Suzano S.A. announced its full‑year 2025 results on February 10, 2026, reporting record annual sales volumes of 14.2 million tonnes—up 15 % from 2024—while net revenue reached R$50.1 billion. Cash cost of pulp production fell to R$817 per tonne, the lowest level since 2021, and operating cash generation hit R$13.9 billion. Adjusted EBITDA totaled R$21.7 billion and net income rose to R$13.4 billion, a dramatic turnaround from the R$7.0 billion loss recorded in 2024. Net leverage in U.S. dollars ended December 2025 at 3.2×, down from 3.3× in the third quarter.
The record sales growth was driven by the ramp‑up of the new Ribas do Rio Pardo pulp mill and the acquisition of U.S. paper mills, which together added significant volume capacity. The company’s mix shifted toward higher‑margin pulp and paper products, offsetting weaker demand in legacy packaging segments. Cost discipline was reinforced by the lowest cash cost of pulp production in three years, allowing Suzano to maintain profitability even as global pulp prices fell below historic averages.
Operating cash generation and EBITDA growth were supported by the cost‑efficiency gains, but the company still missed earnings per share expectations. The EPS miss was largely due to a weaker U.S. dollar against the Brazilian real, which eroded the value of foreign‑currency‑denominated revenue, and to lower pulp prices that compressed margins. Despite the miss, net income rebounded sharply from the previous year’s loss, underscoring the effectiveness of Suzano’s operational strategy.
Management emphasized continued focus on cost discipline and cash generation amid challenging market conditions. CEO Beto Abreu highlighted that “operational efficiency, cost management, and cash generation remain our top priorities, even as pulp prices trade below historic averages.” He also noted that currency fluctuations and lower pulp prices were the main headwinds, but that the company’s scale and new capacity would help sustain growth.
Investors reacted positively, with the stock rising 8.12 % in pre‑market trading. The market’s enthusiasm was driven by the company’s record sales volumes and the successful execution of cost‑control initiatives, which outweighed concerns about the EPS miss. The strong cash generation and improved leverage profile reinforced investor confidence in Suzano’s ability to navigate a volatile market environment.
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