Suzano SA
F:SPXB
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Suzano SA
F:SPXB
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Suzano SA
Suzano is a Brazilian forest-products company that grows eucalyptus trees and turns them into pulp, paper, and tissue products. Its core business is market pulp, which is a basic raw material used by other companies to make toilet paper, paper towels, packaging, books, and other paper goods. It also sells finished paper and tissue products under its own brands and through retail and industrial channels. Its main customers are paper mills, packaging makers, tissue producers, distributors, retailers, and some end users in Brazil and overseas. Suzano makes money by selling pulp on long-term and spot contracts, plus paper and tissue products that move through wholesalers and stores. Because it owns large plantation forests and much of the industrial chain around them, it controls a lot of its own raw material supply instead of buying wood from outside. That makes Suzano different from many paper companies: it is not just a manufacturer, but also a large timber grower and exporter. Its eucalyptus-based model is built around making hardwood pulp efficiently and at scale, then shipping it to customers around the world. This gives the company an important role in the global supply chain for paper-based goods and packaging materials.
Suzano is a Brazilian forest-products company that grows eucalyptus trees and turns them into pulp, paper, and tissue products. Its core business is market pulp, which is a basic raw material used by other companies to make toilet paper, paper towels, packaging, books, and other paper goods. It also sells finished paper and tissue products under its own brands and through retail and industrial channels.
Its main customers are paper mills, packaging makers, tissue producers, distributors, retailers, and some end users in Brazil and overseas. Suzano makes money by selling pulp on long-term and spot contracts, plus paper and tissue products that move through wholesalers and stores. Because it owns large plantation forests and much of the industrial chain around them, it controls a lot of its own raw material supply instead of buying wood from outside.
That makes Suzano different from many paper companies: it is not just a manufacturer, but also a large timber grower and exporter. Its eucalyptus-based model is built around making hardwood pulp efficiently and at scale, then shipping it to customers around the world. This gives the company an important role in the global supply chain for paper-based goods and packaging materials.
Resilient quarter: Suzano said Q1 2026 EBITDA reflected solid execution, with volumes above Q1 2025, helped by higher pricing and cost discipline, even as FX and some one-off items weighed on results.
Cash costs: Cash cost excluding stoppages fell 7% year over year, but management now expects Q2 cash cost to rise by a low single digit versus Q1 because of the Middle East conflict and higher energy/input costs.
Pulp pricing: Hardwood pulp markets were described as healthy and balanced, while softwood markets remain weak, especially in China. Suzano said it has already implemented the $50 price increase in Western markets and is preparing another $50 increase for May.
Capital returns: Management said it is not comfortable with the share price and is actively analyzing buybacks and noncore divestitures, but wants to keep deleveraging and is not discussing a higher dividend policy right now.
Balance sheet: Net debt rose slightly to $13 billion, leverage was 3.3x, and the company reiterated its focus on reducing debt while keeping long-dated, low-cost funding and hedges in place.
