On Thursday, August 6, 2026, Klabin (KLBN11) reported adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 2.0 bn in the second quarter of 2026 (2Q26), compared to R$ 2.041 bn in 2Q25. Net revenue totaled R$ 5.151 bn in 2Q26, a 2% decline versus the R$ 5.247 bn reported in the same period of the previous year, with total sales volume of 1.018 million tons, up 1% in the same comparison.
According to the company, operating performance reflected consistency in the pulp, paper and packaging segments and disciplined cost management, even with the appreciation of the real against the dollar, whose average value went from R$ 5.67/US$ in 2Q25 to R$ 5.05/US$ in 2Q26. Total cash cost came to R$ 3,204 per ton in the quarter, practically stable versus the R$ 3,178 per ton in 2Q25, supported by efficiency initiatives that partially offset the impacts of geopolitical conflicts and preparations for the El Niño phenomenon.
As of June 30, 2026, Klabin had gross debt of R$ 34.1 bn and cash and equivalents of R$ 10.1 bn, resulting in net debt of R$ 24.0 bn. Leverage, measured by the net debt/EBITDA ratio for the last 12 months in dollars, stood at 3.2 times, down 0.1 turn compared to 1Q26 and 0.7 turn versus 2Q25. The company also reported an average debt tenor of 84 months in 2Q26 and a cost of dollar-denominated debt of 5.1% per year.
Free cash flow in 2Q26 was negative at R$ 236 mn, after capex, interest, taxes, dividends and working capital changes. Adjusted for dividends, Interest on Equity (JCP), special and expansion projects, adjusted free cash flow was positive at R$ 65 mn in the quarter and R$ 704 mn in the last 12 months through June 2026, with an adjusted yield of 3.1% in the period.
Regarding shareholder remuneration, Klabin highlighted dividends and JCP of R$ 1.180 bn paid in cash over the last 12 months through 2Q26, which represents a yield of 5.3% on the average price of the units. For 2Q26, dividends of R$ 278 mn were approved, equivalent to 14% of the quarter’s adjusted EBITDA, in line with the payout policy that calls for distributing between 10% and 20% of adjusted EBITDA. The company also mentioned the share buyback program, authorized on June 24, 2026, with a term of 18 months and a purchase limit of up to 31,250,000 units.
