Sustainable economy
Flexibility that supports strong results
The year 2025 demanded resilience and adaptability from companies around the world and Klabin responded to this situation with discipline, efficiency and leadership.
In a context marked by global economic fluctuations, tariff barriers and structural changes in production chains, the Company’s business model demonstrated strength by preserving competitiveness and advancing in key areas of its growth cycle.
The progress achieved in 2025 underscored Klabin’s solidity and the consistency of its strategy. The Company remains committed to operational efficiency, disciplined capital allocation and the generation of sustainable value for all stakeholders.
Highlights of the period include the following:
Adjusted EBITDA
of R$7.848 billion, up 7% from 2024
Cash cost
R$3,225 per metric ton and CAPEX of R$2.8 billion, in line with guidance, demonstrating disciplined execution of investments and operational efficiency initiatives
U.S. dollar-denominated leverage
of 3.3x, down 0.6x from 2024, in line with the Company’s strategy
R$1.2 billion distributed to shareholders, representing a dividend yield* of 5.3%
* The dividend yield ratio shows the relationship between the dividend paid per share and the price paid for that share.
Debt management and cost reduction efforts also stood out during the year:
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Liability management¹ initiatives were responsible for optimizing the Company’s capital structure. This enabled both a reduction in the average cost of U.S. dollar-denominated debt and the maintenance of a long-term debt maturity profile. As a result, the average cost of dollar-denominated debt decreased from 5.7% per year in 2024 to 5.2% in 2025;
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Extension of the debt maturity profile, with the average term reaching 85 months at the end of 2025 and a considerable reduction in amortization peaks over the next three years, contributing to lower refinancing risk and greater financial predictability;
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Renewal of US$500 million revolving credit facility, maturing in October 2030, strengthening liquidity reserves;
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Implementation of several initiatives aimed at reducing predominantly fixed costs, particularly personnel and service expenses.
The deleveraging trajectory contributes to a stronger financial position, allowing the Company to navigate the high-interest-rate environment with lower risk and greater flexibility for future decisions. In 2026, the Company will continue to employ a prudent and disciplined approach, supported by the strength of its business model and its operational flexibility.
¹A financial strategy used by companies and institutions to optimize their debt profile, extend maturities, reduce financial costs (interest) and improve liquidity.
Pulp
Klabin’s Pulp Business ended 2025 with a solid performance above plan, reinforcing its position as one of the leading global market pulp suppliers. As the only Brazilian company producing and marketing the three main types of pulp (short fiber, long fiber, and fluff pulp) Klabin combines portfolio diversification, operational excellence, and close customer relationships to capture opportunities even in challenging market conditions.
Total pulp sales volume exceeded the annual budget, driven primarily by the strong performance of fluff pulp. The Company achieved the highest sales volume of this product since the start of operations at the Ortigueira Plant in Paraná, with average prices above those recorded in 2024, even in a context of Brazilian real appreciation against the US dollar and pressure on international markets.
Klabin’s commercial strategy enabled it to capture relevant opportunities in global markets. Among them, shipments to China stood out, supported by the reconfiguration of international trade flows following the imposition of tariffs between the United States and China. The Company’s ability to respond quickly, combined with the geographic diversification of its customer base, contributed to strengthening competitiveness and sustaining business results.
The first quarter of 2026 already signals a gradual recovery in international pulp prices, a trend that is expected to strengthen sector prospects throughout the year. At the same time, Klabin maintains close relationships with its customers, reinforcing attributes such as quality, supply reliability, innovation, and technical support, key differentiators in the face of new pulp project entries in South America in the coming years.
R$ 2,382 million
in revenue from the sale of softwood pulp and fluff pulp, 5% higher than in 2024
1.544 million
metric tons of pulp sold in 2025, 6% higher than the volume recorded in 2024
• Occasional operational instabilities at the Ortigueira Plant in Paraná during the first half of the year.
• Global market volatility driven by tariff disputes between the U.S. and China.
• Downward pressure on international pulp prices in the second half of the year.
• Rebalancing of the sales mix, prioritizing higher value-added markets and segments.
