Klabin (KLBN4) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue rose 3% YoY to R$5.566bn, while adjusted EBITDA fell 12% to R$1.856bn amid higher costs and real appreciation.

• Stable total sales volume and PM28 ramp-up supported performance despite scheduled Otacílio Costa maintenance.

Financial highlights

• 9M net sales were R$15,662,669 thousand, up from R$15,532,203 thousand; 9M net income fell to R$282,726 thousand from R$1,509,712 thousand.

• Q3 net income was R$393,122 thousand versus R$477,884 thousand YoY; adjusted EBITDA was R$1,856,185 thousand versus R$2,117,816 thousand.

• Q3 free cash flow was R$73mn; LTM adjusted free cash flow was R$40mn, reflecting higher CAPEX and working-capital needs.

• 9M gross profit was R$4,025,207 thousand versus R$5,842,649 thousand; operating profit before finance result and taxes was R$1,744,897 thousand versus R$3,571,211 thousand.

• 9M finance result was an expense of R$1,429,134 thousand versus R$669,772 thousand; income tax expense was R$33,037 thousand versus R$667,673 thousand.

Outlook and guidance

• FY2026 investment guidance remained R$3.3bn; investment through September was R$2.2bn, or 68% of forecast. Guidance includes R$1.1bn for silviculture/standing wood and R$0.7bn for Monte Alegre modernization.

• FY2026 cash-cost guidance remained R$3,200–3,300/t; 9M actual was R$3,300/t on the stated basis, while YTD cost including maintenance was R$3,345/t.

• All pulp and paper units are scheduled for general maintenance stoppages in 2027.