Suzano (SUZ) Company Report

Analyst Coverage

Research analysts who have asked questions during Suzano earnings calls.

Caio Ribeiro

Bank of America

7 questions for SUZ

Also covers: CSNA3.SA, GGB, PBR +3 more

Daniel Sasson

Itaú BBA

7 questions for SUZ

Also covers: CSNA3.SA, CX, GGB +2 more

Rafael Barcellos

Bradesco BBI

7 questions for SUZ

Also covers: CSNA3.SA, GGB, SCCO +2 more

Eugenia Cavalheiro

Morgan Stanley

4 questions for SUZ

Marcio Farid Filho

Goldman Sachs

4 questions for SUZ

Also covers: CSNA3.SA, ERO, GGB +5 more

Rodolfo De Angele

JPMorgan Chase & Co.

4 questions for SUZ

Also covers: GGB, PBR, UGP +2 more

Caio Greiner

BTG Pactual

2 questions for SUZ

Also covers: GGB, SID, TX +1 more

Leonardo Correa

BTG Pactual

2 questions for SUZ

Also covers: GGB, VALE

Lucas Laghi

XP Inc.

2 questions for SUZ

Also covers: ERJ, GGB, IOCJY

Márcio Farid

Goldman Sachs

2 questions for SUZ

Also covers: VALE

Yuri Pereira

Santander Bank

2 questions for SUZ

Also covers: CSNA3.SA, GGB, SID +1 more

Alfonso Salazar

Scotiabank

1 question for SUZ

Also covers: SCCO, TX

Enrique Marquez

Goldman Sachs Group, Inc.

1 question for SUZ

Also covers: TX

Igor Guedes

Genial Investimentos

1 question for SUZ

Also covers: GGB, JBS, JBSAY +1 more

Jonathan Brandt

HSBC

1 question for SUZ

Also covers: SCCO

Ricardo Monegaglia Neto

Safra

1 question for SUZ

Also covers: GGB, SID, VALE

Latest news

Recent press releases and 8-K filings for SUZ.

Suzano Reports Strong Q4 2025 Results, Reduces 2026 CAPEX, and Announces New Share Buyback

SUZ

Earnings

Guidance Update

Share Buyback

Suzano reported record pulp shipment volumes and strong operational cash flow of $400 million in Q4 2025, contributing to a reduction in net debt to $12.6 billion and leverage to 3.2 times.
The company achieved its lowest cash cost since Q4 2021 at BRL 778 per ton in Q4 2025, with expectations for the 2026 average cash production cost of pulp to be broadly in line with this level, despite a projected higher Q1 2026 due to planned maintenance.
Suzano is reducing its 2026 CAPEX guidance by nearly 20% year-on-year and announced a new share buyback program to acquire up to 40 million shares, following the completion of a previous program that acquired 15 million shares.
The pulp market outlook improved due to the delay of APP's OKI project to mid-Q4 2026, meaning no new incremental market pulp capacity is expected in 2026, and the company ceased paper operations at its highest cash cost Rio Verde Mill for a positive impact on 2026 results.

Feb 11, 2026, 1:00 PM

Transcript

Suzano Reports Strong Q4 2025 Results and Positive 2026 Outlook

SUZ

Earnings

Guidance Update

Share Buyback

Suzano reported a $400 million positive free cash flow in Q4 2025, which contributed to a reduction in net debt to $12.6 billion and leverage to 3.2 times. The company also announced a new share buyback program to acquire up to 40 million shares and reduced its 2026 CAPEX guidance by nearly 20% year-over-year.
The pulp business experienced price recovery and record volumes in Q4 2025, leading to an 8% quarter-over-quarter increase in EBITDA. The outlook for 2026 is positive due to significant supply-side changes, including a 150,000-ton curtailment from an Indonesian producer and the delay of APP's OQ2 project, meaning no new market pulp capacity is expected in 2026.
The company achieved its lowest cash cost since 2021, reaching BRL 778 per ton in Q4 2025, a 3% reduction from the previous quarter. Suzano expects the average cash production cost for pulp in 2026 to be broadly in line with this Q4 2025 level.
In its paper and packaging business, Suzano delivered strong volumes in Q4 2025, with U.S. Suzano packaging seeing a 21% year-over-year price increase and contributing to a 10% segment EBITDA increase. The company ceased paper operations at its Rio Verde Mill, which produced 50,000 tons annually and had the highest cash cost, anticipating a positive impact on 2026 results.