• Capture of commercial opportunities arising from the reconfiguration of global trade flows.
• Early logistical and commercial planning to mitigate the impact of international tariffs.
• Integration between operational and commercial areas, enabling full production recovery and the achievement of sales targets.
Packaging
Refers to the volume of corrugated cardboard sent to customers.
GlossaryStill within the Packaging segment, the most challenging situation emerged in the industrial bags segment, where the imposition of tariffs led to lower exports. Production was then redirected to the domestic market, particularly to the construction segment.
R$6 billion
net revenue from the corrugated cardboard segment, up 14% from 2024
R$ 1.4 billion
revenue from the industrial bags segment, up 10% from 2024
• Reduction in exports, sales volume and profitability in the Industrial Bags Business due to tariffs imposed by the U.S. government.
• Impacts on industrial bag exports and profitability caused by tariffs imposed by the Mexican government.
• Strengthened presence in the domestic construction market and expansion of customer base to offset losses in the foreign market, resulting in market share growth in Brazil.
• Negotiations with Mexican customers, with Klabin absorbing part of the tariff costs to avoid losing contracts.
Paper
International uncertainties and geopolitical tensions challenged Klabin in the foreign market in 2025 in the paperboard segment. In the domestic market, the year was marked by lower consumption of certain products. Even with a 2% reduction in paperboard sales volume compared to 2024, the business’s net revenue increased 2%. In containerboard, the Company recorded an 11% increase in sales compared with 2024 and an 18% growth in net revenue, driven by its commercial strategy to expand kraftliner sales in new international markets.
R$2.3 billion
net revenue from containerboard in 2025, 18% higher than in 2024
R$4.6 billion
net revenue from paperboard during the period
One of the highlights of the year was the certification of Paper Machine 28 for the production of liquid packaging board (LPB), a high-tech paperboard product used in milk and juice cartons. This prepares the Company for global LPB growth. The startup of LPB production on Paper Machine 28 also reduces potential risks related to operational continuity, since Klabin has production across different plants and machines.
The Advance® line of white paperboard, one of the Company’s strategic growth drivers, was successfully launched and is already being used by brand owners in several segments, such as pharmaceuticals, cosmetics and food.
As a hybrid machine, Paper Machine 28 allocated 40% of its production to paperboard and complemented its operation with other types of paper in the containerboard segment, such as kraftliner and White Top Liner.
Paper Machine 27 also recorded important progress in productivity and availability. The machine performed above its design speed while maintaining production quality.
• Reduced demand in some paperboard categories.
• Tariffs imposed by the U.S. and Mexico.
• Decline in the U.S. dollar throughout the year.
• Use of available paper machine capacity for containerboard production, in line with the Company’s flexible operating model.
• Launch of Advance® paperboard line, enabling entry into segments such as pharmaceuticals and cosmetics, as well as other packaging applications requiring white paperboard.
• Expansion of containerboard exports to new markets.
Focus on industrial performance and costs
In 2025, Klabin advanced its continuous process improvement efforts and achieved productivity gains at some plants. In Paraná, for example, the Ortigueira Plant experienced a non-recurring maintenance shutdown event in the first quarter but regained its stability after focused technical and management improvements, reducing losses. In Santa Catarina, replacing the headbox on Paper Machine 13, combined with operational continuity programs, helped maintain the stability of the Otacílio Costa Plant.
Another highlight was the effort to keep the Company’s fixed costs within the planned budget. In this regard, management of supply chain inventories, especially wood, was essential. Through integrated work among different areas (read more in Forestry ), new parameters were defined, contributing to more efficient inventory management.
ISO 14001 certification
In 2025, 100% of Klabin’s industrial units became certified under ISO 14001, the international standard for environmental management systems. This certification indicates the adoption of standardized environmental management practices, including the establishment of performance indicators, periodic audits and ongoing team training.
The implementation of an environmental management system directly contributes to operational and environmental gains, reflected in greater resource use efficiency, improved productivity and advances in areas such as reducing waste generation and emissions associated with industrial operations.
