compared with 3.4 million tons in 4Q25 and 2.7 million tons in 1Q25
Adjusted EBITDA
R$4.6 billion
1Q26, versus R$5.6 billion in 4Q25 and R$4.9 billion in 1Q25
Operating cash generation
R$2.5 billion
1Q26, defined as Adjusted EBITDA less sustaining capex
Pulp cash cost ex-downtimes
R$802/ton
1Q26, versus R$778/ton in 4Q25 and R$859/ton in 1Q25
Liquidity
US$13.0 billion
As of 1Q26, versus US$12.6 billion in 4Q25 and US$12.9 billion in 1Q25
Net debt
US$6.1 billion
As of 1Q26, versus US$6.6 billion in 4Q25 and US$5.0 billion in 1Q25
Leverage ratio
3.3x
Net debt / Adjusted EBITDA LTM in US$, as of March 2026
Oil-related hedge coverage
86%
Coverage of total hedgeable oil-related exposure for 2026
FX hedge notional
US$5.6 billion
FX options portfolio outstanding as of March 31, 2026
Key Terms
Adjusted EBITDA, cash cost ex-downtimes, hedging portfolio, Adjusted EBITDA LTM, +2 more
6 terms
Adjusted EBITDA financial
"Operating Cash Generation = Adjusted EBITDA less Sustaining Capex."
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.
cash cost ex-downtimes financial
"Cash cost ex-downtimes: R$802/ton (vs. R$778/ton in 4Q25 and R$859/ton in 1Q25)"
hedging portfolio financial
"Hedging portfolio Inside the fence operations and well-structured contracts"
Adjusted EBITDA LTM financial
"Net Debt / Adjusted EBITDA in the last twelve months."
ZCC financial
"Coverage of the total hedgeable exposure3 – ZCC (%)"
leverage financial
"Leverage (Net debt/Adjusted EBITDA LTM)"
Leverage is the use of borrowed money or other financial tools to try to amplify the returns from an investment, like using a crowbar to move a heavier rock than you could with your hands. It can boost gains when things go well but also magnifies losses and the chances of running into trouble if income or asset values fall, so investors watch leverage to judge both growth potential and financial risk.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026.
Commission File Number 001-38755
Suzano S.A.
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
SUZANO INC.
(Translation of Registrant’s Name into English)
(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)
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 ☐
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 First 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: April 30, 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 1Q26
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.
Resilient business model mitigates current risks amid the Middle East conflict 3 BUSINESS RESILIENCE Key attributes & Risk exposure mitigants Chemicals Diesel Natural Gas and Bunker oil Ocean Freight Hedging portfolio Inside the fence operations and well-structured contracts Long term contracts and fully dedicated vessels Petrobras-based pricing contracts
4 Adjusted EBITDA: Liquidity3 : 2.8 million tons (vs. 3.4 million tons in 4Q25 and 2.7 million tons in 1Q25) Pulp: 315 thousand tons (vs. 404 thousand tons in 4Q25 and 329 thousand tons in 1Q25) Paper and packaging1: Pulp Inventory: Operating Cash Generation2: Cash cost ex-downtimes: R$4.6 billion (vs. R$5.6 billion in 4Q25 and R$4.9 billion in 1Q25) R$2.5 billion (vs. R$3.7 billion in 4Q25 and R$2.6 billion in 1Q25) R$802/ton (vs. R$778/ton in 4Q25 and R$859/ton in 1Q25) US$13.0 billion (vs. US$12.6 billion in 4Q25 and US$12.9 billion in 1Q25) Leverage4 : US$6.1 billion (vs. US$6.6 billion in 4Q25 and US$5.0 billion in 1Q25) Net debt: 3.3x in US$ (vs. 3.2x in 4Q25 and 3.0x in 1Q25) Sales Volume Financial Management Operating Performance 1 Excluding Consumer Goods. | 2 Operating Cash Generation = Adjusted EBITDA less Sustaining Capex. | 3 Considers Finnvera credit line expiring in January 2026. | 4 Net Debt / Adjusted EBITDA in the last twelve months. HIGHLIGHTS Solid operational performance and higher pulp prices offset by stronger BRL Flattish vs. 4Q25
