São Paulo, February 2026 – Klabin reported adjusted EBITDA of R$1.832 billion in 4Q25, in line with 4Q24, and R$7.848 billion for full-year 2025, representing a 7% increase compared to 2024. Net revenue totaled R$20.7 billion in 2025, up 5% year-over-year.

The company demonstrated operational resilience, disciplined cost control, strong packaging performance, and improved capital structure, while maintaining investment discipline and advancing strategic forestry monetization initiatives.

Financial Highlights – 2025

• Net Revenue: R$20.7 billion (+5% YoY)

• Adjusted EBITDA: R$7.848 billion (+7% YoY)

• EBITDA Margin: 38%

• Net Income: R$1.678 billion

• Free Cash Flow (LTM): R$715 million (+R$410 million vs 2024)

• Net Debt: R$25.9 billion

• Leverage (Net Debt/EBITDA – USD): 3.3x (reduced from 3.9x in 4Q24)

• ROIC: 10.5%

Operational Performance

Production Growth

Total production reached 4.319 million tons in 2025, a 3% increase (+133 thousand tons) versus 2024, driven by:

• Ramp-up of PM27 and PM28

• Stabilization in pulp operations

• Higher daily production pace

Recycled Paper Strategy

• PM17 (Goiana) idled since October 2025

• PM29 (Paulínia) decommissioned (100k t/year capacity)

• Property asset to be offered for sale

This reflects tactical production adjustments aligned with market demand and profitability focus.

Segment Performance

Pulp

• 2025 sales volume: +6% YoY

• Short-fiber prices recovered during 4Q25 (China +6%, Europe +4%)

• 4Q25 average short-fiber price: US$544/t

• Long fiber/fluff average price: US$936/t

Despite price pressure during the year, volumes improved and geographic flexibility supported results.

Paper

• 2025 net revenue: R$6.8 billion (+7% YoY)

• Coated board revenue up 2% YoY

• Containerboard revenue up 18% YoY

Monte Alegre did not undergo maintenance in 2025, supporting annual volume growth.

Packaging (Strongest Performer)

• 2025 net revenue: R$7.4 billion (+13% YoY)

• Corrugated boxes revenue: +14% YoY

• Sales volumes outperformed Brazilian market (Empapel)

• Price increases sustained throughout the year

Industrial bags:

• 4Q25 volume down 6% YoY (U.S. tariff impacts)

• 2025 revenue up 10% YoY, supported by domestic construction demand

Cost Management & Efficiency

Cash Cost

• 2025 total cash cost per ton (incl. maintenance): R$3,225/t

• Within publicly disclosed guidance

• Fixed-cost reduction initiatives implemented

• Personnel and third-party service expenses reduced by 9% in COGS

Pulp Cash Cost

• R$1,290/t in 2025 (+7% YoY)

• Impacted by higher fiber, chemicals, and logistics costs

CAPEX & Investment Discipline

• 2025 CAPEX totaled R$2.8 billion

• Fully aligned with investment guidance

• Emphasis on operational efficiency and modernization

• Monte Alegre modernization investments executed in 4Q25

Maintenance downtime costs in 4Q25:

• Ortigueira: 12 days (R$178 million direct cost)

• Correia Pinto: 10 days (R$14 million direct cost)

2026 Maintenance Plan

• No stoppages at Ortigueira and Correia Pinto

• Scheduled maintenance at Monte Alegre and Otacílio Costa

Forestry & Asset Monetization (Caetê Project)

• Forestry assets valued at R$13.2 billion

• Positive non-cash biological asset impact: R$205 million

• Land sales generated gains (R$204 million in 4Q25 other net income)

• Continued monetization strategy under Caetê Project

Capital Structure & Liquidity

• Gross debt: R$36.8 billion

• Cash position: R$10.9 billion

• Average debt maturity: 85 months

• Foreign currency cost reduced to 5.2% p.a.

• New US$500 million revolving credit facility contracted

Leverage improved to 3.3x (USD basis).

Shareholder Returns

Klabin announced:

• R$1.1 billion in interim dividends

• R$800 million in bonus shares

Total shareholder return focus remains a priority.

Sustainability Leadership

Klabin achieved Triple A rating in CDP, receiving top global scores in:

• Climate Change

• Forests

• Water Security

Reaffirming its global ESG leadership.

Strategic Outlook for 2026

The company enters 2026 focused on:

• Operational efficiency

• Cost discipline

• Capital allocation optimization

• Margin management

• Continued forestry monetization

• Value creation for shareholders