"We remain focused on operational efficiency, cost management, and cash generation," – Beto Abreu, CEO of Suzano.
Feb. 11, 2026 - Suzano announced its results for both the fourth quarter and the full year 2025, reporting record annual sales volumes and net revenue. The company also reported an improvement in its cash cost of pulp production, reflecting the drive for improved operational efficiency.
Pulp and paper sales reached 14.2 million tonnes, a 15% increase compared to 2024. This performance was driven primarily by the strong operational contribution of the Ribas do Rio Pardo pulp mill, which began production in July 2024, and the company's paper mills in the United States. As a result, Suzano's full?year net revenue reached a record R$50 billion in 2025.
The company's consistent focus on efficiency and cost discipline also contributed to a meaningful reduction in the cash cost of pulp production. Excluding downtime, the annual cash cost was R$817 per tonne, reaching its lowest annual level since 2021.
Operational efficiency also helped Suzano deliver operating cash generation of R$13.9 billion in 2025, despite less supportive global market price conditions. Adjusted EBITDA totaled R$21.7 billion, and net income closed the year at R$13.4 billion.
Suzano's net leverage in U.S. dollars ended December 2025 at 3.2 times, down from 3.3 times in the third quarter.
"We remain focused on operational efficiency, cost management, and cash generation," said Beto Abreu, CEO of Suzano. "Amid challenging market conditions in 2025, with pulp prices trading below historic averages, these results reflect the consistency and discipline of our execution, aimed to further scale our market competitiveness."
PaperAge editor's note: The following excerpt is from Suzano's fourth quarter 2025 earnings report:
The fourth quarter of 2025 was marked by the continued recovery in hardwood pulp prices, following a period of significant price deterioration that began in April with the Liberation Day announcement in the United States and extended through August. This upward price trend was supported by an improvement in market sentiment, driven mainly by higher paper production associated with Chinese seasonality, the increase in domestic wood prices in China, and the expected reduction in hardwood pulp supply as a result of the volume of scheduled maintenance downtimes over the coming months.
In China, the quarter was characterized by a rise in domestic pulp production costs, resulting from higher local woodchip prices, which supported the successful implementation of price increases in the region. On the demand side, typical seasonal behavior ahead of the Chinese New Year was observed, reflected in port pulp inventories reaching their lowest levels since January 2025, according to SCI. In addition, paper production grew across all segments compared with the third quarter of 2025, with notable increases in paperboard (up 8.4%) and tissue (up 3.5%). On an annual basis, Chinese paper production rose 3.1% in 2025 versus 2024, again led by the paperboard segment, which grew 8.0%, and tissue, which expanded 6.1%.
In Europe, according to Utipulp data, hardwood pulp consumption in 4Q25 increased 3.8% quarter-over-quarter and recorded a year-over-year change of -0.8%, while softwood consumption declined 2.0% compared to the previous quarter and by 9.9% year over year. Compared with the prior quarter's monthly average, data from CEPI (Confederation of European Paper Industries) show that European paper production grew on average in October and November, with packaging papers up 3.5% and printing & writing papers up 6.8%. In North America, the tissue market remained stable, continuing to serve as a relevant driver of pulp demand in the region.
On the supply side, the quarter was marked by announcements of unplanned production curtailments for both hardwood and softwood pulp, primarily among European producers, in addition to the announcement of a new dissolving-pulp (swing) production campaign by a major industry player operating in Brazil. These developments contributed to reduced supply and supported announced price increases. Even so, by the end of 2025, a significant portion of global installed capacity continued to operate with inadequate margins due to the mismatch between prevailing production-cost levels - particularly in the Northern Hemisphere — and market prices.
Quarterly average PIX/FOEX indices for hardwood pulp rose 6% in China and 4% in Europe compared with 3Q25. During the period, the average PIX price spread between softwood and hardwood pulp stood at US$136/t in China and US$422/t in Europe, continuing to support the substitution of softwood for hardwood.
Suzano's pulp sales increased by 8% compared to the previous quarter, primarily driven by higher volumes shipped to North America, Europe, and Asia. Compared to 4Q24, sales rose by 4%, with notable growth in Europe and North America.
Average net price in US$ of pulp sold by Suzano was US$537/tonne, up 2% from 3Q25 and down 8% from 4Q24. In the export market, average net price charged by the Company was US$538/tonne representing a 3% increase compared to 3Q25 and an 8% decrease compared to 4Q24. The average net price in R$ was R$2,897/tonne in 4Q25, up 1% from 3Q25, driven by the increase in the average net price in US$, partially offset by a 1% depreciation of the average US$ against the average R$. Compared to 4Q24, the 15% reduction was driven by the decrease in the average price in US$ and the 8% depreciation of the average US$ against the average R$.
Suzano's complete fourth quarter 2025 earnings report, including pulp and paper performance summaries, can be found on our website: Earnings Release 4Q25 (.pdf)
Suzano is the largest hardwood pulp producer in the world, operating eight pulp mills in Brazil with a combined production capacity of 13.5 million tons per year of pulp. Based in Brazil, the company also produces paper and tissue.
SOURCE: Suzano