Suzano (SUZ) boosts Q2 2026 free cash flow to R$3.3B amid higher prices
Rhea-AI Filing Summary
Suzano S.A. reports second-quarter 2026 results marked by higher prices and volumes and stronger cash generation. Adjusted EBITDA reached R$4.7 billion, compared with R$4.6 billion in 1Q26 and R$6.1 billion in 2Q25, while operating cash generation was R$2.9 billion, versus R$2.5 billion and R$4.1 billion in the same periods. Adjusted free cash flow was R$3.3 billion, significantly above R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25.
Total sales volume was 2.9 million tons, with pulp sales of 340 thousand tons and paper and packaging (excluding consumer goods) supported by higher volumes and pricing in Brazilian operations, though U.S. operations were affected by scheduled maintenance and oil-related input costs. Pulp cash cost excluding downtimes rose to R$843 per ton. Liquidity stood at US$12.8 billion, and net debt increased to US$6.9 billion, taking leverage to 3.4x Net Debt/LTM Adjusted EBITDA. A cash settlement of US$1.3 billion closed on July 1, 2026, with net debt at closing of about US$1.0 billion. A sizable FX and commodity hedging portfolio is in place to mitigate oil and currency volatility, and management reiterates 2026 cash cost guidance of R$800 per ton excluding downtimes.
Positive
- Adjusted free cash flow rose to R$3.3 billion, up from R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25, indicating materially stronger cash generation.
- Sales volume reached 2.9 million tons, improving quarter-on-quarter from 2.8 million tons, supported by higher prices and volumes, particularly in Brazilian operations.
- Large liquidity position of US$12.8 billion provides a substantial buffer for operations, investments and liability management.
- Hedging strategies cover a high share of oil-related and FX exposure, helping protect free cash flow over the next two years.
Negative
- Adjusted EBITDA declined year-on-year to R$4.7 billion from R$6.1 billion in 2Q25, reflecting weaker profitability versus the prior year.
- Operating cash generation fell versus 2Q25 to R$2.9 billion from R$4.1 billion, a significant year-on-year reduction.
- Net debt increased to US$6.9 billion, up from US$5.9 billion in 2Q25, raising leverage to 3.4x Net Debt/LTM Adjusted EBITDA.
- Pulp cash cost ex-downtimes increased to R$843 per ton versus R$802 in 1Q26, driven in part by conflict-related commodity cost pressure.
Key Figures
Adjusted EBITDA: R$4.7 billion
Adjusted Free Cash Flow: R$3.3 billion
Operating Cash Generation: R$2.9 billion
+5 more
8 metrics
Adjusted EBITDA
R$4.7 billion
2Q26, versus R$4.6 billion in 1Q26 and R$6.1 billion in 2Q25
Adjusted Free Cash Flow
R$3.3 billion
2Q26, versus R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25
Operating Cash Generation
R$2.9 billion
2Q26, versus R$2.5 billion in 1Q26 and R$4.1 billion in 2Q25
Pulp Cash Cost ex-downtimes
R$843/ton
2Q26, versus R$802/ton in 1Q26 and R$832/ton in 2Q25
Sales Volume
2.9 million tons
2Q26, versus 2.8 million tons in 1Q26 and 3.3 million tons in 2Q25
Net Debt
US$6.9 billion
2Q26, versus US$6.1 billion in 1Q26 and US$5.9 billion in 2Q25
Liquidity
US$12.8 billion
2Q26, versus US$13.0 billion in 1Q26 and 2Q25
Leverage
3.4x
Net Debt / LTM Adjusted EBITDA in US$ at 2Q26, versus 3.3x in 1Q26 and 3.1x in 2Q25
Key Terms
Adjusted EBITDA, Operating Cash Generation, cash cost ex-downtimes, commodity hedging portfolio, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA2: R$4.7 billion (vs. R$4.6 billion in 1Q26...)"
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 Generation2: R$2.9 billion (vs. R$2.5 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.
cash cost ex-downtimes financial
"Cash cost ex-downtimes: R$843/ton (vs. R$802/ton in 1Q26...)"
commodity hedging portfolio financial
"Strong operational hedging portfolio protects free cash flow over the next 2 years"
Net Debt / LTM Adjusted EBITDA financial
"Leverage4 3.4x in US$ (vs. 3.3x in 1Q26 and 3.1x in 2Q25)"
Net debt / LTM adjusted EBITDA is a leverage ratio that divides a company’s net debt (total debt minus cash) by its adjusted earnings over the last twelve months before interest, taxes, depreciation and amortization, with one‑time items removed. It tells investors how many years of the company’s recent run‑rate cash earnings would be needed to pay off its net debt, like estimating how many months of take‑home pay are required to clear a mortgage. Higher values indicate greater debt burden and more risk.
stand-by facilities financial
"Stand-by facilities Liquidity Jun. 26 6M26 2027 2028 2031 onwards"
FAQ
How did Suzano (SUZ) perform in terms of EBITDA in 2Q26?
