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 trade stationery products and office and printing supplies. A few years later, the company leased a small printing paper mill and began operating in paper manufacturing, 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 centers. A key milestone occurred in 1934 with the acquisition of the Monte Alegre Farm in Paraná for the installation of the country’s first integrated pulp and paper mill, IKPC, boosting the vertical integration of the business.

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

Currently, Klabin operates end-to-end along the value chain, from forestry to the conversion of paper into final 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, although part of the wood is also sold to third parties in the domestic market. The Pulp Segment encompasses the production and sale of bleached short fiber, long fiber and fluff pulp, supplying the tissue, graphic paper, specialty paper, packaging paper and hygiene products markets. In the Paper Segment, Klabin manufactures kraftliner, coated board and high-value recycled papers, which are destined for consumer goods industries in several sectors. The Packaging Segment focuses on the production and sale of corrugated board boxes and sheets and industrial bags, serving both the domestic and export markets.

From a revenue standpoint, the company shows 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 came to R$ 10.1 billion, maintaining a balanced mix: 3% Forestry, 29% Pulp, 33% Paper and 35% Packaging. Exports are highly relevant to the business, accounting for 35% of total net revenue in 2023 and 2024, and 39% in the first half of 2025. The client base is fragmented, with no single customer accounting for more than 10% of annual revenue in 2024, although in the first half of 2025 one customer in the paper segment exceeded that threshold.

From a production standpoint, Klabin controls a significant forest base totaling 911 thousand hectares, of which 463 thousand hectares are productive for planting pine and eucalyptus, 373 thousand hectares are preserved native forests and 74 thousand hectares are allocated to roads, boundaries and other improvements. All of its forest area in São Paulo, Paraná and Santa Catarina is certified by FSC and PEFC, which underpins its 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 saleable capacity of approximately 1.5 million tons per year of short fiber, long fiber and fluff pulp. In paper, the company has an industrial park with plants in Paraná, Santa Catarina, São Paulo and Pernambuco, equipped with machines specialized in containerboard, paperboard and 100% recycled papers, totaling saleable capacity of millions of tons per year, including specific lines such as Eukaliner, kraftliner and the recycled papers Ekoflute and Ekoliner.

Klabin is present in all regions of Brazil with 22 industrial units, in addition to a mill in Pilar, Argentina. According to the Brazilian Tree Industry (IBÁ) and internal estimates, the company is the largest producer, exporter and recycler of packaging paper in Brazil 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 regulation by ANTAQ and oversight by the local port authority and the Federal Revenue Service as customs authority, which strengthens its logistics infrastructure for exports.

On the regulatory front, Klabin depends on a wide range of environmental licenses and permits for the use of water resources, forest suppression 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, as well as state and municipal laws. The company also requires operating permits, authorizations to use controlled chemical products and other registrations with civil and military agencies. As described in its Reference Form, the company maintains a relationship with public authorities based on transparency and diligence, seeking to keep its authorizations valid and to adapt its business to regulatory requirements with the least possible impact on operational planning.

The environmental, social and governance (ESG) dimension is a core pillar of Klabin’s corporate strategy. The company was the first in the Southern Hemisphere in the pulp and paper sector to obtain FSC certification for its forestry unit in Paraná, in 1998, and today has its forests and production processes fully certified. Its shares have been listed on B3’s Level 2 corporate governance segment since 2014, and the company has been a component of the exchange’s Corporate Sustainability Index (ISE) for more than eleven years. In addition, it is included in the Dow Jones Sustainability Index, both in the Global and Emerging Markets portfolios, having obtained high scores in recent assessments. Klabin has aligned itself with the UN Sustainable Development Goals, set greenhouse gas emissions reduction targets approved by the Science Based Targets initiative, and established the “Klabin Objectives for Sustainable Development” through 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 integration of sustainability criteria into the company’s business model.

For retail investors, Klabin combines the profile of an integrated industrial company with a large base of forestry and industrial assets, meaningful exposure to both domestic and international markets, and a track record of more than a century in the paper, pulp and packaging sector. The KLBN11, KLBN3 and KLBN4 shares provide access 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 indexes. The dynamics of the business are linked 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 significant environmental requirements and the need for ongoing management of social, environmental and operational risks.