Suzano Reports 36% Increase in Third Quarter Net Revenue Following Consolidation of Arbex

Suzano (B3: SUZB3 / NYSE: SUZ) , the world’s largest pulp producer, announces its results for the third quarter of 2026 (3Q26), which for the first time include Arbex, the joint venture between Suzano and Kimberly-Clark established in July this year. Driven primarily by the consolidation of Arbex’s contribution, Suzano reported net revenue of BRL16.5 billion, an increase of 36% on the same period last year and a new quarterly record in the company’s 102-year history.

Adjusted EBITDA totaled R$5.7 billion in 3Q26, up 9% on the same basis of comparison. Operating cash generation reached R$3.8 billion, an increase of 12%. Net income totaled R$2.1 billion.

As announced following the completion of the transaction with Kimberly-Clark, Suzano holds a 51% equity interest in Arbex and will therefore fully consolidate the joint venture’s financial statements from this quarter onwards.¹

“This quarter marks the beginning of a new phase for Suzano. With Arbex, we are now a broader business, both geographically and across our product portfolio. This balance, combined with our continued focus on competitiveness, further strengthens Suzano and reinforces our long-term positioning. Our priority remains to execute our strategy with discipline and turn the opportunities ahead into sustainable value for our stakeholders,” said Beto Abreu, CEO of Suzano.

During the quarter, Suzano sold 3.2 million tonnes of pulp. In the Paper and Packaging segment, sales totaled 374 thousand tonnes. The Consumer Goods business unit, which now incorporates Arbex sales in addition to Suzano’s operations in Brazil, sold 299 thousand tonnes during the period².

With Arbex, Suzano is expanding its international presence and diversifying its revenue base. In 3Q26, the Consumer Goods business unit reported net revenue of R$5.0 billion, of which R$4.2 billion reflects sales in international markets, adjusted EBITDA of R$803 million and operating cash generation of R$609 million.

Leverage

Suzano’s net leverage in U.S. dollars ended the quarter at 3.7 times. This is due to the US$1.3 billion acquisition of the 51% interest in the new company, the full consolidation of Arbex’s net debt, and the inclusion of only three months of adjusted EBITDA generated by Arbex in the 3Q26 results. However, including Arbex’s pro forma adjusted EBITDA for the last 12 months in Suzano’s adjusted EBITDA, the net debt-to-adjusted EBITDA ratio would have been 3.4 times at the end of the quarter.

Suzano’s net debt metrics will fully reflect the joint venture’s results only at the end of the second quarter of 2027, as the leverage calculation gradually incorporates Arbex’s cumulative adjusted EBITDA for each quarter.

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