Suzano S.A. (SUZ) Form 6-K — Aug 13, 2026
Suzano furnished its 2Q26 earnings presentation via Form 6-K, reporting adjusted EBITDA of R$4.7 billion, up from R$4.6 billion in 1Q26 on higher prices and stronger volumes but well below the R$6.1 billion posted in 2Q25. Cash generation was a bright spot, with adjusted free cash flow of R$3.3 billion and operating cash generation of R$2.9 billion, though pulp sales volumes of 2.9 million tons remained below the 3.3 million tons sold a year earlier. Net debt rose to US$6.9 billion, lifting leverage to 3.4x LTM adjusted EBITDA in US dollars from 3.1x a year ago, while liquidity stood at US$12.8 billion alongside LTM adjusted EBITDA of US$12.8 billion.
Key figures
- Guidance
- 2026 cash cost on track for R$800/ton excluding downtimes (per Material Fact of May 11, 2026, with assumptions Brent=US$84/bbl and FX=BRL/US$5.07)
- Net debt
- US$6.9 billion (vs US$6.1 billion in 1Q26 and US$5.9 billion in 2Q25)
- Liquidity
- US$12.8 billion
- Debt average cost
- 5.1% p.a.
- Debt average term
- 76 months
- Fx hedge coverage
- R$4.3 billion
- Pulp sales volume
- 2.9 million tons (vs 2.8 million tons in 1Q26 and 3.3 million tons in 2Q25)
- Ltm adjusted ebitda
- US$12.8 billion (vs US$13.0 billion in 1Q26 and 2Q25)
- Adjusted ebitda 2q26
- R$4.7 billion (vs R$4.6 billion in 1Q26 and R$6.1 billion in 2Q25)
- Local debt issuances
- US$0.5 billion
- Cash adjustments 2q26
- R$480 million
- Fx hedge put notional
- US$4.6 billion
- Cash cost ex downtimes
- R$843/ton (vs R$802/ton in 1Q26 and R$832/ton in 2Q25)
- Cash on hand usd share
- 46% in US$
- Brent price jun 30 2026
- US$73/bbl
- Adjusted free cash flow 2q26
- R$3.3 billion (vs R$0.6 billion in 1Q26 and R$2.6 billion in 2Q25)
- Leverage net debt ltm ebitda
- 3.4x in US$ (vs 3.3x in 1Q26 and 3.1x in 2Q25)
- Paper packaging sales volume
- 340 thousand tons (vs 315 thousand tons in 1Q26 and 348 thousand tons in 2Q25)
- Operating cash generation 2q26
- R$2.9 billion (vs R$2.5 billion in 1Q26 and R$4.1 billion in 2Q25)
- Acquisition net debt at closing
- ~US$1.0 billion (closing July 1st, 2026)
- Expected cash adjustments brent 73
- R$75 million
AI analysis
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