Investments
Discipline in investments
In 2025, Klabin invested R$ 2.8 billion in its operations, a 15% decrease compared with 2024, in line with the guidance provided by the Company in a Material Fact published on December 9, 2025. The year’s performance reflects lower investments in projects and diligent investment management, with predictability and discipline in capital allocation
Of the total amount invested, R$ 1.070 billion was allocated to forestry operations and the purchase of standing timber, in accordance with the forest management plan and planning for the period, and in line with the amount invested in 2024. In addition, R$ 1.002 billion was allocated to maintaining the operational continuity of the mills, also in line with the amount invested in 2024.
Investments in special projects (R$ 222 million) decreased by 72% compared with the same period of the previous year, mainly due to the start-up of the Figueira Project on April 22, 2024, as disclosed in a Material Fact published on the same date. In addition, during the period, the Company invested R$ 538 million in the Monte Alegre modernization project.
The Company has formal guidance for future capital investments, according to the material announcement published on December 9, 2025.
R$ million |
2025 |
2024 |
2023 |
|---|---|---|---|
Forestry operations and standing timber purchases |
1,070 |
1,045 |
1,097 |
Operational continuity |
1,002 |
988 |
879 |
Special projects |
222 |
802 |
785 |
Monte Alegre modernization |
538 |
144 |
7 |
Puma II Project |
-- |
365 |
1,539 |
TOTAL |
2,832 |
3,344 |
4,307 |
Performance of Piracicaba II and Horizonte plants
The Piracicaba II Plant in São Paulo State began operations in April 2024 and underwent a significant ramp-up process throughout 2025. The plant reached 65% of its capacity and is expected to reach 90% in 2026.
The industrial complex in Piracicaba has the capacity to produce 220,000 metric tons of corrugated cardboard packaging per year. It features state-of-the-art technology, bringing gains in safety, performance, quality, sustainability and costs. The unit’s results have exceeded expectations.
The unit also boosted Eukaliner® production on Paper Machine 27 at the Ortigueira Plant in Paraná. Currently, the Piracicaba plant consumes around 80% of this output. Produced from 100% eucalyptus fiber, Eukaliner® has demonstrated excellent performance in corrugators, enabling faster production and lower basis weight.
In Ceará, investments made at the Horizonte Plant are generating better-than-expected results in terms of both volume and profitability. In the Company’s most recent investment cycle, the facility received a new corrugator, increasing annual production capacity to 100,000 metric tons of corrugated cardboard and 60,000 metric tons of corrugated boxes. In 2025, the plant produced 60,000 tons of corrugated boxes.
New wood preparation line
Throughout 2025, the seventh wood preparation line at the Ortigueira Plant (Paraná) was implemented, following its approval in 2024. The new structure will strengthen the availability of raw materials in the volume and quality required to support production demand, while also creating opportunities for cost reductions over time.
Progress of modernization work at Monte Alegre Plant
A recovery boiler is an essential piece of equipment in pulp production, responsible for processing black liquor, a byproduct generated during wood cooking and composed of pulping chemicals and wood constituents that are not used in the production of pulp and paper.. It enables the recovery of chemicals and also generates high-temperature, high-pressure steam. This steam is used to produce renewable energy and, later, at lower temperature and pressure, is reused in process stages that require thermal energy, such as wood cooking, black liquor concentration and paper drying.
GlossaryThe new structure, which will replace equipment that has been operating since 1978, will deliver gains in safety, operational efficiency, cost reduction and greenhouse gas emissions, improving sustainability indicators. CDR3 is expected to begin operating by the end of 2026.
Construction of the new boiler is being financed with proceeds from a green debenture, a debt instrument that enables funds to be raised for projects with positive environmental impacts, issued in 2024.
Completed work
In 2025, a system for collecting and treating diluted non-condensable gases was installed at the Otacílio Costa Plant in Santa Catarina, in compliance with a commitment made to the environmental agency. These gases are generated during the pulp manufacturing process and have a characteristic odor mainly associated with the presence of reduced sulfur compounds, which can cause discomfort if inhaled.
Following the implementation of the new system, non-condensable gases are now collected and directed to thermal treatment. This process significantly reduces the characteristic odors of the production process, contributing to mitigating odor perception near the plant.
Aerial view of the Otacílio Costa Unit (SC)