430 479 357 (24) 56 16 406 535 373 1,790 1,459 1,469 (272) 731 225 1,886 50 1,936 753 382 305 1,440 1,345 Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 1Q25 4Q25 1Q26 161 230 164 79 98 79 89 76 72 329 404 315 1Q25 4Q25 1Q26 LTM 1Q26 Brazilian operations (domestic) 5 Paper Adjusted EBITDA and EBITDA Margin² R$ MM Consolidated (R$/ton) EBITDA Margin (%) 1 Excluding Consumer Goods. ² Excluding impact of Mgmt. LTI; 1Q25: -R$44/ton; 4Q25: -R$24/ton; 1Q26: -R$63/ton; LTM 1Q26: -R$33/ton. 1Q25 4Q25 18% 22% 1Q26 19% PAPER AND PACKAGING BUSINESS US operations Brazilian operations (R$/ton) R$ MM Brazilian operations (exports) US operations (US$/ton) Brazilian operations R$/ton R$/ton US operations Stable volumes y-o-y and cost improvements in Brazilian operations mitigate FX and export price headwinds. U.S. operations face slower demand. 21% 6,215 5,641 5,607 5,789 1,460 1,542 1,558 1,537 LTM 1Q26 LTM 1Q26
556 538 562 2,966 Average FX 4,254 4,798 4,056 545 2,651 3,406 2,835 PULP BUSINESS Sales Volume (‘000 ton) 1Q25 4Q25 1Q26 12,675 LTM 1Q26 Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) 18,694 1Q25 4Q25 1Q26 R$5.85 R$5.40 R$5.26 6 1,605 1,409 1,431 R$ MM R$/ton Margin % 3,253 2,905 2,955 US$ R$ 49% 49% 49% 50% 1,475 1Q25 4Q25 1Q26 R$5.44 Production volume fully sold, with higher volumes y-o-y and pulp price increase LTM 1Q26 LTM 1Q26
176 181 328 12 14 5 (3) (4) 338 314 326 (40) (43) 4Q25 Wood Input 1Q26FXEnergyFixed Cost 778 802 PULP BUSINESS Pulp Cash Cost – 1Q26 vs. 4Q25 (ex-downtimes – R$/ton) 7 Maintenance calendar triggered short-term uptick in cost components, as expected. No conflict related cost pressure in 1Q26. Δ Δ Δ Δ Wood Input Fixed Cost Energy FX +3% Commodity price effect: -R$5/ton 190 181 363 (13) (7) (9) (8) (20) 338 340 326 (34) (43) 1Q25 Wood Input 1Q26FXEnergyFixed Cost 859 802 Pulp Cash Cost – 1Q26 vs. 1Q25 (ex-downtimes – R$/ton) Δ Δ Δ Δ -7% Commodity price effect: -R$20/ton
90% 85% 85% 57% 40% 39% 26% FINANCIAL MANAGEMENT 8 Conservative financial policy with commodity hedging mitigates oil- related price pressures Main oil-related operations Heating Oil Industrial Operations Natural Gas2 Industrial Operations Bunker Oil2 Shipping Commodity Hedging Portfolio Coverage of the total hedgeable exposure3 – ZCC (%) Brent price - As of Mar 31st 26 – US$104/bbl 2Q26 3Q26 4Q26 1Q27 2Q27 Call Put 68.6 68.3 68.4 69.3 68.6 69.3 69.4 59.0 57.5 58.0 54.4 55.2 54.2 54.4 3Q27 4Q27 3Natural gas and VLSFO. Does not include Diesel. 2026 Coverage of the total hedgeable exposure1 86% 2026 Coverage of the total exposure to oil- related inputs 35% Coverage Total expected cash Adjustments (Brent @US$104/bbl): R$810 million Diesel Wood Operations Diesel Road Outbound Logistics Total 12-month EBITDA sensitivity US$1.0/bbl (R$ million)1 12 month-net cash impact @current scenario (R$ million) 112-month sensitivity per US$1.0/bbl. 286% hedged YTG 2026. The cash impact estimate assumes Brent prices above the call strike levels. 9.3 10.3 2.4 12.1 13.0 47.1 No impact 6.0 2.1 1.7 1.8 11.6