Suzano reported Adjusted EBITDA of R$4.7 billion in 2Q26, slightly above R$4.6 billion in 1Q26 but below R$6.1 billion in 2Q25, reflecting stronger pricing and volumes quarter-on-quarter but weaker profitability year-on-year.
What was Suzano (SUZ) adjusted free cash flow in 2Q26?
Adjusted free cash flow reached R$3.3 billion in 2Q26, compared with R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25. This improvement mainly reflects higher EBITDA and lower sustaining capex, boosting overall cash generation.
What is Suzano (SUZ) current net debt and leverage?
Suzano reported net debt of US$6.9 billion at 2Q26 and leverage of 3.4x Net Debt/LTM Adjusted EBITDA. Despite solid cash generation, higher net debt and lower LTM EBITDA contributed to the increased leverage ratio.
How much did Suzano (SUZ) sell in volume during 2Q26?
Total sales volume was 2.9 million tons in 2Q26, versus 2.8 million tons in 1Q26 and 3.3 million tons in 2Q25. Pulp sales were 340 thousand tons, with the remainder from paper and packaging excluding consumer goods.
What were Suzano (SUZ) pulp cash costs in 2Q26?
Pulp cash cost excluding downtimes was R$843 per ton in 2Q26, up from R$802 per ton in 1Q26 and R$832 per ton in 2Q25. The increase was influenced by commodity price effects and conflict-driven input cost pressures.
What major cash settlement did Suzano (SUZ) complete around 2Q26?
Suzano completed a US$1.3 billion cash settlement, with closing on July 1, 2026 and net debt at closing of about US$1.0 billion. Management highlights a focus on integration and value creation related to this transaction.
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 June, 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 Second 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: August 13, 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 2Q26
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 EBITDA2: Liquidity: 2.9 million tons (vs. 2.8 million tons in 1Q26 and 3.3 million tons in 2Q25) Pulp: 340 thousand tons (vs. 315 thousand tons in 1Q26 and 348 thousand tons in 2Q25) Paper and packaging¹: Pulp Inventory: Operating Cash Generation2: Cash cost ex-downtimes: R$4.7 billion (vs. R$4.6 billion in 1Q26 and R$6.1 billion in 2Q25) R$2.9 billion (vs. R$2.5 billion in 1Q26 and R$4.1 billion in 2Q25) R$843/ton (vs. R$802/ton in 1Q26 and R$832/ton in 2Q25) US$12.8 billion (vs. US$13.0 billion in 1Q26 and US$13.0 billion in 2Q25) Leverage4 : US$6.9 billion (vs. US$6.1 billion in 1Q26 and US$5.9 billion in 2Q25) Net debt: 3.4x in US$ (vs. 3.3x in 1Q26 and 3.1x in 2Q25) Sales Volume Financial Management Operating Performance 1 Excluding Consumer Goods. | 2 Operating Cash Generation = Adjusted EBITDA less Sustaining Capex. | 3 For further details, please see section “Free Cash Flow” of the Earnings Release. | 4 Net Debt / LTM Adjusted EBITDA. | 5 Subject to customary adjustments. HIGHLIGHTS EBITDA benefited by higher prices and stronger volumes, with Adjusted Free Cash Flow of R$3.3 billion Normalized levels US$1.3 billion Cash settlement5: Strategy Growth with discipline Adjusted Free Cash Flow3: R$3.3 billion (vs. R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25) Closing: Net debt at closing: ~US$1.0 billion July 1st, 2026
1,728 3 1,731 1,995 1,387 1,623 (859) 225 (1,510) 762 367 303 1,432 1,209 Paper Sales¹ (‘000 ton) Average Net Price ($/ton) 2Q25 1Q26 2Q26 173 164 182 99 79 84 76 72 74 348 315 340 2Q25 1Q26 2Q26 LTM 2T26 Brazilian operations (domestic) 4 Adjusted EBITDA and EBITDA Margin² R$ MM Consolidated (R$/ton) EBITDA Margin (%) 1 Excluding Consumer Goods. 2 Does not exclude the impact of Mgmt. LTI. 2Q25 1Q26 21% 18% 2Q26 15% PAPER AND PACKAGING BUSINESS US operations Brazilian operations (R$/ton) R$ MM Brazilian operations (exports) US operations (US$/ton) Brazilian operations R$/ton R$/ton US operations Higher volumes and pricing in Brazilian Operations, while US operations impacted by scheduled maintenance downtime and oil-related inputs 19% 6,057 5,607 5,683 5,699 1,505 1,558 1,563 1,551 LTM 2Q26 LTM 2Q26 543 337 432 (66) 16 (112) 477 353 320
