Suzano posts record quarterly revenue as Arbex joint venture consolidates

Suzano reported third-quarter 2026 net revenue of BRL 16.5bn (USD 3.0bn), up 36% year on year and a quarterly record, driven mainly by the first consolidation of Arbex, its 51%-owned joint venture with Kimberly-Clark. Adjusted EBITDA rose 9% to BRL 5.7bn (USD 1.0bn) and net income was BRL 2.1bn (USD 0.4bn). Net leverage in US dollars rose to 3.7 times after the USD 1.3bn acquisition of the Arbex stake, or 3.4 times pro forma; Suzano says the ratio will fully reflect Arbex only from the end of the second quarter of 2027.

Why this mattersConsolidating Arbex shifts Suzano's revenue towards consumer goods and international markets, but lifts leverage to 3.7 times until Arbex's earnings fully enter the ratio in mid-2027.

• Q3 2026 net revenue reached BRL 16.5bn (USD 3.0bn), up 36% year on year, a quarterly record
• Suzano holds 51% of Arbex, its joint venture with Kimberly-Clark established in July 2026, acquired for USD 1.3bn, and now fully consolidates it
• Net leverage in US dollars was 3.7 times net debt to adjusted EBITDA, or 3.4 times including Arbex's pro forma 12-month EBITDA
• Adjusted EBITDA was BRL 5.7bn (USD 1.0bn), up 9%; net income was BRL 2.1bn (USD 0.4bn)
• Consumer Goods, now including Arbex, posted net revenue of BRL 5.0bn (USD 0.9bn), of which BRL 4.2bn (USD 0.8bn) came from international markets
• Pulp sales were 3.2m tonnes in the quarter; Paper and Packaging sales were 374,000 tonnes

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