Klabin (KLBN4) Q2 2026 earnings summary

Executive summary

• Operational excellence and disciplined commercial strategy delivered stable results in Q2 2026, with adjusted EBITDA of R$2.0 billion and net revenue of R$5.2 billion, despite inflationary and currency headwinds.

• Market share gains in long fiber and premium coated board segments, with continued ramp-up of Machine 28 supporting sales.

• Share repurchase program for up to 31.25 million units was approved, reinforcing commitment to shareholder value.

• Sustainability initiatives advanced, including compliance with the EU Deforestation-Free Products Regulation.

• Net sales revenue for H1 2026 reached R$10.1 billion, with domestic market accounting for 66.1% of consolidated net revenue.

Financial highlights

• Adjusted EBITDA for H1 2026 was R$3.63 billion, with a margin of 36%, and net income was R$135.5 million, reflecting higher costs and lower biological asset fair value.

• Quarterly sales volumes reached 1.18 million metric tons, and net revenue was R$5.2 billion in Q2 2026.

• Free cash flow for the last twelve months reached R$3.2 billion, with an adjusted FCF yield of 3.1%.

• Dividend yield was 5.3% over the last 12 months, with R$1.18 billion paid.

• Gross debt as of June 30, 2026 was R$34.1 billion, with cash and equivalents at R$10.1 billion.

Outlook and guidance

• No major investments planned for the next five years; focus on free cash flow generation and shareholder returns.

• Formal guidance for total cash cost per metric ton reaffirmed at R$3,200–3,300 for 2026.

• CAPEX guidance for 2026 is R$3.3 billion, with allocations to silviculture, operational continuity, and modernization.

• Positive demand and pricing trends expected for short fiber, fluff, coated board, and packaging; neutral for pulp and kraftliner.

• Cost discipline and operational flexibility to mitigate external pressures.