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Suzano S.A.'s third-quarter 2026 (3Q26) earnings conference call presentation, filed with the SEC as an exhibit to Form 6-K. Suzano, the Brazilian company that is the world's largest hardwood (eucalyptus) pulp producer and is listed on B3 (SUZB3) and the NYSE (SUZ), reports Adjusted EBITDA of R$5.7 billion (R$ = Brazilian reais) on 3.2 million tons of pulp sales, a pulp cash cost ex-downtimes of R$825/ton, the first quarter of consolidated results from the Arbex consumer-goods (tissue) acquisition at R$694 million of Adjusted EBITDA, net debt of US$14.7 billion including Arbex, pro forma leverage of 3.4x in US$, and its pulp FX hedging portfolio and new Brent oil hedge program. The 11-slide deck closes with 4Q26 guidance and a March 4, 2027 Investor Day announcement.
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Suzano S.A.'s third-quarter 2026 (3Q26) earnings conference call presentation, filed with the SEC as an exhibit to Form 6-K. Suzano, the Brazilian company that is the world's largest hardwood (eucalyptus) pulp producer and is listed on B3 (SUZB3) and the NYSE (SUZ), reports Adjusted EBITDA of R$5.7 billion (R$ = Brazilian reais) on 3.2 million tons of pulp sales, a pulp cash cost ex-downtimes of R$825/ton, the first quarter of consolidated results from the Arbex consumer-goods (tissue) acquisition at R$694 million of Adjusted EBITDA, net debt of US$14.7 billion including Arbex, pro forma leverage of 3.4x in US$, and its pulp FX hedging portfolio and new Brent oil hedge program. The 11-slide deck closes with 4Q26 guidance and a March 4, 2027 Investor Day announcement.
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Title slide for Suzano's third-quarter 2026 earnings conference call. It shows the Suzano logo, the words 'Earnings Conference Call 3Q26', and the company's two listings: SUZB on the B3 Novo Mercado ('B3 LISTED NM') and SUZ listed on the NYSE.
Left-aligned text block on a pale grey background with a faint line-art texture; a photo of a stack of white toilet paper rolls fills the right edge; listing badges sit bottom left.
Forward-looking statements notice under Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. It lists trigger words such as 'believe', 'expect', 'estimate' and 'outlook', says the statements cover dividends, strategy, investment plans and guidance, states that Suzano has no obligation to update them except as required by law, and notes that the deck uses financial indicators not recognized under BR GAAP or IFRS, which should not replace metrics disclosed under those standards.
Text-only legal slide: green 'Disclaimer' title top left, three justified paragraphs filling the left two-thirds, and a vertical photo of a eucalyptus forest canopy on the right.
Three-column summary of the quarter. Sales volumes: pulp 3.2 million tons (vs. 3.0 million in 2Q26 and 3.2 million in 3Q25); consumer goods 299 thousand tons (vs. 66 thousand in 2Q26 and 64 thousand in 3Q25, with prior periods excluding pro forma Arbex); paper and packaging 374 thousand tons (vs. 340 thousand in 2Q26 and 372 thousand in 3Q25); pulp inventory at normalized levels. Operating performance: Adjusted EBITDA R$5.7 billion (vs. R$4.7 billion in 2Q26 and R$5.2 billion in 3Q25); operating cash generation R$3.8 billion (vs. R$2.9 billion and R$3.4 billion); pulp cash cost ex-downtimes R$825/ton (vs. R$843/ton and R$801/ton); Adjusted free cash flow R$2.6 billion (vs. R$3.3 billion and R$2.1 billion). A sticky note highlights Arbex Adjusted EBITDA of R$694 million. Financial management: liquidity US$6.3 billion (vs. US$6.9 billion and US$6.5 billion); net debt US$14.7 billion (vs. US$12.8 billion and US$13.0 billion); pro forma leverage 3.4x in US$, which includes Arbex LTM pro forma Adjusted EBITDA of US$531 million. Footnotes define operating cash generation as Adjusted EBITDA less sustaining capex and state that leverage excluding the Arbex pro forma EBITDA would be 3.7x in US$.
