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Suzano (NYSE: SUZ) issues net debt and pulp cash cost guidance

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Form Type
6-K

Rhea-AI Filing Summary

Suzano S.A. released updated financial and operating guidance, setting a net debt target of US$11.0 billion and a leverage goal below 2.5x Adjusted EBITDA, expected to be reached over fiscal years 2027 and 2028. These targets rely on assumed USD/BRL exchange rates of R$5.17 in 2026, R$5.25 in 2027 and R$5.28 in 2028.

The company also guided that pulp cash production costs, excluding scheduled maintenance downtimes, are expected at R$830–R$840 per tonne in the second quarter of 2026, about 3%–5% higher than in the first quarter of 2026, based on an exchange rate of R$5.00 and Brent at US$87 per barrel. For full-year 2026, Suzano estimates pulp cash production cost at approximately R$800 per tonne, assuming an average exchange rate of R$5.07 and Brent at US$84 per barrel. Suzano will also update item 3 of its Reference Form within the regulatory deadline and emphasizes that these figures are forward-looking estimates subject to risks and uncertainties.

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Insights

Suzano outlines medium-term leverage targets and cost guidance, with outcomes dependent on FX and commodity assumptions.

Suzano targets net debt of US$11.0 billion and leverage below 2.5% of Adjusted EBITDA over fiscal years 2027 and 2028. This provides a clearer view of management’s desired balance-sheet profile, anchored by specific USD/BRL assumptions for 2026–2028.

The company also forecasts pulp cash production costs of R$830–R$840 per tonne in Q2 2026 and about R$800 per tonne for full-year 2026, tied to Brent prices of US$87 and US$84 per barrel and defined FX rates. These inputs show how sensitive both leverage and costs are to currency and oil movements.

Because the guidance is explicitly forward-looking and framed as subject to risks and uncertainties, its practical impact will depend on how actual FX, Brent prices and operating performance track these assumptions in future reporting periods. The filing mainly enhances transparency rather than signaling a confirmed outcome.

Net debt target US$11.0 billion Medium-term target over fiscal years 2027 and 2028
Leverage target Below 2.5x Net debt / Adjusted EBITDA over prior 12 months
Q2 2026 pulp cash cost R$830–R$840 per tonne Excludes scheduled maintenance; 3%–5% above Q1 2026
2026 pulp cash cost R$800 per tonne Estimated full-year 2026 average, excl. maintenance
Q2 2026 Brent assumption US$87 per barrel Assumption for pulp cash cost estimate
2026 Brent assumption US$84 per barrel Assumption for full-year 2026 cost estimate
USD/BRL 2026 R$5.17 Average exchange-rate assumption for 2026
USD/BRL 2027–2028 R$5.25 (2027), R$5.28 (2028) FX assumptions underpinning leverage guidance
net debt financial
"The Company informs that its net debt and leverage targets in U.S. dollars are, respectively: (a) US$11.0 billion..."
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
leverage ratio financial
"The leverage ratio is measured as net debt divided by Adjusted EBITDA recorded over the twelve (12) months..."
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
Adjusted EBITDA financial
"The leverage ratio is measured as net debt divided by Adjusted EBITDA recorded over the twelve (12) months..."
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.
pulp cash production cost financial
"Suzano informs that its estimated pulp cash production cost — excluding the effects of scheduled maintenance downtimes..."
Reference Form regulatory
"The Company also clarifies that item 3 of the Reference Form will be duly updated within the deadline..."
forward-looking statements regulatory
"These estimates represent forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933..."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Form 6-K: How Foreign Companies Report to the SEC →
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 May, 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 – Guidances



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: May 11th, 2026
SUZANO S.A.
By:/s/ Marcos Moreno Chagas Assumpção
Name:Marcos Moreno Chagas Assumpção
Title:Vice-President of Finance and Investor Relations

exhibit9911.jpg






MATERIAL FACT

SUZANO S.A.
Publicly-Held Company
Corporate Taxpayer ID (CNPJ/ME): 16.404.287/0001-55
Company Registry (NIRE): 29.3.0001633-1


São Paulo, May 11, 2026 – Suzano S.A. (“Company” or “Suzano”) (B3: SUZB3 | NYSE: SUZ), in accordance with the provisions of Law No. 6,404, of December 15, 1976, as amended, CVM Resolution No. 44, of August 23, 2021, and CVM Resolution No. 80, of March 29, 2022, as amended, hereby informs its shareholders, investors, and the market in general as follows:

1. Net debt and leverage estimates

The Company informs that its net debt and leverage targets in U.S. dollars are, respectively: (a) US$11.0 billion and (b) below 2.5x, expected to be reached over fiscal years 2027 and 2028. The leverage ratio is measured as net debt divided by Adjusted EBITDA recorded over the twelve (12) months prior to the measurement period. These estimates are based on average exchange rates assumptions (USD/BRL) of R$5.17 for 2026, R$5.25 for 2027 and R$5.28 for 2028, on a nominal basis (in accordance with projections of average exchange rates based on the Central Bank of Brazil’s Market Expectations System).

