EUCA4: quote, dividends and indicators for Eucatex

Eucatex S.A. Indústria e Comércio, issuer of the EUCA3 and EUCA4 shares traded on B3, traces its origins to 1951, when it was founded with a focus on using eucalyptus wood fibers. The first plant was inaugurated in 1954 in Salto (SP), dedicated to the production of linings and insulation materials. Over the 1960s and 1970s, the resources generated by the initial operations were directed toward the implementation of hardboard production lines, a high‑density wood fiber board that became one of the main products in the company’s portfolio. In the 1980s, the company advanced a diversification and vertical integration process, including board coating lines and door and partition panel assembly lines in Salto, as well as investments in adjacent businesses such as fiberglass, rock wool, agricultural substrates, and others, many of which were later discontinued or divested.

Starting in 1996, with the acquisition of control by Paulo Maluf, the group underwent a major restructuring, including streamlining of the organizational structure and a redefinition of its strategic focus. Flavio Maluf took over as CEO of the Eucatex Group at that time and remains in the position. In the mid‑1990s, two important units were inaugurated: the architectural paint plant in Salto and the MDP production facility in Botucatu (SP), followed in 1998 by the laminate flooring plant, also in Botucatu. External crises in the late 1990s and early 2000s affected the company’s capital structure, leading it to file for preventive composition with creditors in 2003 and, subsequently, for judicial reorganization, whose plan was approved in 2007. This plan included payment in kind with land and forests, a cash portion, and debt‑to‑equity conversion. In 2009, the conclusion of the reorganization proceedings was ratified, resulting in what was considered a more suitable capital structure with lower leverage.

Eucatex’s current business model is based on a vertically integrated chain of wood panels, laminate flooring, doors, partitions, paints, and varnishes, with its own forestry integration and a significant industrial footprint in Brazil. The company has structured its operations through specialized subsidiaries: Eucatex Indústria e Comércio Ltda concentrates the production and sale of wood panels such as fiberboard, T‑HDF and MDF, doors and partitions, as well as architectural paints and resins for internal consumption; ECTX Indústria e Comércio Ltda operates in the production of particleboard, fiberboard, MDP and HPP, as well as laminate flooring. Other group companies perform complementary functions, such as Eucatex Distribuição e Logística, focused on distribution to the construction segment, and Eucatex Nordeste Indústria e Comércio Ltda, dedicated to the production of paints, lacquers, varnishes, and colorants.

The main operating segments can be grouped into wood and coatings, paints and varnishes, and forestry and real estate activities. In the wood segment, the highlights are fiberboard and T‑HDF, MDF, MDP and HPP panels, as well as Eucafloor laminate flooring and doors and partition panels. MDP is produced using continuous press technology, particle classifiers and next‑generation resins, resulting in homogeneous panels mainly targeted at the furniture industry. HPP, a high‑density panel produced with eucalyptus particles from the company’s own reforested areas, is used as the base for laminate flooring, targeting mechanical strength and dimensional stability. In the paints segment, the Salto unit produces architectural paints under the Eucatex, Eucalar and Peg & Pinte brands, in addition to varnishes, enamels, solvents, and related products, supported by in‑house laboratories and tinting systems. The company also entered the cold coverings segment in 2022, with the sale of porcelain tiles, expanding its portfolio for commercial and residential environments.

In market terms, Eucatex directs its sales mainly to two large segments: furniture industry and resellers, and construction. Fiberboard and T‑HDF, MDF and MDP panels are widely used in the manufacture of furniture, doors, partitions, shelves, tops, and furniture components in general. In construction, the company’s products include laminate flooring, architectural paints, doors, boards and, more recently, porcelain tiles. In 2025, the distribution of consolidated revenue reflected this configuration: approximately 38% of net revenue came from the industry and resale segment, 36% from construction and 23% from exports, with the remainder classified as other. There is no material revenue concentration in individual customers, as the company does not have buyers accounting for more than 10% of total net revenue.

Eucatex’s geographic footprint is predominantly domestic, with industrial units in São Paulo and in the Northeast, as well as forestry operations in reforested areas. Most of the company’s net revenue in 2025, around 74%, was generated in the Brazilian market, while 26% came from foreign markets. The company exports its products, especially fiberboard, to approximately 50 countries, with a strong concentration in the United States, which accounts for about 86% of foreign revenue, equivalent to approximately 22% of total net revenue. Other destinations include countries in South America, Europe, the Middle East and Africa, such as Bolivia, Israel, the United Kingdom, Paraguay, Sweden, Nigeria, Colombia, Peru and Ecuador. The subsidiary Eucatex North America, based in Atlanta, coordinates export and distribution activities in the United States, which also subjects the group to compliance with that country’s legislation.

From a regulatory standpoint, Eucatex operates in sectors that are intensive in environmental, health, and natural resource controls. The production of fiberboard, T‑HDF, MDF, MDP and HPP requires installation and operating licenses from CETESB in the State of São Paulo, as well as authorizations for water abstraction from DAEE, federal environmental licenses from IBAMA and registrations for the use of chemical products with the Civil Police and the Federal Police. The paints and varnishes unit operates in strict compliance with health surveillance and environmental standards, including licenses from CETESB, the Federal Police, the Civil Police, the Army and ANP for controlled products, in addition to permits and certificates related to fire prevention and industrial safety. Operations are subject to extensive regulation on processing, packaging, labeling and advertising of products, at the federal, state, and municipal levels.

Sustainability and environmental management strategy is a central component of Eucatex’s operations. All production of fiberboard, T‑HDF, MDF, MDP and HPP uses eucalyptus wood from reforested areas, with more than 48,000 hectares of forests, about one‑third of which is allocated to nature reserves and permanent preservation areas linked to the Atlantic Forest and the Cerrado. Forestry operations are ISO 14001 certified and hold the green seal from the Scientific Certification System (SCS), affiliated with the Forest Stewardship Council (FSC), and include cataloging of local biodiversity, with dozens of mammal species and hundreds of bird species. The company has implemented aeration ponds for effluent treatment and developed an industrial‑scale wood recycling project, processing waste for use in biomass boilers, reducing dependence on fossil fuels. In the paints segment, practices include sustainability programs focused on waste management, rational use of resources, participation in initiatives such as Coatings Care and compliance with sector quality programs.

In line with the ESG agenda, Eucatex prepares a Sustainability Report every two years, following international standards such as the GRI Standards and the International Integrated Reporting Framework. The report includes a materiality matrix completed in 2024, with material topics related to sustainability culture, low‑impact products, climate change, reverse logistics, supply chain, regional relationships, diversity and inclusion, and sustainable development. These topics are linked to the UN Sustainable Development Goals, especially those related to decent work, industry and innovation, responsible consumption, climate, life on land, and partnerships. The company prepares an inventory of greenhouse gas emissions covering scopes 1, 2 and 3 and aims to improve its climate governance, assessing the gradual adoption of TCFD recommendations. In the energy field, another highlight is its stake in Castilho Solar Participações S.A., focused on solar photovoltaic power generation, which reinforces the group’s presence in a renewable energy matrix.