CTKA3: quote, dividends and indicators for Karsten

Karsten S.A. is a Brazilian publicly traded company with shares listed on B3 under the tickers CTKA3 and CTKA4. Founded in 1882, it is headquartered in Blumenau, Santa Catarina, and has a trajectory closely associated with the development of the country’s textile industry. With more than a century of continuous operation, it has built a strong position in the bed, table, bath and home décor fabrics segment, operating with a vertically integrated industrial model and a multi-brand portfolio. The company has also consolidated a corporate structure in which Karsten Comércio Têxtil Ltda. functions as the commercial arm dedicated to direct relationships with end consumers through physical stores and other sales channels.

Karsten’s business model combines manufacturing and commercialization of a product mix that includes bedding, tableware sets, bath towels, towels for embroidery, fabrics for decoration and fragrances. The industrial operation integrates spinning, weaving, finishing, sewing and subsequent distribution. In the production process, cotton is transformed into yarn using different technologies (conventional, open end, carded or combed) and then goes through weaving preparation, weaving, finishing and sewing, resulting in finished products. This vertically integrated structure allows the company to operate both in fabric production and in the creation of finished items for retail and industry, with managerial segmentation between the Industry segment and the Retail segment.

In portfolio organization, Karsten works with the brands Karsten, Karsten Decor and Trussardi, targeting the bed, table, bath and decoration markets. In 2025, consolidated net revenue reached R$ 759.0 million, with a predominance of the industrial segment, which accounted for 95.05% of net revenue, while retail represented 4.95%. Analysis of recent performance shows growth in net operating revenue compared to 2023 and 2024, with an increase in net income in those years as well. Internal management evaluates the business mainly from the perspective of product nature and channels (industrialized and retail), rather than by geographic breakdown, reflecting the centrality of the Blumenau industrial complex and the concentration of costs and fixed assets in the industrial operation.

The company operates through multiple channels, with a presence in thousands of points of sale across Brazil, its own e-commerce platform, proprietary stores and sales to the international market. Distribution is fully outsourced, carried out by contracted carriers that serve both retail and wholesale, including department stores, specialty stores, hypermarkets and supermarkets. In the domestic market, in 2025, 95.51% of net revenue was attributed to customers in Brazil, with a concentration of sales in the Southeast and South regions, which together account for more than 80% of domestic revenue, followed by the Northeast, Center-West and North. There are no individual customers with a share of more than 10% of net revenue, which reduces demand concentration and dependence on specific large buyers.

In the international market, Karsten maintains exports to several countries, with a particular focus on Latin America. In 2025, revenue from abroad was R$ 34.0 million, equivalent to 4.49% of total net revenue, distributed mainly among Uruguay, Argentina, Ecuador, Paraguay, Colombia, the United States, Chile, Bolivia, Angola, Guatemala, Costa Rica, Peru and Venezuela. In 2026, the company took a further step in its internationalization strategy with the opening of its first industrial unit outside Brazil, in Minga Guazú, Paraguay, expanding production capacity and diversifying its manufacturing base. Foreign exchange exposure is significant mainly in US dollars and euros in export operations, subjecting the company to exchange rate fluctuations in its foreign revenues.

Karsten Comércio Têxtil Ltda. concentrates commercial activities aimed at the end consumer, through physical stores and other direct sales channels, offering a portfolio aligned with the lines of bed, table, bath, embroidery, decoration and fragrances. In 2025, this operation maintained stores in Santa Catarina, Paraná and São Paulo, reinforcing the strategy of proximity to the end public and brand positioning. Sales seasonality is influenced by holidays and specific calendar periods, with higher concentration in March, April, September, October and November, especially due to Mother’s Day and year-end sales, and weaker activity in June and July.

In terms of inputs, the main component is cotton, both as a commodity and as derivatives such as yarns and greige fabrics, in addition to chemicals used in finishing. Karsten adopts a medium- and long-term relationship strategy with suppliers, seeking to be among these partners’ main customers, which implies some concentration but without formal exclusivity agreements. Supply is structured with multiple suppliers to mitigate the risk of shortages, while cotton prices follow international quotation dynamics, affecting costs and margins. Other inputs, such as chemicals and indirect materials, are also purchased from suppliers subject to environmental and industrial regulation in the jurisdictions in which they operate.

The company is subject to environmental regulation at the federal, state and municipal levels. It maintains a valid Operating Environmental License (LAO), with a renewal process in progress, annual submission of the Report on Potentially Polluting Activities to IBAMA, and compliance with conditions established by environmental authorities. Among its environmental initiatives, the company has a waste center with a Zero Waste management program implemented in 2022, aimed at diverting more than 90% of generated waste from landfills through recycling and appropriate disposal. In 2023, Karsten obtained certification as a Zero Waste company, being identified as the first bed, table and bath textile industry to achieve this recognition in the country, as a result of internal training and mapping of recycling routes for different types of waste.

Environmental management practices also include the use of biomass (pine and eucalyptus chips) to generate steam in a 25-ton-per-hour boiler, with daily monitoring of efficiency and atmospheric emissions and periodic submission of particulate analyses to the relevant agencies. The company calculates its greenhouse gas (GHG) emissions inventory based on a Fundação Getulio Vargas methodology, covering scopes 1 and 2 and in the process of consolidating data for scope 3. For water use, it has a water abstraction permit from the Testo River, with prior treatment for industrial use and subsequent wastewater treatment at a plant operated by a third-party company, under monitoring of quality parameters. The industrial complex also maintains an area of preserved vegetation and internal gardens, integrating well-being and environmental education initiatives into the work environment.

In governance and socio-environmental responsibility, Karsten publishes a Sustainability Report based on the Global Reporting Initiative (GRI) methodology, in which it discloses indicators related to waste, more sustainable raw materials, water consumption, pollutant gas emissions, employee development, health and safety, environmental education and code of conduct training. The report considers the UN Sustainable Development Goals (SDGs), although it does not follow TCFD recommendations for climate-related financial disclosures and is not audited by an independent entity. From an organizational standpoint, the internal culture is structured around the “O Jeito K de Ser” program, which consolidates competencies such as customer focus, inspiring people, pursuit of sustainable results and an innovative attitude. In 2025, the company had more than 2,300 direct employees, reinforcing the labor-intensive nature typical of the textile sector and the importance of structured people management practices in the company’s strategy and in sustaining its industrial and commercial operations.