Irani Papel e Embalagem (RANI3) reported net income of R$ 56.512 million in the third quarter of 2026 (3Q26), up 82.7% compared to 2Q26 and 37.5% versus 3Q25. In the same period, net revenue totaled R$ 456.578 million, an increase of 5.7% on a quarterly comparison and 5.3% year over year, driven mainly by higher sales volume in the Sustainable Packaging segment (corrugated board).
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and depletion) from continuing operations reached R$ 151.990 million in 3Q26, up 15.5% compared to 2Q26 and 3.9% compared to 3Q25. The adjusted EBITDA margin from continuing operations was 33.3%, 2.8 percentage points higher than the previous quarter and 0.4 percentage point below 3Q25.
In the quarter, Irani produced 85.175 thousand tons of paper for sustainable packaging, an increase of 5.4% compared to 3Q25, and sold 47.668 thousand tons of sustainable packaging (corrugated board), 11.5% above the same period in 2025. The Company closed September 2026 with net debt of R$ 991.542 million and a net debt/adjusted EBITDA ratio of 1.89x, compared to 2.06x in 3Q25.
Investments totaled R$ 40.605 million in 3Q26 and R$ 146.227 million in the year to date for 2026, concentrated in equipment and facilities, including the continuation of the Gaia XI Platform projects and the start of execution of Project Gaia XII – Paper Expansion MG. Over the last 12 months, Adjusted Free Cash Flow reached R$ 353.702 million, representing a yield of 18.1% in relation to the average market value in the period.
In accordance with Irani’s profit distribution policy, the Board of Directors is expected to approve interim dividends for 3Q26 in the amount of R$ 13.984 million, equivalent to R$ 0.061093988 per share, corresponding to 25% of net income used as the basis for dividends in the quarter. In the same quarter, the Company repurchased 860,300 common shares (RANI3), at a total cost of R$ 6.739 million, at an average price of R$ 7.83 per share.
