Irani Papel e Embalagem (RANI3) reported net income of R$ 30.928 million in 2Q26, down 70.3% compared to 2Q25, in earnings released this Friday, July 31, 2026. Net revenue totaled R$ 431.887 million in the period, up 4.4% year over year, driven by higher sales volume of sustainable packaging and paper for sustainable packaging.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 131.633 million in 2Q26, an increase of 8.2% versus 2Q25, with an adjusted EBITDA margin of 30.5%. According to the company, operating performance was affected by a negative impact of R$ 4.5 million on EBITDA related to technical issues with Turbo Generator 4, already resolved in May 2026, in addition to lower positive effects from changes in the fair value of biological assets compared to the same quarter of the previous year.
In the quarter, production of paper for sustainable packaging reached 81.6 thousand tons, an increase of 5.3% over 2Q25, while sales of sustainable corrugated cardboard packaging totaled 44.0 thousand tons, up 5.6% on the same comparison basis. The company reported that its market share in sustainable packaging reached 4.1% in the year to date through June 30, 2026, within the annual projection range of 3.7% to 4.1%.
Consolidated net debt stood at R$ 1,074.235 million at the end of June 2026, a reduction of 6.3% versus 2Q25, resulting in a net debt/adjusted EBITDA ratio of 2.07 times, below the 2.5 times target set in the company’s financial policy. Return on invested capital (ROIC) for the last 12 months was 12.5%, with an average cost of debt, after taxes, of 9.2% per year.
The company also reported that adjusted free cash flow for the last 12 months totaled R$ 357.428 million, with a yield of 18.7%. In 2Q26, Irani invested R$ 41.708 million, mainly in equipment and facilities related to the Gaia Platform, including the continuation of Project Gaia XI and the start of execution of Project Gaia XII – Papel MG Expansion, which calls for estimated gross investment of R$ 514 million through 4Q29.
In shareholder distributions, proposed interim dividends for 2Q26 total R$ 7.905 million, equivalent to R$ 0.03438359 per share, corresponding to 25% of net income used as the basis for dividends in the quarter. The company also reported having repurchased 605,100 common shares RANI3 in 2Q26, at a total cost of R$ 4.745 million, under the 2025 Share Repurchase Program.
