Klabin (KLBN4) investor relations material

Strategic vision and business model

• Aspires to be a global reference in responsible, renewable, and biodegradable forest-based solutions, prioritizing sustainability and value creation for all stakeholders.

• Operates an integrated, diversified, and flexible business model with leading forestry productivity and asset efficiency, positioning costs in the first quartile.

• Maintains a robust capital allocation strategy, with a clear roadmap for growth and disciplined project execution.

• Holds a leadership position in the Brazilian packaging market, with significant market shares in coated board and industrial bags.

• Shareholder structure ensures transparency, equal economic rights, and high liquidity through units combining common and preferred shares.

Operational performance and financial discipline

• Achieved consecutive EBITDA growth and low volatility, with 2025 adjusted EBITDA at R$7.8 billion and a 38% margin.

• Sales volume reached 4 million tons in 2025, driven by ramp-up of new machines and price increases in paper and packaging.

• Maintained total cash cost at R$3,225/ton in 2025, absorbing over 60% of inflation and sustaining cost stability for four years.

• Free cash flow generation remained strong, with adjusted FCF yield at 11.8% in 2025.

• Net debt/EBITDA at 3.9x, within policy limits, supported by extended debt maturities and robust liquidity.

Growth projects and portfolio evolution

• Puma II Project expanded capacity with two new machines: PM27 (Eukaliner®) and PM28 (coated board), enhancing product mix and value creation.

• Eukaliner® is the world’s first kraftliner from 100% eucalyptus fiber, offering sustainability, printability, and efficiency advantages.

• Caetê and Plateau projects increased land and wood self-sufficiency, reduced logistics costs, and created monetization opportunities via land sales and partnerships.

• Portfolio evolution increased the share of higher value-added and stable products, with packaging and coated board now representing a larger EBITDA share.

• Maintains a strong track record in TIMO partnerships, raising R$1.9 billion since 2018 through land monetization.