Irani Papel e Embalagem (RANI3) Investor presentation summary

Business profile and market position

• 85 years of experience; 2,100+ employees; LTM 3Q26 net revenue BRL 1.7bn, adjusted EBITDA BRL 526.1m, market cap BRL 1.8bn and dividend yield 4.8%.

• Revenue mix: corrugated packaging 62.9% of net revenue, paper 36.6% and forestry 0.5%; packaging sales are 100% domestic and paper sales 76% domestic.

• Corrugated packaging sales of 176kt LTM, 4.1% market share and customer NPS 84; products include boxes and sheets, with strong exposure to food categories.

• Sustainable packaging paper held 4.7% market share; paper-customer NPS 91, with products for food contact, bags, industrial sacks and envelopes.

Operations and growth investment

• Integrated value chain: 69% of raw material from recycled fibers and 99% of raw materials from renewable sources, LTM 3Q26.

• Gaia Platform totals BRL 1.8bn across 12 projects for 2020–2028; investments exceeded BRL 1.1bn, with BRL 965m in completed projects and BRL 785m in ongoing projects.

• Gaia XII targets a 60% increase in PM #7 output to 96kt/year, adding 36kt/year; boiler emissions are projected to fall 85.1%.

• Gaia XII gross capex BRL 514m and net capex BRL 453m; expected gains include higher output and quality, lower energy costs, and IRR above WACC.

• Neos plans two corrugated packaging plants, each with 120kt/year capacity, and a 132kt/year paper machine; execution timing assumes leverage below 2.50x and funding through cash generation and debt.

Sustainability and innovation

• Target to double corrugated board market share from ~4% to 8% by 2034, against historical Brazilian market growth of 2.5% p.a.

• Climate opportunities were estimated at BRL 377m; identified risks were estimated at BRL 67m for extreme weather, BRL 4m for forest fire and BRL 32m for dam failure.

• In 2025, 69% of electricity used came from self-generation and all purchased electricity was renewable-certified; target is energy self-sufficiency by 2030.

• From 2006 to 2025, GHG emissions per ton produced fell 74.1% and waste sent to landfill fell 67.3%; conservation areas increased 14%.

• Innovation portfolio included 28 R&D projects, 98% of employees trained, 470+ startups in the internal base, 40+ solutions tested and five startup investments totaling BRL 7.8m.