The leverage target is in line with Suzano’s Debt Policy, which is available on the Company’s Investor Relations website (http://ir.suzano.com.br/), under the “The Company” and “Bylaws, Codes, Policies and Regiments” section.

2. Pulp cash production cost estimates – 2Q26 and 2026 annual average

Suzano informs that its estimated pulp cash production cost — excluding the effects of scheduled maintenance downtimes — for the second quarter of 2026 is expected to range between R$830 per tonne and R$840 per tonne (approximately a 3% to 5% increase compared to the first quarter of 2026). Such estimate assumes an average quarterly exchange rate (USD/BRL) of R$5.00 and a Brent price (ICE Brent Crude) of US$87 per barrel.

From a full-year 2026 perspective, the Company estimates that this indicator will be approximately R$800 per tonne, based on an assumed average exchange rate of R$5.07 and a Brent price of US$84 per barrel for the full year of 2026.

exhibit9911.jpg






3. Update of Reference Form

The Company also clarifies that item 3 of the Reference Form will be duly updated within the deadline set in CVM Resolution 80/22.

By disclosing the information contained in this Material Fact notice, the Company reaffirms its commitment to transparency with its shareholders, investors and the market and will keep them adequately informed of any significant change in the estimated long-term operational performance announced.

The estimates shown here merely reflect the current estimates or expectations of the Company's management, are subject to risks and uncertainties, and in no way constitute a promise of performance. These estimates represent forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. The terms "anticipates," "believes," "expects," "foresees," "intends," "plans," "projects," "aims," "shall" and other similar terms aim to identify such forecasts, which evidently involve risks or uncertainties that may or not be foreseen by the Company. Information on business prospects, projections and financial targets constitutes mere forecasts based on management's current expectations regarding the future of the Company and its subsidiaries. These expectations depend on market conditions and on the economic scenario in Brazil and the countries where the Company operates and the sectors in which it operates. Any change in the perception or the factors described above could cause actual results to differ from the estimates presented here.



São Paulo, May 11, 2026.

Marcos Moreno Chagas Assumpção
Vice President - Finance and Investor Relations

Source: View Original Filing on SEC EDGAR

FAQ

What net debt and leverage targets did Suzano (SUZ) announce?

Suzano set a net debt target of US$11.0 billion and a leverage goal below 2.5x Adjusted EBITDA, expected to be reached over fiscal years 2027 and 2028, based on specific USD/BRL exchange-rate assumptions for 2026, 2027 and 2028.

How is Suzano defining its leverage ratio in this guidance?

Suzano defines the leverage ratio as net debt divided by Adjusted EBITDA recorded over the twelve months prior to the measurement period. This approach uses trailing twelve-month Adjusted EBITDA to assess leverage against the targeted level below 2.5x in coming fiscal years.

What pulp cash production cost does Suzano expect for Q2 2026?

For the second quarter of 2026, Suzano estimates pulp cash production cost at R$830–R$840 per tonne, excluding scheduled maintenance downtimes. This represents approximately a 3% to 5% increase compared to the first quarter of 2026 under an assumed R$5.00 USD/BRL rate.

What is Suzano’s full-year 2026 pulp cash cost guidance?

Suzano projects full-year 2026 pulp cash production cost at approximately R$800 per tonne, excluding scheduled maintenance downtimes. This assumes an average exchange rate of R$5.07 and a Brent crude price of US$84 per barrel for 2026.

Which macro assumptions underpin Suzano’s leverage and cost guidance?

The guidance relies on USD/BRL rates of R$5.17 for 2026, R$5.25 for 2027 and R$5.28 for 2028, plus Brent prices of US$87 per barrel for Q2 2026 and US$84 per barrel for full-year 2026.

What regulatory disclosure update did Suzano commit to in this filing?

Suzano stated that item 3 of its Reference Form will be updated within the deadline set in CVM Resolution 80/22. This reflects a commitment to keep its Brazilian regulatory disclosure aligned with the new long-term operational and financial estimates provided.

Filing Exhibits & Attachments

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