Suzano posts record 2025 sales and cuts costs
Suzano S.A. reports record 2025 sales volumes and lower production costs in its fourth-quarter update.
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Form Type
6-K
Rhea-AI Filing Summary
Suzano S.A. reports record 2025 sales volumes and lower production costs in its fourth-quarter update. Total sales reached 12.5 million tons, up from 10.9 million in 2024, with pulp at 10.9 million tons and paper and packaging at 1.5 million tons.
Adjusted EBITDA was R$21.7 billion, compared with R$23.8 billion in 2024, while operating cash generation totaled R$13.9 billion. Cash production cost excluding downtimes fell to R$817 per ton, the lowest level since 2021. Liquidity stood at US$12.6 billion, and net debt was US$6.6 billion, with leverage at 3.2x in U.S. dollars.
The pulp business showed strong margins, with Adjusted EBITDA margins around the mid‑50% range and cash cost improvements through 2025. Management highlights a declining total operational disbursement trend toward 2027 guidance and emphasizes positive free cash flow.
Suzano also reinforced shareholder returns, distributing R$1.4 billion in dividends (R$1.17 per share), completing 15 million shares repurchased for R$805 million under its 5th buyback program, and authorizing a 6th buyback of up to 40 million shares. The company reiterates its focus on reducing net debt, managing capex within guidance, and progressing its joint venture with Kimberly‑Clark toward an expected mid‑2026 closing.
Positive
- Record 2025 sales volumes of 12.5 million tons, up from 10.9 million in 2024, signal strong demand across pulp and paper and support scale efficiencies.
- Meaningful cost improvement with cash production cost ex-downtimes reduced to R$817 per ton, the lowest level since 2021, sustaining high pulp EBITDA margins.
- Robust shareholder returns through R$1.4 billion in dividends, a completed 15 million-share buyback of R$805 million, and authorization for up to 40 million additional shares.
- Healthy liquidity and leverage with US$12.6 billion in liquidity, net debt of US$6.6 billion, and leverage at 3.2x, supported by positive free cash flow and FX hedging.
Negative
- None.
Insights
Record volumes, lower unit costs, and active capital returns are broadly supportive for Suzano’s equity story.
Suzano delivered record 2025 sales of 12.5 million tons, with pulp volumes driving growth, while reducing cash production cost ex‑downtimes to R$817 per ton, the lowest since 2021. This combination of scale and cost efficiency supports robust pulp EBITDA margins around the mid‑50% range.
On the balance sheet, net debt in U.S. dollars edged to US$6.6 billion, with leverage at 3.2x, alongside liquidity of US$12.6 billion including stand‑by facilities. Positive free cash flow, capex execution in line with guidance, and an FX hedging portfolio with substantial coverage underpin financial resilience.
For shareholders, the company returned R$1.4 billion in dividends at R$1.17 per share, executed 15 million shares of buybacks for R$805 million, and approved a new program of up to 40 million shares. Management also points to declining total operational disbursement toward 2027 guidance and a planned joint venture closing with Kimberly‑Clark around mid‑2026, which future disclosures may further detail.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Suzano (SUZ) perform operationally in 2025?
Suzano reported record 2025 sales of 12.5 million tons, up from 10.9 million in 2024. Pulp volumes and paper and packaging both increased, while production cash costs fell, supporting strong profitability in the pulp and paper operations.
What were Suzano’s key financial results and margins for 2025?
Suzano generated Adjusted EBITDA of R$21.7 billion and operating cash generation of R$13.9 billion in 2025. Pulp operations maintained EBITDA margins around the mid‑50% range, supported by lower unit cash costs and a healthier pricing environment.
What is Suzano’s current net debt and leverage profile?
Suzano ended 2025 with net debt of US$6.6 billion and leverage of 3.2x in U.S. dollars. Liquidity totaled US$12.6 billion, including stand‑by facilities, reflecting positive free cash flow and active financial management during the year.
How is Suzano managing production costs in its pulp business?
Suzano reduced cash production cost ex-downtimes to R$817 per ton in 2025, the lowest level since 2021. The company also reports declining total operational disbursement and targets further efficiency gains toward its 2027 guidance for the pulp business.
