SUZANO:3Q25纸浆成本下降 成本节降指引乐观

中金公司
Nov 09, 2025

业绩回顾3Q25 业绩低于我们预期公司公布3Q25 业绩:收入环比-9%至121.5 亿雷亚尔,调整后EBITDA 环比-15%至52 亿雷亚尔,低于我们预期,主因纸浆价格跌幅和期内雷亚尔升值高于预期。1)纸浆业务:3Q25 收入环比-12%至90.5 亿雷亚尔,其中销量环比-3%至316.5 万吨,主因公司8 月宣布未来12 个月减产;销售均价环比-5%至525 美元/吨。现金成本(不含停机检修...

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