Grey header band with section label and two-line headline; three tinted columns below (blue for sales volumes, green for operating performance, orange for financial management), each stacking a metric label, a large bold figure and a grey comparison line; footnotes run along the bottom.
Sales volume ('000 tons): 372 in 3Q25 (81 US operations, 105 Brazilian exports, 186 Brazilian domestic), 340 in 2Q26 (74 / 84 / 182), 374 in 3Q26 (110 / 77 / 187) and 1,433 LTM 3Q26 (331 / 338 / 763). Average net price: US operations US$1,543/ton in 3Q25, US$1,563 in 2Q26 and US$1,661 in 3Q26 (LTM US$1,587); Brazilian operations R$5,856/ton, R$5,683 and R$5,812 (LTM R$5,685). Adjusted EBITDA (R$ million): 532 in 3Q25 (Brazil 489, US 43), 320 in 2Q26 (Brazil 432, US -112) and 277 in 3Q26 (Brazil 391, US -115); LTM 1,475 (Brazil 1,630, US -155). EBITDA per ton for Brazilian operations fell from R$1,679 to R$1,623 to R$1,482; US operations went from R$535/ton to R$(1,510) and R$(1,047); consolidated LTM R$1,029/ton. EBITDA margin was 22%, 15% and 11% in the three quarters and 16% LTM. A footnote says EBITDA does not exclude long-term management compensation.
Four-quadrant chart slide: stacked bar chart of volumes by destination top left, dot-line price chart top right, and stacked bar EBITDA chart with overlaid per-ton dot lines across the bottom, each with an LTM column separated by a dotted divider and a legend on the right.
Pulp sales volume including intersegment sales ('000 tons): 3,227 in 3Q25, 2,958 in 2Q26, 3,190 in 3Q26 and 12,517 LTM 3Q26. Average net export price: US$524/ton in 3Q25, US$601 in 2Q26 and US$591 in 3Q26 (LTM US$572); in reais R$2,856/ton, R$3,034 and R$3,035 (LTM R$2,980). Adjusted EBITDA: R$4,585 million in 3Q25 (50% margin), R$4,293 million in 2Q26 (48%) and R$4,805 million in 3Q26 (50%); LTM R$18,172 million (49%). EBITDA per ton was R$1,421, R$1,451 and R$1,506, with R$1,452 LTM. Average FX was R$5.45 per US$ in 3Q25, R$5.05 in 2Q26, R$5.14 in 3Q26 and R$5.21 LTM.
Three side-by-side charts under a grey header band: blue volume bars (LTM bar truncated with a diagonal break), two dot-line series for US$ and R$ export prices, and green EBITDA bars with gold margin labels and a blue per-ton dot line; an average FX row runs under the EBITDA chart.
Two cash cost bridges (ex-downtimes, R$/ton). 3Q26 vs. 2Q26: cash cost fell 2% from R$843 (wood 350, input 370, fixed cost 179, energy -56) to R$825 (wood 345, input 365, fixed cost 172, energy -56); changes were wood -5, input -8, fixed cost -7, energy 0 and FX +3, with a commodities price effect of +R$14/ton within wood and input. 3Q26 vs. 3Q25: cash cost rose 3% from R$801 (wood 319, input 340, fixed cost 181, energy -38) to R$825; changes were wood +26, input +35, fixed cost -9, energy -18 and FX -10, with a commodities price effect of +R$37/ton.
Two stacked horizontal waterfall charts, each running from a starting stacked bar through floating delta markers to an ending stacked bar, with a bracket labelled with the percentage change; a dotted box groups the wood and input deltas and states the commodity price effect; a color legend sits on the right.
