KLBN3

Klabin S.A. is a publicly traded company with shares listed on B3 (tickers KLBN11, KLBN3 and KLBN4). Its history dates back to 1899, when it was founded in São Paulo by the Klabin-Lafer family to sell stationery products and office and printing supplies. A few years later, the company leased a small printing sheet plant and began operating in paper production, a segment in which it remains to this day. In 1909, Companhia Fabricadora de Papel was created and, by the 1920s, it was already among the three largest paper producers in Brazil, supported by a technological innovation strategy based on frequent contact with European industrial hubs. A key milestone occurred in 1934, with the acquisition of Fazenda Monte Alegre in Paraná, to install the country’s first integrated pulp and paper mill, IKPC, driving the vertical integration of the business.

Starting in the 1940s, Klabin began developing planted forests, first with araucaria and eucalyptus, and later with large-scale pine, and in 1946 it started producing newsprint and packaging paper, reducing Brazil’s dependence on imported newsprint. Between the late 1960s and mid-1970s, the company underwent strong industrial expansion, installing new plants in the South, Southeast and Northeast regions. This growth culminated in its IPO in 1979, strengthening the financial structure needed to support long-term investments in paper and pulp. In 2003, after a financial restructuring, the company concentrated its business on the manufacture of packaging paper and paperboard and paper packaging, consolidating the focus that still defines its operating model today.

Currently, Klabin operates end-to-end across the value chain, from forestry to converting paper into finished packaging. The company organizes its operations into four segments: Forestry, Pulp, Paper and Packaging. The Forestry Segment covers the planting and cultivation of pine (long fiber) and eucalyptus (short fiber) forests, primarily to supply its own mills, with part of the wood also sold to third parties in the domestic market. The Pulp Segment includes the production and sale of bleached short fiber, long fiber and fluff pulp, supplying inputs to the tissue, graphic, specialty, packaging paper and hygiene product markets. In the Paper Segment, Klabin produces kraftliner, coated board and high-value recycled papers, which are supplied to consumer goods industries across several sectors. The Packaging Segment focuses on the production and sale of corrugated cardboard boxes and sheets and industrial bags, serving both the domestic and export markets.

From a revenue perspective, the company has a diversified profile within the paper, pulp and packaging chain. In 2024, net operating revenue reached R$ 19.6 billion, with contributions of 3% from the Forestry Segment, 31% from Pulp, 33% from Paper and 34% from Packaging. In the first half of 2025, net revenue totaled R$ 10.1 billion, maintaining a balanced mix: 3% Forestry, 29% Pulp, 33% Paper and 35% Packaging. Exports have significant weight in the business, accounting for 35% of total net revenue in 2023 and 2024, and 39% in the first half of 2025. The customer base is fragmented, with no single client accounting for more than 10% of annual revenue in 2024, although in the first half of 2025 one customer in the paper segment exceeded this threshold.

From a production standpoint, Klabin controls a sizable forest base of 911 thousand hectares, of which 463 thousand hectares are productive areas for planting pine and eucalyptus, 373 thousand hectares consist of preserved native forests, and 74 thousand hectares are allocated to roads, boundaries and other improvements. All forest areas located in São Paulo, Paraná and Santa Catarina are certified by FSC and PEFC, supporting responsible forest management practices. In pulp, the company operates, among others, the MC25 and MC26 machines at the Puma I unit in Ortigueira (PR), with combined sellable capacity of approximately 1.5 million tons per year of short fiber, long fiber and fluff. In paper, the company has an industrial park distributed across plants in Paraná, Santa Catarina, São Paulo and Pernambuco, with machines specialized in containerboard, paperboard and 100% recycled papers, totaling sellable capacity of millions of tons per year, including specific lines such as Eukaliner, kraftliner and Ekoflute and Ekoliner recycled papers.

Klabin is present in all regions of Brazil with 22 industrial units, in addition to a plant in Pilar, Argentina. According to Indústria Brasileira de Árvores (IBÁ) and internal estimates, the company is Brazil’s largest producer, exporter and recycler of packaging paper and one of the largest integrated paper producers in Latin America, with production capacity of 4.5 million tons of pulp, packaging and packaging paper in 2024. The company also operates its own port terminal in the Port of Paranaguá, in Paraná, subject to ANTAQ regulation and oversight by the local port authority and the Federal Revenue Service as the customs authority, which strengthens its export logistics infrastructure.

On the regulatory front, Klabin depends on a wide range of environmental licenses and grants for water use, forest clearing and management and waste management, in compliance with the National Environmental Policy, the Forest Code, the National Solid Waste Policy and the National Water Resources Policy, in addition to state and municipal legislation. The company also requires operating permits, authorizations for the use of controlled chemical products and other registrations with civil and military agencies. As described in the Reference Form, the company maintains a relationship with public authorities based on transparency and diligence, seeking to keep its authorizations valid and adjust its business to regulatory requirements with the least possible impact on operational planning.

Environmental, social and governance (ESG) matters are foundational to Klabin’s corporate strategy. The company was the first in the Southern Hemisphere in the pulp and paper sector to obtain FSC certification at its forestry unit in Paraná in 1998, and today its forests and production processes are fully certified. Its shares have been listed on B3’s Level 2 of corporate governance since 2014, and the company has been part of the exchange’s Corporate Sustainability Index (ISE) for more than eleven years. It also participates in the Dow Jones Sustainability Index, both in the Global and Emerging Markets portfolios, having obtained high scores in recent assessments. Klabin has embraced the UN Sustainable Development Goals agenda, set greenhouse gas emission reduction targets approved by the Science Based Targets initiative, and structured the “Klabin Objectives for Sustainable Development” for 2030, with public monitoring via its own ESG dashboard. These initiatives, together with the Sustainability Policy approved by the Board of Directors, demonstrate the formal incorporation of sustainability criteria into the company’s business model.

For retail investors, Klabin combines the profile of an integrated industrial company, with a strong base of forest and industrial assets, significant presence in domestic and international markets, and a history of more than a century in the paper, pulp and packaging sector. The KLBN11, KLBN3 and KLBN4 shares provide exposure to an issuer that operates across the entire chain, from forest planting to delivery of packaging to the end customer, with revenue distributed among pulp, paper and packaging and inclusion in domestic and international sustainability indices. The dynamics of the business are tied both to the global pulp and paper cycle and to demand from various packaging-consuming sectors, such as food, beverages, hygiene, electronics and construction, within a regulatory environment marked by stringent environmental requirements and the need for ongoing management of social, environmental and operational risks.