EarningsQ2 2026 Earnings Report
MX:SUZN Q2 2026 EPS Results
Actual EPS$5.03
Consensus EPS$4.72
Beat/MissBeat by +$0.31
One Year Ago EPS$13.26
MX:SUZN Q2 2026 Revenue Results
Actual Revenue$41.20B
Expected Revenue$40.60B
Beat/MissBeat by +$598.24M
YoY Revenue Growth-2.23%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeAfter Close
Conference CallWednesday, August 12, 2026
MX:SUZN Upcoming Earnings
Suzano Papel e Celulose SA's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SUZN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: solid operational execution with positive free cash flow, a high-margin pulp result (BRL 4.2bn EBITDA at 48%), successful closing of the Arbex acquisition and meaningful hedging protection. However, the quarter also showed notable headwinds — YoY EBITDA contraction in Brazilian operations, higher cash costs (BRL 843/ton, +5% QoQ), operational ramp-up issues, and market pressures in China and from geopolitical events that raised oil-related and input costs. Management is focused on deleveraging, cost guidance delivery and Arbex-driven efficiencies, but near-term risks to margins and leverage remain. On balance, positives and negatives appear roughly balanced.Company Guidance
Solid Operational Results and Positive Free Cash Flow
Company reported positive free cash flow in Q2 which helped reduce net debt from $13.0 billion in Q1 2026 to $12.8 billion in Q2 2026. Management emphasized resilience despite volatile geopolitical conditions.
Arbex Acquisition Closed and Integration Underway
Arbex closing completed on July 1, governance and management team 100% in place. Company expects to capture efficiency gains from Arbex in the second half of 2026 and beyond.
Strong Pulp Financial Performance
Pulp sales of 2.9 million tons in Q2; average export price of $601/ton during the quarter. Pulp segment delivered BRL 4.2 billion in EBITDA with a 48% margin for Q2 2026.
Domestic Paper and Paperboard Volume Growth
Domestic print & write volumes grew 4% year-over-year and 10% quarter-over-quarter. Domestic paperboard demand in Brazil grew 8% YoY and 11% QoQ; Suzano domestic paperboard volumes rose 11% YoY and 28% QoQ.
Quarter-over-Quarter EBITDA Improvement in Brazilian Operations
Brazilian operations EBITDA improved 28% quarter-over-quarter driven by higher volumes and better domestic and export prices (despite unfavorable FX).
Effective Hedging and Currency Protection
Oil-related hedges offset nearly 60% of the BRL 275 million cost impact from higher oil prices (~BRL 150 million positive cash effect). FX hedges produced a positive cash adjustment of BRL 480 million in Q2; zero-cost collar portfolio of $4.6 billion with average put at BRL 6.11 covers 57% of USD exposure. Management noted sensitivities: if Brent stays at $87/bbl, Suzano would receive ~BRL 250m positive cash adjustment over 18 months; if BRL stays at 5.19/USD, >BRL 4bn positive FX adjustments over 24 months.
Healthy Debt Profile and Liability Management
Reported USD cost of debt at 5.1% with a comfortable amortization schedule (76 months) and limited near-term amortizations. Issued BRL 2.5 billion (approx. $500m) in local instruments with ~11-year average tenor at a cost 60 bps below Brazilian benchmark.
Confident Outlook for Second Half of 2026
Management expects higher demand and stronger sales in H2 2026, confidence in delivering the full-year cash cost guidance (~BRL 800/ton ex-downtime), and anticipates Arbex-driven efficiencies to support results.
MX:SUZN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed