Klabin (KLBN4) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 3% YoY to R$5,566,000 thousand, while adjusted EBITDA fell 12% to R$1,856,185 thousand; net income was R$393,122 thousand, down 18%.

• For 9M, net sales were R$15,662,669 thousand, net income was R$282,726 thousand versus R$1,509,712 thousand YoY, and adjusted EBITDA was R$5,486,694 thousand.

• Stable sales volume and PM28 ramp-up supported performance despite scheduled Otacílio Costa maintenance; the 15-day stoppage cost R$25m and operations resumed normally.

Financial highlights

• 9M net sales were R$15,662,669 thousand versus R$15,532,203 thousand YoY; Q3 sales were R$5,566,000 thousand versus R$5,426,467 thousand.

• 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 expense was R$1,429,134 thousand versus R$669,772 thousand; income tax expense was R$33,037 thousand versus R$667,673 thousand.

• Q3 adjusted EBITDA margin was 33%, down 6 p.p. YoY; Q3 free cash flow was R$73m and LTM adjusted free cash flow was R$40m.

Outlook and guidance

• FY2026 investment guidance remained R$3.3bn; 9M investment was R$2.2bn, or 68% of forecast. Guidance includes R$1.1bn for silviculture/standing wood, R$1.4bn for continuity, R$0.2bn for special projects and R$0.7bn for Monte Alegre modernization.

• FY2026 cash-cost guidance remained R$3,200–3,300 per tonne; 9M reported cash cost was R$3,300/t, while cash cost including maintenance was R$3,345/t YTD.

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