Directly impacted by the tariff hikes imposed by US President Donald Trump, the Brazilian company Eucatex has decided to go to American courts to claim a refund of US$6 million, which has been paid since the White House adopted the new level of import tariffs.
The company, which achieved net revenue of R$ 3.1 billion in 2025 (an increase of 8.6% over the previous year), currently derives approximately 25% of its revenue from the international market. Of that total, 75% comes from the United States, especially from the sale of wood panels.
The issue is that, in the case of the timber sector, where the company operates, Brazil was taxed at 50% in August. It was only in February of this year that the American government removed the additional 40% and fixed the rate at 10%, which reduced the impact.
“The United States market is very important for Eucatex. So, we reduced our margins and absorbed the costs of these tariffs. Initially, it was a major impact on the company,” says José Antônio Goulart de Carvalho , executive vice president of Eucatex, in an interview with NeoFeed .
Shortly after the implementation of Trump's tax, the company slightly reduced its volume, without this representing any risk of shortages. In practice, Eucatex even redirected some of it to other markets, mainly Central and South America. Now, the volume is starting to grow again, at the rate it was before the new tax.
The company currently has a subsidiary in the United States, but in practice, it is only responsible for the distribution, logistics, and marketing of the products. All the manufactured goods that reach the American market come from Brazilian factories.
“It never crossed our minds not to supply consumers in the United States. For us, the American market is an achievement. The company is well-known and supplies the shelves of major department stores there,” says Carvalho.
“And now, since the tariffs were deemed illegal by the American court, they now have to be refunded. We have already filed the request for the refund. We are now expecting this margin that was used to pay these fees,” adds the vice president.
This explains, to some extent, the company's slowdown in the fourth quarter, despite revenue growth accumulated through 2025. The trend now is for significant growth in the first quarter of this year, based on the new scenario of the tariff increase, in which all countries were taxed at 10%.
“Now that we are on equal footing, without individualized penalties, that changes. Today we have a better position in terms of competitiveness,” he says.
What somewhat mitigated the high cost caused by Trump's measure was that Eucatex managed to pass on some of the tariff increase to retailers, raising prices by between 5% and 10%. Therefore, the trend is for these prices to remain stable, without the scenario of excessive tariffs.
Despite this impact, the company founded by the Maluf family closed the year with a 54.7% increase in net profit. In 2025, Eucatex reached R$ 340.3 million, compared to R$ 220 million in profits recorded in 2024.
According to the executive, the result was achieved through a diversification of the product mix, expansion into overseas markets, and a more conservative cost policy. The drop in the dollar exchange rate throughout the day also contributed to this.
“We were able to further optimize the machines in our factories by creating new lines, adding value to revenue and profitability. We advanced in more finishing lines, with better results,” says the Eucatex executive.
Costs also fell because many of the inputs used in the units are priced in dollars. The American currency, which reached R$ 6.20, closed the year near R$ 5.50. "The fact that the dollar weakened helped us with costs."
For 2026, the company plans an investment volume of around R$ 498 million, almost 30% higher than the R$ 410.8 million invested in 2025. The resources will be allocated to the implementation of new forests, the modernization of door factories, and actions to ensure greater productivity at the units.
Among the initiatives, the company will invest R$ 30 million in the redesign of its door factory in Salto (SP), R$ 40 million in the installation of new boilers and heaters to reduce the volume of wood used for energy generation, and another R$ 60 million in a new thin sheet finishing line. There are also resources allocated to reforestation.
Net debt reached R$602 million, 1.4% higher than the R$593 million of 2024. According to the vice-president, the explanation lies in working capital and the increase in accounts receivable, caused precisely by the increase in revenue. Leverage stood at 0.8 times net debt versus EBITDA. In 2024, the ratio was 1 time.
Over the past 12 months, EUCA4 preferred shares have appreciated by 56.6% on the B3 stock exchange. By 2026, the increase is projected at 10.5%. Eucatex is valued at R$ 1.8 billion.
