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��������, the world’s largest pulp producer, announces its results for the third quarter of 2026 (3Q26), which for the first time include Arbex, the joint venture between �������� and Kimberly-Clark established in July this year. Driven primarily by the consolidation of Arbex’s contribution, �������� reported net revenue of BRL16.5 billion, an increase of 36% on the same period last year and a new quarterly record in the company’s 102-year history.

Adjusted EBITDA totaled R$5.7 billion in 3Q26, up 9% on the same basis of comparison. Operating cash generation reached R$3.8 billion, an increase of 12%. Net income totaled R$2.1 billion.

As announced following the completion of the transaction with Kimberly-Clark, �������� holds a 51% equity interest in Arbex and will therefore fully consolidate the joint venture’s financial statements from this quarter onwards¹.  

“This quarter marks the beginning of a new phase for ��������. With Arbex, we are now a broader business, both geographically and across our product portfolio. This balance, combined with our continued focus on competitiveness, further strengthens �������� and reinforces our long-term positioning. Our priority remains to execute our strategy with discipline and turn the opportunities ahead into sustainable value for our stakeholders,” said Beto Abreu, CEO of ��������.

During the quarter, �������� sold 3.2 million tonnes of pulp. In the Paper and Packaging segment, sales totaled 374 thousand tonnes. The Consumer Goods business unit, which now incorporates Arbex sales in addition to ��������’s operations in Brazil, sold 299 thousand tonnes during the period².

With Arbex, �������� is expanding its international presence and diversifying its revenue base. In 3Q26, the Consumer Goods business unit reported net revenue of R$5.0 billion, of which R$4.2 billion reflects sales in international markets, adjusted EBITDA of R$803 million and operating cash generation of R$609 million.

Leverage

��������’s net leverage in U.S. dollars ended the quarter at 3.7 times. This is due to the US$1.3 billion acquisition of the 51% interest in the new company, the full consolidation of Arbex’s net debt, and the inclusion of only three months of adjusted EBITDA generated by Arbex in the 3Q26 results. However, including Arbex’s pro forma adjusted EBITDA for the last 12 months in ��������’s adjusted EBITDA, the net debt-to-adjusted EBITDA ratio would have been 3.4 times at the end of the quarter.

��������’s net debt metrics will fully reflect the joint venture’s results only at the end of the second quarter of 2027, as the leverage calculation gradually incorporates Arbex’s cumulative adjusted EBITDA for each quarter.

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¹ The 49% interest held by Kimberly-Clark will be reflected in ��������’sresults as non-controlling interests, as applicable.
² �������� is additionally announcing a new reportingstructure and disclosure framework following the consolidation of Arbex. ��������will expand its disclosure from its two existing business units; Pulp, andPaper and Packaging, into three divisions namely Pulp, Consumer Goods, andPaper and Packaging. The new Consumer Goods unit manufactures products such astoilet paper, napkins, and reusable cloths which were previously included inthe Paper and Packaging unit and will also include Arbex’s contribution. ThePaper and Packaging business unit now reports only the results of thepaperboard, printing, writing paper, and specialty paper businesses whichinclude papers used to manufacture cups and straws. 

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