Suzano S.A. reported record sales volumes and net revenue in 2025, supported by continued improvements in operational efficiency and cost discipline, despite a year marked by challenging global pulp market conditions.
Total pulp and paper sales reached 14.2 million tonnes, representing a 15% increase year over year. The performance was driven primarily by the strong operational contribution of the Ribas do Rio Pardo pulp mill, which began production in mid-2024, as well as solid results from the company’s paper operations in the United States. As a result, Suzano’s net revenue reached a record R$50 billion for the year.
Efficiency and cash cost improvements
Suzano continued to advance its efficiency agenda in 2025, delivering a meaningful reduction in pulp production cash costs. Excluding downtime, the company reported an annual cash cost of R$817 per tonne, its lowest level since 2021. The Ribas do Rio Pardo mill, which completed its learning curve in early 2025, played a central role in lowering structural costs across the pulp segment.
Operational efficiency and cost discipline supported operating cash generation of R$13.9 billion in 2025, even as global pulp prices remained below historical averages for much of the year. Adjusted EBITDA totalled R$21.7 billion, while net income reached R$13.4 billion.
Fourth-quarter performance
In the fourth quarter of 2025, Suzano reported pulp sales of 3.4 million tonnes, up 4% from the same period a year earlier, and paper sales of 474 thousand tonnes, a 10% increase year over year. Consolidated adjusted EBITDA for the quarter reached R$5.6 billion, up 7% compared with the third quarter, reflecting higher sales volumes and an improvement in average pulp prices, partially offset by lower paper prices.
Pulp cash cost excluding downtime declined further to R$778 per tonne, down 4% year over year, marking the lowest nominal quarterly level since late 2021.
Balance sheet and strategic progress
Suzano continued to strengthen its balance sheet during the quarter, reducing net debt in U.S. dollars to US$12.6 billion and lowering leverage to 3.2 times, compared with 3.3 times in the previous quarter.
Strategically, the company advanced disciplined growth initiatives, including progress on its agreement to acquire 51% of the global tissue joint venture with Kimberly-Clark, expected to close by mid-2026. In addition, paperboard assets acquired in the United States at the end of 2024 reported their first positive EBITDA in the second half of 2025.
Market environment and outlook
The final quarter of 2025 was marked by a gradual recovery in hardwood pulp prices, supported by improving market sentiment, seasonal demand in China, higher local wood costs, and expectations of tighter short-term supply due to scheduled maintenance shutdowns. While pricing improved, Suzano noted that a significant portion of global pulp capacity continues to operate under margin pressure due to elevated production costs, particularly in the Northern Hemisphere.
“We remain focused on operational efficiency, cost management, and cash generation,” said CEO Beto Abreu. “Even amid challenging market conditions in 2025, these results reflect the consistency and discipline of our execution, strengthening Suzano’s competitive position.”
Suzano enters 2026 with a reinforced operational base, improved cost structure, and continued focus on efficiency and balance-sheet resilience as it navigates an evolving global pulp and paper market.
Suzano S.A. is a Brazilian pulp and paper company and one of the world’s largest producers of eucalyptus pulp. The company operates globally, with a focus on sustainable forestry, high-quality pulp and packaging products, and disciplined financial management.
Source: Suzano
