In the third quarter of 2026 (3Q26), Klabin (KLBN11) reported net income of R$ 393 million, an 18% decline compared to the R$ 478 million recorded in 3Q25. Consolidated net revenue totaled R$ 5.6 billion in the period, a 3% year-over-year increase, driven mainly by higher prices for short-fiber pulp and paper in dollars, as well as by the effect of the mix between segments and regions.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 1.856 billion in 3Q26, a 12% decrease versus 3Q25, with an adjusted EBITDA margin of 33%, 6 percentage points below the previous year. According to the company, the result was mainly affected by higher costs, appreciation of the real against the dollar, and lower contribution from other operating income, factors that were partially offset by higher prices and volumes in its operating segments.
In the quarter, total cash cost per ton, including maintenance shutdowns, was R$ 3,483/t, up 12% compared to 3Q25, impacted by additional expenses to mitigate the effects of El Niño and by pressure on inputs and freight linked to geopolitical conflicts. Klabin reported having achieved a R$ 13 million reduction in variable costs through efficiency measures and input negotiations.
Operationally, total sales volume (excluding wood) was 1,064 thousand tons, stable compared to 3Q25. Revenue from the pulp segment reached R$ 1.512 billion, up 6% year over year, while paper generated R$ 1.887 billion, a 4% increase, and packaging totaled R$ 2.009 billion, a slight 1% drop from the same period a year earlier.
Net debt ended 3Q26 at R$ 23.977 billion, 8% below the level recorded in 3Q25, with a net debt/last-12-month adjusted EBITDA ratio of 3.3 times, both in reais and in dollars. In the 12 months ended September 2026, Klabin distributed R$ 1.152 billion in shareholder payouts, corresponding to a dividend yield of 5.2%, and repurchased 7,243,700 units, equivalent to 23% of the approved share buyback program.
