$SUZ · Suzano S.A.
Suzano reported Q3 2026 results, its first quarter consolidating Arbex (51%-owned JV with Kimberly-Clark, acquired July 1, 2026). Net revenue rose 42% QoQ to R$16.5B and 36% YoY. Adjusted EBITDA reached R$5.7B, up 21% QoQ and 9% YoY, with Arbex contributing R$694M. Net income was R$2.1B, up 15% QoQ. Net debt in US$ rose 15% QoQ to US$14.7B on the Arbex acquisition, lifting leverage to 3.7x (3.4x pro forma).
- Adjusted EBITDA of R$5.7B, up 21% QoQ and 9% YoY.
- Net revenue of R$16.5B, up 42% QoQ and 36% YoY.
- Arbex contributed R$694M Adjusted EBITDA in its first consolidated quarter.
- Net debt rose 15% QoQ to US$14.7B; leverage at 3.7x (3.4x pro forma).
- Operating cash generation of R$3.8B, up 33% QoQ.
Extended-hours last trade $9.44, down 0.63% vs regular close and 0.32% vs filing price, a muted reaction to solid EBITDA growth likely tempered by the 3.7x leverage increase.
First quarter consolidating the Arbex JV materially reshapes Suzano's revenue mix and balance sheet, with EBITDA growth offset by a jump in leverage.
The Arbex consolidation shifts Suzano's mix toward consumer goods (tissue), diversifying beyond pulp and paper amid a recovering Chinese hardwood pulp market.
Leverage climbed to 3.7x in US$ terms on the Arbex acquisition, and cash production cost ex-downtimes rose 3% YoY to R$825/t on Middle East conflict effects and higher wood costs.