Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation ri.klabin.com.br
Slide 2: Disclaimer
ri.klabin.com.br 3Q25 Earnings Presentation DISCLAIMER This presentation may contain forward-looking projections or statements. Such statements are exposed to known and unknown risks and different nature uncertainties that may cause these expectations not to materialize or to differ materially from
Slide 3: 3Q25 Performance – Sales Volume
ri.klabin.com.br 3Q25 Earnings Presentation 3Q25 PERFORMANCE – Sales Volume Pulp Total Sales¹ Adjusted EBITDA by SHORT FIBER 28% 1,067 Segment3 3Q25 401 295 k tons k tons k tons R$ 2.1 bn LONG FIBER/FLUFF 106 k tons 10% Conversion (Integration) Paper - Market Pulp COATED BOARD 20% CORRUGATED Paper &
Slide 4: 3Q25 Performance – Net Revenue
ri.klabin.com.br 3Q25 Earnings Presentation 3Q25 PERFORMANCE – Net Revenue Pulp Net Revenue¹ R$ 5,261 SHORT FIBER R$ 848 million 16% R$ 1.4 Million billion LONG FIBER/FLUFF R$ 578 million 11% Paper – Market Pulp COATED BOARD 23% 27% R$ 1.191 billion Packaging R$ 1.8 38% billion KRAFTLINER R$ 624 mil
Slide 5: Evolution of the Packaging Business
ri.klabin.com.br 3Q25 Earnings Presentation EVOLUTION OF THE PACKAGING BUSINESS Significant revenue growth over time, accompanied by market share gains, in a market that is expanding faster than GDP Sales Volume (Tons) CAGR Sales (BRL) CAGR 2019 - 2025 2019 - 2025 Klabin (ton) Empapel (ton) GDP (BRL
Slide 6: 3Q25 Results
ri.klabin.com.br 3Q25 Earnings Presentation 3Q25 RESULTS Exchange rate R$ / US$ 3Q24 3Q25 Quarterly performance reflects a production volume of 1,131 thousand tons, an increase of 24 thousand tons compared to 2Q25. Comparison base Average dollar 5.55 5.45 impacted by the maintenance stoppage in 3Q24
Slide 7: Total Cash Cost
ri.klabin.com.br 3Q25 Earnings Presentation TOTAL CASH COST Cash cost of R$3,104 per ton, down 2% compared to 2Q25 Total Cash Cost Cash Cost Composition (R$ per ton) 3Q25 Fuel Oil Electricity -8% -2% 4% 3% 3,384 Labor 3,178 Other 11% 205 29 3,104 29% 3Q25 Maintenance 10% 3,179 3,148 3,104 2% Third-P
Slide 8: Net Debt and Leverage
ri.klabin.com.br 3Q25 Earnings Presentation NET DEBT AND LEVERAGE Reduction of 0.3x in leverage vs. 2Q25 Position on 09/30/2025 (R$ billion) Gross Debt 35.8 Cash¹ 9.7 Net Debt 26.1 4.5 4.1 4.0 3.9 3.6 3.2 3.3 3.5 3.5 2.7 2.7 2.6 2.8 3.5 3.9 3.9 3.9 3.7 3.2 3.2 3.2 3.3 2.6 2.6 2.6 2.6 33,297 29,503 3
Slide 9: Amortization Schedule
ri.klabin.com.br 3Q25 Earnings Presentation AMORTIZATION SCHEDULE Robust liquidity position and extended debt profile, with no significant maturities in the short term R$ million 3Q25 2Q25 12,385 In months Average Debt Maturity 86 86 Revolving 2,659 41 months Credit of cash debt Cost of Debt in US$
Slide 10: Free Cash Flow (FCF)
3Q25 Earnings Presentation ri.klabin.com.br FREE CASH FLOW (FCF) Solid operating cash flow generation, with adjusted FCF yield of 12.6% LTM LTM R$ million 3Q25 2Q25 3Q24 3Q25 3Q24 1 Adjusted EBITDA¹ 2,117 2,041 1,805 7,840 7,192 (-) Capex² (554) (649) (767) (2,601) (3,561) (-) Lease contracts - IFRS
Slide 11: Caetê Project
ri.klabin.com.br 3Q25 Earnings Presentation CAETÊ PROJECT¹ Completed SPV’s (equity). First land sale carried out in 3Q25. LAND EQUITY MONETIZATION Plateau Project²: R$ 2.7 billion 3Q25: R$ 95 million Sale of 730 hectares of productive land Real Estate SPV³,4: R$ 0.9 billion 2 transactions Still avai
Slide 12: Dividends & IoC
ri.klabin.com.br 3Q25 Earnings Presentation DIVIDENDS & IoC R$ million considering cash method Dividend 6.2% 5.5% Yield¹ 1,528 1,322 Dividends 3Q25³: R$ 318 million (15% EBITDA) Dividends and IoC Policy4: Target between10% and 20% of Adjusted EBITDA 2024 LTM² 3Q25 Dividends + IoC paid (R$ million) 1
Slide 13: Market Thermometer
ri.klabin.com.br 3Q25 Earnings Presentation MARKET THERMOMETER Demand Demanda Sales Price 1 Negative Neutral Positive (Market) (mercado) volume trend trend trend Short Fiber PULP Fluff Coated Board PAPER Kraftliner Corrugated Boxes PACKAGING Industrial Bags 13 1– Prices in US dollars for pulp and pa
Slide 14: Appendix
Appendix ri.klabin.com.br
Slide 15: Pulp
ri.klabin.com.br 3Q25 Earnings Presentation PULP Revenue driven by an increase in short fiber sales and resilience in long fiber and fluff prices, which represented 26% of total volume sold in the period and 41% of net revenue for the quarter Sales Volume Short Fiber and Long Production Cash Cost (T
Slide 16: Paper
ri.klabin.com.br 3Q25 Earnings Presentation PAPER Volume growth in containerboard, driven by increased sales in the export market, offsetting the stable demand in the coated board market CONTAINERBOARD COATED BOARD Sales Volume Net Revenue Sales Volume Net Revenue (Thousand tons) (R$ million) (Thous
Slide 17: Corrugated Boxes
ri.klabin.com.br 3Q25 Earnings Presentation CORRUGATED BOXES Significant sales volume, with market share gains and 20% growth in Net Revenue versus 3Q24 Sales Volume Net Revenue (R$ million) (Thousand ton) (million m²) +20% +7% 1,637 456 1,367 +6% 425 236 250 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 17
Slide 18: invest@klabin.com.br
invest@klabin.com.br ri.klabin.com.br/