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Klabin (KLBN4) investor relations material
Klabin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net revenue reached BRL 5.4 billion in 3Q25, up 9% year-over-year, with Adjusted EBITDA of BRL 2.1 billion, a 17% increase, and EBITDA margin at 39–40%.
Sales volumes increased: pulp up 25%, paper up 10%, packaging up 7–14% year-over-year, driven by higher production and Puma II ramp-up.
Packaging and paper segments outperformed, offsetting declines in pulp prices, with corrugated boxes and industrial bags showing strong volume and price gains.
The company is transitioning from a heavy investment phase to a focus on free cash flow generation and deleveraging.
Free cash flow for the last twelve months was BRL 3.1 billion, with a yield of 12.6%.
Financial highlights
Free cash flow for the quarter was BRL 699 million, with an adjusted FCF yield of 12.6% over the last twelve months.
Net debt reduced to BRL 26.1 billion, down BRL 1.8 billion from Q2 2025, with leverage at 3.6x net debt/EBITDA (USD).
Liquidity stood at BRL 12.4 billion, with BRL 9.7 billion in cash and the rest in undrawn credit lines.
Total cash cost per ton was BRL 3,104, a 2% decrease both sequentially and year-over-year.
Dividend yield over the last twelve months: 5.5–6.2%, with BRL 1.3 billion distributed and BRL 318 million to be paid in November.
Outlook and guidance
Management expects continued free cash flow generation and further deleveraging, with no major transformational investments ahead.
CapEx is expected to remain stable, with only marginal carryover into 2026; operational continuity and cost discipline are priorities.
Cost benefits from recent investments, such as the Monte Alegre boiler and CAITE Project, are expected to materialize in 2026.
Guidance for production volumes in 2026 will depend on market conditions and the use of recycled versus virgin fibers.
Ongoing land monetization through the Caetê Project, with R$95 million in land sales in 3Q25 and ~20,000 hectares available for future sales.
Future leverage trajectory after recent debt actions
Long fiber/fluff pulp's margin resilience role
Piracicaba II & Monte Alegre project growth impact
CapEx post-investment cycle: 2026 expectations?
Coated board: Why not 100% MP28 production?
Is deleveraging independent of macro conditions?
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Frequently asked questions
We, Klabin S.A., operate in the paper and pulp industry, including the manufacture of corrugated packaging for the food, chemical, textile and industrial sectors, among others. We are currently involved in a ten-year transformation process, which is aimed at achieving greater efficiency in terms of costs and quality. Our policy is based on maintaining our leadership position in the sector through sustainable growth, by investing strongly in the expansion of our productivity and competitiveness levels. Klabin S.A. was founded in 1899 and is headquartered in Sao Paulo, Brazil.
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