Feb 11, 2026, 1:00 PM

Transcript

Suzano Reports Strong Q4 2025 Results, Highlights Pulp Market Recovery and Reduced Debt

SUZ

Earnings

Guidance Update

Share Buyback

Suzano reported positive free cash flow generation of $400 million in Q4 2025, which helped reduce net debt to $12.6 billion by year-end 2025, bringing leverage down to 3.2 times. The company's ambition is to further reduce net debt to $11 billion.
The fourth quarter of 2025 was marked by price recovery in all pulp markets and record sales volumes, resulting in very low year-end inventories. Furthermore, no incremental Market Pulp capacity is expected to reach markets in 2026 due to the delay of APP's OQ2 project and Indonesian permit revocations.
Suzano achieved its lowest cash cost since Q4 2021 at BRL 778 per ton in Q4 2025, representing a 3% reduction from Q3 2025. The average cash production cost of pulp for 2026 is expected to be broadly in line with Q4 2025, despite anticipated pressure in Q1 2026 due to planned maintenance.
The company is reducing its 2026 CAPEX guidance by nearly 20% year-on-year. Additionally, Suzano paid BRL 1.4 billion in dividends and announced a new share buyback program to acquire up to 40 million shares.

Feb 11, 2026, 1:00 PM

Transcript

Suzano S.A. Announces Q4 2025 Results

SUZ

Earnings

Dividends

Share Buyback

Suzano S.A. reported a record sales volume and the lowest cash production cost level since 2021 for 2025.
The company's Adjusted EBITDA decreased in 2025 compared to 2024, while net debt and leverage increased from Q4 2024 to Q4 2025.
Suzano announced a dividend payment for 2025 and initiated a 6th share buyback program for up to 40 million shares.
Looking ahead, Suzano will focus on Total Operational Disbursement (TOD) and net debt reduction, with 2025 performance setting a declining trend toward 2027 guidance.

Metric	FY 2024	FY 2025
Adjusted EBITDA (R$ Billions)	23.8	21.7
Net Debt (US$ Billions)	5.7	6.6
Leverage (Net Debt/Adjusted EBITDA LTM)	2.9x	3.2x
Cash Cost ex-downtimes (R$/ton)	828	817
Dividend Payment per share (R$)	N/A	1.17

Feb 11, 2026, 12:40 PM

6-K

Suzano S.A. Board Approves New Share Buyback Program

SUZ

Share Buyback

Dividends

Suzano S.A.'s Board of Directors approved a new share buyback program (February/2026 Program) on February 10, 2026.
The program authorizes the company to acquire up to 40,000,000 common shares, representing approximately 6.5% of the total free float shares.
The buyback aims to maximize shareholder value and will be completed within 18 months, by August 10, 2027.
The acquisitions will be funded by available profit and capital reserves, and realized profit for the current year, as determined by the Financial Statements for the period ended December 31, 2025.

Feb 10, 2026, 9:37 PM

6-K

Suzano S.A. to maintain reduced pulp production through 2026

SUZ

Guidance Update

Demand Weakening

Suzano S.A. will maintain its market pulp production volume at approximately 3.5% lower than its nominal annual capacity throughout the entire year 2026.
This decision represents the continuity of a reduction in the operating rate that was previously disclosed on August 6, 2025.
The company's decision is based on the assessment that resuming the marginal volume would not provide adequate returns.