61% Expected Cash Adjustments – ZCC (R$ million) FX @ 5.22 ¹ Strong cash flow hedging portfolio partially offsets BRL appreciation risk FINANCIAL MANAGEMENT 196 43 733 681 816 669 764 306 2Q26 3Q26 4Q26 1Q27 2Q27 FX Gap Coverage Call R$4.2 billion Put Notional: US$5.6 billion 1Closing FX rate on 03/31/2026. 6.17 7.08 7.41 7.47 7.44 6.89 6.84 6.70 5.36 6.18 6.33 6.34 6.42 6.02 6.01 5.81 Average Portfolio Strikes 5.97 6.90 Mar. 31st, 2026 Mar. 31st, 2026 Mar. 31st, 2026 Put Call 3Q27 4Q27 1Q28
4.3 0.4 1.0 1.6 2.8 2.9 8.7 1.8 6.1 3.1 3.2 3.2 3.0 3.2 3.3 10 Dec/25Mar/25 Mar/26 Leverage (Net debt/Adjusted EBITDA LTM) FINANCIAL MANAGEMENT In R$ In US$ Higher net debt in USD driven by dividends and capex payouts, along with concentration of bond-related interest payments 1Total Capex on accrual basis. | 2Include leasing payments, income taxes, among other. Adjusted EBITDA LTM and Net Debt (US$ billion) Stand-by facilities Liquidity Mar.26 9M26 2027 2028 2031 onwards2029 Average Cost (in US$): 5.0% p.a. Average Term: 75 months Amortization Schedule (US$ billion) Cash on hand (41% in US$) 2030 (12.6) -12.4989 (13.0) 0.9 (0.6) (0.0) (0.2) (0.3) (0.2) Net Debt Dec.25 Adjusted EBITDA Total Capex¹ Working Capital Accrued Net Interest Others² Net Debt Mar.26 3.9 3.9Adjusted EBITDA LTM Dividends
Looking ahead… 11 o Management focused on strengthening balance sheet and competitiveness o Business resilience strengthen by FX and Brent hedging portfolio o JV with K-C: closing estimated for 3Q26, as planned o Paper & Packaging business to benefit from higher prices and volumes within Brazilian operations
Investor Relations ir.suzano.com.br ri@suzano.com.br Q&A 1Q26
FAQ
How did Suzano (SUZ) perform operationally in pulp during 1Q26?
Suzano’s pulp business had strong operations in 1Q26, with production fully sold and sales volume of 2.8 million tons. This was higher than 1Q25 and slightly below 4Q25, supported by improved pulp prices in export markets.
What were Suzano (SUZ) Adjusted EBITDA and cash generation in 1Q26?
In 1Q26, Suzano reported Adjusted EBITDA of R$4.6 billion and operating cash generation of R$2.5 billion. Operating cash generation is defined as Adjusted EBITDA minus sustaining capex, indicating solid cash creation after required maintenance investments.
How did Suzano’s (SUZ) pulp cash cost evolve in 1Q26?
Suzano’s pulp cash cost excluding downtimes was R$802 per ton in 1Q26. This represented an increase versus 4Q25 mainly due to the maintenance calendar, but an improvement compared with 1Q25, helped by favorable commodity price effects.
What is Suzano’s (SUZ) leverage and net debt position as of March 2026?
As of March 2026, Suzano reported net debt of US$6.1 billion and leverage of 3.3x net debt to Adjusted EBITDA in U.S. dollars. This compares with 3.2x in 4Q25 and reflects dividends, capex and interest payments during the period.
How strong is Suzano’s (SUZ) liquidity and debt maturity profile?
Suzano ended March 2026 with liquidity of US$13.0 billion, including cash and stand-by facilities. The company shows a long average debt term of about 75 months and a reported average cost of approximately 5.0% per year in U.S. dollars.
What hedging strategies is Suzano (SUZ) using for oil and FX in 2026?
Suzano maintains a conservative hedging strategy, with 86% coverage of total hedgeable oil-related exposure in 2026 and an FX options portfolio with US$5.6 billion notional. These positions help mitigate Brent-linked input costs and Brazilian real appreciation risk.