Sales volume ('000 tons): Brazilian operations 64 in 3Q25, 66 in 2Q26 and 73 in 3Q26 (273 LTM); international operations (Arbex) 226 in 3Q26, with pro forma Arbex volumes of 226 and 219 shown as dashed bars for 3Q25 and 2Q26, giving totals of 290, 285 and 299 (LTM 1,176, of which 903 Arbex). Average net price: Brazilian operations R$11,259/ton, R$11,127 and R$11,055 (LTM R$10,916); Arbex US$3,666/ton and US$3,671 pro forma, then US$3,631 in 3Q26 (LTM US$3,654). Adjusted EBITDA (R$ million): Brazilian operations 83, 92 and 109; Arbex 694 in 3Q26 versus pro forma 664 and 622; totals 747, 714 and 803; LTM 3,181 (Arbex 2,770, Brazil 411). EBITDA per ton: Arbex R$2,940 and R$2,846 pro forma, R$3,073 in 3Q26; Brazilian operations R$1,304, R$1,387 and R$1,492; consolidated LTM R$2,216. EBITDA margin was 14%, 15% and 16% (16% LTM). Footnotes say results reflect a new methodology recording pulp consumed by Consumer Goods at market prices instead of production cost, used until 2Q26, and that the average FX rate was R$5.14 per US$ in 3Q26.
Same four-quadrant layout as the paper and packaging slide: volume stacked bars top left, price dot lines top right, EBITDA stacked bars with per-ton dot lines along the bottom, and an LTM column on the right with a legend that distinguishes reported from pro forma (dashed) figures.
Net debt waterfall (labelled US$ billion; the bar values read as US$ million): net debt of 12,767 at June 2026 (LTM Adjusted EBITDA US$3.8 billion), less Adjusted EBITDA 1,105, plus total capex 524, less working capital 41, plus accrued net interest 245 and other 70, gives 12,460 at September 2026 excluding the Arbex acquisition. Adding the Arbex closing payment 1,293, Arbex net debt 931 and a one-off intercompany Arbex item 40 brings net debt with Arbex to 14,724 (LTM Adjusted EBITDA US$3.9 billion). Leverage (net debt/LTM Adjusted EBITDA): in US$ 3.3x at Sep/25, 3.4x at Jun/26 and 3.7x at Sep/26; in R$ 3.1x, 3.3x and 3.7x; 3.4x in US$ pro forma at Sep/26. Amortization schedule (US$ billion): liquidity of 6.3 at September 2026 (cash on hand 4.2, 46% in US$, plus 2.1 of stand-by facilities) against maturities of 0.3 in the remaining months of 2026, 0.9 in 2027, 1.2 in 2028, 2.3 in 2029, 2.6 in 2030 and 11.5 from 2031 onwards. Average cost in US$ is 5.3% a year and average term is 73 months. A footnote says 'Other' includes leasing payments and income taxes and refers to Appendix 6, which is not part of this 11-page deck.
Full-width horizontal waterfall chart across the top with grey totals and green, blue and orange floating deltas; bottom left a three-point leverage line chart; bottom right an amortization bar chart with a stacked liquidity bar and a grey wedge linking liquidity to maturities.
FX hedging cash adjustments were R$294 million in 3Q26 and R$825 million in 9M26. As of September 30, 2026 the zero-cost-collar (ZCC) portfolio has average strikes of R$6.04 per US$ (put) and R$6.95 (call), notional of US$4.8 billion and FX gap coverage of 65%. Expected cash adjustments at the closing FX rate of R$5.18 per US$ on 09/30/2026 (R$ million): 542 in 4Q26, 705 in 1Q27, 836 in 2Q27, 699 in 3Q27, 805 in 4Q27, 326 in 1Q28, 153 in 2Q28 and 47 in 3Q28, totalling R$4.1 billion. Quarterly average put strikes run from 5.98 to a peak of 6.42 in 2Q27 and down to 5.68 in 3Q28; call strikes from 6.89 to a peak of 7.43 in 2Q27 and down to 6.56 in 3Q28.
Solid blue left panel with large white cash-adjustment figures; a dotted rounded box in the middle shows the put/call strike range, a 65% donut chart and the notional; the right side combines put and call strike lines above orange bars of expected cash adjustments by quarter, with a bracket summing to R$4.1 billion.