1,422 555 562 601 2,934 Average FX 5,378 4,056 4,184 554 3,269 2,835 2,897 PULP BUSINESS Sales Volume (‘000 ton) 2Q25 1Q26 2Q26 12,303 LTM 2Q26 Average Net Price – Export Market ($/ton) Adjusted EBITDA and EBITDA Margin (%) 17,500 2Q25 1Q26 2Q26 R$5.67 R$5.26 R$5.05 5 1,645 1,431 1,444 R$ MM R$/ton Margin % 3,146 2,955 3,034 US$ R$ 52% 49% 48% 49% 2Q25 1Q26 2Q26 R$5.29 LTM 2Q26 LTM 2Q26 EBITDA growth q-o-q mostly driven by higher prices, with volume growth constrained by lower production output and inventory rebuild
181 338 370 326 350 PULP BUSINESS Pulp Cash Cost – 2Q26 vs. 1Q26 (ex-downtimes – R$/ton) 6 Conflict-driven input cost pressures q/q, partially offset by higher operating efficiency and FX Δ Δ Δ Δ Pulp Cash Cost – 2Q26 vs. 2Q25 (ex-downtimes – R$/ton) (43) 1Q26 24 Wood 39 Input (3) Fixed Cost (13) Energy (6) FX 179 2Q26 802 843 (56) Wood Input Fixed Cost Energy FX Commodities price effect: +R$34/ton 179 356 370 336 350 (39) 2Q25 13 Wood 34 Input 0 Fixed Cost (17) Energy (19) FX 179 2Q26 832 843 (56) Commodities price effect: +R$30/ton Δ Δ Δ Δ +5% +1%
85% 85% 84% 67% 61% 48% FINANCIAL MANAGEMENT 7 Commodity hedging mitigate the impact of oil price volatility Main oil-related operations Coverage of potential hedge2 – exposure – ZCC (%) Brent price as of June 30, 2026 – US$73/bbl 3Q26 4Q26 1Q27 2Q27 3Q27 Call Put 68.3 68.3 72.9 74.3 73.6 74.8 57.9 57.9 58.8 59.2 58.4 59.6 4Q27 2 Natural gas and VLSFO. Excludes diesel. 2H26 coverage of total potential hedge exposure³ 85% 2H26 coverage of total oil- related inputs exposure 34% Coverage Expected total cash adjustments (Brent @US$73/bbl): R$75 millionNet cash impact (vs. 2T25) 2Q26 vs. 2Q25 (R$ million)1 1 Cost impact considers pre-conflict Brent price (2Q25 average) of US$68/bbl as the baseline. Commodity Hedging Portfolio 147 (96) (179) (128) Total (275) Cash cost Inbound logistics, fuel oil and natural gas Outbound logistics Domestic transportation and ocean freight
57% Expected Cash Adjustments – ZCC (R$ million) FX @ 5.18 ¹ Strong operational hedging portfolio protects free cash flow over the next 2 years FINANCIAL MANAGEMENT 105 690 608 680 840 970 515 205 3Q26 4Q26 1Q27 2Q27 3Q27 FX Gap Coverage Call R$4.3 billion Put Notional: US$4.6 billion ¹ Closing FX rate on 06/30/2026. 6.14 7.33 7.47 7.44 6.89 6.84 6.70 6.61 5.62 6.28 6.34 6.42 6.02 6.01 5.81 5.73 Average Portfolio Strikes 6.11 7.05 Jun. 30, 2026 Jun. 30, 2026 Jun. 30, 2026 Put Call 4Q27 1Q28 2Q28 Cash adjustments 2Q26: R$480 million
5.1 0.5 0.9 1.2 2.4 2.6 10.4 1.8 6.9 3.0 3.2 3.3 3.1 3.3 3.4 9 Mar/26Jun/25 Jun/26 Leverage (Net debt/Adjusted EBITDA LTM) FINANCIAL MANAGEMENT In R$ In US$ Strong cash generation reduces net debt, while lower LTM EBITDA weighted on leverage ¹ Total Capex on accrual basis. | ² Includes leasing payments, income taxes, among other. Adjusted EBITDA LTM and Net Debt (US$ billion) Stand-by facilities Liquidity Jun. 26 6M26 2027 2028 2031 onwards2029 Average Cost (in US$): 5.1% p.a. Average Term : 76 months Amortization Schedule (US$ billion) Cash on hand (46% in US$) 2030 3.9 3.8EBITDA Ajustado UDM (13.0) (12.8) Net debt Mar. 26 0,9 Adjusted EBITDA (0,5) Total Capex¹ 0,1 Working Capital (0,2) Accrued Net Interest (0,0) Dividends/ Buybacks (0,1) Others² Net Debt Jun. 26 Liability Management: Local issuances of US$0.5 bn
Looking forward 10 o 2026 cash cost guidance: on track for R$800/t excluding downtimes1 o Standalone Consumer Goods segment disclosure from 3Q26 results onwards o Pulp business commercial strategy 2H26: stronger sales trend driven by favorable seasonality and higher production availability o Arbex: focused on integration and value creation ¹ According to Material Fact of May 11, 2026, which includes assumptions of Brent=US$84/bbl and FX=BRL/US$5.07
Investor Relations ri.suzano.com.br ri@suzano.com.br Q&A 2Q26