Suzano Cuts 2026 Capex as Major Projects Wind Down

Suzano S.A. has approved capital expenditures of 10.9 billion reais for 2026, signaling a significant reduction from its 2025 capex guidance of 13.3 billion reais as large investment cycles conclude and the company shifts focus to cash generation and efficiency. The 2026 capex plan is driven mainly by lower forestry maintenance needs and reduced investment intensity in modernization and growth projects, reflecting the gradual completion of strategic initiatives such as the Cerrado pulp project and upgrades at key mills. Management highlights that maintenance capex will remain the core of spending next year while expansion investments decline materially, aligning with Suzano’s priority to optimize its asset base, improve pulp and paper cash costs, and strengthen its balance sheet. The capex reduction also supports deleveraging goals after heavy investment years, while preserving flexibility for selective, high-return projects in pulp, paper, and packaging.​