Suzano Third-Quarter Revenue Jumps 36% as Arbex Joins the Accounts

what happened

Suzano, the world's largest pulp producer, reported third-quarter 2026 results that for the first time include Arbex, its joint venture with Kimberly-Clark formed in July. Revenue reached BRL 16.5 billion, up 36% year on year and a quarterly record in the company's 102-year history, TradingView reported, citing the company's release.

Adjusted EBITDA rose 9% to BRL 5.7 billion, operating cash generation climbed 12% to BRL 3.8 billion, and net income came in at BRL 2.1 billion. Suzano holds 51% of Arbex and now fully consolidates its financials, while Kimberly-Clark's 49% stake appears as non-controlling interest.

Leverage at the end of the quarter stood at 3.7 times in dollar terms, reflecting the $1.3 billion purchase of the 51% stake, Arbex's debt, and only three months of its EBITDA. Including Arbex's trailing twelve-month pro forma EBITDA, the ratio would have been 3.4 times. Full reflection in leverage metrics arrives only at the end of Q2 2027.

why it matters

Beyond the headline revenue jump, the reporting change matters: Suzano is splitting its disclosure into Pulp, Consumer Goods and Paper and Packaging, moving tissue, napkins and reusable cloths into the new consumer unit. Investors will watch how quickly the debt ratio falls as Arbex's earnings accumulate in the calculation.

market impact

Suzano (SUZB3): revenue rose on Arbex, while debt metrics temporarily climbed

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