Feb 10, 2026, 9:30 PM

6-K

Suzano S.A. Announces Fourth Quarter and Full Year 2025 Results

SUZ

Earnings

New Projects/Investments

M&A

Suzano S.A. reported net revenue of R$13,114 million in 4Q25, an 8% increase from 3Q25 but an 8% decrease from 4Q24. For the full year 2025, net revenue reached R$50,116 million, up 6% from 2024.
Adjusted EBITDA was R$5.6 billion in 4Q25, up 7% from 3Q25 but down 14% from 4Q24. Full-year 2025 Adjusted EBITDA was R$21.7 billion, down 9% from 2024.
The company posted a net income of R$116 million in 4Q25, a significant improvement from a net loss of R$6,737 million in 4Q24. For the full year 2025, net income was R$13,438 million compared to a net loss of R$7,045 million in 2024.
Operational highlights include pulp sales of 3,406 thousand tonnes (+4% vs. 4Q24) and paper sales of 474 thousand tonnes (+10% vs. 4Q24). The pulp cash cost ex-downtimes was R$778/t, down 4% vs. 4Q24.
Leverage stood at 3.2 times (in both US$ and R$) in 4Q25. The company also highlighted the Ribas do Rio Pardo operation's contribution to lower cash costs and the agreement to acquire 51% of a global joint venture with Kimberly-Clark.

Feb 10, 2026, 9:29 PM

6-K

Suzano S.A. Reports Q4 and Full-Year 2025 Results

SUZ

Earnings

Share Buyback

M&A

Suzano reported net revenue of R$50,116 million in 2025, a 6% increase from 2024, and a net income of R$13,438 million, reversing a prior-year loss, primarily due to a positive financial result. Adjusted EBITDA, however, decreased 9% to R$21,736 million.
The company expanded its tissue business internationally through a 51% stake in a joint venture with Kimberly-Clark, expected to complete by mid-2026, and saw paper sales volume increase 19% to 1,712 thousand tons in 2025. The new Ribas do Rio Pardo mill operated above expectations.
As of December 31, 2025, net debt was US$12.6 billion (R$69,369 million), with a financial leverage ratio of 3.2 times (Net Debt/Adjusted EBITDA in USD). Suzano maintained strong liquidity of R$32.4 billion.
Suzano approved interim dividends of R$1.38 billion and continued its share buyback program, acquiring 14.8 million shares for R$805 million. A new program for up to 40 million shares was announced on February 10, 2026.
Credit rating agencies Moody's, Fitch, and S&P reaffirmed their ratings and upgraded their outlooks to Positive. The company also achieved the highest classification (A list) in CDP for forests and had 38% of its total debt linked to ESG debt instruments.

Feb 10, 2026, 9:27 PM

6-K

Suzano S.A. Reports Q4 2025 Results, Announces Major Acquisition, and Financing Activities

SUZ

Earnings

M&A

Debt Issuance

Suzano S.A. reported net sales of R$50,115,679 thousand for the year ended December 31, 2025, an increase from R$47,403,282 thousand in 2024. The company's net financial result significantly improved to R$9,762,165 thousand for 2025, compared to a loss of R$28,802,145 thousand in 2024.
The company's Adjusted EBITDA was R$21,736,320 thousand for the year ended December 31, 2025.
Suzano's subsidiary entered into an agreement to acquire a 51% equity interest in a global tissue business from Kimberly-Clark Corporation for US$1.734 billion (R$9.541 billion), with the transaction expected to close by mid-2026.
The Board of Directors approved a share capital increase of R$5,000,000 and the distribution of interim dividends totaling R$1,380,000 (R$1.11658725 per share).
In 2025, Suzano engaged in significant financing activities, including raising US$1.701 billion in export prepayments, R$3 billion through a Rural Credit Note, and US$1 billion through a bond issuance.

Feb 10, 2026, 9:26 PM

6-K

Suzano S.A. Announces New Share Buyback Program

SUZ

Share Buyback

Suzano S.A. (SUZ) announced a new shares buyback program approved by its Board of Directors on February 10, 2026.
The company plans to acquire up to 40,000,000 common shares, which represents approximately 6.5% of its current total free float shares.
The program's purpose is to maximize value creation for shareholders and signal management's confidence in the company's performance.
The acquisition period for the shares will last for eighteen (18) months from the approval date, expiring on August 10, 2027.