The oil hedging portfolio covers natural gas and bunker fuel. Cash adjustments were R$91 million in 3Q26 and R$286 million in 9M26. Average Brent price (US$/bbl, source Bloomberg) was 68 in 3Q25, 63 in 4Q25, 79 in 1Q26, 97 in 2Q26 and 91 in 3Q26. With Brent at US$98/bbl on September 30, 2026, ZCC coverage of potential hedge exposure (natural gas and VLSFO, excluding diesel) is 85% in 4Q26, 84% in 1Q27, 67% in 2Q27, 61% in 3Q27 and 48% in 4Q27, with put strikes of 57.9, 58.8, 59.2, 58.4 and 59.8 and call strikes of 68.3, 72.9, 74.3, 73.6 and 74.8 US$/bbl. In 4Q26 the hedges cover 85% of total potential hedge exposure and 34% of total oil-related inputs exposure. Expected total cash adjustments at Brent of US$98/bbl are R$477 million.
Green left panel with icons for natural gas and bunker fuel, cash-adjustment figures and a small Brent price line chart; the right side shows put and call strike lines above orange coverage bars by quarter, two donut charts for 4Q26 coverage and a dark green oval callout for expected total cash adjustments.
Outlook bullets: 4Q26 is expected to show a positive trend in price, sales volume and FX, leading to the strongest quarter of the year; focus on deleveraging and net debt reduction while strengthening total operational disbursement (TOD) competitiveness; the Arbex efficiency gains roadmap is on track, kicking off in 4Q26. Guidance: 2026 cash cost ex-downtimes of about R$825/t and 4Q26 net debt below US$14 billion. The right side announces Suzano Investor Day 2027 on March 4, 2027, with a C-level presentation, Q&A and a site visit.
Split layout: dark navy left panel with white bullet points and key phrases in green; light grey right panel with a large Suzano logo, 'Investor Day 2027' wordmark, the date in large type and three green bullets; ticker badges bottom right.
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It is the 11-slide deck Suzano S.A. used for its 3Q26 earnings conference call and furnished to the U.S. SEC as an exhibit to Form 6-K. It covers highlights, the paper and packaging, pulp and consumer goods segments, net debt and leverage, FX and oil hedging, and the outlook.
Adjusted EBITDA was R$5.7 billion, operating cash generation R$3.8 billion and Adjusted free cash flow R$2.6 billion. Pulp sales were 3.2 million tons, pulp cash cost ex-downtimes was R$825/ton, and net debt was US$14.7 billion with pro forma leverage of 3.4x in US$.
Arbex added R$694 million of Adjusted EBITDA and 226 thousand tons of consumer goods sales in 3Q26, its first consolidated quarter. Its closing and net debt added about US$2.2 billion to Suzano's net debt, and its LTM pro forma Adjusted EBITDA of US$531 million is used in the 3.4x pro forma leverage figure.
Cash cost ex-downtimes fell 2% from R$843/ton in 2Q26 to R$825/ton in 3Q26 thanks to lower wood, input and fixed costs, even though commodity prices added R$14/ton, which the deck links to oil-linked inputs and chemicals affected by the Middle East conflict.
Suzano guides to a 2026 pulp cash cost ex-downtimes of about R$825/t and 4Q26 net debt below US$14 billion, and expects 4Q26 to be the strongest quarter of the year on price, volume and FX. It also announces an Investor Day on March 4, 2027.
It uses zero-cost collars. The FX portfolio had US$4.8 billion notional with average strikes of R$6.04 (put) and R$6.95 (call) per US$, and expected cash adjustments of R$4.1 billion through 3Q28. Oil hedges cover natural gas and bunker fuel, with 85% of potential hedge exposure covered in 4Q26.
Operating results are mostly in Brazilian reais (R$), while liquidity, net debt, leverage, the amortization schedule and some prices are in US dollars (US$). Average FX was R$5.14 per US$ in 3Q26 and the closing rate on September 30, 2026 was R$5.18.
Yes. Its structure of headline takeaways per slide, segment slides with LTM columns, cost and net debt waterfalls, and hedging disclosures is a useful model for commodity or industrial companies. The original is published by Suzano, so replace its data with your own.
Original 3Q26 earnings presentation furnished by Suzano S.A. as an exhibit to Form 6-K
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