What capital expenditures did Suzano make in 2025 and what is 2026 guidance?
Suzano recorded 2025 capex of R$13.3 billion, in line with guidance, across sustaining, land and forestry, modernization, and the Cerrado Project. For 2026, the company guides for total capex of R$10.9 billion, indicating a lower investment level year over year.
What strategic initiatives is Suzano pursuing for future growth?
Suzano highlights continued focus on reducing total operational disbursement and net debt, along with a joint venture with Kimberly‑Clark, which it expects to close around mid‑2026. Management also notes favorable short‑term dynamics in the global pulp market.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 February, 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 Fourth Quarter 2025
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: February 11, 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 4Q25
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: Liquidity3 : 12.5 million tons (vs. 10.9 million tons in 2024) Pulp: 1.5 million tons (vs. 1.2 million tons in 2024) Paper and packaging1: Pulp Inventory: Operating Cash Generation2: Cash cost ex-downtimes: R$21.7 billion (vs. R$23.8 billion in 2024) R$13.9 billion (vs. R$16.2 billion in 2024) R$817/ton (vs. R$828/ton in 2024) US$12.6 billion (vs. US$12.8 billion 4Q24) Leverage4 : US$6.6 billion (vs. US$5.7 billion 4Q24) Net debt: 3.2x in US$ (vs 2.9x in 4Q24) Sales Volume Financial Management Operating Performance 1 Excluding Consumer Goods. | 2 Operating Cash Generation = Adjusted EBITDA less Sustaining Capex. | 3 Considers Finnvera credit line. | 4 Net Debt / Adjusted EBITDA in the last twelve months. HIGHLIGHTS Record sales volume and the lowest cash production cost level since 2021 End-2025 at the tightest level of the year
2,029 1,711 1,459 (1,339) 535 731 2,238 1,959 (73) 9 2,165 1,968 761 749 373 382 55 322 1,188 1,453 1,822 1,354 552 499 479 (66) 43 56 486 542 535 Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 4Q24 3Q25 4Q25 230 186 230 82 105 98 55 81 76 367 372 404 4Q24 3Q25 4Q25 2024 Brazilian operations (domestic) 4 Paper Adjusted EBITDA and EBITDA Margin² R$ MM Consolidated (R$/ton) EBITDA Margin (%) 1 Excluding Consumer Goods. ² Excluding impact of Mgmt. LTI; 4Q24: -R$39/ton; 3Q25: -R$25/ton; 4Q25: -R$24/ton; 2024: -R$27/ton; 2025: -R$29/ton. 4Q24 3Q25 25% 23% 4Q25 22% 22% 2024 2024 PAPER AND PACKAGING BUSINESS US operations Brazilian operations (R$/ton) R$ MM Brazilian operations (exports) US operations (US$/ton) Brazilian operations R$/ton R$/ton US operations 4Q25 volumes boosted by seasonality and EBITDA impacted by lower prices, FX and maintenance downtimes in Brazilian operations 2025 2025 22% 2025 5,980 5,856 5,641 5,884 5,918 1,271 1,543 1,542 1,376 1,513
583 524 538 3,472 3,029 Average FX 5,730 4,462 4,798 644 542 3,284 3,165 3,406 PULP BUSINESS Sales Volume (‘000 ton) 4Q24 3Q25 4Q25 10,865 12,490 2024 Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) 20,866 18,892 4Q24 3Q25 4Q25 R$5.84 R$5.45 R$5.40 5 1,745 1,410 1,409 R$ MM R$/ton Margin % 3,407 2,856 2,905 US$ R$ 51% 49% 49% 56% R$5.59 1,921 1,513 4Q24 3Q25 4Q252025 2024 2025 50% 2024 2025 R$5.39 Commercial strategy fully implemented in the quarter and pulp prices starting to reflect a healthier market environment
181 340 328 319 314 3Q25 (4) Wood (10) Input 176 (40) 4Q25FX (2) Energy (2) Fixed Cost (5) 801 778 (38) -3% PULP BUSINESS Pulp Cash Cost – 4Q25 vs. 3Q25 (ex-downtimes – R$/ton) Pulp Cash Cost – Historical Figures (ex-downtimes – R$/ton) 6 4Q25 marked a new level of cash production cost driven by higher operational performance and input prices Δ Δ Δ Δ Wood Input Fixed Cost Energy FX 690 885 883 828 817 0 200 400 600 800 1,000 1,200 2021 2022 2023 2024 2025 859 832 801 778 0 200 400 600 800 1,000 1,200 1Q25 2Q25 3Q25 4Q25
2,183 2,062 1,983 TOD 2024 (Actual) TOD 2025 (Actual) TOD 2027¹ (Guidance) 7 Total Operational Disbursement (TOD) – Pulp Business 2025 performance sets the declining trend toward 2027 guidance ¹ in nominal terms considering 2026 currency TOD Performance (R$/t) FX 5.59 Brent US$69/bbl Caustic soda US$403/t Forestry radius 164 km Third-party wood 25% FX 5.35 Brent US$70/bbl Caustic soda US$400/t Forestry radius 151 km Third-party wood 18% FX 5.39 Brent US$81/bbl Caustic soda US$393/t Forestry radius 187 km Third-party wood 28% Cash Cost (including downtimes) Cash SG&A + Freight Sustaining Capex TOD Composition
4.6 0.5 0.9 1.6 2.9 11.3 1.3 0.7 6.63.3 3.1 3.2 2.9 3.3 3.2 8 Sep/25Dec/24 Dec/25 Leverage (Net debt/Adjusted EBITDA LTM) FINANCIAL MANAGEMENT In R$ In US$ Positive free cash flow and FX strengthened financial robustness, reducing net debt and leverage 1Total Capex on accrual basis. | 2Include leasing payments, income taxes, among other. | ³ Finnvera credit lines. Adjusted EBITDA LTM and Net Debt (US$ billion) 4.0 3.9Adjusted EBITDA LTM 13.0 Net Debt Sep. 2025 1.0 Adjusted EBITDA 0.5 Total Capex¹ 0.1 Working Capital 0.2 Accrued Net Interest 0.1 Others² 12.6 Net Debt Dec. 2025 Stand-by facilities Liquidity Dec.25 2026 2027 2028 2030 onwards2029 Finnvera³ Average Cost (in US$): 5.0% p.a. Average Term: 78 months Amortization Schedule (US$ billion) Cash on hand (49% in US$)
Financial discipline reinforced by capex execution in line with guidance and by an effective FX hedging portfolio FINANCIAL MANAGEMENT Dec. 31st, 2025 64% FX Gap Coverage: Notional: Sep. 30th, 2025 5.64 6.54 Put Call Average Portfolio Strikes: 5.83 6.73 Put Call 72% US$6.0 billion US$6.2 billion Sustaining Land and Forests Expansion, Modernization and other Cerrado Project 7.92.9 1.5 1.0 Breakdown (R$ billion) Expected Cash Adjustments - ZCC As of Dec, 25 - FX @ 5.50¹ R$2.7 billion 1Closing FX rate on 12/31/2025. Capex Actual R$13.3 Bn R$13.3 Bn Guidance 2025 7.3 2.6 0.8 0.2 Breakdown (R$ billion) 2026e R$10.9 Bn Guidance Hedging Portfolio
10 FINANCIAL MANAGEMENT 2025 Shareholder remuneration ¹ Distribution date in Brazil Disbursement¹: Feb. 4th, 2026 Payment per share: R$1.17 R$1.4 billion DIVIDEND 5th SHARE BUYBACK PROGRAM Authorized Volume: Up to 40 million shares Tenor: Up to 18 months 6th SHARE BUYBACK PROGRAM ANNOUNCED Actual Volume: 15 million shares (R$805 million)
Looking ahead… 11 o Focus on TOD and net debt reduction o JV with K-C progressing as planned for closing in mid-2026 o Favorable short-term dynamics in the pulp market o Cash production cost improvement vs. 2025 average
Q&A 4Q25 Investor Relations ir.suzano.com.br ri@